Company: PNBK
Filing Date: 2025-07-10
Form Type: S-8
Source: 0001437749-25-022532
Chunk: 3

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-07-10
Form: S-8
Chunk 3
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 director was aware that his/her conduct or omission created an unjustifiable risk of serious injury to the Registrant; |

| ● | constituted a sustained and unexcused pattern of inattention amounting to abdication of the director’s duty to the Registrant; or |

| ● | created liability for an unlawful distribution under Section 33-757 of the CBCA. |

The Registrant also maintains a standard form of indemnification agreement that is entered into between the Registrant and its directors and executive officers (the “Indemnification Agreement”). The Indemnification Agreement provides that, among other things, the Registrant shall indemnify the director or executive officer indemnitee (the “Indemnitee”) against all reasonable expenses incurred in a Proceeding (as defined below) to the extent that he/she has been wholly successful on the merits or otherwise in the defense of the Proceeding; provided, however, that the Proceeding is with respect to any event or occurrence related to the fact that the Indemnitee is, or was, an agent of the Registrant or by reason of anything done or not done, or allegedly done or not done, by the Indemnitee in the capacity of an agent of the Registrant (an “Indemnifiable Event”); and further provided that the Indemnitee conducted himself/herself in good faith, reasonably believed (i) in the case of conduct in his/her official capacity, that his/her conduct was in the best interests of the Registrant, (ii) in all other cases, that his/her conduct was at least not opposed to the best interests of the Registrant, and (iii) in the case of criminal proceedings, he/she had no reasonable cause to believe his/her conduct was unlawful, and provided that with respect to an administrative proceeding or civil action initiated by any federal banking agency, the requirements in 12 C.F.R. § 359.5(a) are satisfied. The Indemnification Agreement further provides for advancement of expenses for Indemnitees, in each case to the fullest extent as may be provided for by the Registrant’s Certificate of Incorporation, Amended and Restated Bylaws and/or applicable law (including, but not limited to 12 C.F.R. Part 359 and the CBCA).

The Indemnification Agreement defines “Expenses” as costs and liabilities of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements and other out-of