Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 36

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 36
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 common stock in settlement of all obligations with respect to each outstanding American National stock bonus award and under the American National Stock Incentive Plan. The total number of shares of American National common stock
issued with respect to such settlement will not exceed 12,075 shares in the aggregate. In addition, American National will pay to each executive an additional cash payment (grossed up for the ordinary income taxes thereon) to cover fifty percent
(50%) of the taxable ordinary income arising due to the settlement of their award, with the aggregate amount of all such tax payments (including the gross-ups thereon) not to exceed $3,500,000.

The aggregate estimated value of American National stock bonus awards held by American National’s executive officers, plus the tax
reimbursement payments described above, assuming that the Merger occurs on December 1, 2025, is $9,606,250.

American National Employment Agreements

American National has entered into employment agreements that feature severance provisions with each of its
executive officers, with the exception of Mr. Kotouc and Ms. Lozier. Under the terms of these arrangements, covered executives may become entitled to severance benefits in the event of a qualifying termination of employment occurring in
connection with or following the completion of the Merger.

Pursuant to the American National employment agreements, if the
executive’s employment is terminated for any reason other than for cause, death, or disability, or the executive resigns for good reason during the term, as such terms are defined in the respective agreement, the executive will receive the
following severance benefits: (i) a prorated annual bonus for the year of termination based on achievement of applicable performance metrics, payable in a lump sum in cash at the same time annual bonuses are paid to peer executives;
(ii) Mr. Becker, Mr. Bemis, Ms. Gould, Mr. Hansen, Ms. Kotouc, Mr. Powell, Mr. Ridder and Mr. Tiedtke will receive an amount equal to a multiple ranging from 1x-3x of their average total compensation (as defined in the employment
agreement) for the three years immediately preceding the termination year, payable in two equal annual installments over two years (other than Mr. Tiedtke, whose severance payment will be paid in monthly installments over one year, and
Mr. Becker, whose severance will be paid in a single lump sum). Each executive officer will also receive