Form 4: Director Karen Van Lith Boosts ASB Stake

Associated Banc-Corp Director Karen Van Lith reported acquiring additional common stock and phantom stock units, increasing her beneficial ownership.

Summary

• Karen Van Lith, a Director of Associated Banc-Corp (ASB), reported acquiring additional common stock and phantom stock units.
• On December 15, 2025, Van Lith acquired 45 shares of common stock at $26.94 per share, which were dividend equivalent units vesting on the first anniversary of restricted stock unit grants.
• Also on December 15, 2025, she acquired 377 shares of common stock at $26.94 per share, representing fully vested dividend equivalents on restricted stock units.
• Following these transactions, her direct beneficial ownership of common stock increased to 55,772 shares.
• Additionally, Van Lith holds 28,119.933 phantom stock units, which are 100% vested at acquisition and will remain in her nonqualified benefit plan until distributed per her election.

Sentiment

Score: 7

Explanation: The filing indicates an increase in director ownership through routine equity compensation, which is generally a positive signal of insider confidence, though the transaction size is not exceptionally large.

Positives

• Director Karen Van Lith increased her direct beneficial ownership of Associated Banc-Corp common stock by 422 shares through dividend equivalent units.
• The acquisition of 28,119.933 phantom stock units, which are 100% vested at acquisition, further aligns the director's interests with shareholders.
• The transactions reflect a continued accumulation of equity by a key insider, often seen as a sign of confidence in the company's future.

Risks

• The value of the acquired common stock and phantom stock units is subject to market fluctuations of Associated Banc-Corp's stock price.
• Phantom stock units are held in a nonqualified benefit plan, and their distribution is subject to the insider's election, which could impact liquidity.

Future Outlook

Dividend equivalent units will vest on the first anniversary of their related restricted stock unit grants and are payable solely in shares of common stock. Fully vested dividend equivalents on restricted stock units are payable solely in shares of common stock following the date the insider ceases serving as a director. Phantom stock units will remain in the insider's nonqualified benefit plan until distributed according to her distribution election(s) on file.

Industry Context

Insider transactions, such as those reported in a Form 4, are a routine part of corporate governance and compensation for directors and executives. While individual transactions may be small, a pattern of insider buying can signal management's confidence in the company's prospects, which is generally viewed positively by the market.

Comparison to Industry Standards

• This Form 4 reports a standard insider transaction related to equity compensation and dividend equivalents. There are no specific comparable companies, projects, or results mentioned in the filing to assess against global benchmarks.
• The structure of equity compensation, including restricted stock units and phantom stock, is common across various industries for aligning executive and director interests with shareholders.

Stakeholder Impact

• Shareholders: The increase in director ownership aligns her interests more closely with those of other shareholders, potentially signaling confidence in the company's future performance.

Next Steps

• Dividend equivalent units will vest on the first anniversary of the grant of the restricted stock units to which they relate.
• Fully vested dividend equivalents on restricted stock units will be payable in common stock following the date the Insider ceases serving as a director.
• Phantom stock units will be distributed from the Insider's nonqualified benefit plan pursuant to her distribution election(s) on file.

Key Dates

Keywords

ASB, Associated Banc-Corp, insider transaction, Form 4, director, stock acquisition, phantom stock, equity compensation