Material Agreement (Form 8-K)

On January 21, 2025, Hilltop Securities Inc. ("Hilltop Securities"), an indirect, wholly owned subsidiary of Hilltop Holdings Inc. (the "Company"), initiated a new commercial paper program in the ordinary course of its business to fund a portion of its securities inventories. The maximum amount of senior secured commercial paper notes (the "Series 2024-1 CP Notes") that may be issued under this program is $300 million, and the Series 2024-1 CP Notes will be pari passu with other senior indebtedness of Hilltop Securities. The Series 2024-1 CP Notes will be issued pursuant to the terms of an Indenture, dated as of September 25, 2024 (the "Indenture"), between Hilltop Securities and The Bank of New York Mellon, as indenture trustee (the "Indenture Trustee"). The Indenture Trustee also will serve as Securities Intermediary, Issuing Agent and Paying Agent for the Series 2024-1 CP Notes. The Series 2024-1 CP Notes will be offered pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), only to certain qualified investors satisfying the requirements of the Indenture.

The Series 2024-1 CP Notes will not be redeemable prior to maturity or subject to voluntary prepayment and will not bear interest, but will be sold at a discount to par, with maturities ranging from 14 days to 270 days from the date of issuance. The discount to maturity will represent the interest factor with payment of the face amount at maturity. The interest factor is calculated using a 360-day year based on the actual number days elapsed. The minimum denomination is $100,000 with integral multiples of $1,000 in excess of this denomination. The Series 2024-1 CP Notes will be issued, and purchases will be recorded, through the book-entry system of The Depository Trust Company ("DTC"). The face amount of each Series 2024-1 CP Note will be required to be paid upon maturity in immediately available funds to DTC.

The Series 2024-1 CP Notes will be secured by a pledge of collateral owned by Hilltop Securities, as specified and defined in the Indenture ("Collateral") and a Collateral Account Control Agreement, dated as of September 25, 2024, between Hilltop Securities and the Indenture Trustee. The Collateral will be maintained by the Indenture Trustee, as securities intermediary, in a control account held for its benefit, as secured party, on behalf of the holders of the Series 2024-1 CP Notes. Hilltop Securities will be required to maintain a level of Collateral in the control account that exceeds the principal amount of the Series 2024-1 CP Notes outstanding by a percentage determined by the type of eligible collateral pledged on any business day.

The net proceeds (after deducting related issuance expenses) from the sale of Series 2024-1 CP Notes will be used for general corporate purposes, including working capital.

The Series 2024-1 CP Notes will not be registered under the Securities Act or state securities laws and may only be offered and sold in compliance with an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

THIS CURRENT REPORT ON FORM 8-K IS FOR INFORMATIONAL PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES, NOR SHALL THERE BE ANY SALE OF THE SERIES 2024-1 CP NOTES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION, OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION OR AN EXEMPTION THEREFROM.

The foregoing description of the Indenture and the Series 2024-1 CP Notes does not purport to be complete and is qualified in its entirety by reference to the Indenture, a copy of which is filed as Exhibit 4.8 hereto and incorporated by reference in this Current Report on Form 8-K.