Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 151

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 151
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 the calculations herein may vest and settle pursuant to their terms, without regard to the merger. As a result of the foregoing assumptions, which may or may not be accurate on the relevant date, the actual amounts, if any, to be realized by Cadence’s executive officers who are not named executive officers and directors may materially differ from the amounts set forth below. Treatment of Outstanding Cadence Equity Awards Each of Cadence’s executive officers holds Cadence restricted stock unit awards and Cadence performance stock unit awards. Cadence’s non-employee directors do not hold any unvested or outstanding Cadence equity incentive awards other than Cadence restricted stock unit awards. The outstanding Cadence equity awards held by Cadence’s executive officers immediately prior to the effective time will be generally treated in the same manner as those Cadence equity awards held by other employees of Cadence, and in each case, except as described below, will be treated in accordance with the terms and conditions that were applicable to such awards before the effective time. As further described in “The Merger Agreement—Treatment of Cadence Equity Awards,” at the effective time of the merger:

| • | Cadence restricted stock unit awards: each outstanding Cadence restricted stock unit award that is not held 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