Associated Banc-Corp director gets 36 stock units

A director of ASSOCIATED BANC-CORP received a small dividend-equivalent stock award that will convert into common shares upon vesting.

Rhea-AI Filing Summary

ASSOCIATED BANC-CORP (ASB) reported that director Kristen M. Ludgate acquired 36 shares of common stock-equivalent units on September 15, 2026 as a grant or award. The units are dividend equivalent units related to previously granted restricted stock units, valued at $30.32 per unit, bringing her directly held position to 10,121 shares.

The dividend equivalent units vest on the first anniversary of the related restricted stock unit grant and are payable solely in shares of common stock upon vesting, subject to deferral if so elected by the insider.

Insider Trade Summary

Grant/Award: 36 shares

Grant/Award 1 txn

Insider Ludgate Kristen M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock $0.01 Par Value F1	36	$30.32	$1K

Holdings After Transaction: Common Stock $0.01 Par Value — 10,121 shares (Direct)

Footnotes (1)

1. F1. 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).

Key Figures

Dividend equivalent units acquired: 36 shares Per-unit value: $30.32 per share Shares held after transaction: 10,121 shares

3 metrics

Dividend equivalent units acquired 36 shares Grant or award acquisition reported for September 15, 2026

Per-unit value $30.32 per share Value used for the 36 dividend equivalent units granted

Shares held after transaction 10,121 shares Directly held ASB common stock following the September 15, 2026 grant

Key Terms

Dividend equivalent units, restricted stock units, deferral

3 terms

Dividend equivalent units financial

"Dividend equivalent units, which vest on the first anniversary of the grant"

Dividend equivalent units are bookkeeping credits that mirror cash dividends paid on actual shares, granted to holders of stock-based awards such as restricted stock units or deferred compensation. They matter to investors because they increase a company’s reported employee compensation cost and can lead to issuance of more shares or cash payouts over time, similar to extra pay linked to ownership that affects shareholder dilution and corporate cash flow.

restricted stock units financial

"the first anniversary of the grant of the restricted stock units to which they relate"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

deferral financial

"payable solely in shares of common stock upon vesting (subject to deferral if so elected"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did ASB report for Kristen M. Ludgate on September 15, 2026?

ASB reported that director Kristen M. Ludgate acquired 36 dividend equivalent units of common stock on September 15, 2026 as a grant or award, related to previously granted restricted stock units.

At what value were the ASB dividend equivalent units credited to Kristen M. Ludgate?

The 36 dividend equivalent units for ASB were credited at $30.32 per unit. These units are tied to restricted stock units and will be settled solely in shares of common stock upon vesting.

How many ASB shares does Kristen M. Ludgate hold after this Form 4 transaction?

Following this transaction, Kristen M. Ludgate directly holds 10,121 shares of ASSOCIATED BANC-CORP common stock, including the 36 newly acquired dividend equivalent units reported on the Form 4.

What are dividend equivalent units in the context of ASB’s Form 4 filing?

For ASB, the filing explains that dividend equivalent units vest on the first anniversary of the grant of the related restricted stock units and are payable solely in shares of common stock upon vesting, subject to possible deferral elected by the insider.

When do Kristen M. Ludgate’s ASB dividend equivalent units vest and how are they paid?

The dividend equivalent units reported for ASB vest on the first anniversary of the grant of the related restricted stock units and are payable solely in shares of common stock upon vesting, with potential deferral if the insider so elects.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/17/2026 - 12:55 PM Accepted by SEC EDGAR 09/17/2026 - 12:55 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ludgate Kristen M

(Last) (First) (Middle)

C/O ASSOCIATED BANC-CORP

433 MAIN STREET

(Street)

GREEN BAY WISCONSIN 54301

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ASSOCIATED BANC-CORP [ ASB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock $0.01 Par Value	09/15/2026		A(1)		36	A	$30.32	10,121	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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).

	/s/ Lynn M. Floeter, by POA from Kristen M. Ludgate	09/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)