Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 188

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 188
---
----|:--------------|------:|
| Other Liabilities                                       |     |               |       |     |                      |   |     |               |       |
| Norwood Financial Corp. accrual for one-time merger     
 related charges                                         |     | $             | 5,970 |     | $                    | — |     | $             | 5,970 |
| PB Bankshares, Inc. accrual for one-time merger related 
 charges                                                 |     |               | 1,132 |     | $                    | — |     | $             |     — |
| Total other liabilities adjustments                     |     | $             | 7,102 |     | $                    | — |     | $             | 5,970 |

134

COMPARISON OF SHAREHOLDERS’ RIGHTS General Norwood is incorporated under the laws of the Commonwealth of Pennsylvania and PB Bankshares is incorporated under the laws of the State of Maryland. Accordingly, the rights of Norwood shareholders and PB Bankshares shareholders are governed by the laws of the Commonwealth of Pennsylvania and the State of Maryland, respectively. As a result of the merger, PB Bankshares shareholders who receive shares of Norwood common stock will become shareholders of Norwood. Thus, following the merger, the rights of PB Bankshares shareholders who become Norwood shareholders in the merger will be governed by the laws of the Commonwealth of Pennsylvania, and will also then be governed by Norwood’s articles of incorporation and Norwood’s bylaws. Comparison of Shareholders’ Rights Set forth below is a summary comparison of material differences between the rights of a Norwood shareholder under Norwood’s articles of incorporation and Norwood’s bylaws (right column), and the rights of a shareholder under PB Bankshares’s articles of incorporation and PB Bankshares’s bylaws (left column). The summary set forth below is not intended to provide a comprehensive discussion of each company’s governing documents but rather to highlight certain areas where there are differences. This summary is qualified in its entirety by reference to the full text of Norwood’s articles of incorporation and Norwood’s bylaws, and PB Bankshares’s articles of incorporation and PB Bankshares’s bylaws.

| PB Bankshares, Inc.                                                                                                                                                                                                                                 |     | Norwood Financial Corp                                                                                                                                                                                                                    |
| CAPITAL STOCK                                                                                                                                                                                                                                       
 Authorized Capital                                                                                                                                                                                                                                  |     |                                                                                                                                                                                                                                           |
| 40,000,000 shares of common stock, par value $.01 per share, 10,000,000 shares of preferred stock, par value