Home > Insider Trading > Filing (0001253225-14-000010)

Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
719402	First National Corp	FXNC	State Commercial Banks (6022)	541232965

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1415023	Jr F Gerald Smith	112 W King St Strasburg VA 22657		Yes	No	No	Yes

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2014-11-21	245,124	$6.00	397,779	No	4	S	Indirect	By G.F. Smith Jr. Revocable Trust
Common Stock	Disposition	2014-11-21	245,124	$6.00	152,655	No	4	S	Indirect	By G.F. Smith Jr. Revocable Trust

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	By G.F. Smith Jr. Revocable Trust
No	4	S	Indirect	By G.F. Smith Jr. Revocable Trust

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	500	Direct
Common Stock	900	Indirect	By Kaye DeHaven Smith Irrevocable Trust FBO Elise D. Smith (Daughter)
Common Stock	800	Indirect	By Kaye DeHaven Smith Irrevocable Trust FBO Emily N. Smith (Daughter)
Common Stock	800	Indirect	By Kaye DeHaven Smith Irrevocable Trust FBO Evan A. Smith (Son)
Common Stock	3,100	Indirect	As custodian for Elise D. Smith (Daughter)
Common Stock	4,600	Indirect	By Emily N. Smith (Daughter)

Footnotes

On November 21, 2014, the G.F. Smith Jr. Revocable Trust, of which the reporting person serves as trustee, sold 245,124 shares of the issuer's common stock each to two family trusts, of which the reporting person is not a trustee, for estate planning purposes.
The sales price per share is estimated as of November 21, 2014 and is subject to adjustment. The final sales price per share will be determined pursuant to a valutation performed by an independent financial advisor retained by the reporting person, with such valuation including an evaluation of trading discounts appropriate for large block transactions in equity securities with similar trading characteristics. If the final sales price per share is not $6.00, the reporting person undertakes to amend this Form 4 to provide the final sales price per share as determined by the independent financial advisor.
The reporting person serves as a co-trustee of this irrevocable trust.
The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for the purposes of Section 16 or for any other purpose.