Company: ASB
Filing Date: 2025-12-04
Form Type: 425
Source: 0001193125-25-307510
Chunk: 111

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-04
Form: 425
Chunk 111
---
 not to, Transfer any Covered Shares, and no Transfer of Covered Shares by it or any of its Permitted Transferees, may be effected except in compliance with this Article II. Any attempted Transfer in violation
of this Agreement shall be of no effect and null and void and shall not be recorded in the register of members of Parent. Notwithstanding the foregoing, this Article II shall cease to apply following a Parent Change of Control Transaction.

Section 2.2 . (a) During the first sixty (60) days following the Closing Date, no Shareholder
(including, for all purposes of this Section 2.2, such Shareholder’s Permitted Transferees) shall Transfer any of the Covered Shares received by it. After the sixtieth (60th) day following the Closing Date through the first anniversary of
the Closing Date, all Shareholders in the aggregate may Transfer up to 150,000 shares of Parent Common Stock on any single full trading day; , , that the limitations of this sentence shall not apply to any sale of Parent
Common Stock (a) pursuant to a Public Offering, (b) in a Private Transaction to any person that is not a Proscribed Holder, or (c) through any other transaction mutually agreed upon in writing by Parent and the Shareholder. Following
the first anniversary of the Closing Date, the restrictions on Transfer hereunder shall cease to apply, provided that no Shareholder shall knowingly, after reasonable inquiry, Transfer any Covered Shares to a Proscribed Holder. For purposes hereof:
(a) “” means any underwritten public offering registered under the Securities Act in which participating Shareholders use commercially reasonable efforts to (i) achieve broad distribution of voting securities
of Parent (“”) to public markets and (ii) not knowingly, after reasonable inquiry, effect sales to any Proscribed Holder; (b) “” means any person who (i) after
such purchase would Beneficially Own Parent Voting Securities representing five percent (5%) or more of the total voting power of Parent capital stock or (ii) would not, after reasonable inquiry, be eligible to report such ownership on Schedule
13G if Beneficial Ownership were five percent (5%) or more of the outstanding Parent Voting Securities; and (c) “” means any bona fide privately negotiated sale for the purchaser’s own account that is not
effected through any securities exchange or alternative trading system.

-3-

(b) Between the date hereof and the Closing Date, the parties will cooperate