Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 31

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 31
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 the merger agreement,
the date that this proxy statement/prospectus was mailed, the date of the special meeting, the election deadline, the date the merger is completed and thereafter. At the time that you are required to make your election as well as at the time the
merger is completed, the value of the stock consideration could be more or less than the value of the cash consideration. Accordingly, at the time you are required to make your election, and at the time of the PB Bankshares special meeting, you will
not know or be able to determine the value of the Norwood common stock you may receive upon completion of the merger. Stock price changes may result from a variety of factors, including general market and economic conditions, changes in the
respective businesses, operations and prospects, and regulatory considerations of Norwood and PB Bankshares. Many of these factors are beyond Norwood’s and PB Bankshares’ control.

PB Bankshares Shareholders Who Make Elections May Be Unable to Sell Their Shares in the Market Pending the Merger.

PB Bankshares shareholders may elect to receive cash, Norwood common stock or a combination thereof in the merger by completing an election
form that has been sent with the proxy statement/prospectus. Elections will require that shareholders making the election turn in their PB Bankshares stock certificates by the election deadline set forth in the election form. Prior to the election
deadline, you may revoke your election by written notice to the exchange agent, following which the exchange agent will promptly return your PB Bankshares common stock certificates. However, after the election deadline, your certificates will be
held by the exchange agent until the merger is completed (or terminated without completion). This procedure means that, during the time between the election deadline and the date the merger is completed (or until it is terminated without
completion), PB Bankshares shareholders will be unable to sell their PB Bankshares common stock. If the merger is unexpectedly delayed, this period could extend for a significant period of time. PB Bankshares shareholders can shorten the period
during which they cannot sell their shares by delivering their election shortly before the election deadline. Any shares of PB Bankshares Common Stock with respect to which the holder thereof shall not, as of the election deadline, have made an
election shall be deemed non-election shares.

PB Bankshares Shareholders Will Have a Reduced Ownership and Voting Interest After the Merger and Will Exercise Less Influence Over Management.

PB Bankshares
shareholders currently have the right to vote in the election of the board of directors of