[Form 4] ASSOCIATED BANC-CORP Insider Trading Activity

Rhea-AI Filing Summary

Kristen M. Ludgate, a director of Associated Banc-Corp, reported a non-derivative acquisition of 45 shares of common stock on 09/15/2025 at a price of $25.92 per share. After the transaction, the reporting person beneficially owned 5,373 shares. The Form 4 was signed by a power of attorney on 09/17/2025.

The filing notes these shares relate to dividend equivalent units tied to restricted stock units that vest on the first anniversary of the underlying grant and are payable in shares upon vesting (subject to any deferral election by the insider). This is a routine insider purchase disclosure under Section 16.

Positive

• Insider purchase reported, indicating the director received or acquired additional shares rather than selling them
• Clear disclosure of dividend equivalent units tied to RSUs, helping investors understand the source of shares
• Form properly executed by power of attorney, meeting filing formalities

Negative

• None.

Insights

Securities Analyst

TL;DR Small director purchase: routine disclosure, limited market impact given the modest size relative to outstanding shares.

The reported purchase of 45 shares at $25.92 increases the director's stake to 5,373 shares and reflects compensation-related dividend equivalent units tied to restricted stock units. The transaction appears administrative in nature and consistent with equity compensation vesting mechanics rather than a material signal about corporate prospects. Impact on ownership percentages and voting power is minimal given the small share count.

Corporate Governance Expert

TL;DR Compliance filing showing director participation in equity compensation programs; documentation and POA signature are in order.

The Form 4 discloses acquisition activity attributable to dividend equivalent units that convert to shares upon vesting, which is a standard element of executive/director equity plans. The use of a power of attorney to sign the filing is documented and dated. There are no indications of unusual timing or rule-10b5-1 plan elections in the form as provided.

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^*

Ludgate Kristen M

(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)
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	5,373	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	09/17/2025
	** 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 did Kristen M. Ludgate report on the Form 4 for ASBA?

The Form 4 reports an acquisition of 45 shares of Associated Banc-Corp common stock on 09/15/2025 at $25.92 per share, leaving 5,373 shares beneficially owned.

Are the acquired shares related to compensation for ASBA insiders?

Yes. The filing explains the shares relate to dividend equivalent units that vest on the first anniversary of the underlying restricted stock units and are payable in shares upon vesting.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by /s/ Lynn M. Floeter acting by power of attorney for Kristen M. Ludgate and dated 09/17/2025.

Does the Form 4 indicate a 10b5-1 trading plan or amendment?

No. The provided Form 4 does not indicate that the transaction was made pursuant to a Rule 10b5-1 plan nor that it is an amendment to a prior filing.

How material is this insider transaction for ASBA shareholders?

The acquisition of 45 shares is modest and the filing itself does not indicate a material change in ownership or control.