AI English summary of an SEC filing — figures as filed
U.S. Bancorp USBU.S. Bancorp said the Board, upon the recommendation of the Compensation and Human Resources Committee, adopted the U.S. Bank Executive Change in Control Severance Plan on January 27, 2026. The plan covers executive officers and certain other officers, including the company's currently serving named executive officers.
Key points
AI summaryU.S. Bancorp said the Board, upon the recommendation of the Compensation and Human Resources Committee, adopted the U.S. Bank Executive Change in Control Severance Plan on January 27, 2026. The plan covers executive officers and certain other officers, including the company's currently serving named executive officers.
The company said plan participants are eligible to receive severance benefits upon involuntary termination without Cause or Good Reason Resignation within 24 months following a Change in Control. Severance benefits are paid as a lump-sum cash payment.
U.S. Bancorp said the lump-sum severance payment consists of 2 times the participant's annual base salary, 2 times the participant's target annual incentive award as in effect immediately before the Change in Control, a pro-rata portion of the participant's target annual incentive for the performance period in which the qualifying termination occurs (prorated for the number of full calendar months worked), and an amount equal to the employer's cost of 6 months of continued health plan coverage.
The company said participation requires the participant to sign and not revoke a participation agreement, and receipt of severance benefits is conditioned on execution and non-revocation of a general release of claims, compliance with confidentiality and non-solicitation agreements, and compliance with non-competition covenants where permissible. Participants generally may not receive severance benefits under the plan and another company severance plan simultaneously.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Board Adopts Executive Change in Control Severance Plan on January 27, 2026
U.S. Bancorp said the Board, upon the recommendation of the Compensation and Human Resources Committee, adopted the U.S. Bank Executive Change in Control Severance Plan on January 27, 2026. The plan covers executive officers and certain other officers, including the company's currently serving named executive officers.
Source · Based on the filing body and exhibits
Severance Payable Upon Involuntary Termination Within 24 Months After Change in Control
The company said plan participants are eligible to receive severance benefits upon involuntary termination without Cause or Good Reason Resignation within 24 months following a Change in Control. Severance benefits are paid as a lump-sum cash payment.
Source · Based on the filing body and exhibits
Severance Comprises 2 Times Base Salary, 2 Times Target Annual Incentive and Other Benefits
U.S. Bancorp said the lump-sum severance payment consists of 2 times the participant's annual base salary, 2 times the participant's target annual incentive award as in effect immediately before the Change in Control, a pro-rata portion of the participant's target annual incentive for the performance period in which the qualifying termination occurs (prorated for the number of full calendar months worked), and an amount equal to the employer's cost of 6 months of continued health plan coverage.
Source · Based on the filing body and exhibits
Severance Receipt Requires Participation Agreement, Release of Claims and Restrictive Covenants
The company said participation requires the participant to sign and not revoke a participation agreement, and receipt of severance benefits is conditioned on execution and non-revocation of a general release of claims, compliance with confidentiality and non-solicitation agreements, and compliance with non-competition covenants where permissible. Participants generally may not receive severance benefits under the plan and another company severance plan simultaneously.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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