Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 88

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 88
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 In an effort to measure performance based on actual credit losses, the company excludes changes in the allowance driven by these factors and includes net charge-offs in the determination.

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 75 | ​ |

TABLE OF CONTENTS Executive compensation Analysis of the information presented in the “Pay versus performance” table While the company utilizes several performance measures to align executive compensation with company performance, not all of those company measures are presented in the “Pay versus performance” table set forth above. Moreover, the company generally seeks to incentivize positive long-term performance and, therefore, does not specifically align the company’s performance measures with compensation that is actually paid (as computed in accordance with Item 402(v) of Regulation S-K) for a particular year. In accordance with Item 402(v), the company is providing the following descriptions of the relationships between information presented in the “Pay versus performance” table.

| ​ | TSR:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 TSR has the most direct and significant impact on CEO and NEO compensation actually paid. This is primarily driven by our compensation program design, which is structured with a significant portion of compensation at-risk, through RSUs and PRSUs. At least 64% of CEO compensation and more than 56% of NEO compensation is directly impacted by TSR. The accompanying graphs show the relationship between (1) compensation actually paid to our CEO and the average of the compensation actually paid to our other NEOs and our cumulative TSR and (2) our cumulative TSR and peer group TSR, over the five fiscal years ending December 31, 2024. | ​ |

| ​ | 76 | ​ | ​ | U.S. Bancorp 2025 Proxy Statement | ​ |

TABLE OF CONTENTS Executive compensation

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 77 | ​ |

TABLE OF CONTENTS Director compensation

Director compensation Determining compensation for non-employee directors The Compensation and Human Resources Committee retained its independent compensation consultant to provide advice regarding non-employee director compensation in 2024. Before recommending a non-employee director compensation program to the independent members of the Board for approval, the committee reviewed director compensation information for our compensation peer group companies to assess the alignment of our compensation package with market practice and current trends. The detailed peer data that was reviewed included information about compensation paid per director, compensation amounts attributable to various compensation components, committee fee structures, lead independent director retainer and additional retainers