Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 43

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 43
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 issued and outstanding. Patriot also entered into employment agreements with Mr. Simmons and Ms. Miranda (collectively, “Employment Agreements”). Under the Employment Agreements, Patriot is obligated to issue, within ninety (90) days following the closing of the Private Placement on March 20, 2025, an initial equity award of RSUs under the Omnibus Equity Incentive Plan (the “Initial Equity Award”) to each of Mr. Simmons and Ms. Miranda. Mr. Simmons’ Initial Equity Award represents the right to receive 1,000,000 shares of common stock and Ms. Miranda’s Initial Equity Award represents the right to receive 450,000 shares of common stock, in each case, subject to the terms of the applicable Employment Agreement and award agreement. RSUs vest in three equal annual installments beginning on April 30, 2026, subject to each executive’s continued employment through each applicable vesting date. Within ten business days following the date on which the RSUs are vested, Patriot will be obligated to deliver to each executive: (i) to the extent the Omnibus Equity Incentive Plan has not been approved by Patriot’s shareholders, cash equal to the fair market value of one share of common stock for each RSU that vested on the applicable vesting date; or (ii) to the extent the Omnibus Equity Incentive Plan has been approved by Patriot’s shareholders, one share of common stock for each RSU that vested. In addition, the Compensation Committee of the Board and the Board approved the grant of RSUs that may be settled shares of common stock, in the aggregate, to certain other eligible participants under the Omnibus Equity Incentive Plan, subject to the approval of the Omnibus Equity Incentive Plan at the Annual Meeting. The following table provides information about the awards under the Omnibus Equity Incentive Plan:

| Name and Position                                                     |     | Number of Shares Underlying 
                        RSUs |
| Steven Sugarman, President                                            |     |                   4,049,593 |
| William Paul Simmons, EVP and Chief Credit Officer                    |     |                   1,000,000 |
| Angie Miranda, EVP and Chief Risk Officer                             |     |                     450,000 |
| Current Executive Officers as a Group                                 |     |                   5,499,593 |
| Current Non-Executive Director Group, including directors of the Bank |     |                     400,000 |
| Current Non-Executive Officer Employee Group                          |     |