Form 4: Director Haddad Boosts ASB Stake via Dividends

Associated Banc-Corp Director Michael J. Haddad increased his beneficial ownership of common stock and phantom stock units through dividend reinvestment and dividend equivalent units.

Summary

• Michael J. Haddad, a Director of Associated Banc-Corp (ASB), reported changes in his beneficial ownership.
• On December 15, 2025, Haddad acquired 35.67 shares of ASB Common Stock at $27.0499 per share through a dividend reinvestment transaction.
• On the same date, he acquired an additional 45 shares of ASB Common Stock at $26.94 per share from dividend equivalent units. These units vest on the first anniversary of their related restricted stock unit grant and are payable in common stock.
• Haddad's direct beneficial ownership of Common Stock increased to 9,218.957 shares.
• He also holds 5,750 shares indirectly by Trust with voting rights.
• Haddad acquired 61,475.712 phantom stock units, which are 100% vested and held in his Director's Deferred Compensation Plan.
• The transactions were made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 7

Explanation: The filing indicates a director's increased beneficial ownership through routine dividend reinvestment and deferred compensation plans, which is generally a positive sign of alignment with shareholder interests, though not a strong signal of new strategic direction or exceptional performance.

Positives

• Director Michael J. Haddad increased his direct beneficial ownership of Associated Banc-Corp common stock by 80.67 shares through dividend reinvestment and dividend equivalent units.
• The acquisition of 61,475.712 phantom stock units, which are 100% vested, indicates continued long-term alignment with shareholder interests.
• The transactions were conducted under a Rule 10b5-1(c) plan, suggesting pre-planned and systematic accumulation of shares.

Future Outlook

Dividend equivalent units will vest on the first anniversary of the grant of the restricted stock units to which they relate, and phantom stock units will remain in the Director's Deferred Compensation Plan until distributed pursuant to election.

Management Comments

• Shares acquired in dividend reinvestment transaction.
• 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).
• Stock units are 100% vested at the time of the acquisition.
• 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.

Industry Context

This Form 4 filing reflects routine insider transactions for a director at a regional bank. Such transactions, particularly those involving dividend reinvestment and deferred compensation plans, are common in the banking sector and generally indicate ongoing participation in company equity programs rather than a specific market-driven strategic move.

Comparison to Industry Standards

• Insider purchases, especially through dividend reinvestment and deferred compensation, are standard practice across the financial services industry.
• While not indicative of a unique strategic move, they align with typical executive compensation and long-term incentive structures seen in comparable regional banks such as Zions Bancorporation (ZION) or Comerica Incorporated (CMA), where directors often accumulate shares through similar mechanisms to align interests with shareholders.

Stakeholder Impact

• Shareholders: Potential positive sentiment due to increased insider alignment with company performance.
• Employees: No direct or immediate impact indicated.
• Customers: No direct or immediate impact indicated.
• Suppliers: No direct or immediate impact indicated.
• Creditors: No direct or immediate impact indicated.

Next Steps

• The dividend equivalent units will vest on the first anniversary of the grant of the restricted stock units to which they relate.
• Phantom stock units will remain in the Director's Deferred Compensation Plan until distributed according to the Insider's elections.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions, specifically the acquisition of shares through dividend reinvestment and phantom stock units as part of a deferred compensation plan. While an increase in director ownership is generally a positive signal of alignment, these transactions are expected and pre-planned under a 10b5-1 plan, rather than discretionary open-market purchases. Therefore, this filing alone does not provide new information that would warrant a change in investment recommendation, suggesting a 'hold' position is appropriate based solely on this disclosure.

Keywords

Associated Banc-Corp, ASB, Michael J. Haddad, Form 4, Insider Trading, Beneficial Ownership, Common Stock, Phantom Stock Units, Dividend Reinvestment, Director, 10b5-1 Plan