Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 179

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 179
---
2020 Plan”), which was approved and ratified by shareholders of the Company on December 14, 2022.The 2020 Plan was amended 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 June 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 six months ended June 30, 2025 and 2024:Three months ended June 30, 2025:Number ofShares AwardedWeighted Average Grant DateFair ValueUnvested at March 31, 2025146,185$2.87Vested(5,103)$6.86Forfeited(125,802)$3.08Unvested at June 30, 202515,280$4.78Six months ended June 30, 2025:Unvested at December 31, 2024146,185$2.87Vested(5,103)$6.86Forfeited(125,802)$3.08Unvested at June 30, 202515,280$4.78Three months ended June 30, 2024Number ofShares Awarded Weighted AverageGrant DateFair ValueUnvested at March 31, 202427,665$5.24Granted81,174$3.79Unvested at June 30, 2024108,839$4.16Six months ended June 30, 2024:Unvested at December 31, 202317,506$6.09Granted91,333$3.79Unvested at June