SEC FORM 4

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^*

QUIST SCOTT M

(Last)

(First)

(Middle)

7 WANDERWOOD WAY

(Street)

SANDY

84092

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SECURITY NATIONAL FINANCIAL CORP [ SNFCA ]

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

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Pres.& Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/03/2010

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)
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)
Class A Common Stock	02/04/2011		J⁽¹⁾	V	7,946	A	$1.74	166,873⁽²⁾	D
Class C Common Stock	02/04/2011		J⁽¹⁾	V	70,068	A	$1.74	1,471,418⁽²⁾	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$3.99⁽³⁾	03/21/2003		A		103,422⁽³⁾		03/21/2003	03/21/2013	Class A Common Stock	103,422⁽³⁾	$3.99⁽³⁾	103,422⁽³⁾	D
Employee Stock Option (right to buy)	$2.62⁽⁴⁾	03/25/2005		A		93,807⁽⁴⁾		03/25/2005	03/25/2015	Class A Common Stock	93,807⁽⁴⁾	$2.75⁽⁴⁾	93,807⁽⁴⁾	D
Employee Stock Option (right to buy)	$0.366⁽⁵⁾	03/31/2008		A		578,813⁽⁵⁾		03/31/2009	03/31/2013	Class C Common Stock	578,813⁽⁵⁾	$0.366⁽⁵⁾	578,813⁽⁴⁾	D
Employee Stock Option (right to buy)	$1.43⁽⁶⁾	12/05/2008		A		45,059⁽⁶⁾		12/05/2009	12/05/2013	Class A Common Stock	45,059⁽⁶⁾	$1.43⁽⁶⁾	45,059⁽⁶⁾	D
Employee Stock Option (right to buy)	$0.143⁽⁶⁾	12/05/2008		A		707,043⁽⁶⁾		12/05/2009	12/05/2013	Class C Common Stock	707,043⁽⁶⁾	$0.14⁽⁶⁾	707,043⁽⁶⁾	D
Employee Stock Option (right to buy)	$0.351⁽⁷⁾	12/04/2009		A		1,102,500⁽⁷⁾		03/31/2010	12/04/2014	Class C Common Stock	1,102,500⁽⁷⁾	$0.351⁽⁷⁾	1,102,500⁽⁷⁾	D
Employee Stock Option (right to buy)	$0.191⁽⁸⁾	12/03/2010		A		1,050,000⁽⁸⁾		03/31/2011⁽⁸⁾	12/03/2015	Class C Common Stock	1,050,000⁽⁸⁾	$0.191⁽⁸⁾	1,050,000⁽⁸⁾	D

Explanation of Responses:

1. Received pursuant to a 5% stock dividend paid on February 4, 2011.

2. Owned jointly by the reporting person and his wife. Does not include 198,328 shares of Class A Common Stock and 319,250 shares of Class C Common Stock owned indirectly by the reporting person in the Employee Stock Ownership Plan (ESOP), Associated Investors, the 401(k) Retirement Savings Plan, and the Deferred Compensation Plan.

3. This option was originally reported as covering 70,000 shares of Class A Common Stock at an exercise price of $5.90 per share, but adjusted to reflect 5% stock dividends paid on January 19, 2004, February 7, 2005, February 17, 2006, February 9, 2007, February 8, 2008, February 6, 2009, February 5, 2010 and February 4, 2011.

4. This option was originally reported as covering 70,000 shares of Class A Common Stock at an exercise price of $3.51 per share, but adjusted to reflect 5% stock dividends paid on February 17, 2006, February 9, 2007, February 8, 2008, February 6, 2009, February 5, 2010 and February 4, 2011.

5. This option was originally reported as covering as either 50,000 shares of Class A Common Stock at an exercise price per share of $4.235 per share or 500,000 shares of Class C Common Stock at an exercise price of $.4235 per share for the purchase of Class C Common Shares, but adjusted to reflect 5% stock dividends paid on February 6, 2009, February 5, 2010 and February 4, 2011. Pursuant to the reporting person's election, this option now consists of an option to purchase 578,813 shares of Class C Common Stock at an exercise price of $.365 per share, after adjustments to reflect 5% stock dividends paid on February 6, 2009, February 5, 2010 and February 4, 2011.

6. This option was originally reported as either 100,000 shares of Class A Common Stock at an exercise price of $1.65 per share or 1,000,000 shares of Class C Common Stock at an exercise price of $.165 per share, or any combination thereof, but adjusted to reflect 5% dividends paid on February 6, 2009, February 5, 2010 and February 4, 2011. Pursuant to the reporting person's election, this option now consists of an option to purchase 45,059 shares of Class A Common Stock at an exercise price of $1.43 per share and an option to purchase 707,043 shares of Class C Common Stock at an exercise price of $.143 per share, after adjustments to reflect 5% stock dividends paid on February 6, 2009, February 5, 2010 and February 4, 2011

7. This option was granted on December 4, 2009 for either 100,000 shares of Class A Common Stock at an exercise price of $3.872 per share or 1,000,000 shares of Class C Common Stock at an exercise price of $.3872 per share, or any combination thereof, but adjusted to reflect a 5% dividend paid on February 5, 2010. Pursuant to the reporting person's election, this option now consists of an option to purchase 1,102,500 shares of Class C Common Stock at an exercise price of $.351 per share, after adjustments to reflect 5% stock dividends paid on February 5, 2010 and February 4, 2011.

8. This option was granted on December 3, 2010 for either 100,000 shares of Class A Common Stock at an exercise price of $1.74 per share or 1,000,000 shares of Class C Common Stock at an exercise price of $.174 per share, or any combination thereof, but adjusted to reflect a 5% dividend paid on February 4, 2011.This option vests in four equal quarterly installments, beginning on March 31, 2011, until such shares are fully vested. Pursuant to the reporting person's election, this option now consists of an option to purchase 1,050,000 shares of Class C Common Stock at an exercise price of $.166 per share, after adjustments to reflect a 5% stock dividend paid on February 4, 2011.

	/s/ Scott M. Quist	03/16/2011
	** 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).
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