Patriot National (PNBK) CFO RSUs vest as tax withholding and indirect holdings detailed
Rhea-AI Filing Summary
Patriot National Bancorp EVP & CFO Carlos P. Salas reported routine equity compensation activity and updated holdings. On April 30, 2026, 333,333 Restricted Stock Units vested and settled into an equal number of common shares. No cash consideration was paid for this settlement.
To cover tax obligations on the vesting, 121,776 common shares were withheld by the company at $1.23 per share, and were not delivered to Salas, leaving 211,557 vested shares held directly. The filing also notes an indirect holding of 1,333,334 common shares through HECA Management LLC, which acquired its position in a $57.75 million private placement completed on March 20, 2025, over which Salas is deemed to have sole voting and dispositive power.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 211,557 shares
Net Buy
4 txns
Insider
Salas Carlos P
Role
EVP & Chief Financial Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 333,333 | $0.00 | $0.00 |
| Exercise | Common Stock | 333,333 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Stock | 121,776 | $1.23 | $150K |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 666,667 shares (Direct);
Common Stock — 211,557 shares (Direct);
Common Stock — 1,333,334 shares (Indirect, By HECA Management LLC)
Footnotes (3)
- F1. On April 30, 2025, the Reporting Person was granted Restricted Stock Units ("RSUs") equal to 1,000,000 shares of Common Stock of the Issuer, which will vest over three years (333,333 shares, 333,333 shares, and 333,334 shares respectively as of April 30, 2026, 2027 and 2028). On April 30, 2026, the first installment of 333,333 RSUs vested and 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 121,776 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 $1.23 per share, representing the closing price of the Issuer's Common Stock on April 30, 2026. The withheld shares were not delivered to the Reporting Person.
- F3. HECA Management LLC ("HECA Management") purchased the securities described herein as part of the $57.75 million private placement of the Issuer that was completed on March 20, 2025. The Reporting Person is the managing member of HECA Management and is deemed to hold sole voting and dispositive power over the securities held by HECA Management.
Key Figures
RSUs granted: 1,000,000 RSUs
First vesting tranche: 333,333 RSUs
Tax-withheld shares: 121,776 shares at $1.23
+3 more
6 metrics
RSUs granted
1,000,000 RSUs
Grant to CFO on April 30, 2025, in Patriot National common stock
First vesting tranche
333,333 RSUs
Vested and settled into common shares on April 30, 2026
Tax-withheld shares
121,776 shares at $1.23
Shares withheld to satisfy tax obligations on April 30, 2026
Net vested shares delivered
211,557 shares
Common shares delivered to CFO after tax withholding on April 30, 2026
Indirect holdings via HECA Management
1,333,334 shares
Common shares held indirectly from a prior private placement
Private placement size
$57.75 million
Completed March 20, 2025, in which HECA Management purchased PNBK securities
Key Terms
Restricted Stock Units, RSUs, tax withholding obligations, private placement, +1 more
5 terms
Restricted Stock Units financial
"the Reporting Person was granted Restricted Stock Units ("RSUs") equal to 1,000,000 shares"
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.
RSUs financial
"1,000,000 shares of Common Stock of the Issuer, which will vest over three years (333,333 shares, 333,333 shares, and 333,334 shares respectively"
RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.
tax withholding obligations financial
"withheld by the Issuer upon settlement of the RSUs to satisfy the Reporting Person's applicable tax withholding obligations"
private placement financial
"purchased the securities described herein as part of the $57.75 million private placement of the Issuer"
A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.
voting and dispositive power financial
"is deemed to hold sole voting and dispositive power over the securities held by HECA Management"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transactions did Patriot National Bancorp (PNBK) report for CFO Carlos Salas?
The filing shows 333,333 RSUs vested into common shares and 121,776 shares were withheld to cover tax obligations. It also updates Salas’s indirect holdings through HECA Management LLC from a prior private placement.
How many Patriot National Bancorp (PNBK) RSUs vested for the CFO on April 30, 2026?
On April 30, 2026, 333,333 Restricted Stock Units for CFO Carlos Salas vested and settled into the same number of Patriot National Bancorp common shares. This represents the first of three equal annual vesting tranches from a 1,000,000 RSU grant.
What is the size and schedule of the Patriot National Bancorp (PNBK) RSU grant to the CFO?
On April 30, 2025, Carlos Salas received 1,000,000 RSUs tied to PNBK common stock. They vest over three years in tranches of 333,333, 333,333, and 333,334 shares as of April 30 in 2026, 2027, and 2028, respectively, if conditions are met.
What indirect Patriot National Bancorp (PNBK) holdings does HECA Management LLC report?
HECA Management LLC holds 1,333,334 PNBK common shares, acquired in a $57.75 million private placement completed March 20, 2025. As managing member of HECA Management, Carlos Salas is deemed to have sole voting and dispositive power over these indirectly held shares.