Company: PNBK
Filing Date: 2025-05-23
Form Type: 424B3
Source: 0001437749-25-018349
Chunk: 18

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-23
Form: 424B3
Chunk 18
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 President and a member of our board of directors, is a trustee of one of the Selling Securityholders -- Steven and Ainslie Sugarman Living Trust. The Bank is a party to a consulting agreement with Mr. Sugarman, pursuant to which Mr. Sugarman has been assisting the Bank in developing a revised business, capital and strategic plan since February 2025. We are a party to an employment agreement with Mr. Sugarman, effective as of March 20, 2025, or the “Employment Agreement,” which sets forth the terms of his employment with Patriot as its President.

Richard Smith, who became a member of the board of directors of the Bank in May 2025, is an individual Selling Securityholder. Mr. Smith also has sole voting and dispositive power over the shares held by PTC Cust IRA FBO Richard Smith.

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The Bank is a party to a consulting agreement with Carlos Salas and HECA Management, pursuant to which Mr. Salas has been assisting the Bank with certain operating and strategic matters, starting from March 24, 2025. We are a party to an employment agreement with Mr. Salas, effective as of April 30, 2025, which sets forth the terms of his employment with Patriot and/or the Bank, consistent with applicable regulatory limitations.

The foregoing arrangements and agreements with Messrs. Smith and Salas, as applicable, were not in place prior to or at the time of the closing of the Private Placement.

Michael Carrazza, who is the Chairman of our board of directors, serves as the manager of Solaia Capital Holdings LLC that purchased the principal and accrued unpaid interest due on a Senior Note, and converted such principal and interest into shares of Common Stock, in May 2025.

Pursuant to the Registration Rights Agreements, we agreed to prepare and file with the SEC a registration statement that permits the resale or other disposition of the Resale Shares and use our reasonable best efforts to keep such registration statement continuously effective under the Securities Act until the earlier of (i) such time as all of the Resale Shares covered by such registration statement have been sold by the Selling Securityholders or (ii) the date that all Resale Shares may be sold by the Selling Securityholders without volume or manner of sale restrictions under Rule 144 promulgated under the Securities Act. We have also agreed, among other things, to indemnify the Selling Securityholders and their respective officers, directors, agents, general