Patriot National Bancorp announces $50M private placement; enters employment agreement with President Sugarman

PATRIOT NATIONAL BANCORP INC

Raises minimum $50M via common stock at $0.75/share and Series A Preferred at $60/share.
Proceeds to invest in Patriot Bank, N.A. and for general corporate purposes; closing expected by March 27, 2025.
Series A Preferred pays 10% annual non-cumulative dividend, convertible into 80 common shares per preferred share.
Employment agreement with President Steven Sugarman: at least $200,000 base salary plus equity awards (5% of outstanding common initially).
Adopts 2025 Omnibus Equity Incentive Plan, subject to shareholder approval, authorizing up to 20% of outstanding shares for awards.

item 1.01 item 2.03 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

David Lowery

Chief Executive Officer

PNBK · PATRIOT NATIONAL BANCORP INC

Effective: 2025-04-15
Filed: March 21, 2025, 7:59 PM ET

On March 20, 2025, David Lowery announced his resignation as Chief Executive Officer of the Company and as President and Chief Executive Officer of the Bank, the Company’s wholly-owned subsidiary, effective as of April 15, 2025 or as otherwise determined by Mr. Lowery and the Company, to ensure a seamless transition.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

David Lowery resigned as Chief Executive Officer at PATRIOT NATIONAL BANCORP INC.

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

On March 20, 2025, David Lowery announced his resignation as Chief Executive Officer of the Company and as President and Chief Executive Officer of the Bank, the Company’s wholly-owned subsidiary, effective as of April 15, 2025 or as otherwise determined by Mr. Lowery and the Company, to ensure a seamless transition.

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Source: SEC EDGAR

accession 0001171843-25-001608

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