Company: HBAN
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001140361-25-029894
Chunk: 93

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-08-08
Form: S-4/A
Chunk 93
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. Malcolm Holland

On July 13, 2025, Huntington entered into a letter agreement (a “letter agreement”) with Mr. Holland which sets forth the terms of his service as an advisor to Huntington after the consummation of the merger.

Mr. Holland will serve as an advisor to Huntington as “Chairman of Texas” beginning at the effective time through the third anniversary of the effective time. In consideration of Mr. Holland’s provision of the advisory services and compliance with the restrictive covenants described below, Mr. Holland will be entitled to a lump-sum cash payment of $7.0 million at the effective time and an annual advisory fee equal to $3.5 million for each of the first three (3) twelve (12)-month periods following the effective time, payable semi-annually in arrears. Such amounts (along with certain continued executive-level benefits, reimbursement of annual membership dues at three country clubs and access at Veritex’s expense to a private aircraft for non-business travel, up to fifty (50) hours per calendar year) are the only compensation that Mr. Holland will receive with respect to his service to Huntington and its affiliates following the closing of the merger in any capacity. Upon Mr. Holland’s termination for any reason, he will receive the portion of the advisory fee that is earned but unpaid with respect to any semi-annual period completed prior to the date of termination and reimbursement for reasonable business expenses that are incurred but unreimbursed through the termination date. Upon Mr. Holland’s termination by Huntington for cause or by Mr. Holland without good reason, Mr. Holland is entitled to the pro-rated portion of the advisory fee for the semi-annual period (50% of the advisory fee) in which the date of termination occurs. Upon termination due to death, the advisory fee(s) that Mr. Holland would have earned through the third anniversary of the consummation of the merger will be paid to Mr. Holland’s estate in a lump sum. Upon termination due to disability, Mr. Holland is entitled to the advisory fee(s) payable

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**on the same schedule as if he had not been terminated, subject to his execution of a release of claims in favor of Huntington and continued compliance with the agreement (including the restrictive covenants contained thereof).

Under the letter agreement, Mr. Holland has agreed to be bound by certain restrictive covenants, including non-competition and non-solicitation covenants,