Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 150

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 150
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, constructive sale or conversion 
 transaction;                                                                                               |

| • |     | regulated investment companies; |

| • |     | real estate investment trusts; |

| • |     | persons whose “functional currency” for tax purposes (as defined in Section 985 of the Code) is 
 not the U.S. dollar;                                                                            |

| • |     | persons who are not citizens or residents of the United States; |

99

| • |     | holders who acquired their shares of PB Bankshares common stock through the exercise of an employee stock option 
 or otherwise as compensation for services;                                                                       |

| • |     | persons required to accelerate the recognition of any item of gross income as a result of such income being 
 recognized on an applicable financial statement;                                                            |

| • |     | holders who actually or constructively own five percent or more of PB Bankshares common stock; |

| • |     | non-U.S. holders; and |

| • |     | governments or agencies or instrumentalities thereof. |

If a partnership (or other entity or arrangement that is taxed as a partnership for U.S. federal income tax purposes) holds PB Bankshares common stock, the tax treatment of a partner in that partnership generally will depend upon the status of the partner and the activities of the partnership. Partnerships and partners in partnerships should consult their own tax advisors about the tax consequences of the merger applicable to them. In the discussion does not address any alternative minimum tax or any state, local or foreign tax consequences of the merger, nor does it address any tax consequences arising under the unearned income Medicare contribution tax pursuant to the Health Care and Education Reconciliation Act of 2010. Determining the actual tax consequences of the merger to you may be complex. Such consequences will depend on your specific situation and on factors that are not within the control of Norwood or PB Bankshares. PB BANKSHARES SHAREHOLDERS ARE URGED TO CONSULT WITH THEIR OWN TAX ADVISORS AS TO THE TAX CONSEQUENCES TO THEM OF THE MERGER IN THEIR PARTICULAR CIRCUMSTANCES, INCLUDING THE APPLICABILITY AND EFFECT OF U.S. FEDERAL INCOME (INCLUDING THE ALTERNATIVE MINIMUM TAX), U.S. FEDERAL ESTATE, STATE, LOCAL, FOREIGN AND OTHER TAX LAWS AND OF CHANGES IN THOSE LAWS. Tax Consequences of the Merger.As a condition to the completion of the merger, Jones Walker LLP, Washington, DC, must have delivered an opinion to Norwood