Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 24

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 24
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 have received opinions from their respective legal counsel to the effect that the 
 merger qualifies as a tax-free reorganization within the meaning of Section 368(a) of the Internal Revenue Code;  |

| • |     | the other party having performed in all material respects its obligations under the merger agreement and the                           
 other party’s representations and warranties being true and correct, in all material respects, as of the effective time of the merger; |

| • |     | Norwood and PB Bankshares shall have each delivered to the other a certificate of their Chief Executive Officer                                    
 dated as of the closing date of the merger as to the satisfaction of the matters described in Article 8 and Article 9 of the merger agreement; and |

| • |     | since the date of the merger agreement, there shall not have occurred any “material adverse effect” 
 (as defined in the merger agreement) with respect to the parties to the merger agreement.           |

Norwood’s obligations to consummate the merger are also conditioned on the following:

| • |     | None of the approvals, consents or waivers of the regulatory authorities required to permit consummation of the                                                                                                                                   
 transactions contemplated by merger agreement shall (i) contain terms or conditions which would (a) require or could reasonably be expected to require (1) any divestiture by Norwood of a portion of the business of any Subsidiary of           
 Norwood or (2) any divestiture by PB Bankshares or Presence Bank of a portion of their businesses, in either case, which Norwood, in its good faith judgment, believes will have a materially adverse impact on the business of Norwood and Wayne 
 Bank or PB Bankshares or Presence Bank, as the case may be; or (ii) impose any condition or requirement that, in the good faith judgment of Norwood, (i) will have a materially adverse impact on the business of Norwood and Wayne Bank or PB    
 Bankshares and Presence Bank, as the case may be, or (ii) impose any condition upon Norwood or Wayne Bank, which in Norwood’s good faith judgment (x) would be materially burdensome to Norwood and Wayne Bank, (y) would materially              
 increase the costs incurred or that will be incurred by Norwood as a                                                                                                                                                                              |

12

| result of consummating the merger or (z) would prevent Norwood from obtaining any material benefit contemplated by it to be attained as a result of the Merger; |

| • |     | PB