Document:

ex10a-5.htm

    
      
        

      
Exhibit (10)(a)(5)

    AMENDED
AND RESTATED

    

    EMPLOYMENT
AGREEMENT

    

    This
Amended and Restated Employment Agreement, effective as of January 1, 2008 (this
"Agreement"), is between PATRIOT NATIONAL BANK, a national banking association
with headquarters located in Stamford, Connecticut (the "Bank"), PATRIOT
NATIONAL BANCORP, INC., a Connecticut corporation ("Bancorp") and Robert F.
O'Connell of Walpole, Massachusetts (the "Executive").

    

    RECITALS

    

    WHEREAS, the Executive and the
Bank entered into the amended and restated Employment Agreement dated as of
February 19, 2004 (the "Employment Agreement") and the Executive and the Bank
desire to modify certain provisions of the Original Employment Agreement and to
amend and restate such agreement in its entirety as set forth
herein;

    

    WHEREAS, the Executive and the
Bank desire that the Executive be employed by the Bank as Chief Financial
Officer and Senior Executive Vice President. The Executive and the Bank desire
to enter into this Employment Agreement with Executive for several primary
reasons: (1) to provide Executive with job security, particularly in the event
that the Bank experiences a change-of-control; (2) to provide further incentive
to Executive in the discharge of his responsibilities to the Bank; and (3) to
define Executive's duties and terms of employment;

    

    WHEREAS, the Bank and
Executive contemplate that the Bank will: (i) disclose to Executive information
concerning the Bank's business affairs, including certain confidential
information; and (ii) assist Executive in establishing goodwill and rapport with
certain customers of the Bank. The use by Executive of this information,
goodwill and rapport in competing with or in aiding others in competing with the
Bank would have a detrimental effect on future profitable operations of the
Bank.

    

    NOW, THEREFORE, in
consideration of the mutual promises and covenants hereinafter described, the
parties hereby amend and restate the Original Employment Agreement in its
entirety and agree as follows:

    

    1.           Term of
Employment.  The Bank agrees to employ Executive, and Executive
agrees to accept employment with the Bank for a term commencing as of the date
hereof and continuing until December 31, 2010, unless sooner terminated as
provided in this Agreement (the "Employment Period"). The Bank further agrees to
participate in discussions with Executive promptly following the second
anniversary of the date hereof for the purpose of determining whether a further
extension to this Agreement is acceptable to the parties hereto, it being
understood that neither party shall have any binding obligation to further
extend the Employment Period, provided however that in all events, the Executive
shall be required to and hereby agrees to provide the Bank with not less than
six months prior written notice in the event the Executive determines not to
seek an extension of the Employment Period or otherwise determines to terminate
his employment with the Bank.  In the event the Bank does not provide
the Executive with 12 months notice prior to informing him of the decision by
the bank not to renew his 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    employment
contract, the Executive will be entitled to a severance payment equal to 12
months salary at the Executive’s current rate of salary.

    

    2.           Duties.

    

    (a)           During
the Employment Period, Executive shall perform the duties and exercise the
powers relating to the office of Chief Financial Officer and Senior Executive
Vice President, including all duties assigned to Executive by the Chief
Executive Officer of the Bank. All duties assigned shall be consistent with the
customary duties of the above-described offices at a national bank.

    

    (b)           During
the Employment Period, Executive shall devote his entire business time, best
efforts and ability to the business of the Bank, shall faithfully and diligently
perform his duties, shall comply in all material respects with the overall
policies established by the Board of Directors of the Bank and shall do all that
is reasonably in his power to promote, develop and extend the business of the
Bank. Notwithstanding the foregoing, it is understood that the Executive shall
be permitted to continue to serve on various civic and non-profit organizations
approved by the Bank.

    

    3.           Compensation and
Benefits.

    

    (a)           Base
Salary. The Bank shall pay Executive as compensation for his services during the
Employment Period an annual base salary of Two Hundred Fifty Thousand
($250,000.00) Dollars for the period ending on December 31, 2008 (the "Base
Salary"). Salary payments shall be made in equal installments consistent with
the Bank's standard payroll practices for its officers. The Base Salary shall be
reviewed by the Board of Directors each year during the Employment Period and
set by the Board of Directors in an amount not less than the stated contract
salary; any increase in Base Salary in excess of the stated contract may take
the form of a contingent increase based upon the achievement of articulated
personal or corporate goals, or both, at the discretion of the Board of
Directors. If, for any calendar year commencing on or after 2007, Executive's
total compensation is not increased from the prior calendar year by at least the
average of the increase in total compensation in such year for all officers of
the Bank at the vice president level and above, then Executive shall have the
right, by notice in writing to the Bank within thirty (30) days after such
compensation increases are determined, to terminate this Agreement as of the
date which is six months after the date of such notice, provided that in such
event, Executive shall be bound by the provisions of Section 6 herein but only
for a period of ninety (90) days instead of one year.

    

    (b)           Expenses.
Upon submission of appropriate invoices or vouchers, the Bank shall pay or
reimburse Executive for all reasonable expenses incurred by him in the
performance of his duties under this Agreement in furthering the business, and
in keeping with the policies, of the Bank.

    

    (c)           Vacation.
Executive shall be entitled to four (4) weeks paid vacation each contract year,
to be taken each year at a time or times as shall be mutually agreed upon by the
Bank and Executive and consistent with applicable regulatory requirements. If
Executive fails to use all of his vacation time during a particular calendar
year, the unused portion shall not be carried over to 

    
      
        
        

      

      
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    the
subsequent year, unless approved in writing by the Chief Executive Officer or
the Chairman of the Board of the Directors.

    

    (d)           Cash
Incentive Compensation. The Board of Directors, in its sole discretion, may
authorize the payment of special cash incentive compensation to Executive from
time to time in excess of the amount stated in any documented regular cash
incentive plans. Any such special payment of incentive compensation will not set
a precedent requiring or suggesting that similar incentive compensation will be
paid in the future. The Bank's Board of Directors will consider the adoption of
documented regular cash incentive compensation plans whereby the Executive would
receive specific cash compensation for the achievement of articulated goals as
determined by the Board of Directors. Any such regular cash incentive
compensation shall be separate and apart from any special cash incentive
compensation.

    

    (e)           Insurance
Policies.

    

    (i)            Term
Life Insurance. During the Employment Period, Bank shall provide term life
insurance coverage for Executive in such form and amount as is not less
favorable than that coverage provided by the Bank to other Bank employees from
time to time generally.

    

    (ii)            Disability
Insurance. During the Employment period, Bank shall provide Executive with
disability insurance coverage in such form and amount consistent with that
provided to other Bank employees generally.

    

    (f)           Benefits.
During the Employment Period, Executive shall be entitled to and shall be
included under the same rules or restrictions in any employee welfare and
retirement plan or program of the Bank available generally to its employees
and/or officers including, without limitation, plans for hospital services,
medical services benefits, sick pay, dental and other health plans.

    

    (g)           Stock
Plans. During the Employment Period, Executive may be included in any stock
incentive, stock option, or stock compensation plan as the Board of Directors of
the Bank may determine. Such plans may be documented by the Board of Directors
and the Executive from time to time.

    

    4.           Disability. If during
any period in which Executive shall have continued to perform his duties as an
employee of the Bank, Executive shall incur a total or partial disability (as
defined in subsection (d) below), then until the earlier of (a) 180 days after
the date such disability is incurred, or (b) the expiration of the term of the
Employment Period (either shall be termed the "Disability Period"), the Bank
shall pay Executive during the Disability Period on the basis of his
then-regular salary (any payments that Executive does or would otherwise receive
pursuant to the Bank's; disability coverage for employees generally for this
period of disability shall be set off against these payments).

    

    (a)           If
Executive's total disability shall terminate prior to the expiration of the
Employment Period, then Executive shall return to full and active employment
with the Bank under the terms of this Agreement; provided that if he shall again
become disabled within a period of three (3) months after such return, other
than by reason of an event which is not 

    
      
        
        

      

      
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    causatively
related to his original disability, then Executive shall be deemed to have been
continuously disabled from the date he incurred his original
disability;

    

    (b)           In
the event Executive shall incur a partial disability (as defined in (d) below),
then during the period of the partial disability, the compensation to be paid to
him in consideration of his services to the Bank shall be equitably adjusted to
reflect the time that he is able to devote to the affairs of and the value of
the service he is able to impart to the Bank; provided, however, that during the
Disability Period, the compensation shall not be less than Executive would have
received under this Section 4 had he been totally rather that partially disabled
(this is to say, he shall receive his then-regular salary for that Disability
Period);

    

    (c)           Payments
to Executive under this Section 4 shall be reduced by the amounts, if any, as
may be payable to him by reason of his disability under policies of insurance
maintained and/or paid for by the Bank;

    

    (d)           As
used in this Agreement, the term "total disability" shall mean a disability such
that, for physical or mental reasons, Executive is unable to perform
substantially his obligations hereunder for the reasonably foreseeable future
(not less than 90 days), as determined by the Bank's Board of Directors after
considering competent medical evidence. As used in this Agreement, the term
"partial disability" shall mean a disability, other than a total disability,
such that, for physical or mental reasons, Executive is unable to perform a
material portion of his usual duties at the Bank on a full-time basis as
determined by the Bank's Board of Directors after considering competent
evidence.

    

    5.           Termination.

    

    (a)           Termination
by Death. If Executive dies during the Employment Period, the Bank's obligations
under this Agreement shall terminate immediately and Executive's estate shall be
entitled to all arrearages of salary and expenses but shall not be entitled to
further compensation.

    

    (b)           Termination
With or Without Cause. This Agreement and Executive's employment with the Bank
may be terminated for cause at any time upon notice from the Bank to Executive,
which notice shall set forth the facts on which the termination is based. Upon
termination, Executive shall be entitled to all arrearages of salary and
expenses, but shall not be entitled to further compensation or
benefits.

    

    As used
in this Agreement, and without limitation, "cause" shall include: (i)
Executive's conviction by any trial court of any crime involving fraud,
embezzlement, theft or dishonesty; (ii) serious willful misconduct by Executive,
including personal dishonesty in connection with Bank business or customers or
the breach of a fiduciary duty to the Bank or its customers; (iii) the total
disability of Executive, as defined in Section 4 above; (iv) any material breach
by Executive of this Agreement; or (v) if the Bank's regulatory authorities
issue an order removing Executive from his positions at the Bank, or if such
regulatory authorities inform the Directors that continuation of Executive in
his position at the Bank would constitute an unsafe and unsound banking
practice.

    
      
        
        

      

      
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    Executive's
employment may be terminated by the Bank without cause at any time, provided
that, in such event, Bank shall pay Executive, in one lump-sum payment within
thirty (30) days after such termination, an amount equal to the higher of the
following: (i) that amount which is equal to the aggregate amount of salary
payments that would be made to Executive for the remainder of the Employment
Period, calculated at the Executive's then annual Base Salary; or (ii) that
amount which is equal to one year (12 months) Base Salary, calculated at
Executive’s then Base Salary, whichever is greater.

    

    In
addition, if Executive is terminated without cause, the Bank shall either
continue to carry Executive at no additional cost to him under the Bank's
employee hospital, medical services, dental and other health plans for the
remainder of the Employment Period, or, if he is not eligible for continued
coverage under such plans, pay the cost of similar coverage for Executive
pursuant to COBRA or similar private insurance plans offering comparable
coverage.

    

    In
addition to the foregoing, in the event that Executive's employment is
terminated by the Bank without cause following the occurrence of a "Change of
Control" as defined in that certain Amended and Restated Senior Management
Change of Control Agreement dated as of January 1, 2007 between the Executive
and the Bank (the "Change of Control Agreement"), the Executive shall be
entitled to receive the higher of (i) the payment amount calculated pursuant to
the third paragraph of this Section 5(b), or (ii) the amount payable pursuant to
the Change of Control Agreement, but the Executive shall not be entitled to
receive both of the aforesaid payment amounts.

    

    (c)           Immediate
Cessation of Employment. In the event Executive's employment terminates pursuant
to subparagraph (b), the Bank may further direct Executive to cease immediately
his activities on behalf of the Bank and to discontinue using any of the Bank's
facilities.

    

    (d)           Survival.
Anything in this Agreement to the contrary notwithstanding the provisions of
Sections 6, 7, 8, 9, and 10 shall survive the termination of Executive's
employment with the bank.

    

    6.           Non-Competition
Agreement.

    

    (a)           Executive
absolutely and unconditionally covenants and agrees with the Bank that, from the
period commencing on the date of this Agreement and continuing for a period of
one (1) year following the termination of his employment as provided for in this
Agreement, Executive will not, anywhere in the Restricted Area (as defined in
subparagraph (b) below), either directly or indirectly, solely or jointly with
any person or persons (a "Competitor"), as an employee, consultant, or advisor
(whether or not engaged in business for profit), or an individual proprietor,
partner, shareholder (provided that share ownership of less than 5% of the share
voting power shall be permitted), director, officer, joint venturer, investor
(provided that such investment will not be a violation if it is limited to less
than 5% of the ownership of such entity), lender, or in any other capacity,
compete with the business of the Bank (i) as conducted as of the date of
execution of this Agreement; or (ii) as conducted during the Employment Period;
or (iii) as conducted as of the end of the Employment Period or (iv) as proposed
to be conducted by the Bank as of the end of the Employment Period
(collectively, the "Business"). Notwithstanding the foregoing, the provisions of
this Section 6 (a) shall not apply in the event that (i) the Executive's

    
      
        
        

      

      
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    employment
is terminated by the Bank other than for cause during the last six months of the
Employment Period or (ii) the Executive is employed by the Bank for the entire
three (3) year term hereof and the Bank then determines not to further renew or
extend this Agreement on substantially similar terms. In either of the foregoing
events, however, the terms of Sections 7 and 8 hereof shall continue to be
binding upon the Executive.

    

    (b)           As
used in this Section 6: (i) the term "compete" shall mean engaging,
participating, or being involved in any respect in the business of banking, or
furnishing any aid, assistance or service of any kind to any person in
connection with, the Business and shall include, without limitation, being
employed by any banking institution which has a branch or other place of
business in the Restricted Area; (ii) the term "Restricted Area" shall mean
Greenwich, Stamford, Darien, New Canaan, Norwalk, Westport and any other town or
city in which the Bank has an office or a branch as of the time of the
termination of employment.

    

    (c)           If
a Court or arbitration panel concludes through appropriate proceedings that
Executive has breached the covenant set forth in this Section, the term of the
covenant shall be extended to a term equal to the period for which Executive is
determined to have breached the covenant.

    

    7.           Covenant Not to
Disclose. Executive agrees that, by virtue of the performance of the
normal duties of his position with the Bank and by virtue of the relationship of
trust and confidence between Executive and the Bank, he possesses and will
possess certain data and knowledge of operations of the Bank which are
proprietary in nature and confidential.  Executive covenants and
agrees that he will not, at any time, whether during the term of this Agreement
or otherwise, reveal, divulge or make known to any person (other than the Bank)
or use for his own account, any confidential or proprietary record, data, trade
secret, price policy, rate structure, personnel policy, method or practice of
obtaining or doing business by the Bank, or any other confidential or
proprietary information whatever (the "Confidential Information"), whether or
not obtained with the knowledge and permission of the Bank and whether or not
developed, devised or otherwise created in whole or in part by his efforts.
Executive further covenants and agrees that he shall retain all such knowledge
and information which he shall acquire or develop respecting such Confidential
Information in trust for the sole benefit of the Bank and its successors and
assigns.

    

    8.           Non-Interference
Covenant. Executive covenants and agrees that he will not, for a period
of one (1) year following the termination of this Agreement, directly or
indirectly, for whatever reason, whether for his own account or for the account
of any other person, firm, corporation or other organization: (i) solicit,
employ, or otherwise interfere with any of the Bank's contracts or relationships
with any employee, officer, director or any independent contractor who is
employed by or associated with the Bank at the time of termination of this
Agreement; or (ii) actively solicit, or cause to be solicited or otherwise
actively interfere with any of the Bank's contracts or relationships with any
independent contractor, customer, client or supplier of the Bank. It shall not
constitute a violation of this Section 8 if customers, clients or employees
follow Executive to his new place of employment without any independent
solicitation on the part of Executive (or caused by Executive) or if such
customers or clients respond to any mass advertising solicitation conducted
independently by Executive's new employer without input from
Executive.

    
      
        
        

      

      
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    9.           Business Materials and
Property Disclosure. All written materials, records, and documents made
by Executive or coming into his possession concerning the business or affairs of
the Bank shall be the sole property of the Bank and, upon termination of his
employment with the Bank, Executive shall deliver the same to the Bank and shall
retain no copies. Executive shall also return to the Bank all other property in
his possession owned by the Bank upon termination of his
employment.

    

    10.           Breach by Executive.
It is expressly understood, acknowledged and agreed by Executive that: (i) the
restrictions contained in Sections 6, 7, 8, and 9 of this Agreement represent a
reasonable and necessary protection of the legitimate interests of the Bank and
that his failure to observe and comply with his covenants and agreements in
those Sections will cause irreparable harm to the Bank; (ii) it is and will
continue to be difficult to ascertain the nature, scope and extent of the harm;
and (iii) a remedy at law for such failure by Executive will be inadequate.
Accordingly, it is the intention of the parties that, in addition to any other
rights and remedies which the Bank may have in the event of any breach of said
Sections, the Bank shall be entitled, and is expressly and irrevocably
authorized by Executive, to demand and obtain specific performance, including
without limitation, temporary and permanent injunctive relief, and all other
appropriate equitable relief against Executive in order to enforce against
Executive, or in order to prevent any breach or any threatened breach by
Executive, of the covenants and agreements contained in those
Sections.

    

    11.           Regulatory
Restrictions. Notwithstanding any provision to the contrary in this
Agreement, the Bank shall not be required under this Agreement to continue
Executive in his position(s) at the Bank, or to make any payments to Executive,
if the regulatory authorities having jurisdiction over the Bank order the
Executive's removal from the Bank, or if such regulations determine that any
payment wold constitute an illegal "excess parachute" payment under 12 U.S.C.
Section 1828(k) and regulations promulgated thereunder, or an "unsafe or unsound
banking practice" pursuant to 12 U.S.C. Section 1818(b).

    

    12.           Arbitration. Any
dispute whatsoever relating to the interpretation, validity or performance of
this Agreement, or any other dispute arising out of this Agreement which cannot
be resolved by any party upon thirty (30) days' written notice to the other
party shall be settled by arbitration in the City of Stamford, Connecticut, in
accordance with the rules then prevailing of the American Arbitration
Association, and the judgment upon the award rendered by the arbitrators may be
entered in any court of competent jurisdiction. It is the purpose of this
Agreement, and the intent of the parties hereto to make the submission to
arbitration of any dispute or controversy arising out of this Agreement, as set
forth hereinabove, an express condition precedent to any legal or equitable
action or proceeding of any nature whatsoever.

    

    
      
        
        

      

      
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    13.           General
Provisions:

    

    (a)           All
notices required by this Agreement shall be in writing and shall be sufficiently
given if delivered or mailed by registered or certified mail, return receipt
requested, to the parties at their respective addresses set forth below. Any
party may specify a different address by written notice to the other, in
accordance with this Section. All notices shall be deemed to have been given as
of the date so delivered or mailed.

    

    To the
Bank:

    

    900
Bedford Street

    Stamford,
CT

    Attention:  Chairman
of the Board of Directors

    

    To
Executive:

    

    Robert F.
O'Connell

    

    (b)           Except
insofar as Executive may be subject to general policies adopted by the Bank from
time to time, this Agreement contains the entire agreement between the parties,
and there are no other representations, warranties, conditions or agreements
relating to the subject matter of this Agreement.

    

    (c)           The
waiver by any party of any breach or default of any provision of this Agreement
shall not operate or be construed as a waiver of any subsequent
breach.

    

    (d)           This
Agreement may not be changed orally but only by an agreement in writing duly
executed on behalf of the party against which enforcement of any waiver, change,
modification, consent or discharge is sought.

    

    (e)           This
Agreement shall be binding upon and inure to the benefit of the Bank and
Executive and their respective successors, assigns, heirs and legal
representatives. Insofar as Executive is concerned, this Agreement is personal
and Executive's duties under it shall not be assigned by Executive.

    

    (f)           Each
of the parties agrees to execute all further instruments and documents and to
take all further action as the other party may reasonably request in order to
effectuate the terms and purposes of this Agreement.

    

    (g)           This
Agreement may be executed in one or more counterparts, all of which taken
together shall constitute one and the same instrument.

    

    (h)           This
Agreement shall be construed pursuant to and in accordance with the laws of the
State of Connecticut.

    

    (i)           Wherever
used in this Agreement, the masculine, feminine and neuter pronouns shall be
fully interchangeable, and the singular shall include the plural where the
context so requires and vice versa.

    
      
        
        

      

      
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    (j)           If
any term or provision of this Agreement is held or deemed to be invalid or
unenforceable, in whole or in part, by a court of competent jurisdiction, such
term of provision shall be ineffective to the extent of such invalidity or
unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement.

    

    IN WITNESS WHEREOF, the
parties have executed this Agreement on the date first above
written.

    

    

    
      	 
      	
              PATRIOT
      NATIONAL BANK

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:  _______________________________

            
	 
      	
              Chairman
      of Board of Directors

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              PATRIOT
      NATIONAL BANCORP, INC.

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:
      _______________________________

            
	 
      	
              Robert
      F. O'Connell

            
	 
      	
              Executive

            

    

    

    9ex10a-8.htm

    
      
        

      
Exhibit (10)(a)(8)

    EMPLOYMENT
AGREEMENT

    

    

    This
Employment Agreement dated as of January 1, 2008 is by and between Patriot
National Bank, a national banking association ("Patriot") and Marcus Zavattaro
(the "Executive").

    

    RECITALS

    

    Patriot
desires to employ the Executive and to have the benefit of his skills and
services, and the Executive desires to be employed by Patriot on the terms and
conditions set forth herein.

    

    NOW,
THEREFORE, in consideration of the mutual promises, terms, covenants and
conditions set forth herein, and the performance of each, the parties, intending
legally to be bound, hereby agree as follows:

    

    

    AGREEMENTS

    

    Section
1.      Definitions.  For
purposes of this Agreement, the following terms have the meanings set forth
below:

    

    "Board" means the
Board of Directors of Patriot as same is constituted from time to
time.

    

    "Business" means the
business operations of Patriot National Bank, which consists of the residential
mortgage brokerage origination business as it exists on the date
hereof.

    

    "Cause" means (a) the
commission by the Executive of any act, on or after the date of this Agreement,
constituting, as to any cash funds or other receipts of Patriot, or any material
property of Patriot or any other Person, (i) theft, (ii) embezzlement, (iii)
fraud, (iv) gross misconduct, (v) dishonesty or (vi) or misappropriation of
material property under applicable law; (b) the conviction of the Executive of
(i) a crime resulting in material injury to the business or property of Patriot
or (ii) a felony; (c) the material breach by the Executive of this Agreement,
including but not limited to the failure by the Executive to follow all
reasonable and lawful directions of the Management Committee as to any material
matter, or the taking of any action by the Executive that would be reasonably
likely to cause material injury to Patriot or that would be in conflict with any
material interest to Patriot within a reasonable period of time following
Executive's receipt of written notice thereof by Patriot, which notice is
sufficiently specific so as to permit Executive reasonably to cure such
misconduct; or (d) the misuse or unlawful use of drugs, alcohol or other
controlled substances in contravention of written policies of Patriot that are
applicable to all employees of Patriot.

    

    "Confidential
Information" means information that was or is used, developed or obtained
by Patriot in connection with its business, including (a) products or services,
(b) fees, costs and pricing structures, (c) analyses, (d) computer software,
including operating systems, applications and program listings, (e) flow charts,
manuals and documentation, (f) data bases, (g) accounting and business methods,
(h) inventions, devices, new developments, methods and processes, whether
patentable or unpatentable and whether or not reduced to practice, (i) other

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    copyrightable
works, (j) all technology and trade secrets, and (k) all similar and related
information in whatever form or medium, including customer
lists.  Notwithstanding the foregoing, this Agreement imposes no
obligation upon the Executive with respect to Confidential Information which (a)
was known to the Executive before receipt from Patriot, (b) is or becomes
publicly available through no fault of the Executive, (c) is disclosed to the
Executive by a third party without a duty of confidentiality on the part of the
third party to Patriot, (d) is subsequently independently developed by the
Executive without a breach of this Agreement, or (e) is required to be disclosed
by the Executive in a judicial or administrative proceeding, provided that the
Executive gives Patriot reasonable advance notice of such required disclosure so
that Executive may contest the disclosure or seek a protective
order.

    

    "Effective Date" means
the date of this Agreement.

    

    "Employment Period"
has the meaning set forth in Section 5 of this Agreement.

    

    "Executive" means
Marcus Zavattaro.

    

    "Permanent Disability"
shall have occurred if as a result of physical or mental incapacity, the
Employee shall have been incapable of performing Employee's duties hereunder for
a period in excess of 120 consecutive days in any 6 month period, or an
aggregate of 240 days in any 12 month period.

    

    "Person" means an
individual, a partnership, a corporation, a limited liability company, an
association, a trust, a joint venture, an unincorporated organization and a
governmental entity or any department, agency or political subdivision
thereof.

    

    "Reimbursable
Expenses" has the meaning set forth in Section 4.4 of this
Agreement.

    

    "Subsidiary" means,
with respect to any Person, any corporation, partnership, limited liability
company, association or other business entity of which (a) if a corporation, a
majority of the total voting power of shares of stock entitled (without regard
to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or
indirectly, by that Person or a combination thereof, or (b) if a partnership,
limited liability company, association or other business entity, a majority of
the partnership or other similar ownership interests thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of the Person or a combination thereof.  For purposes of
this Agreement, a Person or Persons will be deemed to have a majority ownership
interest in a partnership, limited liability company, association or other
business entity if such Person or Persons are allocated a majority of
partnership, limited liability company, association or other business entity
gains or losses or control the managing director or member or general partner of
such partnership, limited liability company, association or other business
entity.

    

    "Termination Date"
shall mean December 31, 2008.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Section
2.                    Employment.  Patriot
hereby employs the Executive, and the Executive hereby accepts employment with
Patriot, upon the terms and conditions set forth in this Agreement, for the
Employment Period provided in Section 5.

    

    

    Section3.                      Position and
Duties.

    3.1           Position.  The
Executive shall hold the position of Executive Vice President of Patriot
National Bank, and the title Residential Sales Manager of Patriot National
Bank.  During the Employment Period, the Executive will perform such
reasonable executive and management duties as may, from time to time, be
determined and assigned to him by the Management Committee of Patriot National
Bank, which duties shall relate primarily to the residential real estate
mortgage origination business of Patriot and its
affiliates.   Patriot shall not require the Executive to relocate
to any office of Patriot outside of Fairfield County, Connecticut.

    

    3.2           Performance of Duties; Other
Activities.  The Executive shall devote his best efforts,
attention and skills toward performing his duties on behalf of Patriot, and his
full business and professional time to fully and faithfully perform such duties
and responsibilities to the best of his abilities in a diligent, trustworthy,
businesslike and efficient manner.  The Executive shall do such
traveling as may reasonably be required in connection with the performance of
his duties and responsibilities hereunder, provided that the Executive will not
be assigned to regular duties such as would require him to relocate his
permanent residence.

    

    3.3           Reporting.  The
Executive will report to the Chairman or Chief Executive Officer of Patriot
National Bank.

    

    

    Section
4                      Compensation and
Benefits.

    4.1           Compensation.  The
compensation payable to the Executive by Patriot during the Employment Period is
set forth on Schedule A hereto.

    

    4.2           Executive Stock Purchases
and Stock Options. The Executive may be granted options and opportunities
to purchase Patriot Common Stock consistent with stock purchase plans and option
plans provided to senior management of Patriot and as may be awarded in the sole
discretion of Patriot's Board of Directors from time to time.

    

    4.3           Benefits.  In
addition to the aforesaid compensation, the Executive shall be entitled to be
included under the same rules or restrictions in any employee welfare and
retirement plan or program of Patriot generally available to its employees and
or officers, including, without limitation, plans for hospital services, medical
services benefits, sick pay, dental and other health plans, as well as the
following benefits during the Employment Period:

    

    
      	
               
      

            	
              (a)

            	
              four
      weeks of paid vacation per year during the Employment
    Period;

            

    

    

    
      	
               
      

            	
              (b)

            	
              five
      personal/sick days per year;

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              participation
      in the 401K Plan of Patriot consistent with the participation afforded
      other similarly positioned Patriot
executives.

            

    

    

    

    4.4           Expenses.  Patriot
shall reimburse the Executive for any and all reasonable expenses incurred by
him in the course of performing his duties under this Agreement which are
consistent with Patriot's policies in effect from time to time including
business travel, entertainment, mileage expenses and other business expenses
("Reimbursable Expenses"), subject to Patriot's requirements with respect to
reporting and documentation of expenses.

    

    

    Section
5               Employment Period and
Termination.

    5.1           Employment
Period.  The Executive's employment hereunder shall commence on
the Effective Date, and, unless renewed or modified by written agreement between
Patriot and the Executive, the Employment Period will terminate on the
"Termination Date"; provided, however,
that (a) the Employment Period shall terminate prior to such date upon the
Executive's death or Permanent Disability, and (b) the Employment Period may be
terminated by Patriot at any time prior to such date, if such termination shall
be for Cause.  The Executive and Patriot agree to begin negotiations
to renew this employment agreement by September 15, 2008 and to use their best
efforts to complete negotiations by October 15, 2008 provided, however, that
neither the Executive nor Patriot shall have any legal obligation to renew this
employment agreement.

    

    5.2           Unjustified
Termination.  Except as otherwise provided in Section 5.3
below, if the Employment Period shall be terminated by Patriot prior to the
Termination Date for any reason other than (a) for Cause, or (b) as a result of
the death or Permanent Disability of the Executive (collectively, an
"Unjustified Termination"), the Executive shall, so long as the Executive has
not breached and does not breach the provisions of Sections 6, 7 or 8 of this
Agreement, be entitled to receive during the unexpired portion of the Employment
Period (i) continuation of his compensation, (ii) reimbursement of all
Reimbursable Expenses incurred by the Executive prior to the termination of the
Employment Period, and (iii) continuation of all medical benefits.

    

    5.3           Justified
Termination.  If the Employment Period shall be terminated by
Patriot prior to the Termination Date (a) for Cause, (b) as a result of the
Executive's resignation, or (c) as a result of the death or permanent disability
of the Executive (collectively, a "Justified Termination"), the Executive shall
be entitled to receive only his compensation through the date of termination and
reimbursement of all Reimbursable Expenses incurred by the Executive prior to
the termination of the Employment Period.  A termination for Cause
shall become effective on the date designated by Patriot.

    

    

    5.4           Benefits.  Except
as otherwise required by law, all of the Executive's rights to fringe benefits
under this Agreement, if any, that would otherwise accrue after the termination
of the Employment Period as a result of a Justified Termination will cease upon
such Justified Termination.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Section
6.                     Non-Solicitation
Agreement.  The Executive covenants and agrees that during the
restricted period beginning eighteen months from the Executive’s departure , the
Executive will refrain from interfering with the employment relationship between
Patriot and its employees and will not solicit any of such employees for
employment by any other financial institution or organization in the residential
mortgage business.

    

    

    Section
7                      Delivery
of Materials Upon Termination of Employment.  As requested by
Patriot from time to time and upon the termination of the Executive's employment
with Patriot for any reason, the Executive will promptly deliver to Patriot all
copies and embodiments, paper, electronic or in whatever form or medium, of all
Confidential Information in the Executive's possession or within his control
irrespective of the location or form of such material and, if requested by
Patriot, will provide Patriot with written confirmation that all such materials
have been delivered to Patriot.

    

    

    Section
8.                      Nondisclosure
and Non-use of Confidential Information.  The Executive will
not, at any time, disclose or use any Confidential Information of which the
Executive is or becomes aware, whether or not such information is developed by
him, except to the extent that such disclosure or use is directly related to and
required by the Executive's performance of duties assigned to the Executive
pursuant to this Agreement.

    

    

    Section
9.                      Affiliates;
Equitable Relief.  The Executive acknowledges that a breach or
threatened breach by him of any of his covenants contained in Sections 6, 7 and
8 of this Agreement could cause irreparable harm to Patriot for which it would
have no adequate remedy at law.  Accordingly, and in addition to any
remedies which Patriot may have at law, in the event of an actual or threatened
breach by the Executive of his covenants contained in Sections 6, 7 and 8 of
this Agreement, Patriot shall have the absolute right to apply to any court of
competent jurisdiction for such injunctive or other equitable relief as such
court may deem necessary or appropriate in the circumstances.

    

    

    Section
10.                     No Prior
Agreements.  The Executive hereby represents and warrants to
Patriot that the execution of this Agreement by Executive, his employment by
Patriot, and the performance of his duties hereunder will not violate or be a
breach of any agreement with a former employer, client, or any other
Person.  Further, Executive agrees to indemnify and hold harmless
Patriot and its officers, directors, and representatives for any claim,
including, but not limited to, reasonable attorney's fees and expenses of
investigation, of any such third party that such third party may now have or may
hereafter come to have against Patriot or such other persons, based upon or
arising out of any non-competition
agreement, invention, secrecy, or other agreement between Employee and such
third party that was in existence as of the date of this
Agreement.  To the extent that Employee had any oral or written
employment agreement or understanding with Patriot, this Agreement shall
automatically supersede such agreement or understanding, and upon execution of
this 

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Agreement
by Employee and Patriot, such prior agreement or understanding automatically
shall be deemed to have been terminated and shall be null and void.

    

    Section
11               Miscellaneous.

    11.1           Remedies.  The
parties to this Agreement shall have all rights and remedies set forth in this
Agreement, all rights and remedies which either party has been granted at any
time under any other agreement or contract and all of the rights which either
has under any law.  Both parties will be entitled to enforce such
rights specifically, without posting a bond or other security, to recover
damages by reason of any breach of any provision of this Agreement and to
exercise all other rights granted by law or available in equity.

    

    11.2           Waivers and
Amendments.  The provisions of this Agreement may be amended or
waived only by a written agreement executed and delivered by Patriot and the
Executive.  No other course of dealing between the parties to this
Agreement or any delay in exercising any rights hereunder will operate as a
waiver of any rights of any such parties.

    

    11.3           Successors and
Assigns.  All covenants and agreements contained in this
Agreement by or on behalf of any of the parties hereto and their respective
heirs, executors, administrators, personal representatives, successors and
assigns, whether so expressed or not; provided that the Executive may not assign
his rights or delegate his obligations under this Agreement without the written
consent of Patriot.

    

    11.4           Severability.  Whenever
possible, each provision of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such
provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this Agreement.

    

    11.5           Counterparts.  This
Agreement may be executed simultaneously in two or more counterparts, any one of
which need not contain the signatures of more than one party, but all of which
counterparts taken together will constitute one and the same
agreement.

    

    11.6           Descriptive
Headings.  The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this
Agreement.

    

    11.7           Notices.  All
notices, demands or other communications to be given or delivered under or by
reason of the provisions of this Agreement will be in writing and will be deemed
to have been given when delivered personally to the recipient, two business days
after the date when sent to the recipient by certified or registered mail,
return receipt requested and postage prepaid.  Such notices, demands,
and other communications will be sent to the Executive and to Patriot at the
addresses set forth below.

    If to the
Executive:

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    Marcus
Zavattaro

    1177
Summer Street

    Stamford,
CT 06905

    

    Or

    

    Marcus
Zavattaro

    1
Highmeadow Road

    Old
Greenwich, CT 06870

    

    If to
Patriot:

    

    Patriot
National Bank

    900
Bedford Street

    Stamford,
CT 06901

    Attn:
Chief Executive Officer

    

    or to
such other address or to the attention of such other Person as the recipient
party has specified by prior written notice to the sending party.

    

    11.8           No Third Party
Beneficiary.  This Agreement will not confer any rights or
remedies upon any person other than Patriot, the Executive and their respective
heirs, executors, administrators, personal representatives, successors and
permitted assigns.

    

    11.9           Entire
Agreement.  This Agreement constitutes the entire agreement
among the parties and supersedes any prior understandings, agreements or
representations by or among the parties, written or oral, that may have related
in any way to the subject matter hereof.

    

    11.10                      Construction.  The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rule of strict construction will
be applied against any party.  Any reference to any federal, state,
local or foreign statute or law will be deemed also to refer to all rules and
regulations promulgated there under, unless the context requires
otherwise.  The use of the word "including" in this Agreement means
"including without limitation" and is intended by the parties to be by way of
example rather than limitation.

    

    11.11                      Life
Insurance.  The Executive agrees that Patriot shall have the
right to obtain life insurance on the Executive's life, at the sole expense of
Patriot, as the case may be, and with Patriot as the sole beneficiary
thereof.  The Executive shall (a) cooperate fully in obtaining such
life insurance, (b) sign any necessary consents, applications and other related
forms or documents and (c) take any reasonably required medical
examinations.

    

    11.12                      Survival.  Sections
6, 7, 8 and 9, of this Agreement will survive and continue in full force in
accordance with their terms notwithstanding any termination of the Employment
Period.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    Date
Executed:  March 12,
2008

     

    

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.

     

    

    

    

    
      	 
      	
              PATRIOT
      NATIONAL BANK

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              By:  __________________

            
	 
      	 
      
	 
      	
              Chairman

            
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
              _______________________

            
	 
      	
              Marcus
      Zavattaro

            

    

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    SCHEDULE
A

    

    2008 Compensation (January
1, 2008 – December 31, 2008)

    

    

    
      	
               
      

            	
              1.

            	
              Guaranteed
      Draw against commission - $210,000 paid in equal monthly
      installments.

            

    

     

    
      	
               
      

            	
              2.

            	
              Commissions
      – Payable at the unchanged commission plan which becomes effective on
      January 1, 2008 (See attached schedule
B).

            

    

     

    
      	
               
      

            	
              3.

            	
              Override
      (A) – 4% payable on the gross commission revenue generated by those loan
      originators which report directly to
      Marcus, payable at the end of each calendar
  quarter.

            

    

     

    
      	
               
      

            	
              4.

            	
              Business
      Referrals - If Marcus Zavattaro derives any business resulting from an
      internal referral and/or subsequent or related referrals, the commission
      rate will be negotiated and not necessarily the payment percentage
      indicated from the attached Schedule B.  Each transaction and
      the agreed payout rate will be initialed, indicating agreement by Marcus
      and the Chairman or Chief Executive Officer, prior to any payment related
      to each individual transaction.

            

    

     

    

    

    

    

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    Schedule
B

    

    Loan Originator Compensation
Structure

    

    For Loans Closed and Funded
Beginning January 1 2008

    

    

    a.           Commission Payout –
Payout percentage applies to the entire commission (*)

    

    
      	 	
              Gross
      Commission

            	
              Payout
      %

            	 
	 	
              $0
      - $3,000

            	
              40%

            	 
	 	
              $3,001
      - $8,000

            	
              50%

            	 
	 	
              $8,001
      - $14,000

            	
              60%

            	 
	 	
              $14,001
      and over

            	
              70%

            	 

    

    

    (*)
Negotiated payouts for loans placed in the Patriot portfolio that would be
difficult to place outside of the bank.

    

    

    b.           Marketing Credits –
All uses of credits have to pre-approved by Management.

    

    
      	
               
      

            	
              ·

            	
              For
      every $100,000 in gross commissions, there will be $2,000 in marketing
      credits available.

            

    

    
      	
               
      

            	
              ·

            	
              Marketing
      credits must be used by year-end or they
expire.

            

    

    

    Use of
Credits

    

    
      	
               
      

            	
              ·

            	
              Must
      be used to generate additional business for the
  bank

            

    

    
      	
               
      

            	
              ·

            	
              Open
      Houses/Documented Business Functions,
etc.

            

    

    
      	
               
      

            	
              ·

            	
              Brochures
      and other advertising, etc.

            

    

    

    

    c.           Fees Earned by
Division:

    

    
      	 
      	
              Application
      Fee

            	
              Processing
      Fee

            
	
              1)
      First Mortgages

            	
              $150

            	
              $300

            
	
                  Piggy
      Back HELOC

            	
                -

            	
              $100

            
	
              2)
      Stand Alone HELOC

            	
                -

            	
              $300

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    SCHEDULE
C

    

    

    

    Marcus
Zavattaro

    

    Job Responsibilities –
2008

    

    Sales Manager - Residential
Lending

    

    

    

    Includes
but not limited to:

    

    
      	
               
      

            	
              ·

            	
              Maintain
      high ethical standards

            

    

    

    
      	
               
      

            	
              ·

            	
              Recruit
      and train loan originators

            

    

    

    
      	
               
      

            	
              ·

            	
              Assist
      loan originators in structuring and closing
  deals

            

    

    

    
      	
               
      

            	
              ·

            	
              Manage
      the resolution of any customer related
issues

            

    

    

    
      	
               
      

            	
              ·

            	
              Grow
      our revenue stream by hiring more loan originators, offering additional
      types

            

    

    of loans
(B and C, FHA, etc.)

    

    
      	
               
      

            	
              ·

            	
              Establish
      loan origination officers in appropriate geographical locations, while
      considering the potential for possible bank branch
    expansion

            

    

    

    
      	
               
      

            	
              ·

            	
              Encourage
      loan originators to seek out commercial
loans

            

    

    

    
      	
               
      

            	
              ·

            	
              Establish
      and cultivate new investor
relationships

            

    

    

    
      	
               
      

            	
              ·

            	
              Keeping
      aware of new technology to support our employees and
    business

            

    

    

    
      	
               
      

            	
              ·

            	
              Administration
      and budgeting

            

    

     

     

    11

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