SEC Form 4 · accession 0001140361-17-041008

FOUR OAKS FINCORP INC · FOFN

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Table I — non-derivative securities

Table II — derivative securities

Explanation of responses

• F1On Nov. 1, 2017, pursuant to that certain Agreement and Plan of Merger, dated as of June 26, 2017 (the "Merger Agreement"), by and among United Community Banks, Inc. ("United") and Four Oaks Fincorp, Inc. ("Four Oaks"), Four Oaks merged with and into United, with United surviving the merger (the "Merger"). Pursuant to the Merger Agreement, at the effective time of the Merger, each share of common stock, $1.00 par value per share, of Four Oaks issued and outstanding immediately prior to the effective time of the Merger (other than shares held by Four Oaks, United, or any Four Oaks shareholders seeking statutory appraisal rights) was converted into the right to receive 0.6178 shares of United common stock, $1.00 par value per share (subject to the payment of cash in lieu of fractional shares) and $1.90 in cash (collectively, the "Merger Consideration"). As a result of the Merger, the reporting person no longer beneficially owns directly or indirectly any shares of Four Oaks common stock.
• F2Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding award of shares of Four Oaks common stock subject to vesting, repurchase or other lapse restriction ("Four Oaks Restricted Share Award") granted pursuant to Four Oaks' equity-based compensation plans, whether vested or unvested, that was outstanding as of immediately prior to the effective time of the Merger, became fully vested and was cancelled and converted automatically into the right to receive the Merger Consideration in respect of each share of Four Oaks common stock underlying such Four Oaks Restricted Share Award.