Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 61

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 61
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) annual base salary or wages, as applicable, that are no
less than the annual base salary or wages in effect for each such employee immediately prior to the effective time, (ii) a total target annual cash compensation opportunity (including base salary or wages plus short-term cash bonus/incentive
opportunity at target) for each such employee that is comparable in the aggregate to the total target annual cash compensation opportunity (including base salary or wages plus short-term bonus/incentive opportunity at target, but not including the
American National stock bonus awards or any award under the American National Stock Incentive Plan) in effect for each such employee immediately prior to the effective time as determined by Associated, and
(iii) non-cash incentive compensation opportunities and employee benefits (excluding change in control or retention arrangements, any frozen benefit plans of Associated and its subsidiaries or benefit
plans that exclusively provide benefits to grandfathered employees of Associated and its subsidiaries) that are substantially comparable in the aggregate to those provided to similarly situated employees of Associated or its subsidiaries; provided
that, until Associated fully integrates the continuing employees into its plans, participation in the American National benefit plans will be deemed to satisfy the foregoing standards, it being understood that the continuing employees may commence
participation in the plans of Associated and its subsidiaries on different dates following the effective time with respect to different benefit plans. For the period commencing on the closing date and ending on the
6-month anniversary of the closing date, Associated shall pay severance as set forth in the Associated Disclosure Schedule to eligible American National employees who are terminated during such period without
“cause” subject to the execution and nonrevocation of a release of claims. Further, American National and Associated have agreed to cooperate to implement certain employment commitments set forth in the Associated Disclosure Schedule.

Regarding any employee benefit plans of Associated in which any continuing employees become eligible to participate on or after the
effective time (the “new plans”), Associated and its subsidiaries will use commercially reasonable efforts to: (i) waive all pre-existing conditions, exclusions and waiting periods with
respect to participation and coverage requirements applicable to such employees and their eligible dependents under any new plans, except to the extent such pre-existing conditions, exclusions or waiting
periods would apply under the analogous American National benefit plan and not for purposes of the fully insured long-term disability plan related to disabilities arising from pre-existing conditions as
defined under the policy as an exclusion; (ii) provide each such employee and their eligible dependents with credit in the calendar year