Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 44

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 primarily to (i) reduce the total number of shares authorized for issuance thereunder from 3,000,000 shares to 400,000 shares; and (ii) limit the maximum number of shares of Company’s Common Stock granted during a single fiscal year to any non-employee director, together with any cash fees paid to such director, to be no more than a total value of $300,000. As of September 30, 2025, 200,342 shares of stock were available for issuance under the Plan. In accordance with the terms of the Plan, the vesting of RSAs may be accelerated at the discretion of the Compensation Committee of the Board of Directors. The Compensation Committee sets the terms and conditions applicable to the vesting of RSAs. RSAs granted to directors and employees generally vest in quarterly or annual installments over a three, four or five year period from the date of grant.The following is a summary of the status of the Company’s restricted shares under the Amended and Restated 2020 Plan and changes for the three and nine months ended September 30, 2025 and 2024:Three months ended September 30, 2025:Number ofShares AwardedWeighted Average Grant DateFair ValueUnvested at June 30, 202515,280$4.78Vested— $—Forfeited— $—Unvested at September 30, 202515,280$4.78Nine months ended September 30, 2025:Unvested at December 31, 2024146,185$2.87Vested(5,103)$6.86Forfeited(125,802)$3.08Unvested at September 30, 202515,280$4.78Three months ended September 30, 2024Number ofShares Awarded Weighted AverageGrant DateFair ValueUnvested at June 30, 2024108,839$4.16Granted53,125$1.60Unvested at September 30, 2024161,964$3.32Nine months ended September 30, 2024:Unvested at December 31, 202317,506$6.09Granted144,458$2.98Unvested at September 30, 2024161,964$3.32

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to