Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 190

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 190
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 (e.g., publicly traded companies) including those relating to (1) control share acquisitions,                         
 disgorgement of profits by certain controlling persons, business combination transactions with interested shareholders, and (4) the rights of shareholders to demand fair value for their stock following a control transaction. Pennsylvania law 
 allows corporations to opt-out of these anti-takeover sections. Norwood has opted out of the control share acquisition statute but the other statutory anti-takeover provisions are applicable to it.                                             |
| These provisions do not apply, however, to business combinations that                                                                                                                                                                                     
 are approved or exempted by the board of directors of the corporation prior to the time that the interested stockholder becomes an interested stockholder. A person is not an interested stockholder under the statute if the board of directors approved 
 in advance the transaction before such person otherwise would have become an interested stockholder.                                                                                                                                                      |     |                                                                                                                                                                                                                                                   |

138

| PB Bankshares, Inc.                                                                                                                                                                                                                          |     | Norwood Financial Corp |
| Under Subtitle 8 of Title 3 of the Maryland General Corporation Law, a public corporation with a class of equity securities registered under the Securities Exchange Act of 1934 and at least three (3) independent directors can            
 elect to be subject to certain takeover defense provisions. A corporation’s charter may contain a provision or the board of directors may adopt a resolution that prohibits the corporation from electing to be subject to any or all of the 
 provisions of Subtitle 8. PB Bankshares did not opt into Subtitle 8’s provisions.                                                                                                                                                            |     |                        |

139

DESCRIPTION OF NORWOOD CAPITAL STOCK

Norwood is authorized to issue 20,000,000 shares of common stock, par value $0.10 per share, and 5,000,000 shares of preferred stock no par
value. As of August 1, 2025, there were 9,261,575 shares of Norwood common stock issued and outstanding. Norwood has no outstanding shares of preferred stock. Each share of Norwood common stock has the same relative rights as, and is identical
in all respects with, each other share of common stock.

The common stock of Norwood represents nonwithdrawable capital, is not an account
of an insurable type, and is not insured by the FDIC or any other government agency.

Common Stock

Dividends.Norwood may pay dividends out of statutory surplus or from net earnings if, as and when declared by its board of