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Patriot National (PNBK) CEO awarded May 2026 Restricted Stock Unit grants

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

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

PATRIOT NATIONAL BANCORP INC reported that President and CEO Steven Sugarman received new equity compensation in the form of Restricted Stock Units. On May 20, 2026 he was granted 575 RSUs as a quarterly award for Q4 2025 and 104,452 RSUs as a quarterly award for Q1 2026 under his employment agreement.

The May 2026 RSU grants vest in twelve equal monthly installments from May 20, 2026 through May 20, 2027. They are subject to a one-year restricted period ending May 20, 2027, with settlement occurring on the date the restricted period expires.

Positive

  • None.

Negative

  • None.
Insider Sugarman Steven
Role President and CEO
Type Security Shares Price Value
Grant/Award Restricted Stock Units 575 $0.00 --
Grant/Award Restricted Stock Units 104,452 $0.00 --
Holdings After Transaction: Restricted Stock Units — 1,700,533 shares (Direct)
Footnotes (1)
  1. On May 20, 2026, pursuant to the Reporting Person's employment agreement with the Issuer, effective as of March 20, 2025 (the "Employment Agreement"), the Reporting Person was granted Restricted Stock Units ("RSUs") equal to: (i) 575 shares of Common Stock as a quarterly equity award for Q4 2025, and (ii) 104,452 shares of Common Stock as a quarterly equity award for Q1 2026 (collectively, the "May 2026 RSU Grants"). Each of the May 2026 RSU Grants will vest in twelve (12) equal monthly installments commencing on May 20, 2026 and ending on May 20, 2027. Pursuant to the terms of the Employment Agreement, the May 2026 RSU Grants are subject to a one-year restricted period expiring on May 20, 2027 and will be settled on the date of expiration of the restricted period. N/A
Q4 2025 RSU grant 575 RSUs Quarterly equity award granted May 20, 2026
Q1 2026 RSU grant 104,452 RSUs Quarterly equity award granted May 20, 2026
Vesting schedule 12 monthly installments From May 20, 2026 to May 20, 2027
Restricted period end May 20, 2027 RSUs settled upon expiration of restricted period
Holdings after larger RSU grant 1,804,985 units Total derivative holdings following 104,452-unit grant
Holdings after 575-share grant 1,700,533 shares Total underlying voting common stock after 575-share award
Restricted Stock Units financial
"the Reporting Person was granted Restricted Stock Units ("RSUs") equal to"
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.
employment agreement financial
"pursuant to the Reporting Person's employment agreement with the Issuer"
quarterly equity award financial
"575 shares of Common Stock as a quarterly equity award for Q4 2025"
restricted period financial
"subject to a one-year restricted period expiring on May 20, 2027"
vest in twelve (12) equal monthly installments financial
"Each of the May 2026 RSU Grants will vest in twelve (12) equal monthly installments"

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What insider transaction did PNBK report for Steven Sugarman?
PNBK reported that President and CEO Steven Sugarman received equity compensation grants of Restricted Stock Units on May 20, 2026. These were quarterly awards under his employment agreement, rather than open-market stock purchases or sales by him.

How many RSUs were granted to the PNBK CEO in May 2026?
Steven Sugarman was granted 575 Restricted Stock Units for the Q4 2025 quarterly award and 104,452 Restricted Stock Units for the Q1 2026 quarterly award. Both grants were made on May 20, 2026 under his employment agreement.

How do the May 2026 RSU grants for PNBK’s CEO vest?
Each of the May 2026 RSU grants to the PNBK CEO vests in twelve equal monthly installments. Vesting begins on May 20, 2026 and continues monthly through May 20, 2027, aligning with the one-year restricted period described in his employment agreement.

When will the PNBK CEO’s May 2026 RSUs be settled into shares?
The May 2026 RSU grants are subject to a one-year restricted period ending May 20, 2027. According to the disclosure, the RSUs will be settled on the date the restricted period expires, meaning settlement is scheduled for May 20, 2027.

Are the PNBK CEO’s May 2026 RSU grants market purchases or compensation?
The May 2026 RSU grants are compensation, not market transactions. They are described as quarterly equity awards granted pursuant to Steven Sugarman’s employment agreement, with no purchase price per share and no open-market buying or selling involved.

What is the purpose of the restricted period on PNBK’s May 2026 RSUs?
The one-year restricted period keeps the May 2026 RSU grants from being settled immediately. It runs from May 20, 2026 to May 20, 2027, with settlement of the units into shares occurring only when the restricted period expires.
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
President and CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units(2)05/20/2026A(1)57505/20/202705/20/2027Voting Common Stock575$01,700,533D
Restricted Stock Units(2)05/20/2026A(1)104,45205/20/202705/20/2027Voting Common Stock$104,452$01,804,985D
Explanation of Responses:
1. On May 20, 2026, pursuant to the Reporting Person's employment agreement with the Issuer, effective as of March 20, 2025 (the "Employment Agreement"), the Reporting Person was granted Restricted Stock Units ("RSUs") equal to: (i) 575 shares of Common Stock as a quarterly equity award for Q4 2025, and (ii) 104,452 shares of Common Stock as a quarterly equity award for Q1 2026 (collectively, the "May 2026 RSU Grants"). Each of the May 2026 RSU Grants will vest in twelve (12) equal monthly installments commencing on May 20, 2026 and ending on May 20, 2027. Pursuant to the terms of the Employment Agreement, the May 2026 RSU Grants are subject to a one-year restricted period expiring on May 20, 2027 and will be settled on the date of expiration of the restricted period.
2. N/A
/s/ Steven Sugarman06/18/2026
** Signature of Reporting PersonDate
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