Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 49

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 49
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23, 2023, the Committee determined that Mr. Stern would be eligible to receive a long-term equity award consistent with the structure and terms of other executive officers in 2024. 2. Includes the additional long-term incentive award granted to Ms. Kedia on May 6, 2024 in connection with her promotion to the role of President. 3. Only a portion of the equity awards granted to Mr. Welsh in February 2024 with vest dates in 2025 and 2026 continue to vest on the same schedule following his last day of employment on October 4, 2024. The remaining portion of such awards were cancelled in accordance with the terms of the applicable award agreements. 2025 long-term incentive actions: In addition, as previously disclosed by the company on a Form 8-K filed on January 28, 2025, in connection with her election to the role of President and Chief Executive Officer effective April 15, 2025, the Committee determined that Ms. Kedia would receive an annual long-term equity award for 2025, valued at $10 million as of the grant date of February 27, 2025, consistent with the structure and terms of other executive officers in 2025. The award is part of Ms. Kedia’s total direct compensation for 2025, including her time serving as CEO, is tied to the company’s achievement of financial performance metrics over a three-year performance period (2025-2027), and does not contain any special one-time components. The base salary and target annual cash incentive award that Ms. Kedia will receive as Chief Executive Officer have not been determined at this time. In accordance with the structure of all long-term incentive awards granted on that date, 60% of the award’s value was granted in the form of PRSUs and 40% in the form of RSUs. The PRSUs granted to Ms. Kedia will be earned based on the company’s achievement of absolute and relative ROTCE targets over a three-year performance period and a TSR modifier based on the Company’s cumulative three-year TSR performance relative to its financial peer group in alignment with the long-term interests of our shareholders. Additional information on the performance metrics for the 2025 PRSU award is included below. In determining the value of Ms. Kedia’s 2025 long-term incentive award, the Committee considered, among other factors, the announced transition to the CEO role in 2025 and market pay levels.

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