Company: PNBK
Filing Date: 2025-05-14
Form Type: S-3
Source: 0001437749-25-016921
Chunk: 40

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: S-3
Chunk 40
---
 |

| ● | the procedures and conditions relating to the exercise of the warrants; |

| ● | whether the warrants will be in registered or bearer form; |

| ● | information with respect to book-entry registration and transfer procedures, if any; |

| ● | the minimum or maximum amount of warrants that may be exercised at any one time; |

| ● | the designation and terms of the underlying securities with which the warrants are issued and the number of warrants issued with each underlying security; |

| ● | the date on and after which the warrants and securities issued with the warrants will be separately transferable; |

| ● | a discussion of material United States federal income tax considerations; |

| ● | the identity of the warrant agent; and |

| ● | any other terms of the warrants, including terms, procedures and limitations relating to the exchange, transfer and exercise of the warrants. |

Warrant certificates may be exchanged for new warrant certificates of different denominations, and warrants may be exercised at the warrant agent’s corporate trust office or any other office indicated in the applicable prospectus supplement. Prior to the exercise of their warrants, holders of warrants exercisable for shares of our Common Stock or Preferred Stock will not have any rights of holders of the securities purchasable upon such exercise, including any rights to vote such shares or to receive any distributions or dividends thereon.

Exercise of Warrants

A warrant will entitle the holder to purchase for cash an amount of securities at an exercise price that will be stated in, or that will be determinable as described in, the applicable prospectus supplement. Warrants may be exercised at any time prior to the close of business on the expiration date and in accordance with the procedures set forth in the applicable prospectus supplement. Upon and after the close of business on the expiration date, unexercised warrants will be void and have no further force, effect or value.

<div align='center'>26

DESCRIPTION OF PURCHASE CONTRACTS</div>

We may issue purchase contracts for the purchase or sale of Common Stock, Preferred Stock or debt securities issued by us as specified in the applicable prospectus supplement. Each purchase contract will entitle the holder thereof to purchase or sell, and obligate us to sell or purchase on specified dates, such securities at a specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. We may, however, satisfy our obligations, if any, with respect to any purchase contract by delivering the cash value of such purchase contract or