Company: PNBK
Filing Date: 2025-05-19
Form Type: DEFA14A
Source: 0001171843-25-003305
Chunk: 1

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-19
Form: DEFA14A
Chunk 1
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 1934 (§240.12b-2
of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use
the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)
of the Exchange Act. ☐

| Item 1.01 | Entry into a Material Definitive Agreement. |

Patriot National Bancorp, Inc. (the “Company”)
previously reported that, as part of its recent private placement (the “Private Placement”) of shares of common stock, par
value $0.01 per share (“Common Stock”), and shares of Series A Non-Cumulative Perpetual Convertible Preferred Stock, no par
value per share, the Company entered into an amendment (the “Amendment”) to its Fixed Rate Senior Notes (“Senior Notes”)
with holders of Senior Notes. The Amendment included, in part, the provision permitting any holder of Senior Notes to elect to voluntarily
convert any amount of such noteholder’s remaining outstanding principal and/or interest into shares of Common Stock on the same
terms as in the Private Placement.

Two noteholders, including Solaia Capital Holdings LLC,
of which Michael Carrazza, Chairman of the Board of Directors of the Company, serves as the manager, converted a total of $1,896,956.92
of the aggregate principal and accrued unpaid interest due on the Senior Notes into 2,529,275 shares of Common Stock (the “Conversion”)
in compliance with the terms of the Amendment, and on May 13, 2025, entered into the Securities Purchase Agreements and Registration Rights
Agreements with the Company. Terms of these agreements were described in, and forms of these agreements were attached as Exhibit 10.2 and Exhibit 10.3, respectively, to, the Company’s Current Report on
Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on March 21, 2025.

Shares of Common Stock issued upon the conversion of Senior
Notes were issued without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon
the exemption provided under Rule 506 of Regulation D promulgated under the Securities Act and Section 4(a)(2) of the Securities Act as
securities offered and sold only to accredited investors (as defined in Rule 501(a) of