X0306 4 2020-05-01 1 0000870385 CAROLINA FINANCIAL CORP CARO 0001676637 Rhyne Johnathan L Jr 901 EAST MAIN STREET LINCOLNTON NC 28092 1 0 0 0 Common Stock 2020-05-01 4 D 0 47561 D 0 D Option to Purchase Common Stock 7.1 2020-05-01 4 D 0 1248 D 2022-03-20 Common Stock 1248 0 D Disposed of in accordance with the Agreement and Plan of Merger, dated as of November 17, 2019 (the "Merger Agreement") by and between Carolina Financial Corporation and United Bancshares, Inc., pursuant to which Carolina Financial Corporation was merged with and into United Bancshares Inc., effective May 1, 2020 (the "Merger"). On May 1, 2020, the effective date of the Merger, each issued and outstanding share of Carolina Financial Corporation common stock was converted into the right to receive 1.13 shares of United Bancshares, Inc. common stock (subject to the payment of cash in lieu of fractional shares). As a result of the Merger, a Reporting Person no longer beneficially owns, directly or indirectly, any shares of Carolina Financial Corporation common stock. Pursuant to the Merger Agreement, at the effective time of the Merger, each stock option not cashed out at the election of the reporting person, was converted into the right to acquire shares of United Bancshares, Inc. common stock, as adjusted to reflect the exchange ratio of 1.13. /s/Johnathan L. Rhyne, Jr. 2020-05-04