Form 4: ASB EVP Steven Zandpour Buys Shares via ESPP

Associated Banc-Corp EVP Steven S. Zandpour acquired 93.4194 shares of common stock through the company's Employee Stock Purchase Plan at $25.022 per share.

Summary

• Steven S. Zandpour, an Executive Vice President (EVP) of Associated Banc-Corp (ASB), acquired 93.4194 shares of the company's common stock.
• The transaction occurred on November 17, 2025, at a price of $25.022 per share.
• The shares were purchased through the Issuer's Employee Stock Purchase Plan (ESPP).
• Following this transaction, Mr. Zandpour directly beneficially owns a total of 14,395.9782 shares of Associated Banc-Corp common stock.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged purchase.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive due to an executive acquiring shares, which generally indicates confidence. However, the small size of the transaction and its routine nature via an ESPP temper the overall impact.

Positives

• The acquisition of shares by an executive, even a small amount, can signal confidence in the company's future prospects.
• Participation in an Employee Stock Purchase Plan (ESPP) demonstrates alignment of executive interests with shareholder interests.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

Insider purchases, particularly through employee benefit plans like ESPPs, are common across all industries, including the financial sector. They generally reflect an executive's routine participation in company-sponsored programs and can be interpreted as a sign of continued commitment to the company.

Comparison to Industry Standards

• Insider buying, especially through an ESPP, is a standard practice across industries and is generally viewed as a positive signal of management's belief in the company's value.
• The transaction size of approximately $2,337 is relatively small for an EVP, suggesting it is a routine, planned purchase rather than a significant strategic investment or a strong market timing signal.

Stakeholder Impact

• Shareholders: May view the executive's purchase as a positive sign of management confidence in the company's stock and future performance.

Key Dates

Keywords

ASB, Associated Banc-Corp, Steven S. Zandpour, Form 4, Insider Trading, Stock Purchase, ESPP, Executive Compensation, Rule 10b5-1