GARRETT MASON Y 4
4 · GRANDSOUTH BANCORPORATION · Filed Jan 4, 2023
Insider Transaction Report
Form 4
GARRETT MASON Y
DirectorChairman & CEO10% Owner
Transactions
- Disposition to Issuer
Common Stock
2023-01-01−348,255→ 0 total - Disposition to Issuer
Common Stock
2023-01-01−174,663→ 0 total(indirect: By Spouse) - Disposition to Issuer
Common Stock
2023-01-01−13,336→ 0 total(indirect: By Children) - Disposition to Issuer
Common Stock
2023-01-01−61,492→ 0 total(indirect: By LLC) - Disposition to Issuer
Common Stock
2023-01-01−300,000→ 0 total(indirect: By Mason Y. Garrett Family, LP) - Disposition to Issuer
Preferred Stock - Series A
2023-01-01−9,204→ 0 total→ Common Stock (9,204 underlying)
Footnotes (2)
- [F1]Disposed of in accordance with the Agreement and Plan of Merger and Reorganization, dated as of June 21, 2022 (the "Merger Agreement"), by and between GrandSouth Bancorporation and First Bancorp, pursuant to which GrandSouth Bancorporation was merged with and into First Bancorp, effective January 1, 2023 (the "Merger"). On January 1, 2023, the effective date of the Merger, each issued and outstanding share of GrandSouth Bancorporation common stock and preferred stock was converted into the right to receive 0.91 shares of First Bancorp common stock (subject to the payment of cash in lieu of fractional shares). As a result of the Merger, the Reporting Person no longer beneficially owns, directly, any shares of GrandSouth Bancorporation capital stock.
- [F2]The Series A Preferred Stock is convertible upon a Change of Control (as defined in the Articles of Amendment designating the Series A Preferred) into a number of shares of the issuers common stock on a one-for-one basis and has no expiration date.