Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 39

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 39
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 of consideration, or if the value of outstanding shares of common stock is substantially reduced as a result of a “disaffiliation” (as defined in the Omnibus Equity Incentive Plan), separation or spinoff or the Company’s payment of an extraordinary dividend or distribution, then |

| • | the aggregate number and kind of shares of common stock or other securities available for issuance under the Omnibus Equity Incentive Plan, |

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| • | the various maximum limitations on the number of shares, options and/or SARs that may be granted pursuant to awards under the Omnibus Equity Incentive Plan and the maximum limitations on the number of awards which any individual may receive in any year, |

| • | the kind and number of shares covered by outstanding awards, and |

| • | the exercise price of outstanding awards |

will be equitably adjusted by the Compensation Committee to reflect any increase or decrease in the number of, or change in the kind or value of, the issued shares of common stock to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under the Omnibus Equity Incentive Plan and such outstanding awards. Any adjustment made need not be the same for all participants. The Compensation Committee may adjust the performance goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis or the Company’s SEC filings. The Compensation Committee has the sole discretion and authority to determine what appropriate adjustments should be made and any adjustments determined by the Compensation Committee will be final, binding and conclusive. Repayment All awards under the Omnibus Equity Incentive Plan will be subject to any clawback policy that may be adopted by the Company from time to time or any recoupment requirement imposed under applicable laws, rules, regulations, or stock exchange listing standards, if any. Repricing of Options and SARs In no event may any stock option or SAR granted under the Omnibus Equity Incentive Plan be amended, other than in connection with adjustments due to changes in the Company’s capital structure described above, to decrease the exercise price thereof, be cancelled in exchange for cash or other awards or in conjunction with the grant of any new stock option or Free-Standing SAR with a lower exercise price, or otherwise be subject to any