Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 47

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 47
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 and risk mitigation in determining Annual Cash Incentive Payouts, as well as to acknowledge circumstances where individual

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 47 | ​ |

TABLE OF CONTENTS Compensation discussion and analysis performance improvements are suggested or where inappropriate risk-taking behaviors have occurred. Modifications to our NEOs’ Bonus Funding Award Percentage based on their individual performance and risk sensitivity have been used only occasionally, however, and have historically been modest in scope. 2024 individual performance and risk sensitivity actions: The Committee determined that the applicable Final Bonus Funding Percentage for each current NEO appropriately reflected that executive’s performance and contributions to the company in 2024. Accordingly, no individual performance-based modifications were made to the NEO’s Bonus Funding Percentages. Following an analysis of each NEO’s risk scorecard results, the Committee did not make any risk-based modifications to the NEOs’ Final Bonus Funding Percentages. 2024 Annual Cash Incentive Payout results: The resulting payouts made to the NEOs 1in March 2025 for 2024 performance under the AEIP were as follows: 1. Timothy A. Welsh received a $1,350,000 payment equivalent to a pro-rated amount calculated based on his target award level of $1,800,000 under the AEIP for the number of full months worked in the period from January 1, 2024 through October 4, 2024, which was paid following his last day of employment on October 4, 2024 pursuant to the company’s broad-based U.S. Bank Severance Pay Program (the Severance Pay Program). See “Potential payments upon termination or change-in-control” for additional information. 2. Ms. Kedia’s weighted 2024 Business Line Result is based on a pro-rated combination of (1) the weighted average pretax income results for all the company’s business lines applicable for the period she held the role of President and (2) the weighted average pretax income results for the business lines within the Wealth, Corporate, Commercial and Institutional Banking group that she led until May 2024. Long-term incentive awards Establishing the structure of the equity awards Long-term, equity-based compensation represents the most significant portion of our NEOs’ total compensation package. The Committee uses equity awards to align the NEOs’ interests with those of long-term shareholders. In 2024, 64% of our CEO’s target total direct compensation and between 56% and 67