[Form 4] Atlantic Union Bankshares Corporation Insider Trading Activity

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) – Form 4 insider filing dated 06/20/2025

Director and 10% owner David Edward Johnson, together with Caligan Partners LP, reported the grant of 18,396 restricted stock units (RSUs) on 06/17/2025. Each RSU converts into one common share and vests on the earlier of (i) the one-year anniversary of grant or (ii) the day before the next annual shareholder meeting. The grant was made at $0 cost.

Following the award, Johnson lists 38,755 shares held directly and 8,118,592 shares held indirectly through Caligan-managed funds and accounts, preserving his >10 % beneficial stake. No derivative securities were reported in Table II, and there were no dispositions.

The transaction reinforces ongoing board participation and equity alignment but, because it is a compensation grant rather than an open-market purchase, the incremental bullish signal is modest.

Positive

• Continued >10 % ownership by Caligan Partners highlights sustained strategic commitment.
• Equity-based compensation aligns director incentives with shareholder value.

Negative

• No open-market purchase; RSUs granted at zero cost provide weaker bullish signal.
• Incremental share count is small relative to existing 8.1 million indirect shares, limiting impact.

Insights

Securities Analyst

TL;DR: RSU grant modestly increases insider alignment; no cash outlay, overall neutral market signal.

The 18,396-share RSU award raises Johnson’s direct stake by roughly 90 %. Still, the position remains immaterial compared with his indirect 8.1 million-share holding. Because the units vest within a year and cost nothing, the filing does not represent a fresh cash investment. However, continued ownership above 10 % by Caligan underscores strategic commitment to Liquidia as it pursues commercialization of Treprostinil products. From a valuation standpoint, dilution is negligible, and no negative governance issues are flagged. Overall impact on share price expected to be limited.

Corporate Governance Expert

TL;DR: Routine equity compensation; maintains director’s economic alignment without raising red flags.

The RSU grant follows common board-level compensation practices and is structured to vest before the next shareholder meeting, encouraging near-term performance focus. Joint filing by Caligan Partners is appropriate given its control of the majority stake. The disclaimer of beneficial ownership beyond pecuniary interest is standard. No evidence of opportunistic trading or 10b5-1 plan use appears. Governance risk remains low, and the filing reaffirms Caligan’s deputization arrangement on the board.

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^*

Ellett Frank Russell

(Last) (First) (Middle)

4300 COX ROAD

(Street)

GLEN ALLEN VA 23060

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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

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

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

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
Common Stock	07/01/2025		A		1,119(1)	A	$31.28	61,606	D

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

Explanation of Responses:

1. Direct issue from Issuer.

	/s/ Rachael R. Lape, Attorney-in-Fact	07/02/2025
	** 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.

FAQ

How many Liquidia (LQDA) shares did David Johnson acquire?

He received 18,396 restricted stock units, convertible 1-for-1 into common shares.

What is David Johnson's total ownership in LQDA after the transaction?

Johnson now holds 38,755 shares directly and 8,118,592 shares indirectly through Caligan-managed entities.

When do the newly granted RSUs vest?

They vest on the earlier of one year after 06/17/2025 or the day before the next annual shareholder meeting.

Was this an open-market purchase of LQDA stock?

No. The filing reflects a compensation grant of RSUs at $0 rather than an open-market buy.

Why is the Form 4 filed jointly by Caligan Partners LP?

Caligan manages the funds that hold the 8.1 million indirect shares, and Johnson is its Managing Partner, requiring joint reporting.