STOCK TITAN

[Form 4/A] Patriot National Bancorp Inc Amended Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4/A
Rhea-AI Filing Summary

Steven Sugarman, a director and president of Patriot National Bancorp, Inc. (PNBK), reported ownership changes tied to the company’s March 20, 2025 private placement and a July 3, 2025 automatic conversion. The Steven and Ainslie Sugarman Living Trust bought 19,167 shares of Series A Preferred Stock in the private placement (convertible into 1,533,333 Voting Common Stock subject to a 9.99% ownership cap). The Trust also received 5,833 Series A Preferred shares as reimbursement of legal fees (convertible into 466,667 Voting Common Stock). On July 3, 2025, all Series A Preferred shares automatically converted into Non-Voting Common Stock: 1,533,333 shares from the first tranche and 466,667 from the reimbursement, yielding 2,000,000 Non-Voting Common shares held indirectly by the Trust. Each Non-Voting share is convertible into one Voting Common share but remains subject to the 9.99% beneficial ownership limitation.

Steven Sugarman, amministratore e presidente di Patriot National Bancorp, Inc. (PNBK), ha comunicato variazioni nella propria partecipazione connesse a un collocamento privato del 20 marzo 2025 e a una conversione automatica del 3 luglio 2025. The Steven and Ainslie Sugarman Living Trust ha acquistato 19.167 azioni della Serie A Preferred nello stesso collocamento privato (convertibili in 1.533.333 azioni Voting Common, soggette a un limite di partecipazione del 9,99%). Il Trust ha inoltre ricevuto 5.833 azioni Serie A Preferred a titolo di rimborso di spese legali (convertibili in 466.667 Voting Common). Il 3 luglio 2025 tutte le azioni Serie A Preferred sono state convertite automaticamente in Non-Voting Common Stock: 1.533.333 azioni dalla prima tranche e 466.667 dal rimborso, per un totale di 2.000.000 di azioni Non-Voting Common detenute indirettamente dal Trust. Ciascuna azione Non-Voting è convertibile in un'azione Voting Common, ma resta soggetta al limite di partecipazione del 9,99%.

Steven Sugarman, director y presidente de Patriot National Bancorp, Inc. (PNBK), notificó cambios en su participación vinculados a una colocación privada del 20 de marzo de 2025 y a una conversión automática del 3 de julio de 2025. The Steven and Ainslie Sugarman Living Trust compró 19.167 acciones de la Serie A Preferred en la colocación privada (convertibles en 1.533.333 acciones Voting Common, sujetas a un límite de propiedad del 9,99%). El Trust también recibió 5.833 acciones Serie A Preferred como reembolso de honorarios legales (convertibles en 466.667 Voting Common). El 3 de julio de 2025 todas las acciones Serie A Preferred se convirtieron automáticamente en Non-Voting Common Stock: 1.533.333 acciones de la primera tanda y 466.667 del reembolso, sumando 2.000.000 de acciones Non-Voting Common que el Trust posee de forma indirecta. Cada acción Non-Voting es convertible en una Voting Common, pero continúa sujeta al límite de propiedad beneficiosa del 9,99%.

패트리어트 내셔널 뱅코프(Patriot National Bancorp, Inc., PNBK)의 이사 겸 회장인 스티븐 슈거먼(Steven Sugarman)은 2025년 3월 20일의 사모 발행과 2025년 7월 3일의 자동 전환과 관련된 소유권 변경을 보고했습니다. The Steven and Ainslie Sugarman Living Trust는 사모 발행에서 19,167주의 Series A 우선주를 매수했으며(이는 최대 9.99% 보유 한도에 따라 1,533,333주의 Voting Common으로 전환 가능), 신탁은 또한 법률비용 환급으로 5,833주의 Series A 우선주를 받았고(466,667주의 Voting Common으로 전환 가능) 2025년 7월 3일 모든 Series A 우선주가 자동으로 비의결권 보통주(Non-Voting Common Stock)로 전환되었습니다: 첫 번째 트랜치에서 1,533,333주, 환급분에서 466,667주가 전환되어 신탁이 간접적으로 보유한 총 2,000,000주의 Non-Voting Common 주식이 되었습니다. 각 Non-Voting 주식은 1주당 1주의 Voting Common으로 전환될 수 있으나 여전히 9.99%의 실소유 한도의 적용을 받습니다.

Steven Sugarman, administrateur et président de Patriot National Bancorp, Inc. (PNBK), a déclaré des modifications de participation liées à un placement privé du 20 mars 2025 et à une conversion automatique du 3 juillet 2025. The Steven and Ainslie Sugarman Living Trust a acheté 19 167 actions de la Série A Preferred lors du placement privé (convertibles en 1 533 333 actions Voting Common, soumises à une limite de détention de 9,99%). Le Trust a également reçu 5 833 actions Série A Preferred en remboursement de frais juridiques (convertibles en 466 667 Voting Common). Le 3 juillet 2025, toutes les actions Série A Preferred ont été automatiquement converties en Non-Voting Common Stock : 1 533 333 actions de la première tranche et 466 667 du remboursement, soit un total de 2 000 000 d'actions Non-Voting Common détenues indirectement par le Trust. Chaque action Non-Voting est convertible en une action Voting Common mais reste soumise à la limite de participation bénéficiaire de 9,99%.

Steven Sugarman, Direktor und Präsident von Patriot National Bancorp, Inc. (PNBK), meldete Änderungen im Eigentum im Zusammenhang mit einer Privatplatzierung vom 20. März 2025 und einer automatischen Umwandlung am 3. Juli 2025. The Steven and Ainslie Sugarman Living Trust erwarb in der Privatplatzierung 19.167 Aktien der Serie A Preferred (wandelbar in 1.533.333 Voting Common Aktien, unterliegt einer Besitzgrenze von 9,99%). Der Trust erhielt außerdem 5.833 Series A Preferred-Aktien als Erstattung von Rechtskosten (wandelbar in 466.667 Voting Common). Am 3. Juli 2025 wurden alle Series A Preferred-Aktien automatisch in Non-Voting Common Stock umgewandelt: 1.533.333 Aktien aus der ersten Tranche und 466.667 aus der Erstattung, was insgesamt 2.000.000 Non-Voting Common-Aktien ergibt, die der Trust indirekt hält. Jede Non-Voting-Aktie ist in eine Voting Common-Aktie wandelbar, bleibt jedoch der 9,99%-Grenze der wirtschaftlichen Eigentümerschaft unterworfen.

Positive
  • Substantial equity position established: The Trust now holds 2,000,000 Non-Voting Common shares after conversion, reflecting significant economic exposure to PNBK.
  • Private placement completed: The Trust participated in the March 20, 2025 private placement, evidencing insider support for the financing.
Negative
  • Limited voting influence: Converted shares are Non-Voting Common Stock and conversions to Voting Common Stock are subject to a 9.99% beneficial ownership cap that restricts control.
  • Indirect ownership structure: Shares are held by a revocable living trust, which may complicate transparency around direct decision-making authority.

Insights

TL;DR: Insider holdings rose to 2.0M non-voting shares after automatic conversion, increasing potential economic stake while a 9.99% voting cap limits control.

The filing documents a private placement on March 20, 2025, where the Trust acquired Series A Preferred shares convertible into Voting Common Stock, and a July 3, 2025 automatic conversion of those preferred shares into Non-Voting Common Stock totaling 2,000,000 shares. The analysis must note the 9.99% beneficial ownership ceiling that constrains any one holder's voting power. For investors, the transaction increases the Reporting Person’s economic exposure to PNBK equity via non-voting shares while preserving a regulatory/charter limit on potential voting control.

TL;DR: The conversion raises governance questions about concentration of economic ownership versus restricted voting influence under the 9.99% cap.

The report shows the Trust holds the converted Non-Voting Common Stock indirectly, with trustees being the Reporting Person and spouse. The structure—preferred issued in a private placement then converting to non-voting stock convertible to voting shares subject to a 9.99% limit—reduces direct voting power accumulation while consolidating economic interest. Filers and investors should note the distinction between economic ownership and voting rights embedded in the charter provisions cited in the filing.

Steven Sugarman, amministratore e presidente di Patriot National Bancorp, Inc. (PNBK), ha comunicato variazioni nella propria partecipazione connesse a un collocamento privato del 20 marzo 2025 e a una conversione automatica del 3 luglio 2025. The Steven and Ainslie Sugarman Living Trust ha acquistato 19.167 azioni della Serie A Preferred nello stesso collocamento privato (convertibili in 1.533.333 azioni Voting Common, soggette a un limite di partecipazione del 9,99%). Il Trust ha inoltre ricevuto 5.833 azioni Serie A Preferred a titolo di rimborso di spese legali (convertibili in 466.667 Voting Common). Il 3 luglio 2025 tutte le azioni Serie A Preferred sono state convertite automaticamente in Non-Voting Common Stock: 1.533.333 azioni dalla prima tranche e 466.667 dal rimborso, per un totale di 2.000.000 di azioni Non-Voting Common detenute indirettamente dal Trust. Ciascuna azione Non-Voting è convertibile in un'azione Voting Common, ma resta soggetta al limite di partecipazione del 9,99%.

Steven Sugarman, director y presidente de Patriot National Bancorp, Inc. (PNBK), notificó cambios en su participación vinculados a una colocación privada del 20 de marzo de 2025 y a una conversión automática del 3 de julio de 2025. The Steven and Ainslie Sugarman Living Trust compró 19.167 acciones de la Serie A Preferred en la colocación privada (convertibles en 1.533.333 acciones Voting Common, sujetas a un límite de propiedad del 9,99%). El Trust también recibió 5.833 acciones Serie A Preferred como reembolso de honorarios legales (convertibles en 466.667 Voting Common). El 3 de julio de 2025 todas las acciones Serie A Preferred se convirtieron automáticamente en Non-Voting Common Stock: 1.533.333 acciones de la primera tanda y 466.667 del reembolso, sumando 2.000.000 de acciones Non-Voting Common que el Trust posee de forma indirecta. Cada acción Non-Voting es convertible en una Voting Common, pero continúa sujeta al límite de propiedad beneficiosa del 9,99%.

패트리어트 내셔널 뱅코프(Patriot National Bancorp, Inc., PNBK)의 이사 겸 회장인 스티븐 슈거먼(Steven Sugarman)은 2025년 3월 20일의 사모 발행과 2025년 7월 3일의 자동 전환과 관련된 소유권 변경을 보고했습니다. The Steven and Ainslie Sugarman Living Trust는 사모 발행에서 19,167주의 Series A 우선주를 매수했으며(이는 최대 9.99% 보유 한도에 따라 1,533,333주의 Voting Common으로 전환 가능), 신탁은 또한 법률비용 환급으로 5,833주의 Series A 우선주를 받았고(466,667주의 Voting Common으로 전환 가능) 2025년 7월 3일 모든 Series A 우선주가 자동으로 비의결권 보통주(Non-Voting Common Stock)로 전환되었습니다: 첫 번째 트랜치에서 1,533,333주, 환급분에서 466,667주가 전환되어 신탁이 간접적으로 보유한 총 2,000,000주의 Non-Voting Common 주식이 되었습니다. 각 Non-Voting 주식은 1주당 1주의 Voting Common으로 전환될 수 있으나 여전히 9.99%의 실소유 한도의 적용을 받습니다.

Steven Sugarman, administrateur et président de Patriot National Bancorp, Inc. (PNBK), a déclaré des modifications de participation liées à un placement privé du 20 mars 2025 et à une conversion automatique du 3 juillet 2025. The Steven and Ainslie Sugarman Living Trust a acheté 19 167 actions de la Série A Preferred lors du placement privé (convertibles en 1 533 333 actions Voting Common, soumises à une limite de détention de 9,99%). Le Trust a également reçu 5 833 actions Série A Preferred en remboursement de frais juridiques (convertibles en 466 667 Voting Common). Le 3 juillet 2025, toutes les actions Série A Preferred ont été automatiquement converties en Non-Voting Common Stock : 1 533 333 actions de la première tranche et 466 667 du remboursement, soit un total de 2 000 000 d'actions Non-Voting Common détenues indirectement par le Trust. Chaque action Non-Voting est convertible en une action Voting Common mais reste soumise à la limite de participation bénéficiaire de 9,99%.

Steven Sugarman, Direktor und Präsident von Patriot National Bancorp, Inc. (PNBK), meldete Änderungen im Eigentum im Zusammenhang mit einer Privatplatzierung vom 20. März 2025 und einer automatischen Umwandlung am 3. Juli 2025. The Steven and Ainslie Sugarman Living Trust erwarb in der Privatplatzierung 19.167 Aktien der Serie A Preferred (wandelbar in 1.533.333 Voting Common Aktien, unterliegt einer Besitzgrenze von 9,99%). Der Trust erhielt außerdem 5.833 Series A Preferred-Aktien als Erstattung von Rechtskosten (wandelbar in 466.667 Voting Common). Am 3. Juli 2025 wurden alle Series A Preferred-Aktien automatisch in Non-Voting Common Stock umgewandelt: 1.533.333 Aktien aus der ersten Tranche und 466.667 aus der Erstattung, was insgesamt 2.000.000 Non-Voting Common-Aktien ergibt, die der Trust indirekt hält. Jede Non-Voting-Aktie ist in eine Voting Common-Aktie wandelbar, bleibt jedoch der 9,99%-Grenze der wirtschaftlichen Eigentümerschaft unterworfen.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Sugarman Steven

(Last) (First) (Middle)
C/O PATRIOT NATIONAL BANCORP, INC.
900 BEDFORD STREET

(Street)
STAMFORD CT 06901

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
PATRIOT NATIONAL BANCORP INC [ PNBK ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
President
3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
07/08/2025
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Non-Voting Common Stock 07/03/2025 M(1)(2) 1,533,333 A (1)(2) 1,533,333 I By Steven and Ainslie Sugarman Living Trust(3)
Non-Voting Common Stock 07/03/2025 M(2)(4) 466,667 A (2)(4) 2,000,000 I By Steven and Ainslie Sugarman Living Trust(3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series A Preferred Stock (1)(2) 07/03/2025 C(1)(2) 19,167 (1)(2) (1)(2) Non-Voting Common Stock 1,533,333 (1)(2) 5,833 I By Steven and Ainslie Sugarman Living Trust(3)
Series A Preferred Stock (2)(4) 07/03/2025 C(2)(4) 5,833 (2)(4) (2)(4) Non-Voting Common Stock 466,667 (2)(4) 0 I By Steven and Ainslie Sugarman Living Trust(3)
Explanation of Responses:
1. On March 20, 2025, Patriot National Bancorp, Inc. (the Issuer) completed its private placement of: (i) shares of Common Stock, par value $0.01 per share of the Issuer (the Voting Common Stock) at a purchase price of $0.75 per share, and (ii) shares of a new series of the Issuer's preferred stock, no par value per share (the Series A Preferred Stock), with a liquidation preference of $60 per share (the Private Placement). Steven and Ainslie Sugarman Living Trust (the Trust) purchased, as part of the Private Placement, 19,167 shares of Series A Preferred Stock, convertible into 1,533,333 shares of Voting Common Stock, subject to the limitation that no investor in the Private Placement has the right to become the beneficial owner (as determined under Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the Exchange Act)) of more than 9.99% of the issued and outstanding voting securities of the Issuer.
2. On July 3, 2025, all issued and outstanding shares of Series A Preferred Stock automatically converted into shares of non-voting common stock, par value $0.01 per share ("Non-Voting Common Stock"), of the Issuer, pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer. Series A Preferred Stock had no expiration date. Each share of Non-Voting Common Stock is convertible into one share of Voting Common Stock, subject to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, including the limitation that no holder of Non-Voting Common Stock has the right to become the beneficial owner (as determined under Rule 13d-3 under the Exchange Act) of more than 9.99% of the issued and outstanding voting securities of the Issuer. Voting Common Stock has no expiration date.
3. The Trust is a revocable living trust for the benefit of the Reporting Person and his spouse. The Reporting Person and his spouse are the trustees of the Trust.
4. The Trust was also issued 5,833 shares of Series A Preferred Stock, convertible into 466,667 shares of Common Stock, as a reimbursement of the Reporting Person's legal fees and expenses relating to the Private Placement, subject to the limitation that the Reporting Person does not have the right to become, directly or indirectly, the beneficial owner of more than 9.99% of the issued and outstanding voting securities of the Issuer.
Remarks:
Steven Sugarman 08/14/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Steven Sugarman report on Form 4/A for PNBK?

He reported that the Steven and Ainslie Sugarman Living Trust acquired Series A Preferred Stock in a March 20, 2025 private placement which automatically converted on July 3, 2025 into 2,000,000 Non-Voting Common shares held indirectly.

How many shares did the Trust receive from the private placement and conversions?

The Trust purchased 19,167 Series A Preferred (convertible into 1,533,333 Voting Common) and received 5,833 Series A Preferred (convertible into 466,667 Voting Common), which converted into 1,533,333 and 466,667 Non-Voting Common shares respectively for a total of 2,000,000 Non-Voting Common shares.

Are the converted Non-Voting Common shares convertible to Voting Common shares?

Yes. Each Non-Voting Common share is convertible into one Voting Common share but conversions are subject to the Issuer’s charter limitation that no holder may beneficially own more than 9.99% of voting securities.

What is the Trust and who controls it?

The Steven and Ainslie Sugarman Living Trust is a revocable living trust for the benefit of the Reporting Person and his spouse; the Reporting Person and his spouse serve as trustees.

When did the Series A Preferred convert into Non-Voting Common Stock?

The automatic conversion occurred on July 3, 2025, pursuant to the Issuer’s Amended and Restated Certificate of Incorporation.
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