Company: CFBK
Filing Date: 2025-01-07
Form Type: S-3
Source: 0001193125-25-002885
Chunk: 13

Company: CF BANKSHARES INC.
Filing Date: 2025-01-07
Form: S-3
Chunk 13
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 Non-Voting Common Stock so as to affect them adversely, (ii) increase or decrease the authorized number of shares of Non-Voting Stock or (iii) enter into any
agreement, merger or business consolidation, or engage in any other transaction, or take any action that would have the effect of adversely changing any preference or any relative or other right provided for the benefit of the holders of the Non-Voting Common Stock.

Subject to the additional restrictions described below, any holder of Non-Voting Common Stock will be permitted to convert, or upon the written request of the Company will be required to convert, shares of Non-Voting Common Stock into an equal
number of shares of Voting Common Stock at any time and from time to time, provided that upon such conversion the holder, together with all affiliates of the holder, will not own or control in the aggregate more than 9.9% of our Voting Common Stock.
Notwithstanding the foregoing, the right to convert will not be available to a transferee of shares of Non-Voting Common Stock with respect to a transfer other than a Permissible Transfer as further
described below.

8

In addition, each share of Non-Voting Common Stock
will automatically convert in one (1) share of Voting Common Stock, without any further action on the part of any holder, subject to adjustment as described in the Certificate of Incorporation, on the date a holder of Non-Voting Common Stock transfers any shares of Non-Voting Common Stock to a non-affiliate of the
holder in a Permitted Transfer.

A “Permissible Transfer” is defined in our Certificate of Incorporation means a transfer by a
holder of Non-Voting Common Stock (i) to the Company; (ii) in a widely distributed public offering of Voting Common Stock or Non-Voting Common Stock;
(iii) that is part of an offering in which no transferee (or group of associated transferees) would receive 2% or more of any class of voting securities of the Company then outstanding; (iv) that is part of a transfer of Voting Common
Stock or Non-Voting Common Stock to an underwriter for the purpose of conducting a widely distributed public offering; or (v) to a transferee that controls more than 50% of the voting securities of the
Company without giving effect to such transfer.

Dividend rights

As a Delaware corporation, the Company may, in the discretion of our Board of Directors, generally pay dividends to our stockholders. However,
our ability to obtain