ASSOCIATED BANC-CORP
For the period ended Apr 29, 2025. Filed Mar 17, 2025.
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Apr 29, 2025 · Filed Mar 17, 2025
Contents
SUMMARY COMPENSATION TABLE
| Name and Principal Position | Year | Salary ($) | Bonus ($)(6) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($)(2) | Change in Pension Value and Non-Qualified Deferred Compensation Earnings ($)(3) | All Other Compensation ($)(4) | Total($)(5) |
|---|---|---|---|---|---|---|---|---|
| Andrew J. HarmeningPresident and CEO | 2024 | $1,070,000 | $— | $2,674,986 | $1,657,965 | $5,655 | $64,482 | $5,473,089 |
| 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 | |
| Derek S. Meyer Executive Vice President, Chief Financial Officer | 2024 | $550,000 | $— | $604,997 | $454,520 | $5,175 | $48,756 | $1,663,448 |
| 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 Specialized Industries & Capital Markets and Milwaukee Market President | 2024 | $490,000 | $— | $538,980 | $379,628 | $13,452 | $60,106 | $1,482,166 |
| 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 | |
| Randall J. EricksonExecutive Vice President, General Counsel & Corporate Secretary | 2024 | $480,000 | $— | $479,980 | $347,088 | $11,724 | $70,236 | $1,389,028 |
| 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 | |
| David L. SteinExecutive Vice President, Head of Consumer & Business Banking and Madison Market President | 2024 | $435,000 | $— | $478,472 | $337,016 | $18,498 | $49,049 | $1,318,035 |
| 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 |
(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 10,
“Stock-Based Compensation,” of the Notes to Consolidated Financial Statements included in Part II, Item 8, “Financial Statements and Supplementary
Data,” of our 2024 Form 10-K. The grant date fair value of the 2024 performance-based RSU awards at the maximum level is approximately $3,009,368,
$680,622, $606,353, $539,986, and $538,281 for Mr. Harmening, Mr. Meyer, Mr. Utz, Mr. Erickson and Mr. Stein, respectively.
(2)Amounts reported in this column reflect incentive awards provided under the “Short-Term Incentive” described in the “Short-Term Incentive
Compensation” section beginning onpage 43.
(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 49 and in the Pension Benefits in 2024 table on page 55.
(4)Amounts in All Other Compensation for 2024 include the following: (see table immediately below)
Employer match on each participating NEO’s 2024 contributions to the 401(k) Plan;
2024 employer contributions to the SERP. Additional details regarding the SERP can be found in the “Retirement Plans” section beginning on
page 49 and in the Non-qualified Deferred Compensation in 2024 table onpage 55;
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 2024 contributions to the Employee Stock Purchase Plan;
Corporate gifts.
| Name | 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 | $17,250 | $30,127 | $13,805 | $— | $3,300 | $— | $— | $— |
| Derek S. Meyer | $17,250 | $13,751 | $13,805 | $— | $3,300 | $— | $— | $650 |
| John A. Utz | $17,250 | $19,118 | $13,805 | $4,788 | $3,300 | $225 | $1,470 | $150 |
| Randall J. Erickson | $17,250 | $18,652 | $13,805 | $16,379 | $3,300 | $200 | $— | $650 |
| David L. Stein | $17,250 | $17,879 | $12,480 | $1,290 | $— | $— | $— | $150 |
(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 35.
(6)Sign-on cash bonus.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.