Company: PNBK
Filing Date: 2025-05-14
Form Type: S-3
Source: 0001437749-25-016921
Chunk: 49

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: S-3
Chunk 49
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.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 Company’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-pocket costs, judgments, fines, penalties and amounts paid in settlements) paid or incurred by or imposed upon the Indemnitee in the investigation, defense, settlement or appeal of, or otherwise in connection with, a Proceeding (including, without limitation, being a witness) or in establishing or enforcing a right to indemnification under the Indemnification Agreement, the Company’s Certificate of Incorporation or Amended and Restated Bylaws, the CBCA or otherwise. The Indemnification Agreement defines “Proceeding” as any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, arbitrative or investigative and whether formal or informal, with respect to an Indemnifiable Event.

The Indemnification Agreement further provides that the following events or actions are not subject to indemnification under the Indemnification Agreement: (i) a knowing and culpable violation of the law; (ii) a transaction from which the Indemnitee or his/her associate (as defined in Section 33-840 of the CBCA) received an improper personal gain; (iii) a failure to act in good faith and a conscious disregard for the duty of the Indemnitee to the Company under circumstances in which the Indemnitee was aware that his/her conduct or omission created an unjustifiable risk of serious injury to the Company; (iv) a sustained and unexcused pattern of inattention that amounted to an abdication of the Indemnitee's duties to the Company; or (v) created liability under Section 33-757 of the CBCA.

The Company carries Directors’ and Officers’ insurance that covers the Company’s directors and officers against some liabilities they may incur when acting in their official capacities.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant to the foregoing provisions, the Company has been informed that