Salas Carlos P 4/A

4/A · PATRIOT NATIONAL BANCORP INC · Filed May 5, 2026

AI-generated summary of this filing

Updated May 5, 2026

PATRIOT NATIONAL (PNBK) CFO Carlos Salas Receives RSU Award

What Happened

Carlos P. Salas, Chief Financial Officer of Patriot National Bancorp (PNBK), received the first installment of vested restricted stock units (333,333 RSUs) on April 30, 2026. The RSUs settled into common shares (no cash paid). The issuer withheld 123,683 shares to satisfy tax withholding obligations (valued at $1.23/share; $152,130 reported), leaving a net 209,650 shares delivered to Salas. The gross value of the vested shares at the closing price ($1.23) was about $410,000.

Key Details

Transaction date: April 30, 2026 (reported on amended Form 4 filed May 5, 2026).
Codes reported: M = exercise/conversion/RSU settlement (333,333 shares acquired); F = tax withholding (123,683 shares withheld/disposed).
Withholding amount/value: 123,683 shares × $1.23 = $152,130 (per filing). Net shares delivered: 209,650.
Amendment: This is a Form 4/A correcting the originally reported withheld shares (originally reported as 121,776). Net delivered shares were corrected from 211,557 to 209,650. The original Form 4 was filed May 4, 2026 and the amendment was filed May 5, 2026 to correct the withholding figure.
Shares owned after the transaction: not specified in the provided filing excerpt.
Footnote: reporting person is managing member of HECA Management LLC, which holds certain shares from a prior private placement (see filing footnote).

Context

This was an RSU vesting and settlement, not an open-market purchase or sale. The issuer withheld shares to cover tax obligations (a routine cashless-type withholding), which is common for RSU settlements and does not necessarily signal a buy or sell decision. The amendment only corrects reporting/withholding figures and does not indicate an additional economic transaction.

Form 4/AAmended

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−123,683$152,130→ 209,650 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 123,683 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|2026-05-05

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