Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 181

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 181
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 (this              
 is referred to as a “change in recommendation”);                                                                                                                                                                                                         |

| • |     | by either party, if a required regulatory approval, consent or waiver is denied; |

| • |     | by either party, if the other party materially breaches any representation, warranty, covenant or agreement                                                                                                             
 contained in the merger agreement, or in the event of an inaccuracy of any representation or warranty by the other party, in either case that has not been cured within 30 days following written notice to such party; |

| • |     | by Norwood, if PB Bankshares fails to hold its shareholder meeting to vote on the merger within the time frame                                                                                                             
 set in the merger agreement or if PB Bankshares’s Board of Directors either (i) fails to recommend that the shareholders of PB Bankshares vote in favor of the adoption of the merger agreement, or (ii) makes a change in 
 recommendation;                                                                                                                                                                                                            |

| • |     | by PB Bankshares, if prior to the approval of the merger agreement by the shareholders of PB Bankshares, it                                                                                                                                               
 receives a superior proposal from a third party that, in the good faith determination of the PB Bankshares board (after consulting with legal counsel and financial advisors) that failure to pursue such superior proposal is reasonably likely to cause 
 the directors of PB Bankshares to breach their fiduciary duties under applicable law, and, provided that Bankshares is not in breach of the provisions of the merger agreement and Norwood does not make an offer at least as favorable to PB Bankshares  
 within five calendar days after notice; or                                                                                                                                                                                                                |

| • |     | by PB Bankshares, at any time during the five-day period commencing on                                                                                  
 the 15th calendar day immediately prior to the closing date of the merger (the “Determination Date”) if both of the following conditions are satisfied: |

| • |     | the average of the daily closing sales prices for the Norwood common stock for the 20 consecutive trading days                                 
 immediately preceding the Determination Date (the “Norwood Market Value”), is less than 80% of the initial Norwood market value of $25.77; and |

| • |     | the number obtained by dividing the Norwood Market Value on the Determination Date by the initial Norwood market                                                                                                                                          
 value of $25.77 is less than the number obtained by dividing the average closing prices of the KBW NASDAQ Regional Bank Index for the 20 consecutive trading days immediately preceding