ASSOCIATED BANC-CORP
For the period ended Apr 28, 2026. Filed Mar 16, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 28, 2026 · Filed Mar 16, 2026
Contents
2025 Overview
The Committee typically reviews the total compensation of the CEO and other ELT members annually in October against
Associated’s pay philosophy and leverages research by the compensation consultant in determining appropriate levels of
compensation. The Committee uses input from the CEO in setting the compensation of the ELT members and his assessment of
executive performance against financial and budgetary goal achievement, significant business line project and objective
success, and other individual performance objectives in determining pay outcomes.
Total compensation packages for the CEO and other NEOs are composed of both fixed and variable components (which are
primarily performance-based) and include short- and long-term compensation. In making compensation-related decisions, the
Committee considered information that compared each executive’s base salary and total compensation to the 25 th, 50 th and 75 th
percentiles of these market reference points against the peer group and survey data.
For 2025, both short- and long-term incentive target opportunities continued to be set at a consistent percentage of base salary
considering the market median for each NEO. The approach aligns with market practice and enhances pay-for-performance
outcomes. The Committee’s objective is to deliver the majority of executive compensation through variable pay opportunities
that are based on Associated’s performance.
Our focus on variable elements of compensation continued to constitute the majority of the CEO’s and each other NEO’s total
compensation, with long-term, equity-based incentives representing the majority of the variable component of compensation.
This pay mix provides a direct link between executive compensation and shareholder value, fosters equity ownership among the
ELT, and provides a balanced risk profile, all in keeping with the Committee’s objectives for the Company’s executive
compensation program. The table below contains specific information regarding the components of each NEO’s 2025 total
compensation.
| 2025 Executive Target Direct Compensation | ||||||
|---|---|---|---|---|---|---|
| Named Executive Officer | BaseSalary$ | Short-Term Incentive Target as a % of Base Salary | Short-Term IncentiveTarget $ | Long-Term Incentive Target as a % of Base Salary | Long-Term Incentive Target $ | Total Target Direct Compensation |
| Andrew J. Harmening | $1,120,000 | 150% | $1,680,000 | 250% | $2,800,000 | $5,600,000 |
| Derek S. Meyer | $600,000 | 80% | $480,000 | 110% | $660,000 | $1,740,000 |
| John A. Utz | $490,000 | 75% | $367,500 | 110% | $539,000 | $1,396,500 |
| Randall J. Erickson | $498,000 | 70% | $348,600 | 100% | $498,000 | $1,344,600 |
| Julio N. Manso | $450,000 | 70% | $315,000 | 90% | $405,000 | $1,170,000 |
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