Company: PNBK
Filing Date: 2025-05-16
Form Type: PRE 14A
Source: 0001140361-25-019517
Chunk: 5

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-16
Form: PRE 14A
Chunk 5
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 Preferred Stock are entitled to receive, when, as and if declared by the Board out of funds of Patriot’s legally available therefor, non-cumulative dividends in arrears at the rate per annum of 10% per share, payable semi-annually on April 1 and October 1 beginning on October 1, 2026, provided, however, that if the shares of Series A Preferred Stock are converted into shares of common stock in full on or prior to October 1, 2026, then the holders of such shares of Series A Preferred Stock will not have any right to receive any dividends on the Series A Preferred Stock.

3

Therefore, if the Amended and Restated Certificate of Incorporation is approved by shareholders at the Annual Meeting and we file it with the Secretary of State of the State of Connecticut, as described above, holders of Series A Preferred Stock will receive shares of non-voting common stock upon the conversion of Series A Preferred Stock and will not be entitled to receive any dividends. When is this proxy statement first being sent or given to shareholders? On or about [•], 2025, we will begin distributing and make available the Notice of 2025 Annual Meeting of Shareholders (the “Notice”), proxy statement, proxy card and Annual Report on Form 10-K for the year ended December 31, 2024 to our shareholders. As indicated in the Notice, this proxy statement and other materials are also available on the Internet at www.proxyvote.com. Who is entitled to vote at the Annual Meeting? Holders of record of common stock at the close of business on May 16, 2025 (the “Record Date”) are entitled to the notice of and to vote at the Annual Meeting or any adjournment or postponement of the Annual Meeting. As of the Record Date, we had issued and outstanding 76,259,670 shares of common stock which were owned by [•] shareholders of record. What is the quorum for the Annual Meeting? Holders of at least a majority of our outstanding shares of common stock, represented in person or by proxy, constitute a quorum. Abstentions and broker non-votes are counted for purposes determining whether there is a quorum. When a beneficial owner does not provide voting instructions to the broker, bank or other nominee that holds its shares in street name, such broker, bank or other nominee may not vote those shares on matters deemed non-routine. Such uninstructed shares held by brokers or other nominees are