Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 382

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 382
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 the covenants and agreements required 
 to be performed by such party under such documents;                                                             |

| (iv) | all conditions to the completion of the Transaction will be satisfied within the time frames contemplated by 
 the Agreement without any waivers;                                                                           |

| (v) | that in the course of obtaining the necessary regulatory, lending or other consents or approvals (contractual                                                                                                                                         
 or otherwise) for the Transaction and any related transactions, no restrictions, including any divestiture requirements or amendments or modifications, will be imposed that would have a material adverse effect on the contemplated benefits of the 
 Transaction to the Shareholders;                                                                                                                                                                                                                      |

| (vi) | there has been no material change in the assets, liabilities, financial condition, results of operations,                                                                                                                                          
 business or prospects of the Company or the Buyer since the date of the most recent financial statements made available to us, and that no legal, political, economic, regulatory or other development has occurred that will adversely impact the 
 Company or the Buyer; and                                                                                                                                                                                                                          |

B-3

July 7, 2025 PAGE 4

| (vii) | the Transaction will be consummated in a manner that complies with applicable law and regulations. |

This Opinion is directed to, and is for the use and benefit of, the Board of Directors of the Company (in its capacity as such) solely for purposes of assisting with its review and deliberations regarding the Transaction. Our Opinion does not address the merits of the underlying decision by the Company to engage in the Transaction, the merits of the Transaction as compared to other alternatives potentially available to the Company or the relative effects of any alternative transaction in which the Company might engage, nor is it intended to be a recommendation to any person or entity as to any specific action that should be taken in connection with the Transaction, including with respect to how to vote or act with respect to the Transaction. This Opinion is not intended to confer any rights or remedies upon any other person or entity. In addition, except as explicitly set forth in this letter, you have not asked us to address, and this Opinion does not address, the fairness to, or any other consideration of, the holders of any class of securities, creditors or other constituencies of the Company. We have not been asked to express any opinion, and do not express any opinion, as to the fairness of the amount or nature of the compensation to any of the Company’s officers, directors or employees, or to any group of such officers, directors or employees