Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 179

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 179
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 the merger agreement provides that, under specified circumstances prior to shareholder approval of the merger agreement, in response to an unsolicited bona fide acquisition proposal from a third party if the PB Bankshares board determines, in its good faith judgment of (after consultation with and considering the advice of its legal counsel and financial advisor) that (i) failure to take such action would be reasonably likely to cause the directors to breach their fiduciary duties and (ii) such proposal is reasonably likely to result in a “superior proposal” as compared to the terms of the merger with Norwood, PB Bankshares may furnish information regarding PB Bankshares and participate in discussions and negotiations with such third party. PB Bankshares has agreed to submit the merger agreement for adoption by its shareholders. The PB Bankshares board of directors has recommended that its shareholders vote in favor of adopting the merger agreement and has agreed that it will not withdraw, qualify or adversely modify its recommendation to its shareholders to vote in favor of adoption of the merger agreement, except as permitted under the merger agreement in connection with an unsolicited acquisition transaction proposal after giving effect to any adjustments that may be offered by Norwood. Certain Other Covenants.The merger agreement also contains other agreements relating to the conduct of Norwood and PB Bankshares before consummation of the merger, including the following:

| • |     | PB Bankshares will cause one or more of its designated representatives to confer on a regular and frequent basis                                                                                                                               
 with representatives of Norwood and to report the general status of the ongoing operations of PB Bankshares and will promptly notify Norwood of any material change in the normal course of business or the operations or the properties of PB 
 Bankshares;                                                                                                                                                                                                                                    |

| • |     | To the extent permitted by law, Presence Bank shall promptly inform Norwood upon receiving notice of each legal, 
 administrative, arbitration or other proceeding, demand, notice, audit or investigation;                         |

| • |     | PB Bankshares will give Norwood access during normal business hours to all properties, books, contracts, 
 documents and records of PB Bankshares and Presence Bank as Norwood may reasonably request;              |

| • |     | if requested by Norwood, PB Bankshares will provide Norwood with a copy of the meeting agenda and board                                               
 informational packages in advance of any regular or special board meetings; however, PB Bankshares may redact certain information from such packages; |

| • |     | After the receipt of all regulatory approvals required for the consummation of the