Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 191

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 191
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 the Huntington Parties or Cadence, as applicable, and after receiving the advice of its outside counsel and, with respect to financial matters, its financial advisors, determines in good faith (x) that such acquisition proposal nevertheless constitutes a superior proposal and that it would more likely than not result in a violation of its fiduciary duties under applicable law to continue to recommend in Cadence’s case the merger agreement and the merger and in Huntington’s case the issuance of Huntington common stock in connection with the merger or (y) with respect to an intervening event (as defined below) that it would nevertheless more likely than not result in a violation of its fiduciary duties under applicable law to continue to recommend, in the case of Cadence, the merger agreement and the merger and, in the case of Huntington, the issuance of Huntington common stock in connection with the merger. In the case of Cadence, any material amendment to any Cadence acquisition proposal will be deemed to be a new Cadence acquisition proposal for purposes of such notice requirement and will require a new notice period.

For purposes of the merger agreement, “superior proposal” means (i) in the case of Cadence, any bona fide written cadence acquisition proposal that the board of directors of Cadence has determined in good faith, after consultation with its financial advisors and outside legal counsel, and taking into account all legal, regulatory and other aspects of the proposal and the person making the proposal, is more favorable to Cadence and its shareholders from a financial point of view than the merger (including, as the case may be, any revisions to the terms of the merger agreement proposed by Huntington in response to such proposal or otherwise) and is reasonably likely to receive all required governmental approvals and financing on a timely basis and is otherwise reasonably capable of being completed on the terms proposed, or (ii) in the case of Huntington, any bona fide written Huntington acquisition proposal that the board of directors of Huntington has determined in good faith, after consultation with its financial advisors and outside legal counsel, and taking into account all legal, regulatory and other aspects of the proposal and the person making the proposal, is more favorable to Huntington and its shareholders from a financial point of view than the merger (including, as the case may be, any revisions to the terms of the agreement proposed by Cadence in response to such proposal or otherwise) and is reasonably

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likely to receive all required governmental approvals and financing on a timely basis and is otherwise