Company: PNBK
Filing Date: 2025-05-14
Form Type: S-3
Source: 0001437749-25-016921
Chunk: 48

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: S-3
Chunk 48
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 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 no amendment to or repeal of Section VII shall apply to the liability or alleged liability of any eligible individual with respect to any acts or missions occurring prior to such amendment or repeal.

<div align='center'>II-1</div>

The Certificate of Incorporation further provides that, in no event, shall any director, officer or employee be indemnified against expenses, penalties or other payments incurred in an administrative proceeding or action instituted by an appropriate bank regulatory agency which proceeding or action results in a final order assessing civil money penalties or requiring affirmative action by an individual or individuals in the form of payments to the Company.

The Company also maintains a standard form of indemnification agreement that is entered into between the Company and its directors and executive officers (the “Indemnification Agreement”). The Indemnification Agreement provides that, among other things, the Company shall indemnify the director or executive officer indemnitee (the “Indemnitee”) against all reasonable expenses incurred in a Proceeding (as defined below) to the extent that he has been wholly successful on the merits or otherwise in the defense of the Proceeding; provided, however, that the Proceeding is with respect to any event or occurrence related to the fact that the Indemnitee is, or was, an agent of the Company or by reason of anything done or not done, or allegedly done or not done, by the Indemnitee in the capacity of an agent of the Company (an “Indemnifiable Event”); and further provided that the Indemnitee conducted himself/herself in good faith, reasonably believed (i) in the case of conduct in his/her official capacity, that his/her conduct was in the best interests of the Company, (ii) in all other cases, that his/her conduct was at least not opposed to the best interests of the Company, and (iii) in the case of criminal proceedings, he/she had no reasonable cause to believe his/her conduct was unlawful, and provided that with respect to an administrative proceeding or civil action initiated by any federal banking agency, the requirements in 12 C.F.R. § 359