Company: NWFL
Filing Date: 2025-09-19
Form Type: S-4
Source: 0001193125-25-208580
Chunk: 193

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-09-19
Form: S-4
Chunk 193
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 the election of directors.                                                                                                         |     | Norwood’s articles permit the board of directors and shareholders to amend the bylaws. If amended by the board, the amendment must be approved by majority of the directors then in office. If by shareholders, the amendment must                
 be approved by at least 80% of the outstanding shares of stock entitled to vote in the election of directors as well as such additional vote of any preferred shareholders to the extent required by the terms of the series.                     |
| Statutory Anti-Takeover Provisions                                                                                                                                                                                                                        |     |                                                                                                                                                                                                                                                   |
| Under the Maryland General Corporation Law, certain anti-takeover provisions apply to Maryland registered corporations. A Maryland                                                                                                                        
 corporation that has 100 or more beneficial owners of its common stock may not engage in any business combination with an interested stockholder (generally, one who beneficially owns 10% or more of the voting power) or an affiliate of an interested  
 stockholder for a period of five years after the most recent date on which the interested stockholder becomes an interested stockholder. After the five-year period, the business combination generally must be recommended by the board of directors and 
 approved by the affirmative vote of (a) 80% of the outstanding shares entitled to be cast and (b) two-thirds of the votes entitled to be cast other than shares owned by the interested stockholder. This                                                 
 approval requirement need not be met if the common stockholders receive a minimum price for their shares and the consideration is received in cash or in the same form as previously paid by the interested stockholder for its shares.                   |     | Under Pennsylvania Business Corporation Law, certain anti-takeover provisions apply to Pennsylvania registered corporations (e.g., publicly traded companies) including those relating to (1) control share acquisitions,                         
 disgorgement of profits by certain controlling persons, business combination transactions with interested shareholders, and (4) the rights of shareholders to demand fair value for their stock following a control transaction. Pennsylvania law 
 allows corporations to opt-out of these anti-takeover sections. Norwood has opted out of the control share acquisition statute but the other statutory anti-takeover provisions are applicable to it.                                             |
| These provisions do not apply, however, to business combinations that                                                                                                                                                                                     
 are approved or exempted by the board of directors of the corporation prior to the time that the interested stockholder becomes an interested stockholder. A person is not an interested stockholder under the statute if the board of directors approved 
 in advance