ASSOCIATED BANC-CORP
For the period ended Apr 30, 2024. Filed Mar 18, 2024.
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Apr 30, 2024 · Filed Mar 18, 2024
Contents
SUMMARY COMPENSATION TABLE
| Name and Principal Position · Year · Salary ($) · Bonus ($)(6) · Stock Awards ($)(1) · Option Awards ($)(1) · Non-Equity Incentive Plan Compensation ($)(2) · Change in Pension Value and Non-Qualified Deferred Compensation Earnings ($)(3)(7) · All Other Compensation ($)(4) · Total($)(5) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Andrew J. HarmeningPresident and CEO | 2023 | $1,030,000 | $— | $2,574,964 | $— | $1,035,150 | $5,134 | $101,473 | $4,746,720 | |||||||
| 2022 | $1,000,000 | $— | $2,499,973 | $— | $2,505,000 | $4,575 | $57,038 | $6,066,586 | ||||||||
| 2021 | $675,000 | $— | $9,174,980 | $— | $1,237,500 | $— | $242,612 | $11,330,092 | ||||||||
| Derek S. Meyer Executive Vice President, Chief Financial Officer | 2023 | $490,000 | $— | $538,986 | $— | $246,225 | $— | $75,668 | $1,350,880 | |||||||
| 2022 | $204,167 | $150,000 | $1,230,988 | $— | $257,260 | $— | $177,699 | $2,020,114 | ||||||||
| John A. UtzExecutive Vice President, Head of Corporate Banking and Milwaukee Market President | 2023 | $490,000 | $— | $538,986 | $— | $246,225 | $11,234 | $64,036 | $1,350,482 | |||||||
| 2022 | $473,750 | $— | $522,490 | $— | $596,533 | $7,638 | $60,686 | $1,661,098 | ||||||||
| 2021 | $445,000 | $— | $533,998 | $— | $367,100 | $10,864 | $41,910 | $1,398,872 | ||||||||
| Randall J. EricksonExecutive Vice President, General Counsel & Corporate Secretary | 2023 | $480,000 | $— | $479,980 | $— | $225,120 | $9,883 | $58,441 | $1,253,424 | |||||||
| 2022 | $470,000 | $— | $469,963 | $— | $514,511 | $6,959 | $54,674 | $1,516,107 | ||||||||
| 2021 | $460,000 | $— | $459,970 | $— | $328,900 | $10,354 | $43,564 | $1,302,789 | ||||||||
| David L. SteinExecutive Vice President, Head of Consumer & Business Banking and Madison Market President | 2023 | $435,000 | $— | $478,486 | $— | $218,588 | $15,182 | $55,129 | $1,202,384 | |||||||
| 2022 | $424,583 | $— | $467,496 | $— | $533,376 | $11,088 | $49,228 | $1,485,772 | ||||||||
| 2021 | $410,000 | $— | $491,972 | $— | $338,300 | $14,106 | $38,640 | $1,293,018 | ||||||||
(1) Stock Awards reflect the aggregate grant date fair value of awards with the grant date fair value for performance-based RSUs calculated at the target level. For further discussion and details regarding the accounting treatment and underlying assumptions relative to stock-based compensation, see Note 11, “Stock-Based Compensation,” of the Notes to Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary Data,” of our 2023 Form 10-K. The grant date fair value of the 2023 performance-based RSU awards at the maximum level is approximately $2,896,842, $606,360, $606,360, $539,985, and $538,305 for Mr. Harmening, Mr. Meyer, Mr. Utz, Mr. Erickson and Mr. Stein, respectively. Beginning in 2021, options are no longer granted.
(2) Amounts reported in this column reflect incentive awards provided under the “Short-Term Incentive Award,” described in the “Short-Term Incentive Compensation” section beginning onpage 31.
(3) Reflects the change in present value of the Retirement Account Plan (“RAP”). Further details regarding the RAP can be found in the “Retirement Plans” section beginning on page 37 and in the Pension Benefits in 2023 table on page 43.
(4) Amounts in All Other Compensation for 2023 include the following: (see table immediately below)
Employer payment of relocation services for Mr. Meyer;
Employer match on each participating NEO’s 2023 contributions to the 401(k) Plan;
2023 employer contributions to the SERP for each of the NEOs that qualified. Additional details regarding the SERP can be found in the “Retirement Plans” section beginning on page 37 and in the Nonqualified Deferred Compensation in 2023 table onpage 43;
Employer payment of financial planning services;
Employer payment of social and similar club dues for Mr. Utz, Mr. Erickson and Mr. Stein and a corporate club membership for which Mr. Erickson is the named member;
Employer payment of executive physicals for Mr. Harmening, Mr. Meyer, Mr. Utz and Mr. Erickson;
Employer payment of wellness rewards;
Employer match on each participating NEO’s 2023 contributions to the Employee Stock Purchase Plan; and
Corporate gifts.
| Name | On-Board / Off-Board | 401(k) Match | SERP Contribution | Financial Planning Services | Social and Similar Club Dues | Executive Physicals | Wellness Rewards | ESPP Stock Match | Corporate Gifts |
|---|---|---|---|---|---|---|---|---|---|
| Andrew J. Harmening | $— | $16,500 | $55,395 | $27,080 | $— | $2,400 | $— | $— | $98 |
| Derek S. Meyer | $29,879 | $16,500 | $13,500 | $13,389 | $— | $2,400 | $— | $— | $— |
| John A. Utz | $— | $16,500 | $24,848 | $13,805 | $4,788 | $2,400 | $225 | $1,470 | $— |
| Randall J. Erickson | $— | $16,500 | $23,468 | $13,805 | $2,191 | $2,400 | $— | $— | $78 |
| David L. Stein | $— | $16,500 | $23,076 | $12,480 | $2,975 | $— | $— | $— | $98 |
(5) For a description of the elements of executive compensation and the various factors affecting compensation levels, please see the “Executive Compensation - Compensation Discussion and Analysis” section beginning on page 26.
(6) Sign-on cash bonus.
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