Associated Banc-Corp (NYSE: ASB) director reports dividend stock awards

Rhea-AI Filing Summary

Associated Banc-Corp director John B. Williams reported acquiring additional common stock through dividend-related awards. On 12/15/2025, he acquired 45 and 377 shares of Associated Banc-Corp common stock at $26.94 per share, classified as acquisitions tied to dividend equivalent units on restricted stock units.

Following these transactions, he beneficially owns 68,699 shares of common stock directly and 8,000 shares indirectly through an IRA with sole voting rights. He also holds 5,097.848 phantom stock units linked to common stock that are fully vested and remain in a nonqualified benefit plan until distributed according to his elections. Certain dividend equivalent units vest on the first anniversary of the related restricted stock units or after he ceases serving as a director, and are payable solely in shares of common stock.

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

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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^*

WILLIAMS JOHN B

(Last) (First) (Middle)

C/O ASSOCIATED BANC-CORP

433 MAIN STREET

(Street)

GREEN BAY WI 54301

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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

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

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

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	12/15/2025		A(1)		45	A	$26.94	68,322	D
Common Stock $0.01 Par Value	12/15/2025		A(2)		377	A	$26.94	68,699	D
Common Stock $0.01 Par Value								8,000	I	IRA (sole voting rights)

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
Phantom Stock Unit	$0							(3)	(4)	Common Stock $0.01 Par Value	5,097.848		5,097.848	D

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).

2. 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.

3. Stock units are 100% vested at the time of acquisition.

4. Phanton 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.

	/s/ Lynn M. Floeter, attorney-in-fact for John B. Williams	12/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did ASB director John B. Williams report?

Director John B. Williams reported acquiring additional Associated Banc-Corp (ASB) common shares through dividend equivalent awards on 12/15/2025. These were classified as acquisitions of common stock related to restricted stock unit dividend equivalents.

How many Associated Banc-Corp shares does John B. Williams now own?

After the reported transactions, John B. Williams beneficially owns 68,699 shares of Associated Banc-Corp common stock directly and 8,000 shares indirectly through an IRA in which he has sole voting rights.

At what price were the new ASB shares acquired by the director?

The newly reported dividend-equivalent common stock acquisitions by John B. Williams were recorded at a price of $26.94 per share.

What are the phantom stock units reported by the ASB director?

John B. Williams holds 5,097.848 phantom stock units, which are fully vested stock units linked to Associated Banc-Corp common stock. These units remain in a nonqualified benefit plan until the account balance is distributed according to his distribution elections.

How do dividend equivalent units work in this ASB Form 4 filing?

The filing explains that certain 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, subject to any deferral elections. Other fully vested dividend equivalents on restricted stock units are payable in common stock after the date the insider ceases serving as a director.

Is the ASB insider transaction a purchase or a sale of stock?

The reported Form 4 transactions are coded as acquisitions (A) of common stock tied to dividend equivalent units on restricted stock units, not open-market sales.