Associated Banc-Corp Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Associated Banc-Corp on January 25, 2022. The report addresses a specific corporate governance and compensation matter regarding the former President and Chief Executive Officer, Philip B. Flynn, under a pre-existing Retirement Agreement dated January 19, 2021.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only specific financial figure disclosed is a one-time compensation contribution of approximately $108,000 to the Supplemental Executive Retirement Plan (SERP) for Mr. Flynn.
Material Changes
On January 25, 2022, the Compensation and Benefits Committee of the Board of Directors approved a waiver to Section 4.01(c) of the SERP. This section typically requires a participant to be employed by the Company to accrue benefits. The waiver was necessary to fulfill the Company's obligation under the Retirement Agreement to contribute a minimum of 12.5% of Mr. Flynn's eligible compensation through his retirement date of December 31, 2021.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or general risk factors. The primary contingency addressed is the fulfillment of the contractual obligation to Mr. Flynn, which was resolved by the Board's approval of the waiver, enabling the $108,000 contribution.
Key Facts for Investor Verification
- The filing concerns a specific executive compensation waiver for former CEO Philip B. Flynn.
- The Board approved a waiver to the SERP employment requirement to honor the 2021 Retirement Agreement.
- The resulting financial impact is a SERP contribution of approximately $108,000.
- This report does not contain quarterly or annual financial performance data.