Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 31

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 31
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 during the two-year period following the occurrence of a change in control. In addition, the Committee

may, in order to maintain a participant’s rights in the event of any change in control of Associated, (1) make any adjustments to

an outstanding award to reflect such change in control, and/or (2) cause the acquiring or surviving entity to assume or substitute

rights with respect to an outstanding award. The Committee may also cancel any outstanding unexercised options or SARs

(regardless of whether vested) that have an exercise price that is greater than the fair market value of Common Stock as of the

date of the change in control. Under the 2025 Plan, the Committee will also have the ability to cash out any options or SARs

(regardless of whether vested) that have an exercise price that is less than the fair market value of Common Stock as of the date

of the change in control. If the Committee determines that such an award should be cashed out, the participant will receive the

lesser of the fair market value of a share of Common Stock on the date of the change in control or the price paid per share in the

transaction that constitutes the change in control.

With respect to awards other than deferred compensation awards, a “change in control” under the 2025 Plan includes any of the

following:

• With certain exemptions, an acquisition by any individual, entity or group of beneficial ownership of at least 35% of

Associated’s then-outstanding shares of Common Stock or the combined voting power of Associated’s then-

outstanding voting securities entitled to vote in the election of directors;

• A change in the composition of the Board of Directors such that the individuals who constituted the Board as of the

effective date of the 2025 Plan cease for any reason to constitute at least a majority of the Board;

• With certain exemptions, a reorganization, merger, statutory share exchange or consolidation or similar transaction

involving Associated or a subsidiary, a sale or other disposition of all or substantially all of Associated’s assets, or the

acquisition of assets or securities of another entity by Associated or a subsidiary; and/or

• The approval by shareholders of a complete liquidation or dissolution of Associated.

With respect to any deferred compensation awards, “a change in control” includes any one or more of the following, with

certain exemptions as described in the 2025 Plan:

• A change in the ownership of Associated, which occurs when any one person, or more than