Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 146

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 146
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 consideration. |

| • |     | Non-election shares will be deemed to be cash election shares to the                                                                                                                                             
 extent necessary to have the total number of cash election shares (together with dissenting shares) equal 20% of the outstanding PB Bankshares shares. If less than all of the non-election shares need to be    
 treated as cash election shares, then a sufficient number of non-election shares will be deemed cash election shares on a pro rata basis such that the cash election shares plus the deemed cash election shares 
 equal 20% of the outstanding PB Bankshares shares.                                                                                                                                                               |

| • |     | If all of the non-election shares are treated as cash election shares and                                                                                                                                                                       
 the total number of cash election shares is still less than 20% of the outstanding PB Bankshares shares, a pro rata portion of each shareholder’s stock election shares will be converted into cash election shares so that the total number of 
 cash election shares (together with dissenting shares) equals 20% of the outstanding PB Bankshares shares and the remaining stock election shares will be converted into the right to receive the stock consideration.                          |

If the number of cash election shares is greater than 20% of the outstanding PB Bankshares shares, then:

| • |     | All stock election shares and all non-election shares will be converted 
 into the right to receive the stock consideration.                      |

| • |     | A pro rata portion of each shareholder’s cash election shares will be converted into stock election shares                                                                                                                                              
 so that the remaining number of cash election shares (together with any dissenting shares) equals 20% of the outstanding PB Bankshares shares, the converted stock election shares will be converted into the right to receive the stock consideration, 
 and the remaining cash election shares will be converted in the right to receive the cash consideration.                                                                                                                                                |

If the number of cash election shares equals 20% of the outstanding PB Bankshares shares, then all cash election shares will be converted into the right to receive the cash consideration and all stock election shares and non-electionshares will be converted into the right to the stock consideration. Exchange Procedures The election form and related materials associated with making the election will be mailed concurrently or shortly after the mailing of the proxy statement/prospectus to PB Bankshares shareholders who hold shares of PB Bankshares common stock in registered form. If you wish to make an election with respect to any of your shares, 97

you must submit an election form and transmittal materials and