8-KMaterial AgreementsExhibits & Filings

US BANCORP \DE\ 8-K Report, Material Agreement (Oct 20, 2005)

Filed October 20, 2005For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

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.

Frequently Asked Questions

The main purpose of this filing is to report on the entry into a material definitive agreement, specifically the Sixth Amendment to U.S. Bancorp's Non-Qualified Retirement Plan, which provides supplemental retirement benefits to a specific executive.

The supplemental retirement benefits are specifically for Joseph M. Otting, who holds the position of Vice Chairman at U.S. Bancorp.

No, this particular 8-K filing does not provide information on the company's overall financial performance. It is focused solely on an amendment to an executive retirement plan.

A non-qualified retirement plan is an employee benefit plan that does not meet certain IRS requirements for qualified plans. These plans are typically offered to highly compensated employees and can allow for more flexibility in terms of contributions and benefits, but they may also carry different tax implications and fewer protections for the employee compared to qualified plans.