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                                                                    EXHIBIT 10.2

                                  U.S. BANCORP

                            EXECUTIVE INCENTIVE PLAN

         1. Establishment. On February 27, 2001, the Board of Directors of U.S.
BANCORP, upon recommendation by the Compensation Committee of the Board of
Directors, approved an executive incentive plan for executives as described
herein, which plan shall be know as the "U.S. BANCORP EXECUTIVE INCENTIVE PLAN."
This Plan shall be submitted for approval by the stockholders of U.S. Bancorp at
the 2001 Annual Meeting of Stockholders. This Plan shall be effective as of
January 1, 2001, subject to its approval by the stockholders, and no benefits
shall be issued pursuant thereto until after this Plan has been approved by the
stockholders.

         2. Purpose. The purpose of this Plan is to advance the interests of
U.S. Bancorp and its stockholders by attracting and retaining key employees, and
by stimulating the efforts of such employees to contribute to the continued
success and growth of the business of the Company.

         3. Definitions. When the following terms are used herein with initial
capital letters, they shall have the following meanings:

                  3.1. Base Salary. A Participant's annualized base salary, as
         determined by the Committee, as of the last day of a Performance
         Period.

                  3.2. Code. The Internal Revenue Code of 1986, as it may be
         amended from time to time, and any proposed, temporary or final
         Treasury Regulations promulgated thereunder.

                  3.3. Committee. The Compensation Committee of the Board of
         Directors of the Company designated by such Board to administer the
         Plan which shall consist of members appointed from time to time by the
         Board of Directors. Each member of the Committee shall be an "outside
         director" within the meaning of Section 162(m) of the Code.

                  3.4. Company. U.S. Bancorp, a Delaware corporation, and any of
         its subsidiaries or affiliates, whether now or hereafter established.

                  3.5. Earnings per Share or EPS. The Company's Earnings per
         Share shall be computed in accordance with generally accepted
         accounting principles, as in effect from time to time, as reported in
         the Company's consolidated financial statements for the applicable

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         Performance Period, adjusted in the same fashion that Operating
         Earnings are to be adjusted as provided in Section 3.7 hereof.

                  3.6. Maximum Award. A dollar amount equal to two-tenths of one
         percent (0.20%) of the Company's Operating Earnings for the Performance
         Period.

                  3.7. Operating Earnings. The Company's net income computed in
         accordance with generally accepted accounting principles as reported in
         the Company's consolidated financial statements for the applicable
         Performance Period, adjusted to eliminate (1) the cumulative effect of
         changes in generally accepted accounting principles; (2) gains and
         losses from discontinued operations; (3) extraordinary gains or losses;
         and (4) any other unusual or nonrecurring gains or losses which are
         separately identified and quantified in the Company's financial
         statements, including merger related charges.

                  3.8. Participant. Any executive officer of the Company who is
         also an "officer" within the meaning of Section 16(a) of the Securities
         Exchange Act of 1934 and who is designated by the Committee, as
         provided for herein, to participate with respect to a Performance
         Period as a Participant in this Plan. Directors of the Company who are
         not also employees of the Company are not eligible to participate in
         the Plan.

                  3.9. Performance Threshold. The pre-established, objective
         performance goals selected by the Committee with respect to each
         Performance Period and which shall be based solely on Earnings Per
         Share.

                  3.10. Performance Period. Each consecutive twelve-month period
         commencing on January 1 of each year during the term of this Plan and
         coinciding with the Company's fiscal year.

                  3.11. Plan. This U.S. BANCORP EXECUTIVE INCENTIVE PLAN.

                  3.12. Target Award. A percentage, which may be greater or less
         than 100%, as determined by the Committee with respect to each
         Performance Period.

         4. Administration.

                  4.1. Power and Authority of Committee. The Plan shall be
         administered by the Committee. The Committee shall have full power

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         and authority, subject to all the applicable provisions of the Plan and
         applicable law, to (a) establish, amend, suspend or waive such rules
         and regulations and appoint such agents as it deems necessary or
         advisable for the proper administration of the Plan, (b) construe,
         interpret and administer the plan and any instrument or agreement
         relating to the Plan, and (c) make all other determinations and take
         all other actions necessary or advisable for the administration of the
         Plan. Unless otherwise expressly provided in the Plan, each
         determination made and each action taken by the Committee pursuant to
         the Plan or any instrument or agreement relating to the Plan (x) shall
         be within the sole discretion of the Committee, (y) may be made at any
         time and (z) shall be final, binding and conclusive for all purposes on
         all persons, including, but not limited to, Participants and their
         legal representatives and beneficiaries, and employees of the Company.

                  4.2. Determinations made prior to each Performance Period. At
         any time ending on or before the 90th day of each Performance Period,
         the Committee shall:

                       (a)  designate all Participants and their Target Awards
                            for such Performance Period; and

                       (b)  establish one or more Performance Thresholds
                            (including a minimum level of achievement), based
                            solely on EPS.

                  4.3. Certification. Following the close of each Performance
         Period and prior to payment of any amount of any Participant under the
         Plan, the Committee must certify in writing the Company's Operating
         Earnings and EPS for that Performance Period and certify as to the
         attainment of all other factors upon which any payments to a
         Participant for that Performance Period are to be based.

                  4.4. Stockholder Approval. The material terms of this Plan
         shall be disclosed to and approved by stockholders of the Company in
         accordance with Section 162(m) of the Code. No amount shall be paid to
         any Participant under this Plan unless such stockholder approval has
         been obtained.

         5. Incentive Payment.

                  5.1. Formula. Each Participant shall receive a bonus payment
         for each Performance Period in an amount not greater than:

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                       (a)  the Participant's Base Pay for the Performance
                            Period, multiplied by

                       (b)  the Participant's Target Award for the Performance
                            Period;

         provided, however, that in the event that the Company's EPS for a
         Performance Period is equal to or in excess of a designated Performance
         Threshold for that Performance Period, then each Participant shall be
         entitled to a bonus payment for that Performance Period which is not
         greater than the Maximum Award for that Performance Period.

                  5.2. Limitations.

                           (a) Minimum EPS Achievement. In no event shall any
                  Participant receive any payment hereunder unless the Company's
                  EPS for a Performance Period is at least equal to a minimum
                  EPS as determined by the Committee for that Performance
                  Period.

                           (b) Discretionary Reduction. The Committee shall
                  retain sole and full discretion to reduce by any amount the
                  incentive payment otherwise payable to any Participant under
                  this Plan.

                           (c) Continued Employment. Except as otherwise
                  provided by the Committee, no incentive payment under this
                  Plan with respect to a Performance Period shall be paid or
                  owed to a Participant whose employment terminates prior to the
                  last day of such Performance Period.

                           (d) Maximum Payments. No Participant shall receive a
                  payment under this Plan for any Performance Period in excess
                  of the Maximum Award for that Performance Period.

         6. Benefit Payments.

                  6.1. Time and Form of Payments. Subject to any deferred
         compensation election pursuant to any such plans of the Company
         applicable hereto, benefits shall be paid to the Participant in cash
         and/or common stock of the Company as soon as administratively feasible
         upon the completion of a Performance Period, after the Committee has
         certified that the Company Performance Threshold has been attained,
         determined

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         the Maximum Award for that Performance Period and made the other
         certifications provided for in Section 4.3 hereof.

                  6.2. Nontransferability. Participants and beneficiaries shall
         not have the right to assign, encumber or otherwise anticipate the
         payments to be made under this Plan, and the benefits provided
         hereunder shall not be subject to seizure for payment of any debts or
         judgments against any Participant or any beneficiary.

                  6.3. Tax Withholding. In order to comply with all applicable
         federal or state income, social security, payroll, withholding or other
         tax laws or regulations, the Committee may establish such policy or
         policies as it deems appropriate with respect to such laws and
         regulations, including without limitation, the establishment of
         policies to ensure that all applicable federal or state income, social
         security, payroll, withholding or other taxes, which are the sole and
         absolute responsibility of the Participant, are withheld or collected
         from such Participant.

         7. Amendment and Termination; Adjustments. Except to the extent
prohibited by applicable law and unless otherwise expressly provided in the
Plan:

                  (a) Amendments to the Plan. The Committee may amend this Plan
         prospectively at any time and for any reason deemed sufficient by it
         without notice to any person affected by this Plan and may likewise
         terminate or curtail the benefits of this Plan both with regard to
         persons expecting to receive benefits hereunder in the future and
         persons already receiving benefits at the time of such action.

                  (b) Correction of Defects, Omissions and Inconsistencies. The
         Committee may correct any defect, supply any omission or reconcile any
         inconsistency in the Plan in the manner and to the extent it shall deem
         desirable to carry the Plan into effect.

         8. Miscellaneous.

                  8.1. Effective Date. This Plan shall be deemed effective,
         subject to stockholder approval, as of January 1, 2001.

                  8.2. Headings. Headings are given to the Sections and
         subsections of the Plan solely as a convenience to facilitate
         reference. Such headings shall not be deemed in any way material or
         relevant to the construction or interpretation of the Plan or any
         provision thereof.

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                  8.3. Applicability to Successors. This Plan shall be binding
         upon and inure to the benefit of the Company and each Participant, the
         successors and assigns of the Company, and the beneficiaries, personal
         representatives and heirs of each Participant. If the Company becomes a
         party to any merger, consolidation or reorganization, this Plan shall
         remain in full force and effect as an obligation of the Company or its
         successors in interest.

                  8.4. Employment Rights and other Benefit Programs. The
         provisions of this Plan shall not give any Participant any right to be
         retained in the employment of the Company. In the absence of any
         specific agreement to the contrary, this Plan shall not affect any
         right of the Company, or of any affiliate of the Company, to terminate,
         with or without cause, any Participant's employment at any time. This
         Plan shall not replace any contract of employment, whether oral or
         written, between the Company and any Participant, but shall be
         considered a supplement thereto. This Plan is in addition to, and not
         in lieu of, any other employee benefit plan or program in which any
         Participant may be or become eligible to participate by reason of
         employment with the Company. No compensation or benefit awarded to or
         realized by any Participant under the Plan shall be included for the
         purpose of computing such Participant's compensation under any
         compensation-based retirement, disability, or similar plan of the
         Company unless required by law or otherwise provided by such other
         plan.

                  8.5. No Trust or Fund Created. This Plan shall not create or
         be construed to create a trust or separate fund of any kind or a
         fiduciary relationship between the Company or any affiliate and a
         Participant or any other person. To the extent that any person acquires
         a right to receive payments from the Company or any affiliate pursuant
         to this Plan, such right shall be no greater than the right of any
         unsecured general creditor of the Company or of any affiliate.

                  8.6. Governing Law. The validity, construction and effect of
         the Plan or any incentive payment payable under the Plan shall be
         determined in accordance with the laws of the State of Minnesota.

                  8.7. Severability. If any provision of the Plan is or becomes
         or is deemed to be invalid, illegal or unenforceable in any
         jurisdiction, such provision shall be construed or deemed amended to
         conform to applicable laws, or if it cannot be so construed or deemed
         amended without, in the determination of the Committee, materially
         altering the purpose or intent

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         of the Plan, such provision shall be stricken as to such jurisdiction,
         and the remainder of the Plan shall remain in full force and effect.

                  8.8. Qualified Performance-Based Compensation. All of the
         terms and conditions of the Plan shall be interpreted in such a fashion
         as to qualify all compensation paid hereunder as "qualified
         performance-based compensation" within the meaning of Section 162(m) of
         the Code.

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                                                                    EXHIBIT 10.4

                                   SUMMARY OF
        NONQUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, AS AMENDED,
                           OF THE FORMER U.S. BANCORP

         U.S. Bancorp's Supplemental Executive Retirement Plan ("SERP") provides
additional pension benefits to certain executives who were employees of the
former U.S. Bancorp who have not less than five years of service at the time of
their termination of employment or death. The five years of service requirement
does not apply, however, under certain circumstances involving a change in
control of U.S. Bancorp, including termination of employment entitling the
executive to receive severance payments related to a change in control pursuant
to the change-in-control provisions of an employment contract, an individual
change-in-control severance agreement or the U.S. Bancorp Senior Management
Change in Control Severance Pay Plan.

         Participation in the SERP after September 30, 2001 is limited to
persons who qualified under the terms of the SERP in effect as of that date. The
SERP generally provides retirement benefits at age 65 equal to 55% of an
executive's "Final Average Compensation." Final Average Compensation is the
average base salary and annual incentive award during the executive's last three
years of employment. Executives receive credit of an additional five years of
service at age 60 and may receive retirement benefits after age 60 that are
equal to the actuarial equivalent present value of the retirement benefit that
would be payable at age 65. Payments under the SERP are reduced by other sources
of retirement income, including (i) tax-qualified pension benefits, (ii)
nonqualified retirement benefits that replace amounts that cannot be provided by
tax-qualified plans due to legislated limits on the compensation that may be
taken into account and on the maximum benefit, (iii) a portion of Social
Security benefits and (iv) estimated benefits provided by other employers.
Lesser benefits are available in the event of termination prior to age 65.

         The SERP provides for payment of benefits in the form of a single lump
sum or an annuity. Under certain circumstances in connection with a change in
control, a participant who has not yet begun to receive payment of benefits
under the SERP may elect to receive a distribution of the entire SERP benefit,
subject to a 5% forfeiture of benefits. After December 31, 2001, the benefits
payable under the SERP have been frozen for all but five participants. The
benefits payable to participants with frozen benefits will be the actuarial
equivalent of the benefit payable at age 65 that they had earned as of December
31, 2001. (Pay and service after that date will not affect the amount of their
benefit.)

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