Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 22

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 22
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 equity grant of restricted stock units with a grant date value of approximately $14,346 for Edward N. Constantino, Emile Van den Bol, Michael J. Weinbaum, and Grace Doherty. The restricted stocks will vest in full in four equal annual installments, beginning on the first anniversary of the grant date.The Company’s directors are also reimbursed for reasonable and necessary out-of-pocket expenses incurred in connection with their service to the Company, including travel expenses. Board fees were suspended in November 2024 and continue to be suspended as of the date of this proxy statement.

15

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS There are no family relationships among our executive officers and directors. In the ordinary course of business, the Bank has made loans to officers and directors (including loans to members of their immediate families and loans to companies of which a director owns 10% or more). In the opinion of management, all of such loans were made in the ordinary course of business of the Bank on substantially the same terms, including interest rates and collateral requirements, as those then prevailing for comparable transactions with persons not related to the lender. The Bank believes that at the time of origination such loans did not involve more than the normal risk of collectability or present any other unfavorable features. There were no loans to officers and directors outstanding as of December 31, 2024 and 2023. Deposits from related parties aggregated $63,000 and $64,000 as of December 31, 2024 and 2023, respectively. Steven and Ainslie Sugarman Living Trust, of which Mr. Sugarman, who is the President, a member of our Board and a director nominee, is a trustee, HECA Management LLC, of which Carlos P. Salas, our director nominee, is a managing member, and Mario De Tomasi, our director nominee, invested in our securities as part of the Private Placement. Alon Abady, our director nominee, invested in our securities through Moniqua 30, LLC and Horizon Trust FBO Alon Abady IRA, as part of the Private Placement. Steven and Ainslie Sugarman Living Trust and Moniqua 30, LLC invested in shares of both common stock and Series A Preferred Stock, as part of the Private Placement. Mr. Sugarman was our President and director at the time of the Private Placement. There were no arrangements in place related to Carlos Salas’, Mario De Tomasi’s and Alon Abady’s service