Company: USB-PA
Filing Date: 2025-02-24
Form Type: 424B2
Source: 0001193125-25-033179
Chunk: 11

Company: US BANCORP \DE\
Filing Date: 2025-02-24
Form: 424B2
Chunk 11
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 holder who is a U.S. Alien (as such term is defined below), after deduction for any present or future tax, assessment or governmental charge of (a) the United States (as such term is defined below), or a political subdivision or authority thereof or therein or (b) any other jurisdiction in which any paying agent appointed by us is organized or the location from which payment is made, or any political subdivision or authority thereof or therein (each of (a) and (b), a “Relevant Jurisdiction”), imposed by withholding with respect to the payment, will not be less than the amount provided for in such Note to be then due and payable. However, the foregoing obligation to pay Additional Amounts shall not apply:

| • |     | to any tax, assessment or governmental charge that would not have been so imposed but for the existence of any                                                                                                                                 
 present or former connection between such holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or holder of power over, such holder, if such holder is an estate, trust, partnership or corporation) and a Relevant 
 Jurisdiction, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member, shareholder or holder of a power) being considered as:                                                                              |

| o | being or having been present or engaged in a trade or business in the Relevant Jurisdiction or having had a 
 permanent establishment therein;                                                                            |

| o | having a current or former relationship with the Relevant Jurisdiction, including a relationship as a citizen 
 or resident or being treated as a resident thereof; or                                                        |

| o | being or having been, for United States federal income tax purposes, a “controlled foreign                                                                                                                                                  
 corporation,” a “passive foreign investment company” (including a qualified electing fund), a corporation that has accumulated earnings to avoid United States federal income tax or a private foundation or other tax-exempt organization; |

PS-10

| • |     | to any tax, assessment or other governmental charge imposed by reason of the holder (i) owning or having                                                                                                                                      
 owned, directly or indirectly, actually or constructively, 10% or more of the total combined voting power of all classes of stock of U.S. Bancorp entitled to vote, (ii) receiving interest described in Section 881(c)(3)(A) of the Internal 
 Revenue Code of 1986, as amended (the “Code”) or (iii) being a controlled foreign corporation with respect to the United States