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.