SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Clarke Michael W

(Last) (First) (Middle)
C/O UNION BANKSHARES CORPORATION
1051 EAST CARY STREET

(Street)
RICHMOND VA 23219

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Union Bankshares Corp [ UBSH ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
02/01/2019
4. If Amendment, Date of 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
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)
Code V Amount (A) or (D) Price
Common Stock 02/01/2019 A 548,909 A $0(1) 548,909 D
Common Stock 02/01/2019 A 69,168 A $0(2) 69,168 I By spouse
Common Stock 02/01/2019 A 59,869 A $0(3) 59,869 I By spouse as Co-Trustee of spouse's parents
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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option Right to Buy Common Stock $24.43 02/01/2019 A 1,875 02/01/2019 01/21/2021 Common Stock 1,875 (4) 1,875 D
Stock Option Right to Buy Common Stock $37.1 02/01/2019 A 7,500 02/01/2019 02/23/2022 Common Stock 7,500 (5) 7,500 D
Stock Option Right to Buy Common Stock $31.83 02/01/2019 A 11,250 02/01/2019 01/24/2024 Common Stock 11,250 (6) 11,250 D
Explanation of Responses:
1. Received in exchange for 731,879 shares of Access National Corporation ("Access") common stock in connection with the merger of Access with and into Union Bankshares Corporation ("Union") effective February 1, 2019 (the "Merger"). At the effective time of the Merger at 12:01 a.m. on February 1, 2019 (the "Effective Time"), each outstanding share of Access common stock converted into the right to receive 0.75 shares of Union common stock. On January 31, 2019, the last trading day before the Effective Time, the closing price of Access's common stock was $23.61 per share and the closing price of Union's common stock was $31.56 per share. All fractional share holdings were paid in cash.
2. Received in exchange for 92,224 shares of Access common stock in connection with the Merger. At the Effective Time, each outstanding share of Access common stock converted into the right to receive 0.75 shares of Union common stock. On January 31, 2019, the last trading day before the Effective Time, the closing price of Access's common stock was $23.61 per share and the closing price of Union's common stock was $31.56 per share. All fractional share holdings were paid in cash.
3. Received in exchange for 79,826 shares of Access common stock in connection with the Merger. At the Effective Time, each outstanding share of Access common stock converted into the right to receive 0.75 shares of Union common stock. On January 31, 2019, the last trading day before the Effective Time, the closing price of Access's common stock was $23.61 per share and the closing price of Union's common stock was $31.56 per share. All fractional share holdings were paid in cash.
4. Received in the Merger in exchange for a stock option to acquire 2,500 shares of Access common stock for $18.32 per share.
5. Received in the Merger in exchange for a stock option to acquire 10,000 shares of Access common stock for $27.82 per share.
6. Received in the Merger in exchange for a stock option to acquire 15,000 shares of Access common stock for $23.87 per share.
Remarks:
/s/ Rachael R. Lape, as attorney-in-fact for Michael W. Clarke 02/05/2019
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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