Salas Carlos P 4

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.