Form 4: Associated Banc-Corp Director Acquires Vested Phantom Stock Units

Associated Banc-Corp Director Michael J. Haddad acquired 780.361 phantom stock units, valued at $25.62 per unit, as part of his deferred compensation plan.

Summary

• Michael J. Haddad, a Director of Associated Banc-Corp (ASB), acquired 780.361 phantom stock units.
• The transaction occurred on July 17, 2025.
• Each phantom stock unit was valued at $25.62.
• These units are 100% vested at the time of acquisition.
• Following this acquisition, Mr. Haddad beneficially owns 59,547.096 phantom stock units.
• The phantom stock units will remain in the Director's Deferred Compensation Plan until distributed according to Mr. Haddad's elections on file.

Sentiment

Score: 6

Explanation: Slightly positive as it indicates continued director alignment and is a routine compensation event, with no negative disclosures.

Positives

• Acquisition of 780.361 phantom stock units by a director, indicating continued alignment of interests with shareholders.
• The acquired stock units are 100% vested immediately, providing immediate ownership rights.

Future Outlook

Phantom stock units will remain in the Director's Deferred Compensation Plan until distributed pursuant to the insider's distribution elections on file.

Management Comments

• Phantom stock units will remain in the Director's Deferred Compensation Plan until such account balance is distributed pursuant to Insider's distribution elections(s) on file.
• Stock units are 100% vested at the time of the acquisition.

Industry Context

This Form 4 filing details a routine insider transaction, specifically the acquisition of phantom stock units as part of a director's compensation plan. Such compensation structures, often involving deferred equity, are common practice within the financial services industry, including banking institutions like Associated Banc-Corp, to align the interests of directors and executives with long-term shareholder value.

Comparison to Industry Standards

• This transaction represents a standard form of non-cash compensation for directors in the financial services sector.
• Many publicly traded banks and financial institutions, such as JPMorgan Chase & Co., Bank of America, and Wells Fargo, utilize similar deferred compensation plans involving phantom stock or restricted stock units to compensate their board members and senior executives, aiming to foster long-term commitment and align incentives with company performance.
• The immediate 100% vesting of these units is also a common feature for director compensation, reflecting their ongoing service.

Related Party Transactions

• Acquisition of phantom stock units by Michael J. Haddad, a Director of Associated Banc-Corp, as part of his compensation plan, which constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The acquisition of phantom stock units by a director aligns his interests with those of shareholders, potentially fostering long-term value creation.
• Employees: No direct impact on general employees is indicated by this filing.

Next Steps

• Distribution of phantom stock units from the Director's Deferred Compensation Plan based on Michael J. Haddad's elections on file.

Key Dates

Recommendation

Keywords

Associated Banc-Corp, ASB, SEC Form 4, insider transaction, phantom stock units, director compensation, deferred compensation, stock acquisition, Michael J. Haddad