Form 4: Atlantic Union Bankshares Director Patrick Corbin Reports Phantom Stock Acquisition

Atlantic Union Bankshares Corp Director Patrick E. Corbin reported the acquisition of 639 phantom stock units, bringing his total indirect beneficial ownership to 31,270.557 units.

Summary

• Patrick E. Corbin, a Director of Atlantic Union Bankshares Corp (AUB), reported a transaction involving phantom stock.
• On July 1, 2025, 639 shares of phantom stock were acquired.
• Each phantom stock unit is economically equivalent to one share of common stock.
• The phantom stock is payable in cash or common stock, based on the reporting person's deferred compensation election, with installment distributions payable only in cash.
• The price of the derivative security was $31.28, based on the market closing price on the trading day before the transaction date.
• Following this transaction, Patrick E. Corbin indirectly beneficially owns 31,270.557 phantom stock units through a Trustee of a Non-Qualified Plan (deferred compensation).
• This total includes 336.611 additional shares acquired through dividend reinvestment since the last Form 4 filing.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock by a director, especially with additional shares from dividend reinvestment, generally indicates a positive alignment of interests and confidence in the company's future, though it's a routine compensation event rather than a direct investment decision.

Positives

• The acquisition of phantom stock by a director indicates continued alignment of interests with shareholders.
• The increase in beneficial ownership, including through dividend reinvestment, suggests confidence in the company's long-term prospects.

Future Outlook

The phantom stock units become payable in cash or common stock at a future date elected by the reporting person, indicating a future liquidity event tied to the company's performance or the director's deferred compensation plan.

Management Comments

• Each share of phantom stock is the economic equivalent of one share of common stock.
• The shares of phantom stock become payable, in cash or common stock, at the time elected by the reporting person in the reporting person's deferred compensation election form; provided, that if the reporting person elected to receive distributions under the Company's non-qualified deferred compensation plan in installments, such amounts are payable only in cash.

Industry Context

This transaction is a routine insider filing for a director's equity compensation, common in the financial services industry where executive and director compensation often includes equity-linked instruments like phantom stock to align interests with shareholders and provide long-term incentives.

Comparison to Industry Standards

• The use of phantom stock as a component of executive and director compensation is a common practice across the banking and financial services sector, aligning executive incentives with shareholder value.
• The reported price of $31.28 per unit reflects the market valuation of Atlantic Union Bankshares Corp (AUB) common stock, which can be compared to the stock performance of peer regional banks such as Truist Financial Corporation (TFC), PNC Financial Services Group (PNC), or Synovus Financial Corp (SNV) to assess relative valuation and compensation effectiveness.

Stakeholder Impact

• Shareholders: The transaction aligns the director's interests with shareholders through equity-linked compensation, potentially fostering long-term value creation.
• Employees: The deferred compensation plan structure may serve as a model or incentive for other employees, though this specific filing pertains to a director.

Next Steps

• Phantom stock units will become payable in cash or common stock at the time elected by the reporting person.

Key Dates

Keywords

Atlantic Union Bankshares, AUB, Patrick E. Corbin, Director, Phantom Stock, Insider Transaction, SEC Form 4, Deferred Compensation, Equity Compensation, Financial Services, Banking