Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 2

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 2
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 in 2025 and beyond. As a Board, we remain focused on our oversight of the company’s business strategy, risk management and management team. Andy’s continued leadership of the Board as Executive Chairman beginning in April will be a valuable resource to us and Gunjan, as she assumes her new leadership responsibilities, and will help facilitate a smooth transition of the CEO role. As Lead Independent Director, I look forward to working with both Andy and Gunjan in their new roles. The Board also welcomed Gunjan and Aleem Gillani as new directors since our last annual meeting. During the last five years, the Board has added five new independent directors who bring a wide range of experience and perspectives, including expertise in financial services, risk management, cybersecurity and technology. U.S. Bancorp is at an inflection point, ready to capitalize on investments it has made while remaining true to the culture that has made it enviable in the industry. We are fortunate to have incredibly talented executive leaders and team members across the company who are dedicated to serving our customers and communities. On behalf of the Board, thank you for your trust and investment in U.S. Bancorp. I look forward to continuing to serve you during 2025. Sincerely, Roland A. Hernandez
Lead Independent Director March 5, 2025

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

TABLE OF CONTENTS

Notice of Annual Meeting of Shareholders of U.S. Bancorp

| ​ | Items of business:                                                                                         | ​ | ​ | BoardRecommendation | ​ |
| ​ | 1.                                                                                                         
 The election of each of the 14 directors named in the proxy statement                                      
 ​                                                                                                          | ​ | ​ | “FOR” all nominees  | ​ |
| ​ | 2.                                                                                                         
 An advisory vote to approve the compensation of our executives disclosed in the proxy statement            
 ​                                                                                                          | ​ | ​ | “FOR”               | ​ |
| ​ | 3.                                                                                                         
 The ratification of the selection of Ernst & Young LLP as our independent auditor for the 2025 fiscal year 
 ​                                                                                                          | ​ | ​ | “FOR”               | ​ |
| ​ | 4.                                                                                                         
 A shareholder proposal regarding a report on board oversight of risks relating to discrimination           
 ​                                                                                                          | ​ | ​ | “AGAINST”           | ​ |
| ​ | 5.                                                                                                         
 Any other business that may properly be considered