Patriot National Bancorp: 1.15M CEO stock units settle

Q: How many PNBK restricted stock units settled for Steven Sugarman?

On October 1, 2026, 1,147,031 restricted stock units settled and Patriot National Bancorp Inc. delivered common shares without consideration paid by Steven Sugarman. The direct position following the transaction was 133,884 restricted stock units. No Rule 10b5-1 plan is reported.

Q: How many PNBK shares were withheld from Steven Sugarman for taxes?

The issuer withheld 583,609 common shares upon settlement of the restricted stock units to satisfy Steven Sugarman's applicable tax withholding obligations. The shares were withheld at $1.00 per share, the closing price on September 25, 2026, and were not delivered to him.

Tax withholding covered 583,609 shares at the September 25, 2026 closing price of $1.00 per share; 133,884 restricted stock units were reported afterward.

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Form Type

Rhea-AI Filing Summary

Patriot National Bancorp Inc. reported that President and CEO Steven Sugarman's 1,147,031 restricted stock units settled on October 1, 2026, after the restricted period expired; the issuer delivered common shares without consideration paid by Sugarman. The issuer withheld 583,609 shares at $1.00 per share to satisfy tax obligations; those shares were not delivered to him. The direct position after settlement was 133,884 restricted stock units, and the Steven and Ainslie Sugarman Living Trust held 9,019,978 common shares indirectly. No Rule 10b5-1 plan is reported.

Insider Trade Summary

1,147,031 shares exercised/converted

Exercise 4 txns

Insider Sugarman Steven

Role President and CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units ^F1	1,147,031	$0.00	$0.00
Exercise	Voting Common Stock ^F1	1,147,031	$0.00	$0.00
Tax Withholding	Voting Common Stock ^F2	583,609	$1.00	$584K
holding	Voting Common Stock ^F3	--	--	--

Holdings After Transaction: Restricted Stock Units — 133,884 contracts (Direct); Voting Common Stock — 2,901,531 shares (Direct); Voting Common Stock — 9,019,978 shares (Indirect, By Steven and Ainslie Sugarman Living Trust)

Footnotes (3)

F1. On October 1, 2026, upon the expiration of the restricted period on 1,147,031 restricted stock units ("RSUs") granted to the reporting person pursuant to an award agreement effective October 1, 2025 (previously disclosed in a Form 4 filed on October 23, 2025), 1,147,031 RSUs settled and the Issuer delivered shares of Common Stock in settlement thereof. No consideration was paid by the Reporting Person in connection with the settlement.
F2. Represents 583,609 shares of Common Stock withheld by the Issuer upon settlement of the RSUs to satisfy the Reporting Person's applicable tax withholding obligations. The shares were withheld at a price of $1.00 per share, representing the closing price of the Issuer's Common Stock on September 25, 2026. The withheld shares were not delivered to the Reporting Person.
F3. 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.

Key Figures

Restricted stock units settled: 1,147,031 restricted stock units Shares withheld for taxes: 583,609 shares Withholding price: $1.00 per share +2 more

5 metrics

Restricted stock units settled 1,147,031 restricted stock units October 1, 2026 settlement

Shares withheld for taxes 583,609 shares Issuer withholding upon settlement

Withholding price $1.00 per share Closing price on September 25, 2026

Direct restricted stock units after settlement 133,884 restricted stock units Position following the October 1, 2026 transaction

Trust-held common shares 9,019,978 shares Held indirectly by the Steven and Ainslie Sugarman Living Trust

Key Terms

restricted stock units, tax withholding obligations, revocable living trust, award agreement

4 terms

restricted stock units technical

"1,147,031 restricted stock units granted to the reporting person"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

tax withholding obligations financial

"the Reporting Person's applicable tax withholding obligations"

revocable living trust technical

"The Trust is a revocable living trust for the benefit of the Reporting Person"

award agreement technical

"pursuant to an award agreement effective October 1, 2025"

An award agreement is a legal contract that spells out the terms of a pay or equity grant—such as stock options, restricted shares, or cash bonuses—given to an employee, director or consultant. It describes what is being granted, any conditions for keeping it (for example, earning it over time or meeting performance targets), and what happens if the person leaves or breaks rules. Investors care because these agreements affect company costs, potential share dilution and how executives are motivated and rewarded.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many PNBK restricted stock units settled for Steven Sugarman?

On October 1, 2026, 1,147,031 restricted stock units settled and Patriot National Bancorp Inc. delivered common shares without consideration paid by Steven Sugarman. The direct position following the transaction was 133,884 restricted stock units. No Rule 10b5-1 plan is reported.

How many PNBK shares were withheld from Steven Sugarman for taxes?

The issuer withheld 583,609 common shares upon settlement of the restricted stock units to satisfy Steven Sugarman's applicable tax withholding obligations. The shares were withheld at $1.00 per share, the closing price on September 25, 2026, and were not delivered to him.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/02/2026 - 11:27 AM Accepted by SEC EDGAR 10/02/2026 - 11:27 AM

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sugarman Steven

(Last)

(First)

(Middle)

C/O PATRIOT NATIONAL BANCORP, INC.

900 BEDFORD STREET

(Street)

STAMFORD

CONNECTICUT

06901

(City)

(State)

(Zip)

UNITED STATES

(Country)

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 and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Voting Common Stock	10/01/2026		M⁽¹⁾		1,147,031	A	$0⁽¹⁾	3,485,140	D
Voting Common Stock	10/01/2026		F⁽²⁾		583,609	D	$1⁽²⁾	2,901,531	D
Voting Common Stock								9,019,978	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	$0	10/01/2026		M⁽¹⁾			1,147,031	10/01/2026	10/01/2026	Voting Common Stock	1,147,031	$0	133,884	D

Explanation of Responses:

1. On October 1, 2026, upon the expiration of the restricted period on 1,147,031 restricted stock units ("RSUs") granted to the reporting person pursuant to an award agreement effective October 1, 2025 (previously disclosed in a Form 4 filed on October 23, 2025), 1,147,031 RSUs settled and the Issuer delivered shares of Common Stock in settlement thereof. No consideration was paid by the Reporting Person in connection with the settlement.

2. Represents 583,609 shares of Common Stock withheld by the Issuer upon settlement of the RSUs to satisfy the Reporting Person's applicable tax withholding obligations. The shares were withheld at a price of $1.00 per share, representing the closing price of the Issuer's Common Stock on September 25, 2026. The withheld shares were not delivered to the Reporting Person.

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.

	/s/ Steven Sugarman	10/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR