Company: HBAN
Filing Date: 2025-10-30
Form Type: 425
Source: 0001140361-25-039874
Chunk: 2

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-10-30
Form: 425
Chunk 2
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ence Preferred Stock”) outstanding immediately prior to the Effective Time, will be automatically converted into the right to receive 1/1000 of a share of a newly created series of preferred stock of Huntington having powers, preferences or special rights that are not materially less favorable than the terms of the Cadence Preferred Stock (all shares of such newly created series, collectively, the “New Huntington Preferred Stock”) or depositary shares in respect thereof. Subject to the terms and conditions of the Merger Agreement, at the Effective Time, (i) each outstanding Cadence restricted stock unit that is not held by a non-employee director of Cadence will convert into a Huntington restricted stock unit, with the number of shares adjusted based on the Exchange Ratio, (ii) 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, (iii) each outstanding Cadence performance stock unit award will convert into a Huntington 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 (provided that, with respect to any Cadence performance stock unit award that is subject to a relative total shareholder return (“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) and (y) adjusted based on the Exchange Ratio, and (iv) each outstanding Cadence restricted stock award (other than those that vest solely as a result of the Merger) 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 (excluding any performance-based vesting requirements) in effect immediately prior to the Effective Time. The Merger Agreement also provides, among other things, that Huntington will take all appropriate action so that three (3) current directors of Cadence will be appointed to the Board of Directors of Huntington. Each of the directors so appointed will be designated by Huntington, it being agreed that one of the designated directors will be James D. Rollins III, the Chairman and Chief