Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 144

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 144
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 election form and is the last day on which election forms will be accepted. If you do not send in the election form with your stock certificate(s) by the election deadline, you will be treated as though you had
not made an election. Shares of PB Bankshares as to which no election is made with respect to the merger consideration shall be deemed to be non-election shares. Non-election shares will be deemed to be cash
election shares to the extent necessary to have the total number of cash election shares equal the 20% aggregate cash limit. If less than all of the non-election shares need to be treated as cash election
shares, then a sufficient number of non-election shares shall be deemed cash election shares and stock election Shares on a pro rata basis. To make an effective election, a PB Bankshares shareholder of record
must submit a properly completed election form along with the stock certificate(s) to the exchange agent by the election deadline, which will be on or before 5:00 p.m., Eastern Time, on the date specified in the election form, and is the last day on
which election forms will be accepted. An election form shall be deemed properly completed only if accompanied by one or more stock certificates (or customary affidavits and indemnification regarding the loss or destruction of such certificates or
the guaranteed delivery of such certificates) representing all shares of PB Bankshares common stock covered by such election form, together with the duly executed transmittal materials included with the election form. Once a shareholder submits a
properly completed election form along with the stock certificate(s) to the exchange agent, the shareholder may revoke that election by written notice to the exchange agent at any time before the election deadline, whereupon the exchange agent will
promptly return all stock certificates to the revoking shareholder. After the election deadline, elections may not be revoked or changed, and the shareholder will no longer be able to transfer the shares of PB Bankshares common stock.

If you own shares of PB Bankshares common stock in “street name” through a broker or other financial institution, you should
receive or seek instructions from the institution holding your shares concerning how to make your election. Any instructions must be given to your broker or other financial institution sufficiently in advance of the election deadline for record
holders in order to allow your broker or other financial institution sufficient time to cause the record holder of your shares to make an election as described above. “Street name” holders may be subject to an election deadline earlier
than the deadline applicable to holders