Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 61

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 61
---
-case basis. This approach provides the Committee with maximum flexibility to

determine mutually beneficial arrangements for both Associated and its NEOs in the event of a separation. Post-termination

benefits paid to a former NEO will generally be paid under the Associated Banc-Corp Severance Pay Plan, a fully discretionary

plan for colleagues that limits the Plan Administrator’s award of a benefit to a maximum of 200% of a former colleague’s

annual base salary.

Change of Control Agreements

Each of the NEOs and all other ELT members have Change of Control Agreements (“COC Agreements”) which were put in

place in 2018 or, if later, when they became an ELT member of the Company. The payments and benefits provided under the

COC Agreements maintain a “double trigger”, which provides for payment upon involuntary separation following a change of

control and are not payable upon (1) a termination of an executive’s employment for “Cause” or a resignation by an executive

without “Good Reason” or (2) any termination of an executive’s employment prior to a “Change of Control” (each as defined in

the COC Agreements). These COC Agreements are summarized in the “Potential Payments Upon Termination or Change of

Control” section beginning on page 56.

Equity Grant Timing Practices

All equity awards are granted under a shareholder-approved plan. The Committee approves and grants annual Long-Term

Incentive (“LTI”) awards to our ELT at approximately the same time every year, with awards granted typically in January.

Associated's LTI program has not included stock option grants since 2020 and has no intention of doing so in the foreseeable

future. In 2024, the LTI award to our ELT consisted of Performance-Based Restricted Stock Units (“PRSUs”) and Time-Based

Restricted Stock Units (“RSUs”). Outside of the annual grant cycle, we may make PRSU and/or RSU awards in connection

with a newly hired or promoted executive on the date of hire or promotion, or in connection with a retention award. Equity

awards, including stock options, are not granted in anticipation of the release of material non-public information, and the release

of material non-public information is not timed based on stock option or other equity grant dates.

51

| COMPENSATION GOVERNANCE |

Role of Independent Compensation Consultant On an annual basis the Committee reviews the services performed by, and the fees paid to the independent compensation consultant. In