Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 42

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 42
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| ​ | Terrance R. Dolan  | ​ | ​ | ​               | $ |   780,000 | ​ | ​ | ​ | ​               | $ |    815,000 | ​ | ​ |
| ​ | Shailesh M. Kotwal | ​ | ​ | ​               | $ |   700,000 | ​ | ​ | ​ | ​               | $ |    800,000 | ​ | ​ |
| ​ | Timothy A. Welsh   | ​ | ​ | ​               | $ |   725,000 | ​ | ​ | ​ | ​               | $ |    800,000 | ​ | ​ |

1. Annualized rate effective September 1, 2023, in connection with Mr. Stern’s appointment as Chief Financial Officer. 2. Annualized rate, effective May 5, 2024. Prior to May 5, 2024, Ms. Kedia’s base salary rate was $800,000. Annual cash incentive awards How we determine our NEOs’ annual cash incentive awards All executive officers have the opportunity to earn annual cash incentive awards under our Annual Executive Incentive Plan (the AEIP), which are set at target levels that reflect their roles and responsibilities. Potential payout opportunities under the AEIP are designed to reward achievement of corporate and business line goals. The formula for calculating each NEO’s Annual Cash Incentive Payoutunder the AEIP consists of the following: ▶ Each NEO’s Target Award Amount, which is set by the Committee as a percentage of the NEO’s base salary ( Target Award Percentage); ▶ The Final Bonus Funding Percentageapplicable to each NEO, which is calculated based on a combination of corporate EPS and business line pretax income performance and subject to a qualitative review by the Committee; and ▶ The Committee’s assessment of each NEO’s Individual Performance and Risk Sensitivity, which can increase or decrease the value of the Bonus Funding Percentage applied to each NEO’s Target Award Amount. In no event may individual payouts exceed 200% of an NEO’s Target Award Amount.

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 43 | ​ |

TABLE OF CONTENTS Compensation discussion and analysis

Setting the Target Award Amounts The Target Award Amount — which is expressed as a percentage of each executive officer’s base salary — is based on the officer’s level of responsibility within the organization as well as market-based and internal pay equity considerations. The