Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 37

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 37
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 expire on the earliest to occur of: |

| • | if the participant’s termination of employment occurs for reasons other than retirement, cause, disability, or death, the three-year anniversary of such termination of employment; |

| • | if the Participant’s termination of employment occurs by reason of disability or death, the three-year anniversary of such termination of employment; |

| • | if the participant’s termination of employment occurs by reason of retirement, in the case of incentive stock options, the three-year anniversary of such termination of employment and, in the case of nonqualified options and SARS, the five-year anniversary of such termination of employment; and |

| • | the last day of the term of the stock option or SAR. |

28

The effect of termination of employment on unvested restricted stock awards and RSUs will be set forth in the applicable award agreement. Change in Control Unless provided otherwise in the applicable award agreement, in the event of a “change in control” (as defined in the Omnibus Equity Incentive Plan):

| • | if equivalent replacement awards are not substituted for awards granted and outstanding under the Omnibus Equity Incentive Plan at the time of such change in control, then any outstanding options and SARS shall will become fully vested and exercisable, all full-value awards (as defined in the Omnibus Equity Incentive Plan) other than performance-based awards will vest in full and all performance-based awards will vest based on performance, with all performance goals deemed achieved at the greater of (i) the applicable target level and (ii) the level of achievement of the performance goals through the last date prior to the change in control that the performance goals can be measured. |

| • | if equivalent replacement awards are substituted for awards granted and outstanding under the Omnibus Equity Incentive Plan at the time of such change in control, vesting of unvested awards will not accelerate. However, such replacement awards will (i) vest in full, be free of restrictions and be deemed earned in full to the full value of the replacement award and (ii) unless otherwise provided in the applicable award agreement, any Option or SAR held by the participant as of the date of the change in control that remains outstanding as of the date of such termination of employment may thereafter be exercised, until (A) in the case of ISOs, the last date on which such ISOs would be exercisable in the event of a termination of employment prior to a change in control, and (B) in the case of