Form 4: Patriot National Bancorp Executive Receives Stock Award

William Paul Simmons, EVP & Chief Credit Officer of Patriot National Bancorp, Inc., received a stock award and had shares withheld for tax obligations.

Summary

• William Paul Simmons, EVP & Chief Credit Officer of Patriot National Bancorp, Inc., was granted 1,000,000 Restricted Stock Units (RSUs) on August 13, 2025, effective April 30, 2025.
• The RSUs vest in three equal installments on the first three anniversaries of the award date.
• On April 30, 2026, the first installment of 333,333 RSUs vested and settled, with the company delivering shares of Common Stock.
• No consideration was paid by Mr. Simmons for the settlement of these vested RSUs.
• Additionally, 121,776 shares of Common Stock were withheld by the Issuer to satisfy Mr. Simmons' tax withholding obligations, valued at $1.23 per share, the closing price on April 30, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral; it details a standard executive compensation event without significant positive or negative financial implications for the company itself, though the low withholding price might be a subtle indicator of past stock performance.

Positives

• Receipt of a significant stock award (1,000,000 RSUs) by a key executive, indicating potential alignment of executive interests with shareholder value.
• Vesting of the first tranche of RSUs, demonstrating progress towards full vesting and potential future share ownership.
• The company delivered shares in settlement of vested RSUs, which is a standard practice for compensation.

Negatives

• A substantial number of shares (121,776) were withheld for tax purposes, reducing the net shares received by the executive.
• The withholding of shares for taxes at a price of $1.23 per share suggests that the stock price at the time of vesting was relatively low, potentially indicating a depressed stock value.

Risks

• The withholding of shares for tax obligations at $1.23 per share could indicate that the stock price has not performed as well as anticipated, potentially impacting executive morale or future compensation valuations.
• Future vesting of RSUs is contingent on continued employment, and any departure before vesting would result in forfeiture of unvested awards.

Future Outlook

The filing indicates that the remaining RSUs will vest in two further equal installments on the second and third anniversaries of the award date, subject to continued employment.

Industry Context

StockSavvy.ai notes that the issuance and vesting of Restricted Stock Units (RSUs) are common executive compensation tools across the financial services industry, designed to retain talent and align executive interests with long-term shareholder value. The withholding of shares for tax purposes is also a standard procedure.

Stakeholder Impact

• Shareholders: The RSU award and vesting are part of executive compensation, which impacts dilution. The withholding of shares for taxes at a specific price may indirectly reflect on the company's stock performance.
• Employees: This filing pertains to executive compensation and does not directly impact other employees.
• Management: William Paul Simmons benefits from the stock award, with a portion of his compensation realized upon vesting and settlement.

Next Steps

• Vesting of the second installment of RSUs on the second anniversary of the award date.
• Vesting of the third installment of RSUs on the third anniversary of the award date.

Key Dates

Keywords

Form 4, SEC Filing, Stock Award, Restricted Stock Units, RSU Vesting, Executive Compensation, Patriot National Bancorp, PNBK, William Paul Simmons, Tax Withholding