Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 37

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 37
---
employee directors serving on the board of directors of PB                                                                                                                                           
 Bankshares as of the date of the merger agreement, except those who are selected to join the boards of Norwood and Wayne Bank, will be invited to join a newly-formed regional advisory board of Wayne Bank. |

| • |     | under the merger agreement, Norwood has agreed to indemnify the directors and executive officers of PB Bankshares 
 and Presence Bank from claims arising after consummation of the merger.                                           |

| • |     | under the merger agreement, PB Bankshares’ officers and directors are entitled to indemnification and 
 directors’ and officers’ liability insurance for a period of up to six years following the merger;    |

| • |     | The merger will result in immediate vesting of any unvested long-term incentive compensation awards, including 
 stock options, restricted stock awards and deferred compensation awards.                                       |

20

These additional interests of PB Bankshares directors and executive officers may create
potential conflicts of interest and cause some of these persons to view the proposed transaction differently than other PB Bankshares shareholders may view it.

PB Bankshares’ board of directors was aware of these interests and took them into account in its decision to adopt the merger agreement.
For information concerning these interests, please see the discussion under the caption “Interests of PB Bankshares’s Directors and Executive Officers in the Merger” beginning on page 95 of this proxy statement/prospectus.

The Shares of Norwood Common Stock to Be Received by PB Bankshares Shareholders as a Result of the Merger Will Have Rights Different from the Shares of PB Bankshares Common Stock.

Upon completion of the merger, the rights of former PB Bankshares shareholders who
become Norwood shareholders will be governed by the Pennsylvania Business Corporation Law and the articles of incorporation and bylaws of Norwood. The rights associated with PB Bankshares common stock are different from the rights associated with
Norwood common stock. See “Comparison of Shareholders’ Rights” beginning on page 122 for a discussion of the different rights associated with Norwood common stock.

The Unaudited Pro Forma Combined Financial Information Included in this Proxy statement/prospectus Is Preliminary, and the Actual Financial Condition and Results of Operations After the Merger May Differ Materially.

The unaudited pro forma combined financial
information in this proxy statement/prospectus is presented for illustrative purposes only and is not necessarily indicative of what Norwood’s actual financial condition or results of operations would have been had the merger been