Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 29

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 29
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     |  8,111 |     |           8,084 |     |         — |     |  8,084 |

22

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:

| Name                   |     | Number of Unvested Equity Awards |
| David Lowery           |     |                           68,790 |
| Thomas Slater          |     |                            5,103 |
| Steven Grunblatt       |     |                            1,496 |
| David Finn             |     |                           53,125 |
| Frederick K. Staudmyer |     |                            2,639 |

Executive Compensation Incentive Plan In 2017, the Company adopted the Executive Compensation Incentive Plan (the “2017 Plan”). The 2017 Plan applies to the President and all Executive Vice Presidents at the 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 The 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 the Code. Employees become eligible to make salary reduction contributions to the 401(k) Plan on the first day of the month coinciding with or next following the date that the employee has attained 21 years of age and completed 1 month of service. Employees become eligible to receive any matching or discretionary contributions made to the 401(k) by the Bank after the completion of six months and at least 500 hours of service. Under the 401(k) Plan, participants may elect to have the Bank contribute a portion of their compensation each year, subject to certain limitations imposed by the Code. The 401(k) Plan permits the Bank to make discretionary matching and additional discretionary