Form 4: ASB Director Haddad Boosts Phantom Stock Holdings

Associated Banc-Corp Director Michael J. Haddad acquired 862.216 phantom stock units as part of his annual salary, increasing his total beneficial ownership to 60,935.332 units.

Summary

• Michael J. Haddad, a Director of Associated Banc-Corp (ASB), acquired 862.216 phantom stock units.
• The transaction occurred on October 16, 2025.
• These units were granted as a portion of his annual salary.
• The phantom stock units are 100% vested at the time of acquisition.
• Each unit has an implied price of $24.645.
• Following this acquisition, Mr. Haddad beneficially owns a total of 60,935.332 phantom stock units.
• The units will remain in the Director's Deferred Compensation Plan until distributed according to his elections.

Sentiment

Score: 6

Explanation: Slightly positive due to increased insider ownership and alignment of interests, but it's a routine compensation event rather than a discretionary purchase.

Positives

• Increased beneficial ownership by a director, aligning interests with shareholders.
• Phantom stock units are 100% vested upon acquisition, indicating immediate ownership rights.
• The grant is part of annual compensation, reflecting ongoing commitment and retention of key personnel.

Future Outlook

The phantom stock units will remain in the Director's Deferred Compensation Plan and will be distributed in the future according to the insider's pre-filed distribution elections.

Industry Context

Insider transactions, particularly compensation-related grants like phantom stock units, are common in the financial services industry. They serve to align management and director interests with long-term shareholder value, often as part of a broader executive compensation strategy.

Related Party Transactions

• The acquisition of phantom stock units by Director Michael J. Haddad from Associated Banc-Corp represents a compensation-related transaction between a director and the issuer.

Stakeholder Impact

• Shareholders: Increased alignment of director's financial interests with shareholder value due to higher equity ownership.
• Management: Reinforces compensation structure for directors.

Next Steps

• Distribution of phantom stock units from the Director's Deferred Compensation Plan according to Michael J. Haddad's pre-filed elections.

Key Dates

Recommendation

This Form 4 filing reports a routine compensation grant of phantom stock units to a director. While it increases insider ownership, which is generally positive for aligning interests, it does not represent a discretionary open-market purchase or provide new material information that would significantly alter the investment thesis for Associated Banc-Corp. Therefore, a 'hold' recommendation is appropriate as this event alone is unlikely to drive a strong 'buy' or 'sell' signal.

Keywords

Associated Banc-Corp, ASB, Michael J. Haddad, Director, Phantom Stock Units, Insider Transaction, SEC Form 4, Deferred Compensation, Equity Compensation