SEC Form 4 · accession 0001144204-17-054439
FIRST SOUTH BANCORP INC /VA/ · FSBK
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John F Nicholson Jr.
Officer — EVP - Chief Credit Officer
Period of report
Oct 25, 2017
Accepted (ET)
Oct 27, 2017 · 11:35 am EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001027183
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | Oct 25, 2017 | M | 3,000 | $10.91 | A | 4,000 | D | |
| Common Stock | Oct 25, 2017 | M | 6,000 | $5.40 | A | 10,000 | D | |
| Common StockF1 | holding | — | — | — | 2,000 | D | ||
| Common StockF2 | holding | — | — | — | 25,262 | I | By 401(k) | |
| Common Stock | holding | — | — | — | 12,000 | I | By IRA |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Right to Buy Options -ISOF3 | $10.91 | Oct 25, 2017 | M | 3,000 | D | — | Feb 25, 2020 | Common Stock | 3,000 | 0 | D |
| Right to Buy Options -ISOF4 | $5.40 | Oct 25, 2017 | M | 6,000 | D | — | Feb 28, 2021 | Common Stock | 6,000 | 0 | D |
Explanation of responses
- F12,000 shares of Restricted Stock were granted on February 14, 2014. The shares vest and become earned in four equal annual installments of 500 shares each, beginning on February 14, 2015. The final vesting date of the last 500 share installment was accelerated to September 30, 2017, in connection with the pending merger of First South Bancorp, Inc., with and into Carolina Financial Corporation.
- F2Between the date of Reporting Person's last Form 4 filing (2/14/14) and the date of the current filing, a total of 4,442 shares of the Issuer's common stock were acquired under the 401(k) plan.
- F3The option vested and became exercisable in three equal annual installments beginning on February 25, 2011, as follows: 1,000 of the shares subject to the option vested on each of February 25, 2011, 2012, and 2013.
- F4The option vested and became exercisable in three equal annual installments beginning on February 28, 2012, as follows: 2,000 of the shares subject to the option vested on each of February 28, 2012, 2013, and 2014.