Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 156

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 156
---
 Under the letter agreement, at the effective time of the merger, Mr. Rollins will be appointed to serve as a non-employee member of the board of directors of Huntington, and thereafter Huntington will nominate Mr. Rollins for election as a member of the Huntington board of directors at each annual meeting of Huntington’s shareholders that occurs during the three-year term of the letter agreement. While serving on the Huntington board of directors, Mr. Rollins will also serve as a member of the board of directors of Huntington National Bank and will have the title of Vice Chairman of each of the boards. In addition, Mr. Rollins will serve as an advisor to Huntington, reporting exclusively to Huntington’s CEO.

94

#### TABLE OF CONTENTS
At the effective time, Mr. Rollins will be entitled to receive a cash payment in the amount of $10,000,000 in consideration of his continued compliance with the restrictive covenants set forth in the letter agreement (the “Restrictive Covenant Payment”), including a 5-year non-competition covenant (subject to clawback, as described below). In addition, during the three-year term, Mr. Rollins will receive an annual cash fee in the amount of $6,000,000 in respect of the first 12-month period of the term, $5,000,000 in respect of the second 12-month period of the term, and $4,000,000 in respect of the third 12-month period of the term. Mr. Rollins will also be entitled to reimbursement of reasonable and documented business and travel expenses incurred in connection with the performance of his advisory services, including use of corporate aircraft for business travel and up to 50 occupied hours of personal usage of corporate aircraft per 12-month period, and office space and access to administrative support. Mr. Rollins will not be eligible to participate in any employee benefit plans of Huntington and will not receive any additional compensation in respect of his service as a non-employee director or Vice Chairman.

Under the letter agreement, the termination of Mr. Rollins’s employment at the closing of the merger will be a qualifying termination of employment pursuant to his CIC Agreement. Therefore, subject to a general release of claims in favor of Huntington, Mr. Rollins will be entitled to receive the CIC Benefits. In addition, Mr. Rollins is a participant in the EPIP and will receive the EPIP Benefit. For more information, see the sections entitled “—Cadence Change in Control Agreements” and “—Bonus