{"schema_version":"secwatch.filing_event.v1","accession":"0001171843-25-001608","form_type":"8-K","ticker":"PNBK","cik":"0001098146","company_name":"PATRIOT NATIONAL BANCORP INC","filed_at":"2025-03-21T23:59:59+00:00","discovered_at":"2026-05-14T18:03:02.927597+00:00","generated_at":"2026-05-24T08:20:25.197477+00:00","sec_items":["1.01","2.03","3.02","5.02","7.01","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Patriot National Bancorp announces $50M private placement; enters employment agreement with President Sugarman","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001171843-25-001608","json":"https://secwatch.observer/filing/0001171843-25-001608.json","markdown":"https://secwatch.observer/filing/0001171843-25-001608.md","text":"https://secwatch.observer/filing/0001171843-25-001608.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1098146/000117184325001608/0001171843-25-001608-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1098146/000117184325001608/f8k_032025.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T08:20:25.197477+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"34e25a4975","claim":"David Lowery resigned as Chief Executive Officer at PATRIOT NATIONAL BANCORP INC.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1098146/000117184325001608/0001171843-25-001608-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Chief Executive Officer"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}