Document:

EX-10.2.B

Exhibit 10.2(b)

FIRST AMENDMENT OF

U.S. BANK EXECUTIVE EMPLOYEE DEFERRED COMPENSATION PLAN (2005 Statement)

          The U.S. Bank Executive Employee Deferred Compensation Plan (2005 Statement) (the “Plan”) is
amended in the following respects:

1. PREAMBLE. Effective January 1, 2009, the Preamble is clarified to read as follows:

U.S. Bancorp approved the U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement)
to distinguish elective contributions made by a select group of management or highly compensated
employees that are subject to section 409A of the Code. The Plan applies to elective contributions
made by eligible employees on and after January 1, 2005, including the deferral of elective
contributions on 2004 bonus payments that were paid in 2005.

2. AFFILIATE. Effective January 1, 2009, the second sentence of Section 1.1(1) shall be deleted.

3. BENEFITS ADMINISTRATION COMMITTEE. Effective January 1, 2009, a new Section 1.1(4) shall be
added to the Plan (with subsequent Sections and cross references renumbered as appropriate) that
reads as follows:

          (4) The terms “Benefits Administration Committee” and “BAC” shall mean the Benefits
Administration Committee of the Company (and its successor or, if no such committee exists, the
Executive Vice President, Human Resources of the Company).

4. BENEFIT COMMENCEMENT DATE. Effective for participants whose benefits commence on or after
January 1, 2009, Section 1.1(5) (prior to this amendment Section 1.1(4)) shall be deleted (with
subsequent Sections and cross references renumbered as appropriate).

5. CHANGE IN CONTROL. Effective January 1, 2009, Section 1.1(6) (prior to this amendment Section
1.1(7)) shall be deleted (with subsequent Sections and cross references renumbered as appropriate).

6. CODE. Effective January 1, 2009, Section 1.1(6) (prior to this amendment Section 1.1(8)) shall be
amended to read as follows:

          (6) The term “Code” shall mean the Internal Revenue Code of 1986, including applicable
regulations for the specified section of the Code. Any reference in this Plan to a section of the
Code, including the applicable regulation, shall be considered also to mean and refer to any
subsequent amendment or replacement of that section or regulation.

7. DISABILITY. Effective January 1, 2009, Section 1.1(14) (prior to this amendment Section 1.1(15))
shall be deleted (with subsequent Sections and cross references renumbered as appropriate).

 

 

8. ERISA. Effective January 1, 2009, Section 1.1(19) (prior to this amendment Section 1.1(21))
shall be amended to read in full as follows:

          (19) The term “ERISA” shall mean the Employee Retirement Income Security Act of 1974,
including applicable regulations for the specified section of ERISA. Any reference in this Plan to
a section of ERISA, including the applicable regulation, shall be considered also to mean and refer
to any subsequent amendment or replacement of that section or regulation.

9. FINANCIAL HARDSHIP. Effective January 1, 2009, Section 1.1(20) prior to this amendment
Section 1.1(22)) shall be deleted (with subsequent Sections and cross references renumbered as
appropriate).

10. KEY EMPLOYEE. Effective January 1, 2009, Section 1.1(20) (prior to this amendment Section
1.1(23), the definition of Key Employee) shall be deleted (with subsequent Sections and cross
references renumbered as appropriate — the definition is being replaced by the phrase “Specified
Employee”). In addition, the phrase “Key Employee” in the Plan shall be replaced by the phrase
“Specified Employee”.

11. PLAN. Effective January 1, 2009, Section 1.1(21) (prior to this amendment Section 1.1(25)) shall
be amended to read in full as follows (and all other references to the name of the Plan revised as
appropriate, including the cover page):

          (21) The term “Plan” shall mean the U.S. Bank Executive Employees Deferred Compensation Plan
(2005 Statement).

12. RETIREMENT. Effective January 1, 2009, Section 1.1(24) prior to this amendment Section 1.1(27))
shall be deleted (with subsequent Sections and cross references renumbered as appropriate — the
terms “Retirement”, “Retire(s)” and “Retired” shall be replaced with the phrase “Separation from
Service” unless such replacement shall lead to repetition of the phrase “Separation from Service”
in which case the second “Separation from Service” shall be deleted).

13. SEPARATION FROM SERVICE (previously “Termination of Employment”). Effective January 1, 2009, a
new Section 1.1(24) shall be added that reads in full as follows (with subsequent Sections and cross
references renumbered as appropriate — the phrase “Termination of Employment” is being replaced by
the phrase “Separation from Service”):

          (24) The term “Separation from Service” shall mean a Participant’s separation from service as
defined under Code Section 409A. For purposes of a Separation from Service, an affiliate shall
mean a business entity which is not the Company but which is part of a “controlled group” or under
“common control” with the Company, as those terms are defined in section 414(b) and (c) of the Code
as required to be
aggregated with the Company under section 409A based on eighty percent (80%) or greater control.

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14. SPECIFIED EMPLOYEE (previously “Key Employee”). Effective for participants who are specified
employees as of January 1, 2009, a new Section 1.1(26) shall be added to the Plan ((with subsequent
Sections and cross references renumbered as appropriate — the phrase “Key Employee” is being
replaced by the phrase “Specified Employee”) that reads in full as follows:

          (26) The term “Specified Employee” shall mean a Participant who is a specified employee for
purposes of Code Section 409A as defined in the separate document entitled “U.S. Bank Specified
Employee Determination.”

15. TERMINATION OF EMPLOYMENT. Effective January 1, 2009, Section 1.1(27) (prior to this amendment
Section 1.1(30), the definition of Termination of Employment) shall be deleted (with subsequent
Sections and cross references renumbered as appropriate — the definition is being replaced by the
phrase “Separation from Service”). In addition, the phrase “Termination of Employment” in the Plan
shall be replaced by the phrase “Separation from Service”.

16. UNFORESEEABLE EMERGENCY. Effective for distributions on and after January 1, 2009, a new
Section 1.1(27) shall be added to the Plan ((with subsequent Sections and cross references
renumbered as appropriate) that reads in full as follows:

     (27) The term “Unforeseeable Emergency” shall mean an unforeseeable emergency as defined under
Code Section 409A.

17. CESSATION OF ACTIVE PARTICIPATION. Effective January 1, 2009, Section 2.2 shall be amended to
read in full as follows:

          2.2 Cessation of Active Participation. Deferrals from a Participant’s Base Pay shall
cease as of the earlier of (i) the last day of the Plan Year for which a Participant has entered
into a Deferred Compensation Agreement, (ii) the date the Participant dies, and (iii) the last day
of the Plan Year in which the BAC or the Executive Vice President of Human Resources determines the
Participant may no longer defer compensation under the Plan. Deferrals from a Participant’s Bonus
shall cease as of the earlier of (i) the date of the bonus payment for the last year in which the
Participant entered into a Deferred Compensation Agreement for the Participant’s Bonus, or (ii) the
date the Participant dies. Nothing in this Plan shall prevent the
BAC or the Executive Vice President of Human Resources from determining a Participant is no longer
a member of a select group of management and highly compensated employees.

18. EFFECTIVE DATE OF DEFERRED COMPENSATION AGREEMENT. Effective January 1, 2009, Section 3.2 shall
be amended to read in full as follows:

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          3.2 Effective Date of Deferred Compensation Agreement. A Deferred Compensation
Agreement shall be effective upon receipt (as determined by the BAC) and shall be irrevocable as of
the December 31 prior to the Plan Year to which the Deferred Compensation Agreement applies. In
the case of a Selected Employee who enters into a Deferred Compensation Agreement as provided under
Section 3.1(b), it shall be irrevocable as of the earlier of (i) the last day of the thirty (30)
day period, and (ii) the date deferrals commence with respect to the Selected Employee.

19. DISTRIBUTION RULES (previously Method of Payment). Effective January 1, 2009, Section 5.2 shall
be amended to read in full as follows (this Section takes the place of Section 5.5 prior to the
amendment and, therefore, cross references to Section 5.5 shall be changed to Section 5.2):

          5.2 Distribution Rules. The Participant shall make a distribution election with
respect to Participant’s deferred compensation for each Plan Year. The Participant may elect to
receive distribution of a Participant’s deferred compensation for a Plan Year in (i) a single lump
sum, or (ii) installments paid over five (5)-year, ten (10)-year, fifteen (15)-year, or twenty
(20)-year period. The distribution election shall be effective upon receipt (as determined by the
BAC) and shall be irrevocable as of the December 31 prior to the Plan Year to which the
distribution election applies. In the case of a Participant who enters into a Deferred
Compensation Agreement as provided under Section 3.1(b), the distribution election shall be
irrevocable as of the earlier of (i) the last day of the thirty (30) day period, and (ii) the date
deferrals commence with respect to the Participant.

     (a) Distribution Upon Separation from Service. If a Participant has a Separation,
the Participant’s benefit will be paid according to the Participant’s distribution elections.
If the Participant has elected a single lump sum for a Plan Year, the Participant’s deferred
compensation for that Plan Year (as adjusted for earnings or losses) shall be paid on the date
that is thirty (30) days after the Participant’s Separation from Service. If the Participant has
elected installments over a period of years for a Plan Year, the first installment of the
Participant’s deferred compensation for that Plan Year shall be paid on the date that is thirty
(30) days after the Participant’s Separation from Service, and each subsequent installment shall
be paid on the anniversary of the first payment to the Participant (unless the Participant’s
first payment is delayed under Section 5.2(d), in which case each subsequent payment will be
made on the anniversary of the date of the Participant’s Separation from Service). Installment
amounts shall be determined by taking the amount of the Participant’s deferred compensation for
a Plan Year (as adjusted for earnings and losses) and dividing it by the number of remaining
installment distributions.

     (b) Default Election. If a Participant fails to make a distribution election for a
Plan Year, the Participant’s deferred compensation for the Plan Year shall be paid in a single
lump sum on the date that is thirty (30) days after the Participant’s Separation from Service.

     (c) Death. If a Participant dies prior to the payment of the Participant’s entire
benefit under the Plan, the Participant’s entire Deferred Compensation Account shall be paid to
the Participant’s beneficiary in a single lump sum. The distribution will be paid as of the
last day

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of the month following the date that is four (4) months after the date of the
Participant’s death.

     (d) Delay in Distribution to a Specified Employee. If a Participant is a Specified
Employee as of the date of the Participant’s Separation from Service and the Participant,
payment shall commence the last day of the month following the date that is six (6) months after
the date of the Participant’s Separation from Service (or, if earlier, the date of the
Participant’s death). During the delay, the Participant’s Deferred Compensation Account Balance
shall continue to be invested in the measurement funds.

     (e) Distribution of Shares. The portion of a Participant’s Deferred Compensation
Account that reflects a deemed investment in the Company stock fund shall (unless otherwise
determined by the Committee) be distributed in Shares, except that any deemed fractional Shares
shall be paid in cash.

20. DISTRIBUTION UPON UNFORESEEABLE EMERGENCY (previously Hardship Distributions). Effective
January 1, 2009, Section 5.5 shall be amended to read in full as follows (this Section takes the
place of Section 5.2 prior to the amendment and, therefore, cross references to Section 5.2 shall
be changed to Section 5.5):

          5.5 Distribution Upon Unforeseeable Emergency. A Participant may request a
distribution due to an Unforeseeable Emergency. To request such a distribution, the Participant
must submit a request and supporting information to the BAC. If the Participant’s request is
approved, either as an initial request or by the Committee on appeal, the amount necessary to
satisfy the Unforeseeable Emergency (including the amount necessary to satisfy federal, state, and
local income taxes on the amount) shall be paid in a single lump sum on the date that is thirty
(30) days after the date of the determination the Participant has experienced an Unforeseeable
Emergency. The amount necessary to make the payment shall be deducted from the Participant’s
oldest deferred compensation amounts contributed to the Plan (and any earnings on such
contributions), starting with the first year the Participant participated in the Plan and moving
forward through each subsequent year until a sufficient amount is deducted to pay the amount of the
distribution due to an Unforeseeable Emergency.

21. DISTRIBUTION OF SMALL AMOUNTS (previously Distribution on Plan Termination). Effective for
payments made on and after January 1, 2009, Section 5.8 shall be amended to read in full as follows:

          5.8 Distribution of Small Amounts. Notwithstanding any other provision of this
Article V, if on the date of a Participant’s benefit under the Plan and under all of the Company’s
elective account balance deferred compensation plans (within the meaning of Code Section 409A
and applicable guidance thereunder) is not greater than the applicable dollar limit under Code
Section 402(g)(1)(B) (as adjusted from time to time), the Participant’s benefit and benefits under
all of the Company’s elective account balance deferred compensation plans (within the meaning of
Code Section 409A) may be paid in a single lump sum payment as soon as administratively feasible
after the Participant’s Separation from Service.

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22. CLAIMS PROCEDURES. Effective for claims made on and after January 1, 2009, Section 8.6 shall be
amended to read in full as follows:

          8.6 Claim Procedures. Benefits under the Plan are subject to the Claim Procedures
contained in Section 12 (including Sections 12.1 through 12.7) of the U.S. Bank Non-Qualified
Retirement Plan, as the same may be amended from time to time.

23. AMENDMENT (previously “In General”). Effective January 1, 2009, Section 9.1 shall be amended to
read in full as follows:

          9.1 Amendment. The Company, by action of its Board of Directors or the Compensation
Committee of the Board of Directors, reserves the right at any time and from time to time, whether
prospectively, retroactively, or both, to terminate, modify or amend, in whole or in part, any or
all provisions of the Plan, without notice to any person affected by this Plan. This power
includes the right at any time and for any reason deemed sufficient by it to terminate or curtail
the benefits of this Plan with regard to persons expecting to receive benefits in the future and/or
persons already receiving benefits at the time of such action. No modification of the terms of
this Plan shall be effective unless it is adopted or ratified by the Board of Directors or the
Compensation Committee of the Board of Directors. No oral representation concerning the
interpretation or effect of this Plan shall be effective to amend the Plan. All of the power and
authority granted to the Company pursuant to this Section may also be exercised by the BAC, except
the BAC may not amend the Plan in a manner that materially increases and decreases the benefit of a
senior executive officer of the Company (unless the Board of Directors or the Compensation
Committee explicitly delegate this authority to the BAC).

24. TERMINATION (previously “Termination After a Change in Control”). Effective January 1, 2009,
Section 9.2 shall be amended to read in full as follows:

          9.2 Termination. The Company, by action of its Board of Directors or the Compensation
Committee of the Board of Directors, reserves the right at any time to terminate the Plan. If the
plan is terminated, the plan termination shall comply with Code Section 409A. A plan termination
may result in a change in the time and form of distribution under the Plan, but no termination
shall reduce the benefits accrued prior to the date of the termination.

25. INFORMATION. Effective January 1, 2009, Section 10.1 shall be amended to add “the” before the
first occurrence of “Committee” in the final sentence.

26.
ERISA. Effective January 1, 2009, a new Section 10.8 shall be added that reads in full as
follows:

          10.8 ERISA Status. The Plan is maintained with the understanding that the Plan is an
unfunded plan
maintained primarily for the purpose of providing deferred compensation for a select group of
management or highly compensated employees as provided in sections 201(2), 301(3) and 401(a)(1) of
ERISA, and section 2520.104-23 of the regulations under ERISA. Each provision shall be interpreted
and administered accordingly.

27. INTERNAL REVENUE CODE. Effective January 1, 2009, a new Section 10.9 shall be added that reads
in full as follows:

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          10.9 Internal Revenue Code Status. The Plan is maintained as a nonqualified deferred
compensation arrangement under Code Section 409A. Notwithstanding the foregoing, neither the
Employer nor any of its officers, directors, agents or Affiliates shall be obligated, directly or
indirectly, to any Participant or any other person for any taxes, penalties, interest or like
amounts that may be imposed on the Participant or other person on account of any amounts under this
Plan or on account of any failure to comply with the Code.

28. CHOICE OF LAW. Effective for claims filed on and after January 1, 2009, a new Section 10.10
shall be added that reads in full as follows:

          10.10 Choice of Law. Except to the extent that federal law is controlling, the Plan
shall be construed and enforced in accordance with the laws of the State of Minnesota (except that
the state law will be applied without regard to any choice of law provisions). The Participant,
the Participant’s Beneficiaries, and any other person claiming a benefit shall only have recourse
against the Employer.

29. CHOICE OF VENUE. Effective for claims filed on and after January 1, 2009, a new Section 10.11
shall be added that reads in full as follows:

          10.11 Choice of Venue. Any claim or action brought with respect to this Plan shall be
brought in the Federal courts of the State of Minnesota.

30. APPENDIX A (List of Affiliates). Effective as of January 1, 2009, Appendix A is replaced in
its entirety with the attached Appendix A.

31. APPENDIX B (Measurement Funds). Effective as of January 1, 2009, Appendix B is replaced in its
entirety with the attached Appendix B.

32. SAVINGS CLAUSE. Save and except as expressly amended above, the Plan shall continue in full
force and effect.

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APPENDIX A

List of Affiliates

U.S. Bank National Association

U.S. Bancorp Asset Management, Inc.

U.S. Bancorp Card Services, Inc.

U.S. Bancorp Fund Services, LLC

U.S. Bancorp Insurance Services, LLC

U.S. Bancorp Investments, Inc.

U.S. Bancorp Equipment Finance, Inc.

U.S. Bancorp Licensing, Inc.

U.S. Bank National Association, ND

U.S. Bank Oliver-Allen Technology Leasing

Housing Capital Company

First Security Investor Reporting, LP

Genpass Service Solutions, LLC

Genpass Technologies, LLC

LADCO Financial Group

Lyon Financial Services, Inc.

NOVA Information Systems, Inc.

Quasar Distributors, LLC

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APPENDIX B

Measurement Funds

First American Mutual Funds:

Short Term Bond Fund

Intermediate Government Bond Fund

Core Bond Fund

Strategy Growth and Income Allocation

Mid Cap Growth Opportunities Fund

Mid Cap Value Fund

Equity Index Fund

Large Cap Value Fund

Large Cap Growth Opportunities Fund

Small Cap Value Fund

Small Cap Growth Opportunities Fund

Prime Obligations Fund

U.S. Bancorp common stock

-9-EX-10.3.B

Exhibit 10.3(b)

FIRST AMENDMENT OF

U.S. BANK OUTSIDE DIRECTORS DEFERRED COMPENSATION PLAN (2005 Statement)

          The U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement) (the “Plan”) is
amended in the following respects:

1. PREAMBLE. Effective January 1, 2009, the Preamble is clarified to read as follows:

U.S. Bancorp approved the U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement)
to distinguish elective contributions made by outside directors that are subject to section   409A of
the Code. The Plan applies to elective contributions made by outside directors on and after
January 1, 2005.

2. AFFILIATE. Effective January 1, 2009, the second sentence of Section  1.1(1) shall be deleted.

3. AFFILIATED GROUP. Effective January 1, 2009, Section   1.1(2) shall be deleted (with subsequent
Sections and cross references renumbered as appropriate — the phrase “Affiliated Group” is being
replaced by the phrase “Employer”). In addition, the term “Employer” shall replace the term
“Affiliated Group” throughout the Plan.

4. BENEFIT COMMENCEMENT DATE. Effective for participants whose benefits commence on or after
January 1, 2009, Section  1.1(4) shall be deleted (with subsequent Sections and cross references
renumbered as appropriate).

5. BENEFITS ADMINISTRATION COMMITTEE. Effective January 1, 2009, a new Section  1.1(3) shall be
added to the Plan (with subsequent Sections and cross references renumbered as appropriate) that
reads as follows:

          (3) The terms “Benefits Administration Committee” and “BAC” shall mean the Benefits
Administration Committee of the Company (and its successor or, if no such committee exists, the
Executive Vice President, Human Resources of the Company).

6. CHANGE IN CONTROL. Effective January 1, 2009, Section 1.1(5) (prior to this amendment Section
1.1((6)) shall be deleted (with subsequent Sections and cross references renumbered as
appropriate).

7. CODE. Effective January 1, 2009, Section  1.1(5) (prior to this amendment Section  1.1(7)) shall be
amended to read in full as follows:

          (7) The term “Code” shall mean the Internal Revenue Code of 1986, including applicable
regulations for the specified section of the Code. Any reference in this Plan to a
section   of the Code, including the applicable regulation, shall be considered also to mean and
refer to any subsequent amendment or replacement of that section   or regulation.

 

 

8. DIRECTOR. With respect to Section 1.1(12) (Director), for purposes of clarity, where the term
Director in Articles II, III, and IV, and in Sections 10.2 and 10.7, the term “Director” shall
include a grandfathered Advisory Director. The term “Director” in Articles VIII and IX, and in
Section 1.1(3) (the definition of “Board” and “Board of Directors”) shall not include grandfathered
Advisory Directors.

9. DISABILITY. Effective January 1, 2009, Section 1.1(14) (prior to this amendment Section 1.1(16))
shall be deleted (with subsequent Sections and cross references renumbered as appropriate).

10. EMPLOYER. Effective for distributions on and after January 1, 2009, a new Section 1.1(17)
shall be added to the Plan ((with subsequent Sections and cross references renumbered as
appropriate — the phrase “Affiliated Group” is being replaced by the phrase “Employer”) that reads
in full as follows:

          (17) The term “Employer” shall mean the Company and any of its Affiliates that are described
in Appendix A and that have adopted the Plan as a participating employer.

11. FINANCIAL HARDSHIP. Effective January 1, 2009, Section 1.1(17) prior to this amendment
Section 1.1(20)) shall be deleted (with subsequent Sections and cross references renumbered as
appropriate).

12. PARTICIPANT. With respect to Section 1.1(18) (Participant), for purposes of clarity, the term
“Participant” shall also include Advisory Directors who were making elective contributions as of
January 1, 2005 and who have continuously elected to make elective contributions after that date
(referred to as “grandfathered Advisory Directors”). Advisory Directors appointed on and after
January 1, 2005 shall not be eligible to make elective contributions under the Plan. Once a
grandfathered Advisory Directors ceases making elective contributions, that grandfathered Advisory
Director shall no longer be able to make elective contributions. Grandfathered Advisory Directors
shall be subject to all of the rules under the Plan.

13. PLAN. Effective January 1, 2009, Section 1.1(19) (prior to this amendment section 1.1(22)) shall
be amended to read in full as follows (and all other references to the name of the Plan revised as
appropriate, including the cover page):

          (19) The term “Plan” shall mean the U.S. Bank Executive Employees Deferred Compensation Plan
(2005 Statement).

14. RETIREMENT. Effective January 1, 2009, Section 1.1(20) prior to this amendment Section 1.1(24))
shall be deleted (with subsequent Sections and cross references
renumbered as appropriate — the
terms “Retirement”, “Retire(s)” and “Retired” shall be replaced with the phrase “Separation from
Service” unless such replacement shall lead to repetition of the phrase “Separation from Service”
in which case the second “Separation from Service” shall be deleted).

15. SEPARATION FROM SERVICE (previously “Termination of Employment”). Effective January 1, 2009, a
new Section 1.1(21) shall be added that reads in full as follows

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(with subsequent Sections and cross
references renumbered as appropriate – the phrase “Termination of Employment” is being replaced by
the phrase “Separation from Service”):

          (21) The term “Separation from Service” shall mean a Participant’s separation from service as
defined under Code Section 409A. For purposes of a Separation from Service, an affiliate shall
mean a business entity which is not the Company but which is part of a “controlled group” or under
“common control” with the Company, as those terms are defined in section 414(b) and (c) of the Code
as required to be aggregated with the Company under section 409A based on eighty percent (80%) or
greater control.

16. TERMINATION OF SERVICES. Effective January 1, 2009, Section 1.1(22) (prior to this amendment
Section 1.1(26), the definition of Termination of Services) shall be deleted (with subsequent
Sections and cross references renumbered as appropriate – the definition is being replaced by the
phrase “Separation from Service”). In addition, the phrase “Termination of Services” in the Plan
shall be replaced by the phrase “Separation from Service”.

17. UNFORESEEABLE EMERGENCY. Effective for distributions on and after January 1, 2009, a new
Section 1.1(22) shall be added to the Plan ((with subsequent Sections and cross references
renumbered as appropriate) that reads in full as follows:

          (22) The term “Unforeseeable Emergency” shall mean an unforeseeable emergency as defined under
Code Section 409A.

18. SECTION 2 HEADING. Effective January 1, 2009, the heading for Section 2 shall be revised to
read “Participation”.

19. PARTICIPATION. With respect to Section 2.1 (Participation), for purposes of clarity, in
addition to Directors participation in the Plan shall include grandfathered Advisory Directors, who
are described above under the definition of Participant.

20. CESSATION OF ACTIVE PARTICIPATION. Effective January 1, 2009, Section 2.2 shall be amended to
read in full as follows:

          2.2 Cessation of Active Participation. Deferrals from a Participant shall cease as of
the earlier of (i) the last day of the Plan Year for which a Participant has entered into a
Deferred Compensation Agreement, (ii) the date the Participant dies, and (iii) the last day of the
Plan Year in which the Participant has a Separation from Service.

21. EFFECTIVE DATE OF DEFERRED COMPENSATION AGREEMENT. Effective January 1, 2009, Section 3.2 shall
be amended to read in full as follows:

          3.2 Effective Date of Deferred Compensation Agreement. A Deferred Compensation
Agreement shall be effective upon receipt (as determined by the Committee) and shall be irrevocable
as of the December 31 prior to the Plan Year to which the Deferred Compensation
Agreement applies. In the case of a Director who enters into a Deferred Compensation Agreement as
provided under Section 3.1(b), it shall be irrevocable as of the earlier of (i) the last

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day of the
thirty (30) day period, and (ii) the date deferrals commence with respect to the Director.

22. DISTRIBUTION RULES (previously Method of Payment). Effective January 1, 2009, Section 5.2 shall
be amended to read in full as follows (this Section takes the place of Section 5.5 prior to the
amendment and, therefore, cross references to Section 5.5 shall be changed to Section 5.2):

          5.2 Distribution Rules. The Participant shall make a distribution election with
respect to Participant’s deferred compensation for each Plan Year. The Participant may elect to
receive distribution of a Participant’s deferred compensation
for a Plan Year in (i) a single lump
sum, or (ii) installments paid over five (5)-year, ten (10)-year, fifteen (15)-year, or twenty
(20)-year period. The distribution election shall be effective upon receipt (as determined by the
BAC) and shall be irrevocable as of the December 31 prior to the Plan Year to which the
distribution election applies. In the case of a Participant who enters into a Deferred
Compensation Agreement as provided under Section 3.1(b), the distribution election shall be
irrevocable as of the earlier of (i) the last day of the thirty (30) day period, and (ii) the date
deferrals commence with respect to the Participant.

     (a) Distribution Upon Separation from Service. If a Participant has a Separation,
the Participant’s benefit will be paid according to the Participant’s distribution elections.
If the Participant has elected a single lump sum for a Plan Year, the Participant’s deferred
compensation for that Plan Year (as adjusted for earnings or losses) shall be paid on the date
that is thirty (30) days after the Participant’s Separation from Service. If the Participant has
elected installments over a period of years for a Plan Year, the first installment of the
Participant’s deferred compensation for that Plan Year shall be paid on the date that is thirty
(30) days after the Participant’s Separation from Service, and each subsequent installment shall
be paid on the anniversary of the first payment to the Participant. Installment amounts shall
be determined by taking the amount of the Participant’s deferred compensation for a Plan Year
(as adjusted for earnings and losses) and dividing it by the number of remaining installment
distributions.

     (b) Default Election. If a Participant fails to make a distribution election for a
Plan Year, the Participant’s deferred compensation for the Plan Year shall be paid in a single
lump sum on the date that is thirty (30) days after the Participant’s Separation from Service.

     (c) Death. If a Participant dies prior to the payment of the Participant’s entire
benefit under the Plan, the Participant’s entire Deferred Compensation Account shall be paid to
the Participant’s beneficiary in a single lump sum. The distribution will be paid as of the
last day of the month following the date that is four (4) months after the date of the
Participant’s death.

     (d) Distribution of Shares. The portion of a Participant’s Deferred Compensation
Account that reflects a deemed investment in the Company stock fund shall (unless otherwise
determined by the Committee) be distributed in Shares, except that any deemed fractional
Shares shall be paid in cash.

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23. COURT ORDERED DISTRIBUTIONS. Effective January 1, 2009, Section 5.4 shall be amended to change
“who” to read “whose Deferred Compensation Account”.

24. DISTRIBUTION UPON UNFORESEEABLE EMERGENCY (previously Hardship Distributions). Effective
January 1, 2009, Section 5.5 shall be amended to read in full as follows (this Section takes the
place of Section 5.2 prior to the amendment and, therefore, cross references to Section 5.2 shall
be changed to Section 5.5):

          5.5 Distribution Upon Unforeseeable Emergency. A Participant may request a
distribution due to an Unforeseeable Emergency. To request such a distribution, the Participant
must submit a request and supporting information to the BAC. If the Participant’s request is
approved, either as an initial request or by the Committee on appeal, the amount necessary to
satisfy the Unforeseeable Emergency (including the amount necessary to satisfy federal, state, and
local income taxes on the amount) shall be paid in a single lump sum on the date that is thirty
(30) days after the date of the determination the Participant has experienced an Unforeseeable
Emergency. The amount necessary to make the payment shall be deducted from the Participant’s
oldest deferred compensation amounts contributed to the Plan (and any earnings on such
contributions), starting with the first year the Participant participated in the Plan and moving
forward through each subsequent year until a sufficient amount is deducted to pay the amount of the
distribution due to an Unforeseeable Emergency.

25. DISTRIBUTION OF SMALL AMOUNTS (previously Distribution on Plan Termination). Effective for
payments made on and after January 1, 2009, Section 5.7 shall be amended to read in full as follows:

          5.7 Distribution of Small Amounts. Notwithstanding any other provision of this
Article V, if on the date of a Participant’s benefit under the Plan and under all of the Company’s
elective account balance deferred compensation plans (within the meaning of Code Section 409A and
applicable guidance thereunder) is not greater than the applicable dollar limit under Code
Section 402(g)(1)(B) (as adjusted from time to time), the Participant’s benefit and benefits under
all of the Company’s elective account balance deferred compensation plans (within the meaning of
Code Section 409A) may be paid in a single lump sum payment as soon as administratively feasible
after the Participant’s Separation from Service.

26. RIGHT TO WITHHOLD TAXES. Effective January 1, 2009, Section 5.9 shall be amended (i) so that
the term “distribution” is changed to “distribution or payment”, and (ii) the term “federal” is
changed to “Federal”.

27. PLAN UNFUNDED. Effective January 1, 2009, Section 7.1 shall be amended to add “from” before
“one or more grantor trusts” in the third sentence.

28. AMENDMENT (previously “In General”). Effective January 1, 2009, Section 9.1 shall be amended to
read in full as follows:

          9.1 Amendment. The Company, by action of its Board of Directors or the Compensation
Committee of the Board of Directors, reserves the right at any time and from time to time, whether
prospectively, retroactively, or both, to terminate, modify or amend, in whole or in part, any or
all provisions of the Plan, without notice to any person affected by this Plan. This

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power
includes the right at any time and for any reason deemed sufficient by it to terminate or curtail
the benefits of this Plan with regard to persons expecting to receive benefits in the future and/or
persons already receiving benefits at the time of such action. No modification of the terms of
this Plan shall be effective unless it is adopted or ratified by the Board of Directors or the
Compensation Committee of the Board of Directors. No oral representation concerning the
interpretation or effect of this Plan shall be effective to amend the Plan. All of the power and
authority granted to the Company pursuant to this Section may also be exercised by the BAC, except
the BAC may not amend the Plan in a manner that materially increases and decreases the benefit of a
senior executive officer of the Company (unless the Board of Directors or the Compensation
Committee explicitly delegate this authority to the BAC).

29. TERMINATION (previously “Termination After a Change in Control”). Effective January 1, 2009,
Section 9.2 shall be amended to read in full as follows:

          9.2 Termination. The Company, by action of its Board of Directors or the Compensation
Committee of the Board of Directors, reserves the right at any time to terminate the Plan. If the
plan is terminated, the plan termination shall comply with Code Section 409A. A plan termination
may result in a change in the time and form of distribution under the Plan, but no termination
shall reduce the benefits accrued prior to the date of the termination.

30. INFORMATION. Effective January 1, 2009, Section 10.1 shall be amended (i) to delete “post
office” before “address” in the first sentence, and (ii) to add “(or its designee)” after
“Committee” in the second sentence.

31. ERISA. Effective January 1, 2009, a new Section 10.8 shall be added that reads in full as
follows:

          10.8 ERISA Status. The Plan is maintained for non-Employee Directors and, therefore,
is not subject to the Employee Retirement Income Security Act of 1974.

32. INTERNAL REVENUE CODE. Effective January 1, 2009, a new Section 10.9 shall be added that reads
in full as follows:

          10.9 Internal Revenue Code Status. The Plan is maintained as a nonqualified deferred
compensation arrangement under Code Section 409A. Notwithstanding the foregoing, neither the
Employer nor any of its officers, directors, agents or Affiliates shall be obligated, directly or
indirectly, to any Participant or any other person for any taxes, penalties, interest or like
amounts that may be imposed on the Participant or other person on account of any amounts under this
Plan or on account of any failure to comply with the Code.

33. CHOICE OF LAW. Effective for claims filed on and after January 1, 2009, a new Section 10.10
shall be added that reads in full as follows:

          10.10 Choice of Law. Except to the extent that federal law is controlling, the Plan
shall be construed and enforced in accordance with the laws of the State of Minnesota (except that
the state law will be applied without regard to any choice of law provisions). The Participant,
the Participant’s Beneficiaries, and any other person claiming a benefit shall only have recourse
against the Employer.

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34.
CHOICE OF VENUE. Effective for claims filed on and after January 1, 2009, a new Section 10.11
shall be added that reads in full as follows:

          10.11 Choice of Venue. Any claim or action brought with respect to this Plan shall be
brought in the Federal courts of the State of Minnesota.

35. APPENDIX A (List of Affiliates). Effective as of January 1, 2009, Appendix A is replaced in
its entirety with the attached Appendix A.

36. APPENDIX B (Measurement Funds). Effective as of January 1, 2009, Appendix B is replaced in its
entirety with the attached Appendix B.

37. SAVINGS CLAUSE. Save and except as expressly amended above, the Plan shall continue in full
force and effect.

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APPENDIX A

List of Affiliates

U.S. Bank National Association

U.S. Bancorp Asset Management, Inc.

U.S. Bancorp Card Services, Inc.

U.S. Bancorp Fund Services, LLC

U.S. Bancorp Insurance Services, LLC

U.S. Bancorp Investments, Inc.

U.S. Bancorp Equipment Finance, Inc.

U.S. Bancorp Licensing, Inc.

U.S. Bank National Association, ND

U.S. Bank Oliver-Allen Technology Leasing

Housing Capital Company

First Security Investor Reporting, LP

Genpass Service Solutions, LLC

Genpass Technologies, LLC

LADCO Financial Group

Lyon Financial Services, Inc.

NOVA Information Systems, Inc.

Quasar Distributors, LLC

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APPENDIX B

Measurement Funds

First American Mutual Funds:

Short Term Bond Fund

Intermediate Government Bond Fund

Core Bond Fund

Strategy Growth and Income Allocation

Mid Cap Growth Opportunities Fund

Mid Cap Value Fund

Equity Index Fund

Large Cap Value Fund

Large Cap Growth Opportunities Fund

Small Cap Value Fund

Small Cap Growth Opportunities Fund

Prime Obligations Fund

U.S. Bancorp common stock

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