Company: USB-PA
Filing Date: 2025-04-16
Form Type: 8-K
Source: 0001193125-25-082814
Chunk: 1

Company: US BANCORP \DE\
Filing Date: 2025-04-16
Form: 8-K
Item: Item 5.02
Chunk 1
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 April 16, 2025, Mr. Cecere will receive a base salary with an annualized amount of $1,400,000.

Effective April 15, 2025, the Board also approved an amendment to the U. S. Bank Non-QualifiedRetirement Plan prior to Mr. Cecere’s transition to the Executive Chairman role. As described in the “ Pension benefits” section of the Company’s 2025 Proxy Statement, Mr. Cecere is fully vested in his supplemental benefit under the plan. The amendment freezes Mr. Cecere’s supplemental benefit under the plan as of April 15, 2025. In addition, the amendment specifies that Mr. Cecere’s supplemental benefit, which will be paid in a lump sum in accordance with his prior election, will be calculated using the lump sum actuarial equivalent interest rate and mortality table in effect as of the freeze date. The terms of the plan as they apply to Mr. Cecere are not otherwise amended, and the amendment does not affect Mr. Cecere’s earned benefit under the U. S. Bancorp Cash Balance Pension Plan that will be part of his total retirement benefit as described in the “ Pension benefits” section of the Company’s 2025 Proxy Statement. The amendment does not affect any other plan participants.

Additional information about the estimated amount and calculation of Mr. Cecere’s supplemental benefit under the Non-QualifiedRetirement Plan is included in the “ Pension benefits” section of the Company’s 2025 Proxy Statement. The foregoing description of the amendment does not purport to be complete and is qualified in its entirety by reference to the amendment attached hereto as Exhibit 10.1 of this Current Report on Form8-Kand incorporated by reference into this Item 5.02.