ASBA Form 4: Executive VP acquires shares via RSU dividend and ESPP

Rhea-AI Filing Summary

John A. Utz, Executive Vice President of Associated Banc-Corp reported two acquisitions of the issuer's common stock on 09/15/2025: 457 shares purchased at $25.92 and 51.5095 shares acquired at $26.161. After these transactions he beneficially owned 111,736.1734 shares directly and had an indirect holding of 15,367.72 shares through a 401(k) plan. The Form 4 was signed by attorney-in-fact Lynn M. Floeter on 09/17/2025.

The filing notes the 457-share entry reflects fully vested dividend equivalents payable in shares and the 51.5095-share entry arose from purchases under the company Employee Stock Purchase Plan.

Positive

• Insider increased direct holdings through two acquisitions on 09/15/2025
• Transactions tied to compensation and ESPP (vested dividend equivalents and employee stock purchase plan), indicating standard internal equity participation

Negative

• None.

Insights

Financial Analyst

TL;DR Insider acquired modest additional shares via dividend-equivalent settlement and ESPP purchases, increasing direct holdings slightly.

The transactions are routine insider acquisitions: a 457-share settlement of performance-based RSU dividend equivalents and a 51.5095-share ESPP purchase, both executed 09/15/2025. Combined additions are small relative to total reported holdings, increasing direct beneficial ownership from 111,684.6639 to 111,736.1734 shares. These actions signal internal participation in equity compensation programs but do not by themselves indicate material change in ownership or control.

Corporate Governance Expert

TL;DR Form 4 shows standard compensation-related and ESPP activity, properly reported and signed by an attorney-in-fact.

The filing documents that dividend equivalents from performance-based RSUs were paid in shares and that ESPP purchases occurred, with reporting handled via a duly executed Form 4 dated 09/17/2025. The record lists the reporter as an officer and shows separate disclosure of direct and indirect holdings, demonstrating compliance with Section 16 reporting requirements. No departures, grants beyond settled dividend equivalents, or unusual derivative transactions are disclosed.

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
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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^*

Utz John A.

(Last) (First) (Middle)

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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	09/15/2025		A(1)		457	A	$25.92	111,684.6639	D
Common Stock $0.01 Par Value	09/15/2025		J(2)	V	51.5095	A	$26.161	111,736.1734	D
Common Stock $0.01 Par Value								15,367.72	I	401(k) Plan

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. Fully vested dividend equivalents awarded pursuant to performance-based RSUs, payable solely in shares of common stock and subject to deferral until separation, as elected by the Insider.

2. Shares were purchased within the Issuer's Employee Stock Purchase Plan.

	/s/ Lynn M. Floeter, attorney-in-fact for John A. Utz	09/17/2025
	** 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.

FAQ

What transactions did John A. Utz report on Form 4 for Associated Banc-Corp (ASBA)?

He reported two acquisitions on 09/15/2025: 457 shares at $25.92 and 51.5095 shares at $26.161.

How many shares does John A. Utz beneficially own after the reported transactions?

He beneficially owned 111,736.1734 shares directly after the transactions and had an indirect holding of 15,367.72 shares in a 401(k) plan.

What were the sources of the acquired shares reported on the Form 4?

The filing states the 457 shares were fully vested dividend equivalents from performance-based RSUs payable in stock and the 51.5095 shares were purchased via the Employee Stock Purchase Plan.

When was the Form 4 filed and who signed it?

The Form 4 lists the transactions dated 09/15/2025 and is signed by attorney-in-fact Lynn M. Floeter on 09/17/2025.