Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 182

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 182
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 warranties may have been made for the purpose of allocating risk between the parties to the merger agreement instead of establishing these matters as facts and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors as statements of factual information. Terminating the Merger Agreement The merger agreement may be terminated at any time before the effective time of the merger, as follows:

| • |     | by the mutual consent in writing of either party; |

118

| • |     | by either party, if the shareholders of PB Bankshares fail to approve the merger agreement; provided, however,                                                                                                                                           
 that no termination right shall exist for PB Bankshares if, prior to such shareholder vote, the board of directors of PB Bankshares shall have withdrawn, amended or modified, or propose or resolve to withdraw, amend or modify, the recommendation of 
 PB Bankshares’ board of directors that PB Bankshares’ shareholders vote in favor of approval of the merger agreement or make any statement in connection with the PB Bankshares special meeting inconsistent with such recommendation (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