X0306 4 2018-01-23 0 0001311828 Independence Bancshares, Inc. IEBS 0001351587 Hipp H Neel JR 500 E. WASHINGTON ST. GREENVILLE SC 29601 1 0 0 0 Common Stock 2018-01-23 4 D 0 201500 0.125 D 0 D Options 0.01 2018-01-23 4 J 0 20000 0 D 2025-05-14 Common Stock 20000 0 D Disposed of pursuant to that certain Agreement and Plan of Merger dated as of September 25, 2017, between First Reliance Bancshares, Inc. (First Reliance), FR Merger Subsidiary, Inc. (Merger Sub), and Independence Bancshares, Inc. (Independence), pursuant to which Independence was merged with and into First Reliance (the Merger). At the effective time of the merger, each share of Independence common stock was converted into the right to receive $0.125 in cash. On May 14, 2015, the reporting person was granted an option to purchase 20,000 shares of common stock at $0.65 per share. The option immediately vested for all of the shares. Prior to the effective time of the Merger, all holders of options granted by Independence surrendered their rights under the options for a cash payment of $0.01 per share of common stock underlying the options. /s/H. Neel Hipp, Jr. 2018-01-25