Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 191

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 191
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 SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

On May 13, 2025, two noteholders of the Senior Notes converted $1.90 million of the aggregate principal and interests of the Notes into 2,529,275 shares of Common Stock. On June 3, 2025, the Company entered into a Securities Purchase Agreement with accredited investors, facilitating a registered direct offering. The Company issued and sold 8,524,160 shares of its Common Stock, at a price of $1.25 per share. The net proceeds of the offering was approximately $10.47 million after estimated expenses. On July 3, 2025 all Series A Preferred Stock was converted into 7,266,560 shares of the Company’s Common Stock.During the three and nine months ended September 30, 2025, the Company granted restricted stock units (“RSUs”) and stock options under the 2025 Plan as part of its equity compensation program. Each RSU grants the recipient the right to receive one share of Common Stock on settlement. For the three months ended September 30, 2025, the Company granted an aggregate of 1,501,667 RSUs, and for the nine months ended September 30, 2025, the Company granted an aggregate of 10,254,187 RSUs. The RSUs generally vest in equal annual installments over a three-year period from the grant date, subject to continued service. A portion of the RSUs granted during the period vest in equal monthly installments over 12 and 36 months, also subject to continued service.Information regarding the Company’s stock option grants during the period is provided in Note 8 – Share-Based Compensation and Employee Benefit Plan.On July 25, 2025, Unity Bancorp Inc. provided the Company with formal notice of its desire to convert 100% of its outstanding principal balance and accrued unpaid interest of its Amended Senior Note, in an aggregate amount of approximately $2.0 million, into 2,673,369 shares of Common Stock at $0.75 per share. On July 26, 2025, American Bank Incorporated provided the Company with formal notice of its desire to convert 100% of its outstanding principal balance and accrued unpaid interest of its Amended Senior Note, in an aggregate amount of $0.8 million, into of 1,071,258 shares of Common Stock at $0.75 per share.On August 29,