Reid Brian K. 4
4 · Paragon Commercial CORP · Filed Jan 29, 2018
Insider Transaction Report
Form 4
Reid Brian K.
Triangle Market President
Transactions
- Exercise/Conversion
Common Stock
2018-01-26+2,626→ 14,876 total - Disposition to Issuer
Common Stock
2018-01-26−3,500→ 0 total(indirect: By Children) - Exercise/Conversion
Restricted Stock
2018-01-26−1,126→ 0 totalExercise: $0.00→ Common Stock (1,126 underlying) - Disposition to Issuer
Common Stock
2018-01-26−14,876→ 0 total - Exercise/Conversion
Restricted Stock
2018-01-26−1,500→ 0 totalExercise: $0.00→ Common Stock (1,500 underlying)
Footnotes (3)
- [F1]Represents the vesting of two restricted stock grants in connection with the Merger described in footnote 2 below.
- [F2]Disposed of pursuant to the Agreement and Plan of Reorganization, dated as of April 26, 2017 (the "Merger Agreement"), by and among TowneBank, TB Acquisition, LLC, Paragon Commercial Corporation and Paragon Commercial Bank, pursuant to which Paragon Commercial Corporation was merged with and into TB Acquisition, LLC, effective January 26, 2018 (the "Merger"). Pursuant to the Merger Agreement, at the effective date of the Merger, each issued and outstanding share of Paragon Commercial Corporation common stock was converted into the right to receive 1.7250 shares of TowneBank common stock (subject to the payment of cash in lieu of fractional shares). As a result of the Merger, the Reporting Person no longer beneficially owns, directly or indirectly, any shares of Paragon Commercial Corporation common stock.
- [F3]The restricted stock vested in connection with the Merger.