Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 62

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 62
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2024, the Committee re-engaged Mercer US LLC (“Mercer”) to advise on a variety of matters relating to the executive compensation program. In addition to providing independent advice, Mercer was selected for their deep knowledge and expertise in the banking and financial services sectors. During 2024, Mercer performed a competitive analysis of Associated’s executive compensation levels and incentive practices, collaborated with the Committee on plan design changes and performed related assistance, and advised on non-employee director compensation which the Committee affirmed were in- line with expectations and best practices. The Committee has established procedures that it follows so that the advice of the compensation consultant to the Committee remains objective and is not influenced by Associated’s management, including: • Direct reporting relationship of the compensation consultant to the Committee; • Provision in the Committee’s engagement letter with Mercer specifying the nature of the work to be conducted and the role that management may play in that work; and • Annual update to the Committee on the compensation consultant’s financial relationship with Associated, including a summary of the work performed for Associated during the preceding 12 months. Role of Management As part of the annual compensation review process, the CEO and the Chief Human Resources Officer interact with the Committee and compensation consultant, providing information about the current compensation structure, details regarding executive compensation, individual performance assessments, and descriptions of the job responsibilities of executive officers. The CEO typically makes recommendations to the Committee with respect to the compensation of the NEOs, other than himself, and the Committee determines CEO compensation in executive session without the CEO present. Role of the Committee The purpose of the Committee is to assist the Board of Directors in fulfilling its responsibility to oversee Associated’s executive compensation program. The Committee works closely with the compensation consultant to make decisions about, and set the framework for, Associated’s executive compensation program. Among other things, the Committee’s responsibilities include: • Establishing and approving compensation and benefit policies; • Approving the amount and form of compensation for Associated’s executives and non-management directors; and • Issuing an annual report on executive and CEO compensation for inclusion in Associated’s annual proxy statement and Form 10-K.

| CONCLUSION |

The Committee values the feedback received from our shareholders, and believes the changes made to our executive compensation program in recent years are aligned with shareholder input. We also believe that the 2024 compensation decisions for our NEOs were reasonable, appropriate and consistent with our compensation principles. COMPENSATION AND BENEFITS COMMITTEE REPORT The Committee has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S