Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 90

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 90
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 delivered in ten annual installments. Each non-employee director is entitled to receive additional fully vested restricted stock units having a fair market value equal to the amount of dividends he or she would have received had restricted stock been awarded instead of restricted stock units. Director stock ownership requirements The Compensation and Human Resources Committee has established stock ownership requirements for each non-employee director equal to five times the value of the annual cash retainer. New directors must satisfy this minimum ownership level within five years of joining the Board. As of December 31, 2024, all of the directors serving at that time were in compliance with our stock ownership guidelines or were on track to be in compliance by the end of his or her five-year compliance period. Deferred compensation plan participation Under the U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement) (the Director Deferred Compensation Plan), our non-employee directors may elect to defer all or a part of their cash fees. Cash fees that are deferred are deemed to be invested in one of several investment funds, including a U.S. Bancorp common stock fund, as selected by the participant. The terms and investment alternatives of the Director Deferred Compensation Plan are substantially the same as those of the Executive Deferred Compensation Plan, except the U.S. Bancorp stock fund is generally paid in shares. See “Executive compensation — Nonqualified deferred compensation” above for the rates of return for 2024 for each of these investment options (also known as measurement funds).

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TABLE OF CONTENTS Director compensation

Director compensation for fiscal year 2024 The following table shows the compensation of the individuals who served as non-employee members of our Board of Directors during any part of fiscal year 2024.

| ​ | Name1                      | ​ | ​ | Fees earned orpaid in cash($) |   |            |   | ​ | ​ | Stockawards($)2 |   |         |   | ​ | ​ | All othercompensation($) |   |           |   | ​ | ​ | Total($) |   |         |   | ​ |
| ​ | Warner L. Baxter           | ​ | ​ | ​                             | ​ |    149,500 | ​ | ​ | ​ | ​               | ​ | 185,013 | ​ | ​ | ​ | ​                        | ​ | —         | ​ | ​ | ​ | ​        | ​ | 334,513 | ​ | ​ |