MIDDLEBURG FINANCIAL CORP 4
4 · MIDDLEBURG FINANCIAL CORP · Filed Apr 4, 2017
Insider Transaction Report
Form 4
CULVER JEFFREY
Senior Vice President
Transactions
- Disposition to Issuer
Common Stock
2017-04-01−36,008→ 0 total - Disposition to Issuer
Employee Stock Option
2017-04-01$26.04/sh−5,073$132,101→ 0 totalExercise: $14.00Exp: 2019-03-16→ Common Stock (5,073 underlying) - Tax Payment
Common Stock
2017-04-01$40.04/sh−8,427$337,417→ 36,008 total
Footnotes (3)
- [F1]Corrected to reflect shares that were inadvertently omitted from previous Forms 4 filed by the reporting person.
- [F2]Effective April 1, 2017, pursuant to an Agreement and Plan of Reorganization, dated as of October 21, 2016 (the "Merger Agreement"), by and among Middleburg Financial Corporation ("Middleburg") and Access National Corporation ("Access"), Middleburg merged with and into Access, with Access as the surviving company (the "Merger"). In the Merger, each share of Middleburg's common stock converted into 1.3314 shares of Access's common stock.
- [F3]This option, which vested 25% on March 16, 2010, 25% on March 16, 2011 and the remaining 50% on March 16, 2012, was cancelled in the merger in exchange for a cash payment of $132,100, representing the difference between the closing price of Middleburg common stock on March 31, 2017 of $40.04 and the exercise price of the option.