Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 41

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 41
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 risk management;

| ​ | 42 | ​ | ​ | U.S. Bancorp 2025 Proxy Statement | ​ |

TABLE OF CONTENTS Compensation discussion and analysis

▶ business line performance as applicable for NEOs; ▶ compensation actions applicable to the broader employee base; and ▶ key talent succession planning and retention considerations. Compensation elements Our NEOs’ total direct compensation consists of three elements: ▶ Base salary; ▶ Annual cash incentive awards; and ▶ Long-term incentive compensation (comprising 60% PRSUs and 40% RSUs). Base salary Base salary is the only component of the NEOs’ total direct compensation that is not at risk. The Committee considers the salary of executive officers relative to comparable executives in our compensation peer group and may make market-based adjustments as it deems appropriate. Salaries can also be adjusted to reflect experience and tenure in a position, internal pay equity within the executive officer group, promotions or increased scope of responsibilities, individual performance, and retention considerations. 2024 salary actions: The Committee adjusted each of the NEOs’ base salaries in 2024 primarily to reflect competitive market conditions. On May 3, 2024, the Committee approved an increase in Ms. Kedia’s base salary to an annualized amount of $1,000,000, effective May 5, 2024, in connection with her promotion to the role of President.

| ​ | NEO                | ​ | ​ | 2023base salary |   |           |   | ​ | ​ | 2024base salary |   |            |   | ​ |
|:--|:-------------------|:--|:--|:----------------|:--|----------:|:--|:--|:--|:----------------|:--|-----------:|:--|:--|
| ​ | Andrew Cecere      | ​ | ​ | ​               | $ | 1,350,000 | ​ | ​ | ​ | ​               | $ |  1,400,000 | ​ | ​ |
| ​ | John C. Stern      | ​ | ​ | ​               | $ |  700,0001 | ​ | ​ | ​ | ​               | $ |    700,000 | ​ | ​ |
| ​ | Gunjan Kedia       | ​ | ​ | ​               | $ |   725,000 | ​ | ​ | ​ | ​               | $ | 1,000,0002 |