Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 34

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 34
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 employees and consultants of the Company and its “subsidiaries” (as defined in the Omnibus Equity Incentive Plan) and “affiliates” (as defined in the Omnibus Equity Incentive Plan) are eligible to receive awards under the Omnibus Equity Incentive Plan; provided, however, that ISOs may be granted only to employees of the Company and its subsidiaries or parent corporation (within the meaning of Section 424(f) of the Code). As of the date hereof, it is anticipated that approximately 112 persons would be eligible to receive awards under the Omnibus Equity Incentive Plan. Types of Awards The following types of awards may be granted under the Omnibus Equity Incentive Plan:

| • | options (both ISOs and nonqualified options); |

| • | stock appreciation rights (“SARs”); |

| • | restricted stock; |

| • | restricted stock units (“RSUs”); |

| • | performance units; and |

| • | other stock-based awards. |

Options. Options granted under the Omnibus Equity Incentive Plan may be ISOs (qualifying for favorable income tax treatment under Section 422 of the Code) or nonqualified stock options. A description of the tax treatment of stock options appears below under the heading “Federal Income Tax Information.” The Compensation Committee will determine the exercise price at which shares underlying a stock option may be purchased. The exercise price per share subject to an option granted under the Omnibus Equity Incentive Plan must be equal to at least 100% of the “fair market value” (as defined the Omnibus Equity Incentive Plan) of a share of common stock as of the date of the grant of the option. The exercise price of a stock option may be paid pursuant to one or more of the following methods, as determined by the Compensation Committee and set forth in the award agreement:, certified or bank check, by delivering unrestricted shares of common stock owned by the participant (or attesting to ownership of such shares) or by permitting the Company to withhold shares of common stock for which the stock option is exercisable. Stock options granted under the Omnibus Equity Incentive Plan are exercisable as determined by the Compensation Committee and specified in the applicable award agreement. In no event will a stock option be exercisable after ten years (or 5 years in the case of certain ISOs) from the date of grant. A participant may not receive dividends or dividend equivalents with respect to stock options. No option will