Company: PNBK
Filing Date: 2025-05-16
Form Type: PRE 14A
Source: 0001140361-25-019517
Chunk: 42

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-16
Form: PRE 14A
Chunk 42
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 INCENTIVE PLAN.

32

PROPOSAL 3 - CHARTER PROPOSAL Our Board has approved and, subject to shareholder approval, adopted the Amended and Restated Certificate of Incorporation, attached to this proxy statement as Annex B. We are required to adopt this Amended and Restated Certificate of Incorporation under the Purchase Agreements that we entered into in connection with our Private Placement. Pursuant to the law of the State of Connecticut, our state of incorporation, the Board must adopt the Amended and Restated Certificate of Incorporation and submit it to shareholders for their approval. For additional information about the Private Placement, see “Questions and Answers About the Annual Meeting - Why am I voting on the Equity Plan Proposal and the Charter Proposal?” and “Certain Relationships and Related Transactions.” The following is a brief summary of the amendments effected by the Amended and Restated Certificate of Incorporation:

| • | increase the authorized capital stock from 101,000,000 shares, consisting of 100,000,000 shares of common stock and 1,000,000 shares of preferred stock, to 2,200,000,000 shares, consisting of 2,000,000,000 shares of common and 200,000,000 shares of preferred stock; |

| • | authorize two series of the Company’s common stock, consisting of 1,800,000,000 shares of voting common stock and 200,000,000 shares of non-voting common stock, which can be converted into shares of common stock, subject to certain restrictions; and |

| • | provide for the mandatory conversion of shares of Series A Preferred Stock into shares of non-voting common stock. |

This summary is qualified by reference to the complete text of the Amended and Restated Certificate of Incorporation, a copy of which is attached to this proxy statement as Annex B. Anti-Takeover Effects of Proposed Amendments The Board has approved the Amended and Restated Certificate of Incorporation to ensure that we have sufficient shares available for general corporate purposes including, without limitation, acquisitions, establishing strategic partnerships, equity financings, providing equity incentives to employees, and payments of stock dividends, stock splits and other recapitalizations. From time to time the Company considers these types of transactions as market conditions or other opportunities arise. Future issuances of common stock or securities convertible into common stock could have a dilutive effect on our earnings per share, book value per share and the voting power and interest of current shareholders. In addition, the