The latest update is out from Norwood Financial (NWFL).
Norwood Financial Corp and its subsidiary Wayne Bank have rolled out new deferred compensation plans for select management and highly compensated employees, as well as non-employee directors, to defer a portion of their salary, bonuses, and fees. These non-qualified plans, compliant with IRS Code Section 409A, allow participants to make pre-tax deferrals into future years with interest earnings tied to the Wall Street Journal prime rate plus 200 basis points, capped at 9% and floored at 2%. However, breaking non-compete or non-solicitation terms will reduce the interest rate to 2%. The deferred amounts represent an unsecured liability for the Bank and the Company.
See more data about NWFL stock on TipRanks’ Stock Analysis page.
