National Bankshares (NKSH) director receives 221-share time-based stock award

Rhea-AI Filing Summary

National Bankshares Inc. director Norman V. Fitzwater III received a grant of 221 shares of Common Stock as a time-based stock award, at no cash cost per share. The award will vest on the one-year anniversary of the grant date. Following this compensation-related acquisition, he directly holds 9,859 shares of National Bankshares common stock.

Insider Trade Summary

Net Buyer: 221 shares

Net Buy 1 txn

Insider Fitzwater Norman V III

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	221	$0.00	$0.00

Holdings After Transaction: Common Stock — 9,859 shares (Direct)

Footnotes (1)

1. F1. Grant of time-based stock award. The award will vest on the one-year anniversary.

Key Figures

Stock award size: 221 shares Award price per share: $0.0000 per share Post-transaction holdings: 9,859 shares +2 more

5 metrics

Stock award size 221 shares Time-based Common Stock award to director on transaction date

Award price per share $0.0000 per share Reported price per share for the granted Common Stock

Post-transaction holdings 9,859 shares Director’s direct Common Stock holdings after the award

Transaction code A Indicates grant, award, or other acquisition on Form 4

Vesting period One year Award vests on the one-year anniversary of the grant

Key Terms

time-based stock award, vest, transaction code "A", grant/award acquisition

4 terms

time-based stock award financial

"Grant of time-based stock award. The award will vest on the one-year anniversary."

vest financial

"The award will vest on the one-year anniversary."

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

transaction code "A" regulatory

"transaction_code_description: Grant, award, or other acquisition"

grant/award acquisition financial

"transaction_action: grant/award acquisition"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 06/11/2026 - 11:49 AM Accepted by SEC EDGAR 06/11/2026 - 11:48 AM Learn about SEC filing dates

FAQ

What insider transaction did NATIONAL BANKSHARES INC (NKSH) report?

NATIONAL BANKSHARES INC reported that director Norman V. Fitzwater III received a grant of 221 shares of Common Stock. This was a time-based stock award, provided at no cash cost per share as part of his compensation.

Was the NKSH insider transaction an open-market purchase or a stock award?

The NKSH insider transaction was a stock award, not an open-market purchase. Director Norman V. Fitzwater III received 221 shares as a time-based grant, with a reported price per share of $0.0000 in this award.

When will the new NKSH stock award to the director vest?

The time-based stock award to the NKSH director will vest on the one-year anniversary of the grant date. This means the 221 awarded shares fully vest after one year, according to the disclosed footnote in the filing.

How many NATIONAL BANKSHARES INC shares does the director hold after this award?

After this award, director Norman V. Fitzwater III directly holds 9,859 shares of NATIONAL BANKSHARES INC Common Stock. This total includes the newly granted 221 shares reported in the current Form 4 insider filing.

What was the transaction code used in the NKSH Form 4 filing?

The NKSH Form 4 used transaction code "A," indicating a grant, award, or other acquisition. This confirms the 221-share transaction was a compensation-related stock award, not a market purchase or sale of existing shares.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Fitzwater Norman V III

(Last) (First) (Middle)

113 MATEER CIRCLE

(Street)

BLACKSBURG VIRGINIA 24060

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NATIONAL BANKSHARES INC [ NKSH ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	06/10/2026		A		221(1)	A	$0	9,859	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Grant of time-based stock award. The award will vest on the one-year anniversary.

	/s/Norman V. Fitzwater, III	06/11/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)