Russell H IV Vandevelde Form 4/A National Commerce / Russell H IV Vandevelde ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Vandevelde Russell H IV

(Last) (First) (Middle)

600 LUCKIE DRIVE

SUITE 350

(Street)

BIRMINGHAM AL 35223

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
National Commerce Corp [ NCOM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2019

4. If Amendment, Date of Original Filed (Month/Day/Year)
04/01/2019

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/01/2019(1)		D		100,000	D	(2)	0	D
Common Stock	04/01/2019(1)		D		19,980	D	(2)	0	I	By IRA
Common Stock	04/01/2019(1)		D		1,250	D	(2)	0	I	By IRA for the benefit of the reporting persons's spouse
Common Stock	04/01/2019(1)		D		800	D	(2)	0	I	By the reporting person as custodian for the reporting person's daughter
Common Stock	04/01/2019(1)		D		800	D	(2)	0	I	By the reporting person as custodian for the reporting person's daughter
Common Stock	04/01/2019(1)		D		800	D	(2)	0	I	By the reporting person as custodian for the reporting person's daughter
Common Stock	04/01/2019(1)		D		800	D	(2)	0	I	By the reporting person as custodian for the reporting person's daughter

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(3)	04/01/2019(1)		D			5,260.62	(4)	(4)	Common Stock	5,260.62	(4)	0	D

Explanation of Responses:

1. Although the reporting person became irrevocably bound to dispose of shares of the Issuer ("NCC") in connection with the merger of NCC with and into CenterState Bank Corporation ("CenterState"), with CenterState as the surviving company (the "Merger"), on the closing date of the Merger, March 29, 2019, none of the transactions reported in this Form 4 occurred until the effective time of the Merger (12:01 a.m. Eastern Time on April 1, 2019) (the "Effective Time").

2. Disposed of pursuant to the Agreement and Plan of Merger (the "Merger Agreement") by and between NCC and CenterState, dated November 23, 2018, in exchange for shares of CenterState common stock having a market value of $23.81 per share on March 29, 2019, the most recent practicable date prior to the Effective Time. Pursuant to the terms and conditions set forth in the Merger Agreement, NCC's stockholders received 1.65 shares of CenterState common stock for each outstanding share of NCC common stock issued and outstanding immediately prior to the Effective Time, with cash payable in lieu of any fractional shares (the "Merger Consideration"). As a result of the Merger, the reporting person no longer beneficially owns directly or indirectly any shares of NCC common stock.

3. Each of the phantom stock units is the economic equivalent of one share of NCC common stock.

4. Pursuant to the Merger Agreement, the deferrals of NCC common stock representing equity awards and director fees credited to participant accounts under the National Commerce Corporation Deferral of Compensation Plan for Key Employees and Non-Employee Directors were converted into the right to receive the Merger Consideration in respect of each such deferred share at the Effective Time.

Remarks:

The reference to the market value per share of CenterState common stock on March 29, 2019, the most recent practicable date prior to the Effective Time, in the footnote to the "Price" column in Table I of the reporting person's Form 4 filed with the SEC on April 1, 2019, which explains the Merger Consideration, incorrectly included the market value per share of NCC common stock on March 29, 2019 ($39.21 based on the closing price of NCC common stock on such date), instead of the market value per share of CenterState common stock on March 29, 2019 ($23.81 based on the closing price of CenterState common stock on such date). This amendment is being filed in order to correct said reference to the market value per share of CenterState common stock.

	/s/ William E. Matthews, V, by power of attorney	04/04/2019
	** Signature of Reporting Person	Date
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