Company: PNBK
Filing Date: 2025-05-19
Form Type: DEFA14A
Source: 0001171843-25-003305
Chunk: 4

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-19
Form: DEFA14A
Chunk 4
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 which the
RSUs are vested, the Company will be obligated to deliver to each executive: (i) to the extent the Plan has not been approved by the Company’s
shareholders, cash equal to the fair market value of one share of Common Stock for each RSU that vested on the applicable vesting date;
or (ii) to the extent the Plan has been approved by the Company’s shareholders, one share of Common Stock for each RSU that vested.

The Employment Agreements also contain certain termination,
claw back, confidentiality and other customary provisions.

The foregoing description of the Employment Agreements does not purport to be complete and is qualified in its entirety by reference to
the full text of these documents, copies of which are attached to this Current Report on Form 8-K as Exhibit 10.1 and Exhibit 10.2, respectively,
and incorporated by reference herein.

| Item 5.03 | Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. |

On May 15, 2025, the Board of Directors of the Company
approved an amendment and restatement of the Company’s bylaws (the “Amended and Restated Bylaws”), effective as of the
same date. Among other things, the amendments contained in the Amended and Restated Bylaws provide that any action required or permitted
by any provision of Connecticut law to be taken at a shareholders’ meeting may be taken without a meeting and without prior notice,
if consents in writing setting forth the action so taken are signed by the holders of outstanding shares having not less than the minimum
number of votes that would be required to authorize such action at a shareholders meeting.

The Bylaws also contain conforming, clarifying, and updating
changes to supplement the above amendments, as well as certain other routine and technical updates and revisions.

The foregoing description of amendments set forth in the
Amended and Restated Bylaws does not purport to be complete and is qualified in its entirety by the full text of the Amended and Restated
Bylaws, a copy of which is attached to this Current Report on Form 8-K as Exhibit 3.1 and incorporated by reference herein.

| Item 7.01 | Regulation FD Disclosure. |

On May 19, 2025, the Company issued a press release announcing new members
of the Board of Directors and management of the Bank. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K
and