Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 81

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 81
---
g) If a holder of capital stock is entitled to fractional shares pursuant to preemptive rights, a stock dividend, consolidation, or merger, reverse stock split or otherwise, the Corporation may: (i) issue fractional shares; or (ii) in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share upon surrendering enough script or warrants to equal a full share; (iii) if there is an established and active market in the Corporation’s stock, make reasonable arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the fraction, or purchase of the additional fraction required for a full share; (iv) remit the cash equivalent of the fraction to the shareholder; or (v) sell full shares representing all the fractions at public auction or to the highest bidder after having solicited and received sealed bids from at least three licensed stockbrokers and distribute the proceeds pro rata to each shareholder who otherwise would be entitled to the fractional shares. The holder of a fractional share is entitled to exercise the rights for shareholder, including the right to vote, to receive dividends, and to participate in the assets of the Corporation upon liquidation, in proportion to the fractional interest. The holder of script or warrants is not entitled to any of these rights unless the script or warrants explicitly provide for such rights. The script or warrants may be subject to such additional conditions as: (y) that the script or warrants will become void if not exchanged for full shares before a specified date; and (z) that the shares for which the script or warrants are exchangeable may be sold at the option of the Corporation and the proceeds paid to script holders. (h) At any time when there is more than one class of capital stock, unless otherwise duly authorized by the Board, then all shares of voting stock shall be voted together as a class on any matters requiring shareholder approval. If a proposed amendment would affect two or more classes in the same or a substantially similar, way, all the classes or series so affected, must vote together as a single voting group on the proposed amendment. At any time there is more than one class of capital stock, shares of the same class may be issued as a dividend on a pro rata basis and without consideration. Unless otherwise provided by the Board, the record date for determining shareholders entitled to a share dividend shall be the date the Board authorizes the share dividend. III. REGISTERED OFFICE. The registered office for the Corporation is 900 Bedford Street,