Document:

EX-10(J)

Exhibit (10)(j)

ASSOCIATED BANC-CORP

CASH INCENTIVE COMPENSATION PLAN

Amended and Restated Effective January 1, 2008

 

 

ASSOCIATED BANC-CORP

CASH INCENTIVE COMPENSATION PLAN

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 Purpose
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 3 Participation
	 	 	4	 
	 
	 	 	 	 
	ARTICLE 4 Awards
	 	 	4	 
	 
	 	 	 	 
	ARTICLE 5 Administration
	 	 	5	 
	 
	 	 	 	 
	ARTICLE 6 Termination of Employment and Change of Control
	 	 	6	 
	 
	 	 	 	 
	ARTICLE 7 Miscellaneous
	 	 	7	 

i

 

ASSOCIATED BANC-CORP

CASH INCENTIVE COMPENSATION PLAN

ARTICLE 1 PURPOSE.

     The purposes of the Plan are (i) to promote the success of the Company; (ii) to associate more
closely the interests of certain key employees with those of the Company’s financial, performance,
and service goals, (iii) to provide long-term incentives and rewards to those key employees of the
Company and its affiliated units who are in a position to contribute to the long-term success and
growth of the Company; (iv) to assist the Company in retaining and attracting key employees with
requisite experience and ability; and (v) to provide solely Awards that are “qualified
performance-based compensation” under section 162(m) of the Code.

ARTICLE 2 DEFINITIONS.

     Section 2.01. “Award” means the cash incentive compensation paid or payable pursuant to the
Plan.

     Section 2.02. “Award Formula” means one or more objective formulas or standards, as defined in
section 162(m) of the Code, established by the Committee for purposes of determining the amount of
an Award with respect to a Performance Goal. An Award Formula based upon a percentage of a
Participant’s base pay shall use the Participant’s base pay as of the date the Performance Goal is
established. The Award Formula may include a modifier of the Award based upon the Company’s
performance in relation to its peer group of companies, provided that such modifier satisfies the
requirements of an objective formula as defined in section 162(m) of the Code. Award Formulas may
vary from Performance Period to Performance Period and from Participant to Participant and may be
established on a stand-alone basis, in tandem or in the alternative.

     Section 2.03. “Award Schedule” means the Award Schedule established pursuant to section 4.01.

     Section 2.04. “Beneficiary” mean the person(s) designated by the Participant, in writing on a
form provided by the Committee, to receive payments under the Plan in the event of his death while
a Participant or, in the absence of such designation, the Participant’s estate.

     Section 2.05. “Board” means the Board of Directors of the Company.

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     Section 2.06. A “Change of Control” shall be deemed to have occurred on the date of the
following transactions:

          (i) An offer is accepted, in writing, for a change in ownership of 25% or more of the
outstanding voting securities of the Company;

          (ii) An offer is accepted, in writing, whereby the Company will be merged or consolidated with
another corporation, and as a result of such anticipated merger or consolidation, less than 75% of
the outstanding voting securities of the surviving or resulting corporation will be owned in the
aggregate by the shareholders of the Company who owned such securities immediately prior to such
merger or consolidation, other than affiliates (within the meaning of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”) of any party to such merger or consolidation;

          (iii) An offer is accepted, in writing, whereby the Company sells at least 85% of its assets
to any entity which is not a member of the control group of corporations, within the meaning of
Code section 1563, of which the Company is a member; or

          (iv) An offer is accepted, in writing, whereby a person, within the meaning of
sections 3(a)(9) or 13(d)(3) of the Exchange Act, acquires 25% or more of the outstanding voting
securities of the Company (whether directly, indirectly, beneficially, or of record).

     For purposes hereof, ownership of voting securities shall take into account and shall include
ownership as determined by applying the provisions of Rule 13d-3(d)(1)(i) (relating to options) of
the Exchange Act.

     Section 2.07. “Code” means the Internal Revenue Code of 1986, as amended.

     Section 2.08. “Committee” means the Compensation and Benefits Committee of the Board or such
other committee or subcommittee of the Board designated by the Board to administer the Plan. The
Committees for purposes of this Plan shall be composed of not less than two directors, each of whom
is intended to be an “outside director” within the meaning of Code section 162(m).

     Section 2.09. “Company” means Associated Banc-Corp and its successors. Effective January 1,
2008, the Board has authorized the Committee to act on behalf of the Company for purposes of the
Plan.

     Section 2.10. “Covered Employee” means a covered employee within the meaning of Code
section 162(m)(3).

2

 

     Section 2.11. “Eligible Employee” means a key employee of the Company.

     Section 2.12. “Establishment Period” means, with respect to a Performance Period applicable to
any Performance Grant under the Plan, the period commencing on or before the first day of such
Performance Period and ending on the earlier to occur of (i) 90 days after the commencement of the
Performance Period and (ii) the date upon which twenty-five percent (25%) of the Performance Period
shall have elapsed.

     Section 2.13. “Participant” means an Eligible Employee selected from time to time by the
Committee to participate in the Plan.

     Section 2.14. “Performance Goal” means the target, goal or level of performance established by
the Committee with respect to a Performance Measure for a Performance Period. The outcome of a
Performance Goal shall be substantially uncertain when established by the Committee. Performance
Goals shall be adjusted automatically, without discretion by the Committee, in the event of a
dividend or stock split. Performance Goals may vary from Performance Period to Performance Period
and from Participant to Participant and may be established on a stand-alone basis, in tandem or in
the alternative.

     Section 2.15. “Performance Grant” means the grant to an Eligible Employee of an opportunity to
participate in a particular Performance Goal with respect to a particular Performance Period.

     Section 2.16. “Performance Measure” means one or more of the following selected by the
Committee to measure Company performance for a Performance Period: basic or diluted earnings per
share, revenue growth, return on equity and stock price. Performance Measures are determined in
accordance with generally accepted accounting principles as consistently applied by the Company.
Prior to the expiration of the Establishment Period, the Committee may provide for a mandatory
adjustment of a Performance Measure to omit the effects of extraordinary items (other than a stock
dividend or stock split), gain or loss on the disposal of a business segment, unusual or
infrequently occurring events and transactions and cumulative effects of changes in accounting
principles. Performance Measures may vary from Performance Period to Performance Period and from
Participant to Participant and may be established on a stand-alone basis, in tandem or in the
alternative.

     Section 2.17. “Performance Period” means one or more periods of time, as the Committee may
designate, over which the attainment of one or more Performance Goals will be measured for the
purpose of determining a Participant’s right to payment of an Award.

3

 

     Section 2.18. “Plan” means the Associated Banc-Corp Cash Incentive Compensation Plan (prior to
January 1, 2008, the Associated Banc-Corp Amended and Restated Incentive Compensation Plan), as
amended.

     Section 2.19. “Plan Year” means the Company’s fiscal year.

     Section 2.20. “Retirement” means any date on which an employee retires under the terms and
conditions of the Company’s Profit Sharing & 401(k) Plan provided, however, that the employee has
attained age 55 as of such date.

     Section 2.21. “Total Disability” means a finding by the Committee that a Participant meets the
standard for Total Disability as provided in the Associated Banc-Corp Long-Term Disability Plan.

ARTICLE 3 PARTICIPATION.

     Participants shall be selected by the Committee and shall only include Eligible Employees.
The selection of a Participant for a Performance Grant shall not entitle such individual to be
selected as a Participant with respect to any other Performance Grant.

ARTICLE 4 AWARDS.

     Section 4.01. Award Schedules. For each Performance Period with respect to which an
Award may be earned by a Participant under the Plan, prior to the expiration of the Establishment
Period, the Committee shall establish the Performance Grants in writing for such Performance Period
by preparing an Award Schedule for each Participant. The Award Schedule shall set forth the
applicable Performance Period, Performance Measure(s), Performance Goal(s), Award Formula(s), and
such other information (including a peer group modifier, if applicable) as the Committee may
determine. Once established for a Performance Period, such items shall not be amended or otherwise
modified. Award Schedules may vary from Performance Period to Performance Period and from
Participant to Participant.

     Section 4.02. Performance Grant Agreement. Performance Grants shall be evidenced by a
separate written agreement between the Company and the Participant, in such form and contain such
terms and conditions (not inconsistent with the Plan) as the Committee may require. An agreement
executed pursuant to this section shall include a copy of the Award Schedule with respect to the
Participant and such other information as the Committee may determine is necessary and appropriate.

     Section 4.03. Certification of Awards. A Participant shall be eligible to receive
payment of an Award only when the Performance Goal(s) are achieved

4

 

and the Committee determines, pursuant to the Award Formula, that all or some portion of such
Participant’s Award has been earned for the Performance Period. As soon as administratively
feasible after the close of each Performance Period, the Committee shall meet to review and certify
in writing whether, and to what extent, the Performance Goals for the Performance Period have been
achieved and, if so, to calculate and certify in writing the amount of the Award earned by each
Participant for such Performance Period based upon such Participant’s Award Formula. The Committee
shall then determine the actual amount of the Award to be paid to each Participant and, in so
doing, may use discretion to decrease, but not increase, the amount of the Award otherwise payable
to the Participant based upon such performance. The maximum Award payable to any Participant with
respect to each Plan Year (or portion thereof) contained within a Performance Period shall be
$3,000,000.

     Section 4.04. Payment of Awards. Awards shall be paid in a lump sum cash payment as
soon as administratively feasible after the amount thereof has been determined and certified in
accordance with section 4.03; provided that such payment is made no later than 2.5 months following
the end of the Performance Period.

ARTICLE 5 ADMINISTRATION.

     Section 5.01. In General. The Committee shall have full and complete authority, in
its sole and absolute discretion, (i) to exercise all of the powers granted to it under the Plan;
(ii) to construe, interpret and implement the Plan and any related document; (iii) to prescribe,
amend, and rescind rules relating to the Plan; (iv) to make all determinations necessary or
advisable in administering the Plan; and (v) to correct any defect, supply any omission, and
reconcile any inconsistency in the Plan.

     Section 5.02. Determinations. The actions and determinations of the Committee or
others to whom authority is delegated under the Plan on all matters relating to the Plan and any
Performance Grants shall be final and conclusive. Such determinations need not be uniform and may
be made selectively among persons who receive, or are eligible to receive, Performance Grants under
the Plan, whether or not such persons are similarly situated.

     Section 5.03. Appointment of Experts. The Committee may appoint such accountants,
attorneys, and other experts as it deems necessary or desirable in connection with the
administration of the Plan.

     Section 5.04. Delegation. The Committee may delegate to others the authority to
execute and deliver such instruments and documents, to do all such acts and things, and to take all
such other steps deemed necessary, advisable or

5

 

convenient for the effective administration of the Plan in accordance with its terms and
purposes, except that the Committee shall not delegate any authority with respect to duties it is
required to perform under section 162(m) of the Code.

     Section 5.05. Books and Records. The Committee and others to whom the Committee has
delegated such duties shall keep a record of all their proceedings and actions and shall maintain
all such books of account, records, and other data as shall be necessary for the proper
administration of the Plan.

     Section 5.06. Payment of Expenses. The Company shall pay all reasonable expenses of
administering the Plan, including, but not limited to, the payment of professional and expert fees.

     Section 5.07. Code Section 162(m). Except for payments made pursuant to section 6.02,
it is the intent of the Company that this Plan and Awards satisfy the applicable requirements of
“performance-based compensation” under Code section 162(m) so that the Company’s tax deduction for
remuneration in respect of this Plan for services performed by Participants who are or may be
Covered Employees is not disallowed in whole or in part by the operation of such Code section. If
any provision of this Plan or if any Award would otherwise frustrate or conflict with such intent,
that provision to the extent possible shall be interpreted and deemed amended so as to avoid such
conflict, and, to the extent of any remaining irreconcilable conflict with such intent, that
provision shall be deemed void as applicable to such Covered Employees. With respect to any Award
under the Plan that does not qualify as performance-based compensation for purposes of Code
section 162(m), the Committee is authorized to defer payment of such Awards; provided that the
payment is made as soon as reasonably practicable following the first date on which the Committee
reasonably anticipates that, if the payment were made on such date, the Company’s deduction would
no longer be restricted due to the application of Code section 162(m).

ARTICLE
6 TERMINATION OF EMPLOYMENT AND
CHANGE OF CONTROL.

     Section 6.01. Termination of Employment. In the event of the termination of
employment of a Participant due to death, Total Disability, or Retirement, the Participant shall
receive a prorated portion of the Award, based upon the length of the Participant’s employment
during the Performance Period. The Committee will determine the amount of the prorated award by
multiplying the amount of the award that would have been earned, determined at the end of the
Performance Period, by a fraction. The numerator of the fraction equals the number of whole months
such Participant was employed during the Performance Period. The denominator of the fraction
equals the total number of months of the Performance Period. This section 6.01 shall apply only if
the Company meets the Performance

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Goal (or the minimum of the performance range, if any) specified in the Performance Grant.
The Participant will receive no Award if the Company does not meet the Performance Goal specified
in the Performance Grant. Except as otherwise provided in the Plan, no Award with respect to a
Performance Period will be payable to any Participant who is not an employee of the Company on the
last day of such Performance Period.

     Section 6.02. Change of Control. Awards shall become immediately payable upon a
Change of Control. If the Change of Control occurs during a Performance Period, the Committee
shall meet to determine if the Performance Goal is partially satisfied or is likely to be fully
satisfied based upon the Company’s performance to that date. If the Committee determines that the
Performance Goal is partially satisfied or is likely to be fully satisfied, the Committee shall
certify this determination in writing, and a prorated portion of the Award shall become immediately
payable. The prorated portion of the Award shall be determined pursuant to the fraction described
in section 6.01, except that the numerator shall include the whole number of months that have
elapsed during a Performance Period and prior to the Change of Control. Notwithstanding any other
provision of the Plan, the Committee shall not have discretion to reduce the amount of Awards if a
Change of Control occurs during a Performance Period and/or before the Performance Goal is
certified in accordance with section 4.03.

ARTICLE 7 MISCELLANEOUS.

     Section 7.01. Nonassignability. Except as otherwise provided in the Plan, no
Performance Grant or Award shall be assignable or transferable (including pursuant to a pledge or
security interest) other than by will or by laws of descent and distribution.

     Section 7.02. Withholding Taxes. The Company shall be entitled, if necessary or
desirable, to withhold from any Participant, from any amounts due and payable by the Company to
such Participant (or secure payment from such Participant in lieu of withholding), the amount of
any withholding or other tax due from the Company with respect to any Award under the Plan.

     Section 7.03. Amendment or Termination of the Plan. The Plan may be amended or
terminated by the Board in any respect except that (i) no amendment may be made after the date on
which an Eligible Employee is selected as a Participant for a Performance Period that would
adversely affect the rights of such Participant with respect to such Performance Period without the
consent of the affected Participant, (ii) no amendment to increase the maximum Award payable under
the Plan shall be effective without the approval of the shareholders of the Company or if, in the
opinion of counsel to the Company, such approval is necessary to satisfy the intent set forth in
section 5.07, and (iii) the Plan may not

7

 

be amended or terminated for two years after the date a Change of Control occurs. Effective
January 1, 2008, the Board has authorized the Committee to act on behalf of the Company for
purposes of the Plan.

     Section 7.04. Other Payments or Awards. Nothing contained in the Plan will be deemed
in any way to limit or restrict the Company from making any award or payment to any person under
any other plan, arrangement or understanding, whether now existing or hereafter in effect.

     Section 7.05. Payments to Other Persons. If payments are legally required to be made
to any person other than the person to whom any amount is payable under the Plan, such payments
will be made accordingly. Any such payment will be a complete discharge of the liability of the
Company under the Plan.

     Section 7.06. Unfunded Plan. Nothing in this Plan will require the Company to
purchase assets or place assets in a trust or other entity to which contributions are made or
otherwise to segregate any assets for the purpose of satisfying any obligations under the Plan.
Participants will have no rights under the Plan other than as unsecured general creditors of the
Company.

     Section 7.07. No Fiduciary Relationship or Responsibility. The Plan is not subject to
ERISA. Under ERISA and related federal laws, the Company is not a fiduciary with respect to the
Plan, and has no fiduciary obligation with respect to any Participant, beneficiary, or other person
claiming a right hereunder. Further, nothing herein contained, and no action or inaction arising
pursuant hereto, shall give rise under state or federal law to a trust of any kind or create any
fiduciary relationship of any kind or degree for the benefit of Participants, any beneficiary, or
any other person.

     Section 7.08. Limits of Liability and Indemnity. Neither the Board nor the Committee,
nor any members of either, nor any employees of the Company or its affiliated units, shall be
liable for any act, omission, interpretation, construction, or determination made in good faith in
connection with their responsibilities with respect to the Plan, and the Company hereby agrees to
indemnify the members of the Board, the members of the Committee, and the employees of the Company
and its affiliated units with respect to any claim, loss, damage, or expense (including counsel
fees) arising from any such act, omission, interpretation, construction or determination with
respect to the Plan or any action taken pursuant to it to the full extent permitted by law and the
Articles of Incorporation of the Company.

     Section 7.09. Right to Awards. No employee of the Company or its affiliated units or
other person shall have any claim or right to be a Participant in this Plan or to be granted a
Performance Grant or Award hereunder. Neither the adoption of this Plan nor any action taken
hereunder shall be construed as giving

8

 

any Participant any right to be retained in the employ of the Company or any affiliated unit
nor shall the grant of any Performance Grant or Award hereunder constitute a request or consent to
postpone the retirement date of a Participant. Nothing contained hereunder shall be construed as
giving any Participant or any other person any equity or interest of any kind in any assets of the
Company or creating a trust of any kind or a fiduciary relationship of any kind between the Company
and any such person. As to any claim for any unpaid amounts under the Plan, any Participant or any
other person having a claim for payments shall be an unsecured creditor.

     Section 7.10. Section Headings. Section headings used herein are for convenience and
reference only, and in the event of any conflict, the text of the Plan, rather than the section
headings, will control.

     Section 7.11. Severability. Whenever possible, each provision of this Plan shall be
interpreted in such manner as to be effective and valid under applicable law; provided, however,
that if any provision of this Plan shall be held to be prohibited or invalid under such applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions of this Plan.

     Section 7.12. Applicable Law. This Plan shall be governed, administered, construed
and enforced according to the laws of the United States and the State of Wisconsin to the extent
not preempted by the laws of the United States.

     Section 7.13. Transfers and Leaves. A change in employment or service from the
Company to an affiliated unit of the Company, or vice versa, shall not constitute termination of
employment or service for purposes of the Plan. Furthermore, the Committee (or Board in case of a
member of the Committee) may determine that for purposes of the Plan, a Participant who is on leave
of absence will still be considered as in the continuous employment or service of the Company.

     Section 7.14. Effective Date/Term. The Plan shall become effective upon its adoption
by the Committee and the Company, subject to shareholder approval of the Plan as described below.
The Company shall not make any payments under the Plan until the Plan is approved (or reapproved,
as applicable) by the Company’s shareholders in a manner that satisfies the requirements of
section 162(m) of the Code. Any Performance Grant agreement issued prior to receiving shareholder
approval shall specifically provide that the grant is contingent upon approval of the Plan by the
Company’s shareholders. If the Plan is not approved by the shareholders by the 23rd day of April,
2003, the Plan becomes ineffective, null, and void as of the date of it was adopted by the

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Company and the Committee, and all Performance Grants under the Plan immediately terminate.

     Adopted by the Administrative Committee of the Board of Directors: March 4, 2003.

     Adopted by the Board of Directors: March 4, 2003.

     Approved by Shareholders at the April 23, 2003 Annual Meeting.

     Adopted by the Compensation and Benefits Committee of the Board of Directors: October 28, 2008.

     Adopted by the Board of Directors: April October 28, 2008.

10EX-10(K)

Exhibit (10)(k)

ASSOCIATED BANC-CORP

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Restated Effective January 1, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 Establishment of Plan and Purpose
	 	 	1-1	 
	 
	 	 	 	 
	1.01 Establishment of Plan
	 	 	1-1	 
	 
	 	 	 	 
	1.02 Purpose of Plan
	 	 	1-1	 
	 
	 	 	 	 
	ARTICLE 2 Definitions and Construction
	 	 	2-1	 
	 
	 	 	 	 
	2.01 Definitions
	 	 	2-1	 
	 
	 	 	 	 
	2.02 Construction
	 	 	2-3	 
	 
	 	 	 	 
	ARTICLE 3 Eligibility
	 	 	3-1	 
	 
	 	 	 	 
	3.01 Conditions of Eligibility
	 	 	3-1	 
	 
	 	 	 	 
	3.02 Commencement of Participation
	 	 	3-1	 
	 
	 	 	 	 
	3.03 Termination of Participation
	 	 	3-1	 
	 
	 	 	 	 
	ARTICLE 4 Amount of Benefit
	 	 	4-1	 
	 
	 	 	 	 
	4.01 Amount of Benefit
	 	 	4-1	 
	 
	 	 	 	 
	4.02 Vesting
	 	 	4-1	 
	 
	 	 	 	 
	ARTICLE 5 Distributions
	 	 	5-1	 
	 
	 	 	 	 
	5.01 Time and Form of Benefits
	 	 	5-1	 
	 
	 	 	 	 
	5.02 Distribution Election Change
	 	 	5-1	 
	 
	 	 	 	 
	5.03 Death Benefit
	 	 	5-1	 
	 
	 	 	 	 
	ARTICLE 6 Administration of the Plan
	 	 	6-1	 
	 
	 	 	 	 
	6.01 Appointment of Separate Administrator
	 	 	6-1	 
	 
	 	 	 	 
	6.02 Powers and Duties
	 	 	6-1	 
	 
	 	 	 	 
	6.03 Records and Notices
	 	 	6-2	 

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	 	 	Page	 
	6.04 Compensation and Expenses
	 	 	6-2	 
	 
	 	 	 	 
	6.05 Limitation of Authority
	 	 	6-2	 
	 
	 	 	 	 
	ARTICLE 7 General Provisions
	 	 	7-1	 
	 
	 	 	 	 
	7.01 Assignment
	 	 	7-1	 
	 
	 	 	 	 
	7.02 Employment Not Guaranteed by Plan
	 	 	7-1	 
	 
	 	 	 	 
	7.03 Termination and Amendment
	 	 	7-1	 
	 
	 	 	 	 
	7.04 Contingency
	 	 	7-1	 
	 
	 	 	 	 
	7.05 Notice
	 	 	7-1	 
	 
	 	 	 	 
	7.06 Limitation on Liability
	 	 	7-2	 
	 
	 	 	 	 
	7.07 Indemnification
	 	 	7-2	 
	 
	 	 	 	 
	7.08 Headings
	 	 	7-2	 
	 
	 	 	 	 
	7.09 Severability
	 	 	7-2	 
	 
	 	 	 	 
	ARTICLE 8 Memorandum Account
	 	 	8-1	 
	 
	 	 	 	 
	8.01 Nature of Account
	 	 	8-1	 
	 
	 	 	 	 
	8.02 Credit to Memorandum Account
	 	 	8-1	 
	 
	 	 	 	 
	8.03 Changes in Memorandum Account
	 	 	8-1	 
	 
	 	 	 	 
	8.04 Valuation of Memorandum Account
	 	 	8-2	 

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ASSOCIATED BANC-CORP

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

INTRODUCTION

          Effective January 1, 1986, Associated Banc-Corp (the “Company”) adopted the Associated
Banc-Corp Supplemental Executive Retirement Plan (the “Plan”) to benefit certain of its employees
by facilitating the accumulation of funds for their retirement. The Plan was restated in its
entirety effective as of January 1, 1996. The Plan was subsequently amended and restated effective
January 1, 2008 to comply with section 409A of the Internal Revenue Code (the “Code”).

          This introduction and the following Articles, as amended from time to time, comprise the Plan.

ARTICLE 1

Establishment of Plan and Purpose

          1.01 Establishment of Plan. The Company established the Plan, effective as of January 1,
1986. The Plan was restated in its entirety effective as of January 1, 1996. The Plan was
subsequently restated effective January 1, 2008.

          1.02 Purpose of Plan. The Plan is designed to provide a select group of management and
highly compensated employees with the benefits they would have received under the Associated
Banc-Corp Qualified Plans if not for the limitations of the Code including sections 401(a)(17)
and 415. By allowing key management employees to participate in the Plan, the Company expects the
Plan to benefit it in attracting and retaining the most capable individuals to fill its executive
positions.

               The parties intend that the arrangements described herein be unfunded for tax purposes and for
purposes of Title I in the Employee Retirement Income Security Act of 1974, as amended from time to
time (“ERISA”).

1-1

 

ARTICLE 2

Definitions and Construction

          As used herein, the following words shall have the following meanings:

          2.01 Definitions.

               (a) Administrator. The Company or other person or persons selected by the Company
pursuant to Article 6 below to control and manage the operation and administration of the Plan.

               (b) Annual Earnings. The total compensation of a Participant as shown on the Participant’s
Internal Revenue Service Form W-2, plus (i) any amount contributed by the Company at the election
of the Participant to a plan qualifying under sections 125 or 401(k) of the Code, (ii) any amount
received as a discretionary bonus from an affiliated entity, (iii) any base salary amounts deferred
for the calendar year pursuant to any nonqualified cash or deferred compensation arrangement
maintained by the Employer, and (iv) any amount received from a formalized bonus program, including
any such bonus deferred to any nonqualified cash or deferred compensation arrangement maintained by
the Employer. Annual Earnings does not include (i) distributions received by a Participant
from any nonqualified cash or deferred compensation arrangement maintained by the Employer, (ii)
imputed income under the Code with respect to excess life insurance contributions, (iii) worker’s
compensation payments for time lost, (iv) travel allowances and reimbursements, (v) moving expense
reimbursements, (vi) benefits paid pursuant to any qualified plan maintained by the Employer, (vii)
imputed income under the Code with respect to employer-owned automobiles, and (viii) income
resulting from subsidized purchases made under an employee stock purchase plan maintained by the
Company.

               (c) Qualified Plans. The Associated Banc-Corp Retirement Account Plan and the Associated
Banc-Corp 401(k) and Employee Stock Ownership Plan.

               (d) Beneficiaries. The spouse or descendants of Participant or any other person designated
under the Plan to receive benefits hereunder in the event of a Participant’s death.

               (e) Company. Associated Banc-Corp, a Wisconsin banking corporation and any subsidiary,
successor or affiliate which has adopted the Plan and any successor thereto. The board of
directors of Associated

2-1

 

Banc-Corp has authorized the Compensation and Benefits Committee of the board to act on behalf of
the Company for purposes of the Plan.

               (f) Employee. An employee of the Company.

               (g) Employment. Employment with the Company.

               (h) Participants. Such management and highly compensated Employees whom the Company
identifies as eligible to participate hereunder. Notwithstanding the foregoing, an otherwise
eligible Employee may be excluded from participation in the Plan by contract or other agreement
between the Company and the Employee.

               (i) Plan. The Associated Banc-Corp Supplemental Executive Retirement Plan, as stated
herein and as amended from time to time.

               (j) Plan Year. The period beginning on January 1, 1986 and ending on December 31, 1986,
and thereafter each 12-month period beginning on January 1 and ending on each subsequent
December 31.

               (k) Trust Agreement. Any instrument executed by the Company and the Trustee fixing
the rights and liabilities of each with respect to holding and administering the Trust Fund.

               (l) Trustee. The Trustee or any successor Trustee, appointed by the Company, acting
in accordance with the terms of the Trust Agreement.

                    In the absence of a Trust Agreement, the Trustee shall maintain records of Accounts under the
Plan and perform such other duties regarding valuation and investment as described in the Plan.
The Trustee, or any successor Trustee, shall have the right to resign as Trustee upon thirty (30)
days’ prior written notice to the Company (unless the requirement of such notice is waived by the
Company). The Company may at any time remove the Trustee upon thirty (30) days’ prior written
notice to the Trustee (unless the requirement of such notice is waived by the Trustee). In the
event of the resignation or removal of the Trustee, a successor Trustee shall be appointed by the
Company.

               (m) Trust Fund. All assets held by the Trustee for the purposes of the Plan in
accordance with the terms of the Trust Agreement. The Company may establish such a Trust Fund
(known as a “rabbi trust”) for the purpose of accumulating funds to satisfy all obligations
incurred by the Company under the Plan.

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          2.02 Construction. The provisions of the Plan shall be construed, administered and
enforced in accordance with the applicable federal law including the requirements of Code section
409A and other guidance provided by the Internal Revenue Service and the laws of the State of
Wisconsin, as amended from time to time Words used in the masculine gender shall include the
feminine and words used in the singular shall include the plural, as appropriate. The words
“hereof,” “herein,” “hereunder” and other similar compounds of the word “here” shall refer to the
entire Agreement, not to a particular section. All references to statutory sections shall include
the section so identified as amended from time to time or any other statute of similar import. If
any provisions of the Code, ERISA or other statutes or regulations render any provisions of this
Plan unenforceable, such provision shall be of no force and effect only to the minimum extent
required by such law.

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ARTICLE 3

Eligibility

          3.01 Conditions of Eligibility. The Administrator shall, from time to time, specify the
management and highly compensated Employees eligible to participate herein, consistent with the
guidelines in effect as of the date of selection as determined by the Company from time to time.

          3.02 Commencement of Participation. An individual identified as eligible to participate
herein shall commence participation as of the date designated by the Company.

          3.03 Termination of Participation. An individual’s right to defer compensation hereto
shall cease as of the earlier of the termination of his Employment or action by the Company
removing him from the Employees eligible to participate herein. At that time the Employee become
an inactive participant. Notwithstanding, a Participant shall remain a Participant with respect to
benefits accrued under the Plan until the Company has satisfied all liabilities under the Plan with
respect to the Participant.

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ARTICLE 4

Amount of Benefit

          4.01 Amount of Benefit. A Participant shall accrue an annual benefit under this Plan equal
to the excess of the amount the Participant would have accrued under the Qualified Plans.

          4.02 Vesting. A Participant shall be 100% vested in the benefits provided under this Plan
after five (5) years of service with the Company, as determined under the Qualified Plans.

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ARTICLE 5

Distributions

          5.01 Time and Form of Benefits.A Participant shall elect the time and form in which his
benefits are payable at the time amounts are allocated to the Participant under the Plan. A
Participant’s election shall apply to all amounts credited to the Memorandum Account of the
Participant for the Plan Year with respect to which the election is made. Any such elections shall
be made on forms and in the manner prescribed by the Administrator and shall be irrevocable, except
as permitted in section 5.02 of the Plan. Except as otherwise permitted by rules established by
the Administrator and applicable law, the distribution election for amounts contributed in a Plan
Year must be made prior to commencement of the Plan Year.

               In no event shall distributions to a Participant who receives distributions as a result of a
separation from service occur prior to six months after the Participant’s separation from service.

          5.02 Distribution Election Change A Participant may subsequently elect to delay the timing
or change the form(s) of distribution elected in accordance with rules established by the
Administrator, provided that any subsequent election must be (i) made at least 12 months prior to
the date such payment otherwise would have been made, and (ii) the payment with respect to which
such election is made is deferred for a period of not less than five years from the date such
payment otherwise would have been made.

          5.03 Death Benefit. If a Participant dies prior to the commencement of benefits under the
Plan, his Beneficiaries shall receive a lump sum distribution of his accrued benefits under the
Plan as soon as administratively feasable following death. . If a Participant dies while receiving
benefits from the Plan, the death benefit, if any, payable to his Beneficiaries shall be determined
in accordance with the form of distribution selected by the Participant pursuant to section 5.01 of
this Plan.

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ARTICLE 6

Administration of the Plan

          6.01 Appointment of Separate Administrator. The Company shall, in writing, appoint a
separate Administrator. Any person, including, but not limited to, Employees, shall be eligible to
serve as Administrator. Two or more persons may form a committee to serve as Administrator.
Persons serving as Administrator may resign by written notice to the Company and the Company may
appoint or remove such persons. An Administrator consisting of more than one person shall act by a
majority of its members at the time in office, either by vote at a meeting or in writing without a
meeting. An Administrator consisting of more than one person may authorize any one or more of its
members to execute any document or documents on behalf of the Administrator, in which event the
Administrator shall notify the Company of the member or members so designated. The Company shall
accept and rely upon any document executed by such member or members as representing action by the
Administrator until the Administrator shall file with the Company a written revocation of such
designation. No person serving as Administrator shall vote or decide upon any matter relating
solely to himself or solely to any of his rights or benefits pursuant to the Plan.

          6.02 Powers and Duties. The Administrator shall administer the Plan in accordance with its
terms. The Administrator shall have full and complete authority and control with respect to Plan
operations and administration unless the Administrator allocates and delegates such authority or
control pursuant to the procedures stated in subsection (b) or (c) below. Any decisions of the
Administrator or its delegate shall be final and binding upon all persons dealing with the Plan or
claiming any benefit under the Plan. The Administrator shall have all powers which are necessary
to manage and control Plan operations and administration including, but not limited to, the
following:

               (a) To employ such accountants, counsel or other persons as it deems necessary or desirable in
connection with Plan administration. The Company shall bear the costs of such services and other
administrative expenses.

               (b) To designate in writing persons other than the Administrator to perform any of its powers
and duties hereunder.

               (c) To allocate in writing any of its powers and duties hereunder to those persons who have
been designated to perform Plan fiduciary responsibilities.

6-1

 

               (d) The discretionary authority to construe and interpret the Plan, including the power to
construe disputed provisions.

               (e) To resolve all questions arising in the administration, interpretation and application of
the Plan, including, but not limited to, questions as to the eligibility or the right of any person
to a benefit.

               (f) To adopt such rules, regulations, forms and procedures from time to time as it deems
advisable and appropriate in the proper administration of the Plan.

               (g) To prescribe procedures to be followed by any person in applying for distributions
pursuant to the Plan and to designate the forms or documents, evidence and such other information
as the Administrator may reasonably deem necessary, desirable or convenient to support an
application for such distribution.

               (h) To apply consistently and uniformly rules, regulations and determinations to all
Participants and beneficiaries in similar circumstances.

          6.03 Records and Notices. The Administrator shall keep a record of all its proceedings and
acts and shall maintain all such books of accounts, records and other data as may be necessary for
proper plan administration. The Administrator shall notify the Company of any action taken by the
Administrator which affects the Trustee’s Plan obligations or rights and, when required, shall
notify any other interested parties.

          6.04 Compensation and Expenses. The expenses incurred by the Administrator in the proper
administration of the Plan shall be paid from the Company. An Administrator who is an Employee
shall not receive any additional fee or compensation for services rendered as an Administrator.

          6.05 Limitation of Authority. The Administrator shall not add to, subtract from or modify
any of the terms of the Plan, change or add to any benefits prescribed by the Plan, or waive or
fail to apply any Plan requirement for benefit eligibility.

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ARTICLE 7

General Provisions

          7.01 Assignment. No Participant or Beneficiary may sell, assign, transfer, encumber or
otherwise dispose of the right to receive payments hereunder. A Participant’s rights to benefit
payments under the Plan are not subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment or garnishment by creditors of the Participant or the
Participant’s beneficiary.

          7.02 Employment Not Guaranteed by Plan. The establishment of this Plan, its amendments and
the granting of a benefit pursuant to the Plan shall not give any Participant the right to
continued Employment or limit the right of the Company to dismiss or impose penalties upon the
Participant or modify the terms of Employment of any Participant.

          7.03 Termination and Amendment. The Company may at any time and from time to time
terminate, suspend, alter or amend this Plan and no Participant or any other person shall have any
right, title, interest or claim against the Company, its directors, officers or employees for any
amounts, except that Participant shall be vested in his Memorandum Account hereunder as of the date
on which the Plan is terminated, suspended, altered or amended and (unless the Company and
Participant agree to the contrary) such amount shall (a) continue to fluctuate pursuant to the
investment election then in effect and (b) be paid to the Participant or his Beneficiaries at the
time and in the manner provided by Article 5 above.

          7.04 Contingency. The Company may apply for private rulings from the United States
Department of Labor as to the exemption of the arrangement described herein from the reporting and
disclosure requirements of ERISA and from the Internal Revenue Service as to the deductibility from
taxable income of benefits paid hereunder or the exclusion of amounts deferred hereunder from the
taxable income of Participant until paid. If the Company applies for a private letter ruling from
the Department of Labor or Internal Revenue Service and does not receive a satisfactory reply
thereto, the Company may deem this Plan terminated, in which event, the parties shall treat all
amounts deferred hereunder as immediately payable to the Participants and all parties’ rights and
obligations hereunder shall thereupon cease.

          7.05 Notice. Any and all notices, designations or reports provided for herein shall be in
writing and delivered personally or by registered or certified mail, return receipt requested,
addressed, in the case of the Company, its board of directors or

7-1

 

Administrator, to the Company’s principal business office and, in the case of a Participant or
Beneficiary, to his home address as shown on the records of the Company.

          7.06 Limitation on Liability. In no event shall the Company, Administrator or any
Employee, officer or director of the Company incur any liability for any act or failure to act
unless such act or failure to act constitutes a lack of good faith, willful misconduct or gross
negligence with respect to the Plan.

          7.07 Indemnification. The Company shall indemnify the Administrator and any Employee,
officer or director of the Company against all liabilities arising by reason of any act or failure
to act unless such act or failure to act is due to such person’s own gross negligence or willful
misconduct or lack of good faith in the performance of his duties to the Plan or Trust Fund. Such
indemnification shall include, but not be limited to, expenses reasonably incurred in the defense
of any claim, including attorney and legal fees, and amounts paid in any settlement or compromise;
provided, however, that indemnification shall not occur to the extent that it is not permitted by
applicable law. Indemnification shall not be deemed the exclusive remedy of any person entitled to
indemnification pursuant to this section. The indemnification provided hereunder shall continue as
to a person who has ceased acting as a director, officer, member, agent or Employee of the
Administrator or as an officer, director or Employee of the Company, and such person’s rights shall
inure to the benefit of his heirs and representatives.

          7.08 Headings. All articles and section headings in this Plan are intended merely for
convenience and shall in no way be deemed to modify or supplement the actual terms and provisions
stated thereunder.

          7.09 Severability. Any provision of this Plan prohibited by law shall be ineffective to
the extent of any such prohibition, without invalidating the remaining provisions hereof. The
illegal or invalid provisions shall be fully severable and this Plan shall be construed and
enforced as if the illegal or invalid provisions had never been inserted in this Plan.

7-2

 

ARTICLE 8

Memorandum Account

          8.01 Nature of Account. Only for the purpose of measuring payments due Participants
hereunder, the Company shall maintain on behalf of each Participant a Memorandum Account to which
the Company shall credit the amounts described in this Article 8.

               The Memorandum Account hereunder and assets, if any and of any nature, acquired by the Company
to measure a Participant’s benefits hereunder shall not constitute or be treated for any reason as
a trust for, property of or a security interest for the benefit of, Participant, his Beneficiaries
or any other person. Participant and the Company acknowledge that the Plan constitutes a promise
by the Company to pay benefits to the Participants or their beneficiaries, that Participants’
rights hereunder are limited to those of general unsecured creditors of the Company and that the
establishment of the Plan, acquisition of assets to measure Participant’s benefits hereunder does
not prevent any property of the Company from being subject to the rights of all the Company’s
creditors.

          8.02 Credit to Memorandum Account. As of the last day of each Plan Year, the Company shall
credit to the Memorandum Account of each Participant the amount, if any, accrued in accordance with
section 4.01.

          8.03 Changes in Memorandum Account. Each Participant may specify his investment
preferences for his Memorandum Account by completing and submitting an Investment Preference Form
provided by the Administrator. Final approval of the Participant’s investment selection is within
the discretion of the Administrator, and the Trustee. The Participant’s Memorandum Account shall
be adjusted to reflect the income and losses and increase or decrease in value experienced by
assets as if the amounts were invested according to the Participant’s preferences, subject to final
approval by the Administrator and Trustee. A Participant’s Memorandum Account shall also reflect
expenses generated by, and related to, the investment choices made in accordance with the
Investment Preference Form.

               A Participant may submit a new Investment Preference Form to the Administrator as frequently
as may be allowed by the Administrator or a third-party delegate, consistent with any procedures
that may be approved by the Company. All elections must be in writing and must be signed by the
Administrator.

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          8.04 Valuation of Memorandum Account. Within 90 days after the last day of each Plan Year,
the Company shall provide each Participant or his Beneficiaries a statement indicating the balance
of his Memorandum Account as of the last day of such Plan Year, reflecting the amount of deferrals,
if any, occurring for such year, together with all other changes in value during the Plan Year.
Participants who disagree with the information provided in such statements must submit objections,
in writing, to the Administrator within 90 days of receipt of such statements.

8-2

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