Mason Y. Garrett - Jan 1, 2023 Form 4 Insider Report for GRANDSOUTH BANCORPORATION (GRRB)

Role: Chairman and CEO, Director
Signature: /s/ Nelson Mullins Riley & Scarborough LLP as POA for Mason Y. Garrett
Stock symbol: GRRB
Transactions as of: Jan 1, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/4/2023, 01:41 PM
Previous filing: Dec 6, 2022
Next filing: Jun 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Shares	Change %	Date	Ownership	Footnotes
transaction	GRRB	Common Stock	Disposed to Issuer	-348K	-100%	Jan 1, 2023	Direct	F1
transaction	GRRB	Common Stock	Disposed to Issuer	-13.3K	-100%	Jan 1, 2023	By Self as Custodian for Grandchildren	F1
transaction	GRRB	Common Stock	Disposed to Issuer	-175K	-100%	Jan 1, 2023	By Spouse	F1
transaction	GRRB	Common Stock	Disposed to Issuer	-61.5K	-100%	Jan 1, 2023	By BMPBC, LLC Partnership	F1
transaction	GRRB	Common Stock	Disposed to Issuer	-300K	-100%	Jan 1, 2023	By Mason Y. Garrett Family, LP	F1

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	Preferred Stock - Series A	Disposed to Issuer		-9.2K	-100%		0	Jan 1, 2023	Common Stock	9.2K		Direct	F1, F2

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

Mason Y. Garrett is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	Disposed of in accordance with the Agreement and Plan of Merger and Reorganization, dated as of June 21, 2022 (the "Merger Agreement"), by and between GrandSouth Bancorporation and First Bancorp, pursuant to which GrandSouth Bancorporation was merged with and into First Bancorp, effective January 1, 2023 (the "Merger"). On January 1, 2023, the effective date of the Merger, each issued and outstanding share of GrandSouth Bancorporation common stock and preferred stock was converted into the right to receive 0.91 shares of First Bancorp common stock (subject to the payment of cash in lieu of fractional shares). As a result of the Merger, the Reporting Person no longer beneficially owns, directly, any shares of GrandSouth Bancorporation capital stock.
F2	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.

Content

Disposed of in accordance with the Agreement and Plan of Merger and Reorganization, dated as of June 21, 2022 (the "Merger Agreement"), by and between GrandSouth Bancorporation and First Bancorp, pursuant to which GrandSouth Bancorporation was merged with and into First Bancorp, effective January 1, 2023 (the "Merger"). On January 1, 2023, the effective date of the Merger, each issued and outstanding share of GrandSouth Bancorporation common stock and preferred stock was converted into the right to receive 0.91 shares of First Bancorp common stock (subject to the payment of cash in lieu of fractional shares). As a result of the Merger, the Reporting Person no longer beneficially owns, directly, any shares of GrandSouth Bancorporation capital stock.

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.