Salas Carlos P 4/A

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.