SEC Form 4 · accession 0001437749-17-020105
Park Sterling Corp · PSTB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Bryan F. Kennedy III
Officer — President
Period of report
Nov 30, 2017
Accepted (ET)
Dec 4, 2017 · 1:14 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001507277
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Nov 30, 2017 | D | 139,616 | — | D | 0 | D | |
| Common StockF1 | Nov 30, 2017 | D | 2,750 | — | D | 0 | I | Spouse |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (Right to Buy)F2 | $6.50 | Nov 30, 2017 | D | 160,228 | D | Aug 12, 2010 | Aug 12, 2020 | Common Stock | 160,228 | 0 | D |
Explanation of responses
- F1Disposed of pursuant to the Agreement and Plan of Merger, dated as of April 26, 2017 (the "Merger Agreement"), between the Issuer and South State Corporation ("South State"), whereby each share of the Issuer's common stock, other than certain shares owned by the Issuer and South State, was converted into the right to receive 0.14 shares of South State's common stock.
- F2Disposed of pursuant to the Merger Agreement, whereby each option to purchase the Issuer's common stock, whether vested or unvested, was converted into the right to receive an amount in cash equal to the product of (a) the number of shares of Issuer common stock subject to such stock option immediately prior to the effective time of the merger and (b) the excess, if any, of (i) the product of (A) the average closing price per share for South State's common stock for the ten full trading days ending on the day immediately preceding the closing date and (B) 0.14, over (ii) the exercise price of such option.