ASSOCIATED BANC-CORP (ASB) director receives 38 dividend equivalent units in equity grant

Rhea-AI Filing Summary

SULLIVAN OWEN J reported acquisition or exercise transactions in this Form 4 filing.

ASSOCIATED BANC-CORP director Owen J. Sullivan received a grant of 38 shares of common stock-equivalent units as compensation. The award is recorded at a reference price of $29.22 per share and increases his directly held stake to 10,085 shares of common stock.

The footnote explains these are dividend equivalent units tied to previously granted restricted stock units. They vest on the first anniversary of the related restricted stock unit grant and are payable only in common shares when they vest, with an option for Sullivan to defer settlement if he elects.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SULLIVAN OWEN J

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock $0.01 Par Value	38	$29.22	$1K

Holdings After Transaction: Common Stock $0.01 Par Value — 10,085 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Equity units granted: 38 shares Reference grant price: $29.22 per share Shares held after transaction: 10,085 shares

3 metrics

Equity units granted 38 shares Dividend equivalent units granted on 2026-06-15

Reference grant price $29.22 per share Value used for the 38-unit award

Shares held after transaction 10,085 shares Common stock directly owned following the award

Key Terms

Dividend equivalent units, restricted stock units, Common Stock $0.01 Par Value

3 terms

Dividend equivalent units financial

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

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.

Common Stock $0.01 Par Value financial

"security_title: Common Stock $0.01 Par Value"

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Form 4 Insider Transactions: What Each Field Means →

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^*

SULLIVAN OWEN J

(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)
06/15/2026

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	06/15/2026		A(1)		38	A	$29.22	10,085	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 Owen J. Sullivan	06/17/2026
	** 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)

FAQ

What insider transaction did ASB director Owen J. Sullivan report?

Owen J. Sullivan reported an acquisition of 38 dividend equivalent units linked to restricted stock units. These units are payable in ASSOCIATED BANC-CORP common stock when they vest, reflecting a compensation-related equity grant rather than an open-market purchase.

Is the ASB Form 4 transaction an open-market stock purchase?

No, the Form 4 shows a grant of dividend equivalent units, coded as an award acquisition (code A). The units relate to existing restricted stock units and are payable in shares upon vesting, not bought on the open market.

How many ASB shares does Owen J. Sullivan hold after this award?

After the transaction, Owen J. Sullivan directly holds 10,085 shares of ASSOCIATED BANC-CORP common stock. The grant adds 38 dividend equivalent units, which will convert into additional shares when they vest and are settled in stock.

What are dividend equivalent units in the ASB Form 4 filing?

Dividend equivalent units are stock-based compensation units that mirror dividends on underlying restricted stock units. In this case, they vest on the first anniversary of the related restricted stock unit grant and are settled solely in common shares upon vesting.

When do the reported ASB dividend equivalent units vest?

The filing states the dividend equivalent units vest on the first anniversary of the grant of the related restricted stock units. Once vested, they are payable only in shares of common stock, subject to any deferral election made by the insider.

Can the ASB director defer receipt of shares from these units?

Yes. The footnote explains that upon vesting, the dividend equivalent units are payable in common stock, but payment is subject to deferral if the insider has elected to defer settlement under the company’s applicable deferral arrangements.