SEC Form 4 · accession 0001677780-17-000002

HCSB FINANCIAL CORP · HCFB

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

Table I — non-derivative securities

Table II — derivative securities

Explanation of responses

• F1On July 31, 2017, pursuant to that certain Agreement and Plan of Merger, dated as of April 19, 2017 (the "Merger Agreement"), by and among United Community Banks, Inc. ("United") and HCSB Financial Corporation ("HCSB"), HCSB 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, $0.01 par value, of HCSB issued and outstanding immediately prior to the effective time of the Merger (other than shares held by HCSB, United, or any of their respective wholly owned subsidiaries) was converted into the right to receive 0.0050 shares of United common stock, $1.00 par value per share (subject to the payment of cash in lieu of fractional shares)(the "Merger Consideration"). As a result of the Merger, the reporting person no longer beneficially owns directly or indirectly any shares of HCSB common stock.
• F2On July 31, 2017, pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding award of shares of HCSB common stock, $0.01 par value, subject to vesting, repurchase or other lapse restriction (an "HCSB Restricted Share Award") granted pursuant to HCSB's 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 HCSB common stock underlying such HCSB Restricted Share Award. As a result of the Merger, the reporting person no longer beneficially owns directly or indirectly any HCSB Restricted Share Awards.