Mason Y. Garrett - 01 Jan 2023 Form 4 Insider Report for GRANDSOUTH BANCORPORATION

Reporting relationship: Chairman and CEO, Director
Issuer ticker: N/A
Reported as of: 01 Jan 2023
Net transaction value: $0
SEC form: 4
Accepted by SEC: 04 Jan 2023, 13:41:56 UTC
Prior SEC filing: 06 Dec 2022
Next SEC filing: 02 Jun 2023
Source filing: View source filing
Reporting owner signature: /s/ Nelson Mullins Riley & Scarborough LLP as POA for Mason Y. Garrett

Key filing fact

Mason Y. Garrett filed Form 4 for GRANDSOUTH BANCORPORATION on 04 Jan 2023.

Key facts

This page summarizes Mason Y. Garrett's Form 4 filing for GRANDSOUTH BANCORPORATION.
6 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 04 Jan 2023, 13:41.

Change

Previous filing in this sequence was filed on 06 Dec 2022.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

GRRB transaction

Common Stock

Disposed to Issuer

Transaction value
Shares: -348,255
Change %: -100%
Price
Shares after: 0
Date: 01 Jan 2023
Ownership: Direct
Footnotes: F1

GRRB transaction

Common Stock

Disposed to Issuer

Transaction value
Shares: -13,336
Change %: -100%
Price
Shares after: 0
Date: 01 Jan 2023
Ownership: By Self as Custodian for Grandchildren
Footnotes: F1

GRRB transaction

Common Stock

Disposed to Issuer

Transaction value
Shares: -174,663
Change %: -100%
Price
Shares after: 0
Date: 01 Jan 2023
Ownership: By Spouse
Footnotes: F1

GRRB transaction

Common Stock

Disposed to Issuer

Transaction value
Shares: -61,492
Change %: -100%
Price
Shares after: 0
Date: 01 Jan 2023
Ownership: By BMPBC, LLC Partnership
Footnotes: F1

GRRB transaction

Common Stock

Disposed to Issuer

Transaction value
Shares: -300,000
Change %: -100%
Price
Shares after: 0
Date: 01 Jan 2023
Ownership: By Mason Y. Garrett Family, LP
Footnotes: F1

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

GRRB transaction Derivative

Preferred Stock - Series A

Disposed to Issuer

Transaction value
Shares: -9,204
Change %: -100%
Price
Shares after: 0
Date: 01 Jan 2023
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 9,204
Exercise price
Footnotes: F1, F2

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

Mason Y. Garrett is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 2 footnotes

Footnote 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.

Footnote 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.