U.S. Bancorp

Jeffry H. von Gillern, Vice Chair, Technology and Operations Services, has informed U.S. Bancorp of his intention to retire from the company in late 2023. A copy of the press release issued by U.S. Bancorp on November 10, 2022, announcing Mr. von Gillern’s retirement, and certain other organizational changes, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On October 18, 2022, the Board of Directors of U.S. Bancorp (the “Company”) elected Loretta E. Reynolds as a director of the Company, effective immediately. Ms. Reynolds will serve on the Capital Planning and Risk Management Committees, as well as the Cybersecurity Oversight Subcommittee of the Risk Management Committee. She will receive compensation in accordance with the Company’s standard compensation arrangements for non-employee directors, which are described under the heading “Director compensation” in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 8, 2022. A copy of the press release issued by the Company on October 18, 2022, announcing Ms. Reynolds’s election to the Board of Directors is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On January 25, 2022, Karen S. Lynch, a director of U.S. Bancorp (the “Company”), notified the Company that she does not intend to stand for re-election to the Company’s Board of Directors following expiration of her current term at the Company’s 2022 Annual Meeting of Shareholders. Ms. Lynch’s decision not to stand for re-election was for personal reasons and not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

On January 22, 2021, the Board of Directors of U.S. Bancorp (the “Company”) elected Kimberly N. Ellison-Taylor as a director of the Company, effective immediately. Ms. Ellison-Taylor will serve on the Audit and Public Responsibility Committees. She will receive compensation in accordance with the Company’s standard compensation arrangements for non-employee directors, which are described under the heading “Director Compensation” in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 10, 2020. Additionally, on January 22, 2021, Marc N. Casper, a director of U.S. Bancorp, notified the Company that he does not intend to stand for re-election to the Company’s Board of Directors following expiration of his current term at the Company’s 2021 Annual Meeting of Shareholders. Mr.

On December 10, 2019, the Board of Directors of U.S. Bancorp (the “Company”) elected John P. Wiehoff as a director of the Company, effective January 20, 2020. Mr. Wiehoff will serve on the Public Responsibility and Risk Management Committees. He will receive compensation in accordance with the Company’s standard compensation arrangements for non-employee directors, which are described under the heading “Director Compensation” in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 5, 2019. A copy of the press release issued by the Company on December 10, 2019, announcing Mr. Wiehoff’s election to the Board of Directors is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On November 14, 2019, U.S. Bancorp (the “Company”) announced the appointment of Lisa R. Stark, the Company’s Senior Vice President and Assistant Controller, to the position of Executive Vice President and Controller. Ms. Stark will succeed Craig E. Gifford as the Company’s principal accounting officer. Mr. Gifford will remain with the Company in another senior role. Ms. Stark, 42, has served in several roles in the Company’s finance and risk functions since 2008, including as director of external reporting and most recently as assistant controller. Ms. Stark will receive a base salary in her new position of $310,000, and she will be eligible for an annual cash incentive award with a target value of 80% of her base salary. She will also be eligible to receive a long-term incentive award of a value commensurate with her position, to be granted in early 2020. Ms.

At its meeting held on January 14, 2019, the Compensation and Human Resources Committee (the “Committee”) of the Board of Directors of U.S. Bancorp (the “Company”) adopted the U.S. Bancorp Annual Executive Incentive Plan (the “Plan”). The Plan provides that the Committee can make awards of variable compensation to officers of the Company who are subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934, based on the achievement of performance objectives. The Plan is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. At the same meeting, the Committee approved awards under the Plan to the Company’s named executive officers for 2019 performance (the “2019 Awards”).

In accordance with his previously announced intention, which was disclosed on a Current Report on Form 8-K filed on May 4, 2018, P.W. (Bill) Parker will resign from his position as Vice Chairman and Chief Risk Officer of U.S. Bancorp (the “Company”), on October 21, 2018. At its meeting held on October 15, 2018, the Compensation and Human Resources Committee of the Company’s Board of Directors approved the following compensation arrangements in connection with Mr. Parker’s upcoming retirement: Mr. Parker will be eligible to receive an annual cash incentive award pro-rated for the portion of 2018 he served, payable in February 2019; and the performance-based restricted stock units Mr. Parker was granted in February 2018 will continue to vest in full, subject to the Company’s performance over the award’s three-year performance period. 2

On July 17, 2018, the Board of Directors of U.S. Bancorp (the “Company”) elected Dorothy J. Bridges as a director of the Company, effective October 15, 2018. Ms. Bridges will serve on the Public Responsibility and Risk Management Committees. She will receive compensation in accordance with the Company’s standard compensation arrangements for non-employee directors, which are described under the heading “Director Compensation” in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 6, 2018. A copy of the press release issued by the Company on July 17, 2018, announcing Ms. Bridges’ election to the Board of Directors is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On June 18, 2018, the Board of Directors of U.S. Bancorp (the “Company”) elected Elizabeth L. Buse and Yusuf I. Mehdi as directors of the Company, effective immediately. Ms. Buse will serve on the Audit and the Capital Planning Committees. Mr. Mehdi will serve on the Public Responsibility and the Risk Management Committees. They will each receive compensation in accordance with the Company’s standard compensation arrangements for non-employee directors, which are described under the heading “Director Compensation” in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 6, 2018. A copy of the press release issued by the Company on June 18, 2018, announcing Ms. Buse’s and Mr. McKenney’s elections to the Board of Directors is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

P.W. (Bill) Parker, Vice Chairman and Chief Risk Officer of U.S. Bancorp (the “Company”), has informed the Company of his intention to retire later in 2018. A search is being conducted for his successor. 2

On January 16, 2018, Richard K. Davis, Chairman of the Board of Directors (the "Board") of U.S. Bancorp (the "Company"), informed the Company that he will step down from the Board following expiration of his current term at the Company’s 2018 Annual Meeting of Shareholders. Andrew Cecere, the Company’s current President and Chief Executive Officer and a member of the Board, has been elected by the Board to serve as Chairman, in addition to his current responsibilities, effective upon Mr. Davis’s departure on April 17, 2018. A copy of the Company’s press release announcing this transition in Board leadership is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

On December 11, 2017, Douglas M. Baker, Jr., a director of U.S. Bancorp (the "Company"), notified the Company that he does not intend to stand for re-election to the Company’s Board of Directors following expiration of his current term at the Company’s 2018 Annual Meeting of Shareholders. Top of the Form

On October 17, 2017, the Board of Directors of U.S. Bancorp (the “Company”) elected Richard P. McKenney as a director of the Company, effective immediately. Mr. McKenney will serve on the Risk Management and the Community Reinvestment and Public Policy Committees. He will receive compensation in accordance with the Company’s standard compensation arrangements for non-employee directors, which are described under the heading “Director Compensation” in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 7, 2017. A copy of the press release issued by the Company on October 17, 2017, announcing Mr. McKenney’s election to the Board of Directors is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

As previously announced, and as disclosed on a Current Report on Form 8-K filed on January 17, 2017 (the “January 8-K”), Andrew Cecere, the former President and Chief Operating Officer of U.S. Bancorp (the “Company”), was appointed as the Company’s President and Chief Executive Officer, effective April 18, 2017. At its meeting on April 17, 2017, the Compensation and Human Resources Committee of the Company’s Board of Directors (the “Compensation Committee”) determined the base salary and target annual cash incentive award that Mr. Cecere will receive in his new role. As of April 18, 2017, Mr. Cecere is receiving an increase in his base salary to an annualized amount of $1,000,000, and he will be eligible to receive an annual cash incentive award with a target value of 225% of his base salary. Mr.

At a meeting held on January 16, 2017, the Board of Directors of U.S. Bancorp (the "Board") appointed Andrew Cecere, 56, to the position of President and Chief Executive Officer of U.S. Bancorp and U.S. Bank National Association ("U.S. Bank"), its principal banking subsidiary, effective April 18, 2017. Mr. Cecere is currently serving as President and Chief Operating Officer of U.S. Bancorp and U.S. Bank. Mr. Cecere was also elected to the Board, effective immediately. Mr. Cecere is serving on the Capital Planning and Risk Management Committees of the Board. Richard K. Davis, who is currently serving as Chairman and Chief Executive Officer of U.S. Bancorp and U.S. Bank, will continue his service on the Board as Executive Chairman, effective April 18, 2017. The base salary and target annual cash incentive award that Mr.

U.S. Bancorp (the "Company") and each of its executive officers who had been party to an Executive Severance Agreement, as amended, with the Company (a "Severance Agreement") have agreed to terminate the executive officer's Severance Agreement immediately. Each Severance Agreement had provided for the payment of severance benefits if the executive officer’s employment with the Company was terminated under certain circumstances within 24 months following a change in control of the Company. Top of the Form

As previously announced, and as disclosed on a Current Report on Form 8-K filed on June 13, 2016, Terrance R. Dolan, Vice Chairman, Wealth Management and Securities Services, of U.S. Bancorp (the "Company") has been appointed to the position of Vice Chairman and Chief Financial Officer, effective August 1, 2016. At its meeting on June 20, 2016, the Compensation and Human Resources Committee of the Company’s Board of Directors approved the following compensation arrangements for Mr. Dolan in his new position. As of August 1, 2016, Mr. Dolan will receive an increase in his base salary to an annualized amount of $575,000 and will be eligible to receive an annual cash incentive award with a target value of 125% of his base salary. In addition, Mr.

On June 13, 2016, U.S. Bancorp (the "Company") announced the appointment of Terrance R. Dolan, the Company’s Vice Chairman, Wealth Management and Securities Services, to the position of Vice Chairman and Chief Financial Officer, effective August 1, 2016. Mr. Dolan will succeed Kathleen A. Rogers, the Company’s current Vice Chairman and Chief Financial Officer, who has informed the Company that she plans to step down from her position at that time. Ms. Rogers will remain with the Company in another role. The terms of Mr. Dolan’s compensation for his new position have not been determined at this time. Mr. Dolan and certain of his family members have engaged in lending and other ordinary banking transactions with our banking subsidiaries.

On January 19, 2016, U.S. Bancorp announced the promotion of Andrew Cecere, 55, to the position of President and Chief Operating Officer of U.S. Bancorp and U.S. Bank National Association ("U.S. Bank"), its principal banking subsidiary, effective as of January 18, 2016. Mr. Cecere had been serving as Vice Chairman and Chief Operating Officer of U.S. Bancorp and U.S. Bank. Mr. Cecere will continue to report to Richard K. Davis, Chairman and Chief Executive Officer of U.S. Bancorp and U.S. Bank. Mr. Davis had also been serving as President. In connection with his promotion, Mr. Cecere will receive an increase in his base salary to an annualized base salary of $800,000. Mr. Cecere will be eligible to receive an annual cash incentive award with a target value of 150% of his base salary. Mr.