Sugarman Steven 4

What Happened Steven Sugarman, President, CEO and a director of Patriot National Bancorp (PNBK), had 4,049,593 restricted stock units (RSUs) vest on March 25, 2026. Of those vested RSUs, 2,089,043 shares of common stock were delivered to him and 1,960,550 shares were withheld to satisfy tax-withholding obligations. The filing shows the conversion as a derivative exercise (transaction code M) and lists a $0.00 per-share acquisition price — no cash purchase occurred; shares were issued on vesting.

Key Details

• Transaction date: March 25, 2026 (Form 4 filed March 31, 2026). No late filing flag is indicated in the provided data.
• Instrument: 4,049,593 RSUs vested; 2,089,043 shares delivered; 1,960,550 shares withheld for taxes under the issuer’s withholding policy (footnote F1).
• Price/value: Listed as $0.00 (derivative conversion on vesting); no cash exchanged for the delivered shares.
• Ownership after transaction: Not disclosed in the supplied summary of the Form 4.
• Notable footnotes: F1 explains the RSU vesting and tax withholding; F2 notes a revocable living trust for the benefit of the reporting person and spouse, for which they are trustees.

Context This was a standard RSU vesting event, not an open-market purchase or sale. Withholding shares to cover taxes is routine and reduces the net shares delivered to the insider; there is no indication the shares were sold immediately after vesting. Such award vesting indicates compensation realization rather than a buy/sell signal.