Company: ASB
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0000007789-25-000025
Chunk: 50

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 50
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1,239,750 |

2024 CEO Annual Total Target Direct Compensation In 2024, Mr. Harmening’s total target direct compensation was $5,350,000 with 80% of his target compensation tied to variable compensation. Compared to our peer group for a similarly situated CEO role, his total target direct compensation approximates the median.

42

| BASE SALARY |

Base salary is the only component of the ELT's total direct compensation that is not at risk and represents the smallest percentage of total compensation. The Committee reviews base salaries annually taking into account our market position relative to external peers (50th percentile) supplemented by guidance from our executive compensation consultant. The Committee may also make adjustments it deems necessary to account for individual performance and tenure, promotions or increase in scope of responsibilities, retention considerations or other specific circumstances that may arise in a given year. Effective January 1, 2024, Mr. Harmening and Meyer received base salary increases of $40,000 and $60,000 respectively, to maintain the competitive positioning of their compensation relative to external peers.

43

| SHORT-TERM INCENTIVE COMPENSATION |

Short-Term Incentive Our short-term incentive program, referred to as the Management Incentive Plan (MIP), was established to award short-term incentive compensation and is funded based on the success of the Company in achieving designated performance metrics. Each year, the Committee reviews the MIP structure and establishes performance criteria and target performance levels to determine the target pool available under the MIP for eligible colleagues. The total pool amount is determined based on Associated’s achievement of objective financial metrics selected by the Committee. For 2024, the Committee decided to maintain the same MIP metrics and weightings as in 2023 as they continue to reflect the current business priorities and are viewed as an effective way to gauge the success of the Company in achieving its strategic vision. All three metrics are critical to the success of the Company and align with creating value for shareholders and reinforcing the priorities of income growth and managing expense. The MIP metrics are summarized in the following table. 2024 MIP Metrics

| Metric                                                      | 2024Weight | Rationale                                                                                                                                   | Metric Definition                                                                                                                                                                                                                                                                                 |
| Net Income After Tax(NIAT)                                  | 40%        | Focuses on bottom-line growth.                                                                                                              | Represents profit after most expenses (e.g.,business costs, provision for loan losses, taxes)have been deducted from revenue. NIAT is aGAAP measure included in