4//SEC Filing
WILLUMSTAD ROBERT B 4
Accession 0001311828-18-000006
CIK 0001311828other
Filed
Jan 24, 7:00 PM ET
Accepted
Jan 25, 4:50 PM ET
Size
12.7 KB
Accession
0001311828-18-000006
Insider Transaction Report
Form 4
WILLUMSTAD ROBERT B
DirectorChairman
Transactions
- Other
Series A Preferred Stock
2018-01-23$1000.00/sh−250$250,000→ 0 totalExercise: $1000.00→ Common Stock (312,500 underlying) - Disposition to Issuer
Common Stock
2018-01-23$0.13/sh−1,250,000$156,250→ 0 total - Disposition to Issuer
Options
2018-01-23−725,000→ 0 totalExercise: $0.01Exp: 2023-03-27→ Common Stock (725,000 underlying) - Disposition to Issuer
Options
2018-01-23−37,500→ 0 totalExercise: $0.01Exp: 2025-05-14→ Common Stock (37,500 underlying)
Footnotes (5)
- [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]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. On March 27, 2013, the reporting person was granted an option to purchase 725,000 shares of common stock at $0.80 per share. The option immediately vested for 181,250 shares, or 25% of the shares. The option for the remaining 543,750 shares, or 75% of the shares, was to vest ratably every six months provided certain performance conditions with respect to Independence had been satisfied.
- [F3]On May 14, 2015, the reporting person was granted an option to purchase 37,500 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.
- [F4]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.
- [F5]Not Applicable
Documents
Issuer
Independence Bancshares, Inc.
CIK 0001311828
Entity typeother
Related Parties
1- filerCIK 0001225708
Filing Metadata
- Form type
- 4
- Filed
- Jan 24, 7:00 PM ET
- Accepted
- Jan 25, 4:50 PM ET
- Size
- 12.7 KB