Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 145

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 145
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 of shares in registered form. Therefore, you should carefully read any materials you receive from your broker. If you instruct a broker to submit an election for your shares, you must follow such
broker’s directions for revoking or changing those instructions.

If a PB Bankshares shareholder either (i) does not submit a
properly completed election form on or before the election deadline or (ii) revokes its election form prior to the election deadline (without later submitting a properly completed election form prior to the election deadline), the shares of PB
Bankshares common stock held by such shareholder shall be designated as non-election shares and will be converted into the right to receive the stock consideration or the cash consideration according to the
allocation procedures specified in the merger agreement and summarized below. Any election form may be revoked or changed by the person submitting such election form to the exchange agent by written notice to the exchange agent only if such notice
of revocation or change is actually received by the exchange agent at or prior to the election deadline. Stock certificates relating to any revoked election form will be promptly returned without charge. The exchange agent will have discretion to
determine when any election, modification or revocation is received and whether any such election,

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modification or revocation has been properly made. All elections (whether cash or stock) will be revoked automatically if the merger agreement is terminated. PB Bankshares shareholders are urged to carefully read and follow the instructions for completion of the election form and to submit the form along with the stock certificate(s) in advance of the election deadline. Allocation Procedures The aggregate amount of cash and Norwood common stock that will be paid is subject to the allocation procedures described in detail below. Pursuant to such allocation procedures, if the number of cash election shares would exceed 20% of the outstanding PB Bankshares shares, a pro rata portion of those shares will be converted into the right to receive Norwood common stock in order to provide for the required cash/stock allocation among all outstanding PB Bankshares shares. Similarly, if the number of cash election shares is less than 20% of the outstanding PB Bankshares shares, all or a pro rata portion of the non-electionshares and, if necessary, a pro rata portion of the stock election shares will be converted into the right to receive the cash consideration. If the number of cash election shares is less than 20% of the outstanding PB Bankshares shares, then:

| • |     | All cash election shares will be converted into the right to receive the cash