Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 158

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 158
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 the Merger Share Ownership.On the PB Bankshares record date for the special meeting, all persons who served as a director or executive officer of PB Bankshares beneficially owned, in the aggregate, 377,915 shares of PB Bankshares common stock representing approximately 14.3% of the outstanding shares of PB Bankshares common stock. As described below, certain of PB Bankshares’s executive officers and directors have interests in the merger that are in addition to, or different from, the interests of PB Bankshares’s shareholders generally. PB Bankshares’s board of directors was aware of these interests and took them into account when approving the merger. These interests and agreements include:

| • |     | employment and severance agreements that provide for severance payments and other benefits following a change in       
 control and a termination of employment by the employer for reasons other than cause, disability, retirement or death; |

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

| • |     | retention bonus plans through which certain officers 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;                                                  |

104

| • |     | 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, for which service they will be compensated 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, who will not be selected to join the boards of Norwood and Wayne Bank, will be invited to join a newly-formed regional advisory board of Wayne Bank. |

| • |     | rights of PB Bankshares officers and directors to indemnification and directors’ and officers’ 
 liability