Salas Carlos P 4

4 · PATRIOT NATIONAL BANCORP INC · Filed May 4, 2026

AI-generated summary of this filing

Updated May 4, 2026

Patriot National (PNBK) CFO Carlos Salas Receives 333,333 Shares

What Happened

Carlos P. Salas, Chief Financial Officer of Patriot National Bancorp (PNBK), had 333,333 restricted stock units (RSUs) vest and convert to common stock on April 30, 2026. The vested shares had a closing price of $1.23, giving a gross value of about $409,999.59.
To satisfy tax withholding, the issuer withheld 121,776 shares at $1.23/share (value ~$149,784.48); those withheld shares were not delivered to Salas. Net shares delivered to Salas were 211,557, with an approximate retained value of $260,215.11.
The filing records the vesting/settlement as an exercise/conversion (transaction code M) and the withholding as code F (tax withholding).

Key Details

Transaction date: April 30, 2026. Filing date: May 4, 2026 (filed within the standard 2 business days).
Price used for valuation/withholding: $1.23 (closing price on April 30, 2026).
Shares vested/converted: 333,333; shares withheld for taxes: 121,776; net shares received: 211,557.
Relevant footnotes: RSUs were granted on April 30, 2025 (1,000,000 total, vesting in three annual installments of ~333,333 each). The withheld shares satisfied tax obligations and were not delivered.
The filing also notes Salas is managing member of HECA Management LLC and is deemed to hold voting and dispositive power over securities HECA Management purchased in a March 20, 2025 private placement (additional institutional holdings separate from the RSU settlement).

Context

This was an RSU vesting and settlement, not an open-market purchase or sale. The withholding is a routine tax-related disposition and does not necessarily indicate a change in the insider’s view of the company. Transaction codes: M = exercise/conversion of derivative (here, RSU settlement), F = shares withheld to satisfy tax withholding.

Form 4

Period: 2026-04-30

DirectorEVP & Chief Financial Officer

Transactions

Exercise/Conversion
Common Stock
[F1]
2026-04-30+333,333→ 333,333 total
Tax Payment
Common Stock
[F2]
2026-04-30$1.23/sh−121,776$149,784→ 211,557 total
Exercise/Conversion
Restricted Stock Units
[F1]
2026-04-30+333,333→ 666,667 total
Exercise: $0.00From: 2026-04-30Exp: 2026-04-30→ Common Stock (333,333 underlying)

Holdings

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.

Signature

/s/ Carlos P. Salas|2026-05-04

1 file