Company: PNBK
Filing Date: 2025-05-15
Form Type: S-3
Source: 0001437749-25-016950
Chunk: 36

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-15
Form: S-3
Chunk 36
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 |     | $         |  41,154.65 |
| Legal fees and expenses                  |     |           |     70,000 |
| Accounting fees and expenses             |     |           |     15,000 |
| Printing fees and miscellaneous expenses |     |           |      5,000 |
| Total                                    |     | $         | 131,154.65 |

Item 15. Indemnification of Directors and Officers.

Section VII of the Company’s Certificate of Incorporation, as amended by the Certificates of Amendment and corrected (the “Certificate of Incorporation”), provides that the Company shall, to the fullest extent permitted under the Connecticut Business Corporation Act, as amended (the “CBCA”), indemnify anyone that the Company has the power to indemnify against any expenses, liabilities or other matters referred to in or covered by the CBCA. This indemnification is not exclusive of any other rights to which those seeking indemnification may be entitled under any law, agreement, vote of shareholders or disinterested directors, or otherwise. Both action in an official capacity and action in another capacity while holding office may be subject to indemnification. A person’s right to indemnification does not cease solely because that person ceases to be a director, officer, employee or agent, or because that person dies.

Section 33-771 of the CBCA permits the indemnification of directors and other individuals as long as such individual’s behavior conforms to certain standards. Section 33-636 provides that a corporation’s Certificate of Incorporation may limit personal liability and make indemnification obligatory under certain circumstances.

The Company’s Certificate of Incorporation does not provide for indemnification for expenses, penalties or other payments incurred in an administrative proceeding instituted by a bank regulatory agency resulting in civil monetary penalties or requiring payments to the Company. Director liability for breach of a duty to the Company or its shareholders for monetary damages is limited to the amount of compensation received by such director for serving the Company during the year of any violation, unless the breach:

| ● | involved a knowing and culpable violation of law; |

| ● | enabled the director or an associate to receive an improper personal economic gain; |

| ● | demonstrated a lack of good faith and conscious disregard for the duty; |

| ● | constituted a sustained and unexcused pattern of inattention amounting to abdication of duty; or |

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

Section VII also stipulates that