X0306 4 2013-03-27 0 0001311828 Independence Bancshares, Inc. IEBS 0001225708 WILLUMSTAD ROBERT B C/O INDEPENDENCE BANCSHARES INC. 500 EAST WASHINGTON ST GREENVILLE SC 29601 1 1 0 0 CHAIRMAN COMMON STOCK 1250000 D STOCK OPTION (RIGHT TO BUY) 0.8 2014-08-22 4 A 0 543750 0 A 2023-03-27 COMMON STOCK 543750 725000 D STOCK OPTION (RIGHT TO BUY) 0.8 2023-03-27 COMMON STOCK 181250 725000 D ON MARCH 27, 2013, THE REPORTING PERSON WAS GRANTED AN OPTION TO PURCHASE 725,000 SHARES OF COMMON STOCK AT $0.80 PER SHARE. THE OPTION IMMEDIATELY VESTED FOR 181,250 SHARES, OR 25% OF THE SHARES. THE OPTION FOR THE REMAINING 543,750 SHARES, OR 75% OF THE SHARES, WAS TO VEST RATABLY EVERY SIX MONTHS, BEGINNING JUNE 30, 2013, PROVIDED THAT AT EACH SUCH VESTING DATE, A CERTAIN PERFORMANCE CONDITION WITH RESPECT TO THE ISSUER HAD BEEN SATISFIED. IF THIS PERFORMANCE CONDITION WAS NOT SATISFIED PRIOR TO THE APPLICABLE VESTING DATE, THEN NO SHARES WOULD VEST ON SUCH VESTING DATE, AND THEN UPON THE DATE THAT THE PERFORMANCE CONDITION WAS SATISFIED, ALL SHARES THAT WOULD HAVE OTHERWISE VESTED WOULD IMMEDIATELY VEST. THE PERFORMANCE CONDITION WAS SATISFIED ON AUGUST 22, 2014, AT WHICH POINT THE OPTION IMMEDIATELY VESTED WITH RESPECT TO 271,875 SHARES. /s/ Robert B. Willumstad by Nelson Mullins Riley & Scarborough LLP with Power of Attorney 2015-07-13