Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 25

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 25
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 by the Merger Agreement or result in the failure to satisfy any condition to the closing of the Merger, except as may be required by applicable law.

American National has also agreed not to take certain actions that could prevent it from pursuing other beneficial opportunities or engaging
in certain business activities, subject to certain exceptions, that may arise prior to the completion of the Merger. Associated has agreed to a more limited set of restrictions on its business activities prior to the effective time. These
restrictions on American National and Associated could prevent them from pursuing certain business opportunities or taking certain corporate actions prior to the effective time of the Merger. See the section entitled “The Merger
Agreement — Covenants and Agreements — Conduct of Business Prior to the Completion of the Merger” for a description of the restrictive covenants applicable to Associated and American National.

The shares of Associated common stock to be received by American National shareholders as a result of the Merger will have different rights from the shares of American National common stock.

In the Merger, American National shareholders will become Associated shareholders, and
their rights as Associated shareholders will be governed by Wisconsin law and the governing documents of Associated. The rights associated with Associated common stock are different from the rights associated with American National common stock. See
the section entitled “Comparison of Shareholders’ Rights” for a discussion of the different rights associated with Associated common stock.

American National shareholders are not entitled to appraisal rights in the Merger.

Appraisal rights (also known as dissenters’ rights) are statutory rights that, if applicable under law, enable shareholders to dissent
from an extraordinary transaction, such as a merger, and to demand that the corporation

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pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to shareholders in connection with the extraordinary
transaction. Because the required shareholder vote to complete the Merger was obtained by unanimous written consent of the American National voting shareholders, there is no further American National shareholder approval required to complete the
Merger and the American National shareholders are not entitled to any dissenters’ or appraisal rights. See the section entitled “The Merger — No Dissenters’ or Appraisal Rights in the Merger” for more information
on dissenters’ rights.

The Merger Agreement limits American National’s ability to pursue alternatives to the Merger and may discourage other companies from trying to acquire American National.

The Merger Agreement contains “no shop” covenants that
restrict American National’s ability