Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 9

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 9
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15, 2025, the Board expanded the size of the Board to eight members, subject to the election of eight nominees at the Annual Meeting and subject to the Company’s receipt of the approval from the Board of Governors of the Federal Reserve System (the “FRB”) with respect to the following director nominees: Alon Abady, Anahit Magzanyan, Carlos Salas and Mario De Tomasi. Pursuant to the Purchase Agreements entered into in connection with the Private Placement, each Co-Lead Investor who, together with its affiliates holds, in the aggregate, shares of common stock equal to at least 4.9% of shares of common stock then outstanding has the right to designate one director for election to the Board (each, a “Board Representative”), and the Company is required to promptly cause such Board Representatives to be elected or appointed to the Board. Moniqua 30, LLC, one of the Co-Lead Investors, designated, and the Board, upon the recommendation of the Nominating and Governance Committee, nominated, Alon Abady for election as a director at the Annual Meeting, subject to the receipt of the FRB approval. The Board also nominated, upon the recommendation of the Nominating and Governance Committee, each of the following individuals for election as a director at the Annual Meeting: (i) Michael A. Carrazza, Steven A. Sugarman, Edward N. Constantino and Emile Van Den Bol, each an incumbent director, and (ii) Anahit Magzanyan, Carlos Salas and Mario De Tomasi to, subject to the receipt of the FRB approval, fill in the vacancies left by the departure of Mr. Lowery and in connection with Mr. Weinbaum and Ms. Doherty not standing for re-election to the Board at the Annual Meeting. The nominations were based, in part, on the nominees’ various experiences, skills, and qualifications. The Board believes these attributes help enable the Board to provide insightful leadership and oversight. The following table sets forth the name, age, position with the Company, as of the date of this proxy statement, of each nominee for director:

| Name                  |     | Age |     | Current Position with the Company                                                        |
| Michael A. Carrazza   |     |  59 |     | Director and Chairman of the Board of Directors                                          |
| Steven A. Sugarman    |     |  50 |     | Director and President of the Company, President and Chief Executive