Hancock Whitney : Proxy Statement - 2021 Annual Meeting

March 9, 2021

To Our Shareholders:

For Hancock Whitney and the world, 2020 began with optimism, gave way to economic uncertainty as a result of a global pandemic, but will be remembered for our innovative, creative teams finding ways to be available for the people and communities depending on us. The ideals at the heart of who we are remained unchanged, once again sustaining and steering us toward a brighter horizon in 2021.

Financial Highlights

We ended 2020 on a positive note, with fourth quarter EPS of $1.17 despite reporting a $0.54 loss for the year. This loss is due, in part, to COVID-19 and its ongoing impact on the economy beginning in mid-March 2020. In the first half of 2020, we began de-risking efforts which included building a reserve for potential credit losses, divesting almost $500 million of our energy loan portfolio, taking an additional provision for credit losses related to the energy loan sale, and issuing $172.5 million in new subordinated debt. As a result of these efforts, we returned to solid profitability in the second half of the year. (See Page 29 for additional financial highlights).

During 2020, we participated in the Small Business Administration's (SBA) Paycheck Protection Program (PPP), issuing $2.4 billion in PPP loans to more than 13,000 clients and we are participating in the new/extended CARES Act in 2021.

This year, we saw our stock close at a low of $15.40 on March 2020 (days after the COVID-19 lockdown), and recover to close the year at $34.02 on December 31, 2020. This more than double stock price recovery can be attributed to a stock market that rallied from good news about vaccines and the presidential election results and our de-risking efforts early in the year.

Committed to Service amid COVID-19

Hancock Whitney proactively developed protocols to keep associates and clients safe while continuing to meet their needs as we witnessed the onset of a worldwide coronavirus emergency. We adopted Center for Disease Control (CDC) recommendations to keep drive-thrus open and bank by appointment while also encouraging clients to use our mobile banking app and online banking.

We collaborated with hometown businesses to provide more than 8,000 meals to healthcare teams and committed more than $2.5 million to COVID-19 community relief efforts across the Gulf South.

New Twist to Teamwork

To help mitigate the spread of COVID-19, many of our 4,000 associates initially transitioned to remote work, proving that teamwork can bring successful client service and business continuity. Client-facing associates began wearing protective face coverings and social distancing became a routine requirement.

Weathering the Storms

The 2020 Atlantic hurricane season proved to be one for the history books, with a record-breaking 30 named tropical storms, four of which affected communities Hancock Whitney calls home. Within hours of the hurricane winds subsiding, Hancock Whitney associates created makeshift teller lines, opened financial centers with generators and flashlights, and deployed the mobile banking unit to assist clients. We served more than 36,000 hot meals prepared by local eateries and handed out more than 500,000 pounds of ice to the communities we serve.

Moving Together Toward Better Days

During the darkest days of 2020, our associates' resolve to serve our clients and communities radiated across our company. That kind of commitment is not new to Hancock Whitney; it has been our standard operating procedure since we opened our doors. Our core values form the cornerstone of our organization and will stand steadfast as we work together with people and businesses we serve to see that our communities and our company-your Hancock Whitney-carry on and stay strong.

Our board of directors, executive teams, and associates thank you for your continued confidence in Hancock Whitney.

With gratitude,

Jerry L. Levens Chairman of the Board

John M. Hairston President & CEO

March 9, 2021

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS

_______________________________

To our Shareholders:

Hancock Whitney Corporation (the Company) will hold its Annual Meeting of Shareholders on Wednesday, April 21, 2021, at 10:30 a.m. Central Time. Due to the public health concerns of the COVID-19 pandemic and to support the health and well-being of our shareholders, employees and directors, the annual meeting will be held in virtual-only format via audio webcast. To attend the annual meeting, go towww.virtualshareholdermeeting.com/HWC2021 and log in using the control number on your proxy card, voting instruction form or notice. The annual meeting will be held for the following purposes:

• 1. To elect five directors to serve until the 2024 annual meeting;

• 2. To approve, on an advisory basis, the compensation of our named executive officers; and

• 3. To ratify the selection of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm to audit the books of the Company and its subsidiaries for 2021.

Only holders of record of shares of our common stock at the close of business on February 26, 2021 are entitled to notice of, and to vote at, the meeting or any adjournment thereof. We direct your attention to the attached proxy statement for more complete information regarding the matters to be acted upon at the annual meeting.

Your vote is important, whether or not you expect to attend the meeting. If voting by mail, please mark, date, sign and promptly return the enclosed proxy in the accompanying envelope. No postage is required if mailed in the United States. You may later revoke your proxy and vote during the meeting.

By order of the Board of Directors,

Jerry L. Levens Chairman of the BoardJohn M. Hairston President & CEO

Important Notice Regarding the Availability of Proxy Materials for the

Shareholder Meeting to be held on April 21, 2021:

The notice of annual meeting, proxy statement, proxy card and the 2020 annual report for the period ending

December 31, 2020, are available athttps://materials.proxyvote.com/410120

Table of Contents

PROXY STATEMENT SUMMARY ......................................................................................................................................................... 1

INFORMATION ABOUT THE ANNUAL MEETING AND VOTING ........................................................................................................ 4

PROPOSAL NO. 1 ELECTION OF DIRECTORS ............................................................................................................................... 8

INFORMATION ABOUT OUR DIRECTORS ....................................................................................................................................... 10

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT ................................................................. 20

DELINQUENT SECTION 16(A) REPORTS ........................................................................................................................................ 23

BOARD OF DIRECTORS AND CORPORATE GOVERNANCE .......................................................................................................... 23

Board of Directors ...................................................................................................................................................... 23

Board and Management Leadership Structure ....................................................................................................... 23

Board Committees ..................................................................................................................................................... 23

Board's Role in Risk Oversight .................................................................................................................................. 26

Board's Role in Oversight of Cyber Risk ................................................................................................................... 26

COMPENSATION OF DIRECTORS .................................................................................................................................................... 26

Cash Compensation ................................................................................................................................................... 26

Equity Compensation ................................................................................................................................................. 27

Director Stock Ownership Guidelines ....................................................................................................................... 27

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION ............................................................................ 28

COMPENSATION DISCUSSION AND ANALYSIS ............................................................................................................................ 29

Executive Summary ................................................................................................................................................... 29

Consideration of Last Year's Advisory Shareholder Vote on Executive Compensation ......................................... 31

Executive Compensation Best Practices .................................................................................................................. 31

Objectives of the Company's Compensation Program ............................................................................................ 32

Role of the Compensation Committee ..................................................................................................................... 33

Role of Executives in Compensation Committee Deliberations .............................................................................. 33

Role of Compensation Consultant and Review of Market Data .............................................................................. 33

How We Determine and Assess Executive Compensation ...................................................................................... 34

Elements of Our Compensation Program ................................................................................................................. 34

Tax and Accounting Considerations .......................................................................................................................... 38

Stock Ownership Guidelines ..................................................................................................................................... 38

Risk Assessment of Compensation Policies and Practices ..................................................................................... 38

COMPENSATION COMMITTEE REPORT .......................................................................................................................................... 39

EXECUTIVE COMPENSATION ........................................................................................................................................................... 40

CEO Pay Ratio ............................................................................................................................................................ 41

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL ................................................................................. 46

PROPOSAL NO. 2 ADVISORY VOTE ON COMPENSATION OF NAMED EXECUTIVE OFFICERS ............................................ 51

TRANSACTIONS WITH RELATED PERSONS .................................................................................................................................. 51

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM .......................................................................................................... 53

AUDIT COMMITTEE REPORT ............................................................................................................................................................ 54

PROPOSAL NO. 3 RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ............ 55

SHAREHOLDER COMMUNICATIONS ............................................................................................................................................... 55

OTHER MATTERS .......................................................................................................................................................................... 55

SHAREHOLDER PROPOSALS FOR THE 2022 ANNUAL MEETING ............................................................................................. 56

APPENDIX A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ................................................................................ 57