Form 4: Director Joel Shephard Acquires AUB Phantom Stock

Atlantic Union Bankshares Corp. Director Joel R. Shephard acquired 567 phantom stock units on January 2, 2026, as part of a deferred compensation plan.

Summary

• Joel R. Shephard, a Director of Atlantic Union Bankshares Corp. (AUB), acquired 567 shares of phantom stock.
• The transaction occurred on January 2, 2026, and was made pursuant to a Rule 10b5-1(c) plan.
• Each phantom stock share is the economic equivalent of one share of common stock, with an underlying value of $35.3 per share based on the market closing price before the transaction date.
• The phantom stock becomes payable in cash or common stock at a time elected by the reporting person in their deferred compensation election form.
• Following this transaction, Mr. Shephard beneficially owns 3,005.958 shares of phantom stock indirectly through a Trustee of a Non-Qualified Plan.
• This total includes 26.386 additional shares acquired through dividend reinvestment since the last Form 4 filing.

Sentiment

Score: 6

Explanation: The acquisition of phantom stock by a director, even as part of a deferred compensation plan, is generally a neutral to slightly positive signal, indicating continued alignment with shareholder interests, though it's not a discretionary open market purchase.

Positives

• A Director increasing their beneficial ownership, even through phantom stock in a deferred compensation plan, can signal continued alignment of interests with shareholders.
• The transaction was conducted under a Rule 10b5-1(c) plan, which demonstrates a pre-arranged trading strategy and enhances transparency.

Future Outlook

The phantom stock units are payable in cash or common stock at a future date elected by the reporting person, indicating a future distribution event based on the deferred compensation plan terms.

Industry Context

This is a routine insider transaction filing (Form 4) common in the financial services industry, reflecting executive compensation structures that often include equity-linked incentives like phantom stock.

Corporate Governance

Stakeholder Impact

• Shareholders: The director's increased beneficial ownership of phantom stock aligns their financial interests with those of the shareholders, potentially fostering long-term value creation.

Next Steps

• The phantom stock units will become payable in cash or common stock at a future date, as elected by the reporting person in their deferred compensation plan.

Key Dates

Keywords

AUB, Atlantic Union Bankshares, Form 4, Insider Transaction, Director, Phantom Stock, Deferred Compensation, Rule 10b5-1