# EDGAR Filing Document

**Accession Number:** 0001572334
**File Stem:** 0000950170-23-005193
**Filing Date:** 2023-2
**Character Count:** 27895
**Document Hash:** a9cc215a72163c76ad10fd3d1b4df987
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-005193.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000950170-23-005193

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virginia National Bankshares Corp
- **CENTRAL INDEX KEY:** 0001572334
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270131
- **FILM NUMBER:** 23686938

**BUSINESS ADDRESS:**
- **STREET 1:** 404 PEOPLE PLACE
- **CITY:** CHARLOTTESVILLE
- **STATE:** VA
- **ZIP:** 22911
- **BUSINESS PHONE:** 434-817-7676

**MAIL ADDRESS:**
- **STREET 1:** 404 PEOPLE PLACE
- **CITY:** CHARLOTTESVILLE
- **STATE:** VA
- **ZIP:** 22911

**As filed with the Securities and Exchange Commission on February 28, 2023**

**Registration No. 333-______**

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________

FORM S-8

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

_________________________

**VIRGINIA NATIONAL BANKSHARES CORPORATION**

(Exact name of registrant as specified in its charter)

_________________________

---

| | |
|:---|:---|
| **Virginia** | **46-2331578** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| **404 People Place, Charlottesville, Virginia** | **22911** |
| (Address of principal executive offices) | (Zip Code) |

---

_________________________

**Virginia National Bankshares Corporation 2022 Stock Incentive Plan**

(Full title of the plan)

**Donna G. Shewmake**

**Executive Vice President, General Counsel and Corporate Secretary**

---

| |
|:---|
| **Virginia National Bankshares Corporation** |
| **404 People Place** |
| **Charlottesville, Virginia 22911** |

---

(Name and address of agent for service)

**(434) 817-8621**

(Telephone number, including area code, of agent for service)

With copies to:

**Scott H. Richter**

**Williams Mullen**

**200 South 10**<sup>th</sup> **Street, Suite 1600**

**Richmond, Virginia 23219**

**(804) 420-6000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**Part I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The document(s) containing the information specified in Part I will be sent or given to participants as specified by Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not being filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Form, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Part II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents, which have been filed with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are hereby incorporated by reference in, and shall be deemed to be a part of, this Registration Statement (other than any such documents or portions thereof that are furnished under Item 2.02 or Item 7.01 of Form 8-K, unless otherwise indicated therein, including any exhibits included with such Items):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u>[<u>The Annual Report on Form 10-K for the year ended December 31, 2021 of Virginia National Bankshares Corporation (the "Company"), filed with the Commission on March 25, 2022.</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017022004667/vabk-20211231.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u>The Company's Quarterly Reports on Form 10-Q for the quarters ended [<u>March 31, 2022</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017022009848/vabk-20220331.htm), [<u>June 30, 2022</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017022017071/vabk-20220630.htm), and [<u>September 30, 2022</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017022021157/vabk-20220930.htm), filed with the Commission on May 13, 2022, August 12, 2022, and November 2, 2022, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u>The Company's Current Reports on Form 8-K filed with the Commission on [<u>March 3, 2022</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017022002797/vabk-20220303.htm), [<u>May 26, 2022</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017022010712/vabk-20220525.htm), [<u>June 29, 2022</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017022012295/vabk-20220623.htm), [<u>July 29, 2022</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017022013441/vabk-20220729.htm), [<u>December 8, 2022</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017022026195/vabk-20221207.htm), and [<u>February 24, 2023</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1572334/000095017023004258/vabk-20230222.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u><u>The description of the Company's common stock contained in Pre-effective Amendment No. 1 to Registration Statement on Form S-4, filed with the Commission on February 2, 2021.</u>

All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act (excluding any portion of these documents that has been furnished to and deemed not to be filed with the Commission) prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated herein by reference and shall be deemed a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein and to be a part hereof shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

------

**Item 6. Indemnification of Directors and Officers.**

The Virginia Stock Corporation Act, codified in Article 10 of Chapter 9 of Title 13.1 of the Code of Virginia as amended (the "VSCA"), permits a Virginia corporation to indemnify any director or officer for reasonable expenses incurred in any legal proceeding in advance of final disposition of the proceeding, if the director or officer furnishes the corporation with a signed written undertaking to repay any funds advanced if he or she is not entitled to mandatory indemnification and it is ultimately determined that he or she did not meet the relevant standard of conduct. In addition, a corporation is permitted to indemnify a director or officer against liability incurred in a proceeding if a determination has been made by the disinterested members of the board of directors, special legal counsel or shareholders that the director or officer conducted himself or herself in good faith and otherwise met the required standard of conduct. To meet the relevant standard of conduct, the VSCA provides that the director or officer must have conducted himself or herself in good faith and believed, in the case of conduct in his or her official capacity with the corporation, that his or her conduct was in its best interests and, in the case of other conduct, that his or her conduct was at least not opposed to its best interests. In the case of any criminal proceeding, the director or officer must not have had reasonable cause to believe his or her conduct was unlawful. In a proceeding by or in the right of the corporation, no indemnification shall be made in respect of any matter as to which a director or officer is adjudged to be liable to the corporation, except for reasonable expenses incurred in connection with the proceeding if it is determined that the director or officer has met the relevant standard of conduct. In any other proceeding, no indemnification shall be made if the director or officer is adjudged liable to the corporation on the basis that he or she improperly received a personal benefit. Corporations are given the power to make any other or further indemnity, including advances and reimbursement of expenses, to any director or officer that may be authorized by the articles of incorporation or any bylaw made by the shareholders, or any resolution adopted, before or after the event, by the shareholders, except an indemnity against willful misconduct or a knowing violation of the criminal law. Unless limited by its articles of incorporation, indemnification against the reasonable expenses incurred by a director or officer is mandatory when he or she entirely prevails in the defense of any proceeding to which he or she is a party because he or she is or was a director or officer.

The Company's articles provide that a director or officer of the Company is not liable to the Company or its shareholders for monetary damages except for liability resulting from such person having engaged in willful misconduct or a knowing violation of the criminal law or any federal or state securities law.

The Company's articles provide that to the fullest extent permitted by the VSCA and any other applicable law, the Company is required to indemnify a director or officer of the Company who is or was a party to any proceeding by reason of the fact that he or she is or was such a director or officer or is or was serving at the request of or on behalf of the Company as a director, trustee, partner or officer of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, against any liability incurred by him or her in connection with such proceeding unless he or she engaged in willful misconduct or a knowing violation of the criminal law. The Company's board of directors is empowered, by majority vote of a quorum of disinterested directors, to contract in advance to indemnify any director or officer as set forth above.

The Company has limited its exposure to liability for indemnification of directors and officers by purchasing directors and officers liability insurance coverage. The rights of indemnification provided in the articles of incorporation of the Company are not exclusive of any other rights that may be available under any insurance or other agreement, by vote of shareholders or disinterested directors, or otherwise.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

------

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [<u>Articles of Incorporation of Virginia National Bankshares Corporation, as amended and restated (incorporated by reference to Exhibit 3.1 to Virginia National Bankshares Corporation's Pre-effective Amendment No. 1 to Registration Statement on Form S-4, filed on April 12, 2013).</u>](https://www.sec.gov/Archives/edgar/data/1572334/000119312513152911/d520651dex31.htm) |
| 4.2 | [<u>Bylaws of Virginia National Bankshares Corporation, as amended (incorporated by reference to Exhibit 3.2 of Virginia National Bankshares Corporation's Current Report on Form 8-K, filed on April 1, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1572334/000119312521103756/d30831dex32.htm) |
| 5.1 | [<u>Opinion of Williams Mullen</u>](vabk-ex5_1.htm).\* |
| 23.1 | [<u>Consent of Williams Mullen, included in Exhibit 5.1</u>](vabk-ex5_1.htm).\* |
| 23.2 | [<u>Consent of Yount, Hyde, & Barbour, P.C</u>](vabk-ex23_2.htm).\* |
| 24.1 | [<u>Powers of Attorney of Directors and Officers (included on signature page)</u>](#sig). |
| 99.1 | [<u>Virginia National Bankshares Corporation 2022 Stock Incentive Plan (incorporated by reference to Appendix A of the Proxy Statement for the Annual Meeting of Shareholders held on June 23, 2022, filed on April 29, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1572334/000095017022006653/vabk-def14a-2022_proxy_s.htm) |
| 107.1 | [<u>Filing Fee Table\*</u>](vabk-exfiling_fees.htm) |

---

_______________

\* Filed herewith.

**Item 9. Undertakings.**

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Charlottesville, Commonwealth of Virginia, on February 28, 2023.

---

| | |
|:---|:---|
| **Virginia National Bankshares Corporation**  | **Virginia National Bankshares Corporation**  |
| By: | /s/ Glenn W. Rust |
|  | Glenn W. Rust<br>President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated. Each person whose signature appears below constitutes and appoints Glenn W. Rust and Tara Y. Harrison, and each of them singly, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments or post-effective amendments to this registration statement, hereby ratifying and confirming such person's signature as it may be signed by said attorneys to any and all amendments.

---

| | |
|:---|:---|
| **Date** | **Signature** |
| February 28, 2023 | <u>/s/ Glenn W. Rust</u> |
|  | Glenn W. Rust, President and Chief Executive Officer |
|  | and Director (Principal Executive Officer) |
| February 28, 2023 | <u>/s/ Tara Y. Harrison</u> |
|  | Tara Y. Harrison, Executive Vice President and Chief  |
|  | Financial Officer (Principal Financial and Accounting Officer) |
| February 28, 2023 | <u>/s/ William D. Dittmar, Jr.</u> |
|  | William D. Dittmar, Jr., Chairman of the Board |
| February 28, 2023 | <u>/s/ John B. Adams, Jr.</u> |
|  | John B. Adams, Jr., Director |
| February 28, 2023 | <u>/s/ Steven W. Blaine</u> |
|  | Steven W. Blaine, Director |
| February 28, 2023 | <u>/s/ Kevin T. Carter</u> |
|  | Kevin T. Carter, Director |
| February 28, 2023 | <u>/s/ Hunter E. Craig</u> |
|  | Hunter E. Craig, Director |
| February 28, 2023 | <u>/s/ Randolph D. Frostick</u> |
|  | Randolph D. Frostick, Director |
| February 28, 2023 | <u>/s/ Linda M. Houston</u> |
|  | Linda M. Houston, Director |
| February 28, 2023 | <u>/s/ Jay B. Keyser</u> |
|  | Jay B. Keyser, Director |
| February 28, 2023 | <u>/s/ Sterling T. Strange, III</u> |
|  | Sterling T. Strange, III, Director |
| February 28, 2023 | <u>/s/ Gregory L. Wells</u> |
|  | Gregory L. Wells, Director |

---

------

## Ex-5

**Exhibit 5.1**

![img58574510_0.jpg](img58574510_0.jpg)

February 28, 2023

Virginia National Bankshares Corporation

404 People Place

Charlottesville, Virginia 22911

Re: <u>Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We have acted as special counsel to Virginia National Bankshares Corporation, a Virginia corporation (the "Company"), with respect to the offer and sale from time to time of shares of the Company's common stock, par value $2.50 per share (the "Common Stock"), pursuant to the Virginia National Bankshares Corporation 2022 Stock Incentive Plan (the "Plan"). In such capacity, we have reviewed the Registration Statement on Form S-8 (the "Registration Statement") to be filed by the Company with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), to effect the registration of 150,000 shares of Common Stock (the "Shares") under the Plan.

In this regard, we have examined the Plan and such corporate proceedings, records and documents as we have deemed necessary or advisable in connection with the opinion set forth herein. In rendering this opinion letter, we have assumed, with your permission and without independent verification or inquiry, the (i) genuineness of all signatures on all documents, (ii) authenticity of all documents submitted to us as originals, (iii) conformity to the authentic originals of all documents submitted to us as copies and (iv) legal capacity of all natural persons. We have also assumed that there are no agreements or understandings between or among the Company and any participants in the Plan that would expand, modify or otherwise affect the terms of the Plan or the respective rights or obligations of the participants thereunder. Finally, we have assumed the accuracy of all other information provided to us by the Company during the course of our investigations, on which we have relied in issuing this opinion letter.

Based on and subject to the foregoing assumptions and other matters, and to the exceptions, exclusions, qualifications and other limitations set forth herein, it is our opinion that the Shares, when issued pursuant to the Registration Statement and in accordance with the terms and conditions of the Plan, will be validly issued, fully paid and non-assessable.

The foregoing opinion is limited in all respects to the application of the laws of the Commonwealth of Virginia, and we express no opinion as to the effect of the laws of any other jurisdiction. Our opinion is expressed as of the date hereof, and we do not assume any obligation to update or supplement our opinion to reflect any fact or circumstance arising, or any change in law occurring, after such date.

We consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the use of our name in the Registration Statement. In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.

/s/ Williams Mullen

------

## Ex-23

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of Virginia National Bankshares Corporation of our report dated March 25, 2022, relating to our audit of the consolidated financial statements of Virginia National Bankshares Corporation, appearing in the Annual Report on Form 10-K of Virginia National Bankshares Corporation for the year ended December 31, 2021.

/s/ Yount, Hyde & Barbour, P.C.

Richmond, Virginia

February 28, 2023

------

## Ex-Filing

**Exhibit 107.1** 

**Calculation of Filing Fee Tables** 

**Form S-8**

**Registration Statement under the Securities Act of 1933**

(Form Type)

**Virginia National Bankshares Corporation**

(Exact Name of Registrant as Specified in its Charter)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Table 1: Newly Registered Securities** | &nbsp;&nbsp;**Table 1: Newly Registered Securities** | &nbsp;&nbsp;**Table 1: Newly Registered Securities** | &nbsp;&nbsp;**Table 1: Newly Registered Securities** | &nbsp;&nbsp;**Table 1: Newly Registered Securities** | &nbsp;&nbsp;**Table 1: Newly Registered Securities** | &nbsp;&nbsp;**Table 1: Newly Registered Securities** | &nbsp;&nbsp;**Table 1: Newly Registered Securities** |
| &nbsp;&nbsp;Security Type | &nbsp;&nbsp;Security Class Title | &nbsp;&nbsp;Fee Calculation Rule | &nbsp;&nbsp;Amount Registered (1) | &nbsp;&nbsp;Proposed Maximum Offering Price Per Unit (2) | &nbsp;&nbsp;Maximum Aggregate Offering Price (1)(2) | &nbsp;&nbsp;Fee Rate | &nbsp;&nbsp;Amount of Registration Fee (3) |
| &nbsp;&nbsp;Equity | &nbsp;&nbsp;Common Stock, par value $2.50 per share | &nbsp;&nbsp;457(c) and 457(h) | &nbsp;&nbsp;150000 (4) | &nbsp;&nbsp;$39.65 | &nbsp;&nbsp;$5947500 | &nbsp;&nbsp;$110.20 per $1,000,000 | &nbsp;&nbsp;$655.42 |
| &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;**Total Offering Amounts** | &nbsp;&nbsp;**Total Offering Amounts** |  |  |  | &nbsp;&nbsp;$655.42 |
| &nbsp;&nbsp;**Total Fee Offsets (4)** | &nbsp;&nbsp;**Total Fee Offsets (4)** | &nbsp;&nbsp;**Total Fee Offsets (4)** | &nbsp;&nbsp;**Total Fee Offsets (4)** |  |  |  | &nbsp;&nbsp;-- |
| &nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;**Net Fee Due** | &nbsp;&nbsp;**Net Fee Due** |  |  |  | &nbsp;&nbsp;$655.42 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement on Form S-8 also covers an indeterminate number of additional shares that may be offered or issued under the Virginia National Bankshares Corporation 2022 Stock Incentive Plan by reason of stock splits, stock dividends, or similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Estimated pursuant to Rule 457(c) and (h) under the Securities Act solely for the purpose of calculating the amount of the registration fee based upon the average of the high and low prices for a share of the registrant's common stock on February 27, 2023, as reported on The Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Rounded up to the nearest penny.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The registrant doesn't have any fee offsets.

------