Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 32

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 32
---
 one person acting as a

group, acquires ownership of stock, that together with stock held by such person or group, constitutes more than 50%

of the total fair market value or total voting power of Associated’s Common Stock;

• A change in the effective control of Associated, which occurs when any one person, or more than one person acting as

a group, acquires (or has acquired during a 12-month period) ownership of stock possessing 35% or more of the total

voting power of Associated’ s Common Stock; and/or

• A change in the ownership of a substantial portion of Associated’s assets, which occurs when one person, or more than

one person acting as a group, acquires (or has acquired during a 12-month period) assets from Associated that have a

total gross fair market value equal to 85% or more than the total gross fair market value of all of the assets of

Associated immediately prior to such acquisition.

**27

Minimum Vesting and Termination of Employment or Service**

Minimum Vesting

Any award that is conditioned upon satisfying specified performance goals and is payable in shares of Common Stock will not

vest sooner than one year following the date of grant. Any award that vests solely based upon the participant’s continued

employment with Associated or a subsidiary will not vest sooner than three years following the date of grant. Also, the one-year

and three-year minimum vesting requirements may not apply if the participant terminates employment due to early retirement,

normal retirement, death, disability or a change in control of Associated. In addition, up to 5% of the available shares under the

2025 Plan will not be subject to the one-year and three-year minimum vesting requirements, as determined by the Committee

either at the time an award is made or at a later date.

Treatment of Awards Following Termination

Under the 2025 Plan, a termination of service for a non-employee director occurs when a non-employee director ceases to be a

director for any reason, including a termination by resignation, removal, failure to be elected, expiration of a term where there is

a term, death or retirement. However, a termination of service for a non-employee director would not apply where the

individual simultaneously commences or remains in employment or service with Associated or any subsidiary. For any other

grantee, a termination of service occurs when the service agreement between the individual and Associated or any subsidiary is

terminated for any reason, except for termin