Form 4: Director Robert Jeffe Boosts Stake in Associated Banc-Corp

Associated Banc-Corp Director Robert A. Jeffe acquired 979.09 phantom stock units as part of his deferred compensation plan.

Summary

• Robert A. Jeffe, a Director at Associated Banc-Corp (ASB), acquired 979.09 phantom stock units.
• The acquisition occurred on January 15, 2026, at a price of $26.8106 per unit.
• These units were awarded under the Issuer's Director Deferred Compensation Plan as a portion of his director compensation, which he elected to defer.
• The phantom stock units are 100% vested at the time of acquisition.
• Following this transaction, Jeffe beneficially owns 91,396.647 phantom stock units.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock units by a director, as part of a deferred compensation plan, is a positive signal of insider confidence and alignment with long-term shareholder interests. It's a routine event but still favorable.

Positives

• Director Robert A. Jeffe acquired 979.09 phantom stock units, indicating continued alignment with shareholder interests.
• The units are 100% vested upon acquisition, providing immediate ownership rights (though deferred distribution).

Future Outlook

The filing reports a recent acquisition of phantom stock units by a director as part of a deferred compensation plan. These units are 100% vested and will be distributed upon the director's separation or retirement, aligning long-term interests with the company's performance.

Industry Context

Insider acquisitions, especially by directors as part of compensation plans, are generally viewed positively as they signal confidence in the company's future prospects. This is a routine compensation event for a director of a financial institution.

Comparison to Industry Standards

• Deferred compensation plans, including phantom stock units, are common practice for directors in the banking and financial services industry to align long-term interests and retain talent.
• Many regional banks and financial holding companies, such as Zions Bancorporation (ZION) or Comerica Incorporated (CMA), utilize similar equity-based compensation structures for their non-employee directors.
• The vesting schedule (100% vested at acquisition) is standard for director compensation, though distribution is deferred until separation or retirement.

Corporate Governance

Related Party Transactions

• The acquisition of phantom stock units by Director Robert A. Jeffe is part of his compensation under the Issuer's Director Deferred Compensation Plan, representing a routine related party transaction.

Stakeholder Impact

• Shareholders: This transaction provides a positive signal of director confidence and long-term alignment with company performance.
• Employees: No direct impact on employees is mentioned.
• Customers: No direct impact on customers is mentioned.
• Suppliers: No direct impact on suppliers is mentioned.
• Creditors: No direct impact on creditors is mentioned.

Next Steps

• Phantom stock units will remain in the Director's Deferred Compensation Plan until distributed pursuant to the insider's distribution elections on file.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock units by a director as part of a deferred compensation plan. While it signals insider confidence and alignment, it does not present new information that would fundamentally alter the investment thesis for Associated Banc-Corp. Investors should continue to hold based on broader company fundamentals and market conditions, as this specific transaction is not a catalyst for a significant change in valuation.

Keywords

Associated Banc-Corp, ASB, Insider Transaction, Director Compensation, Phantom Stock Units, Deferred Compensation, Equity Acquisition