Form 4: Associated Banc-Corp Director Michael J. Haddad Increases Stake Through Share Acquisitions

Associated Banc-Corp Director Michael J. Haddad reported the acquisition of additional common stock shares through dividend reinvestment and dividend equivalent units, increasing his direct beneficial ownership.

Summary

• Michael J. Haddad, a Director of Associated Banc-Corp (ASB), reported changes in his beneficial ownership of the company's common stock.
• On June 16, 2025, Mr. Haddad acquired 39.502 shares of common stock at a price of $22.9745 per share through a dividend reinvestment plan, which is exempt from Section 16 under Rule 16a-11.
• On the same date, he also acquired 50 shares of common stock at a price of $22.96 per share through dividend equivalent units. These units vest on the first anniversary of the grant of the related restricted stock units and are payable solely in common stock upon vesting.
• Following these transactions, Mr. Haddad's direct beneficial ownership increased to 9,058.337 shares of common stock.
• Additionally, he indirectly beneficially owns 5,750 shares through a trust with voting rights.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive because an insider is increasing their stake in the company, which generally signals confidence. However, the acquisitions are relatively small and through routine mechanisms (dividend reinvestment, equity compensation), so it's not strongly positive.

Positives

• Director Michael J. Haddad increased his direct beneficial ownership in Associated Banc-Corp, which can be seen as a sign of confidence in the company's future.
• The acquisitions were made through a dividend reinvestment plan and dividend equivalent units, indicating participation in company-sponsored equity programs.

Future Outlook

The dividend equivalent units acquired by the director are set to vest on the first anniversary of the grant of the related restricted stock units, with payment solely in shares of common stock upon vesting, subject to potential deferral.

Management Comments

• The reporting person acquired these shares under a dividend reinvestment plan, pursuant to a dividend reinvestment transaction exempt from Section 16 under Rule 16a-11.
• Dividend equivalent units, which vest on the first anniversary of the grant of the restricted stock units to which they relate, are payable solely in shares of common stock upon vesting (subject to deferral if so elected by the Insider).

Industry Context

This Form 4 filing reflects routine insider equity transactions common across the financial services industry, where directors and executives often receive and acquire company stock as part of their compensation or through dividend reinvestment plans, aligning their interests with shareholders.

Comparison to Industry Standards

• Insider acquisitions, particularly through dividend reinvestment and equity compensation, are standard practices in the financial sector.
• While the specific volume of shares acquired by Director Haddad is modest, such transactions are generally viewed positively as they demonstrate management's continued investment in the company.
• Comparable financial institutions often have similar equity compensation and dividend reinvestment programs for their executives and board members.

Stakeholder Impact

• Shareholders: The increase in director ownership may be viewed positively as it aligns management interests with shareholder interests.

Next Steps

• Vesting of dividend equivalent units on the first anniversary of the grant of related restricted stock units.
• Potential future deferral of payment for dividend equivalent units if elected by the insider.

Key Dates

Keywords

Associated Banc-Corp, ASB, SEC Form 4, Insider Trading, Beneficial Ownership, Director Stock Acquisition, Dividend Reinvestment, Equity Compensation, Michael J. Haddad