Summary
This 8-K filing from U.S. BancORP (USB) on October 20, 2005, primarily reports on a material definitive agreement. The Compensation Committee of the Board of Directors approved the Sixth Amendment to the U.S. Bancorp Non-Qualified Retirement Plan. This amendment specifically provides for supplemental retirement benefits to Joseph M. Otting, a Vice Chairman of the Company. While not a broad financial performance update, this filing is significant for understanding executive compensation structures and potential future liabilities related to executive retirement packages.
Key Highlights
- 1U.S. Bancorp's Compensation Committee approved the Sixth Amendment to its Non-Qualified Retirement Plan on October 17, 2005.
- 2The amendment is a material definitive agreement as per SEC regulations.
- 3The key change involves providing supplemental retirement benefits.
- 4These supplemental benefits are specifically for Joseph M. Otting, a Vice Chairman of the Company.
- 5The filing includes the amendment document as an exhibit (Exhibit 10.1).
- 6This is a specific executive compensation adjustment rather than a broad financial update.