Form 4: ASB Director Acquires Shares Under 10b5-1 Plan

Associated Banc-Corp Director Kristen M. Ludgate acquired 45 shares of common stock at $25.92 per share on September 15, 2025, increasing her beneficial ownership to 5,373 shares.

Summary

• Kristen M. Ludgate, a Director of Associated Banc-Corp (ASB), acquired 45 shares of common stock.
• The transaction occurred on September 15, 2025, at a price of $25.92 per share.
• Following this acquisition, Ludgate's direct beneficial ownership in ASB common stock increased to 5,373 shares.
• The acquisition was made pursuant to a Rule 10b5-1 pre-arranged trading plan.
• The shares represent dividend equivalent units, which vest on the first anniversary of the related restricted stock unit grant and are payable in common stock.

Sentiment

Score: 7

Explanation: The acquisition of shares by a director, even if compensation-related and small in volume, generally indicates alignment of interests and confidence in the company's future. The use of a 10b5-1 plan also reflects good corporate governance.

Positives

• A Director increasing their stake, even if compensation-related, generally signals alignment of interests with shareholders.
• The transaction was conducted under a Rule 10b5-1 plan, indicating a pre-arranged, compliant approach to insider trading.

Future Outlook

The acquired shares are dividend equivalent units that vest on the first anniversary of the related restricted stock unit grant, indicating a future vesting event for the underlying restricted stock units.

Industry Context

Insider transactions, particularly acquisitions, are routinely reported for publicly traded companies. These filings provide transparency into management's holdings and planned transactions, often under Rule 10b5-1 plans to mitigate insider trading concerns.

Corporate Governance

Stakeholder Impact

• Shareholders: May view the director's increased stake as a positive signal of confidence in the company's prospects.

Next Steps

• The vesting of the underlying restricted stock units to which the dividend equivalent units relate will occur on their first anniversary.

Key Dates

Recommendation

While a director's acquisition of shares is generally a positive signal, the small volume of 45 shares and the nature of the acquisition (dividend equivalent units under a 10b5-1 plan, likely compensation-related) do not provide a strong enough catalyst to warrant a 'buy' recommendation. It primarily reinforces a 'hold' position for existing investors, indicating continued alignment of management interests.

Keywords

ASB, Associated Banc-Corp, Kristen M. Ludgate, Director, Form 4, insider transaction, stock acquisition, common stock, 10b5-1 plan, equity, beneficial ownership