4/A//SEC Filing
GAULT MICHAEL L 4/A
Accession 0001336628-05-000002
CIK 0001126961other
Filed
Aug 24, 8:00 PM ET
Accepted
Aug 25, 11:26 AM ET
Size
17.1 KB
Accession
0001336628-05-000002
Insider Transaction Report
Form 4/AAmended
GRANDSOUTH BANCORPORATIONOTCBB:GRRB
GAULT MICHAEL L
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 totalExercise: $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 totalExercise: $10.05From: 2006-08-19Exp: 2015-08-19→ Common Stock (5,000 underlying)
Holdings
- 30,759(indirect: See note)
Common Stock
- 4,232(indirect: See note)
Common Stock
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.
Issuer
GRANDSOUTH BANCORPORATION
CIK 0001126961
Entity typeother
Related Parties
1- filerCIK 0001268946
Filing Metadata
- Form type
- 4/A
- Filed
- Aug 24, 8:00 PM ET
- Accepted
- Aug 25, 11:26 AM ET
- Size
- 17.1 KB