William L. Hedgepeth - Oct 15, 2021 Form 4 Insider Report for SELECT BANCORP, INC. (SLCT)

Role: President & CEO, Director
Signature: /s/William L Hedgepeth
Stock symbol: SLCT
Transactions as of: Oct 15, 2021
Transactions value $: $0
Form type: 4
Date filed: 10/19/2021, 03:51 PM
Previous filing: Oct 5, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SLCT	common stock	Disposed to Issuer		-81.2K	-100%		0	Oct 15, 2021	Direct	F1
transaction	SLCT	common stock	Disposed to Issuer		-18.6K	-100%		0	Oct 15, 2021	Joint with spouse	F1

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

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SLCT	stock options	Disposed to Issuer	$0	-1.3K	-100%	$0.00^*	Oct 15, 2021	common stock	1.3K	$10.15	Direct	F2
transaction	SLCT	Options to Purchase Common Stock	Disposed to Issuer	$0	-7K	-100%	$0.00^*	Oct 15, 2021	common stock	7K	$11.27	Direct	F2
transaction	SLCT	Options to Purchase Common Stock	Disposed to Issuer	$0	-15K	-100%	$0.00^*	Oct 15, 2021	common stock	15K	$11.84	Direct	F2
transaction	SLCT	Options to Purchase Common Stock	Disposed to Issuer	$0	-15K	-100%	$0.00^*	Oct 15, 2021	Common Stock	15K	$11.84	Direct	F2
transaction	SLCT	Options to Purchase Common Stock	Disposed to Issuer	$0	-7.5K	-100%	$0.00^*	Oct 15, 2021	Common Stock	7.5K	$9.41	Direct	F2

* 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	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.

Content

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.

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.