Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 46

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 that may be granted under the 2025 Plan is capped at twenty percent (20%) of the total outstanding shares of Common Stock, including both voting and non-voting shares, with a minimum threshold of 10,000,000 shares.The following is a summary of the status of the Company’s restricted stock units under the 2025 Plan and changes for the three and nine months ended September 30, 2025:Three months ended September 30, 2025:Number ofRestricted Stock UnitesWeighted Average Grant DateFair ValueUnvested at June 30, 20257,165,122$1.00Granted3,223,695$1.04Vested(1,167,297)$1.00Unvested at September 30, 20259,221,520$1.01Nine months ended September 30, 2025:Number ofRestricted Stock UnitesWeighted Average Grant DateFair ValueUnvested at December 31, 2024— $—Granted11,401,215$1.01Vested(2,179,695)$1.00Unvested at September 30, 20259,221,520$1.01The Company recognizes compensation expense for all RSUs on a straight-line basis over the vesting schedule of each award, for each vesting portion of an award equal to its grant date fair value. For the three and nine months ended September 30, 2025, the Company recognized total share-based compensation expense for RSUs of $1.7 million and $3.1 million, respectively.

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

Unrecognized compensation expense attributable to the unvested RSUs outstanding as of September 30, 2025 amounted to $8.8 million, which amount is expected to be recognized over the weighted average remaining life of the awards of 1.44 years.Stock Options On June 26, 2025, the Company granted stock options to purchase 400,000 shares of Common Stock at an exercise price of $1.40 per share. The options vest and become exercisable starting on the grant date, subject to the terms and conditions outlined in the 2025 Plan and award agreement, including any applicable acceleration provisions.On July 30, 2025, the Company granted stock options to purchase 450,000 shares of Common Stock at