Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 44

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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, 2025 amounted to $56,000, which amount is expected to be recognized over the weighted average remaining life of the awards of 2.0 years.

2025 Omnibus Equity Incentive PlanOn March 20, 2025, the Company completed a $57.75 million private placement (the "Private Placement"). In connection with the Private Placement, the Company’s Board of Directors has approved the 2025 Omnibus Equity Incentive Plan (the “2025 Plan”) in March 2025. The 2025 Plan received shareholder approval at the shareholders' meeting on June 26, 2025, and became effective on that date.  The 2025 Plan is designed to provide the Company with a competitive advantage in attracting, retaining, and motivating officers, employees, directors, and consultants by offering incentives directly linked to shareholder value. The Compensation Committee of the Board will administer the Plan.Under the 2025 Plan, various types of awards can be issued, including Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units (RSUs), Performance Units, and Other Stock-Based Awards, as defined within the Plan. The maximum number of shares of Common Stock, Options, and/or Stock Appreciation Rights that may be granted under the Plan is capped at twenty percent (20%) of the total outstanding shares of Common Stock, including both voting and non-voting shares, with a minimum threshold of 10,000,000 shares.The following is a summary of the status of the Company’s restricted stock units under the 2025 Plan and changes for the three and six months ended June 30, 2025:Three months ended June 30, 2025:Number ofRestricted Stock UnitesWeighted Average Grant DateFair ValueUnvested at March 31, 20254,049,593$1.00Granted4,127,927$1.00Vested(1,012,398)$1.00Unvested at June 30, 20257,165,122$1.00Six months ended June 30, 2025:Number ofRestricted Stock UnitesWeighted Average Grant DateFair ValueUnvested at December 31, 2024— $—Granted8,177,520$1.00Vested(1,012,398)$1.00Unvested at June 30, 20257,165,122$1.00

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