Company: PNBK
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001628280-25-052358
Chunk: 188

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 188
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5. 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 2025 Plan. The maximum number of shares of Common Stock, Options, and/or Stock Appreciation Rights that may be granted under the 2025 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 nine months ended September 30, 2025:Three months ended September 30, 2025:Number ofRestricted Stock UnitesWeighted Average Grant DateFair ValueUnvested at June 30, 20257,165,122$1.00Granted3,223,695$1.04Vested(1,167,297)$1.00Unvested at September 30, 20259,221,520$1.01Nine months ended September 30, 2025:Number ofRestricted Stock UnitesWeighted Average Grant DateFair ValueUnvested at December 31, 2024— $—Granted11,401,215$1.01Vested(2,179,695)$1.00Unvested at September 30, 20259,221,520$1.01The Company recognizes compensation expense for all RSUs on a straight-line basis over the vesting schedule of each award, for each vesting portion of an award equal to its grant date fair value. For the three and nine months ended September 30, 2025, the Company recognized total share-based compensation expense for RSUs of $1.7 million and $3.1 million, respectively.

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

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