Form 4: Director Kamerick Boosts ASB Stake via Dividends

Associated Banc-Corp Director Eileen A. Kamerick increased her beneficial ownership of common stock through dividend equivalent unit acquisitions.

Summary

• Director Eileen A. Kamerick acquired 45 shares of Associated Banc-Corp common stock at $26.94 per share on December 15, 2025, through dividend equivalent units.
• She also acquired an additional 377 shares of common stock at $26.94 per share on December 15, 2025, representing fully vested dividend equivalents.
• Following these transactions, her direct beneficial ownership of common stock increased to 51,279 shares.
• Kamerick also holds 30,861.059 phantom stock units, which were 100% vested at acquisition and will be distributed from her nonqualified benefit plan.

Sentiment

Score: 6

Explanation: The filing indicates a routine increase in director's beneficial ownership through dividend equivalents and vested phantom stock units, which is generally a neutral to slightly positive signal as it aligns insider interests with shareholders. It's not a direct open-market purchase, so the positive sentiment is moderate.

Positives

• Increased insider ownership, albeit through dividend equivalents, aligns director interests with shareholders.
• The acquisition of fully vested dividend equivalents indicates a continued accumulation of shares by a director.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the distribution schedule for phantom stock units, which will occur pursuant to the Insider's distribution election(s) on file.

Management Comments

• 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).
• Fully vested dividend equivalents received on restricted stock units payable solely in shares of common stock following the date the Insider ceases serving as a director.
• Stock units are 100% vested at the time of the acquisition.
• Phantom stock units will remain in Insider's nonqualified benefit plan until such plan account balance is distributed pursuant to Insider's distribution election(s) on file.

Industry Context

This Form 4 filing reflects routine insider activity related to compensation and dividend reinvestment, common across the banking sector where directors often receive equity-based compensation and dividend equivalents.

Stakeholder Impact

• Shareholders: The increase in director's beneficial ownership, even through dividend equivalents, can be seen as a positive signal of alignment between management and shareholder interests.

Next Steps

• Phantom stock units will be distributed from the Insider's nonqualified benefit plan pursuant to her distribution election(s) on file.

Key Dates

Recommendation

The filing details routine insider transactions involving dividend equivalent units and vested phantom stock, which are part of a director's compensation plan. While an increase in insider ownership is generally positive, these are not discretionary open-market purchases indicating strong conviction. The transactions are expected and do not provide new information to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

Associated Banc-Corp, ASB, Eileen A. Kamerick, Director, Insider Transaction, Form 4, Common Stock, Dividend Equivalents, Phantom Stock Units, Beneficial Ownership