Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 2

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 2
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 Plan”), substantially in the form attached to this proxy statement asAnnex A(“Equity Plan Proposal”); |

| (3) | approve the Amended and Restated Certificate of Incorporation of the Company (the “Amended and Restated Certificate of Incorporation”), substantially in the form attached to this proxy statement asAnnex B(“Charter Proposal”); |

| (4) | approve the potential issuance of shares of our common stock for purposes of complying with Nasdaq Listing Rules 5635(b) and 5635(d) (the “Nasdaq Proposal”); |

| (5) | ratify the appointment of RSM US LLP to serve as the independent registered public accounting firm for the Company for the year ending December 31, 2025 (“Ratification of Auditors Proposal”); and |

| (6) | transact any other business which may properly come before the Annual Meeting or any postponement or adjournment of the Annual Meeting. |

2

Why am I voting on the Equity Plan Proposal and the Charter Proposal? General Information On March 20, 2025, we entered into securities purchase agreements, or the “Purchase Agreements,” with our President and director, Steven Sugarman, three co-lead investors (the “Co-Lead Investors”), and other accredited investors, pursuant to which we raised approximately $57.75 million (the “Private Placement”). The Private Placement included the issuance of: (i) 60,400,106 shares of common stock, at a purchase price of $0.75 per share, and (ii) 90,832 shares of Series A Non-Cumulative Perpetual Convertible Preferred Stock, no par value per share (“Series A Preferred Stock”), with a liquidation preference of $60 per share, and convertible, in the aggregate, into 7,266,560 shares of common stock, pursuant to the terms set forth in the Certificate of Amendment of our Certificate of Incorporation, as amended (the “Certificate of Amendment”), filed with the Secretary of State of the State of Connecticut. Subject to the terms and limitations contained in the Certificate of Amendment, each share of Series A Preferred Stock issued in the Private Placement is convertible into 80 shares of common stock, at the pre-funded conversion price of $0.75 per share. In addition, as part of the Private Placement, on March 20, 2025, our amendments of (i) 6.25% Fixed to Floating Subordinated Note