secwatch.observer — SEC 8-K summary
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Issuer:     PATRIOT NATIONAL BANCORP INC (PNBK)
CIK:        0001098146
Form:       8-K
Filed at:   2026-04-28T23:59:59+00:00
Accession:  0001437749-26-013520
Event type: other_material
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud

Patriot National Bancorp enters indemnification agreements and amends employment agreements with officers
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- Entered indemnification agreements with directors Anahit Magzanyan, Jonathan Roth, Mario De Tomasi, Carlos P. Salas, and Jeffrey Seabold.
- Amended employment agreements with officers Steven A. Sugarman, Carlos P. Salas, Angie Miranda, and William Paul Simmons to add severance provisions.
- For President Steven A. Sugarman, severance includes 3x of annual base salary plus bonus, accelerated equity vesting, and three years of health benefits.
- For CFO Carlos P. Salas, severance is based on remaining term and at least $600,000; double upon change of control within one year.
- Addenda include limitations on golden parachute excise taxes under Sections 280G and 4999 of the Internal Revenue Code.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1098146/000143774926013520/0001437749-26-013520-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1098146/000143774926013520/pnbk20260427_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-26-013520

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer