Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 76

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 76
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arily terminated is entitled to the payments or other benefits that have accrued and are vested under the benefit plans discussed above in this proxy statement. Except as is specifically described below with respect to disability, death, qualifying termination of employment following a change-in-control (as defined in the equity award agreements), qualifying severance or early retirement, no NEO is entitled to any other benefits upon any employment termination or change-in-control scenario, except as provided by broad-based severance plans generally available to our employees. In accordance with applicable SEC rules, information presented for Mr. Welsh, whose employment with the company ceased on October 4, 2024, is only included for his termination of employment. Payments made upon disability Cash payments:Under the terms of the Non-Qualified Plan, Mr. Cecere is eligible for an annual disability benefit that is equal to 60% of his current annual cash compensation, subject to compliance with certain restrictive covenant agreements. The definition of disability is generally that a participant is unable to engage in any substantial gainful activity by reason of a physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. The definition of annual cash compensation is the same definition as is used to calculate supplemental pension benefits under this plan, without using a five-year average. The Non-Qualified Plan provides that Mr. Cecere is eligible to receive disability payments through the earlier of the cessation of his disability or reaching his normal retirement age. Messrs. Stern, Dolan and Kotwal and Ms. Kedia are eligible for an annual disability benefit of $150,000 (i.e., 50% of annual cash compensation, capped at $300,000 of compensation) under the terms of the U.S. Bank Long-Term Disability Plan, our broad-based disability program, insured by Reliance Standard Life Insurance Company. Optional additional disability insurance is available for purchase by those NEOs. The definition of disability is generally that a participant is unable to perform material duties of his or her own occupation for 24 months following the 26 week elimination period, or any occupation after 24 months, as a result of an injury or sickness. The definition of annual cash compensation is actual cash compensation for the one-year period ending September 30, 2023. The disability benefit for any NEO would be reduced by any benefits payable under the Pension Plan, Social Security and worker’s compensation. The duration of disability payments is dependent upon the age of the participant when the disability occurs and