Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 181

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 181
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, and became effective on that date.  The 2025 Plan is designed to provide the Company with a competitive advantage in attracting, retaining, and motivating officers, employees, directors, and consultants by offering incentives directly linked to shareholder value. The Compensation Committee of the Board will administer the Plan.Under the 2025 Plan, various types of awards can be issued, including Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units (RSUs), Performance Units, and Other Stock-Based Awards, as defined within the Plan. The maximum number of shares of Common Stock, Options, and/or Stock Appreciation Rights that may be granted under the Plan is capped at twenty percent (20%) of the total outstanding shares of Common Stock, including both voting and non-voting shares, with a minimum threshold of 10,000,000 shares.The following is a summary of the status of the Company’s restricted stock units under the 2025 Plan and changes for the three and six months ended June 30, 2025:Three months ended June 30, 2025:Number ofRestricted Stock UnitesWeighted Average Grant DateFair ValueUnvested at March 31, 20254,049,593$1.00Granted4,127,927$1.00Vested(1,012,398)$1.00Unvested at June 30, 20257,165,122$1.00Six months ended June 30, 2025:Number ofRestricted Stock UnitesWeighted Average Grant DateFair ValueUnvested at December 31, 2024— $—Granted8,177,520$1.00Vested(1,012,398)$1.00Unvested at June 30, 20257,165,122$1.00

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

The Company recognizes compensation expense for all RSUs on a straight-line basis over the vesting schedule of each award, for each vesting portion of an award equal to its grant date fair value. For the three and six months ended June 30, 2025, the Company recognized total share-based compensation expense for RSUs of $1.1 million and $1.3 million, respectively.Unrecognized compensation expense attributable to the unvested RSUs outstanding as of June 30, 2025 amounted to $6.9 million,