[Form 4] Patriot National Bancorp Inc Insider Trading Activity
Filing Impact
Filing Sentiment
Form Type
4
Insider Trade Summary
2,025,000 shares exercised/converted
Mixed
4 txns
Insider
Sugarman Steven
Role
President and CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series A Preferred Stock | 19,167 | $0.00 | -- |
| Conversion | Non-Voting Common Stock | 1,533,333 | $0.00 | -- |
| Conversion | Series A Preferred Stock | 5,833 | $0.00 | -- |
| Conversion | Non-Voting Common Stock | 466,667 | $0.00 | -- |
Holdings After Transaction:
Series A Preferred Stock — 0 shares (Indirect, By Steven and Ainslie Sugarman Living Trust);
Non-Voting Common Stock — 1,533,333 shares (Indirect, By Steven and Ainslie Sugarman Living Trust)
Footnotes (1)
- On March 20, 2025, Patriot National Bancorp, Inc. (the "Issuer") completed its private placement of: (i) shares of the Issuer's voting common stock, par value $0.01 per share ("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. The Trust was also issued 5,833 shares of Series A Preferred Stock, convertible into 466,667 shares of Voting 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. 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. 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.
