[Form 4] ASSOCIATED BANC-CORP Insider Trading Activity

Rhea-AI Filing Summary

Cory L. Nettles, a director of Associated Banc-Corp, reported two non-derivative acquisitions on 09/15/2025 that increased his direct beneficial ownership of common stock. The Form 4 shows 45 shares acquired under Code A(1) at $25.92 and 361 shares acquired under Code A(2) at $25.92, bringing the reported direct holdings to 46,597 shares following the transactions. The filing explains these items are dividend equivalent units tied to restricted stock units: one set vests on the first anniversary of the related RSU grant and is payable in shares on vesting, and another represents fully vested dividend equivalents payable in shares after the director ceases service. The Form 4 is signed by an attorney-in-fact on behalf of Nettles on 09/17/2025.

Insights

Financial Analyst

TL;DR Routine insider receipt of dividend-equivalent shares modestly increases a director's direct stake; immaterial to company valuation.

The reported transactions are non-market purchases recorded as dividend-equivalent units related to previously granted restricted stock units, executed at $25.92 per share for 406 shares in aggregate. These items increase direct holdings to 46,597 shares and reflect compensation mechanics rather than open-market buying or disposition. For investors, this filing signals standard equity compensation settlement and does not indicate a material change in insider ownership or control.

Corporate Governance Expert

TL;DR Standard disclosure of equity-based compensation settlement by a director; aligns with typical governance and reporting practices.

The Form 4 documents dividend-equivalent units tied to RSUs: some units vest on the first anniversary of the grant and others become payable upon cessation of directorship. The filing is properly executed by an attorney-in-fact and includes required detail on quantities and price. This is a routine governance event showing compliance with Section 16 reporting obligations.

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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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^*

Nettles Cory L

(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)

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

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)		45	A	$25.92	46,236	D
Common Stock $0.01 Par Value	09/15/2025		A(2)		361	A	$25.92	46,597	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).

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.

	/s/ Lynn M. Floeter, attorney-in-fact for Cory L. Nettles	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

Who filed the Form 4 for Associated Banc-Corp (ASBA)?

The filing reports transactions by Cory L. Nettles, identified as a Director, with the Form signed by an attorney-in-fact on 09/17/2025.

What transactions are reported on the Form 4 for ASBA?

Two non-derivative acquisitions on 09/15/2025: 45 shares (Code A(1)) and 361 shares (Code A(2)) at $25.92 per share.

How many shares does Cory L. Nettles beneficially own after these transactions?

The reported direct beneficial ownership following the transactions is 46,597 shares.

What is the nature of the shares acquired by Nettles?

The acquisitions are dividend equivalent units related to restricted stock units, payable solely in shares upon vesting or upon cessation of service as described in the filing.

Were any derivative securities reported on this Form 4?

No derivative securities are reported; the filing lists only non-derivative common stock acquisitions.