US Bancorp (NYSE: USB) HR chief receives 22,259-share long-term stock award

Rhea-AI Filing Summary

Barcelos Elcio R.T. reported acquisition or exercise transactions in this Form 4 filing.

US Bancorp Senior EVP and Chief HR Officer Elcio R.T. Barcelos reported an award of 22,259 shares of common stock at a stated price of $0.00 per share as part of long-term incentive compensation. Following this grant, his directly held stake is 119,922 shares.

The award consists of restricted stock units that vest 33% on each of March 5, 2027 and March 5, 2028, and 34% on March 5, 2029. These restricted stock units represent 40% of his 2026 long-term incentive value, with the remaining 60% granted as performance-based units to be determined based on company performance from 2026 through 2028.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Barcelos Elcio R.T.

Role Senior EVP, Chief HR Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, $0.01 par value	22,259	$0.00	--

Holdings After Transaction: Common Stock, $0.01 par value — 119,922 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Barcelos Elcio R.T.

(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, Chief HR Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/05/2026

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	03/05/2026		A		22,259(1)	A	$0.0000	119,922	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

Explanation of Responses:

1. The restricted stock units vest 33% on each of March 5, 2027 and 2028, and 34% on March 5, 2029. These restricted stock units make up 40% of the value of the reporting person's long-term incentive compensation award granted in 2026. The remaining 60% of the award value was granted in the form of performance-based restricted stock units. The number of units that will be earned and eligible to be settled in shares of common stock will be determined in early 2029 based on the company's performance against certain performance targets from 2026 through 2028 and will be reported at the time of such determination.

	/s/ James L. Chosy by power of attorney for Elcio R.T. Barcelos	03/09/2026
	** 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 insider transaction did US Bancorp (USB) report for Elcio R.T. Barcelos?

US Bancorp reported that Senior EVP and Chief HR Officer Elcio R.T. Barcelos received an award of 22,259 shares of common stock at a stated price of $0.00 per share, as part of his 2026 long-term incentive compensation package.

How many US Bancorp (USB) shares does Elcio R.T. Barcelos hold after this award?

After this award, Elcio R.T. Barcelos directly holds 119,922 shares of US Bancorp common stock. This updated total reflects the addition of 22,259 awarded shares reported in the Form 4 insider filing detailing his 2026 long-term incentive compensation grant.

How do the restricted stock units for US Bancorp (USB) executive Barcelos vest?

The restricted stock units awarded to Elcio R.T. Barcelos vest over three years: 33% on March 5, 2027, 33% on March 5, 2028, and 34% on March 5, 2029, creating a staggered vesting schedule tied to his continued service.

What portion of Elcio R.T. Barcelos’s 2026 US Bancorp (USB) incentive is time-based RSUs?

The restricted stock units reported make up 40% of Elcio R.T. Barcelos’s 2026 long-term incentive compensation value. The remaining 60% was granted as performance-based restricted stock units, whose final earned amount will depend on company performance from 2026 through 2028.

How are the performance-based restricted stock units for US Bancorp (USB) executive Barcelos determined?

The performance-based restricted stock units, representing 60% of his 2026 long-term incentive value, will be earned based on US Bancorp’s performance against specified targets from 2026 through 2028, with the final number of units determined and reported in early 2029.