Utz John A. 4

What Happened John A. Utz, Executive Vice President of Associated Banc‑Corp (ASB), received 18,380 vested Performance Shares (LTIP) on 2026-03-09 at an imputed price of $25.08 per share (total value $460,970). To satisfy tax withholding obligations on the vesting, 8,639 shares were withheld (disposed) at the same $25.08 price (value $216,666), leaving a net of 9,741 shares retained (net value ≈ $244,304). This transaction is an award/vesting event (not a market purchase or open‑market sale).

Key Details

• Transaction dates: 2026-03-09 (reported on Form 4 filed 2026-03-11) — filing appears timely.
• Award (code A): 18,380 shares @ $25.08 (value $460,970).
• Tax withholding (code F): 8,639 shares @ $25.08 withheld (value $216,666).
• Net shares retained after withholding: 9,741 shares (net value ≈ $244,304).
• Footnotes: These were performance shares granted in 2023 under an LTIP with 3‑year cliff vesting (vested in 2026). Withheld shares were used to satisfy tax obligations on vesting.
• Shares owned after the transaction: not specified in the provided filing details.

Context These were vested performance shares from a 2023 LTIP grant that cliff‑vested in 2026. The withholding of shares to cover taxes is a routine, administrative disposition and does not represent an open‑market sale. Awards and tax‑withholding events are common forms of executive compensation and should be interpreted as compensation realization rather than a direct signal of buying or selling sentiment.