Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 66

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 66
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SUs that could be earned by each NEO during the three-year performance period beginning on January 1, 2024 and ending December 31, 2026. The number of PRSUs earned will be between 0% and 150% of target based on the company’s absolute and relative ROE performance during the performance period, as set forth in the applicable award agreements. Additional information regarding how the PRSU awards are earned is included above in “Compensation discussion and analysis — Long-term incentive awards.” PRSUs granted on February 29, 2024, as part of our annual award process and earned during the three-year performance period will vest on February 28, 2027. Ms. Kedia received an additional grant on May 6, 2024, corresponding with her appointment to President. Terms of her additional grant align with those of the annual awards. Cash dividends on unvested PRSUs are accrued during the performance period, but accrued dividends are only paid upon vesting on shares earned, if any, by the NEOs.

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TABLE OF CONTENTS Executive compensation

5. All other stock awards: number of shares of stock or units — RSUs
The RSUs granted on February 29, 2024, as part of our annual awards process vest over a three-year period, with 33% of the RSUs vesting on each of February 28, 2025, and February 28, 2026 and the remaining 34% of the RSUs vesting on February 28, 2027. Ms. Kedia received an additional grant on May 6, 2024, in connection with her appointment to President. Terms of her additional grant align with those of the annual awards. The RSUs pay an amount in cash equal to the dividends paid on our shares of common stock. 6. Grant date fair value of stock awards
The grant date fair value of the PRSUs and the RSUs was calculated using the target number of units multiplied by the closing market price of a share of our common stock on the grant date in accordance with FASB ASC Topic 718. Outstanding equity awards at 2024 fiscal year-end The following table shows the outstanding equity held by the NEOs at the end of fiscal year 2024.

| ​ | ​                 | ​ |       ​ | Option awards                                                  |   |         |