Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 19, 2022, the Board of Directors (the "Board") of GrandSouth
Bancorporation (the "Company") acknowledged that J. Randolph Potter will be at
least seventy-five years of age on the date of the Company's 2022 Annual Meeting
of Shareholders (the "Annual Meeting"). Under the mandatory retirement age
policy in the Company's bylaws, a person may not serve as a director of the
Company unless such person is under seventy-five years of age at the time of
such person's election as director.
The Board concluded that Mr. Potter's experience, role as chair of the audit
committee, and qualifications as an audit committee financial expert advance the
strategic goals of the Company and the Company would benefit from his continued
service as a director. On January 19, 2022, the Board waived the effective date
of the mandatory retirement age for Mr. Potter, who will stand for re-election
at the Annual Meeting as a Director.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibit index lists the exhibit that is furnished
with this Current Report on Form 8-K:
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GRANDSOUTH BANCORPORATION 
