Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 38

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 38
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 nonqualified stock options and SARs, the later of (x) the last date on which such nonqualified stock option or SAR would be exercisable in the event of a termination of employment prior to a change in control and (y) the earlier of (1) the third anniversary of such change in control and (y) expiration of the term of such non qualified stock option or SAR, upon termination of employment by reason of death, disability or retirement, by the Company without cause, or by the participant for good reason (as defined in the Omnibus Equity Incentive Plan), within twenty-four (24) months after such change in control (i.e., the awards “double-trigger” vest). |

An award will qualify as a “replacement award” under the Omnibus Equity Incentive Plan if the following conditions are met in the sole discretion of the Compensation Committee: (i) it is of the same type as the award being replaced, which we refer to as the “replaced award”; (ii) it has a value equal to the value of the replaced award as of the date of the change in control; (iii) if the underlying replaced award was an equity-based award, it relates to publicly traded equity securities of the Company, if any, or the entity surviving the Company following the change in control; (iv) it contains terms relating to vesting (including with respect to a termination of employment) that are substantially identical to those of the replaced award; and (v) its other terms and conditions are not less favorable to the participant than the terms and conditions of the replaced award (including the provisions that would apply in the event of a subsequent change in control) as of the date of the change in control. Adjustments to Awards Due to Changes in the Company’s Capital Structure If there is any change in the number or kind of shares of common stock outstanding by reason of:

| • | a stock dividend, spinoff, recapitalization, stock split, reverse stock split, reorganization, share combination, or recapitalization or similar event affecting the capital structure of the Company, |

| • | a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, disposition for consideration of the Company’s direct or indirect ownership of a subsidiary or affiliate, or similar event affecting the Company or any of its subsidiaries (each, a “Corporate Transaction”), or |

| • | any other extraordinary or unusual event affecting the outstanding common stock as a class without the Company’s or its shareholders’ receipt