Company: CFBK
Filing Date: 2025-01-07
Form Type: S-3
Source: 0001193125-25-002885
Chunk: 20

Company: CF BANKSHARES INC.
Filing Date: 2025-01-07
Form: S-3
Chunk 20
---
, Section 6 of the Bylaws, as it pertains to
stockholder nominations for director. As noted above, a stockholder who intends to nominate a candidate for election to the Board of Directors must give us at least 90-days’ advance notice. Article I,
Section 6 of the Bylaws also requires a stockholder to give 90-days’ prior notice with respect to any new business to be brought before an annual meeting of stockholders; the stockholder also must
provide certain information to us concerning the nature of the new business, the stockholder and the stockholder’s interest in the business matter. Similarly, a stockholder wishing to nominate any person for election as a director must provide
us with

certain information concerning the nominee and the proposing stockholder. In addition, at any special meeting of the stockholders,
only such business shall be conducted as shall have been brought before the meeting by or at the direction of the Board of Directors.

Federal law provides that no person or company, directly or indirectly or acting in concert with one or more persons, or through one or more
subsidiaries, or through one or more transactions, may acquire control of a national banking association at any time without the prior approval of the OCC. Federal law also provides that no person or company, directly or indirectly or acting in
concert with one or more persons, or through one or more subsidiaries, or through one or more transactions, may acquire control of a bank holding company at any time without the prior approval of the FRB. In addition, any company that acquires
control of us becomes a bank holding company subject to registration, examination and regulation as a bank holding company. Control in this context means ownership of, control of, or holding proxies representing more than 25% of the voting shares of
a national bank or the power to control in any manner the election of a majority of the directors of such institution.

Delaware law provides additional protection against hostile takeovers. The Delaware takeover statute, which is codified in
Section 203 of the Delaware General Corporation Law, is intended to discourage certain takeover practices by impeding the ability of a hostile acquirer to engage in certain transactions with the target company.

In general, Section 203 provides that a Person (as defined therein) who owns 15% or more of the outstanding voting stock of a Delaware
corporation (an Interested Stockholder) may not consummate a merger or other business combination transaction with the corporation at any time during the three-year period