Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 173

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 173
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 will be satisfied or waived or whether or not the merger will be completed. Conduct of Business Before Completion of the Merger PB Bankshares has agreed that, among other things, until completion of the merger, it and its subsidiaries will not, without the prior written consent of Norwood, except as required by law or regulation or any governmental entity: (i) change, delete or add any provision of or to the articles of incorporation or bylaws or other governing documents, or appoint any new director to the board of directors, of PB Bankshares or Presence Bank; 113

(ii) change the number of shares of its authorized, issued or outstanding capital stock,
including any issuance, purchase, redemption, split, combination or reclassification thereof, or issue or grant any option, warrant, call, commitment, subscription, right or agreement to purchase relating to its capital stock, or declare, set aside
or pay any dividend or other distribution with respect to its outstanding capital stock;

(iii) incur any material liabilities or material
obligations (other than brokered deposits and other than borrowings from the FHLB of up to $5.0 million with maturities of two years or less in the ordinary course of business), whether directly or by way of guaranty, including any obligation
for borrowed money, or whether evidenced by any note, bond, debenture, or similar instrument;

(iv) make any capital expenditures
individually in excess of $25,000 other than expenditures necessary to maintain existing assets in good repair;

(v) sell, transfer,
convey or otherwise dispose of any real property (including “other real estate owned”) or interest therein;

(vi) except as
disclosed in a PB Bankshares disclosure schedule, increase the rate of compensation of (except for increases in compensation already granted in 2025), or pay any bonuses or severance compensation to any employee, officer, director or other person;
enter into any new or amend any existing employment, severance, change in control, consulting, non-competition or independent contractor agreement with any person; alter the terms of any existing incentive bonus or commission plan; adopt any new or
amend any existing employee benefit plan except as required by law; grant any increase in compensation or fringe benefits to its directors, officers or employees, provided that Bankshares and the Bankshares Subsidiaries may grant reasonable salary
increases to their officers, directors and employees in the ordinary course of business of not more than 3% per individual,