Company: USB-PA
Filing Date: 2025-04-16
Form Type: 8-K
Source: 0001193125-25-082814
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Company: US BANCORP \DE\
Filing Date: 2025-04-16
Form: 8-K
Item: Item 5.02
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Item 5.02      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.  

As U. S. Bancorp (the “ Company”) previously disclosed on a Current Report on Form8-Kfiled on January 28, 2025, Gunjan Kedia was appointed as the Company’s President and Chief Executive Officer, effective April 15, 2025. At its meeting on April 15, 2025, the Company’s Board of Directors determined the base salary and target annual cash incentive award that Ms. Kedia will receive in recognition of the additional duties being assumed by her in her new role. Effective as of April 16, 2025, Ms. Kedia will receive an increase in her base salary to an annualized amount of $1,200,000, and she will be eligible to receive an annual cash incentive award with a target value of 275% of her base salary.

In addition to the 2025 long-term incentive award Ms. Kedia received on February 27, 2025, which was disclosed in the January Form8-K, the Company’s Board of Directors and its Compensation and Human Resources Committee determined to award Ms. Kedia an additional long-term incentive award in the form of performance-based restricted stock units (“ PRSUs”), valued at $1,500,000 as of the grant date of April 17, 2025, under the U. S. Bancorp 2024 Stock Incentive Plan with the structure and terms of such award to reflect those previously granted to executive officers in 2025. In determining the value of the additional award, the Compensation and Human Resources Committee considered, among other factors, her official transition to the CEO role and market pay levels. Detailed information about the 2025 PRSU awards granted to the Company’s executive officers and other aspects of the Company’s executive compensation program can be found in the Company’s Definitive Proxy Statement on Schedule 14A filed on March 5, 2025.

As the Company previously disclosed in the January Form8-K, Andrew Cecere, the Company’s former Chairman and Chief Executive Officer, is continuing his service on the Board as Executive Chairman, effective following the Company’s annual shareholders’ meeting on April 15, 2025. At its meeting on April 15, 2025, the Board determined the terms of the compensation Mr. Cecere will receive as Executive Chairman. Effective as of