Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 156

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 156
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, $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 Payments under the EPIP”, above.

Mr. Rollins’s service under the letter agreement may not be terminated by Huntington other than for cause. Upon termination of Mr. Rollins’s service for any reason, he will receive the amount of the annual fee that is earned but unpaid through the termination date (prorated for any partial annual period) and other accrued amounts. If Mr. Rollins’s service is terminated (i) by Mr. Rollins due to Huntington’s material breach or (ii) due to Mr. Rollins’s death or disability, then, in addition to the accrued amounts, subject to a release and continued compliance with the restrictive covenants set out in the letter agreement, Huntington will continue to pay the remainder of the annual fees that Mr. Rollins would have received had he remained engaged for the duration of the term (or, in the event of a termination of employment due to death, the same will be paid in a lump sum within 30 days).

Under the letter agreement, Mr. Rollins will be subject to non-competition and non-solicitation of customers and employees covenants for a five-year period following the effective date, as well as a perpetual confidentiality covenant. If the Huntington board of directors determines that Mr. Rollins has materially and intentionally