Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 70

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 70
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 (B) Associated agreed to register the shares of Associated common stock to be issued to the American National voting shareholders on the
terms and subject to the conditions set forth in the Transfer, Voting and Registration Rights Agreement. Such transfer restrictions prohibit transfers of Associated common stock in the first 60 days following the completion of the Merger and, for
the remainder of the period through the first anniversary of the Merger, among other things, limit the public sale of shares to 150,000 shares per day (unless pursuant to a broadly distributed underwritten offering). Such transfer and voting
obligations will terminate at such time when the former American National voting shareholders cease to hold at least 5% of outstanding Associated voting securities, and each such shareholder’s registration rights will terminate once such
shareholder no longer holds any registrable securities of Associated.

The summary above and elsewhere in this information
statement/prospectus does not purport to be complete and is qualified in its entirety by reference to the complete text of the Transfer, Voting and Registration Rights Agreement, which is attached as Annex B to this information
statement/prospectus and incorporated by reference herein.

Associated and the American National voting shareholders also entered into an
agreement not to establish new or materially expand existing deposit relationships with competitors of American National Bank (and after the closing, Associated Bank, National Association) for one year following the effective time of the Merger (the
“deposit noncompetition agreement”).

49

MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE MERGER The following general discussion sets forth the anticipated material U.S. federal income tax consequences of the Merger to U.S. holders (as defined in this section) who exchange their American National common stock for Associated common stock in the Merger. This discussion does not address any tax consequences arising under the laws of any state, local or foreign jurisdiction or under any U.S. federal laws other than those pertaining to the income tax (such as estate or gift tax laws) and, except as expressly addressed below, any U.S. tax reporting requirements. This discussion is based upon the Code, the regulations promulgated thereunder by the U.S. Department of the Treasury (“Treasury Regulations”) and court and administrative rulings and decisions in effect on the date of this information statement/prospectus. These laws may change, possibly in a material and adverse manner and/or retroactively, or be subject to differing interpretations, and any such change or differing interpretation could affect the continuing validity and accuracy of