Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 6

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 6
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 | 5 | ​ |

TABLE OF CONTENTS Proxy statement highlights Board structure and oversight The Board of Directors has oversight of U.S. Bancorp’s affairs and conducts its business through meetings of the Board and standing committees. The Governance Committee and the Board regularly review the Board’s structure and the oversight responsibilities of each Board committee in order to provide effective oversight. The following are certain key changes to committee oversight responsibilities that the Board approved since our last annual meeting as well as enhancements in management reporting: ▶ The Risk Management Committeeclarified its oversight of technology risk and our reputation and strategic risk programs, reflecting additional quarterly program reporting provided to this Committee in 2024; and ▶ The Cybersecurity and Technology Subcommitteeof the Risk Management Committee added oversight of emerging technologies (including Artificial Intelligence and Machine Learning) that may affect the company’s technology strategy and operations, consistent with reporting being provided to this subcommittee in 2024. This subcommittee also continues to oversee the company’s significant technology initiatives, related progress and trends. The chart below summarizes the key oversight responsibilities of each Board committee.

| ​ | 6 | ​ | ​ | U.S. Bancorp 2025 Proxy Statement | ​ |

TABLE OF CONTENTS Proxy statement highlights

2024 executive compensation program 1. Effective May 5, 2024, following Gunjan Kedia’s promotion to President. Prior to that, her target was 225%. Ms. Kedia’s base salary and annual incentive target amounts used for purposes of the charts above have been prorated for 2024. 2. Beginning for 2025, PRSU metrics are return on tangible common equity, or ROTCE (measured on absolute and relative basis), with a relative total shareholder return (TSR) modifier.

| ​ |     | ​ | ​ | For more information about executive compensation and the 2024 compensation decisions for our named executive officers, go to page 39. | ​ |

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 7 | ​ |

TABLE OF CONTENTS Proxy statement highlights

CEO succession planning process The Board believes that succession planning is one of its most important responsibilities. As such, CEO succession planning has been an ongoing process, with the goal of providing sufficient lead time before an expected transition. Following the successful execution of a deliberate, multi-year CEO succession planning process, the Board announced on January 28, 2025 that Gunjan Kedia was elected to the Board effective January 28, 2025