Form 4: US Bancorp Director Gunjan Kedia Reports Acquisition of Restricted Stock Units

Gunjan Kedia, a director and President of US Bancorp, reported the acquisition of 86,430 restricted stock units on February 27, 2025, as part of a long-term incentive compensation award.

Summary

• On February 27, 2025, Gunjan Kedia, a Director and President of US Bancorp, acquired 86,430 restricted stock units.
• These restricted stock units were granted as part of a long-term incentive compensation award.
• The restricted stock units vest in three tranches: 33% on each of February 27, 2026 and 2027, and 34% on February 27, 2028.
• These units represent 40% of the total value of the long-term incentive award, with the remaining 60% granted as performance-based restricted stock units.
• The number of performance-based units that will be earned and settled in shares of common stock will be determined in early 2028 based on the company's performance against specific targets from 2025 through 2027.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing related to executive compensation. The sentiment is neutral to slightly positive as it reflects ongoing investment in key personnel.

Positives

• The grant of restricted stock units aligns the executive's interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the executive.

Future Outlook

The number of performance-based restricted stock units to be earned will be determined in early 2028 based on the company's performance against certain targets from 2025 through 2027.

Industry Context

This filing is a routine disclosure related to executive compensation practices within publicly traded companies. It reflects the use of equity-based compensation to incentivize and retain key personnel, a common practice in the financial services industry.

Comparison to Industry Standards

• Granting restricted stock units as part of long-term incentive plans is a common practice among large financial institutions such as JPMorgan Chase, Bank of America, and Citigroup.
• The vesting schedule of 33%, 33%, and 34% over three years is fairly standard for these types of grants.
• The mix of time-based and performance-based restricted stock units is also a common approach to balance retention and performance incentives.

Stakeholder Impact

• Shareholders may view the grant of restricted stock units as a positive sign, aligning management's interests with long-term company performance.
• Employees may see this as a positive sign of investment in leadership.

Next Steps

• The reporting person will receive shares of common stock as the restricted stock units vest on the specified dates.
• The number of performance-based restricted stock units will be determined in early 2028.

Key Dates