Company: PNBK
Filing Date: 2025-05-19
Form Type: DEFA14A
Source: 0001171843-25-003305
Chunk: 2

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-19
Form: DEFA14A
Chunk 2
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 Regulation D under the Securities Act) in a transaction
not involving any public offering.

| Item 3.02 | Unregistered Sales of Equity Securities. |

The information set forth in Item 1.01 above related to
the Conversion is incorporated by reference in this Item 3.02.

| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain 
 Officers.                                                                                                                                |

On May 13, 2025, William Paul Simmons was appointed as
the Executive Vice President and Chief Credit Officer of Patriot Bank, N.A., the Company’s wholly-owned subsidiary (the “Bank”).

Mr. Simmons, 63, joined the Bank from Sunwest Bank where
he served as Chief Credit Officer responsible for all aspects of credit administration, including lending and securities investments since
May 2020. Mr. Simmons has over 35 years of banking and financial services industry experience, including leadership roles with Citigroup,
GE Capital, Apollo Real Estate Advisors, and Zions Bancorporation. He served as Chief Credit Officer for two publicly held banks Silvergate
Bank and Banc of California prior to joining Sunwest Bank. He received his Bachelor of Science degree from Brigham Young University and
an MBA from the University of Rochester, Simon School of Business.

On May 15, 2025, the Company entered into an employment
agreement (the “Simmons Employment Agreement”) with Mr. Simmons, dated as of April 30, 2025.

The Company has previously reported that Angie Miranda
was appointed as the Executive Vice President and Chief Risk Officer of the Bank, to be effective as of May 6, 2025, and that the compensation
to Ms. Miranda was being negotiated. On May 15, 2025, the Company entered into an employment agreement with Angie Miranda (the “Miranda
Employment Agreement” and together with the Simmons Employment Agreement, the “Employment Agreements”), dated as of
April 30, 2025.

Under the Employment Agreements, the term of employment
of each executive ends on April 30, 2028 (the “Employment Period”); provided, however, that, commencing on April 30, 2027,
and on each anniversary of such date (such date and each annual anniversary thereof, a ”Renewal Date”), unless previously
terminated, the Employment Period will automatically be extended so as to terminate two years from such