Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 45

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 45
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 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 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