Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 39

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 39
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 ranged from 98.6% to 101.1% of their respective target amounts, based on earnings per share (EPS) and business line pretax income results for the year. ▶ The PRSUs granted in 2022 were earned at 126.6% of the NEOs’ respective target amounts, based on absolute and relative return on equity (ROE) results for the 2022-2024 performance period. Our ROE performance was consistently in the top-quartile relative to the peer group during that period. Corporate financial performance In 2024, our company delivered solid financial performance and maintained stable credit quality as well as a strong capital and liquidity position. We delivered positive operating leverage on an adjusted basis in the second half of 2024, reflecting year-over-year revenue growth and continued improvement in expense discipline. The company remained focused on effective balance sheet management and prudent capital management while balancing continued capital accretion with the adoption of a new share repurchase program during 2024 and a modest amount of share repurchases during the fourth quarter of 2024. We achieved continued growth across our diversified and differentiated business mix as we demonstrated the benefits of greater “interconnectedness” across our businesses, including a broad product set, deep client base, and distribution network, to drive sustainable growth. Investments in digital capabilities, technology modernization, scale and partnerships and products and services also have positioned us well for long-term growth and greater efficiency.

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TABLE OF CONTENTS Compensation discussion and analysis

Elements of 2024 total direct compensation 1. Effective May 5, 2024, following Gunjan Kedia’s promotion to President. Prior to that, her annual cash incentive target was 225%. Ms. Kedia’s base salary and annual incentive target amounts used for purposes of the charts above have been prorated for 2024. 2. Beginning for 2025, PRSU metrics are ROTCE (measured on absolute and relative basis) with a relative total shareholder return (TSR) modifier. Sound compensation practices Our executive compensation program incorporates many strong governance features:

| ​ | ​ | What we do                                                                                                                                                                                                                                                                      |     | ​ | ​ |
| ​ | ​ | Significant majority of each executive officer’s compensation is at risk                                                                                                                                                                                                        
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| ​ | ​ | We may cancel unvested equity awards and