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BANK OF THE CAROLINAS CORP FILES (8-K) Disclosing Submission of Matters to a Vote of Security Holders

May 28, 2014



Item 5.07 Submission of Matters to a Vote of Security Holders.

Bank of the Carolinas Corporation (the "Company") held a special meeting of shareholders on May 22, 2014. As set forth below, at the meeting the shareholders (1) approved an amendment to article 2 of the Company's articles of incorporation to increase the number of shares of common stock which the Company has the authority to issue from 15,000,000 to 580,000,000; (2) approved an amendment to article 2 of the Company's articles of incorporation to reduce the par value of the Company's common stock from $5.00 per share to no par value per share; (3) approved an amendment to article 2 of the Company's articles of incorporation to create a class of non-voting common stock; and (4) approved a proposal to adjourn the special meeting of shareholders to a later date or dates, if necessary, to permit further solicitation of proxies in the event there were not sufficient votes at the time of the special meeting to approve the matters to be considered by shareholders at the special meeting. The Company did not propose the adjournment of the special meeting as there were sufficient votes to approve all proposals.

Increase Authorized Shares of Common Stock

For Against Abstain Broker Non-Votes 2,265,983 719,241 16,662 0



Reduce Par Value of Common Stock

For Against Abstain Broker Non-Votes 1,276,280 412,414 21,072 1,292,120



Creation of Non-Voting Common Stock

For Against Abstain Broker Non-Votes 1,272,108 417,709 19,949 1,292,120



Adjournment of Special Meeting

For Against Abstain Broker Non-Votes 2,306,959 681,885 13,042 0



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Source: Edgar Glimpses


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