Form 4: Insider Gifts Shares, Updates Option Holdings
Insider Transaction Report
A key executive at Security National Financial Corp gifted 5,005 shares of Class A Common Stock and updated their extensive employee stock option holdings.
Summary
- Andrew Quist, a Director, 10% Owner, and Vice President/General Counsel of Security National Financial Corp (SNFCA), disposed of 5,005 shares of Class A Common Stock via a gift on December 16, 2025, at a price of $9.39 per share.
- Following this transaction, Mr. Quist directly beneficially owns 164,985 shares, which includes 57,714 Class A Common Stock and 107,272 Class C Common Stock.
- An additional 111,191 shares of Class A Common Stock are indirectly owned by Mr. Quist through the 401(k) Retirement Savings Plan.
- The filing details various employee stock options (right to buy) for Class A and Class C Common Stock, granted between 2015 and 2024, with exercise prices ranging from $3.27 to $13.67.
- All reported options have been adjusted for anti-dilution provisions under the 2013 Stock Option Plan and 2022 Equity Incentive Plan, reflecting multiple stock dividends, including 5% and 2.5% dividends paid between 2016 and 2025.
- The total number of derivative securities beneficially owned by Mr. Quist, excluding the expired 2015 option, is 435,891, primarily consisting of Class C Common Stock options.
Sentiment
Score: 6
Explanation: The filing is a routine disclosure of an insider transaction (gift) and updated stock option holdings. The gift is a slight negative for direct ownership, but the extensive option holdings show continued alignment of the executive's interests with the company. The anti-dilution provisions are a positive for option holders.
Positives
- The reporting person holds a significant number of employee stock options (435,891 shares), indicating long-term alignment with company performance and future growth.
- The anti-dilution provisions in the 2013 Stock Option Plan and 2022 Equity Incentive Plan protect the value of employee options against stock dividends, ensuring the executive's equity incentives are maintained.
Negatives
- The disposition of 5,005 shares of Class A Common Stock via a gift reduces the direct ownership stake of a key insider, though the amount is relatively small compared to total holdings.
Future Outlook
The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.
Industry Context
This Form 4 filing is a routine disclosure of an insider's equity transactions and holdings, which is standard practice for publicly traded companies. It does not provide information that allows for a direct analysis of broader industry trends or competitive positioning.
Stakeholder Impact
- Shareholders: The gift of shares represents a minor reduction in direct insider ownership, which could be perceived neutrally. The extensive stock option holdings indicate continued alignment of management's interests with shareholder value.
- Employees (specifically the reporting person): The substantial stock option grants provide ongoing incentive and alignment with the company's long-term performance.
Key Dates
| Date | Description |
|---|---|
| 2015-12-04 | Grant date for an employee stock option for 20,000 shares of Class A Common Stock at an exercise price of $6.72 per share (adjusted to 33,393 shares at $3.92). |
| 2016-02-05 | 5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2016-03-04 | Date exercisable for the 2015 employee stock option. |
| 2016-12-02 | Grant date for an employee stock option for 20,000 shares of Class A Common Stock at an exercise price of $7.03 per share (adjusted to 31,803 shares at $4.32). |
| 2017-02-03 | 5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2017-03-02 | Date exercisable for the 2016 employee stock option. |
| 2017-12-01 | Grant date for an employee stock option for 20,000 shares of Class A or Class C Common Stock at an exercise price of $5.05 per share (adjusted to 30,289 shares of Class C at $3.27). |
| 2018-02-02 | 5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2018-03-01 | Date exercisable for the 2017 employee stock option. |
| 2018-11-30 | Grant date for an employee stock option for 25,000 shares of Class A or Class C Common Stock at an exercise price of $5.52 per share (adjusted to 36,057 shares of Class C at $3.76). |
| 2019-02-01 | 5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2019-02-28 | Date exercisable for the 2018 employee stock option. |
| 2020-02-07 | 5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2020-07-17 | 2.5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2021-12-03 | Grant date for an employee stock option for 60,000 shares of Class A or Class C Common Stock at an exercise price of $8.62 per share (adjusted to 72,931 shares of Class C at $7.02). |
| 2022-03-03 | Date exercisable for the 2021 employee stock option. |
| 2022-07-08 | 5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2022-12-02 | Grant date for an employee stock option for 80,000 shares of Class A or Class C Common Stock at an exercise price of $6.48 per share (adjusted to 92,610 shares of Class C at $5.56). |
| 2023-03-02 | Date exercisable for the 2022 employee stock option. |
| 2023-07-14 | 5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2023-12-01 | Grant date for an employee stock option for 80,000 shares of Class A or Class C Common Stock at an exercise price of $7.99 per share (adjusted to 88,200 shares of Class C at $7.21). |
| 2024-03-01 | Date exercisable for the 2023 employee stock option. |
| 2024-07-12 | 5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2024-12-06 | Grant date for two employee stock options: 6,950 shares (adjusted to 7,298 shares of Class C at $13.67) and 73,050 shares (adjusted to 76,703 shares of Class C at $12.43). |
| 2025-03-06 | Date exercisable for the two 2024 employee stock options. |
| 2025-07-18 | 5% stock dividend paid, triggering anti-dilution adjustment for options. |
| 2025-12-03 | Expiration date for the 2015 employee stock option. |
| 2025-12-16 | Transaction date for the gift of 5,005 shares of Class A Common Stock. |
| 2025-12-17 | Signature date of the reporting person for the Form 4 filing. |
| 2026-12-02 | Expiration date for the 2016 employee stock option. |
| 2027-12-01 | Expiration date for the 2017 employee stock option. |
| 2028-11-30 | Expiration date for the 2018 employee stock option. |
| 2029-12-06 | Expiration date for one of the 2024 employee stock options. |
| 2031-12-03 | Expiration date for the 2021 employee stock option. |
| 2032-12-02 | Expiration date for the 2022 employee stock option. |
| 2033-12-01 | Expiration date for the 2023 employee stock option. |
| 2034-12-06 | Expiration date for one of the 2024 employee stock options. |
Recommendation
holdThis Form 4 filing details a routine insider gift of a relatively small number of shares and an update on existing employee stock option grants. While the gift slightly reduces direct insider ownership, the overall holdings, particularly the substantial number of stock options, indicate continued alignment of the executive's interests with the company's long-term performance. There are no new material financial disclosures or strategic shifts that would warrant a change in investment recommendation based solely on this filing.
Keywords
SECURITY NATIONAL FINANCIAL CORP, SNFCA, Form 4, Insider Transaction, Stock Options, Equity Incentive Plan, Stock Dividends, Beneficial Ownership, Andrew Quist
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