Form 4: Director Tillett Acquires Phantom Stock in Atlantic Union Bankshares Corp

Director Ronald L. Tillett acquired phantom stock in Atlantic Union Bankshares Corp through a non-qualified deferred compensation plan.

Summary

• On October 1, 2024, Ronald L. Tillett, a director of Atlantic Union Bankshares Corp, acquired 431 shares of phantom stock.
• The phantom stock is held indirectly through a trustee of a non-qualified plan.
• Each share of phantom stock is equivalent to one share of common stock.
• The price of the phantom stock is $37.67 per share, based on the market closing price on the last trading day before the transaction date.
• Following the transaction, Tillett beneficially owns 9,235.039 derivative securities, which includes 70.644 additional shares acquired through dividend reinvestment since the last Form 4 filing.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to executive compensation, indicating a neutral sentiment.

Future Outlook

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 filing reflects routine transactions related to executive compensation and deferred compensation plans, which are common in the banking industry.

Comparison to Industry Standards

• Deferred compensation plans are a common practice among publicly traded companies, including banks like Atlantic Union Bankshares Corp.
• The structure of the phantom stock plan, where each share is equivalent to one share of common stock, is a standard approach.
• Comparable companies such as Truist Financial Corporation and Bank of America also utilize deferred compensation and equity-based compensation plans for their executives.

Stakeholder Impact

• The transaction has a minimal direct impact on shareholders, as it relates to internal compensation arrangements.
• Employees participating in the deferred compensation plan are directly affected by the terms of the plan.

Key Dates