Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 223

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 223
---
388,815 authorized shares, the maximum number of shares of the Company’s common stock that may be issued under the 2022 Equity Incentive Plan pursuant to the exercise of stock options is 277,725 shares, and the maximum number of shares of the Company’s common stock that may be issued as restricted stock awards or restricted stock units is 111,090 shares. The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2022 Equity Incentive Plan. Management F-30

PB BANKSHARES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of December 31, 2024 and 2023, there were -0- and 13,628 shares available for future awards under this plan, respectively. The shares available for future award included -0- and 10,653 shares available for incentive and non-qualified stock options as of December 31, 2024 and 2023, respectively, and -0- and 2,975 shares available for restricted stock awards as of those same dates, respectively. When granted, the stock options and restricted shares vest over a five-year period. Stock option expense was $282,000 and $276,000 for the years ended December 31, 2024 and 2023, respectively. At December 31, 2024, total unrecognized compensation cost related to stock options was $887,000. A summary of the Company’s stock option activity and related information for the years ended December 31, 2024 and 2023 was as follows (dollars in thousands, except per share data):

|                                |     | Year Ended December 31, 2024 |         |   |     |           |       |     |                  |      |     |           |     |
|:-------------------------------|:----|:-----------------------------|--------:|:--|:----|:----------|------:|:----|:-----------------|-----:|:----|:----------|----:|
|                                |     | Options                      |         |   |     | Weighted- 
 Average   
 Exercise  
 Price     |       |     | Weighted-        
 Average          
 Remaining        
 Contractual Life 
 (in years)       |      |     | Aggregate 
 Intrinsic