Patriot National Bancorp enters indemnification agreements and amends employment agreements with officers

PATRIOT NATIONAL BANCORP INC

Entered indemnification agreements with directors Anahit Magzanyan, Jonathan Roth, Mario De Tomasi, Carlos P. Salas, and Jeffrey Seabold.
Amended employment agreements with officers Steven A. Sugarman, Carlos P. Salas, Angie Miranda, and William Paul Simmons to add severance provisions.
For President Steven A. Sugarman, severance includes 3x of annual base salary plus bonus, accelerated equity vesting, and three years of health benefits.
For CFO Carlos P. Salas, severance is based on remaining term and at least $600,000; double upon change of control within one year.
Addenda include limitations on golden parachute excise taxes under Sections 280G and 4999 of the Internal Revenue Code.

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