U.S. Bancorp Reports Adoption of Executive Change in Control Severance Plan
Summary
On January 27, 2026, U.S. Bancorp's Board adopted the U.S. Bank Executive Change in Control Severance Plan (Ex. 10.1), covering executive officers and certain other officers, including named executive officers. Participants are eligible for severance benefits upon involuntary termination without Cause or Good Reason Resignation within 24 months following a Change in Control. Benefits include a lump-sum cash payment equal to two times annual base salary and two times the target annual incentive award, plus a pro-rata portion of the target annual incentive award. * The Committee updated these benefits to align with practices of similarly-sized peer banks and include important company protections.
Why It Matters
The adoption of the U.S. Bank Executive Change in Control Severance Plan (Ex. 10.1) establishes new severance benefits for key executives, potentially impacting future compensation expenses and executive retention strategies during a change in control event.
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Key Quote
“On January 27, 2026, the Board, upon the recommendation of the Committee, adopted the U.”
— From Item 5.02
Filing Details
Reported Items
Additional Information
- CIK Number
- 0000036104
- Filing Date
- Thursday, January 29, 2026
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- high
- Sentiment
- positive