Company: PNBK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001628280-25-017837
Chunk: 66

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-04-15
Form: 10-K
Item: Item 12
Chunk 66
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000,000(6)8.1 %Patriot 26, LLC4,666,667(7)6.3 %Moniqua 30, LLC3,866,720(8)5.2 %

*Less than one percent (1%)

119

Table of Contents

(1)On March 20, 2025, the Steven and Ainslie Sugarman Living Trust, a revocable living trust for the benefit of Steven Sugarman and Ainslie Sugarman (the "Trust"), acquired 7,019,978 shares of Common Stock in the Private Placement. Based solely on the information set forth in the Schedule 13D filed with the SEC on April 2, 2025, Steven and Ainslie Sugarman Living Trust (the “Sugarman Trust”) is a revocable living trust for the benefit of Steven Sugarman and Ainslie Sugarman. Steven Sugarman and his spouse, Ainslie Sugarman, as trustees of the Sugarman Trust, therefore may be deemed to have voting and dispositive power over the securities held by the Sugarman Trust. The address of the Sugarman Trust is c/o Patriot National Bancorp, Inc., 900 Bedford Street, Stamford, Connecticut 06901. The Trust also holds 19,167 shares of Series A Non-Cumulative Perpetual Convertible Preferred Stock, convertible into 1,533,333 shares of Common Stock, and an additional 5,833 shares of Series A Preferred Stock convertible into 466,667 shares of Common Stock, as reimbursement for Mr. Sugarman's legal fees and expenses related to the Private Placement. The conversion of these preferred shares is subject to a limitation that prevents the Reporting Persons from becoming the beneficial owner of more than 9.99% of the Issuer's voting securities.Additionally, Mr. Sugarman, who serves as President and a member of the Board of Directors of the Company, was granted Restricted Stock Units ("RSUs") under an Employment Agreement effective March 20, 2025. These RSUs vest in twelve equal monthly installments starting from March 20, 2025, and will be settled on March 20, 2026. If the Issuer's 2025 Omnibus Equity Incentive Plan is approved by shareholders, each vested RSU will be settled in one share of Common Stock, up to a total of 4,049,593 shares. If the Plan is not approved, the RS