Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 20

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 20
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 severance payments and other benefits following a change in       
 control and a termination of employment by the employer for reasons other than cause, disability, retirement or death; |

10

| • |     | supplemental executive retirement agreements that provide for accelerated vesting and lump-sum payouts of previously accrued benefits and the crediting of additional benefits in connection with a change in control; |

| • |     | retention bonus plans through which certain officers who have not entered into an employment agreement with                     
 Norwood will receive bonuses if they remain employed with Norwood for a to be determined specified period following the merger; |

| • |     | following completion of the merger, Janak M. Amin, President and CEO of PB Bankshares and Presence Bank, will be 
 appointed as chief operating officer of Norwood and Wayne Bank;                                                  |

| • |     | concurrently with the entering into of the merger agreement, Norwood entered into an employment agreement and a non-compete and non-solicitation agreement with Mr. Amin, such agreements to be effective upon completion of the merger; |

| • |     | on or immediately after the effective time of the merger, Norwood and Wayne Bank will appoint two former non-employee directors of Presence Bank to the boards of directors of Norwood and Wayne Bank, for which service they will be compensated in the same manner as the existing directors of Norwood and Wayne Bank; |

| • |     | all non-employee directors serving on the board of directors of PB                                                                                                                                      
 Bankshares as of the date of the merger agreement, who will not be selected to join the boards of Norwood and Wayne Bank, will be invited to join a newly-formed regional advisory board of Wayne Bank. |

| • |     | rights of PB Bankshares officers and directors to indemnification and directors’ and officers’ 
 liability insurance for a period of up to six years following the merger;                      |

| • |     | immediate vesting of any unvested long-term incentive compensation awards, including stock options, restricted 
 stock awards and deferred compensation awards.                                                                 |

These additional interests of PB Bankshares’s executive officers and directors may create potential conflicts of interest and cause these persons to view the proposed transaction differently than you may view it as a shareholder. PB Bankshares’s board of directors was aware of these interests and took them into account, among other matters, in its decision to approve the merger agreement and the transactions contemplated thereby, including the merger. For information concerning these interests, please see the discussion under the caption “The