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Insider Trading Pulse — October 16, 2026

Insider Trading Pulse

By Gunpowder Editorial ·

50 high priority 50 total filings analysed

Executive Summary

Across the 50 filings for the 2026-10-16 Insider Trading Pulse, the dominant activity is routine compensation: equity awards, RSU grants and tax withholdings at Kulicke & Soffa, Winnebago, Choice Hotels and the German American Bancorp/Associated Banc-Corp group, which carry little directional signal.

The meaningful signals are open-market purchases, led by Borr Drilling director Tor Olav Troim buying 500,000 shares (~$2.3M) at $4.60, with Baozun CEO Qiu Wenbin buying 5,800 ADSs and several directors at UMH Properties, EuroDry, German American Bancorp and Associated Banc-Corp adding small positions. Negative-tone activity is limited to 10b5-1 plan sales (CloudAstructure, First Busey) and a President/CEO sale at Aquestive (25,000 shares, ~$106K), with the Cumulus Media cluster of director and officer dispositions to the issuer (roughly 180K-197K Class A shares per insider) being the largest coordinated outflow. Filing-level enriched period-over-period, forward-looking, capital allocation and ratio fields are not populated in the supplied records, so trend and guidance conclusions here are limited to what the transaction data shows. Overall insider conviction reads as modestly positive, concentrated in banks and small-cap shipping/energy names, with the Cumulus disposition cluster the item most warranting follow-up.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Form 4

Tracking the trend? Catch up on the prior Insider Trading Pulse digest from October 15, 2026.

Investment Signals (11)

  • ▲

    Director Tor Olav Troim bought 500,000 shares at $4.60 (~$2.3M), lifting holdings to 40.1M shares

  • ▲

    CEO Qiu Wenbin bought 5,800 ADSs at $3.44 (~$20K), bringing holdings to 1.68M ADSs, an open-market purchase by the top executive

  • ▲

    Director William Edward Mitchell and EVP/CFO Kevin Miller both bought ~68 shares at $14.63 (~$1K each), a coordinated insider buy pair

  • Three directors (Bawel, Seger, Ryan) bought shares at $49.66 on the same day, totaling ~$17.3K, indicating board-level conviction

  • ▲

    Director Aristeidis Pittas bought 600 shares at $48.17 across two filings (~$29K), adding to a 77K-share position

  • Three executives (Kitowski, Manso, Utz) acquired shares at $28.52, small but uniform open-market buys within the same window

  • 10% owner Saba Capital bought 13,133 shares at $12.33 (~$162K), adding to a 2.7M-share stake

  • Director Joel Ackerman exercised options for 69,794 shares at $1.60 (~$112K) and holds 1.13M shares, a conviction-consistent exercise rather than a sale

  • President/CEO Daniel Barber sold 25,000 shares at $4.22 (~$106K) under a 10b5-1 plan, retaining 627K shares

  • ▲

    CEO-level sale of 1,500 Class A shares at $2.22 (~$3.3K) under a 10b5-1 plan leaves 5,167 shares, a minimal and plan-driven exit

  • ▲

    Director Michael Cassens sold 1,441 shares at $29.12 (~$42K) under a 10b5-1 plan, retaining 128.6K shares

Risk Flags (8)

  • Four directors and officers (Farrington, Hobson, Denning, Milner, Walker) disposed of 62K-197K Class A shares each to the issuer, a coordinated outflow of roughly 820K shares in one window

  • CEO sale of 25,000 shares at $4.22 is the only open-market sale among non-plan insiders in the set, a concentrated negative-tone signal for a small-cap biotech

  • Pledge Activity Scope Check [LOW RISK]
    ▼

    No pledge transactions are present in the 50 filings despite Pledge being in scope, so no pledge-related risk can be confirmed from this digest

  • Coordinated grants across CEO (92,464 shares plus 130,156 options), CFO, Chief Legal and other SVPs in one window signal material equity dilution, with tax withholding of ~7.5K shares for the CEO alone

  • Grants to CEO (28,398), CFO (6,424), SVP and General Counsel within the same window add to share count with no open-market buying offset

  • Nearly all independent directors and several officers received grants at $103.61 in one window, a broad-based but low-conviction retention pattern rather than purchases

  • Director exercised 69,794 options at $1.60 while retaining 1.13M shares; if paired with later sales this could signal a shift, so monitor next filing

  • EVP and CRO had 6,643 shares withheld for taxes with no offsetting purchase, the only activity at that filer

Opportunities (7)

Sector Themes (5)

  • Bank Insider Buying Cluster (BULLISH)
    ◆

    Associated Banc-Corp, German American Bancorp and Flagstar show a mix of small open-market buys and tax-only activity; 5 of 7 bank-related filings show positive or neutral-positive tone, suggesting management is not signaling distress in regional banking

  • Coordinated Equity Compensation Season (NEUTRAL)
    ◆

    Kulicke & Soffa, Winnebago, Choice Hotels and Caring Brands show grants clustered in one window, with 9 of the 50 filings being pure compensation awards; this reflects annual grant cycles rather than directional sentiment

  • 10b5-1 Plan Sales in Small Caps (NEUTRAL)
    ◆

    CloudAstructure, First Busey and Aquestive all transacted under or disclosed plan-driven sales; plan-based selling is pre-scheduled and carries lower signal value than discretionary sales

  • Shipping and Energy Insider Accumulation (BULLISH)
    ◆

    Borr Drilling and EuroDry both show director-level buying in offshore/shipping names, consistent with insiders adding exposure to cyclical energy-linked equity

  • Cumulus Media Disposition Concentration (NEUTRAL)
    ◆

    Five insiders disposing of Class A shares to the issuer within one window indicates a structured, issuer-level transaction (likely tax or equity-settlement related) rather than market-driven selling

Watch List (7)

  • Confirm whether the issuer-level dispositions reflect tax settlement or a broader buyback; watch the next Form 4 cycle for further insider activity [date not available]

  • Monitor whether the director adds further shares after the 500K-share purchase at $4.60 and whether the purchase precedes any capital markets or offshore contract announcements [date not available]

  • Watch for additional director purchases at $49.66 and any follow-on insider buys around the next quarterly disclosure [date not available]

  • Track whether the 25,000-share 10b5-1 sale is part of a recurring schedule and whether non-plan sales follow [date not available]

  • Monitor whether Director Ackerman sells shares from the 69,794 exercised options; a sale would convert a bullish exercise into a neutral-to-negative signal [date not available]

  • After the coordinated grant cluster, watch for open-market sales by the CEO or SVPs once any restrictions lapse [date not available]

  • Track further Saba purchases and any tender or activist filings that could move the fund's NAV discount [date not available]

Filing Analyses (50)
KULICKE & SOFFA INDUSTRIES INC 4 neutral materiality 3/10

16-10-2026

General Counsel Lim Zi Yao was awarded 4,071 Common Stock. Lim Zi Yao holds 25,285 shares after the transaction.

  • · General Counsel Lim Zi Yao was awarded 4,071 Common Stock
KULICKE & SOFFA INDUSTRIES INC 4 neutral materiality 5/10

16-10-2026

CEO Talluri Rajendra K was awarded 28,398 Common Stock. Talluri Rajendra K holds 118,095 shares after the transaction.

  • · CEO Talluri Rajendra K was awarded 28,398 Common Stock
NextDecade Corp 4 neutral materiality 4/10

16-10-2026

Chief Accounting Officer Boylston Luke had withheld for taxes 19,675 Common Stock at $6.80 (~$134K). Boylston Luke holds 217,143 shares after the transaction.

  • · Chief Accounting Officer Boylston Luke had withheld for taxes 19,675 Common Stock at $6.80 (~$134K)
KULICKE & SOFFA INDUSTRIES INC 4 neutral materiality 3/10

16-10-2026

Senior Vice President WONG NELSON MUNPUN was awarded 5,734 Common Stock. WONG NELSON MUNPUN holds 88,089 shares after the transaction.

  • · Senior Vice President WONG NELSON MUNPUN was awarded 5,734 Common Stock
Baozun Inc. 4 positive materiality 4/10

16-10-2026

Chief Executive Officer Qiu Wenbin bought 5,800 American Depositary Shares at $3.44 (~$20K). Qiu Wenbin holds 1,684,372 shares after the transaction.

  • · Chief Executive Officer Qiu Wenbin bought 5,800 American Depositary Shares at $3.44 (~$20K)
KULICKE & SOFFA INDUSTRIES INC 4 neutral materiality 4/10

16-10-2026

Senior Vice President Chylak Robert Nestor was awarded 5,753 Common Stock. Chylak Robert Nestor holds 33,133 shares after the transaction.

  • · Senior Vice President Chylak Robert Nestor was awarded 5,753 Common Stock
KULICKE & SOFFA INDUSTRIES INC 4 neutral materiality 5/10

16-10-2026

CFO Wong Lester A was awarded 6,424 Common Stock. Wong Lester A holds 82,430 shares after the transaction.

  • · CFO Wong Lester A was awarded 6,424 Common Stock
EuroDry Ltd. 4 positive materiality 3/10

16-10-2026

Director Pittas Aristeidis P bought 300 Common stock at $48.17 (~$14.5K). Pittas Aristeidis P holds 77,088 shares after the transaction.

  • · Director Pittas Aristeidis P bought 300 Common stock at $48.17 (~$14.5K)
  • · Director Pittas Aristeidis P bought 300 Common stock at $48.17 (~$14.5K)
Borr Drilling Ltd 4 positive materiality 5/10

16-10-2026

Director Troim Tor Olav bought 500,000 Common Shares at $4.60 (~$2.3M). Troim Tor Olav holds 40,117,808 shares after the transaction.

  • · Director Troim Tor Olav bought 500,000 Common Shares at $4.60 (~$2.3M)
AMES NATIONAL CORP 4 neutral materiality 2/10

16-10-2026

Thomas Robert A reported beneficial ownership in AMES NATIONAL CORP. No securities are beneficially owned.

CUMULUS MEDIA INC 4 neutral materiality 5/10

16-10-2026

Director FARRINGTON DEBORAH A disposed to the issuer 62,786 Class A Common Stock, par value $0.0000001 per share.

  • · Director FARRINGTON DEBORAH A disposed to the issuer 62,786 Class A Common Stock, par value $0.0000001 per share
CUMULUS MEDIA INC 4 neutral materiality 5/10

16-10-2026

Director HOBSON ANDREW W disposed to the issuer 184,155 Class A Common Stock, par value $0.0000001 per share.

  • · Director HOBSON ANDREW W disposed to the issuer 184,155 Class A Common Stock, par value $0.0000001 per share
CUMULUS MEDIA INC 4 neutral materiality 4/10

16-10-2026

See Remarks Denning Richard disposed to the issuer 181,723 Class A Common Stock, par value $0.0000001 per share.

  • · See Remarks Denning Richard disposed to the issuer 181,723 Class A Common Stock, par value $0.0000001 per share
CUMULUS MEDIA INC 4 neutral materiality 5/10

16-10-2026

President - Operations Milner David Edward disposed to the issuer 194,749 Class A Common Stock, par value $0.0000001 per share.

  • · President - Operations Milner David Edward disposed to the issuer 194,749 Class A Common Stock, par value $0.0000001 per share
CUMULUS MEDIA INC 4 neutral materiality 5/10

16-10-2026

President - Operations Walker Robert J disposed to the issuer 196,673 Class A Common Stock, par value $0.0000001 per share.

  • · President - Operations Walker Robert J disposed to the issuer 196,673 Class A Common Stock, par value $0.0000001 per share
Caring Brands, Inc. 4 neutral materiality 4/10

16-10-2026

Chief Executive Officer WILSON GLYNN was awarded 75,000 Stock Option (Right to Buy).

  • · Chief Executive Officer WILSON GLYNN was awarded 75,000 Stock Option (Right to Buy)
GOLDMAN SACHS GROUP INC 4 neutral materiality 3/10

16-10-2026

Director HESS JOHN B was awarded 29 Restricted Stock Units.

  • · Director HESS JOHN B was awarded 29 Restricted Stock Units
DWS MUNICIPAL INCOME TRUST 4 neutral materiality 4/10

16-10-2026

10% owner JPMorgan Chase Bank, N.A. disposed of 3,800 Variable Rate MuniFund Term Preferred Shares, Series 2020-1.

  • · 10% owner JPMorgan Chase Bank, N.A. disposed of 3,800 Variable Rate MuniFund Term Preferred Shares, Series 2020-1
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 3/10

16-10-2026

Director TAGUE JOHN P was awarded 70.57 Common Stock at $103.61 (~$7.31K). TAGUE JOHN P holds 33,924.32 shares after the transaction.

  • · Director TAGUE JOHN P was awarded 70.57 Common Stock at $103.61 (~$7.31K)
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 3/10

16-10-2026

Chief Human Resources Officer Cimerola Patrick was awarded 77.06 Common Stock at $103.61 (~$7.98K). Cimerola Patrick holds 33,206.63 shares after the transaction.

  • · Chief Human Resources Officer Cimerola Patrick was awarded 77.06 Common Stock at $103.61 (~$7.98K)
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 3/10

16-10-2026

Director Koch Monte JM was awarded 36.14 Common Stock at $103.61 (~$3.74K). Koch Monte JM holds 22,262.64 shares after the transaction.

  • · Director Koch Monte JM was awarded 36.14 Common Stock at $103.61 (~$3.74K)
CLOUDASTRUCTURE, INC. 4 negative materiality 2/10

16-10-2026

Bentley Sheldon Richard sold 1,500 Class A Common Stock at $2.22 (~$3.33K). Bentley Sheldon Richard holds 5,167 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Bentley Sheldon Richard sold 1,500 Class A Common Stock at $2.22 (~$3.33K)
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 3/10

16-10-2026

Director SHAMES ERVIN R was awarded 112.62 Common Stock at $103.61 (~$11.7K). SHAMES ERVIN R holds 47,946.31 shares after the transaction.

  • · Director SHAMES ERVIN R was awarded 112.62 Common Stock at $103.61 (~$11.7K)
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 3/10

16-10-2026

Director VIEIRA DONNA F was awarded 3.5 Common Stock at $103.61 (~$363). VIEIRA DONNA F holds 6,705.99 shares after the transaction.

  • · Director VIEIRA DONNA F was awarded 3.5 Common Stock at $103.61 (~$363)
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 3/10

16-10-2026

Chief Seg & Intl Op Officer Ramirez Sanchez Raul was awarded 9.32 Common Stock at $103.61 (~$966). Ramirez Sanchez Raul holds 24,050.54 shares after the transaction.

  • · Chief Seg & Intl Op Officer Ramirez Sanchez Raul was awarded 9.32 Common Stock at $103.61 (~$966)
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 3/10

16-10-2026

Director Smith Gordon was awarded 23.24 Common Stock at $103.61 (~$2.41K). Smith Gordon holds 9,759.31 shares after the transaction.

  • · Director Smith Gordon was awarded 23.24 Common Stock at $103.61 (~$2.41K)
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 4/10

16-10-2026

Director JEWS WILLIAM L was awarded 17.17 Common Stock at $103.61 (~$1.78K). JEWS WILLIAM L holds 24,003.99 shares after the transaction.

  • · Director JEWS WILLIAM L was awarded 17.17 Common Stock at $103.61 (~$1.78K)
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 3/10

16-10-2026

Director Landsman Liza was awarded 21.59 Common Stock at $103.61 (~$2.24K). Landsman Liza holds 16,194.88 shares after the transaction.

  • · Director Landsman Liza was awarded 21.59 Common Stock at $103.61 (~$2.24K)
CHOICE HOTELS INTERNATIONAL INC /DE 4 neutral materiality 3/10

16-10-2026

Director Maureen Sullivan was awarded 29.98 Common Stock at $103.61 (~$3.11K). Maureen Sullivan holds 13,651.55 shares after the transaction.

  • · Director Maureen Sullivan was awarded 29.98 Common Stock at $103.61 (~$3.11K)
FIRST BUSEY CORP /NV/ 4 negative materiality 2/10

16-10-2026

Director Cassens Michael David sold 1,441 Common Stock at $29.12 (~$42K). Cassens Michael David holds 128,571 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Director Cassens Michael David sold 1,441 Common Stock at $29.12 (~$42K)
WINNEBAGO INDUSTRIES INC 4 neutral materiality 5/10

16-10-2026

SVP-Chief Legal Officer BOGART STACY L had withheld for taxes 1,089 Common Stock, $.50 par value at $23.09 (~$25.1K). BOGART STACY L holds 70,402 shares after the transaction.

  • · SVP-Chief Legal Officer BOGART STACY L was awarded 13,800 Common Stock, $.50 par value
  • · SVP-Chief Legal Officer BOGART STACY L had withheld for taxes 1,089 Common Stock, $.50 par value at $23.09 (~$25.1K)
  • · SVP-Chief Legal Officer BOGART STACY L was awarded 19,426 Employee Stock Option (right to buy)
WINNEBAGO INDUSTRIES INC 4 neutral materiality 5/10

16-10-2026

SVP & CHIEF FINANCIAL OFFICER Hughes Bryan L had withheld for taxes 1,586 Common Stock, $.50 par value at $23.09 (~$36.6K). Hughes Bryan L holds 102,973 shares after the transaction.

  • · SVP & CHIEF FINANCIAL OFFICER Hughes Bryan L was awarded 21,311 Common Stock, $.50 par value
  • · SVP & CHIEF FINANCIAL OFFICER Hughes Bryan L had withheld for taxes 1,586 Common Stock, $.50 par value at $23.09 (~$36.6K)
  • · SVP & CHIEF FINANCIAL OFFICER Hughes Bryan L was awarded 29,999 Employee Stock Option (right to buy)
WINNEBAGO INDUSTRIES INC 4 neutral materiality 7/10

16-10-2026

PRESIDENT & CEO Happe Michael J had withheld for taxes 7,514 Common Stock, $.50 par value at $23.09 (~$173K). Happe Michael J holds 430,336 shares after the transaction.

  • · PRESIDENT & CEO Happe Michael J was awarded 92,464 Common Stock, $.50 par value
  • · PRESIDENT & CEO Happe Michael J had withheld for taxes 7,514 Common Stock, $.50 par value at $23.09 (~$173K)
  • · PRESIDENT & CEO Happe Michael J was awarded 130,156 Employee Stock Option (right to buy)
CHAMPIONS ONCOLOGY, INC. 4 neutral materiality 5/10

16-10-2026

Director ACKERMAN JOEL exercised/converted 69,794 Common Stock at $1.60 (~$112K). ACKERMAN JOEL holds 1,126,333 shares after the transaction.

  • · Director ACKERMAN JOEL exercised/converted 69,794 Common Stock at $1.60 (~$112K)
  • · Director ACKERMAN JOEL exercised/converted 69,794 Option to purchase Common Stock at $1.60 (~$112K)
WINNEBAGO INDUSTRIES INC 4 neutral materiality 5/10

16-10-2026

GROUP PRESIDENT Tubman Casey J had withheld for taxes 1,163 Common Stock, par value $.50 at $23.09 (~$26.9K). Tubman Casey J holds 45,048 shares after the transaction.

  • · GROUP PRESIDENT Tubman Casey J was awarded 16,746 Common Stock, par value $.50
  • · GROUP PRESIDENT Tubman Casey J had withheld for taxes 1,163 Common Stock, par value $.50 at $23.09 (~$26.9K)
  • · GROUP PRESIDENT Tubman Casey J was awarded 23,573 Employee Stock Option (right to buy)
UMH PROPERTIES, INC. 4 positive materiality 3/10

16-10-2026

Director Mitchell William Edward bought 68.38 UMH Properties, Inc. at $14.63 (~$1K). Mitchell William Edward holds 37,381.89 shares after the transaction.

  • · Director Mitchell William Edward bought 68.38 UMH Properties, Inc. at $14.63 (~$1K)
WINNEBAGO INDUSTRIES INC 4 neutral materiality 5/10

16-10-2026

President, Winnebago Motorhome West Christopher David had withheld for taxes 998 Common Stock, $.50 par value at $23.09 (~$23K). West Christopher David holds 51,354 shares after the transaction.

  • · President, Winnebago Motorhome West Christopher David was awarded 12,646 Common Stock, $.50 par value
  • · President, Winnebago Motorhome West Christopher David had withheld for taxes 998 Common Stock, $.50 par value at $23.09 (~$23K)
  • · President, Winnebago Motorhome West Christopher David was awarded 17,802 Employee Stock Option (right to buy)
WINNEBAGO INDUSTRIES INC 4 neutral materiality 4/10

16-10-2026

SVP-CHRO Woodson Bret A had withheld for taxes 798 Common Stock, $.50 par value at $23.09 (~$18.4K). Woodson Bret A holds 40,314 shares after the transaction.

  • · SVP-CHRO Woodson Bret A was awarded 10,156 Common Stock, $.50 par value
  • · SVP-CHRO Woodson Bret A had withheld for taxes 798 Common Stock, $.50 par value at $23.09 (~$18.4K)
  • · SVP-CHRO Woodson Bret A was awarded 14,295 Employee Stock Option (right to buy)
UMH PROPERTIES, INC. 4 positive materiality 3/10

16-10-2026

EVP, CFO, Treasurer Miller Kevin S. bought 68.38 UMH Properties, Inc. at $14.63 (~$1K). Miller Kevin S. holds 31,377.29 shares after the transaction.

  • · EVP, CFO, Treasurer Miller Kevin S. bought 68.38 UMH Properties, Inc. at $14.63 (~$1K)
Aquestive Therapeutics, Inc. 4 negative materiality 4/10

16-10-2026

President and CEO Barber Daniel sold 25,000 Common Stock at $4.22 (~$106K). Barber Daniel holds 627,317 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · President and CEO Barber Daniel sold 25,000 Common Stock at $4.22 (~$106K)
PIMCO CALIFORNIA MUNICIPAL INCOME FUND 4 positive materiality 6/10

16-10-2026

10% owner BANK OF AMERICA CORP /DE/ bought 2,000 Common Shares at $8.13 (~$16.3K). 17 transactions reported in total. BANK OF AMERICA CORP /DE/ holds 100 shares after the transaction.

  • · 10% owner BANK OF AMERICA CORP /DE/ bought 2,000 Common Shares at $8.13 (~$16.3K)
  • · 10% owner BANK OF AMERICA CORP /DE/ sold 100 Common Shares at $7.72 (~$772)
  • · 10% owner BANK OF AMERICA CORP /DE/ sold 100 Common Shares at $7.72 (~$772)
  • · 10% owner BANK OF AMERICA CORP /DE/ sold 500 Common Shares at $7.70 (~$3.85K)
  • · 10% owner BANK OF AMERICA CORP /DE/ sold 100 Common Shares at $7.72 (~$772)
  • · 10% owner BANK OF AMERICA CORP /DE/ sold 100 Common Shares at $7.72 (~$772)
  • · 10% owner BANK OF AMERICA CORP /DE/ sold 100 Common Shares at $7.72 (~$772)
  • · 10% owner BANK OF AMERICA CORP /DE/ sold 100 Common Shares at $7.72 (~$772)
ASSOCIATED BANC-CORP 4 neutral materiality 4/10

16-10-2026

Executive Vice President Kitowski Nicole M acquired 26.489 Common Stock $0.01 Par Value at $28.52 (~$755). Kitowski Nicole M holds 45,401.9511 shares after the transaction.

  • · Executive Vice President Kitowski Nicole M acquired 26.489 Common Stock $0.01 Par Value at $28.52 (~$755)
Capital Bancorp Inc 4 neutral materiality 5/10

16-10-2026

Director RATNERSALZBERG DEBORAH exercised/converted 3,000 Common Stock at $6.63 (~$19.9K). RATNERSALZBERG DEBORAH holds 26,044 shares after the transaction.

  • · Director RATNERSALZBERG DEBORAH exercised/converted 3,000 Common Stock at $6.63 (~$19.9K)
  • · Director RATNERSALZBERG DEBORAH exercised/converted 3,000 Stock Options
ASSOCIATED BANC-CORP 4 neutral materiality 2/10

16-10-2026

EVP, CHRO Manso Julio acquired 14.4656 Common Stock $0.01 Par Value at $28.52 (~$413). Manso Julio holds 14,960.5505 shares after the transaction.

  • · EVP, CHRO Manso Julio acquired 14.4656 Common Stock $0.01 Par Value at $28.52 (~$413)
JAPAN SMALLER CAPITALIZATION FUND INC 4 positive materiality 3/10

16-10-2026

10% owner Saba Capital Management, L.P. bought 13,133 Common Stock at $12.33 (~$162K). Saba Capital Management, L.P. holds 2,696,154 shares after the transaction.

  • · 10% owner Saba Capital Management, L.P. bought 13,133 Common Stock at $12.33 (~$162K)
GERMAN AMERICAN BANCORP, INC. 4 positive materiality 3/10

16-10-2026

Director Bawel Zachary W bought 344.3173 Common Stock at $49.66 (~$17.1K). Bawel Zachary W holds 27,559.6402 shares after the transaction.

  • · Director Bawel Zachary W bought 344.3173 Common Stock at $49.66 (~$17.1K)
GERMAN AMERICAN BANCORP, INC. 4 positive materiality 3/10

16-10-2026

Director Seger Andrew M bought 2.0136 Common at $49.66 (~$100). Seger Andrew M holds 20,560.3481 shares after the transaction.

  • · Director Seger Andrew M bought 2.0136 Common at $49.66 (~$100)
GERMAN AMERICAN BANCORP, INC. 4 positive materiality 3/10

16-10-2026

Director Ryan Christina M bought 2.0136 Common Stock at $49.66 (~$100). Ryan Christina M holds 19,734.6784 shares after the transaction.

  • · Director Ryan Christina M bought 2.0136 Common Stock at $49.66 (~$100)
FLAGSTAR BANK, NATIONAL ASSOCIATION 4 neutral materiality 3/10

16-10-2026

EVP and Chief Risk Officer Buchanan George had withheld for taxes 6,643 Common Stock. Buchanan George holds 149,533 shares after the transaction.

  • · EVP and Chief Risk Officer Buchanan George had withheld for taxes 6,643 Common Stock
ASSOCIATED BANC-CORP 4 neutral materiality 4/10

16-10-2026

Executive Vice President Utz John A. acquired 47.2556 Common Stock $0.01 Par Value at $28.52 (~$1.35K). Utz John A. holds 99,248.931 shares after the transaction.

  • · Executive Vice President Utz John A. acquired 47.2556 Common Stock $0.01 Par Value at $28.52 (~$1.35K)

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