Garrett Harold E 4/A

4/A · GRANDSOUTH BANCORPORATION · Filed Aug 25, 2005

Form 4/AAmended

Period: 2005-06-09

Director

Transactions

Conversion
Common Stock
2005-08-19$5.12/sh+58,593$299,996→ 115,333 total
Award
Options (rights to buy)
2005-08-19+5,000→ 5,000 total
Exercise: $10.05From: 2006-08-19Exp: 2015-08-19→ Common Stock (5,000 underlying)
Conversion
Common Stock
2005-08-19$5.12/sh+3,906$19,999→ 3,906 total(indirect: See note)
Purchase
Common Stock
2005-06-09$9.50/sh+2,021$19,200→ 2,021 total(indirect: See note)
Conversion
Convertible Debentures
2005-08-19−58,593→ 0 total
Exercise: $5.12From: 2005-08-19Exp: 2011-01-02→ Common Stock (58,593 underlying)
Conversion
Convertible Debentures
2005-08-19−3,906→ 0 total(indirect: See note)
Exercise: $5.12From: 2005-08-19Exp: 2011-01-02→ Common Stock (3,906 underlying)

Footnotes (6)

[F1]Shares (debentures) held by Mr. Garrett's spouse. Mr. Garrett disclaims beneficial ownership of these shares.
[F2]Held in Mr. Garrett's name as Custodian FBO Charles Galloway Garrett.
[F3]Shares held in Mr. Garrett's name as Custodian FBO Brooke Garrett.
[F4]The first conversion date on the Convertible Debentures is January 1, 2006 as stated in the contract, but the Issuer made an offer (which was accepted) to the holders of the debentures to convert early.
[F5]These options are exercisable at 20% per year over 5 years and expire in 10 years.
[F6]The conversion price represents the contract price of $6.50 as adjusted for stock dividends.

Documents

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