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
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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).
1. Name and Address of Reporting Person*
McCullough Howell D. III

(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)
EVP and Chief Strategy Officer
3. Date of Earliest Transaction (Month/Day/Year)
02/16/2010
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 02/16/2010 F 255 D $23.52 5,372 D
Common Stock, $0.01 par value 18,874.2469(1) I By 401(k) plan
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) $23.86 02/16/2010 A 24,010 (2) 02/16/2020 Common Stock, $0.01 par value 24,010 $0 24,010 D
Restricted Stock Units $0(3) 02/16/2010 A 8,382(4) 02/16/2011(5) (5) Common Stock, $0.01 par value 8,382 $0 8,382 D
Restricted Stock Units $0(3) 02/16/2010 A 16,764 02/16/2013(6) (6) Common Stock, $0.01 par value 16,764 $0 16,764 D
Explanation of Responses:
1. Based on a plan report dated February 8, 2010, the most recent plan report available.
2. The option vests in four equal annual installments beginning on February 16, 2011. This option makes up part of the reporting person's annual long-term incentive compensation grant.
3. Restricted stock units convert into common stock on a one-for-one basis at the time of vesting.
4. Prior to the first vesting, the number of units subject to the award will be adjusted based on the company's one-year performance against certain performance targets set on the grant date. The number of units may increase to as much as 150%, or decrease to as little as 25%, of the initial number of units. These Restricted Stock Units make up part of the reporting person's long-term incentive compensation grant.
5. The Restricted Stock Units vest in four equal annual installments begining on the date listed in the Date Exercisable column of Box 6.
6. Vesting of these Restricted Stock Units is contingent upon the company's meeting a pre-established performance target relating to average return on equity in 2010, 2011 and 2012. If this performance target is met, then 50% of these Restricted Stock Units vest on the third anniversary of the grant date, 25% on the fourth anniversary and 25% on the fifth anniversary. If the performance target is not met, these Restricted Stock Units will be forfeited. The date listed in the Date Exercisable column of Box 6 is the first possible vesting date. These Restricted Stock Units were granted as a special retention award for the reporting person.
Remarks:
Lee R. Mitau for Howell D. McCullough III 02/18/2010
** 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).
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