STOCK KEITH 4
4 · Independence Bancshares, Inc. · Filed Jan 25, 2018
Insider Transaction Report
Form 4
STOCK KEITH
Director
Transactions
- Disposition to Issuer
Common Stock
2018-01-23$0.13/sh−125,000$15,625→ 0 total(indirect: By First Financial Partners Fund II, L.P.) - Disposition to Issuer
Options
2018-01-23−20,000→ 0 totalExercise: $0.01Exp: 2025-05-14→ Common Stock (20,000 underlying) - Other
Series A Preferred Stock
2018-01-23$1000.00/sh−100$100,000→ 0 total(indirect: By First Financial Partners Fund II, L.P.)Exercise: $1000.00→ Common Stock (125,000 underlying)
Footnotes (4)
- [F1]Disposed of pursuant to that certain Agreement and Plan of Merger dated as of September 25, 2017, between First Reliance Bancshares, Inc. (First Reliance), FR Merger Subsidiary, Inc. (Merger Sub), and Independence Bancshares, Inc. (Independence), pursuant to which Independence was merged with and into First Reliance (the Merger). At the effective time of the Merger, each share of Independence common stock was converted into the right to receive $0.125 in cash.
- [F2]On May 14, 2015, the reporting person was granted an option to purchase 20,000 shares of common stock at $0.65 per share. The option immediately vested for all of the shares. Prior to the effective time of the Merger, all holders of options granted by Independence surrendered their rights under the options for a cash payment of $0.01 per share of common stock underlying the options.
- [F3]Immediately prior to the effective time of the merger, each share of Independence Series A Preferred Stock was redeemed for its stated per share redemption price by the payment of cash in the amount of $1,000.
- [F4]Not Applicable