Company: NWFL
Filing Date: 2025-10-08
Form Type: S-4/A
Source: 0001193125-25-234244
Chunk: 172

Company: NORWOOD FINANCIAL CORP
Filing Date: 2025-10-08
Form: S-4/A
Chunk 172
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material adverse effect” 
 (as defined in the merger agreement) with respect to the parties to the merger agreement.           |

Norwood’s obligations to consummate the merger are also conditioned on the following:

| • |     | None of the approvals, consents or waivers of the regulatory authorities required to permit consummation of the                                                                                                                                   
 transactions contemplated by merger agreement shall (i) contain terms or conditions which would (a) require or could reasonably be expected to require (1) any divestiture by Norwood of a portion of the business of any Subsidiary of           
 Norwood or (2) any divestiture by PB Bankshares or Presence Bank of a portion of their businesses, in either case, which Norwood, in its good faith judgment, believes will have a materially adverse impact on the business of Norwood and Wayne 
 Bank or PB Bankshares or Presence Bank, as the case may be; or (ii) impose any condition or requirement that, in the good faith judgment of Norwood, (i) will have a materially adverse impact on the business of Norwood and Wayne Bank or PB    
 Bankshares and Presence Bank, as the case may be, or (ii) impose any condition upon Norwood or Wayne Bank, which in Norwood’s good faith judgment (x) would be materially burdensome to Norwood and Wayne Bank, (y) would materially              
 increase the costs incurred or that will be incurred by Norwood as a result of consummating the merger or (z) would prevent Norwood from obtaining any material benefit contemplated by it to be attained as a result of the Merger;              |

| • |     | PB Bankshares shall have delivered a certificate to Norwood that, other than as set forth in such certificate, PB                                                
 Bankshares is not aware of any pending or threatened claim under the directors and officers insurance policy or the fidelity bond coverage of PB Bankshares; and |

| • |     | CSB Investments, a wholly-owned subsidiary of Presence Bank, shall have been liquidated or merged with and into 
 Presence Bank.                                                                                                  |

PB Bankshares’s obligation to consummate the merger is also conditioned upon the delivery by Norwood to the exchange agent of the cash consideration and stock consideration. Although we anticipate that the closing will occur in the fourth calendar quarter of 2025 or the first quarter of 2026, because the satisfaction of certain of these conditions is beyond our control, we cannot be certain when, or if, the conditions to the merger