Company: PNBK
Filing Date: 2025-05-16
Form Type: PRE 14A
Source: 0001140361-25-019517
Chunk: 35

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-16
Form: PRE 14A
Chunk 35
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 denominated in shares that will be settled, subject to the terms and conditions of the RSUs, in an amount in cash, shares, or both. The Compensation Committee will establish the terms and conditions upon which the restrictions on those shares or units will lapse. Participants holding restricted shares may have such rights with respect to such shares as may be determined by the Compensation Committee and set forth in the applicable award agreement, including the right to vote such shares and the right to receive dividends. Participants holding RSUs do not possess any voting rights with respect to those units. The Plan provides that dividends on restricted shares will be paid only to the extent the underlying award vests. During the restriction period set by the Compensation Committee, the participant may not sell, assign, transfer, pledge or otherwise encumber restricted stock or RSUs awarded under the Omnibus Equity Incentive Plan. The vesting provisions of each award of restricted stock or RSUs will be set forth in the applicable award agreement or other document approved by the Compensation Committee. Performance Units. The Plan provides for the award of performance units either alone or in conjunction with other awards granted under the Omnibus Equity Incentive Plan. The performance goals to be achieved during any performance period and the length of the performance period will be determined by the Compensation Committee upon the grant of the performance award, provided that the length of the performance period shall be no less than a fiscal quarter. The conditions for grant or vesting and the other provisions will be set forth in the applicable award agreement or other document approved by the Compensation Committee. Other Stock-Based Awards. The Plan provides that other stock-based awards may be granted either alone or in conjunction with other awards granted under the Omnibus Equity Incentive Plan, provided that any other stock-based awards that are awards of common stock that are unrestricted shall only be granted in lieu of other compensation due and payable to the participant. Termination of Employment Unless otherwise provided in the applicable award agreement, in case of the termination of employment (as defined in the Omnibus Equity Incentive Plan) of a participant, outstanding stock options and SARs will be subject to the following treatment:

| • | unvested stock options and SARs will be forfeited; |

| • | vested and exercisable stock options and SARs will expire immediately if the participant is terminated for cause; |

| • | vested and exercisable stock options and SARS will expire on the earliest to occur of: |

| • | if the participant’s termination of employment occurs for reasons other than retirement, cause