Company: PNBK
Filing Date: 2025-03-21
Form Type: 8-K
Source: 0001171843-25-001608
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Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-03-21
Form: 8-K
Item: Item 3.02
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Item 3.02. Unregistered Sales of Equity Securities.

The information set forth under Item 1.01 with respect
to the Private Placement, including the conversion of the Notes, is incorporated by reference into this Item 3.02.

The investment in the Company’s securities discussed
in this Current Report on Form 8-K involves the offer and sale of securities in a Private Placement that will not be registered under
the Securities Act of 1933, as amended (the “ Securities Act”), and will be subject to the resale restrictions under the Securities
Act. Such securities may not be offered or sold absent registration or an applicable exemption from registration.

This Current Report on Form 8-K does not constitute
an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any
such state or jurisdiction.

The securities offered by the Company will be issued
without registration under the Securities Act in reliance upon the exemption provided under Rule 506 of Regulation D promulgated under
the Securities Act and Section 4(a)(2) of the Securities Act as securities offered and sold only to accredited investors (as defined in
Rule 501(a) of Regulation D under the Securities Act) in a transaction not involving any public offering.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The information set forth in Item 1.01 above related
to the Plan and the Employment Agreement is incorporated by reference in this Item 5.02.

On March 20, 2025, David Lowery announced his resignation
as Chief Executive Officer of the Company and as President and Chief Executive Officer of the Bank, the Company’s wholly-owned subsidiary,
effective as of April 15, 2025 or as otherwise determined by Mr. Lowery and the Company, to ensure a seamless transition. Mr. Lowery will
assist with the management transition until such date. Mr. Lowery will also resign from his director position on the Board of the Company
and the Bank Board, effective as of such date. Mr. Lowery is resigning to pursue other opportunities.

Item 7.01. Regulation FD Disclosure