John W. Mccauley - Oct 15, 2021 Form 4 Insider Report for SELECT BANCORP, INC. (SLCT)

Role: Director
Signature: /s/ John W. McCauley
Stock symbol: SLCT
Transactions as of: Oct 15, 2021
Transactions value $: $0
Form type: 4
Date filed: 10/19/2021, 03:19 PM
Previous filing: Oct 13, 2021
Next filing: Jun 15, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SLCT	Common Stock	Disposed to Issuer		-40K	-100%		0	Oct 15, 2021	Direct	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	SLCT	Right to Acquire Common Stock	Disposed to Issuer	$0	-1.58K	-100%	$0.00^*	0	Oct 15, 2021	Common Stock	1.58K		Direct	F2
transaction	SLCT	Options to Purchase Common Stock	Disposed to Issuer	$0	-1.4K	-100%	$0.00^*	0	Oct 15, 2021	Common Stock	1.4K	$11.27	Direct	F3

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

Explanation of Responses:

Id	Content
F1	Disposed of pursuant to the Agreement and Plan of Merger and Reorganization, dated as of June 1, 2021 (the Merger Agreement), by and between First Bancorp and Select Bancorp, Inc., pursuant to which Select Bancorp, Inc., was merged with and into First Bancorp, effective October 15, 2021 (the Merger). Pursuant to the Merger Agreement, at the effective date of the Merger, each issued and outstanding share of Select Bancorp, Inc. common stock was converted into the right to receive 0.408 of a share 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 or indirectly any shares of Select Bancorp, Inc. common stock.
F2	Represents the right to receive shares of Select Bancorp, Inc. common stock under Select's Amended and Restated Directors' Deferral Plan (the Deferral Plan). The Deferral Plan was terminated as of the effective date of the Merger. Each share in the Deferral Plan represents the right to receive 0.408 of a share of First Bancorp common stock.
F3	Upon the closing of the Merger, each outstanding and unexercised option to purchase shares of Select Bancorp, Inc. common stock, whether or not previously vested, was cancelled in exchange for a cash payment of $18.00 minus the exercise price of each share of Select Bancorp, Inc. common stock subject to such stock option.