On October 22, 2019, William J. Wagner and Western New England Bancorp's wholly-owned subsidiary, Westfield Bank (the Bank"), entered into an amendment to Mr. Wagner's employment agreement, dated April 4, 2016 (the Agreement"). Pursuant to the terms of the Amendment, effective October 22, 2019, Mr. Wagner will become an Employee Adviser to the Executive Committee of the Board of Directors of the Bank and will cease serving as the Company's Chief Business Development Officer. The Amendment extends the term of the Agreement for two years, with Mr. Wagner's employment term expiring on October 21, 2021. In addition, the Amendment provides for an annual salary for Mr. Wagner of $237,500, which in the aggregate is equal to the payment amount that Mr. Wagner was entitled to receive under the Agreement in consideration for Mr. Wagner's compliance with the terms of the Agreement's non-compete provision. The Amendment provides that if Mr. Wagner is terminated from employment from the Bank, he will be subject a non-compete that expires on October 21, 2021 and will not be entitled to any additional payment in connection with the non-compete provision.