X0306 4 2017-11-17 1 0001610793 State National Companies, Inc. SNC 0001632716 LEDBETTER BRADFORD LUKE C/O STATE NATIONAL COMPANIES, INC. 1900 L. DON DODSON DRIVE BEDFORD TX 76021 0 1 0 0 Executive Vice President Common Stock 2017-11-17 4 D 0 25711 21.00 D 7188 D Common Stock 2017-11-17 4 D 0 7188 0.00 D 0 D Common Stock 2017-11-17 4 D 0 5608272 21.00 D 0 I By Trust Options 10.00 2017-11-17 4 D 0 284900 11.00 D 2024-06-25 Common Stock 284900 0 D Disposed of pursuant to the Agreement and Plan of Merger ("merger agreement"), dated as of July 26, 2017, by and among Issuer, Markel Corporation and Markelverick Corporation for a cash payment of the per share price noted. Represents the following shares beneficially owned by Bradford Luke Ledbetter ("Luke Ledbetter"): (i) 648,120 shares held by the Bradford Luke Ledbetter 1999 Grantor Trust No. 2 for which Luke Ledbetter serves as co-trustee with Lonnie K. Ledbetter III, with whom he shares voting and dispositive power over such shares; (ii) 3,499,476 shares held by the following trusts for which he serves as co-trustee with Terry Lee Ledbetter, Jr. ("Terry Ledbetter, Jr."), with whom he shares voting power over such shares and with whom, together with an independent trustee, he shares dispositive power over such shares: (A) 986,794 shares held by the Bradford Luke Ledbetter 2006 Grantor Trust No. 2; (B) 910,432 shares held by the Bradford Luke Ledbetter 2010 Grantor Trust No. 2; (C) 996,540 shares held by the Terry Lee Ledbetter, Jr. 2006 Grantor Trust No. 2; and (D) 605,710 shares held by the Terry Lee Ledbetter, Jr. 2010 Grantor Trust No. 2; (iii) 601,344 shares held by the (continued in footnote 3). Terry Ledbetter, Jr. 1999 Trust No. 2 for which he serves as co-trustee with Terry Ledbetter, Jr., with whom he share voting and dispositive power over such shares; and (iv) 859,332 shares held by The Terry Ledbetter Family and Charitable Irrevocable 2012 Trust for which Luke Ledbetter serves as sole trustee and has sole voting and dispositive power over such shares. In connection with the closing under the merger agreement, each option was cancelled in the merger in exchange for a cash payment of $3,133,900, representing the difference between $21.00 and the exercise price. The stock options vested in three equal annual installments beginning 06/25/2015. /s/ David M. Cleff, as Attorney in Fact for Bradford Luke Ledbetter 2017-11-17