Western New England Bancorp : Proxy Statement

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 2054 9

SCHEDUL E 1 4 A

(RUL E 1 a4-1 01 ) SCHEDUL E 1 4 IANFORMATION

Proxy Statemen t Pursuan t to Section 14(a) of the Securities

Exchan geAct of 1934 (Amen dmen t No. )

F iled b y the R egis tra nt

F iled b y a Party other than the R egis tran t Check the appropriate b ox:

•  Prelimin ary Proxy Statemen t

•  Con fiden tial, for Us e of the Commis s ion On ly (as permitted b y R ule 14a6(e)(2))

•  Defin itive Proxy Statemen t

•  Defin itiveAddition al Materials

•  Solicitin g Material Pursuan t to §240.14a12

WESTERN NEW ENGL AND BANCORP, INC.

(Name of R egis tran t as Specified In Its Charter)

(Name of Pers on (s ) F ilin g Proxy Statemen t, if other than the R egis tran t)

Paymen t of F ilin g F ee (Check all b oxes that apply):

 No fee required.

 F ee paid previously with prelimin ary materials.

 F ee computed on tab le in exhib it required b y Item 25(b ) per ExcAhcatnRgeules 14a6(i)(1) an d0-11.

March 29, 2024

Dear F ellow Shareholder:

You are cordially in vited to attend the 2024 An n ual Meetin g of Shareholders (the "An n ual Meetin g")Wofes tern NewEn glan d Ban corp, In c. (the "Compan y"or "WNEB"), the holdin gcompan yfor WestfieldBan k(the "Ban k"),which will b e heldon May 9, 2024, at 10:00 a.m., Eastern DaylightTime, at the Sheraton Sprin gfield Mon arch Place Hotel, On e Mon arch Place, Sprin gfield, Massachusetts1, 0414.

The en closedNotice of An n ual Meetin gof Shareholders an d Proxy Statemen tdescrib ethe formal b usin ess thwate will tran sactat the An n ual Meetin g, which in cludes:

• • The election of three (3) directors;

• • An advisory, n on -b in din g vote on our 2023 executive compen sation ;

• • R atificationof the appointmentof Wolf and Company, P.C. ("Wolf & Company") as our independentregistered pub lic accoun tin g firm for the fiscal year en din g Decemb er 31, 2024; an d

• • Act upon such other b usin ess as may properly come b efore the meetin g.

The Board of Directors of the Company (the "Board") has fixed the close of b usiness on Marc1h, 21024, as the record date for the determin ationof shareholders en titledto n oticeof, an d to vote at, theAn n ual Meetin g.Directors an d oficers of the Compan y will b e presen tto an sweran yquestion sthat you an dother shareholders may have. Our An n ualR eporton F orm10-K, which con tain sdetailed in formationcon cern in gthe activities an d operatin gperforman ceof the Compan y, is availab lefor review on our web site at wn eb .q. 4ir com/financials/proxy-materials and ww.wviewproxy.com/WNEB/2024.

It is importan tthat your s hares b e repres en teadt the An n ualMeetin gan dvoted in accordan cewith your wis hes .Whether or n otyou plan to atten dthe An n ualMeetin g,pleasepromptly sub miytour proxy b y telephon ei,n tern etor mail. Your vote is important regardless of the number of shares you own. Voting by proxy will not prevent you from voting in person at the Annual Meeting, but will assure that your vote is counted if you cannot attend.

The Board has determin edthat an affirmative vote on the matters to b e con s idered at thAen n ual Meetin g is in the b es t in teres tWs oesf tern New En glan dBan corp,In c. an d itsshareholders,an d theBoard un an imouslyrecommen dsa vote in support of theirrecommen dation s on allmatters. We appreciate your participation an d in terest inWestern New En glan d Ban corp, In c.

Sin cerely yours,

James C. Hagan

Chief Executiv e Officer

Lisa G. McMahon Chairperson

IF YOU HA VE ANY QUESTIONS, PL EASE CAL LUS AT (4 1 3) 568-119.1

WESTERN NEW ENGL AND BANCORP, INC.

1 4 1 ElmeSettr

Westfield, Massachusetts 01 085

(4 1 3) 568-1191

DATE TIME PL ACE

NOTICE OF ANNUAL MEETINGOF SHAREHOL DERS Thursday, May 9, 2024

10:00A.M. Eastern DaylightTime

Sheraton Sprin gfield Mon arch Place Hotel On e Mon arch Place

Springfield, Massachusetts 0114

ITEMS OF BUSINESS

• (1) Election of the n omin ees n amed in the attachedProxy Statemen t as directors to s erve on the Board for a term of office stated.

• (2) Con s ideration an d approval of a n on -b in din g advis ory res olution on the compen soaftoiounr Named Executive Officers.

• (3) R atificationof the appoin tmen tof Wolf & Compan y as our in depen denrtegis tered pub licaccoun tin g firm for the fis cal year en din g Decemb er 31, 2024.

• (4) Considerationofanyotherb usiness properblyroughbt eforetheAnnualMeetingandanyadjournment or pos tpon emen t thereof.

RECORD DATE

The record date for the An n ual Meetin gis March 11, 2024. On ly shareholders of record as of the close of b usin ess on that date may vote at tAhen n ual Meetin g or an y adjourn men t thereof.

PROXY VOTING

You are cordially in vited to attend the An n ual Meetin g in personW. hether or n ot you expect to atten dthe An n ualMeetin g, pleasepromptly sub miytour proxy b ytelephone, in tern etor, if you have received prin ted materials, b y sign inagn d returnni g theProxy Card b y mail.Sub mittin ga proxy will n otpreven tyou from atten din gthe An n ualMeetin g an d votin g in pers on .Pleas e n ote, however, that if your s hares are held of record b y a b rok,ebr an k or other n omin eaen d you wish to vote at theAn n ual Meetin g, you must ob tain a proxy issued in your n ame from that record holde.r

By Order of the Board of Directors, Wes tern New En glan d Ban corp, In c.

James C. Hagan

Chief Executiv e Officer

Westfield, Massachusetts March 29, 2024

It is important that your shares be represented and voted at the Annual Meeting. Shareholders whose shares are held in registered form have a choice of voting by Proxy Card, telephone or the internet, as described on your Proxy Card. Shareholders whose shares are held in the name of a broker, bank or other holder of record must vote in the manner directed by such holder. Check your Proxy Card or the information forwarded by your broker, bank or other holder of record to see which options are available to you.

Important Notice Regarding the Availability of Proxy Materials for the 2024 Annual Meeting of Shareholders: This Proxy Statemen tfor the 2024 An n ual Meetin g of Shareholders , the 202A3 n n ual R eport to Shareholders , the Proxy Card an d votin g in s truction s are availab le free of chagre on our web s ite at wn eb .q.c4oimr /fin an cials /proxy-materials an d ww.wviewproxy.com/WNEB/2024.

TABL E OFCONTENTS

Page

INFORMATIONABOUTTHEANNUALMEETING .................................................................. 1

General ..................................................................................................... 1

NoticeRegardingtheAvailabilityofProxyMaterials ................................................................. 1

ObtainingaCopyoftheProxyStatementanAdnnualReportonForm10-.K .............................................. 1

WhoCanVoteattheAnnualMeeting ............................................................................. 1

VotingProcedures ............................................................................................. 2

QuorumRequirement .......................................................................................... 3

ProposalsandVoteRequirements ................................................................................. 3

EffectofBrokerNon-Votes ..................................................................................... 3

ConfidentialVotingPolicy ...................................................................................... 4

RevokingYourProxy .......................................................................................... 4

SolicitationofProxies .......................................................................................... 4

Sub mission of Shareholder Proposals an d Nomin ation s for the 2A02n5n ual Meetin g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

PROPOSAL1 -ELECTIONOFDIRECTORS ....................................................................... 5

VoteRequired ................................................................................................ 5

OurRecommendation .......................................................................................... 5

INFORMATIONABOUTOURBOARDOFDIRECTORS ............................................................. 6

General ..................................................................................................... 6

BoardDiversity ............................................................................................... 6

BoardRefreshment ............................................................................................ 7

DirectorCompetencies ......................................................................................... 7

BoardEducation .............................................................................................. 9

DirectorNominees ............................................................................................ 9

ContinuingDirectors ........................................................................................... 9

INFORMATION ABOUT OUR EXECUTIVE OFFICERS WHO ARE NOT DIRECTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

InMemoriam ................................................................................................ 12

CORPORATEGOVERNANCE .................................................................................... 13

Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

BoardofDirectorsIndependence ................................................................................. 13

CodeofConduct,CodeofEthicsandCorporateGovernanceGuideline.s ................................................. 14

HedgingandPledgingofCompanySecurities ....................................................................... 14

CommitteesoftheBoardofDirectors ............................................................................. 14

BoardLeadershipStructureandRoleinRiskOversig.h.t ............................................................. 20

Environmental,SocialandGovernanceHighlight.s .................................................................. 23

ShareholderEngagement ....................................................................................... 25

CommunicatingwiththeBoardofDirectors ........................................................................ 25

COMPENSATIONDISCUSSIONANDANALYSIS ................................................................... 26

ExecutiveSummary ........................................................................................... 26

CompanyPerformance ......................................................................................... 26

BestPracticesinExecutiveCompensation .......................................................................... 27

AdvisoryVoteonNEOCompensation ............................................................................. 27

OurDecision-MakingProcess ................................................................................... 27

CompensationPhilosophy ...................................................................................... 28

CompensationComponents ..................................................................................... 29

ClawbackPolicy .............................................................................................. 35

StockOwnershipGuidelines ..................................................................................... 35

OtherBenefits ................................................................................................ 35

BenchmarkingDataandUseofCompensationConsultan.t.s .......................................................... 38

i

Page

EXECUTIVECOMPENSATION ...................................................................................

39

SummaryCompensationTable ................................................................................... 39

CompensationActuallyPaid ..................................................................................... 40

CEOPayRatioDisclosure ...................................................................................... 43

OutstandingEquityAwardsatFiscaYlearEnd ...................................................................... 43

OptionExercisesandStockVesting ............................................................................... 44

PensionBenefits .............................................................................................. 44

DIRECTORCOMPENSATION .................................................................................... 45

CashCompensation ........................................................................................... 45

EquityRetainerGran.t ......................................................................................... 45

DeferredCompensationPlan .................................................................................... 45

StockOwnershipGuidelines ..................................................................................... 46

Non-EmployeeDirectorStockElectionProgram ..................................................................... 46

TRANSACTIONSWITHRELATEDPERSONS ...................................................................... 47

Related-PersonTransactionsPolicyandProcedures .................................................................. 47

TransactionswithCertainRelatedPerson..s ........................................................................ 47

DELINQUENTSECTION16(A)REPORTS ......................................................................... SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

48 49

PrincipalShareholders ......................................................................................... 49

SecurityOwnershipofManagement .............................................................................. 50

PROPOSAL 2 - NON-BINDING ADVISORY RESOL UTION ON THE COMPENSA TION OF THE NAMED

EXECUTIVE OFFICERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

VoteRequired ................................................................................................ 52

OurRecommendation .......................................................................................... 52

General ..................................................................................................... 52

PROPOSAL 3 - RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBL IC ACCOUNTINGFIRM . . . . 53

VoteRequired ................................................................................................ 53

OurRecommendation .......................................................................................... 53

IndependentRegisteredPubAliccountingFirmFeesandServic.e.s .................................................... 53

HOUSEHOL DINGOF PROXY MATERIAL S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OTHERMATTERS ..............................................................................................

54 54

WESTERN NEW ENGL AND BANCORP, INC.

1 4 1 ElmeSettr

Westfield, Massachusetts 01 085

(4 1 3) 568-1191

PROXY STATEMENT

FOR THE 2024 ANNUAL MEETINGOF SHAREHOL DERS

TO BE HEL D ON MAY 9, 2024

INFORMATION ABOUT THE ANNUAL MEETING

General

Western New England Bancorp, Inc., a Massachusetts-chartdersetock holding company, is registered as a savings and loan holding compan y with the F ederal R eserve Board an d own s all of the capistatol ck of Westfield Ban k (the "Ban k"). As used in this Proxy Statement,"we," "us," "our" and "Company" refer toWestern NewEngland Bancorp, Inc. and/or its sub sidiaries, depending on the context. Our common stock is listed on the NASDAQGlob al SelectMarket ("NASDAQ") under the symb ol "WNEB.T"he term

"An n ual Meeting," as us ed in this Proxy Statemen tm, ean s the 2024An n ual Meetin gof Shareholders an d in cludesan y adjourn men ot r postpon emen t of such meetin g.

We have sen t you this Proxy Statemenatn d the Proxy Card b ecuase our Board of Directors ("Board") is solicitin gyour proxy to vote at the An n ualMeetin g.This Proxy Statemen tsummarizesthe in formationyou will n eedto kn ow to castan in formedvote at the An n ual Meetin g.You do n ot n eed to atten d theAn n ual Meetin g to vote your sharesY.ou may vote b y proxy over the telephon e, in ternt oer b y mail, an d your votes will b e cas t for you at thAen n ual Meetin gT. his proces s is des crib ed in the s ection en titlVedot"ing Procedures."

We made available this Proxy Statemen t,the Notice of An n ualMeetin gof Shareholders an dthe Proxy Card on or ab ouMt arch 29, 2024, to all shareholders of record en titledto vote. If you own ed our commonstock as of theclose of b usin ess on Marc1h,12024, the record date, you are en titled to vote at theAn n ual Meetin g.

Notice Regarding the Availability of Proxy Materials

Pursuantto rules adopted b ythe Securities andExchangeCommission(the "SEC"), we have elected to provide access to our proxy materials over the in tern et.Accordin gly, we are s en din g an ImportanNt otice R egardin gthe Availab ilityof Proxy Materials (the "Notice") to our shareholders of record.All shareholders will have the ab ilityto access the proxy materialson the web site referred to in the Notice or reques t to receivea prin ted s et of the proxy materials .In s truction s on how to acces s the proxy materiaolsver the in tern etor to reques t a prin ted copy may b e foun d in the Notice.

Obtaining a Copy of the Pr oxy Statement and Annual Report on Form 1 0-K

A copy of the Proxy Statemen tan d ourAn n ual R eport on F orm 10-K for the year en ded Decemb31e,r2023, (without exhib its) will b e provided free of charge, upon request, to an y registeredor b en eficiaolwn er of commonstock en titledto vote at the An n ual Meetin gI.f you wan t to receive a paper or e-mail copy of the ProxyStatemen t orAn n ual R eport, pleas e follow the in s truction s provided with your Notice an d on your Proxy Card or voter in struction form.

If requestin g materialsb y e-mail,please sen d a b lan k e-mawilith the Con trol Numb er thaits prin tedon the Noticein the sub ject lin e. R eques ts , in s truction s an d other in quiries s en t to this e-amdadirles s will NOTb e forwarded to your in ves tmenadt vis or. Pleas e make the request as in structed ab ove on or b efore May 1, 2024, to facilitate timely deli.very

The SEC als o main tain s a web s ite at ww.swec.gov that con tain s reports , ProxyStatemen ts an d other in formation regardin g regis tran ts , in cludin g the Compan.y

Who Can Vote at the Annual Meeting?

On ly shareholders of recordas of the closeof b usin ess oMnarch 11, 2024, will b en titledto vote at the An n ualMeetin g.On thisrecord date, there were 21,705,631 s hares of common s tock outs tan din g an d en titled to vote.

If on March 11, 2024, your shares were registered directly in your name with our transfer agent, Computershare, then you are a shareholder of record.As a shareholder of record, you may vote in person at thAe n n ual Meetin g or vote b y pro.xy

Voting Procedures

Your vote is importan tan d you are en couragedto vote your shares promptly. Each proxy sub mittedwill b e voted as directedF. or all matters to b e votedon , you may vote"F OR " or "AGAINST" or ab stafirnom votin g.However, if a proxy solicited b y theBoard does n ot s pecify how it is to b e voted, it will b e voted as the Board recommen ds -that is :

• •ꢀ Propos al 1 - "FOR" the election of each of the three (3) n omin ees for director n amed in this Proxy Statemen t;

• •ꢀ Propos al 2 - "FOR" the approval, on an advis ory b as is , of the compen s ation of our Named ExecutiveficOefrs ; an d

• •ꢀ Propos al 3 - "FOR" the ratification of the appoin tmen t ofWolf an d Compan y.

The procedures for votin g are as follows:

Shareholder of Record: Shares Registered in Your Name

If you are a shareholderof record, you may: (i) vote in person athe An n ual Meetin go, r (ii) vote b y prox.yWhether or n ot you planto atten dthe An n ual Meetin g, we ugre you to vote b y proxy over the telephon ei,n tern etor b y mailas in structedb elow to en sure your vote is coun ted.You may s till atten d theAn n ual Meetin g an d vote in pers on even if you have already voted b y p.roxy

•ꢀ •ꢀ

To vote in person , come to theAn n ual Meetin g an d we will give you a b allot when you arrive.

To vote over the telephone, dial toll-free 1-866-804-9616 and follow the recorded instructionsY. ou will b e asked to provide the Con trolNumb er from your NoticeY. our vote must b e receivedb y 1:59 P.M., EasternDaylight Time on May 8, 2024, to b e coun ted.

•ꢀ To vote on the internet,go towww.AALvote.com/WNEBto complete an electronicProxy Card. You will b e asked to provide the Con trolNumb er from your NoticeY. our vote must b e receivedb y 1:59 P.M., EasternDaylight Time on May 8, 2024, to b e coun ted.

•ꢀ To vote b y mail,simply request a copy of the Proxy Statemen t as in dicatedab ove, which will in cludea Proxy Card an d then complete,sign and date the Proxy Card and return it promptly in the envelope provided. If you return your signed Proxy Card to us b efore thAe n n ual Meetin g, the design ated proxy holders will vote your shares as you direct.

If you sign the Proxy Card but do not make specific choices, your proxy will vote your shares "FOR " Proposals 1 , 2 and 3 as set forth in the Notice of Annual Meeting of Shareholders.

If an y othermatter is presen tedat the An n ualMeetin g,your proxy will vote the shares represen tedb y allproperly executed proxies on such mattersas a majority of the Board determines.As of the date of this Proxy Statement,we know of no othermatters that may b e pres en ted at theAn n ual Meetin g, other than thos e lis ted in the Notice Aofn n ual Meetin g of Shareholders .

Beneficial Owner: Shares Registered in the Name of Broker or Bank

If on March 11, 2024, your s hares were held n ot in your n ameb, ut ratherin an accoun at t a b rokerage firm, b an k, dealoer other s imilar organ ization ,then you are the b en eficiaol wn er of s hares held in "s treet n ame" an d thes e proxy materials are b ein gforwarded to you b y that ogran ization .The organ izationholdin gyour accoun tis con sideredto b e theshareholder of record for purposes of votin g atthe An n ual Meetin g.

As a b eneficiaolwner, you have the right to direct your b roker or other agenrtegarding how to vote the shares in your accounYt.ou s hould havereceived a Proxy Card an d votin gin s truction swith thes e proxy materials from that organ izationrather than from us . Simply complete an d mail the Proxy Card an d votin g in s truction s to en s ure that your vote is counAteldte. rn atively, you may vote b y telephon e or over the in tern etas in s tructed b y your b roker or b an k, if applicTabo vleo.te in pers on at theAn n ual Meetin g, you mus t ob tain a valid proxy from your b roke,rb an k or otheargen t.F ollow thein struction sfrom your b roker or b an k in cludwedith these proxy materials, or con tact your b roker or b an k to request a proxy form.

Employee Stock Ownership Plan

Each participan tin our EmployeeStock Own ership PlanTrust (the "ESOP") has the right to directTrue In tegrityF iduciaryServices, as trus tee of the ESOP("TI-Trus t"), as to how to vote his or her proportion atein teres ts in all allocateds hares of common s tock held in the ESOP. TI-Trust willvote an yun allocatedshares, aswell as an yallocated shares asto which n ovotin gin struction sare received, in the sameproportion as theshares heldin the ESOP for which votin gin struction shave b eenreceived. TI-Trust's dutieswith respectto votin g the common stock held in the ESOPis govern ed b y the fiduciarpyrovision s of the EmployeeR etiremen Itn comeSecurityAct of 1974, as amen ded ("ER ISA")T. he fiduciary provis ion s of ER ISAmay require, in certain limitedcircums tan ces ,that TI-Trus t override the votes of participan ts with res pectto the common s tock held b yTI-Trus t an d to determin ei,n TI-Trus t's b es t judgmenht,ow to vote the s hares. Your voting instructions must be received by 11 :59 P.M., Eastern Daylight Time on May 2, 2024 , to be counted.

4 01 (k) Plan Sheasr

Each participantin our 401(k) Plan has the right to directDelaware Charter & Trust Company, a Delaware Corporation conducting b usin ess un der the trandeameof The Prin cipalTrust Compan y, as trusteeof the 401(k) Plan ("Prin cipalTrust"), as to how to vote his or her proportion atein terestsin all allocated shares of common stock held in the 401(k) Plan .Prin cipalTrustwill vote an yun allocated shares, as well as an y allocatedshares as to which n o votin g in struction s are receiveidn, the same proportion as the shares held in the 401(k) Plan for which votin gin struction shave b eenreceived. Prin cipalTrust's dutieswith respect to votin gthe common stock in the 401(k) Plan are govern ed b y the fiduciaryprovision s of ER ISAT. he fiduciary provision s of ER ISAmay require, in certain limited circumstances,that PrincipalTrust overridethe votes of participantswith respect to the common stock held b y PrincipaTl rust and to determine,in PrincipalTrust's b est judgmenht,ow to vote the shares. Your voting instructions must be received by 11 :59 P.M., Eastern Daylight Time on May 2, 2024 , to be counted.

Quorum Requirement

A quorum is necessary to hold a validAnnual MeetingA. quorum will b e presenitf shareholders holdingat least a majority of our outs tan din gs hares of commons tocken titledto vote at the An n ualMeetin gare pres en tat the An n ualMeetin gin pers on or arerepres en ted b y prox.yOn the record date,there were 21,705,631 shares of commonstock outstandingand entitledto vote. Thus, the holders of 11,069,872 shares of common stock must b e presen t in person or represen ted b y proxyAatntnheual Meetin g to have a quorum.

Your shares will b e coun tetdowards the quorum on ly if you sub maitvalid proxy (or on e is sub mitteodn your b ehalbf y your b rok,er b an k or other n omin ee) or if you vote in pers on at Athne n ual Meetin g or vote b y proxy over the telephon e or the in tern et as in s tructed ab ove.Ab stentions and b roker non-votes will b e counted towards the quorum requirIefmtehnerte. is no quorum, the holders of a majority of shares presen t at theAn n ual Meetin g in person or represen ted b y proxy may adjournAtnhen ual Meetin g to an other date.

Proposals and Vote Requirements

Proposal 1 : Election of Dierctors

Directors will b e electedb y a pluralityof the votes cast at theAn n ual Meetin g b y the holders of shares presen t in person or represen ted b yproxy an den titledto vote on the election of directors . Plurality mean sthat the in dividualswho receive the larges t n umb eorf "FOR" votes cast are elected as directors up to the maximum n umb eorf directors to b echosen at the An n ualMeetin g.Ab sten tionasn db roker n on -votes willn ot affect the outcome of the election of directors .You may n ot voteyour s hares cumulativelyfor the election of directors .

Proposal 2: Consideration and Approval of a Non-Binding Advisory Resolution on the Compensation of Our Named Executive Officers

The approval of the n on -b in din g advisory resolution on the compen sation of our Named ExecuOtfifviecers will require"FOR" votes from a majority of the votes cast at theAn n ual Meetin g b y the holders of shares presen t in person or represen ted b y proxy an d en titled to vote on this proposal. Ab stentionasre not countedas votes cast and they will have no effect on the vote. Brokers do nothave discretionaryauthority to vote shares on this proposalwithout direction from the b eneficiaolwner. Therefore, b rokernon-votes will have n o effect on the vote.

Proposal 3: Ratification of Appointment of Independent Registered Public Accounting Firm

The ratification of Wolf & Company, as our independenrtegistered pub licaccountingfirm for the fiscal year ending Decemb e3r1, 2024, will require "FOR" votes from a majority of the votes cast atthe An n ual Meetin gb y theholders of shares presenitn person or repres en ted b y proxy an d en titled to vote on this propos al.

Effect of Broker Non-Votes

Broker non-votes are proxies receivedfrom b rokers or other nominees holding shares on b eohfaltfheir clientswho have not b een givenspecificvotinginstructionsfromtheirclientswithrespecttonon-routinemattersB.rokerswhoholdtheircustomers'sharesin "s treet n ame"may, un der the applicab lreules of the exchan gean d other s elf-regulatoryorgan ization sof which the b rokers are memb ers , sign an d sub mit proxies for such shares an d may vote such shares on roumtaintters, which typically in cludethe ratification of the appoin tmen tof our in depen den tregistered pub licaccoun tin gfirm. Proposals 1 an d 2 are con sidered"n on -routin e"un der NewYork Stock Exchan ge R ules ("NYSE"), which govern NYSE b rokerage memb ers .

If your b roker return s a proxy b ut does n ot vontea proposal, this willcon stitutea b roker n on -voteA. b roker n on -votwe ill have n o effect on the outcome of an y proposal.