Board Justification

Associated’s executive compensation program is designed to provide each executive officer with a competitive total compensation package aligned with several objectives, including: providing a balanced program that rewards individual actions and behaviors that support Associated’s mission, business strategies and performance-based culture without incentivizing unnecessary and/or excessive risk-taking; targeting compensation at market-competitive median levels, while maintaining an overall compensation program that is aligned with and reflects the performance of Associated; providing a competitive mix of short-term and long-term variable compensation; and attracting and retaining executives whose judgment and leadership abilities result in overall success for Associated and increased value to our shareholders.

Board Justification

The amount of funds available in the corporate pool for distribution to all participants under the MIP is a function of total Corporate NIAT (weighted 70%) and the Fully Tax-Equivalent Efficiency Ratio (weighted 30%) performance at target, which was approximately 12.2% of Associated’s budgeted pre-tax, pre-cash incentive profit and, for 2021 performance, represented approximately 10.6% of Associated’s actual pre-tax, pre-cash incentive results.

Board Justification

Employer payment of relocation services for Mr. Harmening

Board Justification

N/A