SEC Form 4 · accession 0001209191-15-064141
Bank of the Carolinas CORP · BCAR
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Lynne Scott Safrit
Director
Period of report
Aug 5, 2015
Accepted (ET)
Aug 5, 2015 · 5:31 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001365997
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Aug 5, 2015 | D | 63,884 | — | D | 0 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Director Stock Options (Right to Buy)F2 | $5.25 | Aug 5, 2015 | D | 1,500 | D | Oct 22, 2008 | Oct 22, 2018 | Common Stock | 1,500 | 0 | D |
Explanation of responses
- F1Disposed of pursuant to a merger agreement between Bank of the Carolinas Corporation and Bank of the Ozarks, Inc. ("Ozarks") in exchange for 200 shares of Ozarks common stock having a market value of $45.17 per share on the effective date of the merger, plus cash in lieu of fractional shares.
- F2The reporting person's 1,500 director stock options were cancelled by mutual agreement pursuant to the terms of a stock option cancellation agreement dated as of May 6, 2015 between the reporting person and the issuer. The reporting person received a cash payment of $15.00 from the issuer as consideration for the cancellation.