Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 44

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 44
---
 in Proposal 2.

*****************

This Committee and Associated’s leadership team are committed to gathering feedback from our shareholders and will continue

to assess and refine our executive compensation program to ensure it aligns with shareholders’ interests. We look forward to an

ongoing dialogue with our shareholders and encourage you to continue to reach out to us with questions or comments related to

our pay programs. We appreciate your continued support of our say-on-pay proposal.

Sincerely,

The Compensation and Benefits Committee

Gale E. Klappa (Chairman)

Eileen A. Kamerick

Kristen M. Ludgate

Karen T. van Lith

35

EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS

| CD&A DIRECTORY |

| EXECUTIVE SUMMARY                             | 35 |
| OVERVIEW OF EXECUTIVE COMPENSATION PRINCIPLES | 38 |
| EXECUTIVE COMPENSATION FOR 2024               | 40 |
| BASE SALARY                                   | 42 |
| SHORT-TERM INCENTIVE COMPENSATION             | 43 |
| LONG-TERM INCENTIVE COMPENSATION              | 45 |
| RISK MITIGATION POLICIES                      | 48 |
| OTHER BENEFIT PROGRAMS                        | 49 |
| COMPENSATION GOVERNANCE                       | 51 |

This Compensation Discussion and Analysis (“CD&A”) provides information about the key objectives, policies, elements and designs of our executive compensation program designed by the Compensation and Benefits Committee (referred to hereinafter as the “Committee”) for 2024. While the principles and objectives of our executive compensation program extend to our entire Executive Leadership Team (“ELT”), this CD&A primarily explains how we compensated our Named Executive Officers (“NEOs”) identified in the table below. This CD&A should be read in conjunction with the accompanying compensation tables, corresponding footnotes and narrative discussion as they provide important additional information and context to the compensation and disclosures.

| Named Executive Officer | Title                                                                                                    |
| Andrew J. Harmening     | President and Chief Executive Officer (“CEO”)                                                            |
| Derek S. Meyer          | Executive Vice President, Chief Financial Officer                                                        |
| John A. Utz             | Executive Vice President, Head of Specialized Industries & Capital Markets and MilwaukeeMarket President |
| Randall J. Erickson     | Executive Vice President, General Counsel & Corporate Secretary                                          |
| David L. Stein          | Executive Vice President, Head of Consumer & Business Banking and Madison Market President               |

| EXEC