Summary
This 8-K/A filing from U.S. Bancorp (USB) serves as an amendment to a previous filing and provides an update on the upcoming retirement of Vice Chairman and Chief Risk Officer, P.W. (Bill) Parker. Mr. Parker's resignation is effective October 21, 2018, as previously announced on May 4, 2018. The filing details the compensation arrangements approved by the Compensation and Human Resources Committee in connection with his retirement, ensuring a smooth transition and acknowledging his contributions. Investors should note that the approved compensation includes a pro-rated annual cash incentive award for the portion of 2018 Mr. Parker served, expected to be paid in February 2019. Additionally, his performance-based restricted stock units, granted in February 2018, will continue to vest as planned over the three-year performance period, contingent on the company's performance. This filing provides clarity on the financial implications of Mr. Parker's departure for the executive team.
Key Highlights
- 1P.W. (Bill) Parker, Vice Chairman and Chief Risk Officer, to resign effective October 21, 2018.
- 2The resignation was previously disclosed in an 8-K filing on May 4, 2018.
- 3Compensation arrangements for Mr. Parker's retirement have been approved by the Compensation and Human Resources Committee.
- 4Mr. Parker will receive a pro-rated annual cash incentive award for 2018, payable in February 2019.
- 5Performance-based restricted stock units granted in February 2018 will continue to vest, subject to company performance.
- 6The vested stock units are subject to a three-year performance period.
- 7This filing is an amendment (8-K/A) to a previous report.