Document:

Exhibit 4.1

 

CERTIFICATE OF DESIGNATIONS 

OF

SERIES O NON-CUMULATIVE PERPETUAL PREFERRED
STOCK

OF

U.S. BANCORP

 

Pursuant to Section 151 of the

General Corporation Law of the State of Delaware

 

U.S. Bancorp, a corporation organized and existing under the General
Corporation Law of the State of Delaware (the “Corporation”), does hereby certify that:

 

		1.	On January 24, 2022, the Capital Planning Committee (the “Committee”) of the Board of Directors of the Corporation
(the “Board”), pursuant to authority conferred upon the Committee by the Board and by Section 141(c)(2) and
(3) of the General Corporation Law of the State of Delaware, duly adopted resolutions establishing the terms of the Corporation’s
Series O Non-Cumulative Perpetual Preferred Stock, $1.00 par value (the “Series O Preferred Stock”), and
authorized a sub-committee of the Committee (the “Subcommittee”) to act on behalf of the Committee in establishing
the liquidation preference, dividend rate, optional redemption date, number of authorized shares and certain other terms of the Series O
Preferred Stock.

 

		2.	Thereafter, on February 2, 2022, the Subcommittee duly adopted the following resolution by written consent:

 

“NOW,
THEREFORE, BE IT RESOLVED, that the Subcommittee hereby establishes the Series O Preferred Stock, with the designations and certain
other preferences and relative, participating, optional or other special rights and the qualifications, limitations or restrictions thereof,
of the Series O Preferred Stock as are set forth in Exhibit A hereto, which is incorporated herein by reference”

 

IN WITNESS WHEREOF, this Certificate of Designations is executed on
behalf of the Corporation by its Chairman, President & Chief Executive Officer this 8th day of February, 2022.

 

	 	U.S. Bancorp
	 	 
	 	By: 	 	/s/ Terrance Robert Dolan
	 	 	 	Name:	 	Terrance R. Dolan
	 	 	 	Title:	 	Vice Chair & Chief Financial Officer

 

     

     

    

 

EXHIBIT A

TO

CERTIFICATE
OF DESIGNATIONS

OF

SERIES
O non-cumulative perpetual PREFERRED STOCK

OF

u.s.
bancorp

 

Section 1.     Designation.
The designation of the series of preferred stock shall be Series O Non-Cumulative Perpetual Preferred Stock (hereinafter referred
to as the “Series O Preferred Stock”). Each share of Series O Preferred Stock shall be identical in all respects
to every other share of Series O Preferred Stock, except as to the respective dates from which dividends thereon shall accrue, to
the extent such dates may differ as permitted pursuant to Section 4(a) below. Series O Preferred Stock will rank equally
with Parity Stock, if any, and will rank senior to Junior Stock with respect to the payment of dividends and the distribution of assets
in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation.

 

Section 2.     Number
of Shares. The number of authorized shares of Series O Preferred Stock shall be 20,000.
Such number may from time to time be increased (but not in excess of the total number of authorized shares of preferred stock, less all
shares of any other series of preferred stock authorized at the time of such increase) or decreased (but not below the number of shares
of Series O Preferred Stock then outstanding) by further resolution duly adopted by the Board of Directors of the Corporation, the
Committee or any duly authorized committee of the Board of Directors of the Corporation and by the filing of a certificate pursuant to
the provisions of the General Corporation Law of the State of Delaware stating that such increase or reduction, as the case may be, has
been so authorized. The Corporation shall have the authority to issue fractional shares of Series O Preferred Stock.

 

Section 3.     Definitions.
As used herein with respect to Series O Preferred Stock:

 

“Appropriate Federal
Banking Agency” means the “appropriate Federal banking agency” with respect to the Corporation as defined in Section 3(q) of
the Federal Deposit Insurance Act (12 U.S.C. Section 1813(q)), or any successor provision.

 

“Business Day”
means each Monday, Tuesday, Wednesday, Thursday or Friday on which banking institutions are not authorized or obligated by law, regulation
or executive order to close in New York, New York.

 

“Committee”
means the Capital Planning Committee of the Board of Directors of the Corporation, or any successor committee thereto.

 

“Corporation”
means U.S. Bancorp.

 

“Depositary Company”
shall have the meaning set forth in Section 6(d) hereof.

 

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“Dividend Payment Date”
shall have the meaning set forth in Section 4(a) hereof.

 

“Dividend Period”
shall have the meaning set forth in Section 4(a) hereof.

 

“DTC” means
The Depository Trust Company, together with its successors and assigns.

 

“Junior Stock”
means the Corporation’s common stock and any other class or series of stock of the Corporation hereafter authorized over which Series O
Preferred Stock has preference or priority in the payment of dividends or in the distribution of assets on any liquidation, dissolution
or winding up of the Corporation.

 

“Parity Stock”
means any other class or series of stock of the Corporation that ranks on a parity with Series O Preferred Stock in the payment of
dividends and in the distribution of assets on any liquidation, dissolution or winding up of the Corporation.

 

“Preferred Director”
shall have the meaning set forth in Section 7(c)(i) hereof.

 

“Redemption Price”
shall have the meaning set forth in Section 6(a) hereof.

 

“Regulatory Capital
Treatment Event” means the good faith determination by the Corporation that, as a result of (i) any amendment to, or change
in, the laws or regulations of the United States or any political subdivision of or in the United States that is enacted or becomes effective
after the initial issuance of any share of Series O Preferred Stock, (ii) any proposed change in those laws or regulations that
is announced after the initial issuance of any share of Series O Preferred Stock, or (iii) any official administrative decision
or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that
is announced after the initial issuance of any share of Series O Preferred Stock, there is more than an insubstantial risk that the
Corporation will not be entitled to treat the full liquidation value of the shares of Series O Preferred Stock then outstanding as
 “additional tier 1 capital” (or its equivalent) for purposes of the capital adequacy guidelines of the Board of Governors
of the Federal Reserve System (or, as and if applicable, the capital adequacy guidelines or regulations of any successor Appropriate Federal
Banking Agency), as then in effect and applicable, for as long as any share of Series O Preferred Stock is outstanding.

 

“Series O Preferred
Stock” shall have the meaning set forth in Section 1 hereof.

 

Section 4.     Dividends.

 

(a)            Rate.
Holders of Series O Preferred Stock shall be entitled to receive, if, as and when declared by the Board of Directors of the Corporation
or any duly authorized committee of the Board of Directors of the Corporation, but only out of assets legally available therefor, non-cumulative
cash dividends on the liquidation preference of $25,000 per share of Series O Preferred Stock, and no more, payable quarterly in
arrears on the 15th day of each January, April, July and October, commencing on April 15, 2022; provided, however,
if any such day on which dividends otherwise would be payable is not a Business Day, then payment of any dividend otherwise payable on
that date will be made on the next succeeding day that is a Business Day (without any interest or other payment in respect of such delay)
(each such day on which dividends are payable a “Dividend Payment Date”). The period from and including the date of
issuance of the Series O Preferred Stock or any Dividend Payment Date to, but excluding, the next Dividend Payment Date is a “Dividend
Period.” Dividends on each share of Series O Preferred Stock will accrue on the liquidation preference of $25,000 per share
at a rate per annum equal to 4.50%. The record date for payment of dividends on the Series O Preferred Stock shall be the last Business
Day of the calendar month immediately preceding the month during which the Dividend Payment Date falls. The amount of dividends payable
shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Dollar amounts resulting from that calculation shall
be rounded to three decimal places, with $0.0005 being rounded upward. If the Corporation issues additional shares of Series O Preferred
Stock after the original issue date, dividends on such shares may accrue from the original issue date or any other date specified by the
Board of Directors or a duly authorized committee thereof at the time such additional shares are issued, provided that dividends,
if any, on any shares of Series O Preferred Stock issued in connection with the exercise by the underwriters purchasing shares of
Series O Preferred Stock on the original issuance date of their option to purchase additional depositary shares representing interests
in the shares of the Series O Preferred Stock, will accrue from the original issue date of the Series O Preferred Stock or any
other date specified by the Board of Directors or a duly authorized committee thereof at the time such additional shares are issued. Notwithstanding
any other provision hereof, dividends on the Series O Preferred Stock shall not be declared, paid or set aside for payment to the
extent such act would cause the Corporation to fail to comply with laws and regulations applicable thereto, including applicable capital
adequacy guidelines.

 

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(b)            Non-Cumulative
Dividends. Dividends on shares of Series O Preferred Stock shall be non-cumulative. To the extent that any dividends payable
on the shares of Series O Preferred Stock on any Dividend Payment Date are not declared and paid, in full or otherwise, on such Dividend
Payment Date, then such unpaid dividends shall not cumulate and shall cease to accrue and be payable and the Corporation shall have no
obligation to pay, and the holders of Series O Preferred Stock shall have no right to receive, dividends accrued for such Dividend
Period after the Dividend Payment Date for such Dividend Period or interest with respect to such dividends, whether or not dividends are
declared for any subsequent Dividend Period with respect to Series O Preferred Stock, Parity Stock, Junior Stock or any other class
or series of authorized preferred stock of the Corporation.

 

(c)            Priority
of Dividends. So long as any share of Series O Preferred Stock remains outstanding, (i) no dividend shall be declared or
paid or set aside for payment and no distribution shall be declared or made or set aside for payment on any Junior

Stock, other than a dividend payable solely in
Junior Stock, (ii) no shares of Junior Stock shall be repurchased, redeemed or otherwise acquired for consideration by the Corporation,
directly or indirectly (other than (A) as a result of a reclassification of Junior Stock for or into Junior Stock, or the exchange
or conversion of one share of Junior Stock for or into another share of Junior Stock, (B) through the use of the proceeds of a substantially
contemporaneous sale of other shares of Junior Stock, (C) purchases of shares of Junior Stock pursuant to a contractually binding
requirement to buy such Junior Stock existing prior to the commencement of the then-current dividend period, including under a contractually
binding stock repurchase plan, (D) any purchase, redemption or other acquisition of Junior Stock pursuant to any employee, consultant
or director incentive or benefit plans or arrangements of the Corporation or any of its subsidiaries (including any employment, severance
or consulting arrangements adopted before or after the issuance of the Series O Preferred Stock) and (E) in connection with
any underwriting, stabilization, market-making or similar transactions in the capital stock of the Corporation by an investment banking
subsidiary of the Corporation in the ordinary course of such subsidiary’s business), nor shall any monies be paid to or made available
for a sinking fund for the redemption of any such securities by the Corporation and (iii) no shares of Parity Stock shall be repurchased,
redeemed or otherwise acquired for consideration by the Corporation otherwise than pursuant to pro rata offers to purchase all,
or a pro rata portion, of the Series O Preferred Stock and such Parity Stock except by conversion into or exchange for Junior
Stock, in each case unless full dividends on all outstanding shares of Series O Preferred Stock for the most recently completed Dividend
Period have been paid in full or declared and a sum sufficient for the payment thereof set aside. When dividends are not paid in full
upon the shares of Series O Preferred Stock and any Parity Stock, all dividends declared upon shares of Series O Preferred Stock
and any Parity Stock shall be declared on a proportional basis so that the amount of dividends declared per share will bear to each other
the same ratio that accrued dividends for the then-current Dividend Period per share on Series O Preferred Stock, and accrued dividends,
including any accumulations, on Parity Stock, bear to each other. No interest will be payable in respect of any dividend payment on shares
of Series O Preferred Stock that may be in arrears. If the Board of Directors of the Corporation determines not to pay any dividend
or a full dividend on a Dividend Payment Date, the Corporation will provide, or cause to be provided, written notice to the holders of
the Series O Preferred Stock prior to such date. Subject to the foregoing, and not otherwise, dividends (payable in cash, stock or
otherwise) as may be determined by the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors
of the Corporation may be declared and paid on any Junior Stock from time to time out of any assets legally available therefor, and the
shares of Series O Preferred Stock or Parity Stock shall not be entitled to participate in any such dividend.

 

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Section 5.     Liquidation
Rights.

 

(a)            Liquidation.
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, holders of
Series O Preferred Stock shall be entitled, out of assets legally available therefor, before any distribution or payment out of
the assets of the Corporation may be made to or set aside for the holders of any Junior Stock and subject to the rights of the
holders of any class or series of securities ranking senior to or on parity with Series O Preferred Stock upon liquidation and
the rights of the Corporation’s depositors and other creditors, to receive in full a liquidating distribution in the amount of
the liquidation preference of $25,000 per share, plus any authorized, declared and unpaid dividends, without accumulation of any
undeclared dividends, to the date of liquidation. The holders of Series O Preferred Stock shall not be entitled to any further
payments in the event of any such voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation
other than what is expressly provided for in this Section 5.

 

(b)            Partial
Payment. If the assets of the Corporation are not sufficient to pay in full the liquidation preference plus any authorized, declared
and unpaid dividends to all holders of Series O Preferred Stock and all holders of any Parity Stock, the amounts paid to the holders
of Series O Preferred Stock and to the holders of all Parity Stock shall be pro rata in accordance with the respective aggregate
liquidation preferences plus any authorized, declared and unpaid dividends of Series O Preferred Stock and all such Parity Stock.

 

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(c)            Residual
Distributions. If the liquidation preference plus any authorized, declared and unpaid dividends have been paid in full to all holders
of Series O Preferred Stock and all holders of any Parity Stock, the holders of Junior Stock shall be entitled to receive all remaining
assets of the Corporation according to their respective rights and preferences.

  

(d)            Merger,
Consolidation and Sale of Assets Not Liquidation. For purposes of this Section 5, the sale, conveyance, exchange or transfer
(for cash, shares of stock, securities or other consideration) of all or substantially all of the property and assets of the Corporation
shall not be deemed to be a voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation, nor shall
the merger, consolidation or any other business combination transaction of the Corporation into or with any other corporation or person
or the merger, consolidation or any other business combination transaction of any other corporation or person into or with the Corporation
be deemed to be a voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation.

 

Section 6.     Redemption.

 

(a)            Optional
Redemption. The Corporation, at the option of its Board of Directors or any duly authorized committee of the Board of Directors of
the Corporation, may redeem in whole or in part the shares of Series O Preferred Stock at the time outstanding, at any time on or
after April 15, 2027, upon notice given as provided in Section 6(b) below. The redemption price for shares of Series O
Preferred Stock shall be $25,000 per share plus dividends that have been declared but not paid (the “Redemption Price”).
Notwithstanding the foregoing, within 90 days following the occurrence of a Regulatory Capital Treatment Event, the Corporation, at its
option, subject to the approval of the Appropriate Federal Banking Agency, may provide notice of its intent to redeem as provided in Section 6(b) below,
and subsequently redeem, all (but not less than all) of the shares of Series O Preferred Stock at the time outstanding, at the Redemption
Price applicable on such date of redemption.

 

(b)            Notice
of Redemption. Notice of every redemption of shares of Series O Preferred Stock shall be mailed by first-class mail,
postage prepaid, addressed to the holders of record of such shares to be redeemed at their respective last addresses appearing on
the stock register of the Corporation. Such mailing shall be at least 10 days and not more than 60 days before the date fixed for
redemption. Notwithstanding the foregoing, if the Series O Preferred Stock is held in book-entry form through DTC, the
Corporation may give such notice in any manner permitted by DTC. Any notice mailed as provided in this Section 6(b) shall
be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such
notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of Series O Preferred Stock
designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Series O
Preferred Stock. Each notice shall state (i) the redemption date; (ii) the number of shares of Series O Preferred
Stock to be redeemed and, if fewer than all the shares held by such holder are to be redeemed, the number of such shares to be
redeemed from such holder; (iii) the Redemption Price; (iv) the place or places where the certificates for such shares are
to be surrendered for payment of the Redemption Price; and (v) that dividends on the shares to be redeemed will cease to accrue
on the redemption date.

 

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(c)            Partial
Redemption. In case of any redemption of only part of the shares of Series O Preferred Stock at the time outstanding, the shares
of Series O Preferred Stock to be redeemed shall be selected either pro rata from the holders of record of Series O Preferred
Stock in proportion to the number of Series O Preferred Stock held by such holders or by lot or in such other manner as the Board
of Directors of the Corporation or any duly authorized committee of the Board of Directors of the Corporation may determine to be fair
and equitable. Subject to the provisions of this Section 6, the Board of Directors of the Corporation, the Committee or any duly
authorized committee of the Board of Directors shall have full power and authority to prescribe the terms and conditions upon which shares
of Series O Preferred Stock shall be redeemed from time to time.

 

(d)            Effectiveness
of Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice all
funds necessary for the redemption have been set aside by the Corporation, separate and apart from its other assets, in trust for
the pro rata benefit of the holders of the shares called for redemption, so as to be and continue to be available therefor,
or deposited by the Corporation with a bank or trust company selected by the Board of Directors of the Corporation or any duly
authorized committee of the Board of Directors (the “Depositary Company”) in trust for the pro rata
benefit of the holders of the shares called for redemption, then, notwithstanding that any certificate for any share so called for
redemption has not been surrendered for cancellation, on and after the redemption date all shares so called for redemption shall
cease to be outstanding, all dividends with respect to such shares shall cease to accrue after such redemption date, and all rights
with respect to such shares shall forthwith on such redemption date cease and terminate, except only the right of the holders
thereof to receive the amount payable on such redemption from such bank or trust company at any time after the redemption date from
the funds so deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Depositary
Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such
interest. Any funds so deposited and unclaimed at the end of three years from the redemption date shall, to the extent permitted by
law, be released or repaid to the Corporation, and in the event of such repayment to the Corporation, the holders of record of the
shares so called for redemption shall be deemed to be unsecured creditors of the Corporation for an amount equivalent to the amount
deposited as stated above for the redemption of such shares and so repaid to the Corporation, but shall in no event be entitled to
any interest.

 

Section 7.     Voting
Rights. The holders of Series O Preferred Stock will have no voting rights and will not
be entitled to elect any directors, except as expressly provided by law and except that:

 

(a)            Supermajority
Voting Rights—Amendments. Unless the vote or consent of the holders of a greater number of shares shall then be required by
law, the affirmative vote or consent of the holders of at least 66-2/3% of all of the shares of the Series O Preferred Stock at the
time outstanding, voting separately as a class, shall be required to authorize any amendment of the Certificate of Incorporation or of
any certificate amendatory thereof or supplemental thereto (including any certificate of designations or any similar document relating
to any series of preferred stock) which will materially and adversely affect the powers, preferences, privileges or rights of the Series O
Preferred Stock, taken as a whole; provided, however, that any increase in the amount of the authorized or issued Series O
Preferred Stock or authorized preferred stock of the Corporation or the creation and issuance, or an increase in the authorized or issued
amount, of other series of preferred stock ranking equally with and/or junior to the Series O Preferred Stock with respect to the
payment of dividends (whether such dividends are cumulative or non-cumulative) and/or the distribution of assets upon liquidation, dissolution
or winding up of the Corporation will not be deemed to adversely affect the powers, preferences, privileges or rights of the Series O
Preferred Stock.

 

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(b)            Supermajority
Voting Rights—Priority. Unless the vote or consent of the holders of a greater number of shares shall then be required by law,
the affirmative vote or consent of the holders of at least 66-2/3% of all of the shares of the Series O Preferred Stock and all other
Parity Stock, at the time outstanding, voting as a single class without regard to series, shall be required to issue, authorize or increase
the authorized amount of, or to issue or authorize any obligation or security convertible into or evidencing the right to purchase, any
additional class or series of stock ranking prior to the shares of the Series O Preferred Stock and all other Parity Stock as to
dividends or the distribution of assets upon liquidation, dissolution or winding up of the Corporation.

 

(c)            Special
Voting Right.

 

(i)            Voting
Right. If and whenever dividends on the Series O Preferred Stock or any other class or series of preferred stock that ranks
on parity with the Series O Preferred Stock as to payment of dividends, and upon which voting rights equivalent to those
granted by this Section 7(c) have been conferred and are exercisable, have not been paid in an aggregate amount equal, as
to any class or series, to at least six quarterly Dividend Periods (whether consecutive or not) or their equivalent, the number of
directors constituting the Board of Directors of the Corporation shall be increased by two, and the holders of the Series O
Preferred Stock (together with holders of any other class of the Corporation’s authorized preferred stock having equivalent
voting rights, whether or not the holders of such preferred stock would be entitled to vote for the election of directors if such
default in dividends did not exist), shall have the right, voting separately as a single class without regard to series, to the
exclusion of the holders of common stock, to elect two directors of the Corporation to fill such newly created directorships (and to
fill any vacancies in the terms of such directorships), provided that the Board of Directors of the Corporation shall at no
time include more than two such directors. Each such director elected by the holders of shares of Series O Preferred Stock and
any other class or series of preferred stock that ranks on parity with the Series O Preferred Stock as to payment of dividends
is a “Preferred Director”.

 

(ii)            Election.
The election of the Preferred Directors will take place at any annual meeting of stockholders or any special meeting of the holders of
Series O Preferred Stock and any other class or series of the Corporation’s stock that ranks on parity with Series O Preferred
Stock as to payment of dividends and for which dividends have not been paid, called as provided herein. At any time after the special
voting power has vested pursuant to Section 7(c)(i) above, the secretary of the Corporation may, and upon the written request
of any holder of Series O Preferred Stock (addressed to the secretary at the Corporation’s principal office) must (unless such
request is received less than 90 days before the date fixed for the next annual or special meeting of the stockholders, in which event
such election shall be held at such next annual or special meeting of stockholders), call a special meeting of the holders of Series O
Preferred Stock, and any other class or series of preferred stock that ranks on parity with Series O Preferred Stock as to payment
of dividends and for which dividends have not been paid, for the election of the two directors to be elected by them as provided in Section 7(c)(iii) below.
The Preferred Directors shall each be entitled to one vote per director on any matter.

 

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(iii)            Notice
for Special Meeting. Notice for a special meeting will be given in a similar manner to that provided in the Corporation’s by-laws
for a special meeting of the stockholders. If the secretary of the Corporation does not call a special meeting within 20 days after receipt
of any such request, then any holder of Series O Preferred Stock may (at the Corporation’s expense) call such meeting, upon
notice as provided in this Section 7(c)(iii), and for that purpose will have access to the stock register of the Corporation. The
Preferred Directors elected at any such special meeting will hold office until the next annual meeting of the Corporation’s stockholders
unless they have been previously terminated or removed pursuant to Section 7(c)(iv). In case any vacancy in the office of a Preferred
Director occurs (other than prior to the initial election of the Preferred Directors), the vacancy may be filled by the written consent
of the Preferred Director remaining in office, or if none remains in office, by the vote of the holders of the Series O Preferred
Stock (together with holders of any other class of the Corporation’s authorized preferred stock having equivalent voting rights,
whether or not the holders of such preferred stock would be entitled to vote for the election of directors if such default in dividends
did not exist) to serve until the next annual meeting of the stockholders.

 

(iv)            Termination;
Removal. Whenever full dividends have been paid regularly on the Series O Preferred Stock and any other class or series of
preferred stock that ranks on parity with Series O Preferred Stock as to payment of dividends, if any, for at least four
consecutive quarterly Dividend Periods or their equivalent, then the right of the holders of Series O Preferred Stock to elect
such additional two directors will cease (but subject always to the same provisions for the vesting of the special voting rights in
the case of any similar non-payment of dividends in respect of future Dividend Periods). The terms of office of the Preferred
Directors will immediately terminate and the number of directors constituting the Corporation’s Board of Directors will be
reduced accordingly. Any Preferred Director may be removed at any time without cause by the holders of record of a majority of the
outstanding shares of Series O Preferred Stock (together with holders of any other class of the Corporation’s authorized
preferred stock having equivalent voting rights, whether or not the holders of such preferred stock would be entitled to vote for
the election of directors if such default in dividends did not exist) when they have the voting rights described in this
Section 7(c).

 

Section 8.     Conversion.
The holders of Series O Preferred Stock shall not have any rights to convert such Series O Preferred Stock into shares of any
other class of capital stock of the Corporation.

 

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Section 9.     Rank.
Notwithstanding anything set forth in the Certificate of Incorporation or this Certificate of Designations to the contrary, the Board
of Directors of the Corporation, the Committee or any authorized committee of the Board of Directors of the Corporation, without the
vote of the holders of the Series O Preferred Stock, may authorize and issue additional shares of Junior Stock, Parity Stock or,
subject to the voting rights granted in Section 7(b), any class of securities ranking senior to the Series O Preferred Stock
as to dividends and the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs
of the Corporation.

 

Section 10.     Repurchase.
Subject to the limitations imposed herein, the Corporation may purchase and sell Series O Preferred Stock from time to time to such
extent, in such manner, and upon such terms as the Board of Directors of the Corporation or any duly authorized committee of the Board
of Directors of the Corporation may determine; provided, however, that the Corporation shall not use any of its funds for
any such purchase when there are reasonable grounds to believe that the Corporation is, or by such purchase would be, rendered insolvent.

 

Section 11.     Unissued
or Reacquired Shares. Shares of Series O Preferred Stock not issued or which have been issued
and converted, redeemed or otherwise purchased or acquired by the Corporation shall be restored to the status of authorized but unissued
shares of preferred stock without designation as to series.

 

Section 12.     No
Sinking Fund. Shares of Series O Preferred Stock are not subject to the operation of a sinking
fund.

 

* * * * * *

 

    A-9Exhibit 4.2

 

	Number: O-1	
    18,000 Shares

    SEE REVERSE FOR IMPORTANT NOTICE

    ON TRANSFER RESTRICTIONS AND

    OTHER INFORMATION

     

    CUSIP 902973650

     

 

U.S. BANCORP

 

a Corporation Organized Under the
Laws of the State of Delaware

 

THIS CERTIFIES
THAT U.S. Bank National Association, as depositary, is the owner of eighteen thousand (18,000) fully paid and non-assessable shares of
4.50% Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share, liquidation preference of $25,000.00 per share, of

 

U.S. Bancorp

 

(the “Corporation”)
transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney, upon surrender of this
Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions
of the Certificate of Incorporation and the By-laws of the Corporation and any amendments thereto. This Certificate is not valid unless
countersigned and registered by the Registrar.

 

IN WITNESS WHEREOF, the Corporation has caused this Certificate to
be executed on its behalf by its duly authorized officers.

 

	DATED: 	February
9, 2022	 

 

Countersigned and Registered:

 

	 	 	 
	 	 	Chairman, President and Chief Executive Officer
	Registrar 	(SEAL) 	 

 

	By:	 	 	 
	 	 	 	Secretary 

 

     

     

    

 

IMPORTANT NOTICE

 

The Corporation will furnish to any shareholder,
on request, without charge and in writing, a full statement of the powers, designations and any preferences, conversion and other rights,
restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the stock
of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class
in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the
authority of the Board of Directors to set such rights and preferences of subsequent series. The foregoing summary does not purport
to be complete and is subject to and qualified in its entirety by reference to the Certificate of Incorporation of the Corporation, as
amended from time to time, a copy of which will be sent without charge to each shareholder who so requests. Such request must be
made to the Secretary of the Corporation at its principal office or to the Registrar.

 

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT
IS LOST, STOLEN OR DESTROYED,

THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION

TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

 

The following abbreviations, when used in the
inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or
regulations:

 

	TEN COM	- as tenants in common

 

	TEN ENT	- as tenants by the entireties

 

	JT TEN	- as joint tenants with right of survivorship and not as tenants in common

 

	UNIF GIFT MIN ACT	 	(Custodian)	 
	 	Custodian	 	(Minor)

 

	 	under Uniform Gifts to Minors Act   	(State)

 

Additional abbreviations by also be used though not in the above list.

 

	FOR VALUE RECEIVED,                        	hereby sell, assign and transfer unto      

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE)

 

(
) shares represented by this Certificate and do hereby irrevocably constitute and appoint _________ Attorney to transfer the said shares
on the books of the Corporation, with full power of substitution in the premises.

 

Dated:________________________________, _______________

 

	 	 	 
	In presence of: _________________________________________	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

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