Eagle Financial Services, Inc.
US ˙ NasdaqCM ˙ US26951R1041

Introduction

This page provides a comprehensive analysis of the known insider trading history of John R Milleson. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

See the list of most profitable insider traders.

Companies with Reported Insider Positions

The SEC filings indicate John R Milleson has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:EFSI / Eagle Financial Services, Inc. Director 143,784
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by John R Milleson. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases EFSI / Eagle Financial Services, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in EFSI / Eagle Financial Services, Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares
Reported
Price
Adjusted
Shares
Adjusted
Price
Cost Basis Days to
Max
Price at
Max
Max
Profit ($)
Max Return (%)
2025-02-07 EFSI MILLESON JOHN R 781 32.0000 781 32.0000 24,992 203 37.4300 4,241 16.97
2024-01-31 EFSI MILLESON JOHN R 75 29.9800 75 29.9800 2,248
2023-08-01 EFSI MILLESON JOHN R 120 31.7600 120 31.7600 3,811
2022-08-04 EFSI MILLESON JOHN R 100 36.2000 100 36.2000 3,620
2022-02-22 EFSI MILLESON JOHN R 175 35.9500 175 35.9500 6,291
2021-08-20 EFSI MILLESON JOHN R 150 34.5000 150 34.5000 5,175
2021-03-02 EFSI MILLESON JOHN R 100 30.1500 100 30.1500 3,015
2020-11-24 EFSI MILLESON JOHN R 150 27.7500 150 27.7500 4,162
2020-08-18 EFSI MILLESON JOHN R 100 26.0000 100 26.0000 2,600
2020-05-18 EFSI MILLESON JOHN R 150 26.5766 150 26.5766 3,986
2020-05-07 EFSI MILLESON JOHN R 260 26.6500 260 26.6500 6,929
2020-02-07 EFSI MILLESON JOHN R 300 32.7500 300 32.7500 9,825
2019-11-22 EFSI MILLESON JOHN R 250 31.9000 250 31.9000 7,975
2019-07-22 EFSI MILLESON JOHN R 825 30.2500 825 30.2500 24,956
2019-05-29 EFSI MILLESON JOHN R 250 31.8500 250 31.8500 7,962
2019-04-22 EFSI MILLESON JOHN R 250 31.1500 250 31.1500 7,788
2019-03-05 EFSI MILLESON JOHN R 175 33.4800 175 33.4800 5,859
2019-03-01 EFSI MILLESON JOHN R 103 33.5000 103 33.5000 3,450
2018-10-29 EFSI MILLESON JOHN R 500 33.2500 500 33.2500 16,625
2018-08-08 EFSI MILLESON JOHN R 675 37.0000 675 37.0000 24,975
2018-08-03 EFSI MILLESON JOHN R 125 37.0000 125 37.0000 4,625
2018-02-09 EFSI MILLESON JOHN R 175 31.4000 175 31.4000 5,495
2017-12-12 EFSI MILLESON JOHN R 250 32.0000 250 32.0000 8,000
2017-12-05 EFSI MILLESON JOHN R 750 31.6600 750 31.6600 23,745
2017-10-31 EFSI MILLESON JOHN R 225 30.9800 225 30.9800 6,970
2017-08-29 EFSI MILLESON JOHN R 150 29.5000 150 29.5000 4,425
2017-06-09 EFSI MILLESON JOHN R 200 30.7500 200 30.7500 6,150
2017-04-25 EFSI MILLESON JOHN R 400 29.7250 400 29.7250 11,890
2016-11-08 EFSI MILLESON JOHN R 250 23.8500 250 23.8500 5,962
2016-09-15 EFSI MILLESON JOHN R 250 23.7500 250 23.7500 5,938
2016-06-03 EFSI MILLESON JOHN R 300 23.0500 300 23.0500 6,915
2016-02-18 EFSI MILLESON JOHN R 250 23.2500 250 23.2500 5,812
2016-02-17 EFSI MILLESON JOHN R 200 23.1300 200 23.1300 4,626
2016-02-03 EFSI MILLESON JOHN R 648 23.0500 648 23.0500 14,936
2015-10-27 EFSI MILLESON JOHN R 200 23.3000 200 23.3000 4,660
2015-05-22 EFSI MILLESON JOHN R 500 23.7000 500 23.7000 11,850
2015-03-03 EFSI MILLESON JOHN R 200 24.0000 200 24.0000 4,800
2014-10-31 EFSI MILLESON JOHN R 50 24.2500 50 24.2500 1,212
2014-10-30 EFSI MILLESON JOHN R 100 24.0000 100 24.0000 2,400
2014-10-30 EFSI MILLESON JOHN R 100 24.2500 100 24.2500 2,425
2014-08-14 EFSI MILLESON JOHN R 250 23.4900 250 23.4900 5,872
2014-04-29 EFSI MILLESON JOHN R 200 22.9000 200 22.9000 4,580
2014-02-11 EFSI MILLESON JOHN R 250 22.6500 250 22.6500 5,662
2012-12-04 EFSI MILLESON JOHN R 350 21.8800 350 21.8800 7,658
2012-07-24 EFSI MILLESON JOHN R 500 21.9500 500 21.9500 10,975
2012-04-24 EFSI MILLESON JOHN R 300 21.0000 300 21.0000 6,300

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

EFSI / Eagle Financial Services, Inc. Insider Trades
Insider Sales EFSI / Eagle Financial Services, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in EFSI / Eagle Financial Services, Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares
Reported
Price
Adjusted
Shares
Adjusted
Price
Cost Basis Days to
Min
Price at
Min
Max Loss
Avoided ($)
Max Loss
Avoided (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

EFSI / Eagle Financial Services, Inc. Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by John R Milleson as disclosed to the Securities Exchange Commission (SEC).

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change
Share
Price
Tran
Value
Remaining
Value
2025-02-10 2025-02-07 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 781 143,784 0.55 32.00 24,992 4,601,087
2025-01-06 2025-01-02 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 600 143,003 0.42
2024-02-05 2024-01-31 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 75 142,361 0.05 29.98 2,248 4,267,976
2024-01-04 2024-01-02 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 600 142,286 0.42
2023-08-02 2023-08-01 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 120 141,012 0.09 31.76 3,811 4,478,538
2023-01-05 2023-01-03 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 600 140,030 0.43
2022-08-08 2022-08-04 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 100 137,164 0.07 36.20 3,620 4,965,337
2022-07-29 2022-07-27 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 600 137,064 0.44
2022-03-01 2022-02-22 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 175 134,892 0.13 35.95 6,291 4,849,372
2021-08-24 2021-08-20 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 150 132,351 0.11 34.50 5,175 4,566,113
2021-08-02 2021-06-25 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 500 132,201 0.38
2021-03-03 2021-03-02 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 100 130,923 0.08 30.15 3,015 3,947,331
2020-11-30 2020-11-24 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 150 129,094 0.12 27.75 4,162 3,582,360
2020-09-17 2020-09-16 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 500 127,988 0.39
2020-08-19 2020-08-18 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 100 126,527 0.08 26.00 2,600 3,289,711
2020-05-20 2020-05-18 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 150 126,427 0.12 26.58 3,986 3,360,009
2020-05-08 2020-05-07 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 260 125,351 0.21 26.65 6,929 3,340,609
2020-02-10 2020-02-07 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 300 124,332 0.24 32.75 9,825 4,071,860
2019-11-26 2019-11-22 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 250 123,028 0.20 31.90 7,975 3,924,607
2019-07-23 2019-07-22 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 825 121,260 0.69 30.25 24,956 3,668,124
2019-06-20 2019-06-20 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 250 120,435 0.21
2019-05-31 2019-05-29 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 250 120,185 0.21 31.85 7,962 3,827,901
2019-04-22 2019-04-22 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 250 119,209 0.21 31.15 7,788 3,713,361
2019-03-05 2019-03-05 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 175 118,959 0.15 33.48 5,859 3,982,748
2019-03-04 2019-03-01 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 103 118,784 0.09 33.50 3,450 3,979,265
2019-01-07 2019-01-02 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 2,400 118,004 2.08
2018-10-29 2018-10-29 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 500 114,359 0.44 33.25 16,625 3,802,451
2018-08-09 2018-08-08 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 675 113,298 0.60 37.00 24,975 4,192,028
2018-08-07 2018-08-03 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 125 112,623 0.11 37.00 4,625 4,167,053
2018-03-08 2018-03-07 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
D - Sale to Issuer -12 111,902 -0.01
2018-02-12 2018-02-09 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 175 111,297 0.16 31.40 5,495 3,494,740
2018-01-03 2018-01-02 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 2,400 111,122 2.21
2017-12-13 2017-12-12 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 250 108,030 0.23 32.00 8,000 3,456,962
2017-12-07 2017-12-05 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 750 107,780 0.70 31.66 23,745 3,412,317
2017-11-01 2017-10-31 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 225 106,450 0.21 30.98 6,970 3,297,807
2017-08-29 2017-08-29 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 150 106,225 0.14 29.50 4,425 3,133,624
2017-06-12 2017-06-09 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 200 105,471 0.19 30.75 6,150 3,243,238
2017-04-25 2017-04-25 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 400 104,668 0.38 29.72 11,890 3,111,266
2017-04-04 2017-03-28 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
D - Sale to Issuer -216 104,268 -0.21
2017-01-05 2017-01-03 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 2,400 103,006 2.39
2016-11-10 2016-11-08 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 250 99,898 0.25 23.85 5,962 2,382,575
2016-09-16 2016-09-15 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 250 99,648 0.25 23.75 5,938 2,366,647
2016-06-06 2016-06-03 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 300 98,748 0.30 23.05 6,915 2,276,150
2016-05-13 2016-05-12 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
D - Sale to Issuer -276 97,802 -0.28
2016-05-13 2015-07-14 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
D - Sale to Issuer -300 91,437 -0.33
2016-02-18 2016-02-18 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 250 97,390 0.26 23.25 5,812 2,264,311
2016-02-17 2016-02-17 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 200 97,140 0.21 23.13 4,626 2,246,842
2016-02-04 2016-02-03 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 648 96,940 0.67 23.05 14,936 2,234,461
2016-01-06 2016-01-04 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 2,400 96,292 2.56
2015-10-27 2015-10-27 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 200 92,263 0.22 23.30 4,660 2,149,726
2015-05-26 2015-05-22 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 500 91,737 0.55 23.70 11,850 2,174,160
2015-03-03 2015-03-03 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 200 89,813 0.22 24.00 4,800 2,155,504
2015-01-06 2015-01-02 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 2,400 88,936 2.77
2014-10-31 2014-10-31 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 50 85,934 0.06 24.25 1,212 2,083,896
2014-10-31 2014-10-30 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 100 85,884 0.12 24.25 2,425 2,082,683
2014-10-31 2014-10-30 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 100 85,784 0.12 24.00 2,400 2,058,812
2014-09-19 2014-09-17 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
F - Taxes -3,629 85,684 -4.06 23.75 -86,189 2,034,991
2014-09-19 2014-09-17 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
M - Exercise 4,000 89,313 4.69 21.55 86,200 1,924,692
2014-08-15 2014-08-14 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 250 85,313 0.29 23.49 5,872 2,003,999
2014-07-25 2014-07-23 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 1,042 84,351 1.25
2014-06-12 2014-06-11 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 2,400 83,309 2.97
2014-05-22 2014-05-20 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
D - Sale to Issuer -204 80,909 -0.25
2014-05-01 2014-04-29 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 200 80,448 0.25 22.90 4,580 1,842,263
2014-02-12 2014-02-11 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 250 79,299 0.32 22.65 5,662 1,796,114
2013-09-12 2013-09-11 4 EFSI EAGLE FINANCIAL SERVICES INC
Stock Options
M - Exercise -4,000 0 -100.00
2013-09-12 2013-09-11 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
F - Taxes -3,605 78,878 -4.37 24.00 -86,520 1,893,069
2013-09-12 2013-09-11 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
M - Exercise 4,000 82,483 5.10 21.63 86,520 1,784,105
2013-05-03 2013-05-02 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
D - Sale to Issuer -168 75,884 -0.22
2013-01-04 2013-01-02 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 2,400 75,533 3.28
2012-12-04 2012-12-04 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 350 72,599 0.48 21.88 7,658 1,588,472
2012-07-24 2012-07-24 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 500 71,271 0.71 21.95 10,975 1,564,405
2012-06-21 2012-06-20 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 500 70,771 0.71
2012-06-07 2012-05-09 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
D - Sale to Issuer -150 69,473 -0.22
2012-04-26 2012-04-24 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
P - Purchase 300 69,623 0.43 21.00 6,300 1,462,085
2012-02-13 2012-01-03 4 EFSI EAGLE FINANCIAL SERVICES INC
Common Stock, $2.50 Par Value
A - Award 2,400 68,759 3.62
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)