EX-10(T)



 






Exhibit 10.(t).




April 27, 1995




Mr. Raymond J. Biggs

One North Main Street

Mt. Clemens, MI 48043




Dear Ray:



Brenda Warne and I discussed your elections with respect to handling of the New England Mutual Life
Insurance Policy discussed below. Except for the changes required to reflect the insurance
election, and the designation of beneficiary with respect to Paragraphs C and D below, the balance
of this letter simply restates the commitments of my April 14, 1995, letter.



If you concur, these terms will supersede all prior understandings with respect to the subject
matter covered:




	 	 	 
	A

	 	The employment agreement dated January 1, 1990, between Huntington
Bancshares Michigan, Inc. and Raymond J. Biggs is terminated in its
entirety.
	 
	 	 
	B

	 	The Supplemental Retirement Income Plan/Agreement between First Macomb
Corporation and Raymond J. Biggs dated January 1, 1985, as amended by
Amendment to Supplement Retirement Income Plan/Agreement dated
December 17, 1987, is terminated in its entirety. I have incorporated
the retirement benefits below.
	 
	 	 
	C

	 	Commencing August 1, 2002, and for each month thereafter for a term of
fifteen (15) years, Huntington shall cause to be paid to you the sum
of $13,142.20 per month. In the event of your death subsequent to
commencement of such benefits payments, but prior to the expiration of
the fifteen year period, Huntington shall continue to make such
payments during the remainder of the fifteen year term to your
beneficiary. In the event of your death, prior to the commencement of
such payments, Huntington shall thereafter pay to your beneficiary the
sum of $13,142.20 per month for a term of fifteen years commencing on
the first day of the month immediately following the date of death.
	 
	 	 
	D

	 	Effective February 7, 1990, you assigned and transferred all of your
right, title and ownership interests in New England Mutual Life
Insurance Policy No. 6539543 to:
	 
	 	 
	 

	 	First Macomb Bank
	 
	 	 
	 

	 	You have not acquired any interest in said policy.
	 
	 	 
	 

	 	Commencing May 1, 1995, and on May 1 of each succeeding year through
and including May 1, 2009, when the final installment shall be due and
payable, Huntington shall cause to be paid to you the sum of
$15,159.00. In the event of your death prior to payment of the May 1,
2009 installment, Huntington shall continue to make such payments
during the remainder of the term to your beneficiary.
	 
	 	 
	E

	 	For purposes of Paragraphs C and D of this letter, references to the
term “beneficiary” shall mean “Raymond J. Biggs Family Trust,
revocable intervivos trust, previously executed by Raymond J. Biggs as
settlor on September 18, 1986 as the same may be amended prior to
death”. You reserve the right to change the designation of
beneficiary by notifying Huntington Bancshares Incorporated in a
signed and dated notice of such change.






 









 






	 	 	 
	F

	 	Attached hereto as Exhibit A is a summary of additional Huntington
benefits available to you at retirement.
	 
	 	 
	G

	 	Huntington will continue through June 30, 1997, to provide executive
office space and a part-time secretary for your use. During this
period you agree not to engage in the banking business as a director,
officer, employee or agent of any other financial institution located
in the Detroit Primary Metropolitan Statistical Area without the prior
written consent of Huntington Bancshares Incorporated.





I believe the above accurately reflects our understandings, and if you concur, we will consider the
referenced agreements terminated by mutual agreement; and the claim reflected in your letter of
March 28, 1995, to be withdrawn. Please indicate your agreement to these terms by executing and
returning to me the enclosed copy of this letter.




Very truly yours,




/s/ Zuheir Sofia          

Zuheir Sofia




	 	 	 	 	 
	 	The terms stated above accurately reflect our      agreement this 1st day of May, 1995.

 	 
	 	/s/ Ryamond J. Biggs
 	 
	 	Raymond J. Biggs 	 
	 	 	 
	 



cc: Brenda Warne, Vice President




 









 








EXHIBIT A

RAYMOND BIGGS

SUMMARY OF HUNTINGTON BENEFITS AT TERMINATION OF EMPLOYMENT





	I.	 	Retiree Health Care
	 
	 	 	You elected to receive retiree health care for both yourself and your spouse. Your monthly
subsidy from the Huntington for this benefit is $260.00.
	 
	II.	 	Huntington Stock Purchase and Tax Savings Plan (“Stock Plan”)
	 
	 	 	As of February 28, 1995, you have 6357.3315 shares of Huntington Bancshares Incorporated
common stock (“HBI Stock”) and $72,960.01 in the Alternative Investment Fund in your account
in the Stock Plan. You have not yet requested distribution of your account in the Stock
Plan.
	 
	III.	 	Huntington Supplemental Stock Purchase and Tax Savings Plan (“Supplemental Plan”)
	 
	 	 	As of February 28, 1995, you have 1,439.518 shares of HBI Stock in your account in the
Supplemental Plan. Huntington Trust Company is currently processing your distribution from
the Supplemental Plan.
	 
	IV.	 	Huntington Bancshares Retirement Plan (“Pension Plan”)
	 
	 	 	Your early retirement benefit (as of January 1, 1995) under the Pension Plan was $857.54,
payable monthly in the form of a life annuity. You had a variety of optional forms of
benefit available. All optional forms were the actuarial equivalent of the life annuity
amount
	 
	 	 	You have not yet elected to commence receipt of your accrued benefit under the Pension Plan.
Your accrued benefit, payable at your normal retirement date of August 1, 2002, is
$1,208.83, payable monthly in the form of a life annuity. At the time you notify the
Huntington, in writing, that you are electing to commence receipt of your benefits under the
Pension Plan, your accrued benefit and available optional forms of distribution will be
determined and communicated to you.
	 
	V.	 	Life Insurance
	 
	 	 	You have life insurance coverage in the amount of $27,300.