ASSOCIATED BANC-CORP

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’s intention is to pay base salaries that are competitive and aligned with the median of comparable executives in our peer group considering survey data from third-party sources (e.g., McLagan and Willis Towers Watson) and guidance from our executive compensation consultant. The Committee makes 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.

Based on Mr. Harmening’s 2022 performance and significant financial results, the Committee approved a 3% base salary increase effective January 1, 2023. No other NEO received a base salary increase for 2023.