Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 10

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 10
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, and both are standing for election for the first time at the annual meeting. Each of the other nominees has previously been elected by our shareholders. The Board has determined that, except for Andrew Cecere, our Chairman and Chief Executive Officer, and Gunjan Kedia, our President, each nominee for election as a director at the annual meeting is independent from U.S. Bancorp as discussed later in this proxy statement under “Corporate governance — director independence.”

| ​ | ​ |                                                                                                                                                                                | ​ | ​ | FOR | ​ | ​ |
| ​ | ​ | The Board of Directors recommends a vote “FOR” election of each of the 14 director nominees below to serve until the next annual meeting and the election of their successors. |   |   |     | ​ | ​ |

Director selection and nomination considerations Director nominee selection process The selection process for first-time director candidates includes the following steps: ▶ identification of one or more desired profiles for director candidates based on the most recent assessment of the skill sets represented on the Board compared to the Board’s needs, as well as feedback received from the Board evaluation process; ▶ identification of candidates by the Governance Committee based upon information provided by a director search firm, suggestions from current directors and executive officers, and any recommendations received from shareholders and other sources; ▶ interviews of candidates by the Lead Independent Director and other directors; ▶ reports presented to the Board by the Governance Committee on the candidates and selection process; ▶ recommendations made by the Governance Committee; and ▶ election by the Board or formal nomination by the Board for inclusion in the slate of directors at the annual meeting. During 2024, Mr. Gillani was identified by a third-party search firm engaged by the Governance Committee to help identify and evaluate individuals for inclusion in the potential pool of director candidates, and was appointed to the Board following the Governance Committee’s and the Board’s review and evaluation process. A shareholder seeking to recommend a prospective candidate for the Governance Committee’s consideration should submit the candidate’s name and sufficient written information about the candidate to permit a determination by the Governance Committee of whether the candidate meets the director selection criteria set forth in our Corporate Governance Guidelines. Recommendations should be sent to the Chair of the Governance Committee in care of the Corporate Secretary of U.S. Bancorp at the address listed on page 92 of this proxy statement. Board refreshment and nomination considerations Our Governance Committee continuously assesses the evolving opportunities and challenges facing our company in order to align the Board’s composition with our company’s leadership needs and strategic direction.