Company: NWFL
Filing Date: 2025-10-28
Form Type: 424B3
Source: 0001193125-25-252482
Chunk: 130

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-28
Form: 424B3
Chunk 130
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 all related documents will perform all of the covenants and agreements 
 required to be performed by such party under such documents;                                                  |

| (iv) | all conditions to the completion of the proposed merger will be satisfied within the time frames contemplated 
 by the merger agreement without any waivers;                                                                  |

| (v) | that in the course of obtaining the necessary regulatory, lending or other consents or approvals (contractual                                                                                                                                             
 or otherwise) for the proposed merger and any related transactions, no restrictions, including any divestiture requirements or amendments or modifications, will be imposed that would have a material adverse effect on the contemplated benefits of the 
 proposed merger to the common stockholders of PB Bankshares;                                                                                                                                                                                              |

| (vi) | there has been no material change in the assets, liabilities, financial condition, results of operations,                                                                                                                                               
 business or prospects of PB Bankshares or Norwood since the date of the most recent financial statements made available to Stephens, and that no legal, political, economic, regulatory or other development has occurred that will adversely impact PB 
 Bankshares or Norwood; and                                                                                                                                                                                                                              |

84

| (vii) | the proposed merger will be consummated in a manner that complies with applicable law and regulations. |

Stephens’ opinion was limited to whether the consideration to be received by the common stockholders of PB Bankshares (solely in their capacity as such) in the proposed merger was fair to them from a financial point of view as of the date of the opinion. Stephens was not asked to, and it did not, offer any opinion as to the terms of the merger agreement or the form of the proposed merger or any aspect of the proposed merger, other than the fairness, from a financial point of view, of the consideration to be received in the proposed merger by the common stockholders of PB Bankshares (solely in their capacity as such). The opinion did not address the merits of the underlying decision by PB Bankshares to engage in the proposed merger, the merits of the proposed merger as compared to other alternatives potentially available to PB Bankshares or the relative effects of any alternative transaction in which PB Bankshares might engage, nor is it intended to be a recommendation to any person or entity as to any specific action that should be taken in connection with the proposed merger, including with respect to how to vote or act with respect to the proposed merger. Moreover, Stephens did not express any opinion as to the fairness of the amount or nature of the compensation to any of PB