---
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"
generated_at: "2026-05-24T08:20:25.197477+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 5.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-25-001608
- JSON: https://secwatch.observer/filing/0001171843-25-001608.json
- Plain text: https://secwatch.observer/filing/0001171843-25-001608.txt

## Key facts
- Executive change
  David Lowery resigned as Chief Executive Officer at PATRIOT NATIONAL BANCORP INC.
  - Action: resigned
  - Role: Chief Executive Officer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1098146/000117184325001608/0001171843-25-001608-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.