Company: ASB
Filing Date: 2025-12-30
Form Type: S-4
Source: 0001193125-25-337086
Chunk: 47

Company: ASSOCIATED BANC-CORP
Filing Date: 2025-12-30
Form: S-4
Chunk 47
---
, excluding the cash dividend provided for in the American National Disclosure Schedule), an appropriate and proportionate
adjustment will be made to the Merger Consideration to give the American National shareholders the same economic effect as contemplated by the Merger Agreement prior to such event; provided that this will not permit American National to take any
action with respect to its securities that is prohibited by the terms of the Merger Agreement. At the effective time, all shares of American National common stock that are owned by American National or Associated (in each case, other than shares of
American National common stock (A) held in trust accounts, managed accounts, mutual funds and the like, or otherwise held in a fiduciary or agency capacity that are beneficially owned by third

34

parties, and (B) held, directly or indirectly, in respect of debts previously contracted) will be cancelled and will cease to exist, and neither the Merger Consideration nor any other
consideration will be delivered in exchange therefor.

American National Stock Bonus Awards Prior to the effective time of the Merger, and
in no event prior to January 1, 2026, American National will grant fully vested shares of American National 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 holder of a
stock bonus award 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.

Governance and Governing Documents

At the effective time, the Associated articles as in effect immediately prior to the effective time will be the
articles of incorporation of Associated until thereafter amended in accordance with applicable law, and the Associated bylaws as in effect immediately prior to the effective time will be the bylaws of Associated until thereafter amended in
accordance with applicable law.

Effective as of the effective time, the Associated board of directors will be increased by one director
and Wende Kotouc, Executive Co-Chairman and Chief Executive Officer of American National Bank and Executive Vice President and a member of the American National board of directors,