Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 12

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 12
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 attention to carrying out their duties and responsibilities effectively. The Governance Committee will consider the professional and other demands placed on candidates, including service on the boards of other public or private companies. Unless the Board determines that a director’s service to our company would not be impaired, a director may not serve on more than three other boards of public companies in addition to our Board, and a director who serves as the CEO of a public company may not serve on more than one public company board in addition to our Board (including the board of the company of which he or she serves as CEO). ▶ Tenure and refreshment:Our Governance Committee believes that it is important to maintain a balance of tenure on the Board to benefit from the business, industry and governance experience of longer-serving directors and the fresh perspectives contributed by new directors, while recognizing the value of continuity as Board composition changes. Our Governance Committee aims to have a measured rate of Board refreshment. ▶ Retirement and other considerations for incumbent directors:In addition to the factors stated above, the Governance Committee will evaluate any director’s continued service on the Board for appropriateness in each of the following circumstances: the director has a change in employment or other major responsibilities; an employee director ceases to be a company employee; and the director has reached the age of 72 since the last meeting of shareholders at which the director was elected.

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 11 | ​ |

TABLE OF CONTENTS Proposal 1 — Election of directors

Skills and qualifications of our director nominees The Governance Committee has identified certain skills, experiences and professional qualifications that are important to be represented on the Board for strong collective oversight of the company’s business and strategy. These skills and qualifications, along with the ways these experiences contribute to the Board’s collective oversight of the development and execution of the company’s strategy, are reflected in the chart below:

| ​ | ​ | Skill or qualification                           | ​ | ​ | ​ | Criteria                                                                                                                                                                                          | ​ | ​ | ​ | Link to strategy |   |   |   |                                                                                                                                                                   | ​ | ​ |
| ​ | ​ | Chief executive experience                       | ​ | ​ | ​ | Are current or former CEOs of publicly held or large private corporations                                                                                                                         | ​ | ​ | ​ |                  | ​ | ​ | ​ | Have experience overseeing senior leadership, finance, marketing, and execution of corporate strategy from both a management and a board perspective              | ​ | ​ |
| ​ | ​ | Community or