Company: PNBK
Filing Date: 2025-05-16
Form Type: PRE 14A
Source: 0001140361-25-019517
Chunk: 31

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-16
Form: PRE 14A
Chunk 31
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 PROPOSAL The adoption of the Omnibus Equity Incentive Plan has been approved by the Board in connection with our consummation of the Private Placement, subject to approval by Patriot’s shareholders. The Board believes that the Omnibus Equity Incentive Plan will be an important factor in attracting, retaining and motivating employees (including prospective employees), non-employee directors and consultants of Patriot. Shareholder approval of the equity-based compensation of directors, officers, employees and consultants of Patriot and its subsidiaries under the Omnibus Equity Incentive Plan is required by the corporate governance rules of Nasdaq and to grant incentive stock options. If the Omnibus Equity Incentive Plan is not approved by the shareholders at the Annual Meeting, it will remain in effect for purposes of making cash awards. The adoption of the Omnibus Equity Incentive Plan for the purposes of granting equity-based compensation is conditioned upon the approval of Proposal 3, Charter Proposal. If we fail to obtain sufficient votes for the Charter Proposal, we may not have enough shares authorized under our current certificate of incorporation to issue equity grants under the Omnibus Equity Incentive Plan. The material terms of the Omnibus Equity Incentive Plan are summarized below. This summary of the Omnibus Equity Incentive Plan is not intended to be a complete description of the Omnibus Equity Incentive Plan and is qualified in its entirety by reference to the complete text of the Omnibus Equity Incentive Plan, a copy of which is attached to this proxy statement as Annex A. Capitalized terms used in this summary and not otherwise defined herein will have the meanings ascribed to such terms in the Omnibus Equity Incentive Plan. Summary of the Omnibus Equity Incentive Plan Administration The Compensation Committee, or such other committee of the Board as the Board may from time to time designate, will be the administrator of the Omnibus Equity Incentive Plan and has the power to interpret the Omnibus Equity Incentive Plan’s terms and provisions. All determinations by the Compensation Committee or any appropriately delegated officer will be final, binding and conclusive on all persons, including the Company and participants in the Omnibus Equity Incentive Plan. Subject to the terms and conditions of the Omnibus Equity Incentive Plan, the Compensation Committee has plenary authority to determine the persons to receive awards, the form, amount and timing of such awards, the terms and provisions of such awards, the award agreements evidencing such awards, to adopt, alter and repeal such administrative rules, guidelines and practices governing