Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 80

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 80
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 increased or decreased (but not below the number then outstanding) by the Corporation’s Board. The shares of Series A Preferred Stock shall have the following rights, privileges, and designations: (i) Unless the shares of Series A Preferred Stock shall have previously been converted into shares of Common Stock, as of the close of business on the date that this Certificate of Incorporation is filed with the Secretary of State of the State of Connecticut, as required by applicable law, each issued and outstanding share of Series A Preferred Stock will automatically convert into 80 shares of Non-Voting Common Stock, without any further action on the part of any holder of shares of Series A Preferred Stock. B-2 (ii) Upon conversion into shares of Non-Voting Common Stock, as set forth in subsection (i)above, any shares of Series A Preferred Stock so converted shall cease to be issued and outstanding and any certificates evidencing such shares of Series A Preferred Stock will be cancelled, in each case, subject to the right of holders of such shares to receive the number of shares of Non-Voting Common Stock into which such shares of Series A Preferred Stock have been converted. (iii) Shares of Series A Preferred Stock duly converted in accordance herewith shall resume the status of authorized and unissued Preferred Stock, undesignated as to series and available for future issuance (provided that any such cancelled shares of Series A Preferred Stock may be reissued only as shares of any series of Preferred Stock other than Series A Preferred Stock). (iv) In the event that a holder of Series A Preferred Stock shall not by written notice designate the name, in which shares of Non-Voting Common Stock to be issued upon conversion of shares of Series A Preferred Stock should be registered, or the manner in which such shares should be delivered, the Corporation shall be entitled to register and deliver such shares, and make such payment, in the name of the holder and in the manner shown on the records of the Corporation. (f) No shareholder of the Corporation shall by reason of his, her or its holding shares of capital stock of the Corporation have any preemptive or preferential rights to purchase or subscribe to any share of any class of stock of the Corporation, now or hereafter to be authorized, or to any obligation convertible into stock of the Corporation, issued or sold, nor any right of subscription to any thereof other than such, if any, as the Board, in its discretion, may from time to time determine and at such price as the Board may fix from time to time. (