Wayne Savings Bancshares, Inc. (NASDAQ:WAYN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As disclosed in the Current Report on Form 8-K filed by Wayne Savings Bancshares, Inc. (the “Company”) on December 20, 2016, H. Stewart Fitz Gibbon III resigned as Director, President and Chief Executive Officer of the Company and its wholly owned subsidiary, Wayne Savings Community Bank. On December 29, 2016, Mr. Fitz Gibbon entered into a separation agreement with the Company (the “Separation Agreement”). The terms of Mr. Fitz Gibbon’s separation are set forth in the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein.

The Company agreed to pay Mr. Fitz Gibbon $244,813.

Item 9.01. Financial Statements and Exhibits.

Exhibit 10.1. Separation Agreement dated December 29, 2016.