Company: HBAN
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001140361-25-029894
Chunk: 94

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-08-08
Form: S-4/A
Chunk 94
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 for the five (5)-year period following the closing date of the merger. Mr. Holland will also be subject to indefinite confidentiality covenants.

The letter agreement acknowledges that the termination of Mr. Holland's employment at the effective time will be deemed a “Change-in-Control Termination” under the terms of the Holland employment agreement, as described above in “—Veritex Employment Agreements and Consulting Agreement—Employment Agreement of C. Malcolm Holland” and, in satisfaction of the obligations thereunder, Mr. Holland will be entitled to a severance payment of $5.3 million, a prorated annual bonus for the year in which the closing occurs based on actual performance and the COBRA premium payment provided under such agreement as described above.

Huntington Retention Agreement with Terry S. Earley

On July 13, 2025, in connection with the merger, Huntington entered into a letter agreement (the “retention agreement”) with Mr. Earley, the retired Chief Financial Officer of Veritex who is currently providing transition services to Veritex as a consultant, which sets forth the terms of his service as an advisor to Huntington after the consummation of the merger.

Pursuant to the retention agreement, Mr. Earley will be entitled to a retention bonus in the aggregate amount of $3.5 million, with $1.0 million vesting on the closing date and the remaining $2.5 million vesting on the later of January 31, 2026, and the date that is fifteen (15) days after the date on which the conversion of the banking systems and operations of Veritex is successfully completed, subject to Mr. Earley’s continued compliance with the Earley consulting and retention agreements; provided, that if Mr. Earley’s services are terminated by Huntington without cause (as defined in his consulting agreement) or due to Mr. Earley’s death or disability after the effective time, he shall be entitled to any unpaid portion of the retention bonus.

Under the letter agreement, Mr. Earley has agreed to continue to be bound by certain restrictive covenants, including non-competition and non-solicitation covenants for twelve (12)-months following July 1, 2025, in accordance with Mr. Earley’s employment agreement in effect at the time of his retirement. Mr. Earley is also subject to indefinite confidentiality covenants.

The retention agreement does not affect the payment of the consulting fee to Mr. Earley in