Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 178

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 178
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 any material rights
of value or modify or change in any material respect any existing agreement or indebtedness to which it is a party, other than in the ordinary course of business, consistent with past practices;

(xx) except for swaps entered into in the ordinary course of business with customers to hedge their interest rate exposure, enter into any
futures contract, option, interest rate caps, interest rate floors, interest rate exchange agreement or other agreement, or take any other action for purposes of hedging the exposure of its interest-earning assets and interest-bearing liabilities to
changes in market rates of interest;

(xxi) purchase or otherwise acquire, or sell or otherwise dispose of, any assets or incur any
liabilities other than in the ordinary course of business consistent with past practices and policies;

(xxii) purchase or sell any
participation interest in any loan other than in the ordinary course of business consistent with past practice; or

(xxiii) agree to do
any of the foregoing.

Norwood has agreed that, until completion of the merger, it and its subsidiaries will not, without the prior written consent of PB
Bankshares, except as required by law or regulation or any governmental entity:

(i) amend, repeal or modify any provision of its articles
of incorporation or bylaws in a manner that would materially and adversely affect PB Bankshares or the ability to consummate the transactions contemplated by the merger agreement;

(ii) knowingly take any action that is intended to result in any of its representations and warranties set forth in the merger agreement being
or becoming untrue in any material respect at any time prior to the effective time of the merger;

115

(iii) knowingly take action that would prevent or impede the merger from qualifying as a reorganization within the meaning of Section 368 of the Internal Revenue Code; (iv) take any action that is intended or may reasonably be expected to result in any of the conditions to the merger not being satisfied; or (v) agree to do any of the foregoing. Covenants of PB Bankshares and Norwood in the Merger Agreement Agreement Not to Solicit Other Proposals.Under the terms of the merger agreement, PB Bankshares has agreed not to initiate, solicit, encourage or facilitate, directly or indirectly, any inquiries or proposals from any third party relating to an acquisition of PB Bankshares, or engage in any negotiations concerning, or provide any confidential or nonpublic information or data to, or have any discussions with, any person relating to, any acquisition proposal. Notwithstanding these restrictions,