Company: PNBK
Filing Date: 2025-08-05
Form Type: 8-K
Source: 0001437749-25-024898
Chunk: 2

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-05
Form: 8-K
Item: Item 3.02
Chunk 2
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 has also led certain of The Change Company subsidiaries as Chief Executive Officer, including Change Lending, LLC from 2021 to April 2025. From 2012 to 2019, Mr. Salas served as President and Chief Executive Officer of a national securities clearing firm, Axos Clearing LLC (previously COR Clearing LLC), and Chief Financial Officer of its parent company until their successful sale to Axos Financial, LLC. In 2016 and 2017, Mr. Salas served as Executive Vice President and Chief of Staff of Banc of California, Inc. (NYSE: BANC) and its subsidiary bank. From 2004 to 2010, Mr. Salas was a co-founder of Dolphin Advisors, L. L. C., which managed a private-equity investment fund focused on middle-market opportunities, and served on various public boards of directors of its portfolio companies. Before joining Dolphin Advisors, Mr. Salas was an investment banker with Donaldson, Lufkin & Jenrette, Inc. (“ DLJ”) and, after their merger, Credit Suisse First Boston in their Los Angeles offices. Prior to joining DLJ, Mr. Salas practiced law with Cleary, Gottlieb, Steen & Hamilton in New York. Mr. Salas earned his Bachelor of Arts degree from NYU and his Juris Doctor from University of Chicago Law School.

The Company entered into an employment agreement with Mr. Salas (the “ Salas Employment Agreement”), pursuant to which: (i) Mr. Salas will serve as the Chief Financial Officer (having received all required regulatory non-objections) until April 30, 2028, subject to automatic renewal of additional two years, unless terminated earlier; (ii) Mr. Salas shall receive an annual base salary of no less than $250,000 and be eligible for an annual bonus in the form of an award in cash and/or under the Company’s 2025 Omnibus Stock Incentive Plan, based on the attainment of performance objectives determined and established by the Compensation Committee of the Board in consultation with Mr. Salas, with an annual base target of at least 50% of the annual base salary; and (iii) discretionary performance bonus payments based on the achievement of performance objectives that may be provided by the Board from time to time.

Mr. Salas will receive an initial equity award of 1,000,000 restricted stock units with a three-year vesting schedule (the “ Initial Equity Award”), and after