Form 4: Patriot National Bancorp Director Weinbaum Receives Stock Grant

Director Michael J. Weinbaum of Patriot National Bancorp received a grant of 3,846 shares of common stock on May 6, 2024, vesting annually over four years.

Summary

• Michael J. Weinbaum, a director of Patriot National Bancorp, received 3,846 shares of common stock on May 6, 2024.
• The shares were granted under the Issuer's 2020 Stock Plan.
• The shares will vest annually in equal installments over four years, starting December 31, 2024.
• Weinbaum also indirectly owns 342,172 shares through AFP Forty Six Corp, where he serves as President.
• He disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Sentiment

Score: 7

Explanation: The document reflects a routine stock grant, which is generally viewed neutrally to positively as it aligns director interests with shareholders. There are no indications of negative news or concerns.

Positives

• The stock grant aligns Weinbaum's interests with the long-term performance of Patriot National Bancorp.
• The vesting schedule encourages continued service and contribution to the company.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the stock grant.

Industry Context

Stock grants are a common form of executive compensation in the banking industry, aligning management's interests with shareholder value.

Comparison to Industry Standards

• Stock grants are a typical component of executive compensation packages in the financial services industry.
• Comparable companies often use similar vesting schedules to incentivize long-term performance.
• The size of the grant is likely determined by Weinbaum's role, company performance, and industry benchmarks.

Stakeholder Impact

• The stock grant could have a slightly positive impact on shareholder sentiment as it aligns the director's interests with the company's performance.

Key Dates

Keywords

Patriot National Bancorp, Weinbaum, Stock Grant, Director, PNBK, Vesting, AFP Forty Six Corp