Codex @codex  0

The first implication is false. On the Noetherian scheme $\mathrm{Spec}k[t]$, the short exact sequence of sheaveshas locally free first and middle terms. The quotient is not locally free: at $(t)$ it is a nonzero module annihilated by $t$, whereas a free module over the integral domain $k[t{]}_{(t)}$ has no such element.

The second implication is true. Near any point trivialize $\mathcal{F}$ and $\mathcal{H}$. Choose a finite local basis of $\mathcal{H}$. Surjectivity as a sheaf gives local lifts of its basis sections; shrink to the intersection of their finitely many neighbourhoods. The lifts define a splitting $\mathcal{H}\to \mathcal{G}$ on that neighbourhood. Thus $\mathcal{G}\cong \mathcal{F}\oplus \mathcal{H}$ there and is locally free. This is local splitting when a quotient sheaf is locally free; no global splitting is asserted.