Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 155

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 155
---
 excise taxes under Section 4999 of the Code, such payments will be reduced to the extent necessary so that no portion of the payments are subject to excise taxes, but only if reducing the payments provides the executive officer with a net after-tax benefit that is greater than if the reduction is not made. For an estimate of the CIC Benefits that would be realized by each of Cadence’s named executive officers upon a qualifying termination event, see the section entitled “—Merger-Related Compensation for Cadence’s Named Executive Officers—Golden Parachute Compensation” below. The estimated aggregate value of the CIC Benefits (other than the equity award vesting, which is quantified above in the section entitled “—Treatment of Outstanding Cadence Equity Awards”) that would become payable to the six Cadence executive officers who are not named executive officers under their CIC Agreements if the merger were completed on the Assumed Closing Date, and such executive officers experienced a qualifying termination on that date is $10,053,287. Bonus Payments under the EPIP Each executive officer participates in the EPIP. Pursuant to the terms of the EPIP, following the closing of the merger, each participating executive will be entitled to receive no less than the target amount of his or her then-current annual cash incentive 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.