Company: PNBK
Filing Date: 2025-06-04
Form Type: 424B5
Source: 0001437749-25-019364
Chunk: 48

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-06-04
Form: 424B5
Chunk 48
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 Preferred Stock

Owners of depositary shares will be entitled to receive, upon surrender of depositary receipts at the principal office of the depositary and payment of any unpaid amount due to the depositary, the number of whole shares of our Preferred Stock underlying their depositary shares.

Partial shares of our Preferred Stock will not be issued. Holders of our Preferred Stock will not be entitled to deposit the shares under the deposit agreement or to receive depositary receipts evidencing depositary shares for our Preferred Stock.

Amendment and Termination of the Deposit Agreement

The form of depositary receipt evidencing the depositary shares and any provision of the deposit agreement may be amended by agreement between the depositary and us. However, any amendment that materially and adversely alters the rights of the holders of depositary shares, other than fee changes, will not be effective unless the amendment has been approved by the holders of at least a majority of the outstanding depositary shares. The deposit agreement may be terminated by the depositary or us only if:

| ● | all outstanding depositary shares have been redeemed; or |

| ● | there has been a final distribution of our Preferred Stock in connection with our dissolution and such distribution has been made to all holders of depositary shares. |

Charges of Depositary

We will pay all United States transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangement. We will also pay charges of the depositary in connection with:

| ● | the initial deposit of our Preferred Stock; |

| ● | the initial issuance of the depositary shares; |

| ● | any redemption of our Preferred Stock; and |

| ● | all withdrawals of our Preferred Stock by owners of depositary shares. |

Holders of depositary receipts will pay transfer, income and other taxes and governmental charges and other specified charges as provided in the deposit agreement for their accounts. If these charges have not been paid, the depositary may:

| ● | refuse to transfer depositary shares; |

| ● | withhold dividends and distributions; and |

| ● | sell the depositary shares evidenced by the depositary receipt. |

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Miscellaneous

The depositary will forward to the holders of depositary receipts all reports and communications we deliver to the depositary that we are required to furnish to the holders of our Preferred Stock. In addition, the depositary will make available for inspection by holders of depositary receipts at the principal office of the depositary, and at such other places as it may