WESTERN NEW ENGLAND BANCORP, INC. (NASDAQ:WNEB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

WESTERN NEW ENGLAND BANCORP, INC. (NASDAQ:WNEB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Item5.02. Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.

On May23, 2017, the Board of Directors of Westfield Financial,
Inc. (the Company) granted long-term incentive awards of
restricted stock to its named executive officers which will vest
over three years. These awards were made under the Companys 2014
Omnibus Incentive Plan filed on Form 8-K with the Securities and
Exchange Commission on May19, 2014, and incorporated herein by
reference (the Plan).

James C. Hagan, President and Chief Executive Officer, Allen J.
Miles, III, Executive Vice President and Chief Lending Officer,
Guida Sajdak, Executive Vice President, Chief Financial Officer
and Treasurer, Gerald P. Ciejka, Senior Vice President, General
Counsel and Human Resource Director, Louis O. Gorman, Senior Vice
President, Credit Administration and Chief Credit Officer and Leo
R. Sagan, Jr., Senior Vice President and Chief Risk Officer
received grants of restricted stock to be earned over three years
subject to the terms of aLong-Term Incentive and Retention Equity
Award Agreement (the Award Agreement). The program design
consists of 50 percent time-based restricted stock and 50 percent
performance-based restricted stock. Specifically, Mr.Hagan
received an award of 12,820 shares of restricted stock, Mr.Miles
received an award of 5,138 shares of restricted stock, Ms.Sajdak
and Mr.Ciejka each received an award of 4,282 shares of
restricted stock, Mr.Gorman received an award of 3,564 shares of
restricted stock and Mr.Sagan received an award of 3,744 shares
of restricted (which, with respect to the portion of each award
subject to performance based vesting, represents the number of
shares that would be earned based on target level of
achievement).

The time-based restricted stock will vest in three substantially
equal annual installments commencing on December31, 2017. The
grant of performance-based restricted stock is divided into three
equal tranches, each of which is earned based on the Companys
performance over the one-year, two-year and three-year periods
commencing on January1, 2017. The Companys performance is
measured against return on equity (ROE) goals set by the
Compensation Committee of the Board (Compensation Committee) at
threshold, target and maximum levels for which 50% to 150% of the
target number of shares may be earned (with payout for
performance between threshold and target ROE and between target
and maximum ROE interpolated). After the final performance
period, which ends on December31, 2019, and no later than
March15, 2020, the Compensation Committee will distribute the
number of shares of restricted stock earned based upon the
Companys attainment of the ROE goals in each of the
aforementioned three periods. This description of thelong-term
restricted stockawards is qualified in its entirety by reference
to the Award Agreement, a form of which is attached hereto as
Exhibit 10.1.

Item9.01 Financial Statements and Exhibits.

(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.

ExhibitNo.

Description

10.1 Form of Long-Term Incentive and Retention Equity Award
Agreement dated May23, 2017.


About WESTERN NEW ENGLAND BANCORP, INC. (NASDAQ:WNEB)

Western New England Bancorp, Inc., formerly Westfield Financial, Inc., is a Massachusetts-chartered stock holding company. The Company serves as a holding company for Westfield Bank (the Bank). It is a provider of banking products and services to business organizations and individuals, including products such as residential and commercial loans, consumer loans and a variety of deposit products. It focuses on residential real estate lending, as well as servicing commercial customers, including commercial and industrial lending and commercial deposit relationships. In addition, it provides online banking services. It operates through over 21 banking offices located in Agawam, Chicopee, East Longmeadow, Feeding Hills, Holyoke, Ludlow, Southwick, Springfield, Ware, West Springfield and Westfield, Massachusetts, and Granby and Enfield, Connecticut. It also has over 10 automated teller machine (ATM) locations in Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts.

WESTERN NEW ENGLAND BANCORP, INC. (NASDAQ:WNEB) Recent Trading Information

WESTERN NEW ENGLAND BANCORP, INC. (NASDAQ:WNEB) closed its last trading session down -0.15 at 10.00 with 14,562 shares trading hands.

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