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.