Company: HBAN
Filing Date: 2025-11-13
Form Type: S-4
Source: 0001140361-25-041757
Chunk: 93

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-11-13
Form: S-4
Chunk 93
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 executive compensation arrangements, an outline of the proposed merger agreement, prepared by Sullivan & Cromwell, and a draft Huntington investor deck—had been made available to the Cadence Board. Mr. Rollins noted at the outset that the purpose of this meeting was not to approve a transaction, and that a special meeting would be called to vote on the proposed transaction. Mr. Rollins then updated the Cadence Board on discussions between Huntington and Cadence and their respective advisors since the October 10, 2025 Board meeting. He reported on, among other things, process and timing and regulatory considerations. Representatives of Sullivan & Cromwell then presented on the directors’ fiduciary duties and other relevant considerations in evaluating the proposed transaction and outlined the expected timeline and process for obtaining the requisite regulatory approvals. The Cadence Board asked a number of questions regarding, among other things, the regulatory process. The meeting next addressed Cadence’s reverse due diligence process and findings, with Ms. Shanna Kuzdzal, Cadence’s Senior Executive Vice President and Chief Legal Officer presenting. Representatives of KBW reviewed financial matters relating to the transaction with Huntington, including pro forma financial and market capitalization information. There was also a discussion of potential outcomes, including the expected financial benefits of the transaction relative to Cadence’s standalone prospects for organic growth. Representatives of Sullivan & Cromwell then presented to the Cadence Board on the structure and terms of the proposed transaction, as set out in the draft merger agreement, including the proposed aggregate consideration, the form of consideration, and the negotiated deal protections including conditions to each party’s obligation to close the transaction and each party’s rights upon a termination of the definitive agreement, including the termination fee. Throughout the meeting, the Cadence Board discussed the potential advantages and risks of the proposed transaction and extensively questioned the representatives of each of Cadence’s management, KBW and Sullivan & Cromwell. Following the meeting, the Cadence Board continued to meet in executive session with representatives of Sullivan & Cromwell and KBW also present to discuss executive compensation and employee matters, including the proposed treatment of Cadence’s outstanding equity awards, and employee retention.

On October 22, 2025, a joint meeting of the Huntington Board and the Huntington National Bank Board was held to further discuss the potential transaction with Cadence, which members of management and representatives of Wachtell Lipton and Evercore attended. At the meeting, Mr. Steinour updated the directors on the status of discussions between Huntington and Cadence and their respective advisors. Members