Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 180

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 180
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holder meeting. These shares represent approximately 14.3% of the outstanding shares of PB Bankshares common stock. No separate consideration was paid to any of the directors or executive officers for entering into these voting agreements. However, the directors and executive officers of PB Bankshares may be deemed to have interests in the merger as directors and executive officers that are different from or in addition to those of other PB Bankshares stockholders. See the section titled “The Merger — Interests of PB Bankshares’s Directors and Executive Officers in the Merger” beginning on page 95 of this proxy statement/prospectus for a complete description of these interests. Representations and Warranties Made by PB Bankshares and Norwood in the Merger Agreement PB Bankshares and Norwood have made certain customary representations and warranties to each other in the merger agreement relating to their respective businesses. For information on these representations and warranties, please refer to the merger agreement attached as Annex A. The representations and warranties must be true in all material respects through the completion of the merger unless any inaccuracies would not result in a material adverse effect. See “— Conditions to Completing the Merger.” The representations and warranties contained in the merger agreement were made only for purposes of the merger agreement and are made as of specific dates, were solely for the benefit of the parties to the merger agreement and may be subject to limitations agreed to by the contracting parties, including being qualified by disclosures between the parties. These representations and warranties may have been made for the purpose of allocating risk between the parties to the merger agreement instead of establishing these matters as facts and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors as statements of factual information. Terminating the Merger Agreement The merger agreement may be terminated at any time before the effective time of the merger, as follows:

| • |     | by the mutual consent in writing of either party; |

118

| • |     | 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