Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 92

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 92
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 for organic growth. Representatives of Sullivan & Cromwell then presented to the Cadence Board on the structure and terms of the proposed transaction, as set out in the draft merger agreement, including the proposed aggregate consideration, the form of consideration, and the negotiated deal protections including conditions to each party’s obligation to close the transaction and each party’s rights upon a termination of the definitive agreement, including the termination fee. Throughout the meeting, the Cadence Board discussed the potential advantages and risks of the proposed transaction and extensively questioned the representatives of each of Cadence’s management, KBW and Sullivan & Cromwell. Following the meeting, the Cadence Board continued to meet in executive session with representatives of Sullivan & Cromwell and KBW also present to discuss executive compensation and employee matters, including the proposed treatment of Cadence’s outstanding equity awards, and employee retention.

On October 22, 2025, a joint meeting of the Huntington Board and the Huntington National Bank Board was held to further discuss the potential transaction with Cadence, which members of management and representatives of Wachtell Lipton and Evercore attended. At the meeting, Mr. Steinour updated the directors on the status of discussions between Huntington and Cadence and their respective advisors. Members of Huntington management reviewed with the directors certain due diligence matters and discussed certain financial aspects of

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the potential transaction, including the pro forma financial impacts, the strategic nature of the potential transaction and the plans for managing integration and conversion, including in light of the pending Veritex transaction. Representatives of Wachtell Lipton provided and discussed a summary of the merger agreement and related items, including compensation matters, the directors’ fiduciary duties and requisite regulatory approvals. Representatives of Evercore then reviewed with the directors certain preliminary financial analyses regarding the two companies. Members of Huntington management discussed the expected timeline and communications plan for the proposed transaction. Following discussion, the directors expressed unanimous support for pursuing a potential transaction with Cadence on the terms discussed at the meeting and directed Huntington management, with the assistance of Huntington’s advisors, to continue to work to finalize the merger agreement and other transaction documents.

On October 26, 2025, the Cadence Board and Executive Management Committee held a meeting, with all members of the Executive Management Committee and Board in attendance, to consider the negotiated terms of the proposed merger and the entry into the merger agreement by Cadence, with representatives of KBW and Sullivan & Cromwell in attendance. Prior to the meeting