Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 8

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 8
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 Kedia will receive as CEO will be determined when she assumes the CEO role. ▶ In alignment with the long-term interests of our shareholders, 60% of the long-term equity award’s value was granted in the form of performance-based restricted stock units (PRSUs) and 40% in the form of restricted stock units (RSUs), each with 3-year vesting periods. ▶ The PRSU award will be earned based on the company’s achievement of ROTCE and TSR financial performance metrics over a three-year performance period (2025-2027) as described in the “Compensation discussion and analysis” section of this proxy statement. ▶ In determining the value of Ms. Kedia’s 2025 long-term incentive award, the Compensation and Human Resources Committee considered, among other factors, the announced transition to the CEO role in 2025 and market pay levels.

| ​ | 8 | ​ | ​ | U.S. Bancorp 2025 Proxy Statement | ​ |

TABLE OF CONTENTS Proxy statement highlights

Corporate governance highlights

| ​ | Board independence | ​ |

▶ Strong Lead Independent Director position:Our independent directors annually elect a Lead Independent Director, who has broad authority and responsibility over Board governance and operations. ▶ Key committees independent:Independent directors comprise 100% of each of the Audit, Compensation and Human Resources, Governance, and Public Responsibility Committees. ▶ Regular executive sessions:The full Board and its standing committees each meet in executive session on a regular basis without members of management present.

| ​ | Board accountability | ​ |

▶ Majority voting:In uncontested elections, our directors are elected annually by a majority of votes cast. ▶ Board not classified:All of our directors are elected annually.

| ​ | Shareholder rights and engagement | ​ |

▶ 3/3/20/20 proxy access:A shareholder or group of up to 20 shareholders that has held at least 3% of our company’s stock for at least three years is able to nominate directors to fill up to 20% of the Board seats (but at least two directors). ▶ Special meeting:Holders of at least 25% of our stock are able to call a special meeting of shareholders. ▶ No poison pill:Our company does not maintain a shareholder rights plan. ▶ Shareholder outreach:Each year we reach out to a significant proportion of our large institutional shareholders to invite a conversation about corporate governance, executive compensation, corporate responsibility and sustainability matters and any other matter of interest to