Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 78

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 78
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 exercise the options.

| ​ | 70 | ​ | ​ | U.S. Bancorp 2025 Proxy Statement | ​ |

TABLE OF CONTENTS Executive compensation Payments upon qualifying termination after a change-in-control Cash payments:None of our NEOs is entitled to any cash payments in connection with a change-in-control of U.S. Bancorp. Effect on equity awards:Our equity award agreements provide for the acceleration of vesting of any unvested award if an NEO’s termination of employment is a qualifying termination (as defined in the equity award agreements) within 12 months after a change in control of U.S. Bancorp other than for cause (both terms as defined in the equity award agreements), with all RSUs vesting in full and all PRSUs vesting at target if the qualifying termination occurs prior to the last day of the performance period and based on actual performance if a qualifying termination occurs on or after the last day of the performance period but prior to scheduled vesting date. All of our NEO’s stock options have vested. Stock options may be exercised at any time during the 12 months following the NEO’s termination or the original ten-year term of the option, if earlier. Payments upon qualifying severance Broad-based cash severance payments:Each NEO is covered under the company’s broad-based U.S. Bank Severance Pay Program. Benefits under that program are based on an employee’s weekly compensation rate based on salary, years of service, position grade level, and, if applicable, target annual bonus percentage (prorated based on the number of months worked in the calendar year of a qualifying termination). Severance benefits are subject to the execution of a release in favor of the company and certain post-termination restrictions. In no case will total severance pay exceed (x) two times the individual’s cash compensation during the year immediately preceding employment termination or (y) 52 times the individual’s weekly compensation rate based on salary plus any prorated target annual bonus percentage. If their employment had terminated on December 31, 2024, cash severance amounts would have been payable in the following amounts for each NEO (other than Mr. Welsh): (i) Mr. Cecere, $6,300,000; (ii) Mr. Stern, $2,046,154; (iii) Ms. Kedia, $3,000,000 (iv) Mr. Dolan, $2,852,500; and (v) Mr. Kotwal, $2,200,000.