MINNEAPOLIS--(BUSINESS WIRE)--Feb. 13, 2008--U.S. Bancorp (NYSE:
USB) announced today that Richard K. Davis, its chairman, president
and chief executive officer, has established a plan to exercise
certain stock options and sell the underlying shares on a regular
quarterly basis. The plan is a nondiscretionary plan established in
accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
Under the terms of the option agreements governing Davis'
outstanding options, these options would expire on the 10-year
anniversary of their grant. The plan adopted by Davis today applies to
the options that would expire during 2008 and 2009. If these options
are not exercised prior to their expiration date, they would expire,
worthless. In order to provide for an orderly liquidation of these
options, Davis has determined to enter into this 10b5-1 plan.
10b5-1 plans permit executive officers to sell shares on a
predetermined, regular basis, without regard to blackout periods under
Rule 10b-5. Under the plan, Davis will exercise stock options for an
aggregate of 679,590 shares of U.S. Bancorp common stock and sell such
shares each quarter, on the date two weeks after the public release of
U.S. Bancorp's quarterly or annual financial results, for seven
successive quarters, beginning with the second quarter of 2008. The
exercise prices for the options range from $21.23 through $28.70 per
share. A portion of the sale proceeds will be used to pay the exercise
price of the options and applicable taxes.
Davis currently holds 290,368 shares of U.S. Bancorp common stock.
In addition, he holds options to acquire 4,580,790 additional shares,
of which 2,029,823 are currently vested and of which 2,550,967 are
U.S. Bancorp, with $238 billion in assets, is the parent company
of U.S. Bank, the 6th largest commercial bank in the United States.
The company operates 2,512 banking offices and 4,870 ATMs, and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web
CONTACT: U.S. Bancorp
Steve Dale (Media), 612-303-0784
Judy Murphy (Analysts), 612-303-0783
SOURCE: U.S. Bancorp