Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 73

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 73
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an, the standard form is either a lump sum or a joint and survivor annuity, depending

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 67 | ​ |

TABLE OF CONTENTS Executive compensation

on the present value of the lump sum at retirement. As the present value of the supplemental benefit for Mr. Dolan is currently less than $400,000, in accordance with plan rules, his supplemental benefit will default to payment in a lump sum. Mr. Dolan has the option to make an election to receive his supplemental benefit as an annuity if the election is made 12 months prior to his termination date, he is over age 55, and the present value of the supplemental benefit exceeds $50,000. The amount of the lump sum distribution equals the actuarial equivalent of the annuity form of payment and is calculated using substantially similar actuarial assumptions as for our pension plan obligations discussed in Note 16 to our consolidated financial statements included in our 2024 Annual Report on Form 10-K. The means of calculating the various annuity benefits are described in the pension plan. Nonqualified deferred compensation Under the U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement) (the Executive Deferred Compensation Plan), eligible employees, including members of our senior management and all of our NEOs, may choose to defer all or a part of their annual base salary and annual cash incentive payments. Cash compensation that is deferred is deemed to be invested in one of several investment funds, including a U.S. Bancorp common stock fund, as selected by the participant. Shown below are the rates of return for each of the investment options (also known as measurement funds) available under the Executive Deferred Compensation Plan for the period from January 1, 2024 through December 31, 2024:

| ​ | Fund Name                          | ​ | ​ |   |   |        | 2024 Returns | ​ |
| ​ | Stable Value Fund                  | ​ | ​ | ​ | ​ | 3.07%  | ​            | ​ |
| ​ | Bond Index Fund                    | ​ | ​ | ​ | ​ | 1.30%  | ​            | ​ |
| ​ | US Large Cap Equity Index Fund     | ​ | ​ | ​ | ​ | 25.00% | ​            | ​ |
| ​ | US Small-Mid Cap Equity Index Fund | ​ | ​ | ​ | ​ | 16.95% |