Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 43

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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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 30, 2024108,839$4.16

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

The Company recognizes compensation expense for all director and employee share-based compensation awards on a straight-line basis over the requisite service period, which is equal to the vesting schedule of each award, for each vesting portion of an award equal to its grant date fair value.For the three and six months ended June 30, 2025, the Company recognized credits in total RSA share-based compensation expense of $(70,000) and $(16,000), respectively, primarily due to RSA forfeitures in the second quarter of 2025. For the three-month period, the credit included $(74,000) related to employees' RSA and $4,000 for directors' RSA compensation. For the six-month period, the credit comprised $(29,000) for employees' RSA compensation and $13,000 for directors' RSA compensation. The directors received total compensation of $64,000 and $73,000 for the three and six months ended June 30, 2025, respectively, which amounts are included in other operating expenses in the Consolidated Statements of Operations.For the three and six months ended June 30, 2024, the Company recognized total RSA share-based compensation expense of $41,000 and $65,000, respectively. The share-based compensation attributable to employees of Patriot amounted to $30,000 and $45,000, respectively. Included in share-based compensation expense were $11,000 and $20,000 attributable to Patriot’s external directors, who received total compensation of $60,000 and $128,000 for each of those periods, respectively.Unrecognized compensation expense attributable to the unvested restricted RSAs outstanding as of June 30