Edgar Filing: Calcote Michael D

Ownership Submission

FORM 4

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Calcote Michael D

2. Issuer Name and Ticker or Trading Symbol
Guaranty Financial Group Inc. [GFG]

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

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Executive VP, Treasurer

(Last)

(First)

(Middle)

8333 DOUGLAS AVENUE

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2008

(Street)

DALLAS, TX 75225

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								5,169 ⁽¹⁾	D
Common Stock								220 ⁽²⁾	I	By Trustee of 401(k) Plan
Common Stock								51 ⁽²⁾	I	By Trustee of 401(k) Plan
Common Stock	02/26/2008	02/26/2008	A		1,386 ⁽³⁾	A	$ 0	1,586	I	By Spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option (right to buy) ⁽⁴⁾ ⁽⁵⁾

$ 9.64

02/06/2007

02/06/2014

Common Stock

833

Option (right to buy) ⁽⁵⁾ ⁽⁶⁾

$ 13

02/04/2007

02/04/2015

Common Stock

1,250

Option (right to buy) ⁽⁵⁾ ⁽⁷⁾

$ 17.36

02/03/2007

02/03/2016

Common Stock

1,708

Option (right to buy) ⁽⁵⁾ ⁽⁸⁾

$ 19.61

02/02/2008

02/02/2017

Common Stock

2,133

Option (right to buy) ⁽⁵⁾ ⁽⁹⁾

$ 9.64

02/06/2007

02/06/2014

Common Stock

266

By Spouse

Option (right to buy) ⁽⁵⁾ ⁽¹⁰⁾

$ 13

02/04/2007

02/04/2015

Common Stock

400

By Spouse

Option (right to buy) ⁽⁵⁾ ⁽¹¹⁾

$ 17.36

02/03/2007

02/03/2016

Common Stock

546

By Spouse

Option (right to buy) ⁽⁵⁾ ⁽¹²⁾

$ 19.61

02/02/2008

02/02/2010

Common Stock

546

By Spouse

Restricted Stock ⁽⁵⁾ ⁽¹³⁾

⁽¹³⁾

Common Stock

700

Restricted Stock ⁽⁵⁾ ⁽¹⁴⁾

⁽¹⁴⁾

Common Stock

875

Restricted Stock ⁽⁵⁾ ⁽¹³⁾

⁽¹³⁾

Common Stock

210

By Spouse

Restricted Stock ⁽⁵⁾ ⁽¹⁴⁾

⁽¹⁴⁾

Common Stock

210

By Spouse

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Calcote Michael D 8333 DOUGLAS AVENUE DALLAS, TX 75225			Executive VP, Treasurer

Signatures

Scott A. Almy signed on behalf of Michael D. Calcote		03/18/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	In accordance with the Rights Agreement adopted by the Company on December 11, 2007, Preferred Stock Purchase Rights are deemed to be attached to the shares of Common Stock.
(2)	Reporting Person acquired additional shares through on-going acquisitions under 401(k) plan. By trustee of the Guaranty Financial Group Inc. Savings and Retirement Plan according to the latest report of the Plan Administrator. (Note: Trustee uses unit accounting; therefore, share equivalents may fluctuate slightly from month to month.)
(3)	Restricted Stock award granted under a Guaranty Financial Group Inc. plan that is time vested in 25% increments in 2009, 2010, 2011 and 2012. Inadvertently failed to timely report award issued to spouse, but reported as soon as discovered.
(4)	Options Vesting Schedule - exercise price $9.64: Options Exerciserable Options Exerciserable 02/06/2007 - 416 and Options Exerciserable 02/06/2008 - 417.
(5)	Shares acquired in a pro rata distribution by Temple-Inland Inc. through a spin-off on or around December 28, 2007.
(6)	Options Vesting Schedule - exercise price $13.00: Options Exerciserable 02/04/2007 - 416; Options Exerciserable 02/04/2008 - 417 and Options Exerciserable 02/04/2009 - 417.
(7)	Options Vesting Schedule - exercise price $17.36: Options Exerciserable 02/03/2007 - 427; Options Exerciserable 02/03/2008 - 427; Options Exerciserable 02/03/2009 - 427 and Options Exerciserable 02/03/2010 - 427.
(8)	Options Vesting Schedule - exercise price $19.61: Options Exerciserable 02/02/2008 - 533; Options Exerciserable 02/02/2009 - 533; Options Exerciserable 02/02/2010 - 534 and Options Exerciserable 02/02/2011 - 533.
(9)	Options Vesting Schedule - exercise price $9.64: Options Exerciserable Options Exerciserable 02/06/2007 - 133 and Options Exerciserable 02/06/2008 - 133.
(10)	Options Vesting Schedule - exercise price $13.00: Options Exerciserable 02/04/2007 - 133; Options Exerciserable 02/04/2008 - 133 and Options Exerciserable 02/04/2009 - 134.
(11)	Options Vesting Schedule - exercise price $17.36: Options Exerciserable 02/03/2007 - 136; Options Exerciserable 02/03/2008 - 137; Options Exerciserable 02/03/2009 - 137 and Options Exerciserable 02/03/2010 - 136.
(12)	Options Vesting Schedule - exercise price $19.61: Options Exerciserable 02/02/2008 - 136; Options Exerciserable 02/02/2009 - 137; Options Exerciserable 02/02/2010 - 137 and Options Exerciserable 02/02/2011 - 136.
(13)	Restricted Stock Units that will vest effective 02/03/2009. Restricted Shares will be settled for cash based on the fair market value on the vesting date.
(14)	Restricted Stock Units that will vest effective 02/02/2010. Restricted Shares will be settled for cash based on the fair market value on the vesting date.

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