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                                                                    EXHIBIT 10.6

                              AMENDED AND RESTATED

                              EMPLOYMENT AGREEMENT

     This Amended and Restated Employment Agreement, dated as of November 3,
2003 (this "Agreement"), is between PATRIOT NATIONAL BANK, a national banking
association with headquarters located in Stamford, Connecticut (the "Bank"),
PATRIOT NATIONAL BANCORP, INC., a Connecticut corporation ("Bancorp") and Robert
F. O'Connell of Walpole, Massachusetts (the "Executive").

                                    RECITALS

     WHEREAS, the Executive and the Bank entered into an Employment Agreement
dated as of September 19, 2001 (the "Original Employment Agreement") and the
Executive and the Bank desire to modify certain provisions of the Original
Employment Agreement and to amend and restate such agreement in its entirety as
set forth herein;

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

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

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

1.   TERM OF EMPLOYMENT. The Bank agrees to employ Executive, and Executive
agrees to accept employment with the Bank for a term commencing as of the date
hereof and continuing until December 31, 2007, unless sooner terminated as
provided in this Agreement (the "Employment Period"). The Bank further agrees to
participate in discussions with Executive promptly following the second
anniversary of the date hereof for the purpose of determining whether a further
extension to this Agreement is acceptable to the parties hereto, it being
understood that neither party shall have any binding obligation to further
extend the Employment Period, provided however that in all events, the Executive
shall be required to and hereby agrees to provide the Bank with not less than
six months prior written notice in the event the Executive determines not to
seek

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an extension of the Employment Period or otherwise determines to terminate his
employment with the Bank.

2.   DUTIES.

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

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

3.   COMPENSATION AND BENEFITS.

     (a)    BASE SALARY. The Bank shall pay Executive as compensation for his
services during the Employment Period an annual base salary of One Hundred Sixty
Five Thousand ($165,000.00) Dollars for the period ending on October 31, 2004
(the "Base Salary"). Salary payments shall be made in equal installments
consistent with the Bank's standard payroll practices for its officers. The Base
Salary shall be reviewed by the Board of Directors each year during the
Employment Period and set by the Board of Directors in an amount not less than
the stated contract salary; any increase in Base Salary in excess of the stated
contract may take the form of a contingent increase based upon the achievement
of articulated personal or corporate goals, or both, at the discretion of the
Board of Directors. If, for any calendar year commencing on or after 2004,
Executive's total compensation is not increased from the prior calendar year by
at least the average of the increase in total compensation in such year for all
officers of the Bank at the vice president level and above, then Executive shall
have the right, by notice in writing to the Bank within thirty (30) days after
such compensation increases are determined, to terminate this Agreement as of
the date which is six months after the date of such notice, provided that in
such event, Executive shall be bound by the provisions of Section 6 herein but
only for a period of ninety (90) days instead of one year.

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

     (c)    VACATION. Executive shall be entitled to four (4) weeks paid
vacation each contract year, to be taken each year at a time or times as shall
be mutually agreed upon by

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the Bank and Executive and consistent with applicable regulatory requirements.
If Executive fails to use all of his vacation time during a particular calendar
year, the unused portion shall not be carried over to the subsequent year,
unless approved in writing by the Chief Executive Officer or the Chairman of the
Board of the Directors.

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

     (e)    INSURANCE POLICIES.

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

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

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

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

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

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

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

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

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

5.   TERMINATION.

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

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

     As used in this Agreement, and without limitation, "cause" shall include:
(i) Executive's conviction by any trial court of any crime involving fraud,
embezzlement,

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theft or dishonesty; (ii) serious willful misconduct by Executive, including
personal dishonesty in connection with Bank business or customers or the breach
of a fiduciary duty to the Bank or its customers; (iii) the total disability of
Executive, as defined in Section 4 above; (iv) any material breach by Executive
of this Agreement; or (v) if the Bank's regulatory authorities issue an order
removing Executive from his positions at the Bank, or if such regulatory
authorities inform the Directors that continuation of Executive in his position
at the Bank would constitute an unsafe and unsound banking practice.

     Executive's employment may be terminated by the Bank without cause at any
time, provided that, in such event, Bank shall pay Executive, in one lump-sum
payment within thirty (30) days after such termination, an amount equal to the
aggregate amount of salary payments that would be made to Executive for the
remainder of the Employment Period, calculated at the Executive's then annual
Base Salary.

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

     In addition to the foregoing, in the event that Executive's employment is
terminated by the Bank without cause following the occurrence of a "Change of
Control" as defined in that certain Amended and Restated Senior Management
Change of Control Agreement dated as of November 3, 2003 between the Executive
and the Bank (the "Change of Control Agreement"), the Executive shall be
entitled to receive the higher of (i) the payment amount calculated pursuant to
the third paragraph of this Section 5(b), or (ii) the amount payable pursuant to
the Change of Control Agreement, but the Executive shall not be entitled to
receive both of the aforesaid payment amounts.

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

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

6.   NON-COMPETITION AGREEMENT.

     (a)    Executive absolutely and unconditionally covenants and agrees with
the Bank that, from the period commencing on the date of this Agreement and
continuing for a period of one (1) year following the termination of his
employment as provided for in this Agreement, Executive will not, anywhere in
the Restricted Area (as defined in subparagraph (b) below), either directly or
indirectly, solely or jointly with any person or

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persons (a "Competitor"), as an employee, consultant, or advisor (whether or not
engaged in business for profit), or an individual proprietor, partner,
shareholder (provided that share ownership of less than 5% of the share voting
power shall be permitted), director, officer, joint venturer, investor (provided
that such investment will not be a violation if it is limited to less than 5% of
the ownership of such entity), lender, or in any other capacity, compete with
the business of the Bank (i) as conducted as of the date of execution of this
Agreement; or (ii) as conducted during the Employment Period; or (iii) as
conducted as of the end of the Employment Period or (iv) as proposed to be
conducted by the Bank as of the end of the Employment Period (collectively, the
"Business"). Notwithstanding the foregoing, the provisions of this Section 6 (a)
shall not apply in the event that (i) the Executive's employment is terminated
by the Bank other than for cause during the last six months of the Employment
Period or (ii) the Executive is employed by the Bank for the entire three (3)
year term hereof and the Bank then determines not to further renew or extend
this Agreement on substantially similar terms. In either of the foregoing
events, however, the terms of Sections 7 and 8 hereof shall continue to be
binding upon the Executive.

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

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

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

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

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

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

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

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

13.  GENERAL PROVISIONS:

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

     To the Bank:

            900 Bedford Street
            Stamford, CT
            Attention: Chairman of the Board of Directors

     To Executive:

            Robert F. O'Connell

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

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

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

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

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

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

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

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

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

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

                                 PATRIOT NATIONAL BANK

                                 By:
                                    ------------------------------------
                                        Chairman of Board of Directors

                                 PATRIOT NATIONAL BANCORP, INC.

                                 By:
                                    ------------------------------------

                                       ---------------------------------
                                       Robert F. O'Connell
                                       Executive

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                                                                    EXHIBIT 10.7

                              AMENDED AND RESTATED
                                SENIOR MANAGEMENT
                           CHANGE OF CONTROL AGREEMENT

          This AMENDED AND RESTATED CHANGE OF CONTROL AGREEMENT (the
"AGREEMENT") is made and entered into as of November 3, 2003, by and between
ROBERT F. O'CONNELL of Walpole, Massachusetts ("EXECUTIVE") and PATRIOT NATIONAL
BANK, a national banking association with headquarters located in Stamford,
Connecticut ("BANK").

                               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 (the "Original Change of
Control Agreement") and the Executive and the Bank desire to modify certain
provisions of the Original 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 Patriot (as hereinafter
defined) or that a Change in Control (as hereinafter defined) may otherwise
occur, with or without the approval of the Board of Directors of Bancorp (as
hereinafter defined) or the Board of Directors of Bank (as hereinafter defined);
and

          WHEREAS, the Board of Directors of Bank has determined that it is in
the best interests of Bank and its securityholders to provide incentive to
Executive to remain employed as an executive officer of Bank during any period
prior to or during a possible Change of Control of Patriot and for a period of
up to [six months] following a Change of Control of Patriot, 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 Original 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 Amended and Restated Senior
Management Change of Control Agreement, as amended, restated, supplemented or
modified from time to time and together with any exhibits or attachments hereto.

                  (b)   "BANCORP" means Patriot National Bancorp, Inc., a
Connecticut corporation.

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                  (c)   "BANK" means Patriot National Bank, a national banking
association, and wholly-owned subsidiary of Bancorp.

                  (d)   "BOARD OF DIRECTORS OF BANCORP" shall mean the board of
directors of Bancorp.

                  (e)   "BOARD OF DIRECTORS OF BANK" shall mean the board of
directors of Bank.

                  (f)   "CHANGE OF CONTROL" means:

                        (i)     a change in control of the direction and
administration of Patriot'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
Bank or 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 Patriot), other than (x) Angelo De Caro and his family members or family
trusts, (y) Fred DeCaro and his family members or family trusts, or (z) any
trustee or other fiduciary holding securities under an employee benefit plan of
Patriot, 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 35% 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 Board of Directors of Bancorp shall approve
a sale of all or substantially all of the assets of Bancorp;

                        (iv)    the Board of Directors of Bank shall approve 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 would result 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 would result in the occurrence of any event described
in clause (ii) above;

                        (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 (i)
Angelo De Caro and his family members of family trusts or (ii) Fred DeCaro 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 (i) Angelo De
Caro and his family members or family trusts or (ii) Fred DeCaro 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 F-11A 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 deemed a Change of Control.

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

                  (h)   "CAUSE" shall mean (i) the continued failure by
Executive substantially to perform his duties as an executive officer of 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 Bank, monetarily or otherwise, in either case as determined by the
Board of Directors of Bank.

                  (i)   "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.

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

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

                  (l)   "PARTY" or "PARTIES" means, individually or
collectively, Executive and Bank.

                  (m)   "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 Bank, or (ii) within six (6)
months following 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 Bank. The Change of Control Payment shall be
made as a lump sum cash payment equal to the greater of (A) two times (2x)
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) Executive's total

<Page>

                                                                               4

compensation, including salary and any cash incentive compensation, from Bank
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 Control as the Bank requests that Executive continue to
provide services to it. If Executive voluntarily terminates employment with Bank
prior to the date (not more than six months following the date of the Change of
Control) specified by 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 Bank or from other employment
with another employer should Executive's employment with Bank terminate. In
addition, and notwithstanding the foregoing, in the event Executive gives Bank
notice that Executive will voluntarily terminate his employment pursuant to his
employment agreement with 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 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 Bank, an affiliate
or other person making such payment or providing such benefit, the Change of
Control Payment shall 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 Bank'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

<Page>

                                                                               5

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 Bank's independent auditors in accordance with the principles of
Sections 280G(d)(3) and (4) of the Internal Revenue Code.

          3.      TERM. This Agreement shall terminate on the earliest of: (i)
immediately, upon Executive's termination of employment with Bank for Cause,
death or Disability, (ii) six months following Executive's termination of
employment with 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,
"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 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 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 the cities of
Stamford and Norwalk, Connecticut, the Town of Greenwich, Connecticut, 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

<Page>

                                                                               6

applicable law. If any such provision is not enforceable as set forth in the
preceding 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]

<Page>

                                                                               7

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

                                PATRIOT NATIONAL BANK

                                By:
                                   ------------------------------------
                                   Chairman of the Board of Directors

                                EXECUTIVE

                                --------------------------------
                                Robert F. O'Connell

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