Company: PNBK
Filing Date: 2025-05-16
Form Type: PRE 14A
Source: 0001140361-25-019517
Chunk: 34

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-16
Form: PRE 14A
Chunk 34
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 transferred by a participant to a family member (as defined in the Omnibus Equity Incentive Plan) or as otherwise expressly permitted by the Compensation Committee, subject to restrictions set forth in the Omnibus Equity Incentive Plan. SARs. SARs issued under the Omnibus Equity Incentive Plan may be “Tandem SARs,” which are granted in conjunction with a stock option, or “Free-Standing SARs,” which are not granted in conjunction with a stock option. A SAR is a right to receive a payment in cash, shares of common stock or a combination of cash and shares of common stock, in an amount equal to the product of (i) the excess of the fair market value of one share as of the exercise date over the exercise price of the applicable SAR, multiplied by (ii) the number of shares in respect of which the SAR has been exercised. The exercise price per Free-Standing SAR may not be less than the fair market value of a share of common stock on the date the SAR is granted. A Tandem SAR shall have the same exercise price as the related stock option. SARs are exercisable as determined by the Compensation Committee and specified in the applicable award agreement. No SAR will be exercisable later than ten years after the date it is granted. A participant may not receive dividends or dividend equivalents with respect to SARs.

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No Free-Standing SAR will be transferable otherwise than by will or the laws of descent and distribution. The Compensation Committee may permit a Free-Standing SAR to be transferred by a participant to a “family member” (as defined in the Omnibus Equity Incentive Plan) or as otherwise expressly permitted by the Compensation Committee, subject to restrictions set forth in the Omnibus Equity Incentive Plan. A Tandem SAR will be transferable only with the related stock option. Restricted Stock and RSUs. Each award of restricted stock or RSUs will be subject to such terms and conditions consistent with the Omnibus Equity Incentive Plan as determined by the Compensation Committee and as set forth in the applicable award agreement. The conditions for grant or vesting and the other provisions of awards of restricted stock or RSUs need not be the same with respect to each recipient. Restricted shares granted under the Omnibus Equity Incentive Plan are, for a period of time determined by the Compensation Committee, subject to forfeiture if certain conditions established by the Compensation Committee, including performance goals set by the Compensation Committee, are not met. An RSU is an award