Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 55

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 55
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 | ​ | ​ |
| ​ | ​ | Greater than 75thpercentile          | ​ | ​ | ​ |                1.15 | ​ | ​ |
| ​ | ​ | At or between 25thand 75thpercentile | ​ | ​ | ​ |       No adjustment | ​ | ​ |
| ​ | ​ | Less than 25thpercentile             | ​ | ​ | ​ |                0.85 | ​ | ​ |

Decision making and policies Who is involved in making executive compensation decisions Executive compensation policy, practices, and amounts are determined by the Committee, which is composed entirely of independent directors. The Committee has responsibility for setting each component of compensation for our CEO with the assistance and guidance of its independent compensation consultant, Meridian Compensation Partners, LLC (Meridian). Our CEO and senior members of our human resources function, with the assistance of Meridian, develop initial recommendations for all components of compensation for the executive officers other than the CEO and present their recommendations to the Committee for review and approval. For 2024, our President also provided input to those initial compensation recommendations for each executive officer that reports to her. The Committee also annually reviews the total amount and types of compensation paid to non-employee members of the Board of Directors and recommends any changes to the independent directors for approval. The Committee retains an independent compensation consultant to: ▶ provide advice regarding compensation program design, competitive practices, market trends, and peer group composition; ▶ provide perspectives and assist the Committee in setting the pay of our CEO; ▶ provide the same advisory services to the Committee, our CEO, and senior members of our human resources function regarding the compensation of the other executive officers; and ▶ advise the Committee on non-employee director compensation. Meridian does not provide any other services to our company. Following a review of the relationship between the company and Meridian in 2024, the Committee concluded that Meridian’s work for the Committee did not raise any conflicts of interest or independence concerns.

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 53 | ​ |

TABLE OF CONTENTS Compensation discussion and analysis

How executive compensation is determined The executive compensation outcomes described in the preceding pages are the culmination of substantial analysis and decisions made by the Committee over time, as follows:

| ​ | ​ | January — February                                                                                                                                                                                  | ​ | ​ |
| ​ | ​ | ▶                                                                                                                                                                                                   
 Review the company’s recent performance in several key financial