SEC Filing Document

Company: Forbright, Inc.
Ticker: 
CIK: 1925062
Filing Type: S-1
Document Type: EX-3.3
Date Filed: 2026-05-15
Accession Number: 0001628280-26-035713
Exchange: 
SIC Code: 6022
SIC Description: State Commercial Banks
URL: https://www.sec.gov/Archives/edgar/data/1925062/000162828026035713/exhibit33-sx1publicflip.htm

Chunk 3 of 10
Word Count: 1304
Character Count: 8429

Document Content:

or that they or any of them were disqualified, be as valid as if the Directors or such other person, as the case may be, had been duly elected and were or was qualified to be Directors or a Director of the Corporation. 2.2 Majority Approval. Unless delegated to a committee of the Board by a majority vote of the entire Board of Directors, the following actions shall be brought before the Board of Directors and shall require the affirmative approval of at least a majority of the entire Board of Directors: (a) completing the liquidation, dissolution or winding-up of the business and affairs of the Corporation, effecting any recapitalization, reorganization, merger, consolidation, change of control, sale of all or any substantial portion of the assets or consummating any equity offering; (b) entering into any agreement with respect to a material acquisition by the Corporation or any of its subsidiaries;

(c)     (i) increasing the authorized number of directors constituting the board of directors of Forbright Bank or appointing members of the board of directors of Forbright Bank (other than any such appointments in compliance with Section 3.9 of the Stockholders’ Agreement), (ii) prior to April 13, 2025, replacing up to three directors on the board of directors of Forbright Bank (provided, that, if the Board of Directors determines to replace directors on the board of directors of Forbright Bank pursuant to this Section 2.2(c)(ii), the directors to be replaced shall be identified by John Delaney), or (iii) following April 13, 2025, decreasing the authorized number of directors constituting the board of directors of Forbright Bank, or removing or replacing any such directors (other than any such appointments in compliance with Section 3.9 of the Stockholders’ Agreement); provided, however, that any modifications to the board of directors of Forbright Bank in accordance with this Section 2.2(c) shall comply with applicable law and regulation;

(d)    following April 13, 2025, appointing members of the board of managers or directors (or similar governing body) of any subsidiary of the Corporation other than Forbright Bank, or amending, altering or repealing any provision related to the governance structure of any such subsidiary; provided, however, that any modifications to the board of directors of any subsidiary of the Corporation other than Forbright Bank, or any amendment, altering, or

repealing of any provision related to the governance structure of any such subsidiary in accordance with this Section 2.2(d) shall comply with applicable law and regulation;

(e)    establishing the consolidated annual budget for the Corporation and its subsidiaries, which budget shall include an operating plan and a capital expenditure budget;

(f)    entering into, or effecting a material change in, any compensatory agreements or arrangements with the Corporation’s President/Chief Executive Officer;

(g)    adopting, or effecting a material change in, any benefits or compensation plans and arrangements which are generally applicable to the employees of the Corporation and its subsidiaries;

(h)    approving any grant of Corporation capital stock, or securities convertible into Corporation capital stock, to the officers named in the Corporation’s 2014 Stock Incentive Plan, as amended;

(i)    adopting, or effecting any material change in, the credit and risk management policies and plans of the Corporation and its subsidiaries; and

(j)    appointing or removing the Chairman of the Board or any Vice-Chairman of the Board, or elect a chairman other than the Chairman of the Board to preside at any meeting of the Board.

2.3    Special Approval. The Corporation shall not, either directly or indirectly, do any of the following without (in addition to any other vote required by law, the Certificate of Incorporation or these Bylaws) the affirmative vote of directors constituting at least two-thirds (2/3rds) of the entire Board of Directors:

(a)    prior to April 13, 2025, complete the liquidation, dissolution or winding-up of the business and affairs of the Corporation, effect any recapitalization, reorganization, merger, consolidation, change of control, sale of all or any substantial portion of the assets or consummate the Corporation’s first underwritten public offering of its capital stock under the Securities Act of 1933 and any equity offering with proceeds greater than $100,000,000;

(b)    amend, alter or repeal any provision of the Certificate of Incorporation or Bylaws of the Corporation;

(c)    create, or authorize the creation of, any class or series of capital stock, including, without limitation, the designation of rights and privileges of any class or series preferred stock of the Corporation;

(d)    purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in

connection with the cessation of such employment or service at the lower of the original purchase price or the then-current fair market value thereof;

(e)    change the principal business of the Corporation or any of its subsidiaries;

(f)    enter into or be a party to any transaction with any director, officer, affiliate or Major Investor (as defined in the Stockholders’ Agreement) or any “associate” (as defined in Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended) of any such person;

(g)    increase or decrease the authorized number of directors constituting the Board of Directors, which is hereby authorized to consist of 11 directors;

(h)    prior to April 13, 2025, decrease the authorized number of directors constituting the board of directors of Forbright Bank, which is hereby authorized to consist of 11 directors, or remove or replace more than three of such directors (other than any such appointments in compliance with Section 3.9 of the Stockholders’ Agreement); provided, however, that any modifications to the board of directors of Forbright Bank in accordance with this Section 2.3(h) shall comply with applicable law and regulation;

(i)    hire or terminate the Corporation’s President/Chief Executive Officer prior to April 13, 2025;

(j)    prior to April 13, 2025, appoint or remove members of the board of managers or directors (or similar governing body) of any subsidiary of the Corporation other than Forbright Bank, or amend, alter or repeal any provision related to the governance structure of any such subsidiary; provided, however, that any modifications to the board of directors of any subsidiary of the Corporation other than Forbright Bank, or any amendment, altering, or repealing of any provision related to the governance structure of any such subsidiary in accordance with this Section 2.3(j) shall comply with applicable law and regulation;

(k)    amend, alter or repeal any written policies of the Corporation related to serving as a director, or other criteria or qualifications established by the Nominating, Compensation and Governance Committee (the “NCG Committee”), applicable to all members of the Board of Directors, or its equivalent, or any ethics and compliance program of the Company applicable to all members of the Board of Directors;

(l)    amend, alter or repeal any provision of the Corporation’s 2014 Stock Incentive Plan; or

(m)    revoking the resolutions of the Company’s Board of Directors dated February 11, 2021, authorizing the Company to pursue a limited repurchase of up to $50,000,000 worth of the Company’s outstanding Common Stock, as more particularly described in the Unanimous Written Consent Without A Meeting of the Board of Directors of Congressional Bancshares, Inc. dated February 11, 2021.

2.4    Number and Term of Office. Subject to Section 2.3(g), the number of the members of the Board of Directors (the “Directors”) shall be fixed from time to time by resolution of the Board of Directors. No reduction in the number of Directors by resolution of the Board shall have the effect of removing any Director from office prior to the expiration of his term. For the avoidance of doubt, the stockholders shall not be entitled to fix the number of members of the Board of Directors.