Document:

Exhibit 10(a)(6) COC - O'Connell

    EXHIBIT
      10(a)(6)

    

    2007
      CHANGE OF CONTROL AGREEMENT

    

    This
      CHANGE OF CONTROL AGREEMENT (the "AGREEMENT") is made and entered into as of
      January 1, 2007, by, between and among ROBERT F. O'CONNELL of Walpole,
      Massachusetts ("EXECUTIVE"), PATRIOT NATIONAL BANK, a national banking
      association with headquarters located in Stamford, Connecticut ("BANK"), and
      PATRIOT NATIONAL BANCORP, INC., the parent bank holding company of the Bank
      ("BANCORP").

    

    W
      I T N E
      S S E T H

    

    WHEREAS,
      the Executive and the Bank entered into a Senior Management Change of Control
      Agreement dated as of May 1, 2001 and subsequently, with Bancorp, entered into
      an Amended and Restated Senior Management Change of Control Agreement dated
      as
      of November 3, 2003 and Amendment No. 1 thereto as of March 30, 2006;

    

    WHEREAS,
      the Executive, Bancorp and the Bank desire to modify certain provisions of
      the
      Amended and Restated Change of Control Agreement and to amend and restate such
      agreement in its entirety as set forth herein; and 

    

    WHEREAS,
      it is contemplated that from time to time one or more entities may consider
      the
      possibility of acquiring Bancorp or the Bank or that a Change of Control (as
      hereinafter defined) may otherwise occur, with or without the approval of the
      Board of Directors of Bancorp or the Board of Directors of Bank;
      and

    

    WHEREAS,
      the Board of Directors of Bancorp has determined that it is in the best
      interests of Bancorp and its securityholders to provide incentive to Executive
      to remain employed as an executive officer of Bancorp and Bank during any period
      prior to or during a possible Change of Control of Bancorp or the Bank and
      for a
      period of up to six months following a Change of Control of Bancorp or the
      Bank,
      with the continued dedication and objectivity of Executive, notwithstanding
      the
      possibility, threat or occurrence of a Change of Control; and

    

    WHEREAS,
      the Parties (as hereinafter defined) desire to enter into this Agreement to
      reflect the terms and conditions contained herein;

    

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants hereinafter
      described and for other good and valuable consideration the receipt and
      sufficiency of which is hereby acknowledged, the Parties hereto hereby amend
      and
      restate the Amended and Restated Change of Control Agreement in its entirety
      and
      agree as follows:

    

    1. DEFINED
      TERMS. The terms defined below shall have the following meanings for purposes
      of
      this Agreement:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (a) "AGREEMENT"
      means this Change of Control Agreement, as amended, restated, supplemented
      or
      modified from time to time and together with any exhibits or attachments
      hereto.

    

    (b) "CAUSE"
      shall mean (i) the continued failure by Executive substantially to perform
      his
      duties as an executive officer of Bancorp or Bank (other than any such failure
      resulting from his incapacity due to physical or mental illness) or (ii) the
      engaging by Executive in conduct which is materially injurious to Bancorp or
      Bank, monetarily or otherwise, in either case as determined by the Board of
      Directors of Bancorp or Bank.

    

    (c) "CHANGE
      OF CONTROL" means:

    

    (i) a
      change
      in control of the direction and administration of Bancorp's business of a nature
      that would be required to be reported in response to Item 6(e) of Schedule
      14A
      of Regulation 14A (or any successor rule or regulation) promulgated under the
      Exchange Act, whether or not Bancorp is then subject to such reporting
      requirements;

    

    (ii) any
      person (as such term is used in Sections 14(d) and 14(d)(2) of the Exchange
      Act
      but excluding any employee benefit plan of Bancorp or the Bank), other than
      (x)
      Angelo De Caro and his family members or family trusts, or (y) any trustee
      or
      other fiduciary holding securities under an employee benefit plan of Bancorp
      or
      the Bank, by merger or otherwise, is or becomes the "beneficial owner" (as
      defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
      securities of Bancorp representing 25% or more of the combined voting power
      of
      Bancorp's outstanding securities then entitled ordinarily (and apart from rights
      accruing under special circumstances) to vote for the election of directors;
      

    

    (iii) the
      Bancorp shall complete a sale of all or substantially all of the assets of
      Bancorp;

    

    (iv) the
      Bank
      shall complete a sale of all or substantially all of the assets of
      Bank;

    

    (v) the
      Board
      of Directors of Bancorp shall approve any merger, consolidation or like business
      combination or reorganization of Bancorp, the consummation of which results
      in
      the occurrence of any event described in clause (ii) above;

    

    (vi) the
      Board
      of Directors of Bank shall approve any merger, consolidation or like business
      combination or reorganization of Bank, the consummation of which results in
      someone other than Bancorp owning the Bank or its successor;

    

    (vii) the
      Board
      of Directors of Bancorp determines that any person (as such term is used in
      Sections 14(d) and 14(d)(2) of the Exchange Act but excluding any employee
      benefit plan of Bancorp), other than Angelo De Caro and his family members
      or
      family trusts, directly or indirectly exercises a controlling influence over
      the
      management or policies of Bancorp; or

    
      
        
        

      

      
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    (viii) the
      Board
      of Directors of Bank determines that any person (as such term is used in
      Sections 14(d) and 14(d)(2) of the Exchange Act but excluding any employee
      benefit plan of Bank), other than Bancorp or Angelo De Caro and his family
      members or family trusts, directly or indirectly exercises a controlling
      influence over the management or policies of Bank;

    

    PROVIDED,
      HOWEVER, that (i) the filing of a Form 13D or G by any person or (ii) any event
      mandated or directed by a regulatory body having jurisdiction over Bancorp's
      or
      Bank's operations, shall not be of itself deemed a Change of
      Control.

    

    (d) "CHANGE
      OF CONTROL PAYMENTS" has the meaning set forth in Section 2 of this
      Agreement.

    

    (e) "DISABILITY"
      means any physical or mental condition that (i) would qualify Executive for
      a
      disability benefit under any long-term disability plan maintained by Bank and
      applicable to such Executive, or (ii) renders Executive unable to perform
      substantially his obligations as an executive officer of Bank for the reasonably
      foreseeable future (not less than ninety (90) days), as determined by the Board
      of Directors of Bank after considering competent medical evidence.

    

    (f) "EXCHANGE
      ACT" means the Securities Exchange Act of 1934, as amended.

    

    (g) "INTERNAL
      REVENUE CODE" means the Internal Revenue Code of 1986, as amended.

    

    (h) "PARTY"
      or "PARTIES" means, individually or collectively, Executive, Bancorp and/or
      Bank.

    

    (i) "PATRIOT"
      means, collectively, Bancorp and Bank.

    

    2. CHANGE
      OF
      CONTROL PAYMENT.

    

    (a) If
      there
      is a Change of Control, (i) during any time Executive is a full-time executive
      officer of Bancorp or the Bank, or (ii) within six (6) months following the
      date
      of Executive's termination of employment by Bank, other than for Cause or by
      reason of Executive's death or Disability, then Executive shall be entitled
      to
      receive a payment (the "CHANGE OF CONTROL PAYMENT") in consideration of services
      previously rendered to Patriot. The Change of Control Payment shall be made
      as a
      lump sum cash payment equal to the greater of (A) 2.5 times Executive's annual
      base salary (calculated as of the date of the Change of Control or, in the
      case
      of Section 2(a)(ii), calculated as of the date of prior termination), or (B)
      2.5
      times Executive's total compensation, including salary and any cash incentive
      compensation, from Patriot for services rendered for the last full calendar
      year
      immediately preceding the Change of Control. The Change of Control Payment
      shall
      be paid in full within 15 days following the date of the Change of Control;
      PROVIDED, HOWEVER, that such payment may be deferred for such period (not to
      exceed six months) following the date of the Change of 

    
      
        
        

      

      
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    Control
      if Bancorp or the Bank requests that Executive continue to provide services
      to
      it. If Executive voluntarily terminates employment with Bancorp or the Bank
      prior to the date (not more than six months following the date of the Change
      of
      Control) specified by Bancorp or Bank, Executive shall forfeit his right to
      receive the Change of Control Payment. The Change of Control Payment shall
      not
      be reduced by any compensation which Executive may receive from Bancorp or
      Bank
      or from other employment with another employer should Executive's employment
      with Bancorp or Bank terminate. In addition, and notwithstanding the foregoing,
      in the event Executive gives Bancorp or the Bank notice that Executive will
      voluntarily terminate his employment pursuant to his employment agreement with
      Bancorp or Bank and thereafter a Change of Control occurs, Executive shall
      have
      no right to receive the Change of Control Payment. 

    

    (b) All
      payments made pursuant to this Agreement will be subject to withholding of
      applicable income and employment taxes.

    

    (c) If,
      after
      a Change of Control, Executive prevails in any action to enforce this Agreement,
      then Bancorp or Bank shall be obligated to reimburse Executive for all
      reasonable fees and expenses, including reasonable attorneys' fees of counsel
      chosen by Executive in his sole discretion.

    

    (d) Notwithstanding
      any other provision of this Agreement or of any other agreement, understanding
      or compensation plan, Bank shall not be obligated to pay any amounts which
      violate restrictions imposed, or which may in the future be imposed, on such
      payments by Bank pursuant to Section 18(k)(1) of the Federal Deposit Insurance
      Act, or any regulations or orders which are or may be promulgated thereunder;
      nor shall any payments be made which would constitute an "unsafe or unsound
      banking practice" pursuant to 12 U.C.C. Section 18(b).

    

    (e) Notwithstanding
      any other provision hereof, in the event that any payment or benefit received
      or
      to be received by Executive in connection with a Change of Control would not
      be
      deductible (in whole or part) as a result of Section 280G of the Internal
      Revenue Code, by Patriot, an affiliate or other person making such payment
      or
      providing such benefit, the Change of Control Payment shall be reduced until
      no
      portion is not deductible, or the Change of Control Payment is reduced to zero.
      For purposes of this limitation, (i) no portion of the Change of Control Payment
      the receipt or enjoyment of which Executive shall have effectively waived in
      writing prior to the date of payment of the Change of Control Payment shall
      be
      taken into account; (ii) no portion of the Change of Control Payment shall
      be
      taken into account which in the opinion of tax counsel selected by Patriot's
      independent auditors and acceptable to Executive does not constitute a
      "parachute payment" within the meaning of Section 280G(b)(2) of the Internal
      Revenue Code; (iii) the Change of Control Payment shall be reduced only to
      the
      extent necessary so that such payment shall constitute reasonable compensation
      for services actually rendered within the meaning of Section 280G(b)(4) of
      the
      Internal Revenue Code or are otherwise not subject to disallowance as
      deductions, in the opinion of the tax counsel referred to in clause (ii); and
      (iv) the value of any non cash benefit or any deferred payment or benefit
      included in the Change of Control Payment shall be determined by Patriot's
      independent auditors, in accordance with the principles of Sections 280G(d)(3)
      and (4) of the Internal Revenue Code. In the event that Patriot's independent
      auditors cannot or decline to act as 

    
      
        
        

      

      
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    aforesaid,
      their duties may be discharged by such other independent professional firm
      as
      the Board of Directors of Bancorp may determine.

    

    3. TERM.
      This Agreement shall terminate on the earliest of: (i) immediately, upon
      Executive's voluntary resignation or termination of employment with Bancorp
      or
      Bank for Cause, death or Disability, (ii) six months following Executive's
      termination of employment with Bancorp or Bank, other than for Cause, death
      or
      Disability, or (iii) six months following receipt by Executive of the Change
      of
      Control Payment.

    

    4. ASSIGNMENT.
      This Agreement will be binding on and will inure to the benefit of the Parties
      hereto and their respective successors, permitted assigns and legal
      representatives. Without otherwise limiting the foregoing, "Bancorp" or "Bank"
      as used herein shall refer to any successor institution whether by merger,
      consolidation, acquisition or otherwise.

    

    5. NON-COMPETITION
      AGREEMENT. If Executive receives the Change of Control Payment, Executive
      absolutely and unconditionally agrees with Bancorp and Bank that, for a period
      of six (6) months from the date of receipt of the Change of Control Payment,
      Executive will not, anywhere in the Restricted Area (as defined 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 as an individual proprietor, partner, shareholder
      (provided that ownership of less than 5% of the 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 Bancorp or the Bank as conducted or proposed to be conducted as
      of
      the date of the Change of Control. As used herein, "RESTRICTED AREA" shall
      be
      Fairfield and New Haven Counties, Connecticut; Westchester, Nassau and Suffolk
      Counties, New York and Manhattan, New York, and any town or branch in which
      the
      Bank has an office as of the time of the Change of Control.

    

    6. ENTIRE
      AGREEMENT; NO WAIVER. This Agreement contains the entire agreement between
      the
      Parties with respect to the subject matter herein and may not be modified or
      amended except by a written instrument signed by the Parties. Neither the
      failure to insist upon strict performance of any of the terms, covenants or
      conditions of this Agreement, nor the acceptance of monies due hereunder with
      knowledge of a breach of this Agreement, shall be deemed a waiver of any rights
      or remedies that either Party may have or a waiver of any subsequent breach
      or
      default in any of such agreements, terms, covenants and conditions.

    

    7. FURTHER
      INSTRUMENTS. 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.

    

    8. MODIFICATION
      AND SEVERABILITY. Wherever possible, each provision of this Agreement shall
      be
      interpreted in such manner as to be effective and valid under applicable law,
      but if any provision of this Agreement shall be prohibited by or invalid under
      applicable law, such provision shall be deemed modified to the extent necessary
      to make it enforceable under applicable law. If any such provision is not
      enforceable as set forth in the preceding 

    
      
        
        

      

      
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    sentence,
      the unenforceability of such provision shall not affect the other provisions
      of
      this Agreement, but this Agreement shall be construed as if such unenforceable
      provision had never been contained herein.

    

    9. GOVERNING
      LAW. It is the intention of the Parties that the internal substantive laws,
      and
      not the laws of conflicts, of the State of Connecticut should govern the
      enforceability and validity of this Agreement, the construction of its terms
      and
      the interpretation of the rights and duties of the Parties.

    

    10. JURY
      WAIVER. The Parties, and any principals for whom they are agents, waive the
      right to a trial by jury in any action arising between the Parties or their
      principals under this Agreement, whether such actions are claims in contract,
      tort, statute, or otherwise, or made by claim, counterclaim, third-party claim
      or otherwise.

    

    11. NOTICES.
      All notices, requests, consents, instructions, approvals and other
      communications required or permitted hereunder shall be validly given, if in
      writing and delivered personally, or sent by registered or certified mail or
      nationally recognized air courier service, postage prepaid at the address listed
      above or at such other address as such Party may specify by written notice
      to
      each other Party. Each such notice, request, consent, instruction, approval
      and
      other communication shall for all purposes of this Agreement be treated as
      being
      effective or having been given when delivered, if delivered personally, or,
      if
      sent by mail, at the earlier of its actual receipt or three (3) days after
      the
      same has been deposited in a regularly maintained receptacle for the deposit
      of
      United States mail, addressed and postage prepaid as aforesaid, and if by air
      courier, one (1) day after the same has been deposited with such air
      courier.

    

    12. HEADINGS.
      The titles and headings of the various sections and paragraphs in this Agreement
      are intended solely for convenience of reference and are not intended for any
      other purpose whatsoever, or to explain, modify or place any construction upon
      or on any of the provisions of this Agreement.

    

    13. INTERPRETATION.
      This Agreement shall be construed as a whole according to its fair meaning.
      It
      shall not be construed strictly for or against either Party. Unless the context
      indicates otherwise, the term "or" shall be deemed to include the term "and"
      and
      the singular or plural number shall be deemed to include the other.

    

    14. COUNTERPARTS.
      This Agreement may be executed in one or more counterparts, each of which will
      be deemed an original, but which collectively will constitute one and the same
      instrument.

    

    

    [Signature
      page follows]

    
      
        
        

      

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

    

    

    PATRIOT
      NATIONAL BANCORP, INC.

    

    

    

    By:

    /s/
      Angelo De Caro

    Angelo
      De
      Caro

    Chairman
      of the Board of Directors

    

    

    

    PATRIOT
      NATIONAL BANK

    

    

    

    By:

    /s/
      Angelo De Caro

    Angelo
      De
      Caro

    Chairman
      of the Board of Directors

    

    

    EXECUTIVE

    

    

    /s/
      Robert F. O'Connell

    Robert
      F.
      O'Connell

    

    

    

    

    
      
        
        

      

      
        7Exhibit 10(a)(8) Zavattaro - EA

    EXHIBIT
      10(a)(8)

    EMPLOYMENT
      AGREEMENT

    

    

    This
      Employment Agreement dated as of January 1, 2007 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 generated by the fully commissioned residential lenders reporting
      to Executive during the term of this Agreement, which consists primarily 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 Chairman or CEO 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.

    

    "FCRLRE"
      means
      the fully commissioned residential lenders reporting directly to the
      Executive.

    

    "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 

    
      
        
        

      

      
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    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, 2007.

    

    

    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. 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 Chairman or Chief Executive Officer of
      Patriot National Bank, which duties shall be similar to the services the
      Executive rendered to Patriot in the past and shall relate primarily to the
      Business. 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.

    
      
        
        

      

      
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    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, to
                be taken
                consistent with the rules applicable to other Patriot executives;
                

            

    

    

    
      	 	
              (b)

            	
              five
                personal/sick days per year, to be taken consistent with the rules
                applicable to other Patriot executives;
                and

            

    

    

    
      	 	
              (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
      

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    renew
      this employment agreement by September 15, 2007 and to use their best efforts
      to
      complete negotiations by October 15, 2007 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.

    

    

    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 and independent contractor relationships between
      Patriot and its employees and will not solicit any of such employees or
      independent contractors for employment or service 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.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    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 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.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    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:

    Marcus
      Zavattaro

    1177
      Summer Street

    Stamford,
      CT 06905

    

    Or

    

    Marcus
      Zavattaro

    1
      Highmeadow Road

    Old
      Greenwich, CT 06870

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    If
      to
      Patriot:

    

    Patriot
      National Bank 

    900
      Bedford Street 

    Stamford,
      CT 06901 

    Attn:
      Chairman

    

    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 between 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.

    

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

    

    (signatures
      appear on the following page)

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    

    

    

    
      	 	
              PATRIOT
                NATIONAL BANK 

               

               

            
	 	
              By:
                 /s/ Angelo De Caro

            
	 	
              Angelo
                De Caro

            
	 	
              Chairman

            
	 	 
	 	 
	 	/s/
              Marcus Zavattaro 
	 	
              Marcus
                Zavattaro

            

    

     

    
 

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    2007
      Compensation (January 1, 2007 - December 31, 2007)

    

    

    
      	 	
              1.

            	
              Guaranteed
                Draw against commission - $180,000 paid in equal monthly
                installments.

            

    

    

    
      	 	
              2.

            	
              Commission
                - Payable at the new commission plan rates which become effective
                on
                January 1, 2007 (See attached Schedule
                B).

            

    

    

    
      	 	
              3.

            	
              Override
                Commission - 4% payable on the gross commission revenue generated
                by those
                loan originators who report directly
                to
                Marcus, payable following the end of each calendar quarter. This
                does not
                include revenue generated per Items 5 or 6 below.
                

            

    

    

    
      	 	
              4.

            	
              Bonus
                - Marcus may receive a payment
                /
                bonus on commission generated by loan originators reporting to others
                depending on Marcus’s efforts in assisting them. The Management Committee,
                at its sole discretion, will determine the amount of bonus, if any,
                to be
                paid. If any amount is paid, it will be available at the same time
                as
                payments are made to employees included in Patriot's profit sharing
                program.

            

    

    

    
      	 	
              5.

            	
              Business
                Referrals - If Marcus derives any business resulting from an internal
                referral to him and/or subsequent business related to an internal
                referral
                to him, the commission rate for that business will be negotiated
                and not
                necessarily the payment percentage indicated from the attached Schedule
                B.
                Each transaction and the agreed commission rate for it must be approved
                by
                the Chairman or Chief Executive Officer in advance, and must be documented
                indicating agreement by Marcus and the Chairman or Chief Executive
                Officer, prior to any payment being made on such
                transactions.

            

    

    

    
      	 	
              6.

            	
              Capital
                Market Referrals - if Patriot derives any business from referrals
                or
                participations from or with any investment banking firm or other
                non-traditional lenders for which Marcus or a FCRLRE is responsible,
                Patriot may pay Marcus an additional commission or override . Each
                such
                transaction and any agreed commission or override rate for it must
                be
                approved by Patriot’s Management Committee in advance, and must be
                documented indicating agreement by Marcus and Patriot’s Management
                Committee, prior to any payment being due for such
                transactions.

            

    

    
 

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Schedule
      B

    

    Loan
      Originator Compensation Structure 

    

    For
      Loans Closed and Funded Beginning January 1, 2007

    

    

    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 must be 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 FCRLREs:

     

    
      	 	
              Application
                Fee

            	
              Processing
                Fee

            
	
              1)
                First Mortgages

            	
              $150

            	
              $300

            
	
              Piggy
                Back HELOC

            	
              -
                

            	
              $100

            
	
              2)
                Stand Alone HELOC

            	
              -
                

            	
              $300

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    SCHEDULE
      C

    

    

    

    Marcus
      Zavattaro

    

    Job
      Responsibilities - 2007

    

    Residential
      Lending Sales Management

    

    

    

    Includes
      but not limited to:

    

    
      	 	
              ·

            	
              Maintain
                high ethical standards for FCRLREs

            

    

    

    
      	 	
              ·

            	
              Maintain
                high credit quality for loans originated by FCRLREs
                

            

    

    

    
      	 	
              ·

            	
              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

            

    

     

     

     

    
      
        
        

      

      
        12

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