secwatch.observer — SEC 8-K summary
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Issuer:     PATRIOT NATIONAL BANCORP INC (PNBK)
CIK:        0001098146
Form:       8-K
Filed at:   2025-03-21T23:59:59+00:00
Accession:  0001171843-25-001608
Event type: other_material
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1098146/000117184325001608/0001171843-25-001608-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1098146/000117184325001608/f8k_032025.htm
  HTML page:      https://secwatch.observer/filing/0001171843-25-001608

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