Company: PNBK
Filing Date: 2025-05-16
Form Type: PRE 14A
Source: 0001140361-25-019517
Chunk: 43

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-16
Form: PRE 14A
Chunk 43
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 availability of additional shares of common stock for issuance could, under certain circumstances, discourage or make more difficult any efforts to obtain control of Patriot. The Board is not aware of any attempt, or contemplated attempt, to acquire control of Patriot, nor is this proposal being presented with the intent that it is used to prevent or discourage any acquisition attempt. However, nothing would prevent the Board from taking any such actions that it deems to be consistent with its fiduciary duties. Effective Time Following the approval of this proposal by our shareholders, we will file the Amended and Restated Certificate of Incorporation with the Secretary of State of Connecticut. The Amended and Restated Certificate of Incorporation will become effective upon the filing of, and at the date and time specified in the Amended and Restated Certificate of Incorporation. However, the filing of the Amended and Restated Certificate of Incorporation may be delayed by the Company’s Board or may be abandoned by action of the Company’s Board at any time prior to the Effective Time, whether before or after the approval by the Company’s shareholders. THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE APPROVAL OF THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION.

33

PROPOSAL 4 – NASDAQ PROPOSAL Our shareholders are being asked to approve at the Annual Meeting the potential issuance of shares of our common stock for purposes of complying with Nasdaq Listing Rules 5635(b) and 5635(d). The approval of this Nasdaq Proposal is conditioned upon the approval of Proposal 3, Charter Proposal. If we fail to obtain sufficient votes for the Charter Proposal, we may not have enough shares authorized under our current certificate of incorporation to issue additional shares of common stock. Nasdaq Rules 5635(d) and 5635(b) Pursuant to Nasdaq Listing Rule 5635(d), shareholder approval is required prior to a 20% Issuance at a price that is less than the Minimum Price. For purposes of Nasdaq Listing Rule 5635(d), (i) “20% Issuance” means a transaction, other than a public offering, involving the sale, issuance or potential issuance by us of common stock (or securities convertible into or exercisable for common stock), which alone or together with sales by our officers, directors or substantial shareholders equals 20% or more of common stock or 20% or more of the voting power outstanding before the issuance, and (ii)