SEC Form 4 · accession 0001313219-15-000002
PALMETTO BANCSHARES INC · PLMT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John D Hopkins Jr.
Director
Period of report
Sep 1, 2015
Accepted (ET)
Sep 3, 2015 · 1:53 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000706874
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, $0.01 par valueF1 | Sep 1, 2015 | D | 50,488 | — | D | 0 | D | |
| Common Stock, $0.01 par valueF1 | Sep 1, 2015 | D | 2,500 | — | D | 0 | I | Custodian for children and joint with wife |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Under the Agreement and Plan of Merger ("Merger Agreement"), dated April 22, 2015, between United Community Banks, Inc. ("United") and Palmetto Bancshares, Inc. ("Palmetto"), the holder has the right to elect to receive consideration of either 0.97 shares of United common stock or $19.25 in cash for each Palmetto common share, subject to proration to ensure that, in the aggregate, 70% of Palmetto's common shares will be converted into United stock. No fractional shares of United common stock will be issued, and the cash in lieu amount will be determined by multiplying such fractional share amount by $21.15 (the calculation of which is defined in the Merger Agreement). As of the date of this Form 4, the calculations related to the election and proration procedures set forth in the Merger Agreement have not been received by the Reporting Person. Accordingly, it is not possible at this time to determine the form of merger consideration to be received by the Reporting Person.