James B. Schwiers - 14 Feb 2022 Form 4 Insider Report for GRANDSOUTH BANCORPORATION

Role: President & COO, Director
Signature: /s/ Nelson Mullins Riley & Scarborough LLP as POA for James B. Schwiers
Issuer symbol: N/A
Transactions as of: 14 Feb 2022
Net transactions value: +$338,254
Form type: 4
Filing time: 16 Feb 2022, 09:42:40 UTC
Previous filing: 01 Sep 2021
Next filing: 15 Feb 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GRRB	Common Stock	Options Exercise	$338,254	+24,161	+37%	$14.00	90,340	14 Feb 2022	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	GRRB	Employee Stock Option (right to buy)	Options Exercise	$0	-24,161	-41%	$0.000000	34,183	14 Feb 2022	Common Stock	24,161	$14.00	Direct	F1
holding	GRRB	Employee Stock Option (right to buy)						50,000	14 Feb 2022	Common Stock	50,000	$16.55	Direct	F2
holding	GRRB	Preferred Stock - Series A						3,153	14 Feb 2022	Common Stock	3,153		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Granted pursuant to the 2009 Stock Option Plan. The shares subject to this option vested and became exercisable as follows: 20% on each June 21, 2017, 2018, 2019, 2020, and 2021
F2	Granted pursuant to the 2019 Stock Option Plan. The shares subject to this option vested and became exercisable, or will vest, subject to conditions, and become exercisable as follows: 20% on each June 21, 2020, 2021, 2022, 2023, and 2024.
F3	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.