Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 159

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 159
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 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.                                                                 |

In considering the recommendation of the board of directors of PB Bankshares to approve the merger agreement, you should be aware that executive officers and directors of PB Bankshares have interests in the merger that may be different from, or in addition to, their interests of PB Bankshares shareholders generally. 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 PB Bankshares 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. Appointment of PB Bankshares Directors to the Norwood and Wayne Bank Board of Directors.On or immediately after the effective time of the merger, Norwood and Wayne Bank will appoint two former non-employeedirectors of Presence Bank to the boards of directors of Norwood and Wayne Bank. One appointee will be appointed as a member of the class of the Norwood board of directors with a term expiring at the annual meeting in the calendar year two years after the effective time of the merger and one with a term expiring in the calendar year three years after the effective time of the merger. The persons appointed will be compensated as directors by Norwood in accordance with Norwood’s normal practices. Appointment of PB Bankshares Directors to Regional Advisory Board.All non-employeedirectors serving on the board of directors of PB Bankshares as of the date of the merger agreement who are not be selected to join the boards of Norwood and Wayne, will be invited to join a newly-formed regional advisory board. Continued Director and Officer Indemnification of Liability and Insurance Coverage.For a period of six years following the effective time of the merger, Norwood has agreed to indemnify and hold harmless the directors and officers of PB Bankshares against all liability arising out of actions or omissions occurring at or before the effective time of the merger to the same extent as PB Bankshares currently provides for indemnification of its officers and directors. Additionally, for a period of six years following the effective time of the merger, Norwood has also agreed to maintain in effect PB Bankshares’s directors’ and officers’ liability insurance coverage or provide a policy