Carlos P. Salas, EVP and Chief Financial Officer of Patriot National Bancorp Inc (NASDAQ:PNBK), filed a Form 4 on October 30, 2026, disclosing a restricted stock grant and an amendment to his existing restricted stock unit award, both effective October 28, 2026.

Key Highlights

  • Restricted stock grant: Salas received 938,857 shares of restricted stock on October 28, 2026, valued at $800,000 based on the closing price of $0.8521 per share on the grant date.
  • Vesting schedule: The newly granted shares vest in full on March 31, 2027, subject to Salas's continued employment through that date.
  • Direct ownership following grant: Salas directly holds 1,148,507 shares of common stock following the reported transaction.
  • Indirect ownership: An additional 1,333,334 shares are held indirectly through HECA Management LLC, of which Salas is the managing member with sole voting and dispositive power.
  • RSU vesting accelerated: The Compensation, Nominating and Governance Committee amended Salas's existing RSU award, originally granted April 30, 2025, accelerating vesting so that 333,333 RSUs became immediately vested as of October 28, 2026, and the remaining 333,334 RSUs will vest on May 1, 2027.
  • RSU balance unchanged: According to the filing, Salas's total RSU balance of 741,650 RSUs is unchanged and no RSUs were settled in connection with the vesting acceleration.

Restricted Stock Grant and RSU Amendment for Patriot National Bancorp CFO Salas

According to the Form 4 filed with the SEC on October 30, 2026, the Compensation, Nominating and Governance Committee of Patriot National Bancorp Inc granted Carlos P. Salas 938,857 shares of restricted stock under the company's 2025 Omnibus Equity Incentive Plan. The filing states the award was valued at $800,000, based on the closing price of the issuer's common stock on the grant date of $0.8521 per share. The shares are reported as acquired (transaction code A) and vest in full on March 31, 2027, subject to Salas's continued employment through that date.

Following the grant, the filing discloses that Salas directly holds 1,148,507 shares of common stock. He also holds 1,333,334 shares indirectly through HECA Management LLC. The filing explains that HECA Management purchased those securities as part of a $57.75 million private placement completed on March 20, 2025, and that Salas, as managing member, is deemed to hold sole voting and dispositive power over those shares.

The filing further discloses that the Committee amended Salas's existing RSU award, originally granted on April 30, 2025. Under the amendment, 333,333 RSUs that had been scheduled to vest on April 30, 2027 became immediately vested and nonforfeitable as of October 28, 2026, while the remaining 333,334 unvested RSUs will now vest on May 1, 2027, rather than the originally scheduled April 30, 2028. The filing states that the total RSU balance of 741,650 RSUs is unchanged and that no RSUs were settled in connection with this vesting acceleration.

What Was Disclosed

Patriot National Bancorp CFO Carlos P. Salas disclosed a restricted stock grant of 938,857 shares valued at $800,000, direct beneficial ownership of 1,148,507 shares, indirect ownership of 1,333,334 shares via HECA Management LLC, and an acceleration of RSU vesting on an existing 741,650-unit award.