Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 9

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 9
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 the shareholder and share feedback from those engagements with the Board.

| ​ | Board effectiveness | ​ |

▶ Board, committee and individual evaluations:The Governance Committee annually conducts rigorous Board assessments, including evaluations of committees and individual directors. ▶ Overboarding restrictions:Unless approved by our Board, a director may not serve on more than three public company boards in addition to ours, and a director who is a CEO of a public company may not serve on more than one public company board in addition to our Board (including the company of which he or she serves as CEO). ▶ Retirement policy:Our Board does not have a rigid retirement policy but instead evaluates for appropriateness the re-nomination of an incumbent director after he or she has reached the age of 72.

| ​ | Director/shareholder alignment | ​ |

▶ Stock ownership:Each non-employee director is required to hold stock equal in value to five times the annual cash retainer. New directors must satisfy this requirement within five years of joining the Board. ▶ No hedging or pledging:Like our executive officers, our directors are prohibited from pledging our company’s securities as collateral for a loan and from engaging in any hedging transactions involving any of the company’s securities.

| ​ |     | ​ | ​ | For more information about corporate governance, go to page 23. | ​ |

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 9 | ​ |

TABLE OF CONTENTS Proposal 1 — Election of directors

Proposal 1 — Election of directors Our Board of Directors currently has 15 members. All directors are elected annually to serve one-year terms until the next annual meeting and until their successors are elected and qualified. Fourteen of our current directors have been nominated for election by the Board to hold office until the 2026 annual meeting and the election of their successors. After ten years of dedicated service on our Board, including most recently as chair of the Compensation and Human Resources Committee and a member of the Governance Committee, Scott W. Wine informed the Board that he would not stand for re-election following expiration of his current term at the 2025 annual meeting. In light of Mr. Wine’s departure from the Board, the size of our Board will be reduced to 14 as of our 2025 annual meeting. All of the nominees currently serve on our Board. The Board elected Aleem Gillani as a director in July 2024 and Gunjan Kedia as a director in January 2025