Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 384

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 384
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 Transaction. The Opinion is necessarily based upon market, economic and other conditions as they exist and can be evaluated on the date hereof and on the information made available to us as of the date hereof. Market price data used in connection with this Opinion is based on reported market closing prices as of July 3, 2025. It should be understood that subsequent developments may affect this Opinion and that we do not have any obligation to update, revise or reaffirm this Opinion or otherwise comment on events occurring after the date hereof. We further note that volatility or disruptions in the credit and financial markets relating to, among other things, potential future changes in the rate of inflation or prevailing rates of interest or other market developments or disruptions, or the effects of any global conflicts or hostilities or any other disaster or adversity, may or may not have an effect on the Company or the Buyer, and we are not expressing an opinion as to the effects of such volatility or disruptions on the Transaction or any party to the Transaction. We further express no opinion as to the prices at which shares of the Buyer’s or Company’s common stock may trade at any time subsequent to the announcement of the Transaction. In connection with developing this Opinion, we have assumed that, in all respects material to our analyses:

| (i) | the Transaction and any related transactions will be consummated on the terms of the latest draft of the 
 Agreement provided to us, without material waiver or modification;                                       |

| (ii) | the representations and warranties of each party in the Agreement and in all related documents and instruments 
 referred to in the Agreement are true and correct;                                                             |

| (iii) | each party to the Agreement and all related documents will perform all of the covenants and agreements required 
 to be performed by such party under such documents;                                                             |

| (iv) | all conditions to the completion of the Transaction will be satisfied within the time frames contemplated by 
 the Agreement without any waivers;                                                                           |

| (v) | that in the course of obtaining the necessary regulatory, lending or other consents or approvals (contractual                                                                                                                                         
 or otherwise) for the Transaction and any related transactions, no restrictions, including any divestiture requirements or amendments or modifications, will be imposed that would have a material adverse effect on the contemplated benefits of the 
 Transaction to the Shareholders;                                                                                                                                                                                                                      |

| (vi) | there has been no material change in the assets, liabilities, financial condition, results of operations,                                                                                                                                          
 business or prospects of the Company