Corporate GovernanceApr 28, 2026, 06:07 AM
PNBK Amends Carlos Salas's Employment Agreement
AI Summary
Patriot National Bancorp, Inc. (PNBK) entered into an Addendum to the Employment Agreement with Executive Carlos P. Salas, effective April 26, 2026. The addendum amends sections 5 and 7 of the original agreement, primarily detailing the Company's obligations upon various termination scenarios, including severance payments, equity vesting, and continued benefits. It also incorporates provisions related to Section 280G of the Internal Revenue Code to manage potential golden parachute excise taxes.
Key Highlights
- Addendum to employment agreement for Carlos P. Salas effective April 26, 2026.
- Modifies termination obligations, including accrued salary, vacation, and prior year bonus.
- Introduces Pro Rata Bonus payment for the fiscal year of termination.
- Specifies severance payment of at least $600,000 or sum of salary and bonus.
- Severance doubles if termination occurs within one year of a Change of Control.
- Equity awards vest immediately; medical/dental benefits continue for one year post-termination.
- Includes Section 280G provisions to optimize payments against excise taxes.
- Company to cover all fees for Section 280G calculations.
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Price Impact
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