Document:

Exhibit 4.3

    

    

    DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE

    SECURITIES EXCHANGE ACT OF 1934

    

    

    General

    

    

    Quaint Oak Bancorp, Inc. is authorized to issue 10,000,000 shares of capital stock, of which 9,000,000 are shares of common stock, par
      value $.01 per share, and 1,000,000 are shares of preferred stock, par value $.01 per share.  As of December 31, 2019, there were 2,777,250 shares of common stock issued and 1,984,857 shares of common stock outstanding and no shares of preferred
      stock issued and outstanding.

    

    

    The Company’s common stock is registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended, and is traded on the
      OTCQB under the symbol “QNTO”.  Unless otherwise indicated or the context otherwise requires, references in this Exhibit to “we,” “us” and “our” refer collectively to Quaint Oak Bancorp, Inc., which we refer to as the Company, and Quaint Oak Bank,
      which we refer to as the Bank, or to either of those entities, depending on the context.

    

    

    The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its
      entirety by reference to our articles of incorporation and bylaws, each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.3 is a part, and to applicable provisions of law.

    

    

    Common Stock

    

    

    Dividends.  We can pay dividends if,
      as and when declared by our board of directors, subject to compliance with limitations which are imposed by law.  The holders of our common stock are entitled to receive and share equally in such dividends as may be declared by our board of directors
      out of funds legally available therefor.  If we issue preferred stock, the holders thereof may have a priority over the holders of the common stock with respect to dividends.

    

    

    Voting Rights.  The holders of our
      common stock possess exclusive voting rights in the Company.  They elect our board of directors and act on such other matters as are required to be presented to them under Pennsylvania law or our Articles of Incorporation or as are otherwise
      presented to them by the board of directors.  Except as discussed below under “Restrictions on Acquisitions of the Company and Related Anti-Takeover Provisions,”
      each holder of common stock is entitled to one vote per share and does not have any right to cumulate votes in the election of directors.  If we issue preferred stock, holders of the preferred stock may also possess voting rights.

    

    

    Liquidation.  In the event of any
      liquidation, dissolution or winding up of the Company, the holders of our  common stock would be entitled to receive, after payment or provision for payment of all its debts and liabilities (including payments with respect to the Bank’s liquidation
      account), all of the Company’s assets available for distribution.  If preferred stock is issued, the holders thereof may have a priority over the holders of the common stock in the event of liquidation or dissolution.

    

    

    Preemptive Rights.  Holders of our
      common stock are not entitled to preemptive rights with respect to any shares which may be issued in the future.  Our common stock is not subject to any required redemption.

    

    

    Preferred Stock

    

    

    Our authorized preferred stock may be issued with such preferences and designations as the board of directors may from time to time
      determine.  Our board of directors can, without stockholder approval, issue preferred stock with voting, dividend, liquidation and conversion rights which could dilute the voting strength of the holders of the common stock and may assist management
      in impeding an unfriendly takeover or attempted change in control.

    

    

    
      1

      
        

    

    Restrictions on Acquisitions of the Company and Related Anti-Takeover Provisions

    

    

    Articles of Incorporation and Bylaws and
        Pennsylvania Law. Certain provisions of our articles of incorporation and bylaws and Pennsylvania law which deal with matters of corporate governance and rights of shareholders might be deemed to have a potential anti-takeover effect. 
      Provisions in our articles of incorporation and bylaws provide, among other things:

    

    

    
      
        	

              	•	
                that our board of directors is divided into classes with only one-third of our directors standing for reelection each year;

              

      

    

    

    

    
      
        	

              	•	
                that no person may acquire or offer to acquire more than 10% of the issued and outstanding shares of any class of our equity securities;

              

      

    

    

    

    
      
        	

              	•	
                that special meetings of shareholders may only be called by the Company’s board of directors;

              

      

    

    

    

    
      
        	

              	•	
                that shareholders generally must provide advance notice of shareholder proposals and director nominations and provide certain specified related information;

              

      

    

    

    

    
      
        	

              	•	
                that any merger or similar transaction be approved by a super-majority vote (75%) of shareholders entitled to vote unless it has previously been approved by at
                  least two-thirds of the Company’s directors; and

              

      

    

    

    

    
      
        	

              	•	
                the authority to issue shares of authorized but unissued common stock and preferred stock and to establish the terms of any one or more series of preferred stock,
                  including voting rights.

              

      

    

    

    

    The provisions noted above as well as others provided under Pennsylvania law and federal banking law and regulation may have the effect of
      discouraging a future takeover attempt which is not approved by our board of directors but which individual shareholders may consider to be in their best interests or in which shareholders may receive a substantial premium for their shares over the
      then current market price.  As a result, shareholders who might wish to participate in such a transaction may not have an opportunity to do so.  The provisions may also render the removal of our board of directors or management more difficult. 
      Furthermore, such provisions could render us being deemed less attractive to a potential acquiror and/or could result in our shareholders receiving a lesser amount of consideration for their shares of the Company’s common stock than otherwise could
      have been available either in the market generally and/or in a takeover.

    

    

    A more detailed discussion of these and other provisions of our articles of incorporation and bylaws is set forth below.

    

    

    Board of Directors.  Our articles of
      incorporation and bylaws provide that our board of directors is divided into three classes as nearly equal in number as possible and that the members of each class will be elected for a term of three years and until their successors are elected and
      qualified, with one class being elected annually.  Holders of our common stock do not have cumulative voting in the election of directors.

    

    

    Under our articles of incorporation, any vacancy occurring in our board of directors, including any vacancy created by reason of an
      increase in the number of directors, may be filled by a majority vote of the remaining directors, whether or not a quorum is present, or by a sole remaining director.  Any director so chosen will hold office for the remainder of the term to which the
      director has been elected and until his or her successor is elected and qualified.

    

    

    Our articles of incorporation also provide that any director may be removed by shareholders only for cause at a duly constituted meeting of
      shareholders called expressly for that purpose upon the vote of the holders of not less than a majority of the total votes eligible to be cast by shareholders.  Cause for removal shall exist only if the director whose removal is proposed has been
      either declared incompetent by order of a court, convicted of a felony or an offense punishable by imprisonment for a term of more than one year by a court of competent jurisdiction, or deemed liable by a court of competent jurisdiction for gross
      negligence or misconduct in the performance of such directors' duties to the Company.

    

    

    

    

    
      2

      
        

    

    Limitations on Acquisitions of Voting Stock
        and Voting Rights.  Our articles of incorporation provide that no person shall directly or indirectly offer to acquire or acquire the beneficial ownership of (a) more than 10% of the issued and outstanding shares of any class of an equity
      security of the Company or (b) any securities convertible into, or exercisable for, any equity securities of the Company if, assuming conversion or exercise by such person of all securities of which such person is the beneficial owner which are
      convertible into, or exercisable for such equity securities, such person would be the beneficial owner of more than 10% of any class of an equity security of the Company.  The term “person” is broadly defined in our articles of incorporation to prevent circumvention of this restriction.

    

    

    The foregoing restrictions do not apply to (a) any offer with a view toward public resale made exclusively to the Company by underwriters
      or a selling group acting on its behalf, (b) any employee benefit plan established by the Company or the Bank or any trustees of such plan and (c) any other offer or acquisition approved in advance by the affirmative vote of 80% of our board of
      directors.  In the event that shares are acquired in violation of this restriction, all shares beneficially owned by any person in excess of 10% will not be counted as shares entitled to vote and will not be voted by any person or counted as voting
      shares in connection with any matters submitted to shareholders for a vote, and our board of directors may cause the excess shares to be transferred to an independent trustee for sale.

    

    

    Special Meetings of Shareholders. 
      Our articles of incorporation contain a provision pursuant to which, except as otherwise provided by law, special meetings of its shareholders may be called only by the board of directors pursuant to a resolution approved by a majority of the
      directors then in office.

    

    

    Shareholder Nominations and Proposals. 
      Our bylaws provide that, subject to the rights of the holders of any class or series of stock having a preference over the common stock as to dividends or upon liquidation, all nominations for election to the board of directors, other than those made
      by the board or a committee thereof, shall be made by a shareholder who has complied with the notice provisions in the bylaws.  Written notice of a shareholder nomination must be communicated to the attention of the secretary and either delivered to,
      or mailed and received at, the Company’s principal executive offices not later than (a) with respect to an annual meeting of shareholders, 120 days prior to the anniversary date of the mailing of proxy materials by the Company in connection with the
      immediately preceding annual meeting of shareholders.

    

    

    Our bylaws also provide that only such business as shall have been properly brought before an annual meeting of shareholders shall be
      conducted at the annual meeting.  To be properly brought before an annual meeting, business must be specified in the notice of the meeting, or any supplement thereto, given by or at the direction of the board of directors, or otherwise properly
      brought before the meeting by a shareholder.  For business to be properly brought before an annual meeting by a shareholder, the shareholder must have given timely notice thereof in writing to the Company’s secretary.  To be timely, a shareholder’s
      notice must be delivered to or mailed and received at the Company’s principal executive offices not later than 120 days prior to the anniversary date of the mailing of proxy materials by the Company in connection with the immediately preceding annual
      meeting of shareholders. The Company’s bylaws also require that the notice must contain certain information in order to be considered.  The board of directors may reject any shareholder proposal not made in accordance with the bylaws. The presiding
      officer of an annual meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance with the Company’s bylaws, and if he should so determine, he shall so declare to
      the meeting and any such business not properly brought before the meeting shall not be transacted.

    

    

    The procedures regarding shareholder proposals and nominations are intended to provide the Company’s board of directors with the
      information deemed necessary to evaluate a shareholder proposal or nomination and other relevant information, such as existing shareholder support, as well as the time necessary to consider and evaluate such information in advance of the applicable
      meeting.  The proposed procedures, however, will give incumbent directors advance notice of a business proposal or nomination.  This may make it easier for the incumbent directors to defeat a shareholder proposal or nomination, even when certain
      shareholders view such proposal or nomination as in the best interests of the Company or its shareholders.

    

    

    
      3

      
        

    

    Shareholder Action Without a Meeting. 
      Our articles of incorporation provide that any action permitted to be taken by the shareholders at a meeting may be taken without a meeting if a consent in writing setting forth the action so taken is signed by all of the shareholders entitled to
      vote.

    

    

    Mergers, Consolidations and Sales of
        Assets.  Our articles of incorporation provide that any merger, consolidation, share exchange, sale of assets, division or voluntary dissolution shall require approval of 75% of the eligible voting shares unless the transaction has been
      previously approved by at least two-thirds of its board of directors, in which case the majority of the votes cast standard would apply.

    

    

    Authorized Capital Stock.  The
      Company’s authorized capital stock consists of 9,000,000 shares of common stock and 1,000,000 shares of preferred stock.  The number of authorized shares of stock is greater than the amount issued and outstanding in order to provide our board of
      directors with greater flexibility to effect, among other things, financings, acquisitions, stock dividends, stock splits and employee stock options.  However, these
      additional authorized shares may also be used by the board of directors consistent with its fiduciary duty to deter future attempts to gain control of the Company. The board of directors also has sole authority to determine the terms of any one or
      more series of preferred stock, including voting rights, conversion rates, and liquidation preferences. As a result of the ability to fix voting rights for a series of preferred stock, the board has the power, to the extent consistent with its
      fiduciary duty, to issue a series of preferred stock to persons friendly to management in order to attempt to block a post-tender offer merger or other transaction by which a third party seeks control, and thereby assist management to retain its
      position.

    

    

    Amendment of Governing Instruments. 
      Our articles of incorporation generally provide that no amendment of the articles of incorporation may be made unless it is first approved by our board of directors and thereafter approved by the holders of a majority of the shares entitled to vote
      generally in an election of directors, voting together as a single class, as well as such additional vote of the preferred stock as may be required by the provisions of any series thereof, provided, however, any amendment which is inconsistent with
      Articles VI (directors), VII (meetings of shareholders, actions without a meeting), VIII (liability of directors and officers), IX (restrictions on offers and acquisitions), XI (shareholder approval of mergers and other actions) and XII (amendments
      to the articles of incorporation) must be approved by the affirmative vote of the holders of not less than 75% of the voting power of the shares entitled to vote thereon unless approved by the affirmative vote of 80% of the Company’s directors then
      in office.

    

    

    Our bylaws may be amended by the majority vote of the full board of directors at a regular or special meeting of the board of directors or
      by a majority vote of the shares  entitled to vote generally in an election of directors, voting together as a single class, as well as such additional vote of  the preferred stock as may be required by the provisions of any series thereof, provided,
      however, that the shareholder vote requirement for any amendment to the bylaws which is inconsistent with Sections 2.10 (shareholder proposals), 3.1 (number of directors and powers), 3.2 (classifications and terms of directors), 3.3 (director
      vacancies), 3.4 (director removals) and 3.12 (director nominations) and Article VI (indemnification) is the affirmative vote of the holders of not less than 75% of the voting power of the shares entitled to vote thereon.

     

    

     

    

  

  4Exhibit
4.2

 

Description
of Sunnyside Bancorp, Inc. Common Stock

 

Unless
otherwise indicated or the context otherwise requires, references in this Exhibit 4.2 to “we, “us” and “our”
refer collectively to Sunnyside Bancorp, Inc. and Sunnyside Federal Savings and Loan Association of Irvington (“Sunnyside
Federal”)or to any of those entities, depending on the context. 

 

General

 

Sunnyside
Bancorp is authorized to issue 30,000,000 shares of common stock, par value of $0.01 per share, and 1,000,000 shares of preferred
stock, par value $0.01 per share. Each share of common stock has the same relative rights as, and is identical in all respects
to, each other share of common stock. All of our shares of common stock are duly authorized, fully paid and nonassessable.

 

Common
Stock

 

Dividends.
Sunnyside Bancorp can pay dividends on its common stock if, after giving effect to the distribution, it would be able to pay its
indebtedness as the indebtedness comes due in the usual course of business and its total assets exceed the sum of its liabilities
and the amount needed, if Sunnyside Bancorp were to be dissolved at the time of the distribution, to satisfy the preferential
rights upon dissolution of any holders of capital stock who have a preference in the event of dissolution. The holders of common
stock of Sunnyside Bancorp are entitled to receive and share equally in dividends as may be declared by our Board of Directors
out of funds legally available therefor. If Sunnyside Bancorp issues shares of preferred stock, the holders thereof may have a
priority over the holders of the common stock with respect to dividends.

 

Voting
Rights. The holders of common stock of Sunnyside Bancorp have exclusive voting rights in Sunnyside Bancorp They elect
Sunnyside Bancorp’s Board of Directors and act on other matters as are required to be presented to them under Maryland law
or as are otherwise presented to them by the Board of Directors. Generally, each holder of common stock is entitled to one vote
per share and does not have any right to cumulate votes in the election of directors. Any person who beneficially owns more than
10% of the outstanding shares of Sunnyside Bancorp’s common stock, however, is not entitled or permitted to vote any
shares of common stock held in excess of the 10% limit. If Sunnyside Bancorp issues shares of preferred stock, holders of the
preferred stock may also possess voting rights. Amendments to the articles of incorporation generally require a two-thirds vote,
and certain amendments require an 80% stockholder vote.

 

Liquidation.
In the event of any liquidation, dissolution or winding up of Sunnyside Federal, Sunnyside Bancorp, as the holder of 100% of Sunnyside
Federal’s capital stock, would be entitled to receive all assets of Sunnyside Federal available for distribution, after
payment or provision for payment of all debts and liabilities of Sunnyside Federal, including all deposit accounts and accrued
interest thereon, and after distribution of the balance in the liquidation account to “Eligible Account Holders” and
“Supplemental Eligible Account Holders” (as defined in the Plan of Conversion of Sunnyside Federal). In the event
of liquidation, dissolution or winding up of Sunnyside Bancorp, the holders of its common stock would be entitled to receive,
after payment or provision for payment of all its debts and liabilities, all of the assets of Sunnyside Bancorp available for
distribution. If preferred stock is issued, the holders thereof may have a priority over the holders of the common stock in the
event of liquidation or dissolution.

 

    	 

     

    

 

Preemptive
Rights. Holders of the common stock of Sunnyside Bancorp are not entitled to preemptive rights with respect to any shares
that may be issued, unless such preemptive rights are approved by the Board of Directors. The common stock is not subject to redemption.

 

Preferred
Stock

 

None
of the shares of Sunnyside Bancorp’s authorized preferred stock are outstanding. Preferred stock may be issued with preferences
and designations as our Board of Directors may from time to time determine. Our Board of Directors may, without stockholder approval,
issue shares of preferred stock with voting, dividend, liquidation and conversion rights that could dilute the voting strength
of the holders of the common stock and may assist management in impeding an unfriendly takeover or attempted change in control.

 

Sunnyside
Bancorp’s Articles of Incorporation and Bylaws

 

Sunnyside
Bancorp’s articles of incorporation and bylaws contain a number of provisions relating to corporate governance and rights
of stockholders that might discourage future takeover attempts. As a result, stockholders who might desire to participate in such
transactions may not have an opportunity to do so. In addition, these provisions will also render the removal of the Board of
Directors or management of Sunnyside Bancorp more difficult.

 

Directors.
The Board of Directors is divided into three classes. The members of each class are elected for a term of three years and only
one class of directors is elected annually. Thus, it would take at least two annual elections to replace a majority of our directors.
The bylaws establish qualifications for board members, including restrictions on affiliations with competitors of Sunnyside Federal
and prior legal or regulatory violations and a requirement that board members maintain residence within ten miles of an office
of Sunnyside Bancorp or Sunnyside Federal for a period of at least one year immediately before his or her nomination or appointment
to the Board of Directors. Further, the bylaws impose notice and information requirements in connection with the nomination by
stockholders of candidates for election to the Board of Directors or the proposal by stockholders of business to be acted upon
at an annual meeting of stockholders. Such notice and information requirements are applicable to all stockholder business proposals
and nominations, and are in addition to any requirements under the federal securities laws.

 

Evaluation
of Offers. The articles of incorporation of Sunnyside Bancorp provide that its Board of Directors, when evaluating a transaction
that would or may involve a change in control of Sunnyside Bancorp (whether by purchases of its securities, merger, consolidation,
share exchange, dissolution, liquidation, sale of all or substantially all of its assets, proxy solicitation or otherwise), may,
in connection with the exercise of its business judgment in determining what is in the best interests of Sunnyside Bancorp and
its stockholders and in making any recommendation to the stockholders, give due consideration to all relevant factors, including,
but not limited to:

 

	 	●	the
    economic effect, both immediate and long-term, upon Sunnyside Bancorp’s stockholders, including stockholders, if any,
    who do not participate in the transaction;
	 	 	 
	 	●	the
    social and economic effect on the present and future employees, creditors and customers of, and others dealing with, Sunnyside
    Bancorp and its subsidiaries and on the communities in which Sunnyside Bancorp and its subsidiaries operate or are located;
	 	 	 
	 	●	whether
    the proposal is acceptable based on the historical, current or projected future operating results or financial condition of
    Sunnyside Bancorp;

 

    	 

     

    

 

	 	●	whether
    a more favorable price could be obtained for Sunnyside Bancorp’s stock or other securities in the future;
	 	 	 
	 	●	the
    reputation and business practices of the other entity to be involved in the transaction and its management and affiliates
    as they would affect the employees of Sunnyside Bancorp and its subsidiaries;
	 	 	 
	 	●	the
    future value of the stock or any other securities of Sunnyside Bancorp or the other entity to be involved in the proposed
    transaction;
	 	 	 
	 	●	any
    antitrust or other legal and regulatory issues that are raised by the proposal;
	 	 	 
	 	●	the
    business and historical, current or expected future financial condition or operating results of the other entity to be involved
    in the transaction, including, but not limited to, debt service and other existing financial obligations, financial obligations
    to be incurred in connection with the proposed transaction, and other likely financial obligations of the other entity to
    be involved in the proposed transaction; and
	 	 	 
	 	●	the
    ability of Sunnyside Bancorp to fulfill its objectives as a financial institution holding company and on the ability of its
    subsidiary financial institution(s) to fulfill the objectives of a federally insured financial institution under applicable
    statutes and regulations. 

 

If
the Board of Directors determines that any proposed transaction should be rejected, it may take any lawful action to defeat such
transaction.

 

Restrictions
on Call of Special Meetings. The bylaws provide that special meetings of stockholders can be called by only the Chairperson
or Vice Chairperson of the board of directors, a majority of the total number of directors that Sunnyside Bancorp would have if
there were no vacancies on the board of directors, or the Secretary upon the written request of stockholders entitled to cast
at least a majority of all votes entitled to vote at the meeting..

 

Prohibition
of Cumulative Voting. The articles of incorporation prohibit cumulative voting for the election of directors.

 

Limitation
of Voting Rights. The articles of incorporation provide that in no event will any person who beneficially owns more than
10% of the then-outstanding shares of common stock be entitled or permitted to vote any of the shares of common stock held in
excess of the 10% limit; provided that such 10% limit shall not apply if a majority of the unaffiliated directors approve the
acquisition of shares in excess of the 10% limit prior to such acquisition.

 

Restrictions
on Removing Directors from Office. The articles of incorporation provide that directors may be removed only for cause,
and only by the affirmative vote of the holders of a majority of the voting power of all of our then-outstanding capital stock
entitled to vote generally in the election of directors (after giving effect to the limitation on voting rights discussed above
in “ − Limitation of Voting Rights”), voting together as a single class.

 

    	 

     

    

 

Authorized
but Unissued Shares. Sunnyside Bancorp has authorized but unissued shares of common and preferred stock. The articles
of incorporation authorize 1,000,000 shares of serial preferred stock. Sunnyside Bancorp is authorized to issue preferred stock
from time to time in one or more series subject to applicable provisions of law, and the board of directors is authorized to fix
the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms
and conditions of redemption of such shares. In addition, the articles of incorporation provide that a majority of the whole board
may, without action by the stockholders, amend the articles of incorporation to increase or decrease the aggregate number of shares
of stock of any class or series that Sunnyside Bancorp has the authority to issue. In the event of a proposed merger, tender offer
or other attempt to gain control of Sunnyside Bancorp that the board of directors does not approve, it would be possible for the
board of directors to authorize the issuance of a series of preferred stock with rights and preferences that would impede the
completion of the transaction. An effect of the possible issuance of preferred stock therefore may be to deter a future attempt
to gain control of Sunnyside Bancorp.

 

Amendments
to Articles of Incorporation and Bylaws. Except as provided under “ − Authorized but Unissued Shares,”
above, regarding the amendment of the articles of incorporation by the Board of Directors to increase or decrease the number of
shares authorized for issuance, or as otherwise allowed by law, any amendment to the articles of incorporation must be approved
by our Board of Directors and also by two-thirds of the outstanding shares of our voting stock (or a majority of the outstanding
shares of our voting stock if the amendment is approved by two-thirds of our board of directors); provided, however, that approval
by at least 80% of the outstanding voting stock is generally required to amend the following provisions:

 

	 	(i)	The
    limitation on voting rights of persons who directly or indirectly beneficially own more than 10% of the outstanding shares
    of common stock;
	 	 	 
	 	(ii)	The
    division of the board of directors into three staggered classes;
	 	 	 
	 	(iii)	The
    ability of the board of directors to fill vacancies on the board;
	 	 	 
	 	(iv)	The
    requirement that at least a majority of the voting power of the stockholders must vote to remove directors, and can only remove
    directors for cause;
	 	 	 
	 	(v)	The
    ability of the board of directors to amend and repeal the bylaws and the required stockholder vote to amend or repeal the
    bylaws; 
	 	 	 
	 	(vi)	The
    ability of the board of directors to evaluate a variety of factors in evaluating offers to purchase or otherwise acquire Sunnyside
    Bancorp;
	 	 	 
	 	(vii)	The
    authority of the board of directors to provide for the issuance of preferred stock;
	 	 	 
	 	(viii)	The
    validity and effectiveness of any action lawfully authorized by the affirmative vote of the holders of a majority of the total
    number of outstanding shares of common stock;
	 	 	 
	 	(ix)	The
    number of stockholders constituting a quorum or required for stockholder consent;
	 	 	 
	 	(x)	The
    provision regarding stockholder proposals and nominations;
	 	 	 
	 	(xi)	The
    indemnification of current and former directors and officers, as well as employees and other agents, by Sunnyside Bancorp;
    
	 	 	 
	 	(xii)	The
    limitation of liability of officers and directors to Sunnyside Bancorp for money damages; and
	 	 	 
	 	(xiii)	The
    provision of the articles of incorporation requiring approval of at least 80% of the outstanding voting stock to amend the
    provisions of the articles of incorporation set forth in (i) through (xii) of this list and the provisions related to amendment
    of the articles of incorporation.

 

    	 

     

    

 

The
articles of incorporation also provide that the bylaws may be amended by the affirmative vote of a majority of the total number
of directors that Sunnyside Bancorp would have if there were no vacancies on the board of directors or by the stockholders by
the affirmative vote of at least 80% of the votes entitled to be cast in the election of directors (after giving effect to the
limitation on voting rights discussed above in “ – Limitation of Voting Rights”).

 

Maryland
Corporate Law

 

Under
Maryland law, “business combinations” between a Maryland corporation and an interested stockholder or an affiliate
of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes
an interested stockholder. These business combinations include a merger, consolidation, statutory share exchange or, in circumstances
specified in the statute, certain transfers of assets, certain stock issuances and transfers, liquidation plans and reclassifications
involving interested stockholders and their affiliates or issuance or reclassification of equity securities. Maryland law defines
an interested stockholder as: (i) any person who beneficially owns 10% or more of the voting power of a corporation’s voting
stock after the date on which the corporation had 100 or more beneficial owners of its stock; or (ii) an affiliate or associate
of the corporation at any time after the date on which the corporation had 100 or more beneficial owners of its stock who, within
the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding
voting stock of the corporation. A person is not an interested stockholder under the statute if the board of directors approved
in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving a
transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval,
with any terms and conditions determined by the board.

 

After
the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must
be recommended by the board of directors of the corporation and approved by the affirmative vote of at least: (i) 80% of the votes
entitled to be cast by holders of outstanding shares of voting stock of the corporation and (ii) two-thirds of the votes entitled
to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with
whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.
These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as
defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by
the interested stockholder for its shares.

 

Change
in Control Regulations

 

Under
the Change in Bank Control Act, no person may acquire control of an insured savings association or its parent holding company
unless the Federal Reserve Board has been given 60 days’ prior written notice and has not issued a notice disapproving the
proposed acquisition. The Federal Reserve Board takes into consideration certain factors, including the financial and managerial
resources of the acquirer and the competitive effects of the acquisition. In addition, federal regulations provide that no company
may acquire control of a savings association without the prior approval of the Federal Reserve Board. Any company that acquires
such control becomes a “savings and loan holding company” subject to registration, examination and regulation by the
Federal Reserve Board.

 

Control,
as defined under federal law, means ownership, control of or holding irrevocable proxies representing more than 25% of any class
of voting stock, control in any manner of the election of a majority of the company’s directors, or a determination by the
Federal Reserve Board that the acquirer has the power to direct, or directly or indirectly exercise a controlling influence over,
the management or policies of the institution. Acquisition of more than 10% of any class of a savings and loan holding company’s
voting stock constitutes a rebuttable determination of control under the regulations under certain circumstances including where,
as is the case with Sunnyside Bancorp, the issuer has registered securities under Section 12 of the Securities Exchange Act of
1934. Federal Reserve Board regulations provide that parties seeking to rebut control will be provided an opportunity to do so
in writing.

 

Benefit
Plans

 

In
addition to the provisions of Sunnyside Bancorp’s articles of incorporation and bylaws described above, benefit plans of
Sunnyside Bancorp and Sunnyside Federal that may authorize the issuance of equity to its board of directors, officers and employees
contain or may contain provisions which also may discourage hostile takeover attempts which the board of directors of Sunnyside
Federal might conclude are not in the best interests of Sunnyside Bancorp and Sunnyside Federal or Sunnyside Bancorp’s stockholders.

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