Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 45

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 45
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 of the Merger Agreement. Accordingly, the representations and warranties in the Merger Agreement should not be relied on by any persons as characterizations of the actual
state of facts about Associated and American National at the time they were made or otherwise and should be read only in conjunction with the other information provided elsewhere in this information statement/prospectus or incorporated by reference
into this information statement/prospectus. Please see the section entitled “Where You Can Find More Information.”

Structure of the Merger

The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, American National will merge with and into
Associated, with Associated continuing as the surviving corporation in the Merger. Immediately following the Merger or at such later time as Associated may determine in its sole discretion, American National Bank will merge with and into Associated
Bank, with Associated Bank continuing as the surviving bank in the Bank Merger. The Merger Agreement was unanimously approved by the board of directors of each of Associated and American National.

Associated may, at any time prior to the effective time of the Merger, change the method of effecting the Merger if and to the extent
reasonably requested by Associated, and American National agrees to enter into such amendments to the Merger Agreement as Associated may reasonably request in order to give effect to such restructuring; provided, however, that unless the Merger
Agreement is amended by the agreement of each party

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in accordance with the terms in the Merger Agreement, no such change may (i) alter or change the amount or kind of the Merger Consideration, (ii) adversely affect the tax treatment of
the Merger with respect to American National shareholders, or (iii) be reasonably likely to cause the closing of the Merger (the “closing”) to be materially delayed or the receipt of the requisite regulatory approvals to be
prevented or materially delayed.

Merger Consideration

American National Common Stock

Under the terms and subject to the conditions set forth in the Merger Agreement, each share of American National common stock issued and
outstanding immediately prior to the effective time (excluding certain shares excepted under the Merger Agreement) will be converted into the right to receive 36.250 shares of Associated common stock (the “Merger Consideration”).

Associated will not issue any fractional shares of Associated common stock in the Merger. American National shareholders who would otherwise
be entitled to a fraction of a share of Associated common stock in the Merger will instead receive,