Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 26

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 26
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ger Agreement; Termination Fee (pages 118 and 120) Norwood and PB Bankshares may mutually agree at any time to terminate the merger agreement at any time prior to the effective time of the merger. The merger agreement may also be terminated and the merger abandoned at any time prior to the effective time of the merger, as follows:

| • |     | by either party, if the shareholders of PB Bankshares fail to approve the merger agreement; provided, however,                                                                                                                                           
 that no termination right shall exist for PB Bankshares if, prior to such shareholder vote, the board of directors of PB Bankshares shall have withdrawn, amended or modified, or propose or resolve to withdraw, amend or modify, the recommendation of 
 PB Bankshares’ board of directors that PB Bankshares’ shareholders vote in favor of approval of the merger agreement or make any statement in connection with the PB Bankshares special meeting inconsistent with such recommendation (this              
 is referred to as a “change in recommendation”);                                                                                                                                                                                                         |

| • |     | by either party, if a required regulatory approval, consent or waiver is denied; |

13

| • |     | by either party, if the other party materially breaches any representation, warranty, covenant or agreement                                                                                       
 contained in the merger agreement and such failure would cause a closing condition not to be met and which cannot be or has not been cured within 30 days following written notice to such party; |

| • |     | by Norwood, if PB Bankshares fails to hold its shareholder meeting to vote on the merger within the time frame                                                                                                             
 set in the merger agreement or if PB Bankshares’s Board of Directors either (i) fails to recommend that the shareholders of PB Bankshares vote in favor of the approval of the merger agreement, or (ii) makes a change in 
 recommendation;                                                                                                                                                                                                            |

| • |     | by PB Bankshares, if prior to the approval of the merger agreement by the shareholders of PB Bankshares, it                                                                                                                                               
 receives a superior proposal from a third party and the board determines, in good faith, based on the advice of legal counsel, that failure to pursue such superior proposal is reasonably likely to cause the directors of PB Bankshares to breach their 
 fiduciary duties under applicable law, and, provided that Bankshares is not in breach of the provisions of the merger agreement and Norwood does not make an offer at least as favorable to PB Bankshares within five calendar days after notice, and PB  
 Bankshares pays Norwood a termination fee