Termination of Material Agreement (Form 8-K)

Item 1.02. Termination of a Material Definitive Agreement.

As previously disclosed, on December 21, 2022, Patriot National Bancorp, Inc. (the "Company") completed the issuance and sale of $12,000,000 in aggregate principal amount of 8.50% Fixed Rate Senior Notes due 2026 (the "Senior Notes"). In connection with the Company's $57.75 million private placement completed on March 20, 2025, certain amendments to the Senior Notes became effective (the "Amendments"). Pursuant to the Amendments, among other things, at any time prior to the maturity date of the Senior Notes, the Company may repay any amount of the outstanding principal amount of the Senior Notes without penalty.

As a result of the conversion on and after March 20, 2025 by certain noteholders of the outstanding principal and unpaid interest balances due under their Senior Notes into shares of the Company's common stock, par value $0.01 per share, as permitted under the Amendments, the aggregate amount of principal and unpaid interest due under the Senior Notes was $3,081,380.97 as of September 5, 2025.

On September 5, 2025, the Company repaid to the remaining noteholders this amount in cash and thus all of the Company's commitments and obligations under the Senior Notes have been satisfied in full.

The foregoing summary of the Senior Notes and Amendments does not purport to be complete and is subject to, and qualified in its entirety by reference to the Senior Notes, which were filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on December 21, 2022, and the Amendments, which were filed as Exhibits 10.4 and 10.5 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed on April 15, 2025, and are incorporated herein by reference.