Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 49

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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,266,560 shares of the Company’s Common Stock.During the three and nine months ended September 30, 2025, the Company granted restricted stock units (“RSUs”) and stock options under the 2025 Plan as part of its equity compensation program. Each RSU grants the recipient the right to receive one share of Common Stock on settlement. For the three months ended September 30, 2025, the Company granted an aggregate of 1,501,667 RSUs, and for the nine months ended September 30, 2025, the Company granted an aggregate of 10,254,187 RSUs. The RSUs generally vest in equal annual installments over a three-year period from the grant date, subject to continued service. A portion of the RSUs granted during the period vest in equal monthly installments over 12 and 36 months, also subject to continued service.Information regarding the Company’s stock option grants during the period is provided in Note 8 – Share-Based Compensation and Employee Benefit Plan.On July 25, 2025, Unity Bancorp Inc. provided the Company with formal notice of its desire to convert 100% of its outstanding principal balance and accrued unpaid interest of its Amended Senior Note, in an aggregate amount of approximately $2.0 million, into 2,673,369 shares of Common Stock at $0.75 per share. On July 26, 2025, American Bank Incorporated provided the Company with formal notice of its desire to convert 100% of its outstanding principal balance and accrued unpaid interest of its Amended Senior Note, in an aggregate amount of $0.8 million, into of 1,071,258 shares of Common Stock at $0.75 per share.On August 29, 2025, the Company entered into a stock purchase agreement and a separate warrant purchase agreement with certain accredited investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering by the Company directly to the Investors, an aggregate of 31,985,103 shares of the Company’s Common Stock. The Shares consist of (a) 19,196,000 shares of the Company’s voting Common Stock, and (b) 12,789,103 shares of the Company’s non-voting Common Stock that will be issuable six months after closing of the Offering upon exercise of three-year warrants. Upon such Warrant holders or their assignees meeting certain conditions, the Non-Voting Common Stock may be exchanged for shares of