Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 152

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 152
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 by a non-employee director of Cadence and is not subject to any performance-based vesting conditions will convert into a Huntington restricted stock unit award, with the number of shares subject to such award adjusted based on the exchange ratio; |

| • | Cadence director restricted stock unit awards: each outstanding Cadence restricted stock unit that is held by a non-employee director of Cadence will accelerate in full and convert into a right to receive (A) Huntington Common Stock, with the numbers of shares adjusted based on the exchange ratio, and (B) a cash payment equal to the accrued dividend equivalents with respect to such unit; |

| • | Cadence performance-based restricted stock unit awards: each outstanding Cadence restricted stock unit award that is subject to any performance-based vesting condition will convert into a Huntington |

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restricted stock unit, with the number of shares underlying such award (x) deemed earned based on the greater of target and actual performance measured through the latest practicable date prior to the effective time of the merger (provided that, with respect to any such Cadence restricted stock unit award that is subject to a relative total shareholder return performance modifier (“rTSR modifier”) and has a performance period ending after December 31, 2025, the rTSR modifier will be determined based on performance measured as of October 21, 2025 (the “rTSR Performance Determination”)) and (y) adjusted based on the exchange ratio; and

| • | Cadence restricted stock awards: each outstanding Cadence restricted stock award (other than those that vest solely as a result of the merger pursuant to their terms) will convert into Huntington restricted stock, with the number of shares adjusted based on the exchange ratio. |

Each such converted Huntington award will otherwise continue to be subject to the same terms and conditions as applied to the corresponding Cadence award (including “double-trigger” vesting terms, as described below, but excluding any performance-based vesting requirements) in effect immediately prior to the effective time of the merger. Each Cadence equity award agreement governing the treatment of such awards provides for “double-trigger” vesting if the executive officer is terminated by Cadence without cause, or if the executive officer terminates his or her employment for good reason (each, a “qualifying termination”) upon or within up to two years following a change in control, which may be extended through March 31 of the year that is two years following the effective time for each award with a vesting date of