William Paul Simmons, the Executive Vice President and Chief Credit Officer of Patriot National Bancorp, Inc., has been awarded a significant grant of restricted stock. This grant, consisting of 422,486 shares, was reported in a recent SEC filing, reflecting the company’s strategy to incentivize and retain its key executives.

The award, valued at approximately $360,000 based on the stock's closing price on the grant date, was approved by the Issuer's Compensation, Nominating and Governance Committee. The shares are set to vest in full on March 31, 2027, contingent upon Simmons' continued employment with the company through that date.

Background

Patriot National Bancorp, Inc. is a financial institution operating in the national commercial banks sector. The company is incorporated in Connecticut and is publicly traded under the ticker symbol PNBK. Recent filings indicate that Simmons has been actively involved with the company, as shown by his multiple reports of stock transactions.

What the Filing Says

The SEC filing, dated October 30, 2026, states: "On October 28, 2026, the Issuer's Compensation, Nominating and Governance Committee granted the Reporting Person 422,486 shares of restricted stock under the Issuer's 2025 Omnibus Equity Incentive Plan." This indicates a structured approach to executive compensation aimed at aligning the interests of leadership with those of shareholders.

Impact

This stock grant may influence other executives and employees within Patriot National Bancorp, as it underscores the importance of retention and performance in the company's culture. It could also set a precedent for compensation practices within the banking industry, prompting competitors to reassess their own executive compensation frameworks.

What's Next

The filing does not say what happens next.