Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 23

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 23
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,119,722 |     |                                       44,646 |
| Owen J. Sullivan         |                                   — |     |                                            — |
| Karen T. van Lith        |                             679,041 |     |                                       27,075 |
| John (Jay) B. Williams   |                             123,093 |     |                                        4,908 |
| All Directors as a group |                           9,197,718 |     |                                      366,735 |

**(1) Based on the closing price of $25.08 of the Common Stock as of February 14, 2025.

22

PROPOSAL 2:

APPROVAL OF THE ASSOCIATED BANC-CORP 2025 EQUITY INCENTIVE PLAN**

We are requesting our shareholders to vote in favor of adopting the Associated Banc-Corp 2025 Equity Incentive Plan (referred

to in this proposal as the “2025 Plan”). Our Board of Directors adopted the 2025 Plan in January 2025, subject to shareholder

approval. If our shareholders approve the 2025 Plan, it will become effective on the date of the Annual Meeting, and it will

replace the Associated Banc-Corp 2020 Incentive Compensation Plan (the “2020 Plan”), in which case no future awards will be

made under the 2020 Plan. The description of certain key features of the 2025 Plan included in this proposal is qualified by the

full text of the 2025 Plan, a copy of which is attached as Appendix A to this Proxy Statement.

**Purpose and Importance of the 2025 Plan**

Long-term incentives are a critical component of our pay-for-performance compensation philosophy. Approval of the proposed

2025 Plan is needed to replenish the pool of shares available for awarding stock-based compensation to executives, certain

colleagues, non-employee directors and consultants. Further, we expect that the 2025 Plan will enable Associated to:

• align long-term sustained performance with shareholder interests;

• provide rewards that support Associated’s mission, strategic initiatives and core values without incentivizing

unnecessary and excessive risk-taking; and

• continue to attract, retain and motivate highly skilled executive officers and other colleagues.

The 2025 Plan continues most of the same features of the 2020 Plan. While equity awards are an important part of Associated’s

compensation structure, the Committee has also historically focused on limiting shareholder dilution and maintaining a

reasonable equity burn rate.