Patriot National Bancorp Insider Grant: 552,927 RSUs to President Sugarman

Rhea-AI Filing Summary

Steven Sugarman, President and Director of Patriot National Bancorp, Inc. (PNBK), received an award of 552,927 Restricted Stock Units (RSUs). The award agreement is effective July 1, 2025 and was reported on Form 4 with a transaction date of August 13, 2025. The RSUs were granted under an Employment Agreement effective March 20, 2025 and vest in 12 equal monthly installments beginning July 1, 2025 and ending July 1, 2026. Vested RSUs represent the right to be settled on July 1, 2026. After the reported transaction, the amount of Common Stock beneficially owned by the reporting person related to this grant is 552,927 shares, held directly. The Form 4 was signed on August 14, 2025.

Positive

• 552,927 RSUs were granted to Steven Sugarman, providing transparent disclosure of insider equity compensation.
• Vesting schedule is explicit: 12 equal monthly installments from July 1, 2025 to July 1, 2026, with settlement rights on July 1, 2026.
• Grant is tied to an Employment Agreement effective March 20, 2025, which is disclosed in the Form 4.

Negative

• None.

Insights

Financial Analyst

TL;DR: Executive received 552,927 RSUs vesting monthly over one year; reported as a direct beneficial holding.

The grant of 552,927 RSUs to the company's President and Director is documented as a non-derivative award effective July 1, 2025 and reported with an August 13, 2025 transaction date. Vesting occurs in 12 equal monthly installments through July 1, 2026, with settlement rights on July 1, 2026. The filing clarifies the grant arises from an Employment Agreement effective March 20, 2025. From a financial reporting perspective this is a compensation-related equity award disclosed under Section 16 rules; the Form 4 shows direct beneficial ownership following the award equal to the full grant amount.

Corporate Governance Expert

TL;DR: This Form 4 discloses a routine, employment-related RSU grant to a senior insider with monthly vesting over 12 months.

The disclosure identifies the reporting person as both President and a Director and ties the RSU grant to an Employment Agreement dated March 20, 2025. Vesting terms—12 equal monthly installments from July 1, 2025 to July 1, 2026—and the settlement date for vested units are explicitly stated. The filing meets Section 16 reporting requirements by documenting the grant date, number of units, and post-transaction beneficial ownership. No additional governance actions or amendments are indicated in the filing.

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 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)
08/13/2025

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

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
Common Stock	08/13/2025		A(1)		552,927	A	(1)	552,927	D

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

Explanation of Responses:

1. On August 13, 2025, the Reporting Person received an award agreement effective July 1, 2025 for Restricted Stock Units (RSUs) equal to 552,927 shares of Common Stock, par value $0.01 per share of Patriot National Bancorp, Inc. (the Issuer). The RSUs were granted pursuant to an Employment Agreement between the Reporting Person and the Issuer, effective as of March 20, 2025. The RSUs vest in 12 equal monthly installments commencing on July 1, 2025 and ending on July 1, 2026. Vested RSUs represent the right to be settled on July 1, 2026.

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

How many RSUs did Steven Sugarman receive according to the Form 4 for PNBK?

The Form 4 reports an award of 552,927 RSUs of Patriot National Bancorp, Inc. common stock.

What is the vesting schedule for the RSUs reported by Steven Sugarman (PNBK)?

The RSUs vest in 12 equal monthly installments commencing July 1, 2025 and ending July 1, 2026.

When were the RSUs for Steven Sugarman reported on the Form 4 (PNBK)?

The transaction date on the Form 4 is August 13, 2025, and the Form 4 was signed on August 14, 2025.

Under what agreement were the RSUs granted to Steven Sugarman (PNBK)?

The RSUs were granted pursuant to an Employment Agreement between Sugarman and the issuer effective March 20, 2025.

When will vested RSUs be settled according to the filing for PNBK?

The filing states that vested RSUs represent the right to be settled on July 1, 2026.