Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 24

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 24
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 Trust. The address of the Sugarman Trust is c/o Patriot National Bancorp, Inc., 900 Bedford Street, Stamford, Connecticut 06901. |

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The Trust also holds 19,167 shares of Series A Non-Cumulative Perpetual Convertible Preferred Stock, convertible into 1,533,333 shares of common stock, and an additional 5,833 shares of Series A Preferred Stock convertible into 466,667 shares of common stock, as reimbursement for Mr. Sugarman’s legal fees and expenses related to the Private Placement. The conversion of these shares of Series A Preferred Stock is subject to a limitation that prevents the Reporting Persons from becoming the beneficial owner of more than 9.99% of the Company’s voting securities. Additionally, Mr. Sugarman, who serves as President and a member of the Board of Directors of the Company, was granted Restricted Stock Units (“RSUs”) under an Employment Agreement effective March 20, 2025. These RSUs vest in twelve equal monthly installments starting from March 20, 2025, and will be settled on March 20, 2026. If the Omnibus Equity Incentive Plan is approved by shareholders at the Annual Meeting, each vested RSU will be settled in one share of common stock, up to a total of 4,049,593 shares. If the Omnibus Equity Incentive Plan is not approved, the RSUs will be settled in cash based on the fair market value of the shares as of March 20, 2026. The settlement of RSUs is also subject to the 9.99% ownership limitation.

| (2) | Represents (i) 12,221 shares held by Solaia Capital Management Profit Sharing Plan for the benefit of Mr. Carrazza, with regard to which Mr. Carrazza has sole voting and dispositive power, (ii) 55,033 vested shares directly owned by Mr. Carrazza, and (iii) 865,990 shares held by Solaia Capital Holdings LLC, of which Mr. Carrazza serves as the manager. |

| (3) | Includes 1,000 shares held in a SEP IRA for the benefit of Mr. Constantino. |

| (4) | Includes 19,524 shares of common stock owned directly by Mr. Weinbaum and 342,172 shares owned by AFP Forty Six Corp. (“AFP”), of which Mr. Weinbaum serves as President. Based solely on the information