Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 60

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 60
---
 2022 and 2024 takes into account the amount of variance from the ROE target and peer group ROE results while the PRSU performance matrix for PRSUs granted in 2025 takes into account the amount of variance from the ROTCE target and peer group ROTCE results, mitigating the incentive for excessive risk taking that may result from an “all-or-nothing” award.                                                                                                                                                                 
 ​                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ​ | ​ |

Based on a consideration of the foregoing reviews and factors, the Committee has determined that risks arising from the company’s compensation policies and practices for its employees are not reasonably likely to have a material adverse effect on the company.

| ​ | 58 | ​ | ​ | U.S. Bancorp 2025 Proxy Statement | ​ |

TABLE OF CONTENTS Compensation Committee report Compensation Committee report The Compensation and Human Resources Committee has reviewed and discussed the “Compensation discussion and analysis” with management. Based upon this review and discussion, the Compensation and Human Resources Committee recommended to the Board of Directors that the “Compensation discussion and analysis” be included in this proxy statement and in our 2024 Annual Report on Form 10-K. Compensation and Human Resources Committee of the Board of Directors of U.S. Bancorp Scott W. Wine, Chair
Kimberly J. Harris Warner L. Baxter
Roland A. Hernandez The foregoing Compensation and Human Resources Committee Report does not constitute soliciting material and should not be deemed filed or incorporated by reference into any other filing of the company under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the company specifically incorporates the report by reference therein.

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 59 | ​ |

TABLE OF CONTENTS Executive compensation

Executive compensation Summary compensation table for fiscal year 2024 The following table shows the cash and non-cash compensation awarded to or earned by our NEOs in fiscal years 2022, 2023 and 2024.

| ​ | Name and                                                                 
 principal position1                                                      | ​ |    ​ | Year |   |      |   | ​ |         ​ | Salary($) |   |           |   | ​ |          ​ | Stockawards($)2 |   |            |   | ​ |         ​ | Non-equityincentive plancompensation($)3 |   |           |   | ​ |         ​ | Change inpension valueandnon-qualifieddeferredcompensation