Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 38

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 during a single fiscal year to any non-employee director, together with any cash fees paid to such director, to be no more than a total value of $300,000. As of March 31, 2025, 74,540 shares of stock were available for issuance under the Plan. In accordance with the terms of the Plan, the vesting of RSAs may be accelerated at the discretion of the Compensation Committee of the Board of Directors. The Compensation Committee sets the terms and conditions applicable to the vesting of RSAs. RSAs granted to directors and employees generally vest in quarterly or annual installments over a three, four or five year period from the date of grant.The following is a summary of the status of the Company’s restricted shares under the Amended and Restated 2020 Plan and changes for the three months ended March 31, 2025 and 2024:Three months ended March 31, 2025:Number ofShares AwardedWeighted Average Grant DateFair ValueUnvested at December 31, 2024146,185$2.87Unvested at March 31, 2025146,185$2.87Three months ended March 31, 2024Number ofShares Awarded Weighted AverageGrant DateFair ValueUnvested at December 31, 202317,506$6.09Granted10,159$3.79Unvested at March 31, 202427,665$5.24The Company recognizes compensation expense for all director and employee share-based compensation awards on a straight-line basis over the requisite service period, which is equal to the vesting schedule of each award, for each vesting portion of an award equal to its grant date fair value.

Unrecognized compensation expense attributable to the unvested restricted shares outstanding as of March 31, 2025 amounted to $374,000, which amount is expected to be recognized over the weighted average remaining life of the awards of 2.0 years.

For the three months ended March 31, 2025, the Company recognized total share-based compensation expense of $181,000. The share-based compensation attributable to employees of Patriot amounted to $172,000. Included in share-based compensation expense attributable to Patriot’s external directors, were $9,000. The directors received total compensation of $9,000, which amounts are included in other operating expenses in the consolidated statements of operations.For the three months ended March 31, 2024, the Company recognized