Document:

Exhibit 4.3  

SECOND AMENDMENT TO
RIGHTS AGREEMENT  

        This
Second Amendment (the “Amendment”), dated as of March 21, 2005, between State
Financial Services Corporation, a Wisconsin corporation (the “Company”), and
American Stock Transfer & Trust Company, a New York banking corporation
(“AST”), to the Rights Agreement between the Company and AST (as successor
Rights Agent to Firstar Bank, N.A.), dated as of July 27, 1999, and as amended by the
Amendment to Rights Agreement, dated as of October 17, 2002 (as so amended, the
“Rights Agreement”). 

W I T N E S S E T H 

        WHEREAS,
pursuant to Section 27 of the Rights Agreement, under circumstances set forth therein,
(i) the Company may supplement or amend any provision of the Rights Agreement without the
approval of any holders of certificates representing Common Shares of the Company, and
(ii) upon the delivery of a certificate from an appropriate officer of the Company which
states that the proposed supplement or amendment is in compliance with the terms of
Section 27 of the Rights Agreement, the Rights Agent shall execute such supplement or
amendment; and  

        WHEREAS,
the Company desires to amend the Rights Agreement as set forth herein and to direct AST
as Rights Agent to execute this Amendment.  

        NOW,
THEREFORE, in consideration of the promises and the mutual agreements herein set
forth, the parties hereby agree as follows:  

        Section
1.   Direction to Rights Agent. The Company hereby directs AST, in its capacity as
Rights Agent and in accordance with the terms of Section 27 of the Rights Agreement, to
execute this Amendment.  

        Section
2.   Certification of Appropriate Officer. The undersigned officer of the Company,
being duly authorized on behalf of the Company, hereby certifies on behalf of the Company
to AST that (a) he is an “appropriate officer” as such term is used in Section
27 of the Rights Agreement, and (b) this Amendment is in compliance with Section 27 of
the Rights Agreement.  

        Section
3.   Amendment of Rights Agreement. The Rights Agreement is hereby amended as
follows:  

        (a)      Section
1 of the Rights Agreement is hereby amended by inserting the following
          subsections at the end of such Section 1:  

	 	        “(n)      “Merger” shall
have the meaning set forth in the Merger Agreement.  

	 	         (o)      “Merger
Agreement” shall mean the Agreement and Plan of Merger, dated                as of
March 21, 2005, by and between the Company and Associated Banc-Corp, a
               Wisconsin corporation.” 

        (b)      Section
1(a) of the Rights Agreement is hereby amended by inserting the           following
sentences at the end of such Section 1(a):  

	 	        “Notwithstanding
anything in this Section 1(a) to the contrary, (i) neither Associated Banc-Corp nor any
of its Subsidiaries (collectively, “Associated”) shall be, or shall be deemed
to be, an Acquiring Person by virtue of or as a result of (A) the execution of the Merger
Agreement or any agreements, arrangements or understandings entered into by Associated
contemplated by the Merger Agreement, including, without limitation, voting agreements
entered into with any officer or director of the Company pursuant to the Merger Agreement
(the “Voting Agreements”), if such agreements, arrangements or understandings
are in accordance with the terms and conditions of the Merger Agreement; (B) the
announcement of the Merger Agreement or the Merger; (C) the consummation of the Merger;
or (D) the consummation of the other transactions contemplated by the Merger Agreement
upon the terms and conditions of the Merger Agreement; and (ii) no officer or director,
acting individually or in a group, shall be, or shall deemed to be, an Acquiring Person
solely by virtue of or as a result of entering into a Voting Agreement with Associated.
Each event described in subclauses (i)(A), (B), (C) and (D) and clause (ii) is referred
to herein as an “Exempted Transaction”.” 

        (c)                 Section
1(c) of the Rights Agreement is hereby amended by inserting the           following
sentence at the end of such Section 1(c):  

	 	        “Notwithstanding
anything in this Section 1(c) to the contrary, (i) Associated shall not be deemed to be a
Beneficial Owner of, or to beneficially own, any securities solely by virtue of or as a
result of any Exempted Transaction; and (ii) no officer or director of the Company who
enters into a Voting Agreement shall be deemed to be a Beneficial Owner of, or to
beneficially own, any additional securities solely by virtue of or as a result of
entering into a Voting Agreement with Associated.” 

        (d)                 Section
1(l) of the Rights Agreement is hereby amended by inserting the           following
sentence at the end of such Section 1(l):  

	 	        “Notwithstanding
anything in this Section 1(l) to the contrary, a Shares Acquisition Date shall not be
deemed to have occurred by virtue of or as a result of the public announcement of any
Exempted Transaction.” 

        (e)                 Section
3(a) of the Rights Agreement is hereby amended by inserting the           following
sentence at the end of such Section 3(a):  

	 	        “Notwithstanding
anything in this Section 3(a) to the contrary, a Distribution Date shall not be deemed to
have occurred by virtue of or as a result of any Exempted Transaction.” 

        (f)                 Section
7(a) of the Rights Agreement is hereby amended to read in its entirety           as
follows:  

2 

	 	        “(a)      The
registered holder of any Right Certificate may exercise the Rights evidenced
               thereby (except as otherwise provided herein) in whole or in part at any
time                after the Distribution Date upon surrender of the Right Certificate,
with the                form of election to purchase on the reverse side thereof duly
executed, to the                Rights Agent at the principal office of the Rights Agent,
together with payment                of the Purchase Price for each one one-thousandth of
a Preferred Share as to                which the Rights are exercised, at or prior to the
earliest of (i) the close of                business on July 27, 2009, subject to
extension (the “Final Expiration                Date”), (ii) immediately prior
to the effective time of the Merger as                provided in the Merger Agreement
(the “Effective Time”), but only if                such Effective Time shall
occur, (iii) the time at which the Rights are redeemed                as provided in
Section 23 hereof (the “Redemption Date”), and (iv) the                time at
which such Rights are exchanged as provided in Section 24 hereof.” 

        (g)                 The
Rights Agreement is hereby amended by adding a new Section 34 to the end of           the
Rights Agreement, which new Section 34 shall read in its entirety as           follows:  

	 	        “Section
34.   Termination. Immediately prior to the Effective Time, but
only if such Effective Time shall occur, (a) the Rights Agreement shall be terminated and
be without any further force or effect, (b) none of the parties to the Rights Agreement
will have any rights, obligations or liabilities thereunder and (c) the holders of the
Rights shall not be entitled to any benefits, rights or other interests under the Rights
Agreement, including, without limitation, the right to purchase or otherwise acquire
Preferred Stock or any other securities of the Company. Notwithstanding the foregoing,
Section 18 hereof shall survive the termination of the Rights Agreement. The Company will
notify in writing the Rights Agent of the Effective Time. The Rights Agent will not be
deemed to have knowledge of the Effective Time unless and until it has received such
written notice.” 

        Section
4.   Effectiveness and Continued Effectiveness. In accordance with the resolutions
of the Company’s Board of Directors adopted on March 21, 2005, the amendments to the
Rights Agreement set forth in Section 3 above are effective as of the time at which such
resolutions were adopted. The parties hereto hereby acknowledge and agree that, except as
specifically supplemented and amended, changed or modified in Section 3 above, the Rights
Agreement, as previously amended to the date hereof, shall be unaffected by this
Amendment and remain in full force and effect in accordance with its terms.  

        Section
5.   Execution in Counterparts. This Amendment may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute one and the same
instrument.  

        Section
6.   Defined Terms. Except as otherwise expressly provided herein, or unless the
context otherwise requires, all terms used but not defined herein shall have the meanings
assigned to them in the Rights Agreement.  

3  

        Section
7.   Governing Law. This Amendment shall be deemed to be a contract made under the
laws of the State of Wisconsin and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts to be made and performed
entirely within such State.  

4 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as
of the day and year above written. 

		STATE FINANCIAL SERVICES CORPORATION

		By:   	/s/  Daniel L. Westrope 

			Name:  Daniel L. Westrope

Title:  Executive Vice President

		AMERICAN STOCK TRANSFER & TRUST COMPANY

		By:   	/s/  Herbert J. Lemmar 

			Name:  Herbert J. Lemmar

Title:  Vice President

5FORM OF
VOTING AGREEMENT  

        THIS
VOTING AGREEMENT is entered into as of March __, 2005, between the undersigned
shareholder (the “Shareholder”) of STATE FINANCIAL SERVICES CORPORATION, a
Wisconsin corporation (the “Company”), and ASSOCIATED BANC-CORP, a Wisconsin
corporation (“Associated”). 

        The
term “Shares,” as used herein, shall mean any and all shares of capital stock of
the Company which carry voting power with respect to the Merger (as defined below) or any
other matters that may be submitted to a vote or approval by any of the shareholders of
the Company, now owned and/or subsequently acquired by the Shareholder through purchase,
gift, stock splits, stock dividends, exercise of stock options or otherwise over which
Shareholder has sole voting authority. 

RECITALS 

        The
Shareholder and Associated acknowledge the following: 

        A.                 Concurrent
with the execution of this Agreement, the Company and Associated have           entered
into an Agreement and Plan of Merger (the “Merger Agreement”),
          providing for the business combination transaction contemplated therein
pursuant           to which the Company will merge with and into Associated pursuant to
the terms           and conditions of the Merger Agreement (the “Merger”).
Capitalized           terms used herein but not defined shall have the meanings set forth
in the           Merger Agreement.  

        B.                 Upon
consummation of the Merger, the Shareholder will receive shares of           Associated
Common Stock for each share of the Company’s Common Stock, par           value $0.10
per share (and associated Preferred Share Purchase Rights), owned by           him.  

        C.                 In
order to induce Associated to enter into the Merger Agreement and in
          consideration of the substantial expenses incurred and to be incurred by
          Associated in connection therewith, the Shareholder has agreed to enter into
and           perform this Voting Agreement.  

AGREEMENTS 

        In
consideration of the foregoing and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows: 

        Section
1. Voting Agreement 

        Section
1.01. Voting of Shares. Subject to Section 4.11, at any meeting of the shareholders
of the Company, however called, and at every adjournment thereof, or in connection with
any written consent of the shareholders of the Company, the Shareholder will cause all of
his Shares to be voted, until the Termination Date, (A) in favor of (i) the
Merger and the approval and adoption of the Merger Agreement, and (ii) all other
transactions contemplated by the Merger Agreement as to which shareholders of the Company
are called upon to vote and (B) against any proposal submitted to the Company’s
shareholders which could result in (i) a Competing Transaction or any agreement or
transaction that is intended to, or could reasonably be expected to, materially impede,
interfere with, delay, postpone, discourage or materially and adversely affect the
consummation of the Merger or (ii) a breach in any material respect of the covenants,
representations, warranties, obligations or agreements of the Company under the Merger
Agreement. 

        Section
1.02. No Proxies or Encumbrances. Other than as provided in this Agreement, the
Shareholder, until the Termination Date, shall not (i) grant any proxies or enter
into any voting trust or other agreement or arrangement with respect to the voting of any
of the Shares, (ii) sell, assign, transfer, encumber or otherwise dispose of or enter
into any contract, option or other arrangement or understanding with respect to, the
direct or indirect sale, assignment, transfer, encumbrance or other disposition of any of
his or her Shares or any interest therein or (iii) seek or solicit any of the
foregoing. 

        Section
2.  Representations and Warranties.  The Shareholder represents and warrants to
Associated as follows: 

        Section
2.01. Valid Title. Except as provided by applicable law, (a) the Shareholder
is the true and lawful owner of 100% of the Shares set forth next to the name of the
Shareholder on the signature page hereto with full power to vote and dispose of such
Shares and (b) there are no restrictions on the Shareholder’s voting rights or
rights of disposition pertaining thereto except as set forth in this Agreement. None of
the Shares is subject to any voting trust or other agreement or arrangement with respect
to the voting of such Shares. 

        Section
2.02. Non-contravention. The execution, delivery and performance by the Shareholder
of this Agreement and the consummation of the transactions contemplated hereby, do not and
will not contravene or constitute a default under or give rise to a right of termination,
cancellation or acceleration of any right or obligation of the Shareholder or to a loss of
any benefit of the Shareholder under any provision of applicable Law or regulation or of
any agreement, judgment, injunction, order, decree or other instrument binding on the
Shareholder. 

2 

        Section
2.03. Binding Effect. This Agreement constitutes a valid and binding agreement of
the Shareholder, enforceable against the Shareholder in accordance with its terms, except
as enforcement may be limited by bankruptcy, insolvency, moratorium or other similar laws
relating to creditors’ rights generally. If the Shareholder is married and the Shares
set forth on the signature pages hereto next to the Shareholder’s name constitute
community property under applicable laws, this Agreement has been duly authorized,
executed and delivered by, and constitutes the valid and binding agreement of, the
Shareholder’s spouse, enforceable in accordance with its terms, except as enforcement
may be limited by bankruptcy, insolvency, moratorium or other similar laws relating to
creditors’ rights generally. If this Agreement is being executed in a representative
or fiduciary capacity, the person signing this Agreement has full power and authority to
enter into and perform this Agreement and has obtained any necessary consents in
connection with execution of this Agreement. 

        Section
2.04. No Other Shares. The number of Shares set forth next to the name of the
Shareholder on the signature page hereto are the only Shares owned, beneficially or of
record, by the Shareholder. 

        Section
2.05. Material Information. The Shareholder has received information with respect
to the Merger which allows the Shareholder to objectively vote on the Merger and the
Merger Agreement. 

        Section
3. Irrevocable Proxy. Subject to the last sentence of this Section 3, by execution
of this Agreement, the Shareholder does hereby appoint Associated with full power of
substitution and resubstitution, as the Shareholder’s true and lawful attorney and
irrevocable proxy, to the fullest extent of the undersigned’s rights with respect to
the Shares, to vote, if the Shareholder is unable to perform his or her obligations under
this Agreement, each of such Shares solely with respect to the matters set forth in
Section 1 hereof. The Shareholder intends this proxy to be irrevocable and coupled with an
interest hereunder until the Termination Date and hereby revokes any proxy previously
granted by the Shareholder with respect to voting the Shares on the matters set forth in
Section 1 hereof. Notwithstanding anything contained herein to the contrary, this
irrevocable proxy shall automatically terminate upon the termination of this Agreement. 

        Section
4. Miscellaneous. 

        Section
4.01. Notices. All notices, requests and other communications to any party
hereunder shall be deemed to have been duly given when delivered in person, by telegram,
facsimile or by registered or certified mail (postage prepaid, return receipt requested)
to such party at its address set forth on the signature pages hereto. 

        Section
4.02. Amendments. Any provision of this Agreement may be amended or waived if, and
only if, such amendment or waiver is in a writing that refers to this Agreement and
signed, in the case of an amendment, by each of the parties hereto, or in the case of a
waiver, by the party against whom the waiver is to be effective. No failure or delay by
any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by Law. 

3 

        Section
4.03. Severability. If any provision of this Agreement or the application thereof
to any party or set of circumstances shall, in any jurisdiction and to any extent, be
finally held invalid or unenforceable, such term or provision shall only be ineffective as
to such jurisdiction, and only to the extent of such invalidity or unenforceability,
without invalidating or rendering unenforceable any other terms or provisions of this
Agreement or under any other circumstances, and the parties shall negotiate in good faith
a substitute provision which comes as close as possible to the invalidated or
unenforceable term or provision, and which puts each party in a position as nearly
comparable as possible to the position it would have been in but for the finding of
invalidity or unenforceability, while remaining valid and enforceable. 

        Section
4.04. Entire Agreement. This Agreement constitutes the entire agreement among the
parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and undertakings, both written and oral, among the parties with respect to the
subject matter hereof. 

        Section
4.05. Successors and Assigns. The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and
assigns (and, in the case of the Shareholder, the heirs and executors of the Shareholder);
provided that, except as permitted by Section 1.02 or by will or intestacy, no party
may assign, delegate or otherwise transfer all or any of its rights or obligations under
this Agreement without the consent of the other parties hereto. 

        Section
4.06. Counterparts; Effectiveness. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. This Agreement shall become
effective when each party hereto shall have received counterparts (or signature pages)
hereof signed by all of the other parties hereto. 

        Section
4.07. Governing Law. The terms of this Agreement shall be construed in accordance
with and governed by the law of the state of Wisconsin (without regard to principles of
conflict of laws). 

        Section
4.08. Specific Performance. Each of the parties acknowledges and agrees that the
parties’ respective remedies at law for a breach or threatened breach of any of the
provisions of this Agreement would be inadequate and, in recognition of that fact, each
agrees that, in the event of a breach or threatened breach by any party of the provisions
of this Agreement, in addition to any remedies at law, each party, respectively, without
posting any bond, shall be entitled to obtain equitable relief in the form of specific
performance, a temporary restraining order, a temporary or permanent injunction or any
other equitable remedy which may then be available. 

4 

        Section
4.09. Certain Events. The Shareholder agrees that this Agreement and the
obligations hereunder shall attach to his Shares and shall be binding upon any person to
which legal or beneficial ownership of such Shares shall pass, whether by operation of law
or otherwise. 

        Section
4.10. No Revocation. The voting agreements contained herein are coupled with an
interest and may not be revoked. 

        Section
4.11. Action as Directors. Nothing in this Agreement is intended to restrict the
Shareholder from taking any action in his capacity as a director or officer of the Company
if Shareholder determines in good faith, after consultation with outside legal counsel,
that the failure to take such action would cause the Shareholder to breach his fiduciary
duties as a director or officer under applicable Law; provided further that Shareholder
shall not be obligated to vote in the manner provided in Section 1.01 of this
Agreement if the Board of Directors has withdrawn its recommendation for the adoption of
the Merger Agreement and the transactions contemplated by the Merger Agreement in the
manner provided in the Merger Agreement. 

        Section
4.12. Termination Date. This Agreement (and any voting agreements contained herein
and any proxies granted hereunder) shall automatically terminate upon the first to occur
of (a) the Effective Time, (b) such date and time as the Merger Agreement shall be
terminated pursuant to Article VIII thereof, or (c) upon mutual written agreement of the
parties to terminate this Agreement (such date of termination, the “Termination
Date”). Upon termination of this Agreement, no party shall have any further
obligations or liabilities under this Agreement; provided, however, such
termination shall not relieve any party from liability for any breach of this Agreement
prior to termination hereof. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement or caused this Agreement
to be duly executed by their respective authorized officers or representatives as of the
day and year first above written. 

5 

		ASSOCIATED BANC-CORP
	

 	By:  ____________________________________
		        Name:  Paul S. Beideman
		        Title:  President and Chief Executive Officer
	

 	Notices to:
		Associated Banc-Corp
		1200 Hansen Road
		Green Bay, WI 54304
		Attention: Brian R. Bodager, Chief Administrative Officer,
		General Counsel and Secretary

6 

COUNTERPART SIGNATURE
PAGE
TO VOTING AGREEMENT  

SHAREHOLDER 

____________________________________
               
        (Signature) 

____________________________________
               
        (Print Name) 

____________________________________

(Signature of Spouse or Other Joint Owner) 

____________________________________

(Print Name of Spouse or Other Joint Owner) 

Number of Shares:  
 ____________________ 

Notices to: 

__________________________
                
        (Address) 

__________________________
    
    (City, State and Zip Code) 

7

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