Form 4: ASB CFO Boosts Stake with Dividend Equivalent Shares

Derek S. Meyer, EVP and CFO of Associated Banc-Corp, acquired 23 shares of common stock through vested dividend equivalents, increasing his direct beneficial ownership.

Summary

• Derek S. Meyer, EVP, Chief Financial Officer of Associated Banc-Corp (ASB), acquired 23 shares of common stock.
• The transaction occurred on December 15, 2025, at a price of $26.94 per share.
• These shares were fully vested dividend equivalents awarded pursuant to performance-based Restricted Stock Units (RSUs).
• The shares are payable solely in common stock and are subject to deferral until Meyer's separation from the company, as elected by him.
• Following this transaction, Meyer directly beneficially owns 51,207.379 shares of ASB common stock.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 6

Explanation: The filing reports a routine insider acquisition of a small number of shares through vested dividend equivalents, which is a neutral to slightly positive event indicating ongoing executive equity participation.

Positives

• Insider acquisition of shares, even a small amount, can signal confidence in the company's future performance.
• The shares are derived from fully vested dividend equivalents, indicating a return on existing equity awards.

Future Outlook

The acquired shares, derived from RSUs, are subject to deferral until the insider's separation from the company, indicating a long-term holding strategy for these specific shares.

Management Comments

• Fully vested dividend equivalents awarded pursuant to performance-based RSUs, payable solely in shares of common stock and subject to deferral until separation, as elected by the Insider.

Industry Context

This is a standard insider transaction for an executive at a publicly traded financial institution, reflecting the compensation structure often involving equity awards and dividend reinvestment. It does not indicate any specific industry trends beyond typical executive compensation practices.

Comparison to Industry Standards

• This is a routine insider transaction involving dividend equivalents on RSUs, a common component of executive compensation packages across various industries, including financial services. The specific number of shares or value is not significant enough to warrant a detailed comparison to other companies' executive compensation or stock acquisition patterns without further context on Meyer's overall compensation package or ASB's peer group.

Corporate Governance

Stakeholder Impact

• Shareholders: A minor positive signal of insider confidence and alignment of interests, as the CFO is increasing his direct beneficial ownership, albeit through a routine compensation mechanism.

Next Steps

• The acquired shares will remain deferred until Derek S. Meyer's separation from Associated Banc-Corp, as per his election.

Key Dates

Recommendation

This Form 4 filing details a routine, small-scale insider acquisition of shares through vested dividend equivalents, which is a standard part of executive compensation. It does not provide new material information about the company's financial performance, strategic direction, or operational health that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation remains appropriate, pending further fundamental analysis.

Keywords

Associated Banc-Corp, ASB, Derek S. Meyer, CFO, Insider Transaction, Form 4, Common Stock, Dividend Equivalents, RSU, Rule 10b5-1