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

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 25
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 Bankshares shall have delivered a certificate to Norwood that, other than as set forth in such certificate, PB                                            
 Bankshares is not aware of any pending or threatened claim under the directors and officers insurance policy or the fidelity bond coverage of PB Bankshares; |

| • |     | CSB Investments, a wholly-owned subsidiary of Presence Bank, shall have been liquidated or merged with and into 
 Presence Bank.                                                                                                  |

PB Bankshares’s obligation to consummate the merger is also conditioned upon the delivery by Norwood to the exchange agent of the cash consideration and stock consideration. Although we anticipate that the closing will occur in the fourth calendar quarter of 2025 or the first quarter of 2026, because the satisfaction of certain of these conditions is beyond our control, we cannot be certain when, or if, the conditions to the merger will be satisfied or waived or whether or not the merger will be completed. Agreement Not to Solicit Other Proposals (page 116) Under the terms of the merger agreement, PB Bankshares has agreed not to initiate, solicit, encourage or facilitate, directly or indirectly, any inquiries or proposals from any third party relating to an acquisition of PB Bankshares, or engage in any negotiations concerning, or provide any confidential or nonpublic information or data to, or have any discussions with, any person relating to, any acquisition proposal. Notwithstanding these restrictions, the merger agreement provides that, prior to shareholder approval of the merger agreement, in response to an unsolicited bona fide acquisition proposal from a third party if PB Bankshares’ board determines, in good faith (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 approval by its shareholders. The PB Bankshares board of directors has recommended that its shareholders vote in favor of approving 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 approval 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. Terminating the Mer