Document:

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                                                                     EXHIBIT 4.2

SUBSCRIPTION RIGHTS CERTIFICATE NO.:                           NUMBER OF RIGHTS:

                         PATRIOT NATIONAL BANCORP, INC.
                         SUBSCRIPTION RIGHTS CERTIFICATE

THE TERMS AND CONDITIONS OF THE OFFERING ARE SET FORTH IN THE COMPANY'S
PROSPECTUS DATED ________________, 2005 (THE "PROSPECTUS") AND ARE
INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON
REQUEST FROM REGISTRAR AND TRANSFER COMPANY WHICH IS ACTING AS THE
SUBSCRIPTION AGENT AND THE INFORMATION AGENT (THE "SUBSCRIPTION AGENT" AND
THE "INFORMATION AGENT," AS APPLICABLE). CAPITALIZED TERMS USED HEREIN
WITHOUT DEFINITION SHALL HAVE THE MEANINGS ASCRIBED TO SUCH TERMS IN THE
PROSPECTUS.

THIS SUBSCRIPTION RIGHTS CERTIFICATE (THE "SUBSCRIPTION RIGHTS CERTIFICATE") OR
A NOTICE OF GUARANTEED DELIVERY MUST BE RECEIVED BY THE SUBSCRIPTION AGENT WITH
PAYMENT IN FULL BEFORE 5:00 P.M., EASTERN TIME, ON _______________, 2005, UNLESS
EXTENDED BY THE COMPANY TO A TIME NOT LATER THAN 5:00 P.M., EASTERN TIME, ON
_______________, 2005 (IN EITHER CASE, THE "EXPIRATION TIME").

THIS SUBSCRIPTION RIGHTS CERTIFICATE IS NOT TRANSFERABLE AND MAY NOT BE COMBINED
OR DIVIDED OR ASSIGNED TO ANY OTHER PERSON.

The rights (the "Rights) represented by this Subscription Rights Certificate may
be exercised, in whole or in part, by duly completing Part A. Before exercising
Rights, Rights Holders are urged to read carefully and in their entirety the
Prospectus and Instructions as to Use of Subscription Rights Certificates (the
"Instructions"), additional copies of which are available from the Information
Agent and the Subscription Agent. IMPORTANT: COMPLETE FORM A, AND IF APPLICABLE,
SPECIAL DELIVERY INSTRUCTIONS, AND SIGN ON REVERSE SIDE.

SUBSCRIPTION PRICE:  $______ PER SHARE

REGISTERED HOLDER:

                                    SPECIMEN

The registered owner whose name is inscribed hereon (the "Rights Holder"), is
entitled to subscribe for and purchase from the Company, at the Subscription
Price, one share of the Company's Common Stock, $2.00 par value (the "Common
Stock"), pursuant to the Basic Subscription Right (an "Underlying Share"), and
two shares of such Common Stock pursuant to the Oversubscription Privilege
("Excess Shares"). If the Basic Subscription Right is exercised in full, for
each Right evidenced hereby, upon the terms and subject to the conditions set
forth in the Prospectus and the Instructions. Underlying Shares subscribed
pursuant to the Basic Subscription Right and Excess Shares subscribed for
pursuant to the Oversubscription Privilege shall be delivered upon receipt of
this Subscription Rights Certificate, duly completed, and upon payment of the
applicable Subscription Price, as soon as practicable after the Expiration Time
and after all prorations and reductions contemplated by the terms of the
Offering have been effected.

------------------------------                   -------------------------------
Angelo De Caro                                   Philip Wolford
Chairman and Chief Executive Officer             Secretary

YOU SHOULD BE AWARE THAT IF YOU CHOOSE TO EXERCISE LESS THAN ALL OF THE RIGHTS
EVIDENCED HEREBY, THE BALANCE OF YOUR RIGHTS WILL PERMANENTLY EXPIRE ON THE
EXPIRATION DATE. YOUR EXERCISE OF RIGHTS IS IRREVOCABLE ONCE YOU HAVE SUBMITTED
THIS SUBSCRIPTION RIGHTS CERTIFICATE TO THE SUBSCRIPTION AGENT. HOWEVER, THE
COMPANY RESERVES THE RIGHT TO POSTPONE, MODIFY OR CANCEL THE RIGHTS OFFERING AT
ANY TIME PRIOR TO THE EXPIRATION TIME IF IT DETERMINES THAT SUCH POSTPONEMENT,
MODIFICATION OR CANCELLATION IS IN THE BEST INTERESTS OF THE COMPANY AND ITS
SHAREHOLDERS.

                IMPORTANT: PLEASE READ ALL INSTRUCTIONS CAREFULLY

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                                     FORM A
                            EXERCISE AND SUBSCRIPTION

         The undersigned hereby irrevocably exercises one or more Rights to
subscribe for shares of Common Stock as indicated below, on the terms and
subject to the conditions specified in the Prospectus, receipt of which is
hereby acknowledged.

<Table>
         <S>                                                                                               <C>
         (a)  Number of shares subscribed for pursuant to the Basic Subscription Right:                    (a)_____

         (b)  Number of shares subscribed for pursuant to the Oversubscription Privilege (1):              (b)_____

         (c)  Total shares (sum of lines (a) and (b)):                                                     (c)_____

         (d)  Total number of shares subscribed for pursuant to the Basic Subscription Right (line (a))
              multiplied by the Subscription Price of $_________ (2):                                      (d)$____

         (e)  Total number of shares subscribed for pursuant to the Oversubscription Privilege (line (b))
              multiplied by the Subscription Price of $__________ (2):                                     (e)$____

         (f)  Total Subscription Price (sum of lines (d) and (e)):                                         (f)$____
</Table>

----------
(1)      To exercise the Oversubscription Privilege, you must fully exercise the
Basic Subscription Right.

(2)      If the aggregate Subscription Price paid by an exercising Rights Holder
is insufficient to purchase the number of Underlying Shares that such holder
indicates are being subscribed for, or if an exercising Rights Holder does not
specify the number of Underlying Shares to be purchased, then such Rights Holder
will be deemed to have exercised first the Basic Subscription Right in full and
second the Oversubscription Privilege to purchase Underlying Shares to the full
extent of the payment rendered (subject to proration under certain circumstances
as described in the Prospectus). If the aggregate Subscription Price paid by an
exercising Rights Holder exceeds the amount necessary to purchase the number of
Underlying Shares and Excess Shares for which the Rights Holder has indicated an
intention to subscribe, then the Rights Holder will be deemed to have exercised
first, the Basic Subscription Right (if not already fully exercised) and second,
the Oversubscription Privilege to the full extent of the excess payment
tendered.

         (g)      METHOD OF PAYMENT (CHECK AND COMPLETE APPROPRIATE BOX(ES))

                  / / Check in the amount of $_________ payable to Subscription
                       Agent.

                  / / Certified check, bank draft or money order in the amount
                       of $_________ payable to Subscription Agent.

                  / / Wire transfer in the amount of $__________ directed to
                       Registrar and Transfer Company, Subscription Agent,
                       _______________, ___, ___, ABA #_________,
                       Account________________, Attention: __________________.
                       Indicate name of institution transferring funds and name
                       of registered owner:

         (h)      NOTICE OF GUARANTEED DELIVERY

                  / / CHECK HERE IF RIGHTS ARE BEING EXERCISED PURSUANT TO A
                      NOTICE OF GUARANTEED DELIVERY DELIVERED TO THE
                      SUBSCRIPTION AGENT PRIOR TO THE DATE HEREOF AND COMPLETE
                      THE FOLLOWING:

         Name(s) of Registered Owner(s)_________________________
         Window Ticket Number (if any)__________________________
         Date of Execution of Notice of Guaranteed Delivery ____
         Name of Eligible Institution which Guaranteed Delivery
         ______________________________________
         Telephone Number_______________________________________

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                                     FORM B
                          SPECIAL DELIVERY INSTRUCTIONS

         Unless otherwise indicated below, the Subscription Agent is hereby
authorized to issue and deliver certificates for Common Stock to the undersigned
at the address appearing on the face of this Subscription Right Certificate.

         SPECIAL DELIVERY INSTRUCTIONS (See paragraph 3 of the Instructions) To
be completed ONLY if the check evidencing a cash payment and/or the certificate
evidencing the Common Stock, is to be sent to someone other than the registered
holder or to an address on the face of this Subscription Right Certificate. Mail
and deliver check and/or certificate for Common Stock to:

Name: ________________________________________________________________
         (Please Print)

Address: (Including Zip Code)_________________________________________

______________________________________________
(Tax Identification or Social Security Number)

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                       IMPORTANT: RIGHTS HOLDERS SIGN HERE
                          IF RIGHTS ARE BEING EXERCISED
                AND COMPLETE SUBSTITUTE FORM W-9 SET FORTH BELOW

                            Dated: ___________________, 2005

                    -----------------------------------------
                       (Signature(s) of Rights Holder(s))

Must be signed by the registered holder(s) as name(s) appear(s) on this
Subscription Rights Certificate. If signature is by trustee(s), executor(s),
administrator(s), guardian(s), attorney(s)-in-fact, agent(s), officer(s) of a
corporation or another acting in a fiduciary or representative capacity, please
provide the following information. See the Instructions.

<Table>
<S>                                         <C>
Name:_____________________________________  Capacity (Full Title):_______________________________________
         (Please Print)
Address:_________________________________________________________________________________________________
                                    (Include Zip Code)

Area Code and Home Telephone Number:____________ Area Code and Business Telephone Number: _______________

Tax Identification or Social Security Number:____________________________________________________________
</Table>

                               SIGNATURE GUARANTEE
(to be executed if Section(h) is completed; see paragraph 4 of the Instructions)

The undersigned, an eligible guarantor institution pursuant to Rule 17Ad-15
promulgated under the Securities Exchange Act of 1934, as amended, and a
participant in a Securities Transfer Association recognized signature program,
does hereby guarantee that the signature of the Holder hereinabove is genuine.

Dated:_____________________, 2005    Firm Name (If applicable)________________
                                     Authorized Signature_____________________
                                     Name and Title___________________________

                               SUBSTITUTE FORM W-9
            PAYER'S REQUEST FOR TAXPAYER IDENTIFICATION NUMBER (TIN)

PAYER'S NAME: Registrar and Transfer Company
PART 1: Please provide your TIN and certify by signing and dating below.
Social Security Number________________________ OR Employer Identification
Number____________________
PART 2: For Payees NOT subject to backup withholding under the provisions of
section 3406(a)(1)(C) of the Internal Revenue Code, see the enclosed Guidelines
for Certification of Taxpayer Identification Number on Substitute Form W-9 and
complete as instructed herein.
PART 3:  Awaiting TIN
CERTIFICATION. Under penalty of perjury, I certify that (1) the number shown on
this form is my correct Taxpayer Identification Number (or I am waiting for a
number to be issued to me and either (a) I have mailed or delivered an
application to receive a taxpayer identification number to the appropriate IRS
center or Social Security Administration office or (b) I intend to mail or
deliver an application in the near future) and (2) I am not subject to backup
withholding either because I have not been notified by the IRS that I am subject
to backup withholding as a result of a failure to report all interest or
dividends, or the IRS has notified me that I am no longer subject to backup
withholding.

CERTIFICATION INSTRUCTIONS. You must cross out item (2) above if you have been
notified by the IRS that you are subject to backup withholding because of
underreporting interest or dividends on your tax return. However, if after being
notified by the IRS that you were subject to backup withholding you received
another notification from the IRS that you are no longer subject to backup
withholding, do not cross out item (2).

SIGNATURE_____________________          DATE _________________________________
Name__________________________
         (Please Print)

Address________________________________________________________________
                  (Including Zip Code)<Page>

                                                                    EXHIBIT 10.1

                             1999 STOCK OPTION PLAN

       PATRIOT NATIONAL BANK, a bank organized and existing under the laws of
the United States of America (the "Bank"), has adopted its 1999 Stock Option
Plan (this "Plan") with the intention of promoting the interests of the Bank and
the shareholders of the Bank by providing officers and other employees of the
Bank (including directors who are also employees of the Bank) and of its
Subsidiaries with appropriate incentives and rewards to encourage them to enter
into or continue in the employ of the Bank and by providing options to certain
of its current directors who, without compensation, provided valuable assistance
to the Bank in connection with its organization and initial operation which
would allow such officers, employees and directors to acquire a proprietary
interest in the long-term success of the Bank, thereby aligning their interest
more closely to the interest of shareholders generally.

I.     PURPOSES OF THE PLAN

       The purposes of this Plan are as follows:

1.1.   To provide an additional incentive for the officers and key employees of
the Bank and it Subsidiaries to further the growth, development and financial
success of the Bank by personally benefiting through the ownership of capital
stock of the Bank;

1.2.   To enable the Bank to obtain and retain the services of officers and key
employees of the Bank and its Subsidiaries considered essential to the
long-range success of the Bank by offering them an opportunity to own shares of
the Bank's capital stock which will reflect such growth, development and
financial success; and

1.3.   To provide a benefit to those of its current directors who, without
compensation, rendered valuable services to the Bank in connection with its
organization and initial operation by offering them an opportunity to acquire
shares of the Bank's capital stock which will reflect the growth, development
and financial success of the Bank.

II.    DEFINITIONS; RULES OF CONSTRUCTION

2.1.   DEFINITIONS. The terms defined in this Article shall have the following
meanings for purposes of this Plan:

       (a)    "Bank" shall mean Patriot National Bank, a bank organized and
              existing under the laws of the United States of America.

       (b)    "Board of Directors" shall mean the Board of Directors of the
              Bank.

       (c)    "Internal Revenue Code" shall mean the Internal Revenue Code of
              1986, as amended.

       (d)    "Change in Control" means:

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              (i)   a change in control of the direction and administration of
       the Bank'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
       the Bank 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
       the Bank) is or becomes the "beneficial owner" (as defined in Rule 13d-3
       under the Exchange Act), directly or indirectly, of securities of the
       Bank representing 50% or more of the combined voting power of the Bank's
       outstanding securities then entitled ordinarily (and apart from rights
       accruing under special circumstances) to vote for the election of
       directors;

              (iii) during any period of two consecutive years, the individuals
       who at the beginning of such period constitute the Board of Directors or
       any individuals who would be Continuing Directors cease for any reason to
       constitute at least a majority thereof;

              (iv)  the Board of Directors shall approve a sale of all or
       substantially all of the assets of the Bank; or

              (v)   the Board of Directors shall approve any merger,
       consolidation or like business combination or reorganization of the Bank,
       the consummation of which would result in the occurrence of any event
       described in clause (ii) or (iii) above; provided, however, that none of
       the foregoing events shall constitute a Change in Control if such event
       occurs as a result of an agreement or transaction approved by the
       Continuing Directors, either before or after the occurrence of such
       event, and the Continuing Directors in approving such agreement or
       transaction determine that it is not in the best interest of the Bank for
       such agreement or transaction to constitute a Change in Control for
       purposes of this Plan; provided, further, that, if the reorganization of
       the Bank into a holding company structure by becoming a wholly owned
       subsidiary of Patriot National Bancorp, Inc., a Connecticut corporation,
       is approved at the 1999 Annual Meeting of Shareholders of the Bank and
       becomes effective, neither such approval nor such effectiveness shall
       constitute a Change in Control.

       (e)    "Committee" shall mean the Personnel Committee of the Board of
Directors or such other committee of the Board of Directors designates to
allocate among Participants Options which may be granted pursuant to Article IV.
hereof.

       (f)    "Common Stock" shall mean the Common Stock, par value $2.00 per
share, of the Bank.

       (g)    "Continuing Directors" means each director of the Bank elected at
the 1999 Annual Meeting of Shareholders of the Bank and any successor to any
such director and any additional director who (i) after the 1999 Annual Meeting
of Shareholders of the Bank was nominated or selected by a majority of the
Continuing Directors in office at the time of his or her

                                        2
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nomination or selection and (ii) at the time of his or her nomination or
selection is not an "affiliate" or "associate" (as defined in Regulation 12B
under the Exchange Act) of any person who is the beneficial owner, directly or
indirectly, of securities representing 25% or more of the combined voting power
of the Bank's outstanding securities then entitled ordinarily to vote for the
election of directors.

       (h)    "Disability" shall mean: (i) any physical or mental condition that
would qualify a Participant for a disability benefit under any long-term
disability plan maintained by the Bank or a Subsidiary of the Bank and
applicable to such Participant or (ii) when used in connection with the exercise
of an Incentive Stock Option following termination of employment, disability
within the meaning of Section 22(e)(3) of the Internal Revenue Code.

       (i)    "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

       (j)    "Fair Market Value" shall mean the average closing price per share
of the Common Stock for the 20 trading days ending of the fifth trading day
immediately preceding the applicable date as reported on the composite tape of
the principal national stock exchange on which the Common Stock is then listed
or, if the Common Stock is not listed on any national stock exchange, the
closing price per share of Common Stock as reported on The NASDAQ Stock Market,
Inc., or, if the Common Stock is not listed on any national stock exchange or
quoted on The NASDAQ Stock Market, Inc., such other reporting system as shall be
selected by the Board of Directors; provided, however, that for purposes of
fixing the exercise price of any Incentive Stock Option, "Fair Market Value"
shall be the greater of the amount determined a provided above or the closing
price per share on the trading day immediately preceding the applicable date. If
the Common Stock is not publicly traded, the Board of Directors shall determine
the Fair Market Value using criteria as it shall determine, in its sole
discretion, to be appropriate for the valuation.

       (k)    "For Cause" shall mean (i) the continued failure by the
Participant substantially to perform his or her duties as a director, officer or
employee of the Bank (other than any such failure resulting from his or her
incapacity due to physical or mental illness) or (ii) the engaging by the
Participant in conduct which is materially injurious to the Bank, monetarily or
otherwise, in either case as determined by the Board of Directors.

       (l)    "Incentive Stock Option" shall mean an Option that is an
"incentive stock option" within the meaning of Section 422 of the Internal
Revenue Code.

       (m)    "Option" shall mean an option granted to a Participant pursuant to
this Plan.

       (n)    "Option Agreement" shall mean any agreement between the Bank and
a Participant evidencing an Option.

       (o)    "Non-Qualified Stock Option" shall mean an Option that is not an
Incentive Stock Option.

                                        3
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       (p)    "Participant" shall mean any director, officer or employee of the
Bank or any Subsidiary who is granted an option pursuant to this Plan which
remains outstanding.

       (q)    "Plan" shall mean this 1999 Stock Option Plan, as amended from
time to time.

       (r)    "QDRO" shall mean a qualified domestic relations order as defined
in Section 414(p) of the Internal Revenue Code or Title I, Section 206(d)(3) of
the Employee Retirement Income Security Act of 1974, as amended (to the same
extent as if this Plan were subject thereto), or the applicable rules
thereunder.

       (s)    "Rule 16(b)-3" shall mean Rule 16b-3 under Section 16 of the
Exchange Act, as amended from time to time.

       (t)    "Subsidiary" shall mean a "subsidiary corporation" within the
meaning Section 414(f) of the Internal Revenue Code.

       (u)    "10% Shareholder" shall mean any person who, at the time an Option
is granted, owns shares of the Bank or any Subsidiary or parent corporation of
the Bank which possess more than 10% of the total combined voting power of all
classes of shares of the Bank or of any Subsidiary or parent corporation of the
Bank.

2.2.   RULES OF CONSTRUCTION. For purposes of this Plan and any Option
Agreement, unless otherwise expressly provided or the context otherwise
requires, the terms defined in this Plan include the plural and the singular,
and pronouns of either gender or neutral shall include, as appropriate, the
other pronoun forms.

III.   COMMON STOCK AVAILABLE UNDER THIS PLAN

3.1.   AGGREGATE SHARE LIMIT. The maximum number of shares of Common Stock that
may be issued under this Plan is 130,000, subject to adjustment as provided in
Article VII.

3.2.   AVAILABILITY OF SHARES UPON TERMINATION OF OPTIONS. If any Option or
portion of an Option expires or otherwise terminates without having been
exercised, the number of shares of Common Stock as to which such Option expires
or otherwise terminates shall again become available for purposes of this Plan.

3.3.   TREASURY SHARES; NO FRACTIONAL SHARES. The Common Stock which may be
delivered upon exercise of an Option may be treasury or authorized but unissued
shares of Common Stock or Common Stock acquired, subsequently or in anticipation
of a transaction under this Plan, in the open market or in privately negotiated
transactions to satisfy the requirements of this Plan. No fractional shares
shall be issued. The Board of Directors shall determine whether cash or other
property shall be issued or paid in lieu of such fractional shares of whether
such fractional shares or any rights thereto shall be forfeited or otherwise
eliminated.

3.4.   EXERCISE PRICE; WITHHOLDING. The exercise price for the Common Stock
issuable upon exercise of an Option and any withholding obligation under
applicable tax laws

                                        4
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shall be paid in cash or any combination of (i) cash, (ii) a check payable to
the order of the Bank, (iii) the delivery of Common Stock having a Fair Market
Value equivalent to the applicable exercise price and withholding obligation,
(iv) a reduction in the amount of Common Stock otherwise deliverable pursuant to
such Option, (v) by notice and third party payment in such manner as may be
authorized by the Board of Directors. In the case of a payment by the means
described in clause (iii) or (iv) above, the value of the Common Stock so
delivered or offset shall be determined by reference to the fair market value of
the Common Stock on the date as of which the payment or offset is made.

3.5.   CASHLESS EXERCISE. The Board of Directors may permit the exercise of an
Option and the payment of any applicable withholding tax in respect of an Option
by delivery of written notice, subject to the Bank's receipt of a third party
payment in full in cash for the exercise price and the applicable withholding
prior to issuance of Common Stock, in the manner and subject to the procedures
as may be established by the Board of Directors.

3.6.   TRANSFER OF COMMON STOCK TO A PARTICIPANT. As soon as practicable after
receipt by the Bank of payment for Common Stock with respect to which an Option
or portion thereof is exercised by a Participant, the Bank shall issue or
transfer to the Participant the number of shares of Common Stock as to which
such Option has been exercised.

IV.    GRANT OF OPTIONS TO EMPLOYEES

4.1.   ELIGIBILITY. Except as otherwise provided with respect to grants of
Options pursuant to Article V. of this Plan, the Board of Directors may grant
Options, in such amounts and with such terms and conditions as the Board of
Directors may determine, subject to the provisions of the Plan. The persons who
shall be eligible to receive Options under this Article IV. shall be employees
of the Bank or its Subsidiaries (including officers of the Bank or its
Subsidiaries, whether or not they are directors of the Bank or its Subsidiaries)
as the Board of Directors or the Committee may select from time to time.
Directors who are not employees or officers of the Bank shall not be eligible to
receive Options under this Plan except as otherwise provided in Article V. of
this Plan. Each Option granted pursuant to this Article IV. shall be clearly
identified in the applicable Option Agreement as either an Incentive Option or a
Non-Qualified Stock Option.

4.2.   ALLOCATION OF OPTIONS. The Board of Directors may grant Options under
this Article IV. subject to the attainment of such performance goals as the
Board of Directors may establish and may delegate to the Committee the authority
to allocate the Options so granted to such employees and covering such number of
shares of Common Stock as the Committee shall determine, the date that the
Committee determines that such performance goals are met being the date of the
grant of such Options.

4.3.   EXERCISE PRICE. Each Option Agreement with respect to an Option shall set
forth the amount per share (the "option exercise price") payable by the
Participant to the Bank upon exercise the Option. The option exercise price per
share shall be determined by the Board of Directors but shall in no event be
less than the Fair Market Value of a share of Common Stock on the date the
Option is granted; provided, however, that the option exercise price for any

                                        5
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Incentive Stock Option granted to a 10% Shareholder may not be less than 110% of
the Fair Market Value on the date of grant.

4.4.   EXERCISABILITY AND TERM OF OPTIONS.

       (a)    An Option shall become exercisable as to one-third of the shares
covered by it on the date of grant and on each of the first and second
anniversaries, respectively, of the date of grant of the Option unless a
different period is provided by the Board of Directors at the time of grant
thereof.

       (b)    The term of each Option shall be a period of ten years from the
date of grant unless otherwise provided by the Board of Directors at the time of
grant thereof; provided, however, that the term of any Incentive Stock Option
granted to a 10% Shareholder shall be a period of five years from the date of
grant unless a shorter period is provided by the Board of Directors at the time
of grant thereof.

4.5.   ACCELERATION OF EXERCISABILITY UPON A CHANGE IN CONTROL. In the event of
a Change in Control of the Bank, all then outstanding Options shall immediately
become exercisable in full. The Board of Directors, in its discretion, may
determine that, upon the occurrence of a transaction described in clauses (i)
through (v) of the definition of "Change in Control," each Option outstanding
under this Plan shall terminate within a specified number of days after notice
to the Participant, and such Participant shall receive, with respect to each
share subject to such Option, cash in an amount equal to the excess of the Fair
Market Value of such share immediately prior to the occurrence of such
transaction over the option exercise price per share of such Option. The
provisions contained in the preceding sentence shall be inapplicable to an
Option granted within six months before the occurrence of a transaction
described above if the Participant holding such Option is a director or officer
of the Bank or the beneficial owner of the Common Stock who is described in
Section 16(a) of the Exchange Act, except in the event of such Participant's
death or Disability prior to the expiration of such six-month period.

4.6.   LIMITATIONS ON INCENTIVE STOCK OPTIONS. To the extent that the aggregate
Fair Market Value of shares of Common Stock with respect to which Incentive
Stock Options are exercisable for the first time by a Participant during any
calendar year under this Plan and any other stock option plan of the Bank (or
any Subsidiary or parent corporation of the Bank) shall exceed $100,000, or such
higher value as may be permitted under Section 422 of the Internal Revenue Code,
such Incentive Stock Options shall be treated as Non-Qualified Stock Options.
Such Fair Market Value shall be determined as of the date on which each such
Incentive Stock Option is granted.

4.7.   NOTIFICATION UPON DISQUALIFYING DISPOSITION UNDER SECTION 421(B) OF THE
INTERNAL REVENUE CODE. Each Option Agreement with respect to an Incentive Stock
Option shall require the Participant to notify the Bank of any disposition of
shares of Common Stock delivered upon the exercise of an Incentive Stock Option
under the circumstances described in Section 421(b) of the Internal Revenue Code
(relating to certain disqualifying dispositions), within ten days of such
disposition.

                                        6
<Page>

4.8.   EFFECT OF TERMINATION OF EMPLOYMENT

       (a)    Termination other than for Death, Disability or Cause. Unless the
applicable Option Agreement provides otherwise, in the event that the employment
with the Bank or a Subsidiary or parent corporation of the Bank of a Participant
holding an Option granted under this Article IV. is terminated for any reason
other than death, Disability or Cause, (i) such Options granted to such
Participant, to the extent that they are exercisable at the time of such
termination, shall remain exercisable until the date that is three months after
such termination, on which date they shall expire and (ii) such Options granted
to such Participant, to the extent that they were not exercisable at the time of
such termination, shall expire at the close of business on the date of such
termination. Notwithstanding the foregoing, no such Option shall be exercisable
after the expiration of its term.

       (b)    Termination for Death or Disability. Unless the applicable Option
Agreement provides otherwise, in the event that the employment with the Bank or
a Subsidiary or parent corporation of the Bank of a Participant holding an
Option granted under this Article IV. is terminated on account of the Disability
or death of the Participant; (i) such Options granted to such Participant, to
the extent that they were exercisable at the time of such termination, shall
remain exercisable until the first anniversary of such termination, on which
date they shall expire and (ii) such Options granted to such Participant, to the
extent that they were not exercisable at the time of such termination shall
expire at the close of business on the date of such termination, Notwithstanding
the foregoing, no such Option shall be exercisable after the expiration of its
term.

       (c)    Termination For Cause. Notwithstanding the foregoing, any Option
outstanding under Article IV. of this Plan shall terminate immediately upon any
termination of a Participant's employment with the Bank or any Subsidiary or
parent corporation of the Bank For Cause.

4.9.   ADJUSTMENTS. Options granted under this Article shall be subject to
adjustment as provided in Article VII. of this Plan.

410.   LIMITATIONS OF AMENDMENTS. The provisions of this Article IV. with
respect to the amount, exercise price and timing of Options and the eligibility
requirements shall not be amended more than once every six months (other than as
may be necessary to conform to any applicable changes in the Internal Revenue
Code or the rules thereunder), unless such amendment would be consistent with
the provisions of Rule 16b-3.

V.     SPECIFIC GRANTS OF OPTIONS

5.1.   GRANT OF OPTIONS TO CERTAIN DIRECTORS. Upon the approval of this Plan by
the shareholders of the Bank at the 1999 Annual Meeting of Shareholders of the
Bank, Options hereunder shall be awarded to the following directors of the Bank
for the number of shares of Common Stock set forth opposite their names in the
following table:

                                        7
<Page>

<Table>
<Caption>
     NAME OF DIRECTOR               NUMBER OF SHARES
     <S>                                 <C>
     Herbert A. Bregman                   6,000
     Fred DeCaro, Jr.                    34,000
     L. Morris Glucksman                 16,000
     Michael Intrieri                    10,000
     Richard Naclerio                    15,000
     Salvatore Trovato                   20,000
     Philip W. Wolford                    9,000
</Table>

The Options granted pursuant to this Article V. shall be Non-Qualified Stock
Options except that the Options granted to Philip W. Wolford shall be Incentive
Stock Options and the Options granted to Fred DeCaro, Jr. shall be Incentive
Stock Options to the maximum extent permitted under the Internal Revenue Code.

5.2.   EXERCISE PRICE. The option exercise price for the Options granted
pursuant to this Article V. shall be the Fair Market Value per share of Common
Stock as of the date of the 1999 Annual Meeting of Shareholders of the Bank.

5.3.   EXERCISABILITY AND TERM. The Options granted pursuant to this Article V.
shall be immediately exercisable on the date of grant and shall have a term of
ten years from the date of grant.

5.4.   EFFECT OF TERMINATION OF SERVICE. The Options granted pursuant to this
Article V. shall remain exercisable for the term thereof notwithstanding that
the holder thereof ceases to serve as a director of the Bank.

5.5.   ADJUSTMENTS. Options granted under this Article V. shall be subject to
adjustment as provided in Article VII. of this Plan.

VI.    OPTION AGREEMENTS

6.1.   OPTION AGREEMENTS. Each Option under this Plan share be evidenced by an
Option Agreement in a form approved by the Board of Directors setting forth the
number of shares of Common Stock subject to the Option, and the price and term
of the Option. The Option Agreement shall also set forth (or incorporate by
reference) the other material terms and conditions applicable to the Option as
determined by the Board of Directors consistent with the limitations of this
Plan.

6.2.   INCORPORATED PROVISIONS. Option Agreements shall be subject to the terms
of this Plan and shall be deemed to include the following terms:

       (a)    NON-ASSIGNABILITY. The Option shall not be assignable nor
transferable, except (i) by will or by the laws of descent and distribution or
(ii) pursuant to a QDRO or any other exception to transfer restrictions
expressly permitted by the Board of Directors and set forth in the Option
Agreement (or an amendment thereto). The restrictions on exercise and transfer
shall not be deemed to prohibit, to the extent permitted by the Board of
Directors,

                                        8
<Page>

transfers without consideration for estate and financial planning purposes,
transfers to such other persons or in such other circumstances as the Board of
Directors may in the Option Agreement expressly permit. During the lifetime of a
Participant, the Option shall be exercised only by such Participant or by his or
her guardian or legal representative, except as expressly otherwise provided
consistent with the foregoing transfer restrictions.

       (b)    RIGHTS AS SHAREHOLDER. A Participant shall have no rights as a
holder of Common Stock with respect to any unissued Common Stock covered by an
Option until the date the Participant becomes the holder of record of such
Common Stock.

       (c)    WITHHOLDING. The Participant shall be responsible for payment of
any taxes or similar charges required by law to be withheld with respect to the
exercise of an Option, and these obligations shall be paid by the Participant on
or prior to the delivery of shares of Common Stock upon exercise of an Option. A
Participant shall satisfy the withholding obligations as provided in Section
3.4.

6.3.   CONTRACT RIGHTS, FORMS AND SIGNATURES. Any obligation of the Bank with
respect to an Option shall be based solely upon the contractual obligations
created by this Plan and the applicable Option Agreement. No Option shall be
enforceable until the Option Agreement has been signed by the Participant and on
behalf of the Bank. By executing an Option Agreement, a Participant shall be
deemed to have accepted and consented to the terms of this Plan, and any action
taken in good faith under this Plan by and within the discretion of the Board of
Directors or its delegates. Except as expressly provided in this Plan or in an
Option Agreement, there shall be no third party beneficiaries of the obligations
of the Bank under such Option Agreement.

VII.   ADJUSTMENTS

7.1.   CHANGES IN CAPITALIZATION. If there shall occur any recapitalization,
stock split (including a stock split in the form of a stock dividend), reverse
stock split, merger, combination, consolidation, or other reorganization or any
extraordinary dividend or other extraordinary distribution in respect of the
Common Stock (whether in the form of cash, Common Stock or other property), or
any split-up, spin-off, extraordinary redemption, combination or exchange of
outstanding shares of Common Stock, or there shall occur any other similar
transaction or event in respect of the Common Stock, or a sale of all or
substantially all of the assets of the Bank as an entirety, then the Board of
Directors shall, in the manner and to the extent, if any, as it deems
appropriate and equitable to the Participants and consistent with the terms of
this Plan, and taking into consideration the effect on the event of the holders
of the Common Stock:

       (a)    proportionately adjust any or all of:

              (i)   the number and type of Common Stock which thereafter may be
                    made the subject of Options;

              (ii)  the number, amount and type of Common Stock, other property
                    or cash subject to any or all outstanding Options;

                                        9
<Page>

              (iii) the exercise price of any or all outstanding Options;

              (iv)  the securities, cash or other property deliverable upon
                    exercise of the outstanding Options;

              (v)   any other terms as are effected by the event; or

       (b)    subject to any applicable limitations under generally accepted
accounting principles, provide for:

              (i)   an appropriate and proportionate cash settlement or
                    distribution; or

              (ii)  the substitution or exchange of any or all outstanding
                    Options.

7.2.   FORMATION OF BANK HOLDING COMPANY. Notwithstanding the provisions of
Section 7.1 hereof, in the event that the reorganization of the Bank into a
holding company structure by becoming a wholly owned subsidiary of Patriot
National Bancorp, Inc., a Connecticut corporation, is approved at the 1999
Annual Meeting of Shareholders of the Bank and becomes effective, all references
herein and in any Option Agreement to "Common Stock" shall thereafter be deemed
references to the Common Stock of Patriot National Bancorp, Inc. The obligation
of the Bank to issue or deliver shares of its Common Stock under any Option then
outstanding or thereafter granted under this Plan shall be deemed to be
satisfied in full by the issuance or delivery by Patriot National Bancorp, Inc.
of an equal number of shares of its Common Stock; provided, however, that the
number of shares subject to any Option shall thereafter be subject to adjustment
as provided in this Article VII. based on changes in the capital stock of
Patriot National Bancorp, Inc.

VIII.  ADMINISTRATION

8.1.   AUTHORITY AND STRUCTURE. This Plan and all Options granted shall be
administered by the Board of Directors.

8.2.   CONSTRUCTION AND INTERPRETATION. The Board of Directors shall have the
power to interpret and administer this Plan and the Option Agreements, and to
adopt, amend and rescind related rules and procedures. All questions of
interpretation and determinations with respect to this Plan, the number of
shares of Common Stock and the terms of any Option Agreements, the adjustments
required or permitted by Article VII. and other determinations hereunder shall
be made by the Board of Directors and its determination shall be final and
conclusive upon all parties in interest. In the event of any conflict between an
Option Agreement and any non-discretionary provision of this Plan, the terms of
this Plan shall govern.

8.3.   RULE 16B-3 CONDITIONS; BIFURCATION OF PLAN. It is the intent of the Bank
that this Plan and the Options hereunder satisfy and be interpreted in a manner
that satisfies any applicable requirements of Rule 16b-3 so that the
Participants will be entitled to the benefits of Rule 16b-3 or other exemptive
rules under Section 16 of the Exchange Act and will not be

                                       10
<Page>

subjected to avoidable liability thereunder as to Options intended to be
entitled to the benefits of Rule 16b-3.

8.4.   DELEGATION AND RELIANCE. The Board of Directors may delegate to the
officers or employees of the Bank the authority to execute and deliver those
instruments and documents, to do all acts and things, and to take all other
steps deemed necessary, advisable or convenient for the effective administration
of this Plan in accordance with its terms and purpose. In making any
determination or in taking or not taking any action under this Plan, the Board
of Directors may obtain and may rely upon the advise of experts, including
professional advisors to the Bank. No director, officer, employee or agent of
the Bank shall be liable for any such action or determination made or omitted in
good faith.

8.5.   EXCULPATION AND INDEMNITY. Neither the Bank nor any member of the Board
of Directors, nor any other person participating in any determination of any
question under this Plan, or in the interpretation, administration or
application of this Plan, shall have any liability to any person for any action
taken or not taken in good faith under this Plan or for the failure of an Option
to qualify for exemption or relief under Rule 16b-3 or to comply with any other
law, compliance with which is not required on the part of the Bank.

IX. MISCELLANEOUS

9.1.   NO SPECIAL EMPLOYMENT RIGHTS; NO RIGHT TO OPTION. Nothing contained in
this Plan or any Option or Option Agreement shall confer upon any Participant
any right with respect to the continuation of service with the Bank or any
Subsidiary or parent corporation of the Bank or interfere in any way with the
right of the Bank or any Subsidiary or parent corporation of the Bank, subject
to the terms of any separate employment agreement to the contrary, at any time
to terminate such employment or to increase or decrease the compensation of the
Participant.

       No person shall have any claim or right to receive an Option hereunder,
except as provided in Article V. hereof. The grant of an Option to a Participant
at any time shall neither require the grant of any other Option to such
Participant or other person at any time or preclude the Board of Directors from
making subsequent grants to such Participant or any other person.

9.2.   EFFECTIVE DATE; DURATION. This Plan has been adopted by the Board of
Directors. This Plan shall become effective upon and shall be subject to the
approval of the shareholders of the Bank at the 1999 Annual Meeting of
Shareholders of the Bank. This Plan shall remain in effect until any and all
Options under this Plan have been exercised, converted or terminated under the
terms of this Plan and the applicable Option Agreements. Notwithstanding the
foregoing, no Option shall be granted under this Plan after the Annual Meeting
of Shareholders of the Bank in 2000. Any Option granted prior to such date may
be amended after such date in any manner that would have been permitted prior to
such date, except that no such amendment shall increase the number of shares
subject to such Option.

9.3.   COMPLIANCE WITH LAWS. This Plan, any Option Agreement and the grant,
exercise, conversion and operation of Options, and the issuance and delivery of
Common Stock

                                       11
<Page>

and/or other securities or property under this Plan are subject to compliance
with all applicable federal and state laws, rules and regulations (including,
but not limited to, state and federal insider trading, registration, reporting
and other securities laws and federal margin requirements) and to such approvals
by any listing, regulatory or governmental authority as may, in the opinion of
counsel for the Bank, be necessary or advisable in connection therewith. Any
securities delivered under this Plan shall be subject to such restrictions (and
the person acquiring such securities shall, if requested by the Bank, provide
such evidence, assurance and representations to the Bank as to compliance with
any thereof) as the Bank may deem necessary or desirable to assure compliance
with all applicable legal requirements.

       The Bank shall be under no obligation to effect the registration pursuant
to the Securities Act of 1933, as amended, or any regulation thereunder, of any
interests in this Plan or any shares of Common Stock to be issued hereunder or
to effect similar compliance under any state laws. Notwithstanding anything
herein to the contrary, the Bank shall not be obligated to cause to be issued or
delivered any certificates evidencing shares of Common Stock pursuant to this
Plan unless and until the Bank is advised by its counsel that the issuance and
delivery of such certificates is in compliance with all applicable laws,
regulations of governmental authorities and the requirements of any securities
exchange on which shares of Common Stock are traded. The Board of Directors may
require as a condition of the issuance and delivery of certificates evidencing
shares of Common Stock pursuant to the terms of this Plan, that the recipient of
such shares make such covenants, agreements and representations, and that such
certificates bear such legends, as the Board of Directors, in its sole
discretion, deems necessary or desirable.

       The transfer of any shares of Common Stock hereunder shall be effective
only at such time as counsel to the Bank shall have determined that the transfer
of such shares is in compliance with all applicable laws, regulations of
governmental authorities and the requirements of any stock exchange on which
shares of Common Stock are traded. The Board of Directors may, in its sole
discretion, defer the effectiveness of any transfer of shares of Common Stock
hereunder in order to allow the transfer of such shares to be made pursuant to
registration or an exemption from registration or other methods for compliance
available under federal or state securities laws. The Board of Directors shall
inform the Participant in writing of its decision to defer the effectiveness of
a transfer. During the period of such deferral in connection with the exercise
of an Option, the Participant may, by written notice, withdraw such exercise and
obtain the refund of any amount paid with respect thereto.

       9.4.   NOTIFICATION OF ELECTION UNDER SECTION 83(B) OF THE INTERNAL
REVENUE CODE. If any Participant shall, in connection with the acquisition of
shares of Common Stock under this Plan, make the election permitted under
Section 83(b) of the Internal Revenue Code (i.e., an election to include in
gross income in the year of transfer the amounts specified in Section 83(b)),
such Participant shall notify the Bank of such election within ten days of
filing notice of the election with the Internal Revenue Service, in addition to
any filing and notification required pursuant to regulations issued under the
authority of Section 83(b) of the Internal Revenue Code.

                                       12
<Page>

9.5.   OWNERSHIP AND TRANSFER RESTRICTIONS. Common Stock acquired upon exercise
of Options shall be subject to the restrictions on ownership and transfer set
forth in the Option Agreement.

9.6.   NON-EXCLUSIVITY OF PLAN. Nothing in this Plan shall limit or be deemed to
limit the authority of the Bank or the Board of Directors to grant awards or
authorize any other compensation, with or without reference to the Common Stock,
under any other plan or authority.

9.7.   SEVERABILITY. In case any provision of this Plan shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions, or of such provision in any other
jurisdiction, shall not in any way be affected or impaired thereby.

9.8.   EXPENSES AND RECEIPTS. The expenses of this Plan shall be paid by the
Bank. Any proceeds received by the Bank in connection with any Option will be
used for general corporate purposes.

9.9.   FAILURE TO COMPLY. In addition to the remedies of the Bank elsewhere
provided for herein, failure by a Participant (or beneficiary or transferee) to
comply with any of the terms and conditions of this Plan or the applicable
Option Agreement, unless such failure is remedied by such Participant (or
beneficiary or transferee) within ten days after notice of such failure by the
Board of Directors, shall be grounds for the cancellation and forfeiture of such
Option, in whole or in part, as the Board of Directors, in its absolute
discretion, may determine.

9.10.  APPLICABLE LAW. This Plan, any Option Agreement and any related documents
and matters shall be governed in accordance with the laws of the State of
Connecticut, except as to matters of federal law.

                                       13

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