Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 68

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 68
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Us vest on February 28, 2025, and February 28, 2026, respectively, and the remaining 34% of the RSUs vest on February 28, 2027. For Mr. Welsh, the remaining RSUs vest in two annual installments on February 28, 2025 and February 28, 2026, respectively. For additional information on the treatment of his award and the portion of the RSUs cancelled following his termination of employment, see the “Potential payments upon termination or change-in-control” in this proxy statement. 3. The amount shown represents the maximum number of PRSUs that can be earned during the three-year performance period of January 1, 2024, to December 31, 2026. The actual number of PRSUs earned will be between 0% and 150% of target based on the company’s absolute and relative ROE performance during the performance period, as set forth in the applicable award agreements and as determined by the Compensation and Human Resources Committee. Performance for 2024 was above target, but the results could change during the remaining two years of the performance period. Any earned PRSUs will vest on February 28, 2027, the third anniversary of the grant date. No amount is reported for Mr. Welsh as his 2024 PRSU award was cancelled in accordance with the terms of the applicable award agreement. For additional information on the treatment of his award, see the “Potential payments upon termination or change-in-control” in this proxy statement. 4. The RSUs vest in three annual installments commencing on the first anniversary of grant date, such that 33% of the RSUs vest on March 2, 2024, and March 2, 2025, respectively, and the remaining 34% of the RSUs vest on March 2, 2026. 5. The amount shown represents the maximum number of PRSUs that can be earned during the three-year performance period of January 1, 2023, to December 31, 2025. The actual number of PRSUs earned will be between 0% and 150% of target based on the company’s absolute and relative ROE performance during the performance period, as set forth in the applicable award agreements and as determined by the Compensation and Human Resources Committee. Performance for each of 2023 and 2024 was above target, but the results could change during the remaining year of the