0000870385-20-000021.txt : 20200504 0000870385-20-000021.hdr.sgml : 20200504 20200504121203 ACCESSION NUMBER: 0000870385-20-000021 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20200501 FILED AS OF DATE: 20200504 DATE AS OF CHANGE: 20200504 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Rhyne Johnathan L Jr CENTRAL INDEX KEY: 0001676637 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-10897 FILM NUMBER: 20843613 MAIL ADDRESS: STREET 1: 901 EAST MAIN STREET CITY: LINCOLNTON STATE: NC ZIP: 28092 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: CAROLINA FINANCIAL CORP CENTRAL INDEX KEY: 0000870385 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 571039673 FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 288 MEETING STREET CITY: CHARLESTON STATE: SC ZIP: 29401 BUSINESS PHONE: 843-723-7700 MAIL ADDRESS: STREET 1: 288 MEETING STREET CITY: CHARLESTON STATE: SC ZIP: 29401 4 1 primary_doc.xml PRIMARY DOCUMENT 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