Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 155

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 155
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 bonus (the “EPIP Benefit”). Unless otherwise agreed by Huntington, the executive officers will not be entitled to any other bonus, including a prorated bonus, in respect of the year in which the closing occurs. For an estimate of the EPIP Benefits that would be realized by each of Cadence’s named executive officers in connection with the closing of the merger, see the section entitled “—Merger-Related Compensation for Cadence’s Named Executive Officers—Golden Parachute Compensation” below. The estimated aggregate value of the EPIP Benefits that would become payable to the six Cadence executive officers who are not named executive officers under the EPIP if the merger were completed on the Assumed Closing Date is $2,122,425. Letter Agreement with Mr. Rollins Concurrently with the execution of the merger agreement, Huntington entered into a letter agreement with Mr. Rollins, which memorializes the terms of his (i) separation from employment with Cadence in all capacities at the closing of the merger and (ii) service to Huntington over a three-year term following the completion of the merger. The agreement will automatically terminate if the merger is not consummated or if Mr. Rollins’s employment terminates before the effective date. 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.

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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