EX-10.34





 Exhibit 10.34 

U.S. BANCORP 

PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT 

THIS AGREEMENT is made as of <Grant Date> (the “Grant Date”), by and between U.S. Bancorp (the “Company”) and <Participant
Name> (the “Participant”), together with the Completed Exhibit A which is incorporated herein by reference (collectively, the “Agreement”), sets forth the terms and conditions of a performance restricted stock unit award
representing the right to receive <Number of Target Awards Granted> shares of common stock of the Company, par value $0.01 per share (the “Common Stock”). The grant of this performance restricted stock unit award is made pursuant to
the Company’s 2015 Stock Incentive Plan, which was approved by shareholders on April 21, 2015 (the “Plan”) and is subject to its terms. Capitalized terms that are not defined in the Agreement shall have the meaning ascribed to
such terms in the Plan. 
 The Company and Participant agree as follows: 

1. Award 
 Subject to the terms and
conditions of the Plan and the Agreement, the Company grants to Participant a performance restricted stock unit award (the “Units”) entitling Participant to <Number of Target Awards Granted> performance restricted stock units (such
number of units, the “Target Award Number”). The Target Award Number shall be adjusted upward or downward as provided in the Completed Exhibit A. The number of Units that Participant will receive under the Agreement, after giving
effect to such adjustment, is referred to herein as the “Final Award Number.” Each Unit represents the right to receive one share of Common Stock, subject to the vesting requirements and distribution provisions of the Agreement and the
terms of the Plan. The shares of Common Stock distributable to Participant with respect to the Units granted hereunder are referred to as the “Shares.” The Completed Exhibit A sets forth (a) the performance period over which the
Final Award Number will be determined (the “Performance Period”), and (b) the date on which the Final Award Number will be determined (the “Determination Date”). 

2. Vesting; Forfeiture 
 (a)
Time-Based Vesting Conditions. Subject to the terms and conditions of the Agreement, if the Participant remains continuously employed by the Company or an Affiliate of the Company through the Vesting Date as set forth in the vesting schedule
(the “Vesting Schedule”) detailed at the end of this Agreement in the Appendix: Vesting Schedule (the “Scheduled Vesting Date”), the number of Units equal to the Final Award Number shall become vested on the Scheduled Vesting
Date and will be settled and Shares delivered in accordance with Section 3, provided that Participant has at all times since the Grant Date complied with the terms of any confidentiality and
non-solicitation agreement between the Company or an Affiliate and the Participant. Except as otherwise provided in the Agreement, if Participant ceases to be an employee of the Company and its Affiliates
prior to the Scheduled Vesting Date, all Units that have not become vested previously shall be immediately and irrevocably forfeited. 
 (b)
Continued Vesting Upon Separation From Service Due to Retirement or Disability. Notwithstanding Section 2(a), if Participant has a Separation From Service (as defined in Section 10) with the Company or any Affiliate by reason of
Retirement (as defined in Section 10) or Disability (as defined in Section 10), prior to the Scheduled Vesting Date, and provided such Separation From Service is not a Qualifying Termination (as defined in Section 10), the Units shall
not be forfeited, but rather, the Final Award Number will be determined in accordance with Section 1 and the Units shall continue to vest on the Scheduled Vesting Date subject to the terms of the Agreement, including Section 2(f) hereof,
and provided that Participant has at all times since the Grant Date complied with the terms of any confidentiality and non-solicitation agreement between the Company or an Affiliate and the Participant. 

(c) Acceleration of Vesting Upon Death. If Participant ceases to be an employee by reason of death, or if Participant dies after a
Separation From Service by reason of Retirement or Disability, prior to the Scheduled Vesting Date, then the Units will become vested in accordance with this Section 2(c). If such death occurs prior to the last day of the Performance Period, a
number of Units equal to the Target Award Number will vest upon Participant’s death. If the death occurs on or after the last day of the Performance Period, then a number of Units equal to the Final Award Number will vest and be distributed to
the Participant in accordance with Section 3(d). Notwithstanding the foregoing, such vesting is subject to the terms of the Agreement, including Section 2(f) hereof, and provided the Participant has at all times since the Grant Date
complied with the terms of any confidentiality and non-solicitation agreement between the Company or an Affiliate and the Participant. 












 (d) Acceleration of Vesting Following a Qualifying Termination.
Notwithstanding the vesting provisions contained in Sections 2(a) and 2(b) above, but subject to the other terms and conditions of the Agreement, if Participant experiences a Qualifying Termination prior to the Scheduled Vesting Date, then the Units
will become vested in accordance with this Section 2(d). If the Qualifying Termination occurs prior to the last day of the Performance Period, a number of Units equal to the Target Award Number will vest upon Participant’s Qualifying
Termination. If the Qualifying Termination occurs on or after the last date of the Performance Period, then a number of Units equal to the Final Award Number will vest and be distributed to the Participant in accordance with Section 3(b).
Notwithstanding the foregoing, such accelerated vesting is subject to the terms of the Agreement, including Section 2(f) hereof, and provided that the Participant has at all times since the Grant Date complied with the terms of any
confidentiality and non-solicitation agreement between the Company or an Affiliate and the Participant. Notwithstanding the foregoing, if in connection with a Change in Control the Units are adjusted, or units
in the acquiring or surviving entity are substituted for the Units, or the Plan is terminated, in each case as permitted under the Plan and in accordance with Section 409A, then the terms of such adjustment, substitution or plan termination
will govern the treatment of the Units. 
 (e) Forfeiture on Termination of Employment for Cause and on Breach of Confidentiality
Agreement. If Participant violates the terms of any confidentiality and non-solicitation agreement between the Company or an Affiliate and the Participant, all Units that have not been settled (and Shares
delivered) previously shall be immediately and irrevocably forfeited. If Participant’s employment with the Company is terminated for Cause, all Units that have not been settled (and Shares delivered) previously shall be immediately and
irrevocably forfeited. Upon forfeiture, Participant shall have no rights relating to the forfeited Units (including, without limitation, any rights to receive a distribution of Shares with respect to the Units and the right to receive Dividend
Equivalents). 
 (f) Special Risk-Related Cancellation Provisions. Notwithstanding any other provision of the Agreement, if at
any time subsequent to the Grant Date the Committee determines, in its sole discretion, that Participant has subjected the Company to significant financial, reputational, or other risk by (i) failing to comply with Company policies and
procedures, including the Code of Ethics and Business Conduct, (ii) violating any law or regulation, (iii) engaging in negligence or willful misconduct, or (iv) engaging in activity resulting in a significant or material control
deficiency under the Sarbanes-Oxley Act of 2002, then all or part of the Units granted under the Agreement that have not been settled (and Shares delivered) at the time of such determination may be cancelled. If any Units are cancelled pursuant to
this provision, Participant will have no rights with respect to the Units (including, without limitation, any rights to receive a distribution of Shares with respect to the Units and the right to receive Dividend Equivalents). 

3. Distribution of Shares with Respect to Units 

Subject to the terms of the Agreement, including the restrictions in this Section 3, following the vesting of Units and following the payment of any
applicable withholding taxes pursuant to Section 7 hereof, the Company shall cause to be issued and delivered to Participant (including through book entry) Shares registered in the name of Participant or in the name of Participant’s legal
representatives, beneficiaries or heirs, as the case may be, as follows: 
 (a) General Rule. As soon as administratively feasible
following the Scheduled Vesting Date (but in no event later than December 31st of the year in which such Scheduled Vesting Date occurs), all Shares issuable pursuant to Units that become vested in
accordance with Sections 2(a) through 2(c) hereof shall be distributed to Participant, or in the event of Participant’s death, to the representatives of Participant or to any Person to whom the Units have been transferred by will or the
applicable laws of descent and distribution. 
 (b) Qualifying Termination Distributions. As soon as administratively feasible
following a Separation From Service in connection with a Qualifying Termination (and in any case no later than 60 days following such Separation From Service except as otherwise provided in this Section 3(b)), all Shares issuable pursuant to
Units that become vested in accordance with Sections 2(d) hereof shall be distributed to Participant. Notwithstanding the foregoing, any Shares issuable to a Specified Employee (as defined in Section 10) as a result of a Separation From Service
in connection with a Qualifying Termination will not be delivered to such Specified Employee until the date that is six months and one day after the date of the Separation From Service. If in connection with a Change in Control the Units are
adjusted, or units in the acquiring or surviving entity are substituted for the Units, or the Plan is terminated, in each case as permitted under the Plan and in accordance with Section 409A, then the terms of such adjustment, substitution or
plan termination will govern the treatment of the Units, including the time and manner of settlement of the Units. 

  
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 (c) Distributions Following Retirement or Disability. If a Participant has a
Separation From Service due to Retirement or Disability (so long as such Separation From Service is not in connection with a Qualifying Termination), the distribution of Shares with respect to Units will not be accelerated, and Shares will be
distributed as soon as administratively feasible following the applicable Scheduled Vesting Dates (but in no event later than December 31st of the year in which such Scheduled Vesting Date
occurs). 
 (d) Distributions Following Death. As soon as administratively feasible following the death of a Participant (but in no
event later than 90 days following such death) all Shares issuable pursuant to Units that become vested pursuant to Section 2(c) shall be distributed to the Participant. 

In the event that the number of Shares distributable pursuant to this Section 3 is a number that is not a whole number, then the number of Shares
distributed shall be rounded down to the nearest whole number. 
 4. Rights as Shareholder; Dividend Equivalents  

Prior to the distribution of Shares with respect to Units pursuant to Section 3 above, Participant shall not have ownership or rights of ownership of any
Shares underlying the Units; provided, however, that Participant shall be entitled to accrue cash Dividend Equivalents on outstanding Units (i.e. Units that have not been forfeited, cancelled or settled), whether vested or unvested, if
cash dividends on the Common Stock are declared by the Board on or after the Grant Date. Prior to the Determination Date, Participant will accrue cash Dividend Equivalents on Units equal to the Target Award Number. Specifically, when cash dividends
are paid with respect to a share of outstanding Common Stock, an amount of cash per Unit equal to the cash dividend paid with respect to a share of outstanding Common Stock will be accrued with respect to each Unit in Participant’s Target Award
Number. On the Determination Date, the dollar amount of Participant’s cumulative accrued Dividend Equivalents as of the Determination Date will be multiplied by Participant’s Target Award Number Percentage to determine the amount of cash
Dividend Equivalents that will be paid to Participant. Dividend Equivalents will be paid in cash as soon as administratively feasible following the date on which the underlying Units giving rise to the Dividend Equivalents are settled and paid out,
but in no event later than December 31st of the year in which the underlying Units are distributed in accordance with Section 3. The Dividend Equivalents shall be treated as earnings on, and
as a separate amount from, the Units for purposes of Section 409A of the Code. 
 5. Restriction on Transfer  

Except for transfers by will or the applicable laws of descent and distribution, the Units cannot be sold, assigned, transferred, gifted, pledged, or in any
manner encumbered, alienated, attached or disposed of, and any purported sale, assignment, transfer, gift, pledge, alienation, attachment or encumbrance shall be void and unenforceable against the Company. No such attempt to transfer the Units,
whether voluntary or involuntary, by operation of law or otherwise (except by will or laws of descent and distribution), shall vest the purported transferee with any interest or right in or with respect to the Units or the Shares issuable with
respect to the Units. 
 6. Securities Law Compliance 

The delivery of all or any of the Shares in accordance with this Award shall be effective only at such time that the issuance of such Shares will not violate
any state or federal securities or other laws. The Company is under no obligation to effect any registration of the Shares under the Securities Act of 1933 or to effect any state registration or qualification of the Shares. The Company may, in its
sole discretion, delay the delivery of the Shares or place restrictive legends on such Shares in order to ensure that the issuance of any Shares will be in compliance with federal or state securities laws and the rules of the New York Stock Exchange
or any other exchange upon which the Common Stock is traded. 

  
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 7. Income Tax Withholding 

In order to comply with all applicable federal, state, local and foreign income and payroll tax laws or regulations, the Company may take such
action as it deems appropriate to ensure that all applicable withholding, income or other taxes, which are the sole and absolute responsibility of Participant, are withheld or collected from Participant. Without limiting the foregoing, the Company
may, but is not obligated to, permit or require the satisfaction of tax withholding obligations through net Share settlement at the time of delivery of Shares (i.e. the Company withholds a portion of the Shares otherwise to be delivered with a Fair
Market Value, as such term is defined in the Plan, equal to the amount of such taxes, but only to the extent necessary to satisfy certain statutory withholding requirements to avoid adverse accounting treatment under ASC 718) or through an open
market sale of Shares otherwise to be delivered, in each case pursuant to such rules and procedures as may be established by the Company. 
 8.
Miscellaneous 
 (a) The Agreement is issued pursuant to the Plan and is subject to its terms. The Plan is available for
inspection during business hours at the principal office of the Company. In addition, the Plan may be viewed on the Fidelity Website at www.netbenefits.com (or the website of any other stock plan administrator selected by the Company
in the future). 
 (b) The Agreement shall not confer on Participant any right with respect to continuance of employment with the Company or
any Affiliate, nor will it interfere in any way with the right of the Company or any Affiliate to terminate such employment at any time. 

(c) Participant acknowledges that the grant, vesting or any payment with respect to this Award, and the sale or other taxable disposition of
the Shares issued with respect to the Units hereunder may have tax consequences pursuant to the Code or under local, state or international tax laws. It is intended that the Award shall comply with Section 409A of the Code, and the provisions
of the Agreement and the Plan shall be construed and administered accordingly. Any amendment or modification of the Award (to the extent permitted under the terms of the Plan), will be undertaken in a manner intended to comply with
Section 409A, to the extent applicable. Notwithstanding the foregoing, there is no guaranty or assurance as to the tax treatment of the Award. Participant acknowledges that Participant is relying solely and exclusively on Participant’s own
professional tax and investment advisors with respect to any and all such matters (and is not relying, in any manner, on the Company or any of its employees or representatives). Participant understands and agrees that any and all tax consequences
resulting from the Award and its grant, vesting, amendment, or any payment with respect thereto, and the sale or other taxable disposition of the Shares acquired pursuant to the Award, is solely and exclusively the responsibility of Participant
without any expectation or understanding that the Company or any of its employees or representatives will pay or reimburse Participant for such taxes or other items. 

9. Venue 
 Any claim or action brought with respect
to this Award shall be brought in a federal or state court located in Minneapolis, Minnesota. 
 10. Definitions 

For purposes of the Agreement, the following terms shall have the definitions as set forth below: 

(a) “Change in Control” shall have the meaning ascribed to it in the Plan, but only if the event or circumstances constituting
such change in control also constitute a change in ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, within the meaning of Section 409A of the Code. 

(b) “Disability” means leaving active employment and qualifying for and receiving disability benefits under the Company’s
long-term disability programs as in effect from time to time. 
 (c) “Qualifying Termination” means: 

(A) Participant’s Separation From Service as a result of the Company’s termination of Participant’s employment for any reason
other than Cause within 12 months following a Change in Control, provided that such a termination will not be a Qualifying Termination if: i) the Company has notified the Participant in writing more than 30 days prior to the Announcement Date that
Participant’s employment is not expected to 

  
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continue for more than 12 months following the date of such notification, and Participant’s employment is in fact terminated within such 12 month period; or ii) Participant has announced in
writing, prior to the date the Company provides a Notice of Termination to Participant, that Participant intends to terminate his or her employment; or 

(B) Participant’s Separation From Service as a result of Disability within 12 months following a Change in Control; or 

(C) Participant’s Separation From Service (other than as a result of Participant’s termination of employment by the Company for
Cause) within 12 months following a Change in Control, if, at the time of such Separation From Service, Participant is age 55 or older and has had 10 or more years of employment with the Company or its Affiliates following such Participant’s
most recent date of hire by the Company or its Affiliates. 
 For purposes of this definition, the term Company shall be deemed to include any Person that
has assumed this Award (or provided a substitute award to Participant) in connection with a Change in Control. 
 (d)
“Retirement” means a Separation From Service (other than for Cause) by a Participant who is age 55 or older and has had 10 or more years of employment with the Company or its Affiliates following such Participant’s most recent
date of hire by the Company or its Affiliates. 
 (e) “Separation From Service” means a Participant’s separation from
service with the Company and its affiliates, as determined under Treasury Regulation section 1.409A-1(h)(1), provided, that the term “affiliate” shall mean a business entity which is affiliated in
ownership with the Company and that is treated as a single employer under the rules of section 414(b) and (c) of the Code (applying the eighty percent common ownership standard). 

(f) “Specified Employee” shall mean any Participant who is a specified employee for purposes of section 1.409A-1(i) of the U.S. Treasury Regulations, determined in accordance with the rules set forth in the separate document entitled “U.S. Bank Specified Employee Determination.” 

Appendix 
 Vesting Schedule 

<Vesting Schedule> 

  
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 EXHIBIT A TO 

PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT 

This Exhibit A to the Performance Restricted Stock Unit Award Agreement sets forth the manner in which the Final Award Number will be determined for each
Participant. 
 Definitions 
 Capitalized terms used but
not defined herein shall have the same meanings assigned to them in the Plan, and the Performance Restricted Stock Unit Award Agreement. The following terms used in the text of this Exhibit A and in the ROE Performance Matrix shall have the meanings
set forth below: 
 “Company ROE Maximum” means ____%. 

“Company ROE Minimum” means ____%. 

“Company ROE Result” means the ROE achieved by the Company during the Performance Period. 

“Company ROE Target” means ____%. 

“Determination Date” means the date on which the Final Award Number is determined, which date shall not be later than 45 days after the last
day of the Performance Period. 
 “Final Award Number” means the “Final Award Number” determined in accordance with this
Exhibit A. 
 “Peer Group Companies” means the following companies: ____________________________________. 

“Peer Group ROE Ranking Maximum” means the ____ percentile. 

“Peer Group ROE Ranking Minimum” means the ____ percentile. 

“Peer Group ROE Ranking Target” means the ____ percentile. 

“Peer Group ROE” means the ROE achieved by the Peer Group Companies during the Performance Period. 

“Peer Group ROE Ranking” means the percentile rank of the Company ROE Result relative to Peer Group ROE. 

“Performance Period” means the period commencing on January 1, 20__ and ending December 31, 20__. 

“ROE” means (a) net income applicable to the common shareholders of a company during the Performance Period, divided by (b) that
company’s average common shareholders’ equity during the Performance Period. 
 “ROE Performance Matrix” means the ROE
Performance Matrix set forth in this Exhibit A. 
 “Target Award Number” means the “Target Award Number” set forth in a
Participant’s Performance Restricted Stock Unit Award Agreement. 
 “Target Award Number Percentage” means the “Target Award
Number Percentage” determined in accordance with the ROE Performance Matrix and the related rules set forth in this Exhibit A. 

  
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 Determination of Final Award Number 

Each Participant has been granted a number of Units equal to the Target Award Number. The Target Award Number will be adjusted upward or downward depending on
(a) whether the Company ROE Result is greater or less than the Company ROE Target, and (b) the Peer Group ROE Ranking. The Final Award Number for each Participant will be determined by multiplying (i) the Target Award Number
Percentage by (ii) the Target Award Number. The Target Award Number Percentage will be determined in accordance with the following ROE Performance Matrix and the related rules below: 

ROE PERFORMANCE MATRIX 
  

															
	 Company
ROE

Result

(Vertical
Axis)
	  	 	  	Target Award Number Percentage	 
	  	Company ROE Maximum (__%) or more	  	 	75	% 	 	 	125	% 	 	 	150	% 
	  	Company ROE Target (___%)	  	 	50	% 	 	 	100	% 	 	 	125	% 
	  	 Company ROE Minimum (___%) or less
 (but
greater than zero)
	  	 	25	% 	 	 	50	% 	 	 	75	% 
	  	Company ROE is 0% or less	  	 	0	% 	 	 	0	% 	 	 	0	% 
					
	 	  	 	  	Peer Group
ROE Ranking
Minimum
or below	 	 	Peer Group
ROE
Ranking
Target	 	 	Peer Group
ROE Ranking
Maximum
or above	 
		  		  	 
 
	Peer Group ROE Ranking
 (Horizontal Axis)
	 
  


 In determining the Target Award Number Percentage in accordance with the ROE Performance Matrix, the following rules will
apply: 
  

	 	•	 	 If the Company ROE Result is greater than the Company ROE Minimum and less than the Company ROE Target, the
Target Award Number Percentage on the vertical axis will be determined by interpolation of the Company ROE Result between the Company ROE Minimum and the Company ROE Target. 



 

	 	•	 	 If the Company ROE Result is greater than the Company ROE Target and less than the Company ROE Maximum, the
Target Award Number Percentage on the vertical axis will be determined by interpolation of the Company ROE Result between the Company ROE Target and the Company ROE Maximum. 



 

	 	•	 	 If the Peer Group ROE Ranking is greater than the Peer Group ROE Ranking Minimum and less than the Peer Group ROE
Ranking Target, the Target Award Number Percentage on the horizontal axis will be determined by interpolation of the Peer Group ROE Ranking between the Peer Group ROE Minimum and the Peer Group ROE Target. 



 

	 	•	 	 If the Peer Group ROE Ranking is greater than the Peer ROE Group Ranking Target and less than the Peer Group ROE
Ranking Maximum, the Target Award Number Percentage on the horizontal axis will be determined by interpolation of the Peer Group ROE Ranking between the Peer Group ROE Target and the Peer Group ROE Maximum. 



  
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	 	•	 	 After the Target Award Number Percentage on each of the vertical axis and horizontal axis has been determined,
the actual Target Award Number Percentage will be determined by interpolation of the data points (i.e., the percentages) set forth in the ROE Performance Matrix. 



 

	 	•	 	 In no event shall the Target Award Number Percentage be greater than 150.0%. 



The Final Award Number for each Participant shall be determined by the Committee on the Determination Date. 

Committee Determinations 
 The Committee shall make all
determinations necessary to arrive at the Final Award Number for each Participant. The Committee shall determine the Company ROE Result by reference to the Company’s audited financial statements as of and for the year ending on the last day of
the Performance Period. The Committee shall determine the Peer Group ROE Ranking by reference to publicly available financial information regarding the Peer Companies. Any determination by the Committee pursuant to this Exhibit A will be
binding upon each Participant and the Company. 
 No Fractional Units 

In the event the Final Award Number is a number of Units that is not a whole number, then the Final Award Number shall be rounded down to the nearest whole
number. 

  
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