USB insider Chosy sells 26,909 shares after exercising 29,428 options

Rhea-AI Filing Summary

U.S. Bancorp (USB) insider James L. Chosy, Senior EVP and General Counsel, reported transactions on 10/20/2025. He exercised 29,428 employee stock options at an exercise price of $39.49 (code M) and sold 26,909 common shares at a $46.862 weighted average price (code S). Following these transactions, he beneficially owned 226,375 shares, held directly.

The sale price reflected trades ranging from $46.86 to $46.875. The reported option grant vested in four equal installments beginning on February 18, 2017.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CHOSY JAMES L

(Last) (First) (Middle)

800 NICOLLET MALL

(Street)

MINNEAPOLIS MN 55402

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
US BANCORP \DE\ [ USB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior EVP and General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
10/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value	10/20/2025		M		29,428	A	$39.49	253,284	D
Common Stock, $0.01 par value	10/20/2025		S		26,909	D	$46.862(1)	226,375	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$39.49	10/20/2025		M			29,428	(2)	02/18/2026	Common Stock, $0.01 par value	29,428	$0.0000	0.0000	D

Explanation of Responses:

1. The price in Column 4 is a weighted average price. The prices actually received ranged from $46.86 to $46.875. The reporting person will provide to the issuer, any security holder of the issuer or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

2. The options vested in four equal installments beginning on February 18, 2017.

	/s/ James L. Chosy	10/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did USB insider James L. Chosy report on his Form 4?

He exercised 29,428 stock options at $39.49 and sold 26,909 common shares at a $46.862 weighted average on 10/20/2025.

What are James L. Chosy’s USB holdings after the transactions?

He beneficially owned 226,375 shares following the reported transactions, held directly.

What was the price range for the USB share sales?

Sales occurred at prices ranging from $46.86 to $46.875, with a $46.862 weighted average.

What was the exercise price of the reported stock options?

The employee stock options had an exercise price of $39.49 per share.

When did the reported USB option grant vest?

The options vested in four equal installments beginning on February 18, 2017.

What was the derivative position after the exercise?

After exercising, the reported line shows 0 derivative securities remaining for that option grant.