##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K/A
 Amendment No. 1
  þ
    
    ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2010
 o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 000-29599
 PATRIOT NATIONAL BANCORP, INC.
  Connecticut
    
    06-1559137(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)
 
 
  Title of each class
    
    Name of each exchange on which registeredNone
    
    None
  
 o þ
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.
Yes o No þ
 þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ
 o þ




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##### Table of Contents



EXPLANATORY NOTE
    2




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##### 



TABLE OF CONTENTS
 PagePART IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    4Item 11. Executive Compensation
    
    
    7Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    11Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    12Item 14. Principal Accounting Fees and Services
    
    
    12PART IVItem 15. Exhibits and Financial Statement Schedules
    
    
    13Exhibit 31.1Exhibit 31.2Exhibit 32.1
   3




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PART III
 
 DIRECTORS, EXECUTIVE OFFICERS,
PROMOTERS AND CONTROL PERSONS
  Name
    
    Age
    
    PositionMichael A. Carrazza
    
    
    45
    
    
    Chairman of the Board of DirectorsChristopher D. Maher
    
    
    44
    
    
    President and Chief Executive Officer and DirectorRobert F. OConnell
    
    
    62
    
    
    Senior Executive Vice President, Chief Financial Officer and DirectorPhillip W. Wolford
    
    
    63
    
    
    SecretaryMartin G. Noble
    
    
    61
    
    
    Executive Vice President of the BankTodd C. Scaccia
    
    
    49
    
    
    Vice President and ControllerEdward N. Constantino
    
    
    64
    
    
    DirectorKenneth T. Neilson
    
    
    62
    
    
    DirectorEmile Van den Bol
    
    
    47
    
    
    DirectorMichael Weinbaum
    
    
    43
    
    
    Director
  Michael A. Carrazza
  Christopher D. Maher
  Robert F. OConnell
   4




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##### Table of Contents



Philip W. Wolford
  Martin G. Noble
  Todd C. Scaccia
  Edward N. Constantino
  Kenneth T. Neilson
  Emile Van den Bol
  Michael J. Weinbaum
   5




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##### Table of Contents



(a)
    
    had any petition under the federal bankruptcy laws or any state insolvency law
filed by or against, or a receiver, fiscal agent or similar officer appointed by a
court for the business or property of, such person, or any partnership in which he
was a general partner at or within two years before the time of such filing, or any
corporation or business association of which he was an executive officer at or
within two years before the time of such filing;(b)
    
    been convicted in a criminal proceeding or subject to a pending criminal proceeding;(c)
    
    been subject to any order, judgment, or decree, not subsequently reversed,
suspended or vacated, of any court of competent jurisdiction or any federal or
state authority, permanently or temporarily enjoining, barring, suspending or
otherwise limiting his involvement in any type of business, securities, futures,
commodities or banking activities; or(d)
    
    been found by a court of competent jurisdiction (in a civil action), the SEC or the
Commodities Future Trading Commission to have violated a federal or state
securities or commodities law, and the judgment has not been reversed, suspended or
vacated.
 Section 16(a) Beneficial Ownership Reporting Compliance
  Nominations to the Board of Directors
  Code of Ethics
  Board of Directors
  Audit Committee Financial Expert
   6




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Item 11.
    
    Executive Compensation
 EXECUTIVE COMPENSATION
 Summary Compensation Table
  Non-Equity
    
    
    NonqualifiedName and
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Incentive
    
    
    Deferred
    
    
    All OtherPrincipal
    
    
    
    
    
    Salary
    
    
    
    
    
    
    Stock
    
    
    Option
    
    
    Plan
    
    
    Compensation
    
    
    AnnualPosition(s)
    
    Year
    
    
    (3)
    
    
    Bonus
    
    
    Awards
    
    
    Awards
    
    
    Compensation
    
    
    Earnings
    
    
    Compensation
    
    
    TotalChristopher D. Maher (1)
    
    
    2010
    
    
    $
    67,682
    
    
    $
    -0-
    
    
    $
    0
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    2,500
    
    
    $
    70,182President and CEO
    
    
    2009
    
    
    $
    
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $Robert F. OConnell
    
    
    2010
    
    
    $
    253,323
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    7,423
    
    
    $
    260,746Senior Executive Vice President and
    
    
    2009
    
    
    $
    253,323
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    7,415
    
    
    $
    260,738Chief Financial OfficerMartin G. Noble
    
    
    2010
    
    
    $
    210,000
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    6,365
    
    
    $
    216,365Executive Vice President of the Bank
    
    
    2009
    
    
    $
    210,000
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    6,360
    
    
    $
    216,360Angelo De Caro (2)
    
    
    2010
    
    
    $
    277,017
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    94
    
    
    $
    277,111Former Chairman and Chief Executive Officer
    
    
    2009
    
    
    $
    300,000
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    101
    
    
    $
    300,101Charles F. Howell (2)
    
    
    2010
    
    
    $
    281,137
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    60
    
    
    $
    281,197Former President and Vice Chairman
    
    
    2009
    
    
    $
    290,000
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    -0-
    
    
    $
    58
    
    
    $
    290,058
 (1)
    
    Mr. Maher has been employed by the Company since October 15, 2010.(2)
    
    Mr. DeCaro was employed by the Company through November 1, 2010
and Mr. Howell was employed by the Company through November 26,
2010.(3)
    
    Amounts disclosed in this column include amounts deferred under
the Patriot National Bank 401(k) Plan. Patriot periodically
reviews, and may increase, base salaries in accordance with the
terms of employment agreements with each of Patriots named
executive officers. Annual base salaries for 2010 were Mr.
Maher  $375,000; Mr. DeCaro  $300,000; Mr. Howell  $290,000;
Mr. OConnell  $250,000; and Mr. Noble  $210,000. Agreements with Executive Officers
      7




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Potential Payments Upon Termination or Change of Control
   InvoluntaryInvoluntary
    
    
    
    
    
    
    or GoodExecutive Benefits and
    
    
    
    
    
    
    
    
    
    Not for
    
    
    
    
    
    
    ReasonPayments Upon
    
    Voluntary
    
    
    Normal
    
    
    Cause
    
    
    For Cause
    
    
    Termination
    
    
    Death orTermination
    
    Termination
    
    
    Retirement
    
    
    Termination
    
    
    Termination
    
    
    (COC)
    
    
    DisabilityCompensation:Cash
    
    $
    0
    
    
    $
    0
    
    
    $
    250,000
    
    
    $
    0
    
    
    $
    625,000
    
    
    $
    125,000Non-Cash
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0Benefits and Perquisites:
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0Total:
    
    $
    0
    
    
    $
    0
    
    
    $
    250,000
    
    
    $
    0
    
    
    $
    625,000
    
    
    $
    125,000
  InvoluntaryInvoluntary
    
    
    
    
    
    
    or GoodExecutive Benefits and
    
    
    
    
    
    
    
    
    
    Not for
    
    
    
    
    
    
    ReasonPayments Upon
    
    Voluntary
    
    
    Normal
    
    
    Cause
    
    
    For Cause
    
    
    Termination
    
    
    Death orTermination
    
    Termination
    
    
    Retirement
    
    
    Termination
    
    
    Termination
    
    
    (COC)
    
    
    DisabilityCompensation:Cash
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    420,000
    
    
    $
    0Non-Cash
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0Benefits and Perquisites:
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0Total:
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    0
    
    
    $
    420,000
    
    
    $
    0
 401(k) Plan
    2001 Stock Appreciation Rights Plan
   8




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Outstanding Equity Awards at Fiscal Year-End
 Option Awards (1)
    
    
    Stock Awards (1)EquityIncentiveEquity
    
    
    PlanIncentive
    
    
    Awards:Plan
    
    
    Market orEquity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Awards:
    
    
    PayoutIncentive
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Number of
    
    
    Value ofPlan Awards
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Market
    
    
    Unearned
    
    
    UnearnedNumber of
    
    
    Number of
    
    
    Number of
    
    
    
    
    
    
    
    
    
    
    Number of
    
    
    Value of
    
    
    Shares,
    
    
    Shares,Securities
    
    
    Securities
    
    
    Securities
    
    
    
    
    
    
    
    
    
    
    Shares or
    
    
    Shares or
    
    
    Units or
    
    
    Units orUnderlying
    
    
    Underlying
    
    
    Underlying
    
    
    
    
    
    
    
    
    
    
    Units of
    
    
    Units of
    
    
    Other
    
    
    OtherUnexercised
    
    
    Unexercised
    
    
    Unexercised
    
    
    Option
    
    
    
    
    
    
    Stock That
    
    
    Stock That
    
    
    Rights That
    
    
    Rights ThatOptions
    
    
    Options
    
    
    Unearned
    
    
    Exercise
    
    
    Option
    
    
    Have Not
    
    
    Have Not
    
    
    Have Not
    
    
    Have Not(#)
    
    
    (#)
    
    
    Options
    
    
    Price
    
    
    Expiration
    
    
    Vested
    
    
    Vested
    
    
    Vested
    
    
    VestedName
    
    Exercisable
    
    
    Unexercisable
    
    
    (#)
    
    
    ($)
    
    
    Date
    
    
    (#)
    
    
    ($)
    
    
    (#)
    
    
    ($)(a)
    
    (b)
    
    
    (c)
    
    
    (d)
    
    
    (e)
    
    
    (f)
    
    
    (g)
    
    
    (h)
    
    
    (i)
    
    
    (j)Christopher D. Maher
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-Angelo De Caro
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-Charles F. Howell
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-Robert F. OConnell
    
    
    6,000
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    8.54
    
    
    
    03/31/2011
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-Martin G. Noble
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
 (1)
    
    All awards shown above are settled in cash. The items shown in column (b) represent
stock appreciation rights.  9




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Director Compensation
  Change inPension ValueandNon-Equity
    
    
    NonqualifiedFees Earned or
    
    
    Cash
    
    
    Option
    
    
    Incentive Plan
    
    
    Deferred
    
    
    All OtherPaid in Cash
    
    
    Awards
    
    
    Awards
    
    
    Compensation
    
    
    Compensation
    
    
    Compensation
    
    
    TotalName
    
    ($)
    
    
    ($)
    
    
    ($)
    
    
    ($)
    
    
    Earnings
    
    
    ($)(1)
    
    
    ($)(a)
    
    (b)
    
    
    (c)
    
    
    (d)
    
    
    (e)
    
    
    (f)
    
    
    (g)
    
    
    (h)John J. Ferguson
    
    
    11,800
    
    
    
    10,000
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    176
    
    
    
    21,976John A. Geoghegan
    
    
    11,600
    
    
    
    10,000
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    125
    
    
    
    21,725L. Morris Glucksman
    
    
    11,600
    
    
    
    10,000
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    80
    
    
    
    21,680Michael F. Intrieri
    
    
    20,800
    
    
    
    10,000
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    101
    
    
    
    30,901Raymond B. Smyth
    
    
    21,500
    
    
    
    10,000
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    31,500Edward N.
Constantino
    
    
    11,354
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    11,354Kenneth T. Neilson
    
    
    10,729
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    10,729Emile Van den Bol
    
    
    10,521
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    10,521Michael J. Weinbaum
    
    
    11,854
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    -0-
    
    
    
    11,854
 (1)
    
    Represents imputed income from life insurance premiums.      10




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Securities Authorized for Issuance under Equity Compensation Plans
  
 Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
    Shares of Common StockBeneficially OwnedBeneficial Owner
    
    Shares
    
    
    Percent of ClassMichael A. Carrazza
    
    
    33,612,961
    (1)
    
    
    87.6
    %Edward N. Constantino
    
    
    10,000
    
    
    
    *Angelo De Caro
    
    
    606,300
    (2)
    
    
    1.6
    %Charles F. Howell
    
    
    63,050
    
    
    
    *Christopher D. Maher
    
    
    11,000
    
    
    
    *Kenneth T. Neilson
    
    
    7,700
    (3)
    
    
    *Martin G. Noble
    
    
    1,911
    
    
    
    *Robert F. OConnell
    
    
    27,948
    
    
    
    *Emile Van den Bol
    
    
    430
    
    
    
    *Todd C. Scaccia
    
    
    0
    
    
    
    *Michael J. Weinbaum
    
    
    50,000
    
    
    
    *Philip W. Wolford
    
    
    12,873
    (4)
    
    
    *All Directors and Executive Officers
    
    
    34,404,173
    
    
    
    89.7
    %
 *
    
    Less than one percent (1%)(1)
    
    Includes 33,600,000 shares held by PNBK Holdings LLC (Holdings). Mr. Carrazza is
the manager of PNBK Sponsor LLC (Sponsor), which is the manager of Holdings; therefore, Mr.
Carrazza may be deemed to indirectly beneficially own the shares directly owned by Holdings.
Holdings has sole voting and dispositive power with regard to all 33,600,000 shares;
Sponsor and Carrazza have shared voting and shared dispositive power of said shares.(2)
    
    Includes 20,000 shares held by Mr. De Caro as trustee for others.(3)
    
    Includes 7,700 shares held by Neilson Holdings LP (NH). Mr. Neilson is the
general partner of NH; therefore, Mr. Neilson may be deemed to indirectly beneficially own the
shares held by NH.(4)
    
    Includes 84 shares held in joint tenancy with Regine Vantieghem, Mr. Wolfords wife;
and 302 shares owned solely by Regine Vantieghem over which Mr. Wolford disclaims beneficial
ownership.  11




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##### Table of Contents



Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence
 Directors and Officers of Patriot
   Board Independence
  
 Item 14.
    
    Principal Accounting Fees and Services
  Year EndedDecember 31, 2010
    
    
    December 31, 2009Audit fees (1)
    
    $
    495,193
    
    
    $
    448,864Audit-related fees
    
    
    
    
    
    
    Tax fees (2)
    
    
    38,600
    
    
    
    28,350All other fees (3)
    
    
    
    
    
    
    6,900Total fees
    
    $
    533,793
    
    
    $
    484,114
 (1)
    
    Audit fees with respect to the year ended December 31, 2010 represent payments made
by Patriot to KPMG LLP and McGladrey & Pullen, LLP for professional services. Audit fees
with respect to the year ended December 31, 2009 represent payments made by Patriot to
McGladrey & Pullen, LLP for professional services. The payments were approved by the Audit Committee.(2)
    
    Tax fees with respect to the year ended December 31, 2010 represent payments made by
Patriot to KPMG LLP and RSM McGladrey, Inc. for their preparation of Patriots federal and
state income tax returns. Tax fees with respect to the year ended December 31, 2009
represent payments made by Patriot to RSM McGladrey, Inc. for their preparation of
Patriots federal and state income tax returns. The payments were approved by the Audit
Committee.(3)
    
    All other fees for the year ended December 31, 2009 are comprised of payments for
assistance with investor due diligence. These amounts were approved by the Audit
Committee  12




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##### Table of Contents



Audit Committee Pre-Approval Policies and Procedures
    
 PART IV
 
 Item 15.
    
    Exhibits, Financial Statement Schedules
  31.1
    
    
    Certification of CEO required by Section 302 of the Sarbanes-Oxley Act of 2002*31.2
    
    
    Certification of CFO required by Section 302 of the Sarbanes-Oxley Act of 2002*32.1
    
    
    Certification of CEO and CFO required by Section 906 of the Sarbanes-Oxley Act of 2002*
 *
    
    Filed herewith  13




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##### Table of Contents



SIGNATURES
  PATRIOT NATIONAL BANCORP, INC.Date: April 29, 2011
    By:
    /s/  Christopher D. MaherChristopher D. MaherPresident and Chief Executive Officer  Signature
    
    Title
    
    Date/s/ Christopher D. Maher

Christopher D. Maher
    
    President and Chief Executive
Officer and Director
(Principal Executive Officer)
    
    April 29, 2011/s/ Robert F. OConnell

Robert F. OConnell
    
    Senior Executive Vice
President, Chief Financial
Officer and Director
(Principal Financial Officer)
    
    April 29, 2011/s/ Todd C. Scaccia

Todd C. Scaccia
    
    Vice President and Controller
    
    April 29, 2011/s/ Michael A. Carrazza

Michael A. Carrazza
    
    Chairman of the Board of Directors
    
    April 29, 2011/s/ Edward N. Constantino

Edward N. Constantino
    
    Director
    
    April 29, 2011/s/ Kenneth T. Neilson

Kenneth T. Neilson
    
    Director
    
    April 29, 2011/s/ Emile van den Bol

Emile van den Bol
    
    Director
    
    April 29, 2011/s/ Michael Weinbaum
    
    Director
    
    April 29, 2011Michael Weinbaum