Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 57

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 57
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, all RSUs, and stock received and held after exercise of stock options are included in determining whether an executive officer satisfies his or her ownership requirements. As of December 31, 2024, all of our NEOs were in compliance with our applicable stock ownership and retention requirements.

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 55 | ​ |

TABLE OF CONTENTS Compensation discussion and analysis Clawback and forfeiture provisions applicable to executive awards ▶ Clawback of paid cash awards: Under its existing clawback policy, the Committee may adjust and recoup cash incentive amounts paid to any executive officer as it deems appropriate, if attributable to materially misleading reported earnings that require restatement. ▶ Forfeiture of unpaid cash awards: Payouts of annual cash incentive awards can be reduced to $0, regardless of company performance relative to plan metrics, if the executive officer has demonstrated negative personal performance that was significantly insensitive to risk during the performance period. ▶ Cancellation of unvested equity awards: The equity award agreements for executive officers provide that outstanding awards can be canceled if the executive’s conduct has subjected the company to significant financial, reputational or other risk through violations of company policies, laws or regulations; negligent or willful misconduct; or activity resulting in a significant or material control deficiency. ▶ Additional mandatory recovery policy:The Committee has adopted an Incentive-Based Compensation Recovery Policy designed to implement the mandatory incentive-based compensation recovery in compliance with applicable SEC and NYSE rules. The recovery policy applies to the company’s executive officers and requires recovery of incentive-based compensation erroneously received by executive officers after an accounting restatement as required under those rules. This policy is in addition to, and does not replace, the existing policy. Change-in-control provisions for executive officers ▶ No single-trigger cash benefit:The executive officers are not entitled to receive any cash payments upon a change-in-control of our company, with or without a subsequent termination in employment, except as provided by broad-based severance plans generally available to our employees. Additional information on the severance plan benefits for our NEOs is included under “Potential payments upon termination or change-in-control” below. None of our NEOs have employment or standalone change-in-control agreements. ▶ No single-trigger equity acceleration:The equity award agreements for executive officers provide that a change-in-control of our company would not trigger accelerated vesting of an executive officer’s outstanding equity awards unless his or her termination of employment is a qualifying termination (as defined in the equity award agreements