Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 171

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 171
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 possible (including, but not limited to, making such changes to the ESOP as may be required by the IRS as a condition to its issuance of a
favorable determination letter). Promptly following the receipt of a favorable determination letter from the IRS regarding the qualified status of the ESOP upon its termination, the participant account balances in the ESOP shall either be
distributed to participants and beneficiaries or transferred to an eligible tax-qualified retirement plan or individual retirement account as a participant or beneficiary may direct.

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Stock Market Listing Norwood common stock is listed for trading on NASDAQ Global Market under the symbol “NWFL.” PB Bankshares common stock is listed on NASDAQ Capital Market under the symbol “PBBK.” In the merger, the PB Bankshares common stock currently listed on NASDAQ Capital Market will be delisted and deregistered under the Exchange Act. Under the terms of the merger agreement, Norwood will cause the shares of Norwood common stock to be issued in the merger to be approved for listing on NASDAQ Global Market, subject to official notice of issuance. The merger agreement provides that neither Norwood nor PB Bankshares will be required to complete the merger if such shares are not authorized for listing on NASDAQ, subject to notice of issuance. Following the merger, shares of Norwood common stock will continue to be traded on NASDAQ. No Appraisal or Dissenters’ Rights in the Merger Under the Maryland General Corporation Law, and pursuant to the PB Bankshares’ articles of incorporation, holders of PB Bankshares common stock are not entitled to appraisal rights in the merger with respect to their shares of PB Bankshares stock. Time of Completion The closing of the merger will take place at 10:00 a.m. local time on the day that the effective time of the merger occurs, or such other date, time and place as the Norwood and PB Bankshares may agree. Norwood and PB Bankshares are working to complete the merger quickly. It is currently expected that the merger will be completed in the fourth quarter of 2025 or the first quarter of 2026. However, because completion of the merger is subject to regulatory approvals and other conditions, the parties cannot be certain of the actual timing. Conditions to Completing the Merger Completion of the merger depends on a number of conditions being satisfied or waived, including the following:

| • |     | approval of the merger agreement by the requisite vote of shareholders of PB Bankshares; |

| • |     | receipt of all required regulatory approvals