What are Steven Sugarman’s direct Patriot National Bancorp share holdings after this Form 4?

After the transaction, Steven Sugarman directly holds 2,089,043 shares. These are voting common shares of Patriot National Bancorp that he owns outright, separate from additional shares held indirectly through the Steven and Ainslie Sugarman Living Trust.

Was this PNBK insider transaction an open-market buy or a compensation-related event?

This transaction reflects compensation-related RSU vesting, not an open-market purchase. The Form 4 shows an exercise/conversion of 4,049,593 restricted stock units into common shares, with a portion withheld for taxes, typical of equity compensation settlements.

CEO Steven Sugarman receives 2,089,043 Patriot (PNBK) shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Sugarman Steven reported acquisition or exercise transactions in this Form 4 filing.

PATRIOT NATIONAL BANCORP INC President and CEO Steven Sugarman had 4,049,593 restricted stock units vest on March 25, 2026. Upon vesting, 2,089,043 shares of voting common stock were delivered to him, while 1,960,550 shares were withheld to satisfy tax obligations under the company’s tax policy.

Following these transactions, Sugarman holds 2,089,043 shares of voting common stock directly. In addition, 9,019,978 shares of voting common stock are held indirectly through the Steven and Ainslie Sugarman Living Trust, which is a revocable living trust for the benefit of Sugarman and his spouse, who both serve as trustees.

Insider Trade Summary

4,049,593 shares exercised/converted

Mixed 3 txns

Insider Sugarman Steven

Role President and CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	4,049,593	$0.00	--
Exercise	Voting Common Stock	2,089,043	$0.00	--
holding	Voting Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Voting Common Stock — 2,089,043 shares (Direct); Voting Common Stock — 9,019,978 shares (Indirect, By Steven and Ainslie Sugarman Living Trust)

Footnotes (1)

On March 25, 2026, upon the expiration of the restricted period on 4,049,593 restricted stock units ("RSUs") granted to the reporting person on March 20, 2025 (previously disclosed in a Form 4 filed on April 1, 2025), 2,089,043 shares of the issuer's common stock were delivered to the reporting person, with 1,960,550 shares withheld to cover the reporting person's tax obligations in connection with the vesting of the RSUs in accordance with the issuer's tax withholding policy and applicable tax withholding requirements. 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

RSUs vested: 4,049,593 units Shares delivered: 2,089,043 shares Shares withheld for taxes: 1,960,550 shares +3 more

6 metrics

RSUs vested 4,049,593 units Restricted stock units vesting on March 25, 2026

Shares delivered 2,089,043 shares Voting common stock delivered to CEO on RSU vesting

Shares withheld for taxes 1,960,550 shares Withheld to cover tax obligations on RSU vesting

Direct holdings after transaction 2,089,043 shares CEO direct ownership of voting common stock

Indirect holdings via trust 9,019,978 shares Voting common stock held by Steven and Ainslie Sugarman Living Trust

Exercise price per RSU $0.00 per unit Restricted stock units converted at zero exercise price

Key Terms

Restricted Stock Units, tax withholding policy, revocable living trust, Exercise or conversion of derivative security, +1 more

5 terms

Restricted Stock Units financial

"On March 25, 2026, upon the expiration of the restricted period on 4,049,593 restricted stock units ("RSUs") 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 policy financial

"shares withheld to cover the reporting person's tax obligations in connection with the vesting of the RSUs in accordance with the issuer's tax withholding policy"

revocable living trust financial

"The Trust is a revocable living trust for the benefit of the Reporting Person and his spouse."

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

voting common stock financial

"2,089,043 shares of the issuer's common stock were delivered to the reporting person"

Form 4 Insider Transactions: What Each Field Means →

03/31/2026 - 05:20 PM

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)
03/25/2026

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	03/25/2026		M⁽¹⁾		2,089,043	A	⁽¹⁾	2,089,043	D
Voting Common Stock								9,019,978	I	By Steven and Ainslie Sugarman Living Trust⁽²⁾

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	⁽¹⁾	03/25/2026		M		4,049,593		03/25/2026	03/25/2026	Voting Common Stock	4,049,593	$0	$1,699,958	D

Explanation of Responses:

1. On March 25, 2026, upon the expiration of the restricted period on 4,049,593 restricted stock units ("RSUs") granted to the reporting person on March 20, 2025 (previously disclosed in a Form 4 filed on April 1, 2025), 2,089,043 shares of the issuer's common stock were delivered to the reporting person, with 1,960,550 shares withheld to cover the reporting person's tax obligations in connection with the vesting of the RSUs in accordance with the issuer's tax withholding policy and applicable tax withholding requirements.

2. 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	03/31/2026
	** 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

FAQ

What did PNBK CEO Steven Sugarman report in this Form 4 filing?

Steven Sugarman reported the vesting and settlement of restricted stock units. On March 25, 2026, 4,049,593 RSUs vested, resulting in 2,089,043 Patriot National Bancorp voting common shares delivered and additional shares withheld to cover tax obligations under the company’s tax policy.

How many Patriot National Bancorp (PNBK) shares did the CEO receive from RSU vesting?

The CEO received 2,089,043 voting common shares from RSU vesting. These shares were delivered on March 25, 2026, when 4,049,593 restricted stock units granted in March 2025 vested and settled into Patriot National Bancorp common stock for Steven Sugarman.

How many PNBK shares were withheld for taxes in this insider transaction?

A total of 1,960,550 shares were withheld for tax obligations. When the 4,049,593 restricted stock units vested, Patriot National Bancorp withheld these shares to satisfy Steven Sugarman’s tax liabilities in accordance with its tax withholding policy and applicable requirements.

How many Patriot National Bancorp shares are held indirectly through the Sugarman Living Trust?

The Sugarman Living Trust holds 9,019,978 voting common shares indirectly. This revocable living trust benefits Steven Sugarman and his spouse, who serve as trustees, and is listed as an indirect owner of Patriot National Bancorp shares in the Form 4 filing.