Form 4: ASB Director Acquires Stock & Phantom Units

Associated Banc-Corp Director Cory L. Nettles acquired additional common stock and phantom stock units through compensation plans.

Summary

• Director Cory L. Nettles of Associated Banc-Corp acquired 45 shares of common stock at $26.94 per share on December 15, 2025, as dividend equivalent units.
• An additional 365 shares of common stock were acquired at $26.94 per share on December 15, 2025, representing fully vested dividend equivalents on restricted stock units.
• Nettles also acquired 46,369.504 phantom stock units with a price of $0, which are 100% vested upon acquisition and held in a Director's Deferred Compensation Plan.
• Following these transactions, Nettles directly beneficially owns 47,007 shares of common stock and 46,369.504 phantom stock units.
• The transactions were made pursuant to a Rule 10b5-1(c) pre-arranged trading plan.

Sentiment

Score: 6

Explanation: The filing details routine compensation-related acquisitions by a director, which generally signals continued alignment with shareholder interests but does not provide new fundamental information.

Positives

• Director Cory L. Nettles increased direct beneficial ownership of Associated Banc-Corp common stock by 410 shares.
• The acquisition of phantom stock units further aligns the director's interests with long-term shareholder value.
• Transactions were conducted under a Rule 10b5-1(c) plan, indicating pre-scheduled, non-discretionary trades.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the vesting schedule for certain compensation units.

Industry Context

This insider transaction is a routine disclosure of director compensation and does not provide broader insights into industry trends or competitive landscape.

Stakeholder Impact

• Shareholders may view the director's increased holdings, even if compensation-related, as a positive signal of continued alignment with the company's performance and long-term strategy.

Next Steps

• Dividend equivalent units will vest on the first anniversary of the grant of the related restricted stock units.
• Phantom stock units will remain in the Director's Deferred Compensation Plan until distributed per Insider's elections.

Key Dates

Recommendation

The filing details routine compensation-related acquisitions by a director, which generally signals continued alignment with shareholder interests but does not provide new fundamental information to alter an investment thesis.

Keywords

Associated Banc-Corp, ASB, Cory L. Nettles, Director, Insider Trading, Form 4, Stock Acquisition, Phantom Stock Units, Dividend Equivalents, Deferred Compensation, Rule 10b5-1