Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 61

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 11
Chunk 61
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116

Table of Contents

(1)(2) The “All Other Compensation” column for the fiscal year ended December 31, 2024 and 2023 includes the following compensation items:

20242023Named Executive OfficerContribution to 401(k) PlanCar AllowanceTotalContribution to 401(k) Plan Car AllowanceTotal David Lowery$9,885 $— $9,885 $9,646 $— $7,590 Joseph D. Perillo6,272 5,500 11,772 8,262 6,000 12,150 Alfred Botta10,350 — 10,350 9,900 — 12,840 Thomas Slater1,573 — 1,573 650 — 650 Steven Grunblatt8,111 — 8,111 8,084 — 8,084 

Outstanding Equity Awards at Fiscal Year-End

The following Executive Officers of the Company and the Bank had unvested equity awards at December 31, 2024:

NameNumber of Unvested Equity AwardsDavid Lowery68,790 Thomas Slater5,103 Steven Grunblatt1,496 David Finn53,125 Frederick K. Staudmyer2,639 

Executive Compensation Incentive Plan

In 2017, the Company adopted the Executive Compensation Incentive Plan, referred to as the “2017 Plan.” The 2017 Plan applies to the President and all Executive Vice Presidents at Patriot Bank. The 2017 plan was developed in order to attract, retain and motivate key executives by offering compensation incentives for delivering pre-defined budgeted operating results. The 2017 Plan is market competitive and designed to promote safe and sound business practices, where compensation objectives and risk taking are responsible, within policy guidelines and compatible with effective controls and risk-management. The 2017 Plan provides for awards based on a balance of bank results and individual executive performance. Awards are paid 50% in cash and 50% in restricted stock awards vesting over three years granted under the 2020 Plan. There were no awards issued under the Executive Compensation Incentive Plan during 2024 and 2023.

401(k) Plan

Patriot Bank maintains a tax-qualified 401(k) Plan under Section 401(a) of the Code with a cash or deferred arrangement under Section 401(k) of