Form 4: Atlantic Union Bankshares Director Joel R. Shephard Acquires Phantom Stock

Joel R. Shephard, a Director at Atlantic Union Bankshares Corp, acquired 639 shares of phantom stock valued at $31.28 per share through a deferred compensation plan.

Summary

• Joel R. Shephard, a Director of Atlantic Union Bankshares Corp (AUB), acquired 639 shares of phantom stock on July 1, 2025.
• Each share of phantom stock is the economic equivalent of one share of common stock.
• The acquisition was made at a price of $31.28 per share, based on the market closing price on the trading day before the transaction date.
• Following this transaction, Joel R. Shephard beneficially owns 1,827.089 shares of phantom stock indirectly through a Trustee of a Non-Qualified Plan (deferred compensation).
• The total beneficial ownership includes an additional 13.056 shares acquired through dividend reinvestment since the last Form 4 filing.
• The phantom stock is payable in cash or common stock at the reporting person's elected time, with installment distributions payable only in cash.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock by a director, especially as part of a deferred compensation plan, generally indicates continued confidence in the company's long-term performance and aligns the director's interests with shareholders.

Positives

• An insider (Director Joel R. Shephard) increased their beneficial ownership in the company, which can signal confidence in the company's future prospects.
• The acquisition was part of a deferred compensation plan, indicating a structured long-term commitment by the director.

Future Outlook

The phantom stock becomes payable, in cash or common stock, at the time elected by the reporting person in their deferred compensation election form.

Industry Context

This transaction represents a standard insider equity acquisition within the financial services industry, often part of executive and director compensation and retention strategies.

Comparison to Industry Standards

• Insider transactions, such as the acquisition of phantom stock through deferred compensation plans, are common practices in the financial services industry for executive and director remuneration and retention.
• The structure of phantom stock, which mirrors common stock value without direct ownership until vesting or payment, is a widely used incentive mechanism in publicly traded companies, including banks like Atlantic Union Bankshares Corp.

Related Party Transactions

• The acquisition of phantom stock by Director Joel R. Shephard from Atlantic Union Bankshares Corp constitutes a related party transaction, as it involves an insider and the company.

Stakeholder Impact

• Shareholders: The acquisition by a director may be viewed as a positive signal of insider confidence in the company's future, potentially influencing investor sentiment.
• Employees: The deferred compensation structure for directors can reflect broader company policies on executive incentives and retention.

Next Steps

• Phantom stock will become payable at the time elected by the reporting person in their deferred compensation election form.

Key Dates

Keywords

Atlantic Union Bankshares, AUB, Joel R. Shephard, Director, Phantom Stock, Insider Transaction, SEC Form 4, Deferred Compensation, Equity Acquisition, Financial Services