Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 56

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 56
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        | ​ | ​ | ​                      | ​ |       51% | ​ | ​ | ​ | ​                                     | ​ |     47% | ​ | ​ | ​ | ​                       | ​ |     41% | ​ | ​ |

1. Source: S&P Capital IQ based on company filings and market data; at December 31, 2024 2. Source: S&P Capital IQ based on company filings and market data; for the year ended December 31, 2024; excludes taxable-equivalent adjustments There were no changes to the 2023 peer group; accordingly, the 2024 peer group consisted of the same peer companies. The Committee selects compensation peer group companies that it believes represent our most meaningful competitors in the marketplace for executive talent. The Committee also reviews and uses compensation data from a large group of diversified financial services companies as an additional point of comparison. As a result of this ongoing analysis and resulting compensation adjustments, our executive compensation positioning is generally within market range, recognizing that several positions are unique to our company and do not have clear market comparisons. Stock ownership and retention requirements The Committee believes that ownership of our common stock by our executive officers directly aligns their interests with those of our other shareholders and helps balance the incentives for risk taking inherent in equity-based awards. We require our executives to hold significant amounts of company stock. We also require that they retain a substantial portion of their vested stock awards (net of shares withheld to satisfy tax obligations) until retirement, even after minimum ownership levels have been met. The current ownership and retention requirements are as follows:

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | Retention requirement |     | ​ | ​ |

| ​ | ​ | Executive Officer        | ​ | ​ | ​ | Minimum ownership level | ​ | ​ | ​ | Until minimum level is met | ​ | ​ | ​ | After minimum level is met 
 and until retirement       | ​ | ​ |
| ​ | ​ | CEO                      | ​ | ​ | ​ | 6x base salary          | ​ | ​ | ​ | 75% of net shares          | ​ | ​ | ​ | 50% of net shares          | ​ | ​ |
| ​ | ​ | Other executive officers | ​ | ​ | ​ | 3x base salary          | ​ | ​ | ​ | 75% of net shares          | ​ | ​ | ​ | 25% of net shares          | ​ | ​ |

Vested PRSUs