Company: PNBK
Filing Date: 2025-08-26
Form Type: 8-K
Source: 0001628280-25-041173
Chunk: 2

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-26
Form: 8-K
Item: Item 5.02
Chunk 2
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Approval of Compensation to Directors

On August 20, 2025, the Board of Directors of the Company (the “ Board”) and the Board of Directors of Patriot Bank, N. A. (the “ Bank Board”), the wholly-owned subsidiary of the Company (the “ Bank”), upon recommendation of the Compensation and Nomination Committees of each of the Company and the Bank, approved the issuance of following compensation to the directors of the Company and the Bank:

• Each independent director of the Company shall be awarded annual cash compensation of $50,000, and an annual grant of restricted stock units with a grant date value of $75,000, provided the initial grant date shall be July 1, 2025;

• Each independent director of the Bank shall be awarded annual cash compensation of $20,000, and an annual grant of restricted stock units with a grant date value of $25,000, provided the initial grant date shall be July 1, 2025;

• The Chairs of the committees of the Board and Bank Board shall be awarded additional cash compensation according to the following schedule commencing July 1, 2025:

  Audit Committee                                                      $15,000  
  Compensation, Nominating and Governance Committee                     $5,000  
  Strategic and Executive Committee                                     $5,000  
  Enterprise Risk and Compliance Committee                             $10,000  
  Enterprise Risk and Compliance Committee - Credit Sub Committee      $10,000  
  Community Development Committee                                       $5,000  

Appointment of the Chairman of the Board

On August 20, 2025, the Board appointed Steven Sugarman, the current President and Chief Executive Officer of the Company, as the Chairman of the Board, effective as of October 1, 2025. Mr. Sugarman’s biographical information and information related to his compensation and related party transactions have been previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on March 21, 2025 and the Company’s definitive proxy statement filed with the SEC on May 27, 2025, and such information is incorporated herein by reference.

In connection with the appointment of Mr. Sugarman, the Board accepted Mr. Michael Carrazza’s resignation as the Chairman of the Board, effective as of October 1, 2025, and appoints Mr. Carrazza as