Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 79

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 79
---
 As Mr. Welsh’s termination of employment on October 4, 2024 was deemed to be a qualifying termination under the terms of the Severance Pay Program, Mr. Welsh received a cash payment of $1,750,000 pursuant such program. Effect on equity awards:If an NEO has been continuously employed since the grant date and (i) has a qualifying severance defined as a qualifying termination under the Severance Pay Program at least six months from the grant date of the applicable award and (ii) the scheduled vesting dates of the award are on or before the second anniversary date of the qualifying severance, then any unvested PRSUs and RSUs would continue to vest as though the NEO had remained employed through the second anniversary of the qualifying severance and the final number of any PRSUs would be determined based on actual performance during the applicable performance period. For Messrs. Cecere and Dolan, who have met the definition of retirement eligibility under applicable equity awards, all unvested PRSUs and RSUs would continue to vest per the award schedule and have the same values included for each under the “Payments upon death” column in the table below. Unvested equity awards continue to be subject to the applicable award terms, including any confidentiality and non-solicitation agreement between the company and the NEO, performance-based cancellation provisions, and applicable recovery or clawback provisions. Noncompliance with the terms of such agreement may result in the forfeiture of unvested and/or unsettled amounts. If each of the following NEO’s employment had terminated due to a qualifying severance on December 31, 2024, the values of their PRSU and RSU awards that would continue to vest per schedule were as follows (see footnote 2 below for calculation assumptions): (i) Mr. Stern, $1,386,544; (ii) Ms. Kedia, $7,567,663; and (iii) Mr. Kotwal, $6,068,383. At December 31, 2024,the value of Mr. Welsh’s outstanding PRSU and RSU awards that will continue to vest per the vesting schedule following his termination of employment on October 4, 2024 is $6,674,198. Payments upon early retirement The benefit amounts for each NEO in the Pension benefits table above assume that each NEO will reach his or her retirement age. Due to the level of discount rates, the present value of early retirement benefits commencing immediately would exceed the values in