GAULT MICHAEL L 4/A

4/A · GRANDSOUTH BANCORPORATION · Filed Aug 25, 2005

Form 4/AAmended

Period: 2005-08-19

Director

Transactions

Conversion
Convertible Debentures
2005-08-19−4,882→ 0 total(indirect: See note)
Exercise: $5.12From: 2005-08-19Exp: 2011-01-02→ Common Stock (4,882 underlying)
Conversion
Common Stock
2005-08-19$5.12/sh+14,648$74,998→ 14,648 total
Conversion
Common Stock
2005-08-19$5.12/sh+4,882$24,996→ 4,882 total(indirect: See note)
Conversion
Convertible Debentures
2005-08-19−14,648→ 0 total
Exercise: $5.12From: 2005-08-19Exp: 2011-01-02→ Common Stock (14,648 underlying)
Award
Options (rights to buy)
2005-08-19+5,000→ 5,000 total
Exercise: $10.05From: 2006-08-19Exp: 2015-08-19→ Common Stock (5,000 underlying)

Holdings

Footnotes (6)

[F1]The conversion price represents the contract price of $6.50 as adjusted for stock dividends.
[F2]Held in the name of Fountain Inn Service Center, of which Mr. Gault is the sole proprietor.
[F3]Shares held by Mr. Gault's spouse. Mr. Gault disclaims beneficial ownership of these shares.
[F4]These shares are held in Mr. Gault's wife's name as custodian FBO their children, Melissa and Michael Gault, Jr. Mr. Gault disclaims beneficial ownership of these shares.
[F5]The first conversion date on the Convertible Debentures is January 1, 2006 as stated in the contract, but the Issuer made an offer (which was accepted) to the holders of the debentures to convert early.
[F6]These options are exercisable at 20% per year over 5 years and expire in 10 years.

Documents

2 files