Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 24

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 24
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 with Norwood, PB Bankshares may furnish information regarding PB Bankshares and participate in discussions and negotiations with such third party. PB Bankshares has agreed to submit the merger agreement for approval by its shareholders. The PB Bankshares board of directors has recommended that its shareholders vote in favor of approving the merger agreement and has agreed that it will not withdraw, qualify or adversely modify its recommendation to its shareholders to vote in favor of approval of the merger agreement, except as permitted under the merger agreement in connection with an unsolicited acquisition transaction proposal after giving effect to any adjustments that may be offered by Norwood. Terminating the Merger Agreement; Termination Fee (pages 118 and 120) Norwood and PB Bankshares may mutually agree at any time to terminate the merger agreement at any time prior to the effective time of the merger. The merger agreement may also be terminated and the merger abandoned at any time prior to the effective time of the merger, as follows:

| • |     | 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shall exist for PB Bankshares if, prior to such shareholder vote, the board of directors of PB Bankshares shall have withdrawn, amended or modified, or propose or resolve to withdraw, amend or modify, the recommendation of 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; |

13

| • |     | by either party, if the other party materially breaches any representation, warranty, covenant or agreement                                                                                       
 contained in the merger agreement and such failure would cause a closing condition not to be met and which cannot be or 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 approval of the merger agreement, or (ii) makes a change in 
 recommendation;                                                                                                                                                                                                            |

| • |     | by PB Bankshares, if prior to