Martin S. Friedman - Jun 23, 2022 Form 4 Insider Report for OLD POINT FINANCIAL CORP (OPOF)

Role
10%+ Owner
Signature
Martin S. Friedman
Stock symbol
OPOF
Transactions as of
Jun 23, 2022
Transactions value $
-$372,000
Form type
4
Date filed
6/27/2022, 02:21 PM
Previous filing
May 5, 2022
Next filing
Nov 1, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction OPOF Common Stock Sale -$372K -15K -2.93% $24.80 497K Jun 23, 2022 See footnote F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Martin S. Friedman is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 FJ Capital Management LLC ("FJ Capital") is an investment adviser to a separately managed account ("SMA"). On June 22, 2022, the SMA notified FJ Capital to redeem the SMA. As a result of the SMA's redemption,15,000 shares of the issuer held by the SMA were sold.
F2 Martin S. Friedman (the "Reporting Person") is the managing member of FJ Capital, which is the managing member of Financial Opportunity Fund LLC ("FOF"), Financial Hybrid Opportunity Fund LLC ("FHOF"), and Financial Hybrid Opportunity SPV 1 LLC ("HSPV") (FOF, FHOF and HSPV, collectively, the "Funds") each of which beneficially owns shares of the common stock of the issuer (the "Shares"). FOF holds 308,627 Shares, FHOF holds 76,173 Shares, and HSPV holds 112,321 Shares.
F3 The Reporting Person, in his capacity as Managing Member of FJ Capital, has voting and dispositive power over the Shares held by the Funds and the SMA. Mr. Friedman disclaims beneficial ownership of the Shares reported herein, and this report shall not be deemed an admission of beneficial ownership of such Shares for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Remarks:

As previously reported on Form 3, the Reporting Person became subject to Section 16 obligations when it learned that the issuer had repurchased Shares causing the Reporting Person's ownership of the then issued and outstanding Shares to exceed ten percent (10%).