Company: HBAN
Filing Date: 2025-12-01
Form Type: S-4/A
Source: 0001140361-25-043815
Chunk: 154

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-12-01
Form: S-4/A
Chunk 154
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The executive officers are eligible to receive cash severance payments at the closing of the merger regardless of whether they experience a qualifying termination of employment, subject in such case to a release from the executive and an acknowledgement by the executive that (i) the executive is not entitled to any further severance payments or benefits under such CIC Agreement, (ii) for participants in the EPIP, the executive is not entitled to a bonus (full or prorated) in respect of the year of closing pursuant to such CIC Agreement, and (iii) such payments will not be considered eligible or includable compensation or annual compensation (or any similar term) for any purpose. Each executive officer who is party to a CIC Agreement is subject to covenants of confidentiality, and post-termination non-solicitation and non-disparagement, and Mr. Rollins, Ms. Toalson and Mr. Bagley are subject to post-termination non-competition covenants (for two years for Messrs. Rollins and Bagley (unless such termination or resignation is initiated by the executive officer for good reason), and one year for Ms. Toalson). Under each CIC Agreement, if any payments would be subject to 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