Document:

Exhibit 10.3

 

SECURITIES PURCHASE
AGREEMENT

 

This Securities
Purchase Agreement (this “Agreement”) is dated as of June 9, 2021 (the “Effective Date”),
by and among iMedia Brands, Inc., a Minnesota corporation (the “Company”), and ALCC, LLC, a Delaware corporation (including
its successors and assigns, “Investor”).

 

WHEREAS, pursuant to an exemption
from registration under the Securities Act of 1933, as amended (the “Securities Act”), the Company desires to sell
to Investor, and Investor desires to purchase from the Company a number of shares of the Company’s common stock, par value $0.01
per share (“Common Stock”), for an aggregate purchase price of $1,500,000.00 (the “Purchase Price”),
in each case on the terms and subject to the conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and Investor agree as follows:

 

ARTICLE
I

PURCHASE COMMITMENT 

 

1.1           Purchase
Commitment. The Company agrees to issue and sell to Investor, and Investor agrees to purchase from the Company 147,347 shares of
Common Stock (the “Securities”).

 

1.2           Closing.
The closing of the sale of the Securities in return for the Purchase Price paid by Investor (the “Closing”) will take
place remotely via the exchange of documents and signatures after the closing of the Nasdaq Stock Exchange, LLC on the Effective Date,
or at such other time and place as the Company and Investor agree upon orally or in writing.

 

1.3           Payment
of the Purchase Price. The Company is indebted to the Investor in the amount of $1,500,000.00 (the “Amount Outstanding”).
At Closing, the Company shall be deemed to have paid the Investor the Amount Outstanding, and the Investor shall be deemed to have delivered
to the Company at the Closing the Purchase Price.

 

1.4           Company’s
Deliveries. Promptly on or after the Effective Date, the Company will deliver or cause the delivery to Investor evidence of the issuance
of the Securities to be issued and sold, which will take the form of a certificate (or electronic equivalent). Such certificate (or electronic
equivalent) and this Agreement, are collectively referred to herein as the “Transaction Documents.”

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES OF COMPANY

 

The Company hereby represents
and warrants to Investor that, as of the Effective Date and as of the Closing, the following representations are true and complete (except
as otherwise indicated):

 

2.1           Organization,
Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws
of the State of Minnesota and has full corporate power and authority to own and use its properties and its assets and conduct its business
as currently conducted. The Company is not in violation of its Articles of Incorporation, as amended, or the Company’s By-Laws,
as amended (collectively, the “Charter Documents”). The Company, including each of its subsidiaries, has full power
and authority to own, operate and occupy its properties and to conduct its business as presently conducted and is duly qualified to transact
business and is in good standing in each jurisdiction in which the failure so to qualify would have a material adverse effect on its
or its subsidiaries’ business, financial condition, properties, operations or assets or its ability to perform its obligations
under this Agreement (a “Material Adverse Effect”).

 

     

     

    

 

2.2           Authorization;
Enforceability. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization,
execution and delivery of this Agreement has been taken. The Company has the requisite corporate power to enter into this Agreement and
carry out and perform its obligations under the terms of this Agreement. The Company has the requisite corporate power to issue and sell
the Securities. This Agreement has been duly authorized, executed and delivered by the Company and, upon due execution and delivery by
Investor, this Agreement will be a valid and binding agreement of the Company, enforceable against the Company in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally or by equitable principles.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF INVESTOR

 

Investor hereby represents,
warrants and covenants to the Company as follows as of the Effective Date and as of the Closing:

 

3.1           Organization;
Authority. Investor is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Delaware with full right, corporate or partnership power and authority to enter into and to consummate the transactions contemplated
by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and
performance by Investor of the transactions contemplated by this Agreement have been duly authorized by all necessary limited liability
company or similar action, as applicable, on the part of Investor. Each Transaction Document to which it is a party has been duly executed
by Investor, and when delivered by Investor in accordance with the terms hereof, will constitute the valid and legally binding obligation
of Investor, enforceable against it in accordance with its terms, except: (a) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally, (b) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies
and (c) insofar as indemnification and contribution provisions may be limited by applicable law. Investor has all requisite authority
to purchase the Securities, enter into this Agreement and to perform all the obligations required to be performed by Investor hereunder,
and such purchase will not contravene any law, rule, regulation or order binding on Investor or any investment guideline or restriction
applicable to Investor.

 

3.2           Investor
Status. Investor is an “accredited investor” as such term is defined in Rule 501(a) of the rules and regulations promulgated
under the Securities Act. Investor agrees to furnish any additional information requested by the Company or any of its affiliates to
assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Securities.
Investor acknowledges that Investor has completed the signature page to this Agreement and that the information contained therein is
complete and accurate as of the Effective Date and does not contain any misrepresentation or material omission.

 

3.3           Residency.
Investor is organized under the laws of the State of Delaware, and its principal place of operations, if any, is in the state set forth
beneath Investor’s name on the signature page attached hereto.

 

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3.4           Experience
of Investor; Due Diligence. Investor, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities.
Investor has, in connection with its decision to purchase the Securities, relied only upon the representations and warranties contained
herein and the information contained in the Company’s reports filed with the U.S. Securities and Exchange Commission. Further,
Investor has had such opportunity to obtain additional information and to ask questions of, and receive answers from, the Company, concerning
the terms and conditions of the investment and the business and affairs of the Company, as Investor considers necessary in order to form
an investment decision. Investor has been informed of Company’s plans to complete a public offering of its Common Stock on or about
the Effective Date.

 

3.5           Prior
Pre-Existing Relationship; No General Solicitation or Advertising. Investor hereby represents that (a) Investor was contacted regarding
the sale of the Securities by the Company (or another person whom Investor believed to be an authorized agent or representative thereof)
with whom Investor had a prior substantial pre-existing relationship and (b) Investor did not learn of the offering of the Securities
by means of any form of general solicitation or general advertising, and in connection therewith, Investor did not (i) receive or review
any advertisement, article, notice or other communication published in a newspaper or magazine or similar media or broadcast over television
or radio, whether closed circuit, or generally available; or (ii) attend any seminar meeting or industry investor conference whose attendees
were invited by any general solicitation or general advertising.

 

3.6           Transfer
Restrictions; Legends. Investor hereby acknowledges that the sale of the Securities hereunder have not been reviewed by the SEC nor
any state regulatory authority since the transactions contemplated hereunder are intended to be exempt from the registration requirements
of Section 5 of the Securities Act, pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D. Investor understands
that the Securities are “restricted securities” as such term is defined in Rule 144 under the Securities Act and have not
been registered under the Securities Act or under any state securities or “blue sky” laws and agrees not to sell, pledge,
assign or otherwise transfer or dispose of the Securities unless they are registered under the Securities Act and under any applicable
state securities or “blue sky” laws or unless an exemption from such registration is available. Investor hereby consents
to the placement of a legend on any certificate or other document evidencing the Securities, that such securities have not been registered
under the Securities Act or any state securities or “blue sky” laws and setting forth or referring to the restrictions on
transferability and sale thereof contained in this Agreement. Investor is aware that each certificate representing the Securities will
be endorsed with the following legend until the earlier of (1) such date as the Securities have been registered for resale by Investor
or (2) the date the Securities are eligible for sale under Rule 144 under the Securities Act:

 

NEITHER THE SECURITIES REPRESENTED
HEREBY NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS,
PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. UNLESS SOLD PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT,
THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY
PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

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3.7           Investment Intent. Investor hereby represents that Investor is purchasing the Securities for Investor’s own
account for investment and not with a view toward the resale or distribution to others; provided, however, that nothing contained herein
shall constitute an agreement by Investor to hold the Securities for any particular length of time and the Company acknowledges that
Investor shall at all times retain the right to dispose of its property as it may determine in its sole discretion, subject to any restrictions
imposed by applicable law. Investor further represents that it was not formed for the purpose of purchasing the Securities.

 

3.8           No
Investment, Tax or Legal Advice. Investor understands that nothing in the materials presented to Investor in connection with the
purchase and sale of the Securities constitutes legal, tax or investment advice. Investor has consulted such legal, tax and investment
advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of Securities. Investor acknowledges
that it has independently evaluated the merits of the transactions contemplated by this Agreement, that it has independently determined
to enter into the transactions contemplated hereby, that it is not relying on any advice from or evaluation by any other person.

 

3.9           Limited
Ownership. The purchase of the shares issuable to Investor will not result in Investor (individually or together with any other person
or entity with whom Investor has identified, or will have identified, itself as part of a “group” in a public filing made
with the SEC involving the Company’s securities) acquiring, or obtaining the right to acquire, in excess of 19.999% of the outstanding
shares of Common Stock or voting power of the Company on a post-transaction basis.

 

3.10         No
Short Position. As of the Effective Date and the Closing, Investor acknowledges and agrees that it does not and will not (between
the date hereof and the Effective Date) engage in any short sale regarding the Company’s Common Stock or any other type of hedging
transaction involving the Company’s securities (including, without limitation, depositing Company securities with a brokerage firm
where such securities are made available by the broker to other customers of the firm for purposes of hedging or short selling the Company’s
securities).

 

3.11         No
Broker Fees. Investor has not engaged any brokers, finders, or agents, and Investor has not incurred, and neither Investor nor the
Company will incur, directly or indirectly, as a result of any action taken by Investor, any liability for brokerage or finders’
fees or agents’ commissions or any similar charges in connection with this Agreement.

 

3.12         Foreign
Investors. If Investor is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as
amended), then Investor hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection
with any invitation to subscribe for the Securities or any use of this Agreement, including (a) the legal requirements within its jurisdiction
for the purchase of the Securities; (b) any foreign exchange restrictions applicable to such purchase; (c) any governmental or other
consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase,
holding, conversion, redemption, sale, or transfer of the Securities. Investor’s subscription and payment for and continued beneficial
ownership of the Securities will not violate any applicable securities or other laws of Investor’s jurisdiction. Investor acknowledges
that the Company has taken no action in foreign jurisdictions with respect to the Securities.

 

ARTICLE
IV

COVENANTS

 

4.1           Reservation
of Shares. The Company shall, at all times, reserve for issuance out of its authorized and unissued shares of Common Stock, such
number of shares of Common Stock as can reasonably be anticipated to be required for issuance under this Agreement.

 

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4.2           Corporate Existence. The Company will maintain its corporate existence in good standing. The Company will use commercially
reasonable efforts to conduct its business in compliance with all applicable laws, rules and regulations of the jurisdictions in which
it is conducting business, including, without limitation, all applicable local, state and federal environmental laws and regulations,
except where the failure to comply with such laws, rules and regulations would not have a Material Adverse Effect.

 

4.3           Compliance.
Investor agrees to comply with all applicable laws and regulations in effect in any jurisdiction in which Investor purchases or sells
Securities and obtain any consent, approval or permission required for such purchases or sales under the laws and regulations of any
jurisdiction to which Investor is subject or in which Investor makes such purchases or sales, and the Company shall have no responsibility
therefor.

 

ARTICLE
V

MISCELLANEOUS

 

5.1           Fees
and Expenses. Each party shall pay the fees and expenses of its respective advisers, counsel, accountants and other experts, if any,
and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities
to Investor.

 

5.2           Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties
with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such
matters.

 

5.3           Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall
be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York time) on any Business Day, (b)
the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
set forth on the signature pages attached hereto on a day that is not a Business Day or later than 5:30 p.m. (New York time) on any Business
Day, (c) the second (2nd) Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier
service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages attached hereto unless the dispatching party has received a written communication from the
receiving party establishing a new address prior to dispatch. For the purposes of this Agreement, the term “Business Day”
shall mean any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

5.4           Amendments;
Waivers. Except as otherwise provided herein, any term of this Agreement may be amended and the observance of any term of this Agreement
may be waived (either generally or in a particular instance, either retroactively or prospectively, and either for a specified period
of time or indefinitely), with the written consent of the Company and Investor. Any amendment or waiver effected in accordance with this
Section 5.4 shall be binding upon any holder of any Securities purchased under this Agreement, each future holder of all such securities,
and the Company.

 

5.5           Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any
of the provisions hereof.

 

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5.6           Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of Investor (other than by merger or disposition of substantially all of its assets). Investor may assign any or all of its rights under
this Agreement to any person to whom Investor assigns or transfers any Securities, provided that such transferee agrees in writing to
be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to Investor.

 

5.7           No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

5.8           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the laws of the State of Delaware, without giving effect to conflict of laws principles
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated
by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors,
officers, stockholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of Minneapolis,
Minnesota. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of
Minneapolis, Minnesota for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to
it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such action
or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with
the investigation, preparation and prosecution of such action or proceeding.

 

5.9           Survival.
The representations and warranties contained herein shall survive the delivery of the Securities for the applicable statute of limitations.

 

5.10         Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page
were an original thereof.

 

5.11         Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter
declared invalid, illegal, void or unenforceable.

 

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5.12         Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of
and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company
of such loss, theft or destruction and customary and reasonable indemnity or security, if requested. The applicant for a new certificate
or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with
the issuance of such replacement Securities.

 

5.13         Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, Investor and the
Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be
adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby
agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would
be adequate.

 

5.14         Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction Documents
and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of the Transaction Documents or any amendments hereto. In addition, each and every reference to
share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits,
stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement

 

5.15         WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH
KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND
EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

[Signature pages follow]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	
    iMedia
    brands, inc.

     

     
	
    Address for Notice:

    6740 Shady Oak Road

    Eden Prairie, MN 55344-3433

    Attn: Chief Financial Officer

	By:	/s/ Timothy A. Peterman	 
	Name:	Timothy A. Peterman	 
	Title:	Chief Executive Officer	 
	 	 	 	 

 

	
    With a copy to (which shall not constitute notice):

     

    Faegre Drinker Biddle & Reath LLP

    90 South Seventh Street

    2200 Wells Fargo Center

    Minneapolis, MN 55402-3901

    Fax: (612) 766-1600

    Attention: Jon Zimmerman
	 

 

[Company Signature Page
to Securities Purchase Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has caused
this Agreement to be duly executed as of the date first above written.

 

	 	Investor (Entity Name):  
	 	 
	 	ALCC, LLC
	 	 
	 	By:	 /s/ Ian Swart Fredericks
	 	Name:	 Ian Swart Fredericks
	 	Title:	President  
	 	 	 
	 	Address:	5 Revere Drive, Suite 206
	 	 	Northbrook, IL 60062
	 	Email:	 ##############################
	 	Phone:	 847-418-2075  
	 	 	 
	 	U.S. Taxpayer ID(s): ##########

 

 

	 	 
	
    Mark all that are applicable:

     

     ̈  Investor
is an entity all of whose members are either (a) individuals with a net worth, or a joint net worth together with the individual’s
spouse, in excess of $1,000,000, (b) individuals that had an individual income in excess of $200,000 in each of the prior two years and
reasonably expect an income in excess of $200,000 in the current year or (c) individuals that had with the individual’s spouse
joint income in excess of $300,000 in each of the prior two years and reasonably expect joint income in excess of $300,000 in the current
year.

     

     ̈  Investor
    is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, an investment company
    registered under the Investment Company Act of 1940, a business development company as defined in Section 2(a)(48) of the Investment Company
    Act of 1940 or a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the
    Small Business Investment Act of 1958.

     

    x  Investor
    has total assets in excess of $5,000,000, was not formed for the specific purpose of acquiring the securities and is one or more of the
    following (check one or more, as appropriate):

     

     ̈         an
    organization described in Section 501(c)(3) of the Internal Revenue Code;

     

     ̈         a
    corporation;

     

     ̈         a
Massachusetts or similar business trust; or

     

    x        a
    partnership.

     

     ̈  Investor
    is a trust with total assets exceeding $5,000,000 that was not formed for the specific purpose of acquiring securities and whose purchase
    is directed by a person who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits
    and risks of the investment in the securities.

     

 

UNITED STATES TAXABLE INVESTORS ONLY

 

Under penalty of perjury, by signature above,
Investor certifies that (a) the Taxpayer ID Number(s) shown above are the true, correct and complete Taxpayer ID Number(s) for Investor
and (b) Investor is not subject to backup withholding because: (i) Investor is exempt from backup withholding; (ii) Investor
has not been notified by the Internal Revenue Service (the “IRS”) that Investor is subject to backup withholding; or (iii) the
IRS has notified Investor that Investor is no longer subject to backup withholding.

 

[Investor Signature Page to Securities Purchase Agreement]Exhibit 4.2

  

  

    ARTICLES SUPPLEMENTARY

     

    DESIGNATING THE RIGHTS AND PREFERENCES

     

    OF

     

    5.70% SERIES I NON-CUMULATIVE PERPETUAL PREFERRED STOCK,

    PAR VALUE $0.01 PER SHARE

     

    OF

     

    HUNTINGTON BANCSHARES INCORPORATED

     

    HUNTINGTON BANCSHARES INCORPORATED, a Maryland corporation (hereinafter called the “Corporation”), hereby certifies to the State Department of Assessments and
      Taxation of Maryland that:

     

    FIRST: Under a power contained in Article Fifth of the charter of the Corporation (the “Charter”), the board of directors of the Corporation (the “Board of Directors”) and a duly
      authorized committee thereof (the “Committee”), by duly adopted resolutions, classified and designated 7,000 shares of the authorized but unissued serial preferred stock of the Corporation, par value $0.01 per share (the “Serial Preferred
        Stock”), as 5.70% Series I Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with the following preferences and rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and
      terms and conditions of redemption, which, upon any restatement of the Charter, shall become part of Article Fifth of the Charter, with any necessary or appropriate renumbering or relettering of the sections or subsections hereof.

     

    5.70% SERIES I NON-CUMULATIVE PERPETUAL PREFERRED STOCK

     

    Section 1.            Designation.  The designation of the series of preferred stock shall be 5.70% Series I Non‐Cumulative Perpetual Preferred Stock (hereinafter
      referred to as the “Series I Preferred Stock”).  Each share of Series I Preferred Stock shall be identical in all respects to every other share of Series I Preferred Stock.  Series I Preferred Stock will rank, with respect to the payment of
      dividends and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, (1) on a parity with the Corporation’s Floating Rate Series B Non-Cumulative Perpetual
      Preferred Stock, par value $0.01 per share and liquidation value per share of $1,000, the Corporation’s 5.875% Series C Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation value per share of $1,000, the Corporation’s
      6.250% Series D Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation value per share of $1,000, the Corporation’s 5.700% Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, par value $0.01 per
      share and liquidation value per share of $100,000, 5.625% Series F Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation value per share of $100,000, 4.450% Series G Non-Cumulative Perpetual Preferred Stock, par value
      $0.01 per share and liquidation value per share of $100,000, 4.500% Series H Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation value per share of $1,000, and each class or series of Serial Preferred Stock that the
      Corporation may issue in the future, the terms of which expressly provide that such class or series will rank on a parity with the Series I Preferred Stock as to dividend rights and rights on liquidation, winding-up and dissolution of the Corporation
      (collectively, the “Parity Stock”) and (2) senior to the Common Stock and each other class or series of Serial Preferred Stock the Corporation may issue in the future, the terms of which do not expressly provide that it ranks on a parity with
      or senior to the Series I Preferred Stock as to dividend rights and rights on liquidation, winding-up and dissolution of the Corporation (the “Junior Stock”).

     

    
      

      
        

      

    

    
    Section 2.             Number of Shares.  The number of authorized shares of Series I Preferred Stock shall be 7,000.  Such number may from time to time be increased (but not in excess of the
      total number of authorized shares of preferred stock) or decreased (but not below the number of shares of Series I Preferred Stock then outstanding) by further resolution duly adopted by the Board of Directors or any duly authorized committee of the
      Board of Directors and in accordance with applicable law.  All additional shares of Series I Preferred Stock shall be deemed to form a single series with the Series I Preferred Stock, provided that any such additional shares of Series I
      Preferred Stock are not treated as “disqualified preferred stock” within the meaning of Section 1059(f)(2) of the U.S. Internal Revenue Code of 1986, as amended, and such additional shares of Series I Preferred Stock are otherwise treated as fungible
      with the Series I Preferred Stock authorized under this Section 2 for U.S. federal income tax purposes.  The Corporation shall have the authority to issue fractional shares of Series I Preferred Stock.

     

    Section 3.             Definitions.  As used herein with respect to Series I Preferred Stock:

     

    (a)          “Appropriate Federal Banking Agency” means the “appropriate Federal banking agency” with respect to the Corporation as defined in Section 3(q) of the Federal Deposit Insurance Act
      (12 U.S.C. Section 1813(q)), or any successor provision.

     

    (b)         “Business Day” means each Monday, Tuesday, Wednesday, Thursday or Friday on which banking institutions are not authorized or obligated by law, regulation or executive order to
      close in New York, New York.

     

    (c)          “Closing Date” means June 9, 2021.

     

    (d)          “Common Stock” means the common stock, par value $0.01 per share, of the Corporation.

     

    
      

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    (e)          “Continuing Director” means (a) if an “interested stockholder” (as defined in Section 3-601 of the Maryland General Corporation Law, as the same shall be in effect from time to
      time) exists, any member of the Board of Directors who is not an interested stockholder or an “affiliate” or an “associate” (as such terms are defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, as the same shall be in effect
      from time to time) of an interested stockholder and who was a member of the Board of Directors immediately prior to the time that an interested stockholder became an interested stockholder, and any successor to a Continuing Director who is not an
      interested stockholder or an affiliate or associate of an interested stockholder and is recommended to succeed a Continuing Director by a majority of the Continuing Directors who are then members of the Board of Directors; and (b) if an interested
      stockholder does not exist, any member of the Board of Directors.

     

    (f)           “Corporation” means Huntington Bancshares Incorporated, a Maryland corporation.

     

    (g)          “Depositary Company” shall have the meaning set forth in  Section 6(d) hereof.

     

    (h)          “Dividend Payment Date” shall have the meaning set forth in  Section 4(a) hereof.

     

    (i)           “Dividend Period” shall have the meaning set forth in Section 4(a) hereof.

     

    (j)           “DTC” means The Depository Trust Company, together with its successors and assigns.

     

    (k)          “Preferred Director” shall have the meaning set forth in Section 7(c)(i) hereof.

     

    (l)           “Redemption Price” shall have the meaning set forth in Section 6(a) hereof.

     

    (m)        “Regulatory Capital Treatment Event” means the good faith determination by the Corporation that, as a result of (i) any amendment to, clarification of, or change (including any
      announced prospective change) in, the laws or regulations of the United States or any political subdivision of or in the United States that is enacted or becomes effective on or after September 7, 2017, (ii) any proposed change in those laws or
      regulations that is announced or becomes effective on or after September 7, 2017, or (iii) any official administrative decision or judicial decision, or administrative action, or other official pronouncement interpreting or applying those laws or
      regulations that is announced on or after September 7, 2017, there is more than an insubstantial risk that the Corporation will not be entitled to treat the full liquidation value of all shares of Series I Preferred Stock then outstanding as “tier 1
      capital” (or its equivalent) for purposes of the capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or, as and if applicable, the capital adequacy guidelines or regulations of any successor Appropriate Federal
      Banking Agency), as then in effect and applicable, for as long as any share of Series I Preferred Stock is outstanding.

     

    (n)          “Series I Preferred Stock” shall have the meaning set forth in Section 1 hereof.

     

    
      

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    Section 4.             Dividends.

     

    (a)          Rate.  Holders of Series I Preferred Stock shall be entitled to receive, if, as and when declared by the Board of
      Directors or any duly authorized committee of the Board of Directors, but only out of assets legally available therefor, non-cumulative cash dividends on the liquidation preference of $25,000 per share of Series I Preferred Stock, and no more,
      payable quarterly in arrears on each March 1, June 1, September 1 and December 1; provided, however, if any such day is not a Business Day, then payment of any dividend otherwise payable on that date will be made on the next
      succeeding day that is a Business Day (without any interest or other payment in respect of such delay) (each such day on which dividends are payable a “Dividend Payment Date”), commencing with the first such Dividend Payment Date to occur
      after the Closing Date.  The period from and including the date of issuance of the Series I Preferred Stock or any Dividend Payment Date to but excluding the next Dividend Payment Date is a “Dividend Period,” except that the initial Dividend
      Period shall commence on and include June 1.  Dividends on each share of Series I Preferred Stock will accrue on the liquidation preference amount of $25,000 per share at a rate per annum equal to 5.70%. 
      The record date for payment of dividends on the Series I Preferred Stock shall be the 15th day of the calendar month immediately preceding the month during which the Dividend Payment Date falls or such other date, not exceeding 30 days before the
      applicable Dividend Payment Date, as shall be fixed by the Board of Directors.  The amount of dividends payable shall be computed on the basis of a 360-day year consisting of twelve 30-day months.  Notwithstanding any other provision hereof,
      dividends on the Series I Preferred Stock shall not be declared, paid or set aside for payment to the extent such act would cause the Corporation to fail to comply with laws and regulations applicable thereto, including applicable capital adequacy
      guidelines.

     

    (b)          Non-Cumulative Dividends.  Dividends on shares of Series I Preferred Stock shall be non-cumulative.  To the extent that any dividends payable on
      the shares of Series I Preferred Stock on any Dividend Payment Date are not declared and paid, in full or otherwise, on such Dividend Payment Date, then such unpaid dividends shall not cumulate and shall cease to accrue and be payable and the
      Corporation shall have no obligation to pay, and the holders of Series I Preferred Stock shall have no right to receive, dividends accrued for such Dividend Period after the Dividend Payment Date for such Dividend Period or interest with respect to
      such dividends, whether or not dividends are declared for any subsequent Dividend Period with respect to Series I Preferred Stock, any Parity Stock, any Junior Stock or any other class or series of authorized preferred stock of the Corporation.

     

    (c)         Priority of Dividends.  So long as any share of Series I Preferred Stock remains outstanding, unless full dividends on all outstanding shares of
      Series I Preferred Stock for the then-current Dividend Period have been declared and paid in full or declared and a sum sufficient for the payment thereof has been set aside, (i) no dividend shall be declared or paid or set aside for payment and no
      distribution shall be declared or made or set aside for payment on any Junior Stock, other than a dividend payable solely in Junior Stock, (ii) no shares of Junior Stock shall be repurchased, redeemed or otherwise acquired for consideration by the
      Corporation, directly or indirectly (other than as a result of a reclassification of Junior Stock for or into other Junior Stock, or the exchange or conversion of one share of Junior Stock for or into another share of Junior Stock, and other than
      through the use of the proceeds of a substantially contemporaneous sale of other shares of Junior Stock), nor shall any monies be paid to or made available for a sinking fund for the redemption of any such securities by the Corporation and (iii) no
      shares of Parity Stock shall be repurchased, redeemed or otherwise acquired for consideration by the Corporation otherwise than pursuant to pro rata offers to purchase all, or a pro rata portion, of the Series I Preferred Stock and such Parity Stock
      except by conversion into or exchange for Junior Stock, during such dividend period.  When dividends are not paid in full upon the shares of Series I Preferred Stock and any Parity Stock, all dividends declared upon shares of Series I Preferred Stock
      and any Parity Stock shall be declared on a proportional basis so that the amount of dividends declared per share will bear to each other the same ratio that accrued dividends for the then‐current Dividend Period per share on Series I Preferred
      Stock, and accrued dividends, including any accumulation, on any Parity Stock, bear to each other.  No interest will be payable in respect of any dividend payment on shares of Series I Preferred Stock that may be in arrears.  If the Board of
      Directors or any duly authorized committee of the Board of Directors determines not to pay any dividend or a full dividend on a Dividend Payment Date, the Corporation will provide, or cause to be provided, written notice to the holders of the Series
      I Preferred Stock prior to such date.  Subject to the foregoing, and not otherwise, dividends (payable in cash, stock or otherwise) as may be determined by the Board of Directors or any duly authorized committee of the Board of Directors may be
      declared and paid on any Junior Stock from time to time out of any assets legally available therefor, and the shares of Series I Preferred Stock shall not be entitled to participate in any such dividend.

     

    
      

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    Section 5.             Liquidation Rights.

     

    (a)          Liquidation.  In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, holders of
      Series I Preferred Stock shall be entitled, out of assets legally available therefor, before any distribution or payment out of the assets of the Corporation may be made to or set aside for the holders of any Junior Stock and subject to the rights of
      any holders of any class or series of securities ranking senior to or on parity with Series I Preferred Stock upon liquidation and the rights of the Corporation’s depositors and other creditors, to receive in full a liquidating distribution in the
      amount of the liquidation preference of $25,000 per share, plus any authorized, declared and unpaid dividends, without accumulation of any undeclared dividends, to the date of liquidation.  Holders of Series I Preferred Stock shall not be entitled to
      any further payments in the event of any such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation other than what is expressly provided for in this Section 5.

     

    (b)         Partial Payment.  If the assets of the Corporation are not sufficient to pay in full the liquidation preference plus any authorized, declared and
      unpaid dividends to all holders of Series I Preferred Stock and all holders of any Parity Stock, the amounts paid to the holders of Series I Preferred Stock and to the holders of all Parity Stock shall be paid pro rata in accordance with the
      respective amounts that would be payable on such shares if all amounts payable thereon were paid in full.

     

    (c)         Residual Distributions.  If the liquidation preference plus any authorized, declared and unpaid dividends has been paid in full to all holders of
      Series I Preferred Stock, the holders of shares of Series I Preferred Stock will not be entitled to any further participation in any distribution of assets by the Corporation.

     

    (d)          Merger, Consolidation and Sale of Assets Not Liquidation.  For purposes of this Section 5, the sale, conveyance, exchange or transfer
      (for cash, shares of stock, securities or other consideration) of all or substantially all of the property and assets of the Corporation shall not be deemed a voluntary or involuntary dissolution, liquidation or winding up of the affairs of the
      Corporation, nor shall the merger, consolidation or any other business combination transaction of the Corporation into or with any other corporation or person or the merger, consolidation or any other business combination transaction of any other
      corporation or person into or with the Corporation be deemed to be a voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation.

     

    
      

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    Section 6.             Redemption.

     

    (a)         Optional Redemption.  The Corporation, at the option of its Board of Directors or any duly authorized committee of
      the Board of Directors, may redeem in whole or in part the shares of Series I Preferred Stock at the time outstanding, at any time on December 1, 2022 or any Dividend Payment Date thereafter, upon notice given as provided in Section 6(b)
      below.  The redemption price for shares of Series I Preferred Stock shall be $25,000 per share, plus any declared and unpaid dividends for prior Dividend Periods, without accumulation of undeclared dividends (the “Redemption Price”). 
      Notwithstanding the foregoing, within 90 days following the occurrence of a Regulatory Capital Treatment Event, the Corporation may, at its option, subject to the approval of the Appropriate Federal Banking Agency, provide notice of its intent to
      redeem as provided in Section 6(b) below, and subsequently redeem, all (but not less than all) of the shares of Series I Preferred Stock at the time outstanding, at the Redemption Price applicable on such date of redemption.

     

    (b)        Notice of Redemption.  Notice of every redemption of shares of Series I Preferred Stock shall be either (i) mailed by
      first class mail, postage prepaid, addressed to the holders of record of such shares to be redeemed at their respective last addresses appearing on the stock register of the Corporation or (ii) transmitted by such other method approved by the
      Depositary Trust Company, in its reasonable discretion, to the holders of record of such shares to be redeemed.  Such mailing or transmittal shall be at least 30 days and not more than 60 days before the date fixed for redemption.  Notwithstanding
      the foregoing, if the Series I Preferred Stock is held in book-entry form through DTC, the Corporation may give such notice in any manner permitted by DTC.  Any notice mailed or transmitted as provided in this Section 6(b) shall be
      conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such notice by mail or other transmission, or any defect in such notice or in the mailing or transmittal thereof, to any holder of
      shares of Series I Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Series I Preferred Stock.  Each notice shall state (i) the redemption date; (ii) the number of
      shares of Series I Preferred Stock to be redeemed and, if fewer than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder; (iii) the Redemption Price; (iv) the place or places where the
      certificates for such shares are to be surrendered for payment of the Redemption Price; and (v) that dividends on the shares to be redeemed will cease to accrue on the redemption date.

     

    (c)         Partial Redemption.  In case of any redemption of only part of the shares of Series I Preferred Stock at the time outstanding, the shares of
      Series I Preferred Stock to be redeemed shall be selected either pro rata from the holders of record of Series I Preferred Stock in proportion to the number of shares of Series I Preferred Stock held by such holders or in such other manner consistent
      with the rules and policies of the NASDAQ as the Board of Directors or any duly authorized committee of the Board of Directors may determine to be fair and equitable.  Subject to the provisions of this Section 6, the Board of Directors or any
      duly authorized committee of the Board of Directors shall have full power and authority to prescribe the terms and conditions upon which shares of Series I Preferred Stock shall be redeemed from time to time.

     

    
      

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    (d)         Effectiveness of Redemption.  If notice of redemption has been duly given and if on or before the redemption date
      specified in the notice all funds necessary for the redemption have been set aside by the Corporation, separate and apart from its other assets, in trust for the pro rata benefit of the holders of the shares called for redemption, so as to be and
      continue to be available therefor, or deposited by the Corporation with a bank or trust company selected by the Board of Directors or any duly authorized committee of the Board of Directors (the “Depositary Company”) in trust for the pro rata
      benefit of the holders of the shares called for redemption, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered for cancellation, on and after the redemption date all shares so called for
      redemption shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue after such redemption date, and all rights with respect to such shares shall forthwith on such redemption date cease and terminate, except only
      the right of the holders thereof to receive the amount payable on such redemption from such bank or trust company at any time after the redemption date from the funds so deposited, without interest.  The Corporation shall be entitled to receive, from
      time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such interest.  Any funds so deposited and unclaimed at the end of three years from the
      redemption date shall, to the extent permitted by law, be released or repaid to the Corporation, and in the event of such repayment to the Corporation, the holders of record of the shares so called for redemption shall be deemed to be unsecured
      creditors of the Corporation for an amount equivalent to the amount deposited as stated above for the redemption of such shares and so repaid to the Corporation, but shall in no event be entitled to any interest.

     

    Section 7.             Voting Rights.  The holders of Series I Preferred Stock will have no voting rights and will not be entitled to elect any directors, except
      as expressly provided by law and except that:

     

    (a)          Supermajority Voting Rights-Amendments.  Unless the vote or consent of the holders of a greater number of shares
      shall then be required by law, the affirmative vote or consent of the holders of at least 662⁄3% of all of the shares of the Series I Preferred Stock at the time outstanding, voting separately as a class, shall be required to authorize any amendment of
      the Charter or of any certificate amendatory thereof or supplemental thereto (including any articles supplementary or any similar document relating to any series of preferred stock) which will materially and adversely affect the powers, preferences,
      privileges or rights of the Series I Preferred Stock, taken as a whole; provided, however, that the following will not be deemed to adversely affect the powers, preferences, privileges or rights of the Series I Preferred Stock:  (i)
      any increase in the amount of the authorized or issued Series I Preferred Stock, (ii) any increase in the amount of authorized preferred stock of the Corporation, or (iii) the creation and issuance, or an increase in the authorized or issued amount,
      of other series of preferred stock ranking equally with and/or junior to the Series I Preferred Stock with respect to the payment of dividends (whether such dividends are cumulative or non-cumulative) and/or the distribution of assets upon
      liquidation, dissolution or winding up of the Corporation.

     

    
      

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    (b)         Supermajority Voting Rights-Priority.  Unless the vote or consent of the holders of a greater number of shares shall
      then be required by law, the affirmative vote or consent of the holders of at least 662⁄3% of all of the shares of the Series I Preferred Stock and all other Parity Stock, at the time outstanding, voting as a single class without regard to series,
      shall be required to issue, authorize or increase the authorized amount of, or to issue or authorize any obligation or security convertible into or evidencing the right to purchase, any additional class or series of stock ranking prior to the shares
      of the Series I Preferred Stock and all other Parity Stock as to dividends or the distribution of assets upon liquidation, dissolution or winding up of the Corporation.

     

    (c)          Special Voting Right.

     

    (i)         Voting Right.  If and whenever dividends on the Series I Preferred Stock or any other class or series of preferred stock that ranks
      on parity with the Series I Preferred Stock as to payment of dividends, and upon which voting rights equivalent to those granted by this Section 7(c) have been conferred and are exercisable, have not been paid in an aggregate amount equal, as
      to any class or series, to at least six quarterly Dividend Periods (whether consecutive or not), the number of directors constituting the Board of Directors shall be increased by two, and the holders of the Series I Preferred Stock (together with
      holders of any other class of the Corporation’s authorized preferred stock having equivalent voting rights, whether or not the holders of such preferred stock would be entitled to vote for the election of directors if such default in dividends did
      not exist), shall have the right, voting separately as a single class without regard to series, to the exclusion of the holders of Common Stock, to elect two directors of the Corporation to fill such newly created directorships (and to fill any
      vacancies in the terms of such directorships), provided that the Board of Directors shall at no time include more than two such directors.  Each such director elected by the holders of shares of Series I Preferred Stock and any other class or
      series of preferred stock that ranks on parity with the Series I Preferred Stock as to payment of dividends is a “Preferred Director.”

     

    (ii)          Election.  The election of the Preferred Directors will take place at any annual meeting of stockholders or any special meeting of the holders of Series I
      Preferred Stock and any other class or series of the Corporation’s stock that ranks on parity with Series I Preferred Stock as to payment of dividends and for which dividends have not been paid, called as provided herein.  At any time after the
      special voting power has vested pursuant to Section 7(c)(i) above, a majority of the Continuing Directors may, and within 20 days after the written request of any holder of Series I Preferred Stock (addressed to the Continuing Directors at
      the Corporation’s principal office) must (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders, in which event such election shall be held at such next annual or special
      meeting of stockholders), call a special meeting of the holders of Series I Preferred Stock, and any other class or series of preferred stock that ranks on parity with Series I Preferred Stock as to payment of dividends and for which dividends have
      not been paid, for the election of the two directors to be elected by them as provided in Section 7(c)(iii) below.  The Preferred Directors shall each be entitled to one vote per director on any matter.

     

    
      

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    (iii)       Notice for Special Meeting.  Notice for a special meeting will be given in a similar manner to that provided in the Corporation’s
      bylaws for a special meeting of the stockholders.  The Preferred Directors elected at any such special meeting will hold office until the next annual meeting of the Corporation’s stockholders unless they have been previously terminated or removed
      pursuant to Section 7(c)(iv).  In case any vacancy in the office of a Preferred Director occurs (other than prior to the initial election of the Preferred Directors), the vacancy may be filled by the written consent of the Preferred Director
      remaining in office, or if none remains in office, by a vote of the holders of the outstanding shares of Series I Preferred Stock (together with holders of any other class of the Corporation’s authorized preferred stock having equivalent voting
      rights, whether or not the holders of such preferred stock would be entitled to vote for the election of directors if such default in dividends did not exist) to serve until the next annual meeting of the stockholders.

     

    (iv)        Termination; Removal.  Whenever full dividends have been paid regularly on the Series I Preferred Stock and any other class or
      series of preferred stock that ranks on parity with Series I Preferred Stock as to payment of dividends, if any, for at least four consecutive Dividend Periods, then the right of the holders of Series I Preferred Stock to elect such additional two
      directors will cease (subject to the same provisions for the vesting of the special voting rights in the case of any similar non-payment of dividends in respect of future Dividend Periods) and the term of office of each Preferred Director so elected
      will immediately terminate and the number of directors constituting the Corporation’s board of directors will be automatically reduced accordingly.  Any Preferred Director may be removed at any time without cause by the holders of record of a
      majority of the outstanding shares of Series I Preferred Stock (together with holders of any other class of the Corporation’s authorized preferred stock having equivalent voting rights, whether or not the holders of such preferred stock would be
      entitled to vote for the election of directors if such default in dividends did not exist) when they have the voting rights described in this Section 7(c).

     

    (d)         Changes after Provision for Redemption.  No vote or consent of the holders of Series I Preferred Stock shall be required pursuant to Section
      7(a), (b) or (c) above if, at or prior to the time when any such vote or consent would otherwise be required pursuant to such section, all outstanding Series I Preferred Stock shall have been redeemed, or notice of redemption has been given and
      sufficient funds shall have been irrevocably deposited in trust to effect such redemption.

     

    Section 8.             Conversion.  The holders of Series I Preferred Stock shall not have any rights to convert such Series I Preferred Stock into shares of any other class of capital stock
      of the Corporation.

     

    Section 9.             Rank.  Notwithstanding anything set forth in the Charter or these Articles Supplementary to the contrary, the Board of Directors or any duly authorized committee of the
      Board of Directors, without the vote of the holders of the Series I Preferred Stock, may authorize and issue additional shares of Junior Stock, Parity Stock or, subject to the voting rights granted in Section 7, any class of securities
      ranking senior to the Series I Preferred Stock as to dividends and the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

     

    
      

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    Section 10.         Repurchase.  Subject to the limitations imposed herein, the Corporation may purchase and sell Series I Preferred Stock from time to time to such extent, in such manner,
      and upon such terms as the Board of Directors or any duly authorized committee of the Board of Directors may determine; provided, however, that the Corporation shall not use any of its funds for any such purchase when there are
      reasonable grounds to believe that the Corporation is, or by such purchase would be, rendered insolvent.

     

    Section 11.         Unissued or Reacquired Shares.  Shares of Series I Preferred Stock not issued or which have been issued, redeemed or otherwise purchased or acquired by the Corporation
      shall be restored to the status of authorized but unissued shares of preferred stock without designation as to series.

     

    Section 12.          No Sinking Fund.  Shares of Series I Preferred Stock are not subject to the operation of a sinking fund.

     

    SECOND:  The Series I Preferred Stock has been classified and designated by the Board of Directors and the Committee, under the authority contained in the Charter.

     

    THIRD:  These Articles Supplementary have been approved by the Board of Directors and the Committee in the manner and by the vote required by law.

     

    FOURTH:  These Articles Supplementary shall become effective at 11:59 p.m., Eastern Time, on June 8, 2021.

     

    FIFTH:  The undersigned Chairman, President and Chief Executive Officer of the Corporation acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters
      or facts required to be verified under oath, the undersigned Officer acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the
      penalties of perjury.

     

    
      

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    IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be signed in its name and on its behalf by its Chairman, President and Chief Executive Officer and attested to by its
      duly authorized officer on this 4th day of June, 2021.

     

    	
            ATTEST:

          	 	
            HUNTINGTON BANCSHARES INCORPORATED

          
	 	 	 	 	 
	
            By:

          	
            /s/ Erin F. Siegfried

          	 	
            By:

          	
            /s/ Stephen D. Steinour

          

    	
            Name:

          	
            Erin F. Siegfried

          	 	
            Name:

          	
            Stephen D. Steinour

          
	
            Title:

          	
            Assistant Secretary

          	 	
            Title:

          	
            Chairman, President and Chief Executive Officer

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