Form 4: Patriot National Bancorp EVP David Finn Acquires 53,125 Shares of Common Stock

David Finn, EVP & Senior Finance Officer of Patriot National Bancorp, reports the acquisition of 53,125 shares of common stock on August 19, 2024, as part of the company's 2020 Stock Plan.

Summary

• On August 19, 2024, David Finn, the EVP & Senior Finance Officer of Patriot National Bancorp, acquired 53,125 shares of common stock.
• These shares were granted under the Issuer's 2020 Stock Plan.
• The shares will vest annually in equal installments over three years.
• Specifically, 17,708 shares will vest on August 5, 2025, 17,708 shares on August 5, 2026, and 17,709 shares on August 5, 2027.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The stock grant is a positive sign of aligning executive interests with shareholders, but it's a routine transaction.

Positives

• The grant of stock to a key executive aligns their interests with those of the shareholders.
• The vesting schedule encourages long-term commitment from the executive.

Future Outlook

The document does not contain any specific forward-looking statements or guidance.

Industry Context

Stock grants are a common practice in the banking industry to incentivize and retain key executives. The vesting schedule is typical for such grants.

Comparison to Industry Standards

• Stock-based compensation is a standard practice across the financial services industry.
• Companies like JPMorgan Chase, Bank of America, and Citigroup also utilize stock grants as part of their executive compensation packages.
• The vesting schedules are generally in line with industry norms, typically ranging from three to five years.

Stakeholder Impact

• Shareholders may view the stock grant as a positive incentive for the executive.
• Employees may see this as a positive sign of investment in leadership.

Key Dates

Keywords

Patriot National Bancorp, PNBK, David Finn, Stock Grant, Vesting, Executive Compensation, Form 4