Atlantic Union director awarded phantom stock units

SHEPHARD JOEL R reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

SHEPHARD JOEL R reported acquisition or exercise transactions in this Form 4 filing.

Atlantic Union Bankshares director Joel R. Shephard received a grant of phantom stock tied to company common shares. On the reported date, a non-qualified deferred compensation plan credited 1 phantom stock unit at a reference price of $35.74, bringing his indirect phantom stock balance to about 3,565.958 units.

Each phantom stock unit is economically equivalent to one share of Atlantic Union Bankshares common stock. These units will be settled in cash or common stock at the time Shephard elected in his deferred compensation elections; if paid in installments under the company’s non-qualified deferred compensation plan, they are payable only in cash.

Insider Trade Summary

Grant/Award: 1 shares

Grant/Award 1 txn

Insider SHEPHARD JOEL R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	1	$35.74	$35.74

Holdings After Transaction: Phantom Stock — 3,565.958 contracts (Indirect, By Trustee of Non-Qualified Plan (deferred comp))

Footnotes (2)

1. F1. Based on the market closing price on the last trading day before the transaction date.
2. F2. 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.

Key Figures

Phantom stock granted: 1 unit Reference price per unit: $35.74 Phantom stock balance after grant: 3,565.958 units +2 more

5 metrics

Phantom stock granted 1 unit Grant of phantom stock unit on reported transaction date

Reference price per unit $35.74 Market closing price before transaction used for phantom stock

Phantom stock balance after grant 3,565.958 units Total indirect phantom stock units following transaction

Underlying common shares 560 shares Underlying Atlantic Union common stock tied to phantom position

Conversion/exercise price $0.00 Reported conversion or exercise price for phantom stock

Key Terms

Phantom Stock, Non-Qualified Plan, deferred compensation, underlying security, +1 more

5 terms

Phantom Stock financial

"Each share of phantom stock is the economic equivalent of one share of common stock."

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Non-Qualified Plan financial

"By Trustee of Non-Qualified Plan (deferred comp)"

deferred compensation financial

"the Company's non-qualified deferred compensation plan in installments"

Deferred compensation is pay that employees or executives have earned now but will receive at a later date, such as delayed bonuses, retirement benefits, or stock grants. It matters to investors because it creates future obligations and shapes incentives—like a promise to pay later that can affect a company’s reported profits, cash needs and potential stock dilution—so it helps signal how a business manages costs and retains key people.

underlying security financial

"underlying_security_title: "Common Stock""

indirect ownership financial

"direct_or_indirect: "I" and nature_of_ownership: "By Trustee of Non-Qualified Plan""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Atlantic Union Bankshares (AUB) director Joel R. Shephard report on this Form 4?

Joel R. Shephard reported receiving 1 phantom stock unit linked to Atlantic Union Bankshares common stock. This grant increased his indirect phantom stock holdings to 3,565.958 units under a non-qualified deferred compensation plan.

What is the economic value of the phantom stock reported by AUB’s director?

The phantom stock unit was valued using a $35.74 reference price, equal to the closing market price before the transaction. Each phantom stock unit is economically equivalent to one share of Atlantic Union Bankshares common stock.

How and when will Joel R. Shephard’s Atlantic Union phantom stock be paid out?

The phantom stock becomes payable at the time Joel R. Shephard elected in his deferred compensation election form. It can be settled in cash or common stock, though installment distributions under the non-qualified deferred compensation plan are payable only in cash.

Is the phantom stock held directly by Joel R. Shephard at Atlantic Union Bankshares?

The phantom stock is held indirectly through a trustee of a non-qualified deferred compensation plan. The Form 4 identifies the nature of ownership as indirect, “By Trustee of Non-Qualified Plan (deferred comp).”

How many underlying Atlantic Union Bankshares common shares relate to this phantom stock position?

The reported phantom stock position corresponds to 560 underlying Atlantic Union Bankshares common shares. Each phantom stock unit is designed to mirror the economic performance of one share of the company’s common stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 04:20 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SHEPHARD JOEL R

(Last) (First) (Middle)

C/O ATLANTIC UNION BANKSHARES CORPORATIO

4300 COX ROAD

(Street)

GLEN ALLEN VIRGINIA 23060

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Atlantic Union Bankshares Corp [ AUB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(1)	04/01/2026		A		1		(2)	(2)	Common Stock	560	$35.74	3,565.958	I	By Trustee of Non-Qualified Plan (deferred comp)

Explanation of Responses:

1. Based on the market closing price on the last trading day before the transaction date.

2. 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.

	/s/ Rachael R. Lape, Attorney-in-Fact	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)