<SEC-DOCUMENT>0001437749-22-002392.txt : 20220203
<SEC-HEADER>0001437749-22-002392.hdr.sgml : 20220203
<ACCEPTANCE-DATETIME>20220203164645
ACCESSION NUMBER:		0001437749-22-002392
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220203
DATE AS OF CHANGE:		20220203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PATRIOT NATIONAL BANCORP INC
		CENTRAL INDEX KEY:			0001098146
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				061559137
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29599
		FILM NUMBER:		22589312

	BUSINESS ADDRESS:	
		STREET 1:		900 BEDFORD ST
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		2033247500
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>pnbk20220127_defa14a.htm
<DESCRIPTION>FORM DEFA14A
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 16pt; font-variant: normal; margin: 0pt; text-align: center;"><b>UNITED STATES </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 16pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><b>SECURITIES AND EXCHANGE COMMISSION </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>Washington, D.C. 20549 </b>&nbsp;</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 16pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><b>FORM 8-K</b>&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><font style="font-size:12pt;"><b>CURRENT REPORT </b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>Pursuant to Section</b>&nbsp;<b>13 or 15(d) of the Securities Exchange Act of 1934 </b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>Date of Report (Date of earliest event reported): January 28, 2022</b></p>

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<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>Patriot National Bancorp, Inc.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>(Exact name of registrant as specified in its charter) </b>&nbsp;</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Connecticut</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>(State or other jurisdiction</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>of incorporation)</b></p>
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			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>000-29599</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>(Commission</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>File Number)</b></p>
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			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>06-1559137</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>(IRS Employer</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Identification No.)</b></p>
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			<td colspan="3" style="vertical-align:middle;width:20.3%;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>900 Bedford Street, Stamford, CT</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>(Address of principal executive offices)</b></p>
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			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>06901</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>(Zip Code)</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>Registrant</b>&#8217;<b>s telephone number, including area code (203) 252-5900</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>Not Applicable </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>(Former name or former address, if changed since last report) </b>&nbsp;</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">&#9744;</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">&#9745;</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">&#9744;</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">&#9744;</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Securities registered pursuant to Section&nbsp;12(b) of the Act:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Title of each class</b></p>
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			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:11.8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Trading</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Symbol(s)</b></p>
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			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Name of each exchange</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>on which registered</b></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Common Stock, par value $0.01 per share</p>
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			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">PNBK</p>
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			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:top;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">NASDAQ Global Market</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 332pt;">Emerging growth company &#9744;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p>

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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Item</b>&nbsp;<b>1.01.</b></p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Entry into a Material Definitive Agreement. </b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As Patriot National Bancorp, Inc., a Connecticut corporation (&#8220;<u>PNBK</u>&#8221;), previously reported in its Current Report on Form 8-K filed on November 16, 2021, PNBK entered into an Agreement and Plan of Merger, dated as of November 14, 2021 (the &#8220;<u>Merger Agreement</u>&#8221;), with American Challenger Development Corp., a Delaware corporation (&#8220;<u>American Challenger</u>&#8221;), and Next Special, Inc., a Delaware corporation and wholly owned subsidiary of PNBK. Substantially concurrently with the closing of the merger, PNBK intends to close a capital raise of at least $875 million (the &#8220;<u>Capital Raise</u>&#8221;). One of the closing conditions to each of the investment agreements entered into in connection with the Capital Raise is that PNBK must consummate the acquisition of a commercial loan portfolio&nbsp;with an aggregate unpaid principal balance of at least $650 million. In furtherance of satisfying this condition, American Challenger and PNBK, as applicable, have entered into the loan portfolio transaction documents and an amendment to the Merger Agreement as described below.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On January 28, 2022, PNBK entered into Amendment No. 1 (&#8220;<u>Amendment No. 1</u>&#8221;) to the Merger Agreement in order to address certain matters related to the Commercial Loan Portfolio Acquisition (as defined below).&nbsp; Capitalized terms contained herein but not defined shall have the meanings ascribed to such terms in the Merger Agreement, as amended by Amendment No. 1.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The parties entered into Amendment No. 1 to the Merger Agreement in furtherance of American Challenger&#8217;s obligations under the Loan Purchase Agreement (the &#8220;<u>LPA</u>&#8221; and together with related transaction documents, &#8220;<u>Loan Portfolio Transaction Documents</u>&#8221;) that American Challenger entered into with a financial services firm and certain of its affiliates (&#8220;<u>Sellers</u>&#8221;) on January 28, 2022. Under the Loan Portfolio Transaction Documents, American Challenger agreed to acquire a commercial loan portfolio, with at least $650 million in unpaid principal balance (the &#8220;<u>Commercial Loan Portfolio Acquisition</u>&#8221;), from Sellers. American Challenger will acquire such portfolio for (i) an approximate aggregate purchase price of $650 million in cash (the &#8220;<u>Loan Portfolio Purchase Price</u>&#8221;); (ii) a structuring and advisory fee equal to the sum of the outstanding principal balance of all commercial loans being acquired under the LPA, as of the business day prior to the closing date of the Commercial Loan Portfolio Acquisition multiplied by 1.0%, which is anticipated to equal approximately $6.5 million (the &#8220;<u>Structuring and Advisory Fee</u>&#8221;); and (iii) a reimbursement fee for cash incentive compensation to be paid by Sellers to certain specified employees (the &#8220;<u>Specified Employees</u>&#8221;) in connection with the Commercial Loan Portfolio Acquisition on or prior to February 28, 2022; provided, that the aggregate of such cash incentive compensation shall not exceed $7.8 million (such amount, as may be mutually agreed upon by Sellers and American Challenger, the &#8220;<u>Cash Compensation Reimbursement Amount</u>&#8221;). In addition, pursuant to the Loan Portfolio Transaction Documents, American Challenger agreed to: (1) offer in writing to the Specified Employees deferred compensation, payable in the same amounts and on the same deferral schedule as any deferred compensation previously payable by the Sellers to such Specified Employees but forfeited by such Specified Employees in connection with the Commercial Loan Portfolio Acquisition, in an aggregate amount not to exceed $4.7 million (such amounts, the &#8220;<u>Deferred Compensation</u>&#8221;) and (2) on or prior to the closing of the Commercial Loan Portfolio Acquisition, pay the Sellers an amount equal to the aggregate Deferred Compensation excluded by American Challenger from any written offer to a Specified Employee (such amounts, together with the Structuring and Advisory Fee and the Cash Compensation Reimbursement Amount, the &#8220;<u>Additional Payment Amount</u>&#8221;).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Under Amendment No. 1 to the Merger Agreement, PNBK agreed that immediately following (a) the effective time of the Merger, (b) the consummation of the Capital Raise, and (c) the time that all conditions precedent related to the consummation of the Commercial Loan Portfolio Acquisition, as set forth in the Loan Portfolio Transaction Documents, shall have been satisfied or waived, that it will pay to Sellers: (i) the Loan Portfolio Purchase Price using cash proceeds received in the Capital Raise and (ii) the Additional Payment Amount either in cash, using cash proceeds received in the Capital Raise, or by issuing to Sellers warrants for the purchase of Patriot non-voting common stock, with one share of Patriot non-voting common stock for every $17.69 of the Additional Payment Amount being allocated to the warrants issuable to Sellers, and any fractional share rounded up to the nearest whole number, provided that (A) under no circumstance shall the aggregate amount of shares underlying any warrants to Sellers for purposes of the (1) Structuring and Advisory Fee total more than 425,000 shares of Patriot non-voting common stock, (2) the Cash Compensation Reimbursement Amount total more than 441,000 shares of Patriot non-voting common stock and (3) the amounts paid in respect of the Deferred Compensation total more than 266,000 shares of Patriot non-voting common stock. Any warrants issued to Sellers will have substantially the same terms and conditions as the Warrants to be issued by Patriot in connection with the Capital Raise. In addition, to the extent that any Specified Employee does not accept employment with American Challenger, following the closing of the Merger, PNBK agreed to pay the monthly Administration Fee to Sellers as described below.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">If any Specified Employee does not accept employment with American Challenger, then pursuant to the Loan Portfolio Transaction Documents, American Challenger agreed to pay Sellers, in cash, a monthly fee (the &#8220;<u>Administration Fee</u>&#8221;) beginning on the first business day of the first month following the closing date of the Commercial Loan Portfolio Acquisition and ending on the first business day of the eighteenth month thereafter. The monthly Administration Fee will equal, for each Specified Employee who does not accept employment with American Challenger, the total annual Deferred Compensation offered to such Specified Employee by American Challenger (which will not be lower than the total Deferred Compensation owed to such Specified Employee by Sellers as of the date of the LPA) divided by eighteen. The monthly Administration Fee will compensate Sellers for services provided by each Specified Employee who does not accept employment with American Challenger to administer the commercial loans sold to American Challenger.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">The foregoing description of Amendment No. 1 to the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such Amendment No. 1, a copy of which is attached hereto as <u>Exhibit 2.1</u> and incorporated herein by reference.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Forward-Looking Statements </b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">This Current Report on Form 8-K and the exhibit filed herewith include &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of PNBK and American Challenger. Words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;forecasts,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;targets,&#8221; &#8220;designed,&#8221; "could,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;will&#8221; or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on PNBK&#8217;s and American Challenger&#8217;s current expectations and assumptions regarding PNBK&#8217;s and American Challenger&#8217;s businesses, the economy, and other future conditions.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect PNBK&#8217;s and/or American Challenger&#8217;s future financial results and performance and could cause the actual results, performance or achievements of PNBK and American Challenger to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the Merger Agreement, as amended, between PNBK and American Challenger, or the Investment Agreements between PNBK and the investors in the Capital Raise, (2) the failure to obtain the necessary approvals of PNBK&#8217;s shareholders, (3) the outcome of any legal proceedings that may be instituted against PNBK and/or American Challenger, (4) the failure to obtain required governmental approvals or a delay in obtaining such approvals (5) the failure of any of the closing conditions in the Merger Agreement, as amended, Investment Agreements related to the Capital Raise, or Loan Portfolio Transaction Documents to be satisfied on a timely basis or at all, (6) delays in closing the proposed Merger or Capital Raise, (7) the possibility that the proposed Merger and Capital Raise may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (8) the dilution caused by PNBK&#8217;s issuance of additional shares of its capital stock in connection with the proposed transactions, and (9) the impact of the ongoing global COVID-19 pandemic on PNBK&#8217;s and/or American Challenger&#8217;s businesses, the ability to complete the proposed transactions and/or any of the other foregoing risks.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Except to the extent required by applicable law or regulation, each of PNBK and American Challenger disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included in this communication to reflect future events or developments. Further information regarding PNBK which could affect the forward-looking statements contained herein can be found in PNBK&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the SEC and in the proxy statement related to the proposed transactions.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Additional Information and Where to Find It</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In connection with the proposed Merger and Capital Raise, PNBK will file a proxy statement and other relevant documents with the SEC. <b>SHAREHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.</b> Shareholders may obtain a free copy of the proxy statement (when available) and other documents filed by PNBK at the SEC's Web site at <u>http://www.sec.gov</u>. The proxy statement and such other documents may also be obtained for free from the PNBK by directing such request to PNBK at 900 Bedford Street, Stamford, CT, 06901, Attention: Michael Carrazza, telephone: (203) 251-8230.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Participants in the Solicitation</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">PNBK and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its shareholders in connection with the Merger and Capital Raise. A list of the names of such directors and executive officers and information concerning such participants&#8217; ownership of PNBK common stock is set forth in PNBK&#8217;s information statements and Annual Reports on Form 10-K, previously filed with the SEC. Additional information about the interests of those participants may be obtained from reading the proxy statement relating to the Merger and Capital Raise when it becomes available, or by directing a request to PNBK at 900 Bedford Street, Stamford, CT, 06901, Attention: Michael Carrazza, telephone: (203) 251-8230.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">American Challenger and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from PNBK&#8217;s shareholders in connection with the Merger and Capital Raise. A list of the names of such directors and executive officers and information regarding their interests in the Merger will be contained in the proxy statement when available.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_328835.htm" style="-sec-extract:exhibit;">Amendment No. 1 to the Merger Agreement, dated as of January 28, 2022, by and among Patriot National Bancorp, Inc., Next Special, Inc., and American Challenger Development Corp.</a></p>
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			<td style="vertical-align: top; width: 5%; text-align: right;">104</td>
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			<td style="vertical-align: top; width: 93%;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</td>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>SIGNATURES </b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;text-indent:29pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>PATRIOT NATIONAL BANCORP, INC.</b></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Date: February 3, 2022</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">By:</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/&nbsp;Joseph D. Perillo</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Joseph D. Perillo</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Executive Vice President and Chief Financial Officer</p>
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<TYPE>EX-2.1
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<DESCRIPTION>EXHIBIT 2.1
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">EXECUTION VERSION</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>AMENDMENT NO. 1</b><br>
<b>TO THE </b><br>
<b>MERGER AGREEMENT </b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">This Amendment No.&nbsp;1, dated as of January 28, 2022<b> </b>(this &#8220;<u>Amendment</u>&#8221;), to the Agreement and Plan of Merger, dated as of November 14, 2021 (as amended, modified or supplemented from time to time in accordance with its terms, the &#8220;<u>Merger Agreement</u>&#8221;), by and among Patriot National Bancorp, Inc., a Connecticut corporation (&#8220;<u>PNBK</u>&#8221;), Next Special, Inc., a Delaware corporation and wholly owned subsidiary of PNBK (&#8220;<u>Merger Sub</u>&#8221;), and American Challenger Development Corp, a Delaware corporation (&#8220;<u>American Challenger</u>&#8221;, and together with PNBK and Merger Sub, the &#8220;<u>Parties</u>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">WHEREAS, in accordance with Section 9.2 of the Merger Agreement, the Parties hereto wish to amend the Merger Agreement as set forth below.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. The Parties acknowledge and agree that:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1(d) of the Merger Agreement is amended and restated to read as follows:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 108pt 0pt 72pt; text-indent: 0pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">&#8220;(d)&nbsp;&nbsp;Regulatory Approval. The requisite authorizations, consents, orders or approvals or waiver thereof from the (i) OCC with respect to the OCC Application, (ii) Department of Justice and Federal Trade Commission under the HSR Act; (iii) the Federal Reserve and the Connecticut Department of Banking in respect of item 2 of Section 3.4 of the American Challenger Disclosure Schedule; and (iv) the SEC (other than for the purposes of Section 6.6 and Section 8.1(b)) shall have been obtained, and shall remain in full force and effect and all statutory waiting periods in respect thereof shall have expired (such approvals and the expiration of such waiting periods being referred to herein as the &#8220;Requisite Regulatory Approvals&#8221;).&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;A new Section 6.20 (<i>Commercial Loan Portfolio Acquisition</i>) is added to Article VI (<i>Additional Agreements</i>) of the Merger Agreement as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 50pt;"><u>Commercial Loan Portfolio Acquisition</u>.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 50pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to that certain Commercial Loan Purchase Agreement, dated as of January 28, 2022 (the &#8220;<u>LPA</u>&#8221;), by and among American Challenger, a financial services firm and certain affiliates thereof (collectively, the &#8220;<u>Sellers</u>&#8221;) and related transaction documents (collectively with the LPA, the &#8220;<u>Loan Portfolio Transaction Documents</u>&#8221;), American Challenger has agreed to acquire a commercial loan portfolio (the &#8220;<u>Commercial Loan Portfolio Acquisition</u>&#8221;) with an unpaid principal balance of at least $650 million from the Sellers for (i) an approximate aggregate purchase price of $650 million in cash (&#8220;<u>Loan Portfolio Purchase Price</u>&#8221;), (ii) a structuring and advisory fee equal to the sum of the outstanding principal balance of all commercial loans being acquired under the LPA as of the business day prior to the closing date of the Commercial Loan Portfolio Acquisition multiplied by 1.0%, which is anticipated to equal approximately $6.5 million (&#8220;<u>Structuring and Advisory Fee</u>&#8221;), and (iii) a reimbursement fee for cash incentive compensation to be paid by the Sellers to certain specified employees (the &#8220;<u>Specified Employees</u>&#8221;) in connection with the Commercial Loan Portfolio Acquisition on or prior to February 28, 2022; <u>provided,</u> <u>that</u> the aggregate of such cash incentive compensation shall not exceed $7,800,000 (such amount, as may be mutually agreed upon by Sellers and American Challenger, the &#8220;<u>Cash Compensation Reimbursement Amount</u>&#8221;). In addition, pursuant to the Loan Portfolio Transaction Documents, American Challenger agreed to (1) offer in writing to the Specified Employees deferred compensation, payable in the same amounts and on the same deferral schedule as any deferred compensation previously payable by the Sellers to such Specified Employees but forfeited by such Specified Employees in connection with the Commercial Loan Portfolio Acquisition, in an aggregate amount not to exceed $4,700,000 (such amounts, the &#8220;<u>Deferred Compensation</u>&#8221;) and (2) on or prior to the closing of the Commercial Loan Portfolio Acquisition, pay the Sellers an amount equal to the aggregate Deferred Compensation excluded from any written offer to a Specified Employee (such amounts, together with the Structuring and Advisory Fee and the Cash Compensation Reimbursement Amount, the &#8220;<u>Additional</u> <u>Payment Amount</u>&#8221;). Pursuant to the Loan Portfolio Transaction Documents, the Additional Payment Amount shall, at the Sellers&#8217; option, be payable in cash or by the receipt of warrants to purchase shares of PNBK Non-Voting Common Stock.<b> </b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 50pt;">(b) &nbsp;&nbsp;If any Specified Employee does not accept employment with American Challenger, then pursuant to the Loan Portfolio Transaction Documents American Challenger agrees pay the Sellers, in cash, a monthly fee (the &#8220;<u>Administration Fee</u>&#8221;) beginning on the first Business Day of the first (1<sup style="vertical-align:top;line-height:120%;font-size:pt">st</sup>) month following the closing date of the Commercial Loan Portfolio Acquisition and ending on the first (1<sup style="vertical-align:top;line-height:120%;font-size:pt">st</sup>) Business Day of the eighteenth (18<sup style="vertical-align:top;line-height:120%;font-size:pt">th</sup>) month thereafter. The monthly Administration Fee shall equal, for each Specified Employee that does not accept employment with American Challenger, the total annual Deferred Compensation offered to such Specified Employee by the Purchaser (which shall not be lower than the total Deferred Compensation owed to such Specified Employee by Sellers as of the date of the LPA) divided by eighteen (18). The monthly Administration Fee shall compensate the Sellers for services provided by each Specified Employee that does not accept employment with American Challenger to administer the commercial loans sold to American Challenger.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 50pt;">(c)&nbsp;&nbsp;&nbsp;In furtherance of American Challenger&#8217;s rights and obligations under the Loan Portfolio Transaction Documents, PNBK hereby undertakes the following actions immediately following: (a) the Effective Time, (b) the consummation of the Capital Raise, and (c) the time that all conditions precedent related to the consummation of the Commercial Loan Portfolio Acquisition, as set forth in the Loan Portfolio Transaction Documents related thereto, shall have been satisfied or waived in accordance with the terms of the Loan Portfolio Transaction Documents: (i)&nbsp;PNBK shall pay the Loan Portfolio Purchase Price to the Sellers in immediately available funds using cash proceeds received in the Capital Raise and (ii)&nbsp;PNBK shall pay the Additional Payment Amount to the Sellers either in cash, using cash proceeds received in the Capital Raise, or by issuing to the Sellers warrants for the purchase of PNBK Non-Voting Common Stock, with one share of PNBK Non-Voting Common Stock for every $17.69 of the Additional Payment Amount being allocated to the warrants issuable to the Sellers, and any fractional share rounded up to the nearest whole number; <u>it</u> <u>being</u> <u>understood</u>, that (A) under no circumstance shall the aggregate amount of shares underlying any warrants to Sellers for purposes of the (1) Structuring and Advisory Fee total more than 425,000 shares of PNBK Non-Voting Common Stock, (2) the Cash Compensation Reimbursement Amount total more than 441,000 shares of PNBK Non-Voting Common Stock and (3) the amounts paid in respect of the Deferred Compensation total more than 266,000 shares of PNBK Non-Voting Common Stock; and (B) any warrants issued to the Sellers will have substantially the same terms and conditions as the Warrants to be issued by PNBK in connection with the Capital Raise pursuant to Section 6.7. In addition, to the extent that any Specified Employee does not accept employment with American Challenger, following the Closing PNBK undertakes to pay the monthly Administration Fee to Sellers as described in Section 6.20(b).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Other Amendments to Merger Agreement</u>.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 72pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;On and after the date hereof, each reference in the Merger Agreement to &#8220;this Agreement&#8221;, &#8220;herein&#8221;, &#8220;hereof&#8221;, &#8220;hereunder&#8221; or words of similar import shall mean and be a reference to the Merger Agreement as amended hereby.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 72pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein, all of the other terms and conditions of the Merger Agreement remain unchanged and continue in full force and effect.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>. The provisions of Sections 9.2 &#8211; 9.15 (inclusive) of the Merger Agreement are incorporated into, and shall apply to, this Amendment, <i>mutatis mutandis. </i></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt; text-indent: 63pt;">IN WITNESS WHEREOF, this Amendment No.&nbsp;1 has been executed on behalf of each of the Parties hereto as of the date first above written.</p>

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			<p style="margin-top: 0; margin-bottom: 0;"><b>PATRIOT NATIONAL BANCORP, INC.</b></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
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			<td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0); width: 35%;" valign="top" width="35%"><font style="font-family:'Times New Roman', Times, serif; font-size:10pt">/s/&nbsp;</font>Michael Carrazza</td>
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			<td style="width: 35%;" valign="top" width="35%">Name: Michael Carrazza</td>
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			<td style="width: 35%;" valign="top" width="35%">Title: Chairman</td>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>Michael Carrazza</p>
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			<p style="margin-top: 0; margin-bottom: 0;">Name: Michael Carrazza<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;">Title: Chairman<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><b>AMERICAN CHALLENGER DEVELOPMENT CORP.</b><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 50%;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 3%;" valign="top" width="3%">&nbsp;</td>
			<td style="width: 3%;" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td align="left" nowrap="nowrap" style="width: 35%;" valign="bottom" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 9%;" valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td align="left" style="text-align: left; width: 50%;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="text-align: left; width: 3%;" valign="top" width="3%">&nbsp;</td>
			<td style="text-align: left; width: 3%;" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
			</td>
			<td align="left" nowrap="nowrap" style="border-bottom: 1px solid rgb(0, 0, 0); width: 35%;" valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>Felix Scherzer</p>
			</td>
			<td style="width: 9%; border-bottom: 1px solid rgb(0, 0, 0);" valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 50%;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 3%;" valign="top" width="3%">&nbsp;</td>
			<td style="width: 3%;" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 35%;" valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">Name: Felix Scherzer<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 9%;" valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td style="width: 50%;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 3%;" valign="top" width="3%">&nbsp;</td>
			<td style="width: 3%;" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 35%;" valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">Title: President<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
			<td style="width: 9%;" valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
			</td>
		</tr>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 234pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><i>[Signature Page to Amendment No. 1 to the Merger Agreement]</i></p>

<p style="text-align: center; margin: 0pt;">&nbsp;</p>

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