Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 186

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 186
---
, for a period beginning at the effective time and continuing through the first anniversary thereof, each continuing employee who is not party to an individual agreement providing for severance or termination benefits and is terminated under severance-qualifying circumstances will be eligible to receive severance benefits pursuant to the Huntington Transition Pay Plan as in effect as of the date of the merger agreement, subject to such continuing employee’s execution (and non-revocation) of a release of claims.

With respect to any employee benefit plans of Huntington or its subsidiaries in which any continuing employees become eligible to participate on or after the effective time (the “new plans”), Huntington and its subsidiaries will: (i) waive all preexisting conditions and waiting periods and use commercially reasonable efforts to waive all exclusions with respect to participation and coverage requirements applicable to such employees and their eligible dependents under any new plans, except to the extent such pre-existing conditions, exclusions or waiting periods would apply under the analogous Cadence benefit plan, (ii) use commercially reasonable efforts to provide each such employee and their eligible dependents with credit for any co-payments or coinsurance and deductibles paid prior to the effective time under a Cadence benefit plan that provides health care benefits, to the same extent that such credit was given under the analogous Cadence benefit plan prior to the effective time, and (iii) recognize all service of such employees with Cadence and its subsidiaries, including with their respective predecessors, for all purposes in any new plan, to the same extent that such service was taken into account under the analogous Cadence benefit plan prior to the effective time; provided that the foregoing will not apply to the extent it would result in the duplication of benefits, for purposes of any defined benefit pension or supplemental plan or for purposes of any frozen plan or benefit plan that provides grandfathered benefits. Effective as of the effective time, Huntington agrees to assume and honor all Cadence benefit plans in accordance with their terms.

Unless otherwise requested by Huntington, Cadence will cause its 401(k) plan and other defined contribution plan to terminate effective as of the day prior to the effective time and contingent on the effective time. In the event of such termination, continuing employees will be eligible to participate in and make rollover contributions to the Huntington 401(k) plan.

Director and Officer Indemnification and Insurance

The merger agreement provides that from and after the effective time, the surviving bank will indemnify and hold harmless, to the fullest extent permitted by applicable law, each present and former director, officer or employee of Cad