Summary
U.S. Bancorp (USB) filed an 8-K on February 15, 2011, detailing amendments to its Performance Restricted Stock Unit Award Agreement for executive officers. The Compensation Committee approved an amended and restated form of the agreement, which will supersede prior agreements for performance restricted stock units granted in February 2010, excluding certain one-time retention awards. This updated agreement will also govern future grants, including those effective February 16, 2011. While the filing notes technical changes, the core structure and purpose of these performance-based equity awards, made under the shareholder-approved 2007 Stock Incentive Plan, remain consistent. Investors should note this as a routine update to executive compensation practices.
Key Highlights
- 1U.S. Bancorp amended its Performance Restricted Stock Unit Award Agreement for executive officers.
- 2The new agreement replaces awards granted in February 2010, with exceptions for special retention awards.
- 3The updated agreement will also apply to future equity grants, including those for February 16, 2011.
- 4These awards are made under the shareholder-approved U.S. Bancorp 2007 Stock Incentive Plan.
- 5The filing indicates 'technical changes' to the award agreement form.
- 6The amended agreement form is filed as Exhibit 10.1 to the 8-K.