Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 7

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 7
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 and will become the CEO of U.S. Bancorp following the company’s annual shareholders’ meeting on April 15, 2025. On April 15, 2025, Andrew Cecere will transition to the role of Executive Chairman. ▶ In reaching their decision, the Governance Committee and the Board relied upon its pre-established succession planning process that considers the necessary experience, leadership capabilities, skills and attributes critical to the role and leadership of our company. ▶ The Board’s process spanned multiple years, including ongoing targeted executive development actions, the retention of a third-party search firm, and evaluation of several potential internal and external candidates. ▶ The Board’s process effectuates a transition that is designed to build on the strength of our company and the diversified business model that Mr. Cecere and the leadership team have created over the past eight years, including the recent, successful completion the MUFG Union Bank acquisition, and positions the company for the future through strategic investments focused on long-term growth and greater efficiency. Building a trusted, interconnected bank ▶ We have managed our business effectively through the cycle with a strong focus on financial and risk discipline. ▶ Our diversified business model includes a unique and balanced set of businesses and opportunities. ▶ Our investments have created strong points of differentiation in fee products, partnerships and scale. ▶ These differentiators drive future growth through deeper client relationships, interconnected products and national reach. ▶ We have a focus and momentum on execution.

| ​ | Focusingon the future | ​ | ​ |     | ​ | ​ | Strong riskdiscipline | ​ | ​ | Growth throughinterconnectedness | ​ | ​ | Prudent expensemanagement | ​ |

2025 incoming CEO compensation decision highlights As previously disclosed by the company on a Form 8-K filed on January 28, 2025, in connection with her election to the role of Chief Executive Officer effective April 15, 2025, the Board’s Compensation and Human Resources Committee determined that Ms. Kedia’s annual long-term equity award for 2025 would be valued at $10 million as of the grant date of February 27, 2025. ▶ The award is part of Ms. Kedia’s total direct compensation for 2025, including her services as CEO beginning in April, and is consistent with the structure and terms of awards granted to other executive officers for 2025. ▶ The award does not contain any special one-time components. ▶ The base salary and target annual cash incentive award that Ms.