Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 36

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 36
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 PB Bankshares executive officers and directors have financial interests in the merger that may be different from, or in addition to, the interests of PB Bankshares shareholders. Executive officers of PB Bankshares negotiated the terms of the merger agreement. PB Bankshares’s board of directors approved the merger agreement and unanimously recommended that PB Bankshares shareholders vote to approve the merger agreement. In considering these facts and the other information contained in this document, you should be aware that PB Bankshares’s officers and directors have financial interests in the merger that may be different from, or in addition to, the interests of PB Bankshares’s shareholders. These interests include:

| • |     | certain employees have employment or severance agreements that provide for severance payments and other benefits                                                                     
 following a change in control of PB Bankshares if their employment is terminated by PB Bankshares’ successor employer for reasons other than cause, disability, retirement or death; |

| • |     | certain employees have supplemental executive retirement agreements with PB Bankshares that provide for                                                  
 accelerated vesting and lump-sum payouts of previously accrued benefits and the crediting of additional benefits in connection with a change in control; |

| • |     | Norwood is providing retention bonus plans through which certain officers who have not entered into an employment                              
 agreement with Norwood will receive bonuses if they remain employed with Norwood for a to be determined specified period following the merger; |

| • |     | following completion of the merger, Janak M. Amin, President and CEO of PB Bankshares and Presence Bank, will be 
 appointed as chief operating officer of Norwood and Wayne Bank;                                                  |

| • |     | concurrently with the entering into of the merger agreement, Norwood entered into an employment agreement and a non-compete and non-solicitation agreement with Mr. Amin, such agreements to be effective upon completion of the merger; |

| • |     | on or immediately after the effective time of the merger, Norwood and Wayne Bank will appoint two former non-employee directors of Presence Bank to the boards of directors of Norwood and Wayne Bank and will be compensated for such services in the same manner as the existing directors of Norwood and Wayne Bank; |

| • |     | all non-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. |

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