Associated Banc-Corp Underwriting Agreement
Exhibit 1.2
$130,000,000
5.125% Senior Notes due 2016
September 8, 2011
▇▇▇▇▇▇▇, ▇▇▇▇▇ & Co.
As Representative of the
several Underwriters listed
in Schedule 1 hereto, if any
several Underwriters listed
in Schedule 1 hereto, if any
c/o Goldman, Sachs & Co.
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Ladies and Gentlemen:
Associated Banc-Corp, a bank holding company registered pursuant to the Bank Holding Company
Act of 1956, as amended (the “BHCA”), and a Wisconsin corporation (the “Company”), proposes to
issue and sell to the several Underwriters listed in Schedule 1 hereto (the “Underwriters”), for
whom you are acting as representative (the “Representative”), $130,000,000 principal amount of its
5.125% Senior Notes due 2016 (the “Securities”). The Securities will be issued pursuant to an
Indenture dated as of March 14, 2011 between the Company and The Bank of New York Mellon Trust
Company, N.A., as trustee (the “Trustee”), as supplemented by the Pricing Committee Resolutions
adopted on March 21, 2011 and September 8, 2011, as certified by ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Executive Vice
President, General Counsel & Corporate Secretary of the Company (collectively, the “Indenture”).
The Company hereby confirms its agreement with the several Underwriters concerning the
purchase and sale of the Securities, as follows:
1. Registration Statement. The Company has prepared and filed with the Securities and
Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended, and the rules
and regulations of the Commission thereunder (collectively, the “Securities Act”), a registration
statement on Form S-3ASR (File No. 333-156251), including a prospectus, relating to the Securities.
Such registration statement, as amended at the time it becomes effective, including the
information, if any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part
of the registration statement at the time of its effectiveness (“Rule 430 Information”), is
referred to herein as the “Registration Statement”; and as used herein, the term
“Preliminary Prospectus” means each prospectus included in such registration statement (and
any amendments thereto) before it becomes effective, any prospectus filed with the Commission
pursuant to Rule 424(a) under the Securities Act and the prospectus included in the Registration
Statement at the time of its effectiveness that omits Rule 430 Information, and the term
“Prospectus” means the prospectus in the form first used (or made available upon request of
purchasers pursuant to Rule 173 under the Securities Act) in connection with confirmation of sales
of the Securities. If the Company has filed an abbreviated registration statement pursuant to Rule
462(b) under the Securities Act (the “Rule 462 Registration Statement”), then any reference herein
to the term “Registration Statement” shall be deemed to include such Rule 462 Registration
Statement. Any reference in this Agreement to the Registration Statement, any Preliminary
Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by
reference therein pursuant to Item 12 of Form S-3 under the Securities Act, as of the effective
date of the Registration Statement or the date of such Preliminary Prospectus or the Prospectus, as
the case may be and any reference to “amend”, “amendment” or “supplement” with respect to the
Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to
and include any documents filed after such date under the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission thereunder (collectively, the “Exchange
Act”) that are deemed to be incorporated by reference therein. Capitalized terms used but not
defined herein shall have the meanings given to such terms in the Registration Statement and the
Prospectus.
At or prior to 5:25 p.m. (the “Time of Sale”), the Company had prepared the following
information (collectively, the “Time of Sale Information”): a Preliminary Prospectus dated
September 8, 2011, and each “free-writing prospectus” (as defined pursuant to Rule 405 under the
Securities Act) listed on Annex C hereto as constituting part of the Time of Sale Information.
2. Purchase of the Securities by the Underwriters. (a) The Company agrees to issue
and sell the Securities to the several Underwriters as provided in this Agreement, and each
Underwriter, on the basis of the representations, warranties and agreements set forth herein and
subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the
Company the respective principal amount of Securities set forth opposite such Underwriter’s name in
Schedule 1 hereto at a price equal to 104.049% of the principal amount thereof plus accrued and
unpaid interest from and including March 28, 2011 to the Closing Date (as defined below), less a fee
equivalent to 0.414% per note. The Company will not be obligated to deliver any of the Securities
except upon payment for all the Securities to be purchased as provided herein.
(b) The Company understands that the Underwriters intend to make a public offering of the
Securities as soon after the effectiveness of this Agreement as in the judgment of the
Representative is advisable, and initially to offer the Securities on the terms set forth in the
Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell
Securities to or through any affiliate of an Underwriter and that any such affiliate may offer and
sell Securities purchased by it to or through any Underwriter.
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(c) Payment for and delivery of the Securities will be made at the offices of ▇▇▇▇▇▇▇▇ &
▇▇▇▇▇▇▇▇ LLP, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ at 10:00 a.m., New York City time, on
September 13, 2011, or at such other time or place on the same or such other date, not later than
the third business day thereafter, as the Representative and the Company may agree upon in writing.
The time and date of such payment and delivery is referred to herein as the “Closing Date”.
(d) Payment for the Securities shall be made by wire transfer in immediately available funds
to the account(s) specified by the Company to the Representative against delivery to the nominee of
The Depository Trust Company, for the account of the Underwriters, of one or more global notes
representing the Securities (collectively, the “Global Note”), with any transfer taxes payable in
connection with the sale of the Securities duly paid by the Company. The Global Note will be made
available for inspection by the Representative not later than 1:00 p.m., New York City time, on the
business day prior to the Closing Date.
(e) The Company acknowledges and agrees that the Underwriters are acting solely in the
capacity of an arm’s length contractual counterparty to the Company with respect to the offering of
Securities contemplated hereby (including in connection with determining the terms of the offering)
and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person.
Additionally, neither the Representative nor any other Underwriter is advising the Company or any
other person as to any legal, tax, investment, accounting or regulatory matters in any
jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be
responsible for making its own independent investigation and appraisal of the transactions
contemplated hereby, and the Underwriters shall have no responsibility or liability to the Company
with respect thereto. Any review by the Underwriters of the Company, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of
the Underwriters and shall not be on behalf of the Company.
3. Representations and Warranties of the Company. The Company represents and warrants
to each Underwriter that:
(a) Preliminary Prospectus. No order preventing or suspending the use of any Preliminary
Prospectus has been issued by the Commission, and each Preliminary Prospectus, at the time of
filing thereof, complied in all material respects with the Securities Act and did not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided that the Company makes no representation and
warranty with respect to any statements or omissions made in reliance upon and in conformity with
information relating to any Underwriter furnished to the Company in writing by such Underwriter
through the Representative expressly for use in any Preliminary Prospectus.
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(b) Time of Sale Information. The Time of Sale Information, at the Time of Sale did not, and
at the Closing Date will not, contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that the Company makes no
representation and warranty with respect to any statements or omissions made in reliance upon and
in conformity with information relating to any Underwriter furnished to the Company in writing by
such Underwriter through the Representative expressly for use in such Time of Sale Information. No
statement of material fact included in the Prospectus has been omitted from the Time of Sale
Information and no statement of material fact included in the Time of Sale Information that is
required to be included in the Prospectus has been omitted therefrom.
(c) Issuer Free Writing Prospectus. The Company (including its agents and representatives,
other than the Underwriters in their capacity as such) has not prepared, made, used, authorized,
approved or referred to and will not prepare, make, use, authorize, approve or refer to any
“written communication” (as defined in Rule 405 under the Securities Act) that constitutes an offer
to sell or solicitation of an offer to buy the Securities (each such communication by the Company
or its agents and representatives (other than a communication referred to in clauses (i), (ii) and
(iii) below) an “Issuer Free Writing Prospectus”) other than (i) any document not constituting a
prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134 under the Securities
Act, (ii) the Preliminary Prospectus, (iii) the Prospectus, (iv) the documents listed on Annex C
hereto as constituting the Time of Sale Information and (v) any electronic road show or other
written communications, in each case approved in writing in advance by the Representative. Each
such Issuer Free Writing Prospectus complied in all material respects with the Securities Act, has
been or will be (within the time period specified in Rule 433 under the Securities Act) filed in
accordance with the Securities Act (to the extent required thereby) and, when taken together with
the Preliminary Prospectus filed prior to the first use of such Issuer Free Writing Prospectus, did
not, and at the Closing Date will not, contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that the Company makes
no representation and warranty with respect to any statements or omissions made in each such Issuer
Free Writing Prospectus in reliance upon and in conformity with information relating to any
Underwriter furnished to the Company in writing by such Underwriter through the Representative
expressly for use in any Issuer Free Writing Prospectus.
(d) Registration Statement and Prospectus. The Registration Statement is an “automatic shelf
registration statement” as defined in Rule 405 under the Securities Act that has been filed with
the Commission not earlier than three years prior to the date hereof; and no notice of objection of
the Commission to the use of such registration statement or any post-effective amendment thereto
pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company. No order
suspending the effectiveness of the Registration Statement has been issued by the Commission and no
proceeding for that purpose or pursuant to Section 8A of the Securities Act against the Company or
related to the offering has been initiated or threatened by the Commission; as of the applicable
effective date of the Registration Statement and any amendment thereto, the Registration Statement
complied and will comply in all material
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respects with the Securities Act and the Trust Indenture Act of 1939, as amended, and the
rules and regulations of the Commission thereunder (collectively, the “Trust Indenture Act”), and
did not and will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein not
misleading; and as of the date of the Prospectus and any amendment or supplement thereto and as of
the Closing Date, the Prospectus will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading;
provided that the Company makes no representation and warranty with respect to (i) that
part of the Registration Statement that constitutes the Statement of Eligibility (Form T-1) of the
Trustee under the Trust Indenture Act or (ii) any statements or omissions made in reliance upon and
in conformity with information relating to any Underwriter furnished to the Company in writing by
such Underwriter through the Representative expressly for use in the Registration Statement and the
Prospectus and any amendment or supplement thereto.
(e) Incorporated Documents. The documents incorporated by reference in the Registration
Statement, the Prospectus and the Time of Sale Information, when they became effective or were
filed with the Commission, as the case may be, conformed in all material respects to the
requirements of the Exchange Act and none of such documents contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not
misleading; and any further documents so filed and incorporated by reference in the Registration
Statement, the Prospectus or the Time of Sale Information, when such documents become effective or
are filed with the Commission, as the case may be, will conform in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and will not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.
(f) Ineligible Issuer Status. (i) At the earliest time after the filing of the Registration
Statement that the Company or another offering participant makes a bona fide offer (within the
meaning of Rule 164(h)(2) under the Securities Act) of the Securities and (ii) at the date of this
Agreement, the Company was not and is not an “ineligible issuer,” as defined in Rule 405 under the
Securities Act.
(g) Well-Known Seasoned Issuer Status. (i) At the time of initial filing of the Registration
Statement, (ii) at the time of the most recent amendment thereto for the purposes of complying with
Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment,
incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of
prospectus), and (iii) at the time the Company or any person acting on its behalf (within the
meaning, for this clause only, of Rule 163(c)) made any offer relating to the Securities in
reliance on the exemption of Rule 163, the Company was a “well known seasoned issuer” as defined in
Rule 405.
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(h) Existence of the Company. The Company has been duly incorporated and is validly existing
under the laws of the State of Wisconsin (it being understood that the State of Wisconsin does not
acknowledge good standing in its Certificate of Status), no action or proceeding for the
dissolution of the Company has been taken, and the Company is not aware of the failure by the
Company to make any prescribed filing or take any required action to maintain its legal status
certification with the Department of Financial Institutions in the State of Wisconsin) with power
and authority (corporate and other) to own its properties and conduct its business as described in
the Time of Sale Information; and the Company is duly qualified to do business as a foreign
corporation in good standing in all other jurisdictions in which its ownership or lease of property
or the conduct of its business requires such qualification, except where the failure to be so
qualified would not, individually or in the aggregate, result in a material adverse effect on the
condition (financial or otherwise), results of operations, business, properties or prospects of the
Company and its subsidiaries taken as a whole (“Material Adverse Effect”).
(i) Subsidiaries; Banking Subsidiaries. The Company’s sole significant subsidiary and
principal bank subsidiary (as defined in the Indenture) is Associated Bank, National Association
(the “Bank”). The Bank has been duly organized and is validly existing as a nationally chartered
commercial bank under the laws of the United States, with the power and authority (corporate or
other) to own its properties and conduct its business as described in the Time of Sale Information.
Each other subsidiary of the Company is validly existing and (if such concept exists in such
jurisdiction) in good standing under the laws of the jurisdiction of its incorporation or
organization, as the case may be, with power and authority (corporate and other) to own its
properties and conduct its business as described in the Time of Sale Information. Each subsidiary
of the Company is duly qualified to do business as a foreign corporation in good standing in all
other jurisdictions in which its ownership or lease of property or the conduct of its business
requires such qualification, except where failure to be in good standing, have such power and
authority, or be so qualified would not, individually or in the aggregate, result in a Material
Adverse Effect. All of the issued and outstanding equity interests of the Bank have been duly
authorized and validly issued and are fully paid and nonassessable (subject to 12 U.S.C. § 55), and
all of the equity interests of the Bank are owned by the Company free and clear from liens,
encumbrances and defects. The deposit accounts of the Bank are insured up to the applicable limits
by the Federal Deposit Insurance Corporation. Associated Trust Company, National Association (the
“Trust”) is duly organized and validly existing as a nationally chartered trust company in good
standing under the laws of the United States. All of the issued and outstanding equity interests
of the Trust have been duly authorized and validly issued and are fully paid and nonassessable, and
all of the equity interests of the Trust are owned by the Bank, free from liens, encumbrances and
defects. All of the issued and outstanding equity interests of the subsidiaries of the Company
other than the Bank and the Trust have been duly authorized and validly issued and are fully paid
and nonassessable, and all of the equity interests of the other subsidiaries are owned by the
Company, free from liens, encumbrances and defects, except where such defects, individually or in
aggregate, would not have a Material Adverse Effect.
(j) Authorization of Capital Stock. All outstanding shares of capital stock of the Company
have been duly authorized; the authorized capitalization of the Company is as set forth
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in the Time of Sale Information; all outstanding shares of capital stock of the Company are
validly issued, fully paid and nonassessable; the stockholders of the Company have no preemptive
rights with respect to the Securities; and none of the outstanding shares of capital stock of the
Company have been issued in violation of any preemptive or similar rights of any security holder.
(k) No Finder’s Fee. Except as disclosed in the Time of Sale Information, there are no
contracts, agreements or understandings between the Company and any person that would give rise to
a valid claim against the Company or any Underwriter for a brokerage commission, finder’s fee or
other like payment in connection with this offering.
(l) Absence of Further Requirements. No consent, approval, authorization, or order of, or
filing or registration with, any person (including any governmental agency or body or any court) is
required in connection with the execution and delivery of this Agreement or the consummation of the
transactions contemplated by this Agreement (including without limitation the offering, issuance
and sale of the Securities by the Company), except such as have been obtained, or made and such as
may be required under state securities laws.
(m) Title to Property. Except as disclosed in the Time of Sale Information, the Company and
its subsidiaries have good and marketable title to all real properties and all other properties and
assets owned by them, in each case free from liens, charges, encumbrances and defects that would
materially affect the value thereof or materially interfere with the use made or to be made thereof
by them and, except as disclosed in the Time of Sale Information, the Company and its subsidiaries
hold any leased real or personal property under valid and enforceable leases with no terms or
provisions that would materially interfere with the use made or to be made thereof by them.
(n) Absence of Defaults and Conflicts Resulting from Transaction. The execution, delivery and
performance of this Agreement, and the issuance and sale of the Securities, will not result in a
breach or violation of any of the terms and provisions of, or constitute a default or a Debt
Repayment Triggering Event (as defined below) under, or result in the imposition of any lien,
charge or encumbrance upon any property or assets of the Company or any of its subsidiaries
pursuant to (i) the charter or by-laws of the Company or the Bank, (ii) any statute, rule,
regulation or order of any governmental agency or body or any court, domestic or foreign, having
jurisdiction over the Company or any of its subsidiaries or any of their properties, or (iii) any
agreement or instrument to which the Company or any of its subsidiaries is a party or by which the
Company or any of its subsidiaries is bound or to which any of the properties of the Company or any
of its subsidiaries is subject, except in the case of clause (ii) or (iii) for breaches,
violations, defaults, liens, charges or encumbrances that would not have a Material Adverse Effect;
a “Debt Repayment Triggering Event” means any event or condition that gives, or with the giving of
notice or lapse of time would give, the holder of any note, debenture, or other evidence of
indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase,
redemption or repayment of all or a portion of such indebtedness by the Company or any of its
subsidiaries.
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(o) Absence of Existing Defaults and Conflicts. (i) Neither the Company nor the Bank is in
violation of its respective charter or by-laws, limited liability agreement or other organizational
instruments or (ii) neither the Company nor any of its subsidiaries is in violation of or in
default (or with the giving of notice or lapse of time would be in default) under any existing
obligation, agreement, covenant or condition contained in any indenture, loan agreement, mortgage,
lease or other agreement or instrument to which any of them is a party or by which any of them is
bound or to which any of the properties of any of them is subject, except, in the case of clause
(ii) only, such violations or defaults that would not have, individually or in the aggregate, a
Material Adverse Effect.
(p) Authorization of Agreement. This Agreement has been duly authorized, executed and
delivered by the Company.
(q) Bank Holding Company; Possession of Licenses and Permits. The Company is duly registered
as a bank holding company under the BHCA. Except as would not individually or in the aggregate
have a Material Adverse Effect, the Company and its subsidiaries possess, and are in compliance
with the terms of, all certificates, authorizations, franchises, licenses and permits (“Licenses”)
and have made all filings, applications and registrations with all courts, regulatory authorities
or governmental agencies or bodies having jurisdiction over the Company and its subsidiaries
necessary to the conduct of the business now conducted or proposed. The Bank possesses an
effective charter duly issued by the Office of the Comptroller of the Currency. Except as
described in the Time of Sale Information, neither the Company nor the Bank has received any notice
of proceedings relating to the revocation or modification of any Licenses that, if determined
adversely to the Company or the Bank, would individually or in the aggregate have a Material
Adverse Effect. The Company has not elected to be treated as a financial holding company.
(r) No Enforcement. Except as disclosed in the Time of Sale Information and the Prospectus,
neither the Company nor any subsidiary of the Company (i) is the subject of any cease-and-desist
order, operating agreement, written agreement, consent decree, memorandum of understanding,
commitment letter, order, directive, extraordinary supervisory letter or similar action taken,
issued or required by any governmental, regulatory, judicial, self-regulatory or similar body or
(ii) has, since April 6, 2010, been advised by any governmental, regulatory, judicial,
self-regulatory or similar body having jurisdiction over the Company and its subsidiaries that it
is considering taking, issuing or requiring any of the items in clause (i), the disclosure of which
advisement would be required in the Time of Sale Information or the Prospectus pursuant to the
Securities Act. The Company and its subsidiaries are in compliance in all material respects with
the terms of any item listed in clause (i) that is disclosed in the Time of Sale Information and
the Prospectus.
(s) Absence of Labor Dispute. No labor dispute with the employees of the Company or any of
its subsidiaries exists or, to the knowledge of the Company, is imminent that could have a Material
Adverse Effect.
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(t) Possession of Intellectual Property. The Company and its subsidiaries own, possess or can
acquire on reasonable terms, adequate trademarks, trade names and other rights to inventions,
know-how, patents, copyrights, confidential information and other intellectual property
(collectively, “intellectual property rights”) necessary to conduct the business now conducted by
them, and have not received any notice of infringement of or conflict with asserted rights of
others with respect to any intellectual property rights that, if determined adversely to the
Company or any of its subsidiaries, would individually or in the aggregate have a Material Adverse
Effect.
(u) Environmental Laws. Except as disclosed in the Time of Sale Information, neither the
Company nor any of its subsidiaries is in violation of any statute, any rule, regulation, decision
or order of any governmental agency or body or any court, domestic or foreign, relating to the use,
disposal or release of Hazardous Substances (as defined below) or relating to the protection or
restoration of the environment or human exposure to Hazardous Substances (collectively,
“environmental laws”), owns or operates any real property contaminated with any Hazardous
Substances, is liable for any off-site disposal of, or contamination by, Hazardous Substances, or
is subject to any claim by any governmental agency or body or other person relating to any
environmental laws or Hazardous Substances, which violation, contamination, liability or claim
would individually or in the aggregate have a Material Adverse Effect and, to the knowledge of the
Company, there is no pending investigation that might lead to such a claim. “Hazardous Substances”
means (i) petroleum or petroleum products, by-products or breakdown products, radioactive
materials, asbestos containing materials, polychlorinated biphenyls and mold, and (ii) any other
chemical, material or substances defined or regulated as toxic or hazardous under environmental
laws.
(v) Absence of Manipulation. The Company has not taken, directly or indirectly, any action
that is designed to or that has constituted or that would reasonably be expected to cause or result
in the stabilization or manipulation of the price of any security of the Company to facilitate the
sale or resale of the Securities.
(w) Internal Controls and Compliance with the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act. Except as set forth in the
Time of Sale Information, the Company, its subsidiaries and the Company’s Board of Directors (the
“Board”) are in compliance in all material respects with ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002 and the rules
and regulations promulgated in connection therewith (the “▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act”). The Company
maintains a system of internal controls, including, but not limited to, internal controls over
accounting matters and financial reporting, an internal audit function and legal and regulatory
compliance controls (collectively, “Internal Controls”) that comply with the Exchange Act, the
Securities Act and the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act and are sufficient to provide reasonable assurances that
(i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with U.S. Generally Accepted Accounting Principles and to maintain accountability for
assets, (iii) access to assets is permitted only in accordance with management’s general or
specific authorization and (iv) the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with
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respect to any differences. The Internal Controls over financial reporting are effective and
the Company is not aware of any material weakness in its Internal Control over financial reporting.
Except as disclosed in the Time of Sale Information and the Prospectus, since December 31, 2010,
there has been no change in the Internal Controls that has materially affected, or is reasonably
likely to materially affect, the Internal Controls. The Internal Controls are overseen by the Audit
Committee of the Board (the “Audit Committee”) in accordance with the Public Company Accounting
Oversight Board and the rules of the NASDAQ Stock Market. The Company has not publicly disclosed or
reported to the Audit Committee or the Board, and within the next 90 days the Company does not
reasonably expect to publicly disclose or report to the Audit Committee or the Board, a significant
deficiency, material weakness, change in Internal Controls or fraud involving management or other
employees who have a significant role in Internal Controls (each, an “Internal Control Event”), any
violation of, or failure to comply with, the Securities Act, the Exchange Act or the ▇▇▇▇▇▇▇▇-▇▇▇▇▇
Act, or any matter which, if determined adversely, would have a Material Adverse Effect. The
Company maintains “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e)
under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure
controls and procedures have been designed to ensure that material information relating to the
Company and its subsidiaries is made known to the Company’s principal executive officer and
principal financial officer by others within those entities and that such disclosure controls and
procedures are effective.
(x) Absence of Accounting Issues. A member of the Audit Committee has confirmed to the Chief
Financial Officer that, except as set forth in the Time of Sale Information, the Audit Committee is
not reviewing or investigating, and neither the Company’s independent auditors nor its internal
auditors have recommended that the Audit Committee review or investigate, (i) adding to, deleting,
changing the application of, or changing the Company’s disclosure with respect to any of the
Company’s material accounting policies; (ii) any matter that could result in a restatement of the
Company’s financial statements for any annual or interim period during the current or prior three
fiscal years; or (iii) any Internal Control Event.
(y) Legal Proceedings. Except as disclosed in the Time of Sale Information, there are no
pending actions, suits or proceedings (including any inquiries or investigations by or before any
court or governmental agency or body, domestic or foreign) against or affecting the Company or any
of its subsidiaries or any of their respective properties that, if determined adversely to the
Company or any of its subsidiaries, would individually or in the aggregate have a Material Adverse
Effect, or would materially and adversely affect the ability of the Company to perform its
obligations under this Agreement, or which are otherwise material in the context of the sale of the
Securities; and no such actions, suits or proceedings (including any inquiries or investigations by
any court or governmental agency or body, domestic or foreign) are, to the Company’s knowledge,
threatened or contemplated.
(z) Financial Statements and Information. The financial statements included or incorporated
by reference in the Registration Statement and the Time of Sale Information present
fairly the financial position of the Company and its consolidated subsidiaries as of the dates
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shown and their results of operations and cash flows for the periods shown, and such financial
statements have been prepared in conformity with the generally accepted accounting principles in
the United States applied on a consistent basis. The summary financial information (including at
and for the six-months ended June 30, 2011 and year ended December 31, 2010) and the selected
financial data included or incorporated by reference in the Registration Statement and the Time of
Sale Information fairly present, in all material respects, the information therein and have been
compiled on a basis consistent with that of the audited financial statements included or
incorporated by reference in the Registration Statement and the Time of Sale Information. The other
financial, operational and statistical information (including at and for the six-months ended June
30, 2011 and year ended December 31, 2010) included or incorporated by reference in the
Registration Statement and the Time of Sale Information fairly present, in all material respects,
the information therein and are derived from the books and records of the Company. All disclosures
contained in the Registration Statement or the Time of Sale Information regarding “non-GAAP
financial measures” (as such term is defined by the Exchange Act) comply with Regulation G of the
Exchange Act and Item 10 of Regulation S-K under the Securities Act. The presentation of the “as
adjusted” financial statements showing the effect of the proceeds received from the sale of the
Securities reflect the proper application of those adjustments to the corresponding historical
financial statement amounts.
(aa) No Material Adverse Change in Business. Except as disclosed in the Time of Sale
Information, since the end of the period covered by the latest audited financial statements
included or incorporated by reference in the Time of Sale Information (i) there has been no change,
nor any development or event involving a prospective change, in the condition (financial or
otherwise), results of operations, business, properties or prospects of the Company and its
subsidiaries, taken as a whole that is material and adverse, (ii) except as disclosed in or
contemplated by the Time of Sale Information, there has been no dividend or distribution of any
kind declared, paid or made by the Company on any class of its capital stock and (iii) except as
disclosed in or contemplated by the Time of Sale Information, there has been no material adverse
change in the capital stock, short-term indebtedness, long-term indebtedness, net current assets or
net assets of the Company and its subsidiaries.
(bb) Investment Company Act. The Company is not and, after giving effect to the offering and
sale of the Securities and the application of the proceeds thereof as described in the Time of Sale
Information, will not be an “investment company” as defined in the Investment Company Act of 1940,
as amended.
(cc) Ratings. No “nationally recognized statistical rating organization” as such term is
defined for purposes of Rule 436(g) under the Securities Act (as in effect on July 20, 2010) (i)
has imposed (or has informed the Company that it is considering imposing) any condition (financial
or otherwise) on the Company’s retaining any rating assigned to the Company or any securities of
the Company or (ii) has indicated to the Company that it is considering any of the actions
described in Section 6(c) hereof.
11
(dd) Anti-Bribery Laws; Money Laundering Laws; OFAC. None of the Company, any of its
subsidiaries, or any director, officer or, to the knowledge of the Company, any agent, employee or
other person associated with or acting on behalf of the Company or any of its subsidiaries has (i)
used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful
expense relating to political activity; (ii) made any direct or indirect unlawful payment to any
foreign or domestic government official or employee from corporate funds; (iii) violated or is in
violation of any provision of the Foreign Corrupt Practices Act of 1977; or (iv) made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment. The operations of the
Company and its subsidiaries are and have been conducted at all times in compliance with applicable
financial record keeping and reporting requirements relating to money laundering applicable to the
Company or any of its subsidiaries and, to the Company’s knowledge, any related or similar
statutes, rules, regulations or guidelines, issued, administered or enforced by any governmental
agency (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving the Company, any of
its subsidiaries or, to the knowledge of the Company, any of their respective directors, officers,
supervisors, agents, managers, employees or affiliates with respect to the Money Laundering Laws is
pending or, to the knowledge of the Company, threatened. None of the Company, any of its
subsidiaries or, to the knowledge of the Company, any of their respective directors, officers,
supervisors, agents, managers, employees or affiliates is currently subject to any sanctions
administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and
the Company will not directly or indirectly use the proceeds of the sale of the Securities, or
lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner
or other person or entity for the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC.
(ee) Tax. The Company and its subsidiaries have filed all federal, state, local and non-U.S.
tax returns that are required to be filed or have requested extensions thereof (except in any case
in which the failure so to file would not have a Material Adverse Effect); and, except as set forth
in the Time of Sale Information, the Company and the Bank have paid all taxes (including any
assessments, fines or penalties) required to be paid by them, other than (i) those being contested
in good faith and for which adequate reserves have been established and such reserves appear in the
Company’s consolidated financial statements and (ii) where the failure to pay would not,
individually or in the aggregate, have a Material Adverse Effect.
(ff) Insurance. The Company and its subsidiaries are insured by insurers with appropriately
rated claims paying abilities against such losses and risks and in such amounts as are customary
for the businesses in which they are engaged; all policies of insurance and fidelity or surety
bonds insuring the Company or any of its subsidiaries or their respective businesses, assets,
employees, officers and directors are in full force and effect; the Company and its subsidiaries
are in compliance with the terms of such policies and instruments in all material respects; and
there are no material claims by the Company or any of its subsidiaries under any such policy or
instrument as to which any insurance company is denying liability or defending under a reservation
of rights clause; and neither the Company nor any such subsidiary has any reason to believe that it
will not be able to renew its existing insurance coverage as and when
12
such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business at a cost that would not have a Material Adverse Effect, except as set
forth in or contemplated in the Time of Sale Information.
(gg) Independent Accountants. KPMG LLP, who have certified certain financial statements of
the Company and its subsidiaries, are an independent registered public accounting firm with respect
to the Company and its subsidiaries within the applicable rules and regulations adopted by the
Commission and the Public Company Accounting Oversight Board (United States) and as required by the
Securities Act.
(hh) Senior Indebtedness. The Securities constitute “senior indebtedness” as such term is
defined in any indenture or agreement governing any outstanding subordinated indebtedness of the
Company.
(ii) Due Authorization. The Company has full right, power and authority to execute and
deliver this Agreement, the Securities and the Indenture (collectively, the “Transaction
Documents”) and to perform its obligations hereunder and thereunder; and all action required to be
taken for the due and proper authorization, execution and delivery of each of the Transaction
Documents and the consummation of the transactions contemplated thereby has been duly and validly
taken.
(jj) The Indenture. The Indenture has been duly authorized by the Company and upon
effectiveness of the Registration Statement was or will have been duly qualified under the Trust
Indenture Act and, when duly executed and delivered in accordance with its terms by each of the
parties thereto, will constitute a valid and legally binding agreement of the Company enforceable
against the Company in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally or by equitable principles relating
to enforceability (whether considered in a proceeding at law or equity) (collectively, the
“Enforceability Exceptions”).
(kk) The Securities. The Securities have been duly authorized by the Company and, when duly
executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided
herein, will be duly and validly issued and outstanding and will constitute valid and legally
binding obligations of the Company enforceable against the Company in accordance with their terms,
subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.
(ll) Descriptions of the Transaction Documents. Each Transaction Document conforms in all
material respects to the description thereof contained in the Registration Statement, the Time of
Sale Information and the Prospectus.
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4. Further Agreements of the Company. The Company covenants and agrees with each
Underwriter that:
(a) Required Filings. The Company will file the final Prospectus with the Commission within
the time periods specified by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act,
will file any Issuer Free Writing Prospectus (including the term sheet in the form of Annex D
hereto) to the extent required by Rule 433 under the Securities Act; and will file promptly all
reports and any definitive proxy or information statements required to be filed by the Company with
the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the
date of the Prospectus and for so long as the delivery of a prospectus is required in connection
with the offering or sale of the Securities; and the Company will furnish copies of the Prospectus
and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the
Underwriters in New York City prior to 10:00 a.m., New York City time, on the business day next
succeeding the date of this Agreement in such quantities as the Representative may reasonably
request. The Company will pay the registration fees for this offering within the time period
required by Rule 456(b)(1)(i) under the Securities Act (without giving effect to the proviso
therein) and in any event prior to the Closing Date.
(b) Delivery of Copies. The Company will deliver, without charge, during the Prospectus
Delivery Period (as defined below), as many copies of the Prospectus (including all amendments and
supplements thereto and documents incorporated by reference therein) and each Issuer Free Writing
Prospectus as the Representative may reasonably request. As used herein, the term “Prospectus
Delivery Period” means such period of time after the first date of the public offering of the
Securities as in the opinion of counsel for the Underwriters a prospectus relating to the
Securities is required by law to be delivered (or required to be delivered but for Rule 172 under
the Securities Act) in connection with sales of the Securities by any Underwriter or dealer.
(c) Amendments or Supplements; Issuer Free Writing Prospectuses. Before making, preparing,
using, authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, and,
during the Prospectus Delivery Period, before filing any amendment or supplement to the
Registration Statement or the Prospectus, the Company will furnish to the Representative and
counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or
supplement for review and will not make, prepare, use, authorize, approve, refer to or file any
such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the
Representative reasonably objects, unless in the case of a filing, the Company is required by law
to make such a filing, in which case the Company will use its reasonable efforts to include in such
filing any comments from the Representative or counsel for the Underwriters.
(d) Notice to the Representative. From the date hereof and until the end of the Prospectus
Delivery Period, the Company will advise the Representative promptly, and confirm such advice in
writing, (i) when any amendment to the Registration Statement has been filed or becomes effective;
(ii) when any supplement to the Prospectus or any amendment to the Prospectus or any Issuer Free
Writing Prospectus has been filed; (iii) of any request by the Commission for any amendment to the
Registration Statement or any amendment or supplement
14
to the Prospectus or the receipt of any comments from the Commission relating to the
Registration Statement or any other request by the Commission for any additional information; (iv)
of the issuance by the Commission of any order suspending the effectiveness of the Registration
Statement or preventing or suspending the use of any Preliminary Prospectus or the Prospectus or
the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A of the
Securities Act; (v) of the occurrence of any event within the Prospectus Delivery Period as a
result of which the Prospectus, the Time of Sale Information or any Issuer Free Writing Prospectus
as then amended or supplemented would include any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances existing when the Prospectus, the Time of Sale
Information or any such Issuer Free Writing Prospectus is delivered to a purchaser, not misleading;
and (vi) of the receipt by the Company of any notice of objection of the Commission to the use of
the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under
the Securities Act; and (vii) of the receipt by the Company of any notice with respect to any
suspension of the qualification of the Securities for offer and sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose; and the Company will use its
reasonable best efforts to prevent the issuance of any such order suspending the effectiveness of
the Registration Statement, preventing or suspending the use of any Preliminary Prospectus or the
Prospectus or suspending any such qualification of the Securities and, if any such order is issued,
will obtain as soon as possible the withdrawal thereof.
(e) Time of Sale Information. If at any time prior to the Closing Date (i) any event shall
occur or condition shall exist as a result of which the Time of Sale Information as then amended or
supplemented would include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances, not
misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply
with law, the Company will immediately notify the Underwriters thereof and forthwith prepare and,
subject to paragraph (c) above, file with the Commission (to the extent required) and furnish to
the Underwriters and to such dealers as the Representative may designate, such amendments or
supplements to the Time of Sale Information as may be necessary so that the statements in the Time
of Sale Information as so amended or supplemented will not, in the light of the circumstances, be
misleading or so that the Time of Sale Information will comply with law.
(f) Ongoing Compliance. If during the Prospectus Delivery Period (i) any event shall occur or
condition shall exist as a result of which the Prospectus as then amended or supplemented would
include any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the
circumstances existing when the Prospectus is delivered to a purchaser, not misleading or (ii) it
is necessary to amend or supplement the Prospectus to comply with law, the Company will immediately
notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file
with the Commission and furnish to the Underwriters and to such dealers as the Representative may
designate, such amendments or supplements to the Prospectus as may be necessary so that the
statements in the Prospectus as so amended or supplemented will not, in the
15
light of the circumstances existing when the Prospectus is delivered to a purchaser, be
misleading or so that the Prospectus will comply with law.
(g) Blue Sky Compliance. The Company will qualify the Securities for offer and sale under the
securities or Blue Sky laws of such jurisdictions as the Representative shall reasonably request
and will continue such qualifications in effect so long as required for distribution of the
Securities; provided that the Company shall not be required to (i) qualify as a foreign
corporation or other entity or as a dealer in securities in any such jurisdiction where it would
not otherwise be required to so qualify, (ii) file any general consent to service of process in any
such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not
otherwise so subject.
(h) Earning Statement. The Company will make generally available to its security holders and
the Representative as soon as practicable an earning statement that satisfies the provisions of
Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder covering
a period of at least twelve months beginning with the first fiscal quarter of the Company occurring
after the “effective date” (as defined in Rule 158) of the Registration Statement.
(i) Clear Market. During the period from the date hereof through and including the business
day following the Closing Date, the Company will not, without the prior written consent of the
Representative, offer, sell, contract to sell or otherwise dispose of any debt securities issued or
guaranteed by the Company and having a tenor of more than one year.
(j) Use of Proceeds. The Company will apply the net proceeds from the sale of the Securities
as described in the Registration Statement, the Time of Sale Information and the Prospectus under
the heading “Use of proceeds”.
(k) No Stabilization. The Company will not take, directly or indirectly, any action designed
to or that could reasonably be expected to cause or result in any stabilization or manipulation of
the price of the Securities.
(l) Record Retention. The Company will, pursuant to reasonable procedures developed in good
faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission
in accordance with Rule 433 under the Securities Act.
5. Certain Agreements of the Underwriters. Each Underwriter hereby represents and
agrees that
(a) It has not and will not use, authorize use of, refer to, or participate in the planning
for use of, any “free writing prospectus”, as defined in Rule 405 under the Securities Act (which
term includes use of any written information furnished to the Commission by the Company and
16
not incorporated by reference into the Registration Statement and any press release issued by
the Company) other than (i) a free writing prospectus that, solely as a result of use by such
underwriter, would not trigger an obligation to file such free writing prospectus with the
Commission pursuant to Rule 433 under the Securities Act, (ii) any Issuer Free Writing Prospectus
listed on Annex C or prepared pursuant to Section 3(c) or Section 4(c) above (including any
electronic road show), or (iii) any free writing prospectus prepared by such underwriter and
approved by the Company in advance in writing (each such free writing prospectus referred to in
clause (i) or (iii), an “Underwriter Free Writing Prospectus”). Notwithstanding the foregoing, the
Underwriters may use a term sheet substantially in the form of Annex D hereto without the consent
of the Company.
(b) It is not subject to any pending proceeding under Section 8A of the Securities Act
with respect to the offering (and will promptly notify the Company if any such proceeding against
it is initiated during the Prospectus Delivery Period).
6. Conditions of Underwriters’ Obligations. The obligation of each Underwriter to
purchase Securities on the Closing Date as provided herein is subject to the performance by the
Company of its covenants and other obligations hereunder and to the following additional
conditions:
(a) Registration Compliance; No Stop Order. No order suspending the effectiveness of the
Registration Statement shall be in effect, and no proceeding for such purpose, pursuant to Rule
401(g)(2) or pursuant to Section 8A under the Securities Act shall be pending before or threatened
by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely
filed with the Commission under the Securities Act (in the case of an Issuer Free Writing
Prospectus, to the extent required by Rule 433 under the Securities Act) and in accordance with
Section 4(a) hereof; and all requests by the Commission for additional information shall have been
complied with to the reasonable satisfaction of the Representative.
(b) Representations and Warranties. The representations and warranties of the Company
contained herein shall be true and correct on the date hereof and on and as of the Closing Date;
and the statements of the Company and its officers made in any certificates delivered pursuant to
this Agreement shall be true and correct on and as of the Closing Date.
(c) No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution
and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the
Securities or any other debt securities or preferred stock of or guaranteed by the Company or any
of its subsidiaries by any “nationally recognized statistical rating organization” as such term is
defined by the Commission for purposes of Rule 436(g) under the Securities Act (as in effect on
July 20, 2010) and (ii) no such organization shall have publicly announced that it has under
surveillance or review, or has changed its outlook with respect to, its rating of the Securities or
of any other debt securities or preferred stock of or guaranteed by the Company or
17
any of its subsidiaries (other than an announcement with positive implications of a possible
upgrading).
(d) No Material Adverse Change. No event or condition of a type described in Section
3(aa) hereof shall have occurred or shall exist, which event or condition is not described in the
Time of Sale Information (excluding any amendment or supplement thereto) and the Prospectus
(excluding any amendment or supplement thereto) and the effect of which in the judgment of the
Representative makes it impracticable or inadvisable to proceed with the offering, sale or delivery
of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale
Information and the Prospectus.
(e) Officers’ Certificate. The Representative shall have received on and as of the
Closing Date a certificate of the chief executive officer and the principal financial or accounting
officer of the Company who has specific knowledge of the Company’s financial matters and is
satisfactory to the Representative (i) confirming that such officer has carefully reviewed the
Registration Statement, the Time of Sale Information and the Prospectus and, to the best knowledge
of such officer, the representations set forth in Sections 3(b) and 3(d) hereof are true and
correct, (ii) confirming that the other representations and warranties of the Company in this
Agreement are true and correct and that the Company has complied with all agreements and satisfied
all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date
and (iii) to the effect set forth in paragraphs (a), (c) and (d) above.
(f) Comfort Letters. On the date of this Agreement and on the Closing Date, KPMG LLP
shall have furnished to the Representative, at the request of the Company, letters, dated the
respective dates of delivery thereof and addressed to the Underwriters, in form and substance
reasonably satisfactory to the Representative, containing statements and information of the type
customarily included in accountants’ “comfort letters” to underwriters with respect to the
financial statements and certain financial information contained or incorporated by reference in
the Registration Statement, the Time of Sale Information and the Prospectus; provided that
the letter delivered on the Closing Date shall use a “cut-off” date no more than three business
days prior to the Closing Date.
(g) Opinion and 10b-5 Statement of In-house Counsel for the Company. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, the
Company’s in-house counsel, shall have furnished to the Representative her written opinion and
10b-5 Statement, dated the Closing Date and addressed to the Underwriters, in form and substance
reasonably satisfactory to the Representative, to the effect set forth in Annex A hereto.
(h) Opinion and 10b-5 Statement of Counsel for the Company. ▇▇▇▇▇▇ ▇▇▇▇▇▇ Rosenman LLP,
counsel for the Company, shall have furnished to the Representative, at the request of the Company,
their written opinion and 10b-5 Statement, dated the Closing Date and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representative, to the effect
set forth in Annex B hereto.
18
(i) Opinion and 10b-5 Statement of Counsel for the Underwriters. The Representative shall
have received on and as of the Closing Date an opinion and 10b-5 Statement of ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇
LLP, counsel for the Underwriters, with respect to such matters as the Representative may
reasonably request, and such counsel shall have received such documents and information as they may
reasonably request to enable them to pass upon such matters.
(j) No Legal Impediment to Issuance. No action shall have been taken and no statute,
rule, regulation or order shall have been enacted, adopted or issued by any federal, state or
foreign governmental or regulatory authority that would, as of the Closing Date, prevent the
issuance or sale of the Securities; and no injunction or order of any federal, state or foreign
court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of
the Securities.
(k) Good Standing. The Representative shall have received on and as of the Closing Date
satisfactory evidence of the good standing of the Company and the Bank in their respective
jurisdictions of organization, in each case in writing or any standard form of telecommunication
from the appropriate governmental authorities of such jurisdictions.
(l) Additional Documents. On or prior to the Closing Date, the Company shall have
furnished to the Representative such further certificates and documents as the Representative may
reasonably request.
All opinions, letters, certificates and evidence mentioned above or elsewhere in this
Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form
and substance reasonably satisfactory to counsel for the Underwriters.
7. Indemnification and Contribution.
(a) Indemnification of the Underwriters. The Company agrees to indemnify and hold
harmless each Underwriter, its affiliates, directors and officers and each person, if any, who
controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act, from and against any and all losses, claims, damages and liabilities (including,
without limitation, legal fees and other expenses reasonably incurred in connection with any suit,
action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or
several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement, or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or necessary in order to
make the statements therein, not misleading, or (ii) any untrue statement or alleged untrue
statement of a material fact contained in the Prospectus (or any amendment or supplement thereto),
any Issuer Free Writing Prospectus or any Time of Sale Information, or caused by any omission or
alleged omission to state therein a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading, in each case
except insofar as such losses, claims, damages or liabilities arise out of, or are based
19
upon, any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with any information relating to any Underwriter furnished to the
Company in writing by such Underwriter through the Representative expressly for use therein.
(b) Indemnification of the Company. Each Underwriter agrees, severally and not jointly,
to indemnify and hold harmless the Company, its directors, its officers who signed the Registration
Statement and each person, if any, who controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in
paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise
out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with any information relating to such Underwriter furnished
to the Company in writing by such Underwriter through the Representative expressly for use in the
Registration Statement, the Prospectus (or any amendment or supplement thereto), any Issuer Free
Writing Prospectus or any Time of Sale Information, it being understood and agreed that the only
such information consists of the following: paragraphs 5 and 6 under the caption “Underwriting” in
the Preliminary Prospectus and the Prospectus to the extent concerning stabilizing transactions.
(c) Notice and Procedures. If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against any person in
respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such
person (the “Indemnified Person”) shall promptly notify the person against whom such
indemnification may be sought (the “Indemnifying Person”) in writing; provided that the
failure to notify the Indemnifying Person shall not relieve it from any liability that it may have
under this Section 7 except to the extent that it has been materially prejudiced (through the
forfeiture of substantive rights or defenses) by such failure; and provided,
further, that the failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have to an Indemnified Person otherwise than under this Section 7. If any
such proceeding shall be brought or asserted against an Indemnified Person and it shall have
notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably
satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified
Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others
entitled to indemnification pursuant to Section 7 that the Indemnifying Party may designate in such
proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and
expenses of counsel related to such proceeding, as incurred. In any such proceeding, any
Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person
and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person
has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified
Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal
defenses available to it that are different from or in addition to those available to the
Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded
parties) include both the Indemnifying Person and the Indemnified Person and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interest
between them. It is understood and agreed that the Indemnifying
20
Person shall not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to
any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be
reimbursed as they are incurred. Any such separate firm for any Underwriter, its affiliates,
directors and officers and any control persons of such Underwriter shall be designated in writing
by the Representative and any such separate firm for the Company, its directors, its officers who
signed the Registration Statement and any control persons of the Company shall be designated in
writing by the Company. The Indemnifying Person shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified
Person from and against any loss or liability by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested
that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as
contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is entered into more than 30
days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person
shall not have reimbursed the Indemnified Person in accordance with such request prior to the date
of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified
Person, effect any settlement of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party and indemnification could have been sought
hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release
of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified
Person, from all liability on claims that are the subject matter of such proceeding and (y) does
not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person.
(d) Contribution. If the indemnification provided for in paragraphs (a) and (b) above is
unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or
liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of
indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by
such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one
hand and the Underwriters on the other from the offering of the Securities or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) but also the
relative fault of the Company on the one hand and the Underwriters on the other in connection with
the statements or omissions that resulted in such losses, claims, damages or liabilities, as well
as any other relevant equitable considerations. The relative benefits received by the Company on
the one hand and the Underwriters on the other shall be deemed to be in the same respective
proportions as the net proceeds (before deducting expenses) received by the Company from the sale
of the Securities and the total underwriting discounts and commissions received by the Underwriters
in connection therewith, in each case as set forth in the table on the cover of the Prospectus,
bear to the aggregate offering price of the Securities. The relative fault of the Company on the
one hand and the Underwriters on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or by the
21
Underwriters and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.
(e) Limitation on Liability. The Company and the Underwriters agree that it would not be
just and equitable if contribution pursuant to this Section 7 were determined by pro
rata allocation (even if the Underwriters were treated as one entity for such purpose) or
by any other method of allocation that does not take account of the equitable considerations
referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a
result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses incurred
by such Indemnified Person in connection with any such action or claim. Notwithstanding the
provisions of this Section 7, in no event shall an Underwriter be required to contribute any amount
in excess of the amount by which the total underwriting discounts and commissions received by such
Underwriter with respect to the offering of the Securities exceeds the amount of any damages that
such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations
to contribute pursuant to this Section 7 are several in proportion to their respective purchase
obligations hereunder and not joint.
(f) Non-Exclusive Remedies. The remedies provided for in this Section 7 are not exclusive
and shall not limit any rights or remedies which may otherwise be available to any Indemnified
Person at law or in equity.
8. Effectiveness of Agreement. This Agreement shall become effective upon the
execution and delivery hereof by the parties hereto.
9. Termination. This Agreement may be terminated in the absolute discretion of
the Representative, by notice to the Company, if after the execution and delivery of this Agreement
and prior to the Closing Date (i) trading generally shall have been suspended or materially limited
on the New York Stock Exchange or in the over-the-counter market; (ii) trading of any securities
issued or guaranteed by the Company shall have been suspended on any exchange or in any
over-the-counter market; (iii) a general moratorium on commercial banking activities shall have
been declared by federal, New York or Wisconsin authorities; or (iv) there shall have occurred any
outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis,
either within or outside the United States, that, in the judgment of the Representative, is
material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale
or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the
Time of Sale Information and the Prospectus.
10. Payment of Expenses. (a) Whether or not the transactions contemplated by
this Agreement are consummated or this Agreement is terminated, the Company will pay or cause to
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be paid all costs and expenses incident to the performance of its obligations hereunder,
including without limitation, (i) the costs incident to the authorization, issuance, sale,
preparation and delivery of the Securities and any taxes payable in that connection; (ii) the costs
incident to the preparation, printing and filing under the Securities Act of the Registration
Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Time of Sale
Information and the Prospectus (including all exhibits, amendments and supplements thereto) and the
distribution thereof; (iii) the costs of reproducing and distributing each of the Transaction
Documents; (iv) the fees and expenses of the Company’s counsel and independent accountants; (v) the
fees and expenses incurred in connection with the registration or qualification and determination
of eligibility for investment of the Securities under the laws of such jurisdictions as the
Representative may designate and the preparation, printing and distribution of a Blue Sky
Memorandum (including the related fees and expenses of counsel for the Underwriters); (vi) any fees
charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee
(including related fees and expenses of any counsel to such parties); (viii) all expenses and
application fees incurred in connection with any filing with, and clearance of the offering by, the
Financial Industry Regulatory Authority (including the fees and expenses of counsel for the
Underwriters relating directly to such review or clearance); and (ix) all expenses incurred by the
Company in connection with any “road show” presentation to potential investors. It is understood
and acknowledged, however, that, except as provided above and in Section 10(b), the Underwriters
will pay all of their own costs and expenses, including fees of their counsel and transfer taxes on
resale of any of the Securities.
(b) If (i) this Agreement is terminated pursuant to Section 9, (ii) the Company for any
reason fails to tender the Securities for delivery to the Underwriters or (iii) the Underwriters
decline to purchase the Securities for any reason permitted under this Agreement, in the case of
clauses (ii) and (iii) above, the Company agrees to reimburse the Underwriters for all
out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably
incurred by the Underwriters in connection with this Agreement and the offering contemplated
hereby.
11. Persons Entitled to Benefit of Agreement. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective successors and the officers
and directors and any controlling persons referred to herein, and the affiliates of each
Underwriter referred to in Section 7 hereof. Nothing in this Agreement is intended or shall be
construed to give any other person any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision contained herein. No purchaser of Securities from any
Underwriter shall be deemed to be a successor merely by reason of such purchase.
12. Survival. The respective indemnities, rights of contribution,
representations, warranties and agreements of the Company and the Underwriters contained in this
Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or
any certificate delivered pursuant hereto shall survive the delivery of and payment for the
Securities and shall remain in full force and effect, regardless of any termination of this
Agreement or any investigation made by or on behalf of the Company or the Underwriters.
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13. Certain Defined Terms. For purposes of this Agreement, (a) except where
otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the
Securities Act; (b) the term “business day” means any day other than a day on which banks are
permitted or required to be closed in New York City; (c) the term “subsidiary” has the meaning set
forth in Rule 405 under the Securities Act ; and (d) the term “significant subsidiary” has the
meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act.
14. Miscellaneous. (a) Authority of the Representative. Any action by the
Underwriters hereunder may be taken the Representative on behalf of the Underwriters, and any such
action taken by the Representative shall be binding upon the Underwriter.
(b) Notices. All notices and other communications hereunder shall be in writing and shall
be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of
telecommunication. Notices to the Underwriter shall be given to the Representative c/o Goldman,
▇▇▇▇▇ & Co., ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ (phone: ▇-▇▇▇-▇▇▇-▇▇▇▇); Attention:
Registration Department. Notices to the Company shall be given to it at: Associated Banc-Corp,
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: General Counsel, with a copy to ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ LLP, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇
▇. Wild.
(c) USA Patriot Act. Pursuant to the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), the Underwriters may be
required to obtain, verify and record information that identifies the Company, which information
includes the name and address of the Company and other information that will allow the Underwriters
to identify the Company in accordance with the Patriot Act.
(d) Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York.
(e) Counterparts. This Agreement may be signed in counterparts (which may include
counterparts delivered by any standard form of telecommunication), each of which shall be an
original and all of which together shall constitute one and the same instrument.
(f) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor
any consent or approval to any departure therefrom, shall in any event be effective unless the same
shall be in writing and signed by the parties hereto.
(g) Headings. The headings herein are included for convenience of reference only and are
not intended to be part of, or to affect the meaning or interpretation of, this Agreement.
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If the foregoing is in accordance with your understanding, please indicate your acceptance of
this Agreement by signing in the space provided below.
| Very truly yours, ASSOCIATED BANC-CORP |
||||
| By | /s/ ▇▇▇▇▇ Del Moral-Niles | |||
| Name: | ▇▇▇▇▇ Del Moral-Niles | |||
| Title: | EVP & Deputy CFO | |||
Accepted: September 8, 2011
▇▇▇▇▇▇▇, ▇▇▇▇▇ & CO.
| By: | /s/ ▇▇▇▇▇▇▇, Sachs & Co. | |||
| (▇▇▇▇▇▇▇, ▇▇▇▇▇ & Co.) | ||||
Schedule 1
| Underwriter | Principal Amount | |||
▇▇▇▇▇▇▇, Sachs & Co. |
$ | 130,000,000 | ||
Total |
$ | 130,000,000 | ||
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