Form 4: ASB EVP Zandpour Plans Future Stock Purchase via ESPP

Associated Banc-Corp EVP Steven S. Zandpour reported a planned future acquisition of common stock on October 15, 2025, through an Employee Stock Purchase Plan under a Rule 10b5-1 plan.

Summary

• Steven S. Zandpour, Executive Vice President (EVP) of Associated Banc-Corp (ASB), reported a planned acquisition of company common stock.
• The transaction is scheduled to occur on October 15, 2025.
• Mr. Zandpour plans to acquire 89.609 shares of Common Stock at a price of $26.086 per share.
• This acquisition is being made pursuant to the Issuer's Employee Stock Purchase Plan (ESPP).
• The transaction is also indicated to be made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• Following this planned transaction, Mr. Zandpour's beneficial ownership will be 14,302.5588 shares of Common Stock.

Sentiment

Score: 7

Explanation: The planned insider purchase, even if routine and part of an ESPP/10b5-1 plan, generally indicates a positive sentiment from the executive regarding the company's future. It aligns executive interests with shareholders.

Positives

• The planned acquisition by an executive through an Employee Stock Purchase Plan (ESPP) can signal continued confidence in the company's future prospects.
• Participation in the ESPP aligns management's financial interests with those of shareholders.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance beyond the planned transaction date.

Industry Context

This is a routine insider transaction, common for executives to participate in Employee Stock Purchase Plans (ESPPs) and to establish Rule 10b5-1 trading plans for future stock acquisitions. Such plans are a standard part of executive compensation and personal financial planning.

Comparison to Industry Standards

• The participation of an executive in an Employee Stock Purchase Plan (ESPP) is a common practice across various industries, reflecting a standard benefit and a mechanism for employee ownership.
• The use of a Rule 10b5-1 plan for pre-scheduled stock transactions is also a widely adopted corporate governance practice, providing an affirmative defense against insider trading allegations by establishing trades in advance.

Related Party Transactions

• The acquisition of shares through the Issuer's Employee Stock Purchase Plan (ESPP) is a transaction between an executive and the company, which is a common and standard employee benefit program.

Stakeholder Impact

• Shareholders: The planned insider purchase, even if small and routine, can be viewed as a positive signal of management's confidence in the company's value.
• Employees: Participation in the ESPP is a benefit offered to employees, fostering a sense of ownership and aligning interests.

Key Dates

Recommendation

This Form 4 reports a routine, pre-scheduled acquisition of company stock by an executive through an Employee Stock Purchase Plan under a Rule 10b5-1 plan. While insider buying can signal confidence, this specific transaction is relatively small in the context of the company's overall market capitalization and the executive's total holdings, and it occurred through a pre-arranged plan. It does not provide sufficient new information to alter a fundamental investment thesis, thus a 'hold' recommendation is appropriate based solely on this filing.

Keywords

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