Form 4: Director Haddad Defers Compensation into ASB Phantom Stock

Associated Banc-Corp Director Michael J. Haddad acquired 792.597 phantom stock units as deferred compensation, increasing his beneficial ownership to 62,268.309 units.

Summary

• Michael J. Haddad, a Director of Associated Banc-Corp (ASB), acquired 792.597 phantom stock units on January 15, 2026.
• These units were awarded under the Issuer's Director Deferred Compensation Plan and represent a portion of his director compensation for the quarter.
• Mr. Haddad elected to defer this compensation until his separation or retirement from the company.
• The phantom stock units are 100% vested at the time of acquisition.
• The price of the derivative security (phantom stock unit) at the time of acquisition was $26.8106.
• Following this transaction, Mr. Haddad beneficially owns a total of 62,268.309 derivative securities.

Sentiment

Score: 7

Explanation: The filing indicates a director's decision to defer compensation into company equity, which is generally viewed positively as it aligns the director's financial interests with the long-term performance of the company and its shareholders.

Positives

• Director Michael J. Haddad elected to defer a portion of his compensation into phantom stock units, aligning his financial interests with the long-term performance of Associated Banc-Corp and its shareholders.
• The acquired phantom stock units are 100% vested immediately, providing immediate ownership rights linked to the company's equity.
• The increase in beneficial ownership to 62,268.309 units demonstrates continued commitment and confidence in the company's future.

Future Outlook

The phantom stock units will remain in the Director's Deferred Compensation Plan until the account balance is distributed pursuant to the insider's distribution elections, typically upon separation or retirement from the company.

Management Comments

• "Share Units" were awarded under the Issuer's Director Deferred Compensation Plan and attributed as a portion of director compensation received by the reporting person during the quarter, which he elected to defer until separation or retirement.
• 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 on file.

Industry Context

Deferred compensation plans, particularly those involving equity-linked instruments like phantom stock units, are a common practice in corporate governance for attracting and retaining qualified directors and executives. These plans aim to align the interests of management and directors with those of shareholders by linking a portion of their compensation to the company's long-term performance.

Comparison to Industry Standards

• Many publicly traded companies, especially in the financial sector, utilize deferred compensation plans for their directors, similar to Associated Banc-Corp's program.
• This practice is generally considered a standard mechanism for fostering long-term commitment and aligning director incentives with shareholder value creation, comparable to programs seen at peers like JP Morgan Chase or Bank of America, though specific terms and unit values vary by company.

Stakeholder Impact

• Shareholders: The deferral of compensation into phantom stock units by a director signals alignment of interests, potentially increasing confidence in management's long-term commitment to the company's success.

Next Steps

• The phantom stock units will be distributed to Michael J. Haddad upon his separation or retirement from Associated Banc-Corp, as per his distribution elections on file.

Key Dates

Recommendation

This Form 4 filing details a routine insider transaction where a director defers compensation into phantom stock units. While it signals positive alignment of interests between management and shareholders, it is a standard compensation event and not significant enough on its own to warrant a change in investment recommendation. Investors should consider this as a minor positive data point within a broader analysis of the company's financial performance and strategic outlook.

Keywords

Associated Banc-Corp, ASB, Michael J. Haddad, Director, Phantom Stock Units, Deferred Compensation, Insider Transaction, SEC Form 4, Beneficial Ownership, Corporate Governance