Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 71

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 71
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 RSUs(1) |
| Andrew J. Harmening |      $1,691,068 |                $6,560,868 |
| Derek S. Meyer      |        $574,508 |                $1,648,670 |
| John A. Utz         |        $365,431 |                $1,354,841 |
| Randall J. Erickson |        $324,682 |                $1,210,338 |
| David L. Stein      |        $326,355 |                $1,205,731 |

(1) Performance-based RSUs do not accelerate upon retirement. Distribution is made at the end of the performance period based on results achievement. The value is assumed at target, including any accumulated dividend equivalents. An NEO may also be eligible to receive a fully discretionary payment in the event of such NEO’s separation other than as a result of a Change of Control of Associated, pursuant to the Associated Banc-Corp Severance Pay Plan. Because these benefits are fully discretionary, they cannot be estimated for any particular NEO. See “Other Benefit Programs - Employment and Post- Termination Arrangements with NEOs.”

58

| CEO PAY RATIO AND MEDIAN ANNUAL TOTAL COMPENSATION |

In accordance with the requirements set forth by Item 402(u) of Regulation S-K, we are providing the following information about the ratio of the median annual total compensation of our colleagues and the annual total compensation of our CEO, Mr. Harmening. For 2024, the annualized total compensation of Mr. Harmening, was $5,473,089. This amount equals Mr. Harmening’s compensation as reported in the Summary Compensation Table. The estimated annual total compensation of the median Associated colleague (other than our CEO) was $69,463. We estimate that our CEO’s total annual compensation was 79 times that of the estimated annual total compensation of the median Associated colleague.

| CEO annual total compensation                              | $5,473,089 |
| Median Colleague annual total compensation                 |    $69,463 |
| Ratio of CEO to Median Colleague annual total compensation |     79 : 1 |

We believe this ratio is a reasonable estimate, calculated in a manner consistent with SEC rules based on our payroll and employment records and the Median Annual Total Compensation Methodology as described below. The median colleague used for the fiscal year ended December 31, 2024 analysis is a Client Delivery Specialist Senior Officer. Median Annual Total Compensation Methodology The median employee was based