Document:

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                                  U.S. BANCORP
                            1999 STOCK INCENTIVE PLAN
                     (As Amended through February 16, 2000)

SECTION 1.  PURPOSE; EFFECT ON PRIOR PLANS.

                  (a) PURPOSE. The purpose of the U.S. Bancorp 1999 Stock
Incentive Plan (the "Plan") is to aid in attracting and retaining employees,
management personnel and other personnel and members of the Board of
Directors who are not also employees ("Non-Employee Directors") of U.S.
Bancorp (the "Company") capable of assuring the future success of the
Company, to offer such personnel and Non-Employee Directors incentives to put
forth maximum efforts for the success of the Company's business and to afford
such personnel and Non-Employee Directors an opportunity to acquire a
proprietary interest in the Company.

                  (b) EFFECT ON PRIOR PLANS. The Company hereby adopts the
Plan, subject to approval by the stockholders of the Company. As so
established and approved, the Plan shall be known as the 1999 Stock Incentive
Plan. On the effective date of the Plan determined in accordance with Section
10 of the Plan, for purposes of administration and share accounting pursuant
to Sections 3 and 4 of the Plan, the following plans of the Company shall be
considered to be incorporated in the Plan: the U.S. Bancorp 1997 Stock
Incentive Plan, as amended (including all plans incorporated therein), and
the Piper Jaffray Companies Inc. 1993 Omnibus Stock Plan (as assumed by the
Company), as amended (together, the "Prior Plans"). All outstanding options,
restricted stock and other awards issued under the Prior Plans shall remain
subject to the terms and conditions of the plans under which they were
issued, but shares of stock relating to outstanding options, restricted stock
or other awards issued under the Prior Plans are considered shares of stock
subject to the Plan under Section 4 of the Plan.

SECTION 2.  DEFINITIONS.

                  As used in the Plan, the following terms shall have the
meanings set forth below:

                  (a) "Affiliate" shall mean (i) any entity that, directly or
indirectly through one or more intermediaries, is controlled by the Company
and (ii) any entity in which the Company has a significant equity interest,
as determined by the Committee.

                  (b) "Award" shall mean any Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, Performance Award or other
Stock-Based Award granted under the Plan.

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                  (c) "Award Agreement" shall mean any written agreement,
contract or other instrument or document evidencing any Award granted under
the Plan.

                  (d) "Change in Control" shall have the meaning ascribed to
such term in any Award Agreement, and shall include phrases of similar
meaning such as, by way of example but not limitation, "Full Change in
Control" and "Partial Change in Control."

                  (e) "Code" shall mean the Internal Revenue Code of 1986, as
amended from time to time, and any regulations promulgated thereunder.

                  (f) "Committee" shall mean a committee of the Board of
Directors of the Company designated by such Board to administer the Plan and
composed of not less than two directors.

                  (g) "Eligible Person" shall mean any employee, officer,
director (including any Non-Employee Director), consultant or independent
contractor providing services to the Company or any Affiliate who the
Committee determines to be an Eligible Person.

                  (h) "Fair Market Value" shall mean, with respect to any
property (including, without limitation, any Shares or other securities), the
fair market value of such property determined by such methods or procedures
as shall be established from time to time by the Committee. Notwithstanding
the foregoing, for purposes of the Plan, the Fair Market Value of Shares on a
given date shall be the closing price of the Shares as reported on the New
York Stock Exchange on such date, if the Shares are then traded on the New
York Stock Exchange.

                  (i) "Incentive Stock Option" shall mean an option granted
under Section 6(a) of the Plan that is intended to meet the requirements of
Section 422 of the Code or any successor provision.

                  (j) "Non-Qualified Stock Option" shall mean an option
granted under Section 6(a) of the Plan, or Section 6(g) of the Plan in the
case of automatic grants to Non-Employee Directors, that is not intended to
be an Incentive Stock Option.

                  (k) "Option" shall mean an Incentive Stock Option or a
Non-Qualified Stock Option.

                  (l) "Other Stock-Based Award" shall mean any right granted
under Section 6(e) of the Plan.

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                  (m) "Participant" shall mean an Eligible Person designated
to be granted an Award under the Plan.

                  (n) "Performance Award" shall mean any right granted under
Section 6(d) of the Plan.

                  (o) "Person" shall mean any individual, corporation,
partnership, association or trust.

                  (p) "Qualifying Termination" shall mean a termination of
employment under circumstances that, in the judgment of the Committee,
warrant acceleration of the exercisability of Options or the lapse of
restrictions relating to Restricted Stock or Restricted Stock Units. A
Qualifying Termination may apply to large-scale terminations of employment
involving the disposition or divestiture of businesses or legal entities or
similar circumstances.

                  (q) "Restricted Stock" shall mean any Share granted under
Section 6(c) of the Plan.

                  (r) "Restricted Stock Unit" shall mean any unit granted
under Section 6(c) of the Plan evidencing the right to receive a Share (or a
cash payment equal to the Fair Market Value of a Share) at some future date.

                  (s) "Rule 16b-3" shall mean Rule 16b-3 promulgated by the
Securities and Exchange Commission under the Securities Exchange Act of 1934.

                  (t) "Shares" shall mean shares of Common Stock, $1.25 par
value, of the Company or such other securities or property as may become
subject to Awards pursuant to an adjustment made under Section 7(c) of the
Plan.

                  (u) "Stock Appreciation Right" shall mean any right granted
under Section 6(b) of the Plan.

SECTION 3.  ADMINISTRATION.

                  The Plan shall be administered by the Committee. Subject to
the terms of the Plan and applicable law, the Committee shall have full power
and authority to: (i) designate Participants; (ii) determine the type or
types of Awards to be granted to each Participant under the Plan; (iii)
determine the number of Shares to be covered by (or with respect to which
payments, rights or other matters are to be calculated in connection with)
each Award; (iv) determine the terms and conditions of any Award or Award
Agreement; (v) amend the terms and conditions of any Award or Award Agreement
and accelerate the

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exercisability of Options or the lapse of restrictions relating to Restricted
Stock or Restricted Stock Units; PROVIDED, HOWEVER, that any such
acceleration of exercisability or lapse of restrictions shall be limited to
accelerations relating to a Change in Control, a Qualifying Termination,
death, disability or any circumstances set forth in an Award Agreement in
effect on the effective date of the Plan determined in accordance with
Section 10 of the Plan; (vi) determine whether, to what extent and under what
circumstances Awards may be exercised in cash, Shares, other securities,
other Awards or other property, or canceled, forfeited or suspended; (vii)
determine whether, to what extent and under what circumstances cash, Shares,
other securities, other Awards, other property and other amounts payable with
respect to an Award under the Plan shall be deferred either automatically or
at the election of the holder thereof or the Committee; (viii) interpret and
administer the Plan and any instrument or agreement relating to, or Award
made under, the Plan; (ix) establish, amend, suspend or waive such rules and
regulations and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; and (x) make any other determination and
take any other action that the Committee deems necessary or desirable for the
administration of the Plan. Unless otherwise expressly provided in the Plan,
all designations, determinations, interpretations and other decisions under
or with respect to the Plan or any Award shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive and
binding upon any Participant, any holder or beneficiary of any Award and any
employee of the Company or any Affiliate.

SECTION 4.  SHARES AVAILABLE FOR AWARDS.

                  (a) SHARES AVAILABLE. Subject to adjustment as provided in
Section 7(c), the total number of Shares available for granting Awards under
the Plan shall be 92,891,502 (47,891,502 of which were previously authorized
and subject to outstanding Awards under the Prior Plans or authorized and
available for grant under the U.S. Bancorp 1997 Stock Incentive Plan, as
amended (including all plans incorporated therein), and 45,000,000 of which
will be authorized upon stockholder approval of the Plan); PROVIDED, HOWEVER,
that the total number of Shares authorized under the Plan shall be deemed to
be reduced automatically, as of the effective date of the Plan determined in
accordance with Section 10 of the Plan, by that number of Shares that were
subject to outstanding awards under the Prior Plans, as of January 31, 1999,
that are no longer subject to outstanding awards as of the effective date of
the Plan determined in accordance with Section 10 of the Plan. Not more than
7,000,000 of such Shares, subject to adjustment as provided in Section 7(c)
of the Plan, will be available for granting additional Awards of Restricted
Stock following the effective date of the Plan determined in accordance with
Section 10 of the Plan; PROVIDED, HOWEVER, that any Shares covered by an
Award of Restricted Stock that are forfeited shall again be available for
purposes of the limitation on grants of additional Awards of Restricted
Stock. If any Shares covered by an Award or to which an Award relates are not
purchased or are forfeited, or if an

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Award otherwise terminates without delivery of any Shares, then the number of
Shares counted against the aggregate number of Shares available under the
Plan with respect to such Award, to the extent of any such forfeiture or
termination, shall again be available for granting Awards under the Plan. In
addition, if any Shares are used by a Participant as full or partial payment
to the Company of the purchase price relating to an Award, whether by actual
delivery or attestation, or in connection with satisfaction of tax
obligations relating to an Award, whether by actual delivery, attestation or
having shares withheld from the Award, only the number of Shares issued net
of the Shares tendered or withheld shall be deemed delivered for purposes of
determining the maximum number of Shares available for granting of Awards
under the Plan. For purposes of the previous two sentences, the term "Award"
shall explicitly include any awards outstanding under the Prior Plans as of
the effective date of the Plan determined in accordance with Section 10 of
the Plan.

                  (b) ACCOUNTING FOR AWARDS. For purposes of this Section 4,
if an Award entitles the holder thereof to receive or purchase Shares, the
number of Shares covered by such Award or to which such Award relates shall
be counted on the date of grant of such Award against the aggregate number of
Shares available for granting Awards under the Plan. Such Shares may again
become available for granting Awards under the Plan pursuant to the
provisions of Section 4(a) of the Plan, subject to the limitations set forth
in Section 4(c) of the Plan.

                  (c) INCENTIVE STOCK OPTIONS. Notwithstanding the foregoing,
the number of Shares available for granting Incentive Stock Options under the
Plan, on and after the effective date of the Plan determined in accordance
with Section 10 of the Plan, shall not exceed 45,000,000, subject to
adjustment as provided in Section 7(c) of the Plan and Section 422 or 424 of
the Code or any successor provisions.

                  (d) AWARD LIMITATIONS UNDER THE PLAN. No Eligible Person
may be granted any Award or Awards, the value of which Awards are based
solely on an increase in the value of the Shares after the date of grant of
such Awards, for more than 5,000,000 Shares (subject to adjustment as
provided in Section 7(c) of the Plan), in the aggregate, in any calendar year
beginning with the year commencing January 1, 1999. The foregoing limitation
specifically includes the grant of any "performance-based" Awards within the
meaning of Section 162(m) of the Code.

SECTION 5.  ELIGIBILITY.

                  Any Eligible Person, including any Eligible Person who is
an officer or director of the Company or any Affiliate, shall be eligible to
be designated a Participant; PROVIDED, HOWEVER, that an Incentive Stock
Option may only be granted to full or part-time employees (which term as used
herein includes, without limitation, officers and

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directors who are also employees) and an Incentive Stock Option shall not be
granted to an employee of an Affiliate unless such Affiliate is also a
"subsidiary corporation" of the Company within the meaning of Section 424(f)
of the Code or any successor provision.

SECTION 6.  AWARDS.

                  (a) OPTIONS. The Committee is hereby authorized to grant
Options to Participants with the following terms and conditions and with such
additional terms and conditions not inconsistent with the provisions of the
Plan as the Committee shall determine:

                  (i) EXERCISE PRICE. The purchase price per Share purchasable
         under an Option shall be determined by the Committee; PROVIDED,
         HOWEVER, that such purchase price shall not be less than 100% of the
         Fair Market Value of a Share on the date of grant of such Option.

                  (ii) OPTION TERM. The term of each Option shall be fixed by
         the Committee.

                  (iii) TIME AND METHOD OF EXERCISE. The Committee shall
         determine the time or times at which an Option may be exercised in
         whole or in part and the method or methods by which, and the form or
         forms (including, without limitation, cash, Shares, other securities,
         other Awards or other property, or any combination thereof, having a
         Fair Market Value on the exercise date equal to the relevant exercise
         price) in which, payment of the exercise price with respect thereto may
         be made or deemed to have been made.

                  (iv) RELOAD OPTIONS. The Committee may grant "reload" options,
         separately or together with another Option, pursuant to which, subject
         to the terms and conditions established by the Committee and any
         applicable requirements of Rule 16b-3 or any other applicable law, the
         Participant would be granted a new Option when the payment of the
         exercise price of a previously granted option is made by the delivery
         of shares of the Company's Common Stock owned by the Participant
         pursuant to Section 6(a)(iii) hereof or the relevant provisions of
         another plan of the Company, and/or when shares of the Company's Common
         Stock are tendered or forfeited as payment of the amount to be withheld
         under applicable tax laws in connection with the exercise of an option,
         which new Option would be an option to purchase the number of Shares
         not exceeding the sum of (A) the number of shares of the Company's
         Common Stock provided as consideration upon the exercise of the
         previously granted option to which such "reload" option relates and (B)
         the number of shares of the Company's Common Stock tendered or
         forfeited as payment of the amount to be withheld under

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         applicable tax laws in connection with the exercise of the option to
         which such "reload" option relates. "Reload" options may be granted
         with respect to options granted under this Plan or any other stock
         option plan of the Company or any of its affiliates (which shall
         explicitly include plans assumed by the Company in connection with
         mergers and the like). Such "reload" options shall have a per share
         exercise price equal to the Fair Market Value as of the date of grant
         of the new Option. Any such reload options shall be subject to
         availability of sufficient shares for grant under the Plan.

                  (b) STOCK APPRECIATION RIGHTS. The Committee is hereby
authorized to grant Stock Appreciation Rights to Participants subject to the
terms of the Plan and any applicable Award Agreement. A Stock Appreciation
Right granted under the Plan shall confer on the holder thereof a right to
receive upon exercise thereof the excess of (i) the Fair Market Value of one
Share on the date of exercise (or, if the Committee shall so determine, at
any time during a specified period before or after the date of exercise) over
(ii) the grant price of the Stock Appreciation Right as specified by the
Committee, which price shall not be less than 100% of the Fair Market Value
of one Share on the date of grant of the Stock Appreciation Right. Subject to
the terms of the Plan and any applicable Award Agreement, the grant price,
term, methods of exercise, dates of exercise, methods of settlement and any
other terms and conditions of any Stock Appreciation Right shall be as
determined by the Committee. The Committee may impose such conditions or
restrictions on the exercise of any Stock Appreciation Right as it may deem
appropriate.

                  (c) RESTRICTED STOCK AND RESTRICTED STOCK UNITS. The
Committee is hereby authorized to grant Awards of Restricted Stock and
Restricted Stock Units to Participants with the following terms and
conditions and with such additional terms and conditions not inconsistent
with the provisions of the Plan as the Committee shall determine:

                  (i) RESTRICTIONS. Shares of Restricted Stock and Restricted
         Stock Units shall be subject to such restrictions as the Committee may
         impose (including, without limitation, any limitation on the right to
         vote a Share of Restricted Stock or the right to receive any dividend
         or other right or property with respect thereto), which restrictions
         may lapse separately or in combination at such time or times, in such
         installments or otherwise as the Committee may deem appropriate. Except
         as otherwise provided herein, Awards of Restricted Stock and Restricted
         Stock Units shall contain restrictions that lapse no sooner than three
         years following the date of grant or, in the case of Awards with
         performance-based vesting provisions, no sooner than one year following
         the date of grant; PROVIDED, HOWEVER, that restrictions may lapse
         sooner than such dates as to portions of such Awards so long as
         restrictions as to the total number of Shares covered by such Awards do
         not lapse sooner than such dates; and PROVIDED, FURTHER, that such
         limitations shall

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         not apply to Awards granted to new employees as part of initial terms
         of employment, Awards granted to new or existing employees in
         connection with the acquisition of businesses or assets by the Company,
         or to Awards in effect on the effective date of the Plan determined in
         accordance with Section 10 of the Plan.

                  (ii) STOCK CERTIFICATES. Any Restricted Stock granted under
         the Plan shall be evidenced by issuance of a stock certificate or
         certificates, which certificate or certificates shall be held by the
         Company. Such certificate or certificates shall be registered in the
         name of the Participant and shall bear an appropriate legend referring
         to the restrictions applicable to such Restricted Stock. In the case of
         Restricted Stock Units, no Shares shall be issued at the time such
         Awards are granted.

                  (iii) FORFEITURE; DELIVERY OF SHARES. Except as otherwise
         determined by the Committee, upon termination of employment (as
         determined under criteria established by the Committee) during the
         applicable restriction period, all Shares of Restricted Stock and all
         Restricted Stock Units at such time subject to restriction shall be
         forfeited and reacquired by the Company; PROVIDED, HOWEVER, that the
         Committee may, when it finds that a waiver would be in the best
         interest of the Company, including, without limitation, in connection
         with Changes in Control, Qualifying Terminations, death or disability,
         waive in whole or in part any or all remaining restrictions with
         respect to Shares of Restricted Stock or Restricted Stock Units. Shares
         representing Restricted Stock that is no longer subject to restrictions
         shall be delivered to the holder thereof promptly after the applicable
         restrictions lapse or are waived. Upon the lapse or waiver of
         restrictions and the restricted period relating to Restricted Stock
         Units evidencing the right to receive Shares, such Shares shall be
         issued and delivered to the holders of the Restricted Stock Units.

                  (d) PERFORMANCE AWARDS. The Committee is hereby authorized
to grant Performance Awards to Participants subject to the terms of the Plan
and any applicable Award Agreement. A Performance Award granted under the
Plan (i) may be denominated or payable in cash, Shares (including, without
limitation, Restricted Stock), other securities, other Awards or other
property and (ii) shall confer on the holder thereof the right to receive
payments, in whole or in part, upon the achievement of such performance goals
during such performance periods as the Committee shall establish. Subject to
the terms of the Plan and any applicable Award Agreement, the performance
goals to be achieved during any performance period, the length of any
performance period, the amount of any Performance Award granted and the
amount of any payment or transfer to be made pursuant to any Performance
Award shall be determined by the Committee.

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                  (e) OTHER STOCK-BASED AWARDS. The Committee is hereby
authorized to grant to Participants such other Awards that are denominated or
payable in, valued in whole or in part by reference to, or otherwise based on
or related to, Shares (including, without limitation, securities convertible
into Shares), as are deemed by the Committee to be consistent with the
purpose of the Plan; PROVIDED, HOWEVER, that such grants must comply with
applicable law. Subject to the terms of the Plan and any applicable Award
Agreement, the Committee shall determine the terms and conditions of such
Awards. Shares or other securities delivered pursuant to a purchase right
granted under this Section 6(e) shall be purchased for such consideration,
which may be paid by such method or methods and in such form or forms
(including without limitation, cash, Shares, other securities, other Awards
or other property or any combination thereof), as the Committee shall
determine, the value of which consideration, as established by the Committee,
shall not be less than 100% of the Fair Market Value of such Shares or other
securities as of the date such purchase right is granted.

                  (f) GENERAL. Except as otherwise specified with respect to
Awards to Non-Employee Directors pursuant to Section 6(g) of the Plan:

                  (i) NO CASH CONSIDERATION FOR AWARDS. Awards shall be granted
         for no cash consideration or for such minimal cash consideration as may
         be required by applicable law.

                  (ii) AWARDS MAY BE GRANTED SEPARATELY OR TOGETHER. Awards may,
         in the discretion of the Committee, be granted either alone or in
         addition to, in tandem with or in substitution for any other Award or
         any award granted under any plan of the Company or any Affiliate other
         than the Plan. Awards granted in addition to or in tandem with other
         Awards or in addition to or in tandem with awards granted under any
         such other plan of the Company or any Affiliate may be granted either
         at the same time as or at a different time from the grant of such other
         Awards or awards.

                  (iii) FORMS OF PAYMENT UNDER AWARDS. Subject to the terms of
         the Plan and of any applicable Award Agreement, payments or transfers
         to be made by the Company or an Affiliate upon the grant, exercise or
         payment of an Award may be made in such form or forms as the Committee
         shall determine (including, without limitation, cash, Shares, other
         securities, other Awards or other property or any combination thereof),
         and may be made in a single payment or transfer, in installments or on
         a deferred basis, in each case in accordance with rules and procedures
         established by the Committee. Such rules and procedures may include,
         without limitation, provisions for the payment or crediting of
         reasonable interest on installment or deferred payments.

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                  (iv) LIMITS ON TRANSFER OF AWARDS. No Award and no right under
         any such Award shall be transferable by a Participant otherwise than by
         will or by the laws of descent and distribution; PROVIDED, HOWEVER,
         that, if so determined by the Committee, a Participant may, in the
         manner established by the Committee, designate a beneficiary or
         beneficiaries to exercise the rights of the Participant and receive any
         property distributable with respect to any Award upon the death of the
         Participant; and PROVIDED, FURTHER, except in the case of an Incentive
         Stock Option, Awards may be transferable as specifically provided in
         any applicable Award Agreement or amendment thereto pursuant to terms
         determined by the Committee. Except as otherwise provided in any
         applicable Award Agreement or amendment thereto (other than an Award
         Agreement relating to an Incentive Stock Option), pursuant to terms
         determined by the Committee, each Award or right under any Award shall
         be exercisable during the Participant's lifetime only by the
         Participant or, if permissible under applicable law, by the
         Participant's guardian or legal representative. Except as otherwise
         provided in any applicable Award Agreement or amendment thereto (other
         than an Award Agreement relating to an Incentive Stock Option), no
         Award or right under any such Award may be pledged, alienated, attached
         or otherwise encumbered, and any purported pledge, alienation,
         attachment or encumbrance thereof shall be void and unenforceable
         against the Company or any Affiliate.

                  (v) TERM OF AWARDS. The term of each Award shall be for such
         period as may be determined by the Committee.

                  (vi) RESTRICTIONS; SECURITIES EXCHANGE LISTING. All
         certificates for Shares or other securities delivered under the Plan
         pursuant to any Award or the exercise thereof shall be subject to such
         stop transfer orders and other restrictions as the Committee may deem
         advisable under the Plan or the rules, regulations and other
         requirements of the Securities and Exchange Commission and any
         applicable federal or state securities laws, and the Committee may
         cause a legend or legends to be placed on any such certificates to make
         appropriate reference to such restrictions. If the Shares or other
         securities are traded on a securities exchange, the Company shall not
         be required to deliver any Shares or other securities covered by an
         Award unless and until such Shares or other securities have been
         admitted for trading on such securities exchange.

                  (g) NON-QUALIFIED STOCK OPTIONS TO NON-EMPLOYEE DIRECTORS.
The Committee shall issue Non-Qualified Stock Options to Non-Employee
Directors in accordance with this Section 6(g).

                  Each Non-Employee Director first elected or appointed to
the Company's Board of Directors following the effective date of the Plan
determined in accordance with

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Section 10 of the Plan and during the term of the Plan shall be granted, as of
the date of such Director's first election or appointment to the Board of
Directors, a Non-Qualified Stock Option to purchase 7,500 Shares (subject to
adjustment pursuant to Section 7(c) of the Plan). Each Non-Employee Director
shall be granted during the term of the Plan, as of the date of each Annual
Meeting of Stockholders of the Company commencing with the 1999 Annual Meeting
of Stockholders of the Company, if such Director's term of office continues
after such date, a Non-Qualified Stock Option to purchase 5,100 Shares (subject
to adjustment pursuant to Section 7(c) of the Plan).

                  Each Non-Qualified Stock Option granted to a Non-Employee
Director pursuant to this Section 6(g) shall be exercisable in full as of the
date of grant, shall have an exercise price equal to the Fair Market Value of a
Share on the date of grant and shall expire on the tenth anniversary of the date
of grant, except as provided below. Each Option granted pursuant to this Section
6(g) may be transferable pursuant to terms established by the Committee
consistent with Section 6(f)(iv) of the Plan.

                  Except as hereinafter provided, each Option granted pursuant
to this Section 6(g) (including those Options granted pursuant to Section 6(h)
of the First Bank System, Inc. 1991 Stock Incentive Plan as provided therein,
under Section 6(g) of the First Bank System, Inc. 1996 Stock Incentive Plan as
provided therein and under Section 6(g) of the U.S. Bancorp 1997 Stock Incentive
Plan as provided therein) shall be deemed to include a provision entitling the
optionee to a further Non-Qualified Stock Option (a "Non-Employee Director
Reload Option") in the event the optionee exercises such an Option, in whole or
in part, by surrendering other Shares in accordance with this Section 6(g)
(including any predecessor provision under the First Bank System, Inc. 1991
Stock Incentive Plan, the First Bank System, Inc. 1996 Stock Incentive Plan or
the U.S. Bancorp 1997 Stock Incentive Plan) and the terms of the Option and/or
when shares of the Company's Common Stock are delivered or withheld as payment
of an amount representing tax obligations in connection with the exercise of an
option. Any such Non- Employee Director Reload Option (i) shall be for a number
of Shares equal to the sum of (x) the number of Shares surrendered as part or
all of the exercise price of the Option to which it relates plus (y) the number
of Shares, if any, delivered or withheld as payment of an amount representing
tax obligations in connection with the exercise of the Option to which it
relates; (ii) shall have an expiration date which is the same as the expiration
date of the Option to which it relates; (iii) shall have an exercise price equal
to the Fair Market Value of a Share on the date of exercise of the Option to
which it relates; and (iv) shall be exercisable in full as of the date of grant.
A Non-Employee Director Reload Option may be reloaded under the same terms,
provided that the original Option to which such series of Non-Employee Director
Reload Options relates may be reloaded a maximum of three times. Non-Employee
Director Reload Options shall only be granted to a Director during such
Director's term as a Non-Employee Director. Any such Non-Employee Director
Reload Option shall be subject to availability of sufficient shares for grant
under the Plan.

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Shares surrendered as part or all of the exercise price of the Option to which
it relates that have been owned by the optionee less than six months will not be
counted for purposes of determining the number of Shares that may be purchased
pursuant to a Non-Employee Director Reload Option.

                  All grants of Non-Qualified Stock Options pursuant to this
Section 6(g) shall be automatic and non-discretionary and shall be made strictly
in accordance with the foregoing terms and the following additional provisions:

                  (i) Non-Qualified Stock Options granted to a Non-Employee
         Director hereunder shall terminate and may no longer be exercised if
         such Director ceases to be a Non-Employee Director of the Company,
         except that:

                           (A) If such Director's term shall be terminated for
                  any reason other than gross and willful misconduct, death,
                  disability, or retirement, such Director may at any time
                  within a period of three months after such termination, but
                  not after the termination date of the Option, exercise the
                  Option.

                           (B) If such Director's term shall be terminated by
                  reason of gross and willful misconduct during the course of
                  the term, including but not limited to, wrongful appropriation
                  of funds of the Company or the commission of a gross
                  misdemeanor or felony, the Option shall be terminated as of
                  the date of the misconduct.

                           (C) If such Director's term shall be terminated by
                  reason of disability or retirement, such Director may exercise
                  the Option in accordance with the terms thereof as though such
                  termination had never occurred. If such Director shall die
                  following any such termination, the Option may be exercised in
                  accordance with its terms by the personal representatives or
                  administrators of such Director or by any person or persons to
                  whom the Option has been transferred by will or the applicable
                  laws of descent and distribution.

                           (D) If such Director shall die while a Director of
                  the Company or within three months after termination of such
                  Director's term for any reason other than disability or
                  retirement or gross and willful misconduct, the Option may be
                  exercised in accordance with its terms by the personal
                  representatives or administrators of such Director or by any
                  person or persons to whom the Option has been transferred by
                  will or the applicable laws of descent and distribution.

                                      -12-

<PAGE>

                  (ii) Non-Qualified Stock Options granted to Non-Employee
         Directors may be exercised in whole or in part from time to time by
         serving written notice of exercise on the Company at its principal
         executive offices, to the attention of the Company's Secretary. The
         notice shall state the number of shares as to which the Option is being
         exercised and be accompanied by payment of the purchase price. A
         Non-Employee Director may, at such Director's election, pay the
         purchase price by check payable to the Company, by promissory note, or
         in shares of the Company's Common Stock, or in any combination thereof
         having a Fair Market Value on the exercise date equal to the applicable
         exercise price. If payment or partial payment is made by promissory
         note, such note shall be a full recourse note and shall (A) be secured
         by the Shares to be delivered upon exercise of such Option, (B) be
         limited in principal amount to the maximum amount permitted under
         applicable laws, rules and regulations, (C) be for a term of six years
         and (D) bear interest at the applicable federal rate (as determined in
         accordance with Section 1274(d) of the Code), compounded semi-annually.

                  (iii) In order for a Non-Employee Director to satisfy
         obligations under tax laws in connection with an Option granted
         pursuant to this Section 6(g) (including any predecessor provision
         under the First Bank System, Inc. 1991 Stock Incentive Plan, the First
         Bank System, Inc. 1996 Stock Incentive Plan and the U.S. Bancorp 1997
         Stock Incentive Plan), such Director may (A) elect to have the Company
         withhold a portion of the Shares otherwise to be delivered upon
         exercise of such Option with a Fair Market Value equal to the amount of
         such taxes (an "Election") or (B) deliver to the Company Shares other
         than Shares issuable upon exercise of such Option with a Fair Market
         Value equal to the amount of such taxes. An Election, if any, must be
         made on or before the date that the amount of tax to be withheld is
         determined.

SECTION 7.  AMENDMENT AND TERMINATION; ADJUSTMENTS.

                  Except to the extent prohibited by applicable law and unless
otherwise expressly provided in an Award Agreement or in the Plan:

                  (a) AMENDMENTS TO THE PLAN. The Board of Directors of the
Company may amend, alter, suspend, discontinue or terminate the Plan at any time
and from time to time; PROVIDED, HOWEVER, that, notwithstanding any other
provision of the Plan or any Award Agreement, without the approval of the
stockholders of the Company, no such amendment, alteration, suspension,
discontinuation or termination shall be made that, absent such approval:

                                      -13-

<PAGE>

                  (i) would violate the rules or regulations of the New
         York Stock Exchange, any other securities exchange or the
         National Association of Securities Dealers, Inc. that are
         applicable to the Company; or

                  (ii) would cause the Company to be unable, under the
         Code, to grant Incentive Stock Options under the Plan.

                  (b) AMENDMENTS TO AWARDS. Except as otherwise explicitly
provided herein, the Committee may waive any conditions of or rights of the
Company under any outstanding Award, prospectively or retroactively. The
Committee may not amend, alter, suspend, discontinue or terminate any
outstanding Award, prospectively or retroactively, without the consent of the
Participant or holder or beneficiary thereof, except as otherwise herein
provided. Except as provided in Section 7(c) hereof, no Option may be amended to
reduce its initial exercise price and no Option shall be canceled and replaced
with an Option or Options having a lower exercise price without the approval of
the stockholders of the Company.

                  (c) ADJUSTMENTS. In the event that any dividend or other
distribution (whether in the form of cash, Shares, other securities or other
property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange
of Shares or other securities of the Company or other similar corporate
transaction or event affecting the Shares would be reasonably likely to result
in the diminution or enlargement of any of the benefits or potential benefits
intended to be made available under the Plan or under an Award (including,
without limitation, the benefits or potential benefits of provisions relating to
the term, vesting or exercisability of any Option, the availability of any
tandem stock appreciation rights or "reload" option rights, if any, contained in
any Option Award, and any "change in control" or similar provisions of any
Award), the Committee shall, in such manner as it shall deem equitable or
appropriate in order to prevent such diminution or enlargement of any such
benefits or potential benefits, adjust any or all of (i) the number and type of
Shares (or other securities or other property) which thereafter may be made the
subject of Awards, (ii) the number and type of Shares (or other securities or
other property) subject to outstanding Awards and (iii) the purchase or exercise
price with respect to any Award; PROVIDED, HOWEVER, that the number of Shares
covered by any Award or to which such Award relates shall always be a whole
number.

                  (d) CORRECTION OF DEFECTS, OMISSIONS AND INCONSISTENCIES. The
Committee may correct any defect, supply any omission or reconcile any
inconsistency in the Plan or any Award in the manner and to the extent it shall
deem desirable to carry the Plan into effect.

                                      -14-

<PAGE>

SECTION 8.  INCOME TAX WITHHOLDING.

                  In order to comply with all applicable federal, state or local
income tax laws or regulations, the Company may take such action as it deems
appropriate to ensure that all applicable federal, state or local payroll,
withholding, income or other taxes, which are the sole and absolute
responsibility of a Participant, are withheld or collected from such
Participant. In order to assist a Participant in paying all federal and state
taxes to be withheld or collected upon exercise or receipt of (or the lapse of
restrictions relating to) an Award, the Committee, in its discretion and subject
to such additional terms and conditions as it may adopt, may permit the
Participant to satisfy such tax obligation by (i) electing to have the Company
withhold a portion of the Shares otherwise to be delivered upon exercise or
receipt of (or the lapse of restrictions relating to) such Award with a Fair
Market Value equal to the amount of such taxes (but only to the extent of the
minimum amount required to be withheld under applicable laws or regulations) or
(ii) delivering to the Company Shares other than Shares issuable upon exercise
or receipt of (or the lapse of restrictions relating to) such Award with a Fair
Market Value equal to the amount of such taxes (but only to the extent of the
minimum amount required to be withheld under applicable laws or regulations).
The election, if any, must be made on or before the date that the amount of tax
to be withheld is determined.

SECTION 9.  GENERAL PROVISIONS.

                  (a) NO RIGHTS TO AWARDS. Except as otherwise provided in
Section 6(g) of the Plan, no Eligible Person, Participant or other Person shall
have any claim to be granted any Award under the Plan, and there is no
obligation for uniformity of treatment of Eligible Persons, Participants or
holders or beneficiaries of Awards under the Plan. The terms and conditions of
Awards need not be the same with respect to different Participants.

                  (b) DELEGATION. The Committee may delegate to one or more
officers of the Company or any Affiliate or a committee of such officers, but
only to the extent such officer or officers are also members of the Board of
Directors of the Company, the authority, subject to such terms and limitations
as the Committee shall determine, to grant Awards to Eligible Persons who are
not officers or directors of the Company for purposes of Section 16 of the
Securities Exchange Act of 1934, as amended.

                  (c) AWARD AGREEMENTS. No Participant will have rights under an
Award granted to such Participant unless and until an Award Agreement shall have
been duly executed on behalf of the Company.

                  (d) NO LIMIT ON OTHER COMPENSATION ARRANGEMENTS. Nothing
contained in the Plan shall prevent the Company or any Affiliate from adopting
or continuing in

                                      -15-

<PAGE>

effect other or additional compensation arrangements, and such arrangements may
be either generally applicable or applicable only in specific cases.

                  (e) NO RIGHT TO EMPLOYMENT, ETC. The grant of an Award shall
not be construed as giving a Participant the right to be retained in the employ,
or as giving a Non-Employee Director the right to continue as a Director, of the
Company or any Affiliate. In addition, the Company or an Affiliate may at any
time dismiss a Participant from employment, or terminate the term of a
Non-Employee Director, free from any liability or any claim under the Plan,
unless otherwise expressly provided in the Plan or in any Award Agreement.

                  (f) GOVERNING LAW. The validity, construction and effect of
the Plan and any rules and regulations relating to the Plan shall be determined
in accordance with the laws of the State of Minnesota.

                  (g) SEVERABILITY. If any provision of the Plan or any Award is
or becomes or is deemed to be invalid, illegal or unenforceable in any
jurisdiction or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, 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 of the Plan or the Award, such provision shall be stricken as to such
jurisdiction or Award, and the remainder of the Plan or any such Award shall
remain in full force and effect.

                  (h) NO TRUST OR FUND CREATED. Neither the Plan nor any Award
shall 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 an Award, such right
shall be no greater than the right of any unsecured general creditor of the
Company or any Affiliate.

                  (i) NO FRACTIONAL SHARES. No fractional Shares shall be issued
or delivered pursuant to the Plan or any Award, and the Committee shall
determine whether cash shall be paid in lieu of any fractional Shares or whether
such fractional Shares or any rights thereto shall be canceled, terminated or
otherwise eliminated.

                  (j) 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.

                  (k) SECTION 16 COMPLIANCE. The Plan is intended to comply in
all respects with Rule 16b-3 or any successor provision, as in effect from time
to time and in all

                                      -16-
<PAGE>

events the Plan shall be construed in accordance with the requirements of
Rule 16b-3. If any Plan provision does not comply with Rule 16b-3 as
hereafter amended or interpreted, the provision shall be deemed inoperative.
The Board of Directors, in its absolute discretion, may bifurcate the Plan so
as to restrict, limit or condition the use of any provision of the Plan with
respect to persons who are officers or directors subject to Section 16 of the
Securities and Exchange Act of 1934, as amended, without so restricting,
limiting or conditioning the Plan with respect to other Participants.

SECTION 10.  EFFECTIVE DATE OF THE PLAN.

                  The Plan shall be effective as of the date of approval by the
stockholders of the Company in accordance with applicable law.

SECTION 11.  TERM OF THE PLAN.

                  New Awards shall only be granted under the Plan during a
10-year period beginning on the effective date of the Plan. However, unless
otherwise expressly provided in the Plan or in an applicable Award Agreement,
any Award theretofore granted may extend beyond the end of such 10-year period,
and the authority of the Committee provided for hereunder with respect to the
Plan and any Awards, and the authority of the Board of Directors of the Company
to amend the Plan, shall extend beyond the end of such period.

                                      -17-<PAGE>

                                  COMPOSITE COPY
                       As Amended Through January 19, 2000

                                   U.S. BANCORP
                             EXECUTIVE DEFERRAL PLAN
                                 (1992 STATEMENT)

<PAGE>

                                   U.S. BANCORP
                             EXECUTIVE DEFERRAL PLAN
                                 (1992 STATEMENT)

                                TABLE OF CONTENTS

                                                                          PAGE

SECTION 1.   INTRODUCTION.................................................  1

             1.1.   Statement of Plan
             1.2.   Definitions
                    1.2.1.    Account
                    1.2.2.    Affiliate
                    1.2.3.    Annual Valuation Date
                    1.2.4.    Beneficiary
                    1.2.5.    Change in Control
                    1.2.6.    Earliest Retirement Age
                    1.2.7.    Effective Date
                    1.2.8.    Employer
                    1.2.9.    Event of Maturity
                    1.2.10.   USB
                    1.2.11.   Normal Retirement Age
                    1.2.12.   Participant
                    1.2.13.   Plan
                    1.2.14.   Plan Statement
                    1.2.15.   Plan Year
                    1.2.16.   Principal Sponsor
                    1.2.17.   Termination of Employment
                    1.2.18.   Valuation Date
                    1.2.19.   Service
             1.3.   Rules of Interpretation

SECTION 2.   PARTICIPATION................................................  4

             2.1.   Participation
             2.2.   Enrollment
             2.3.   Specific Exclusion

                                        -i-

<PAGE>

SECTION 3.   ADJUSTMENT OF ACCOUNTS.......................................  5

             3.1.   Establishment of Accounts
             3.2.   Adjustments of Accounts
                    3.2.1.    Intermediate Distributions Subtraction
                    3.2.2.    Investment Addition
                    3.2.3.    Deferral Addition
                    3.2.4.    Final Distributions Subtraction

SECTION 4.   VESTING OF ACCOUNT...........................................  6

SECTION 5.   MATURITY.....................................................  6

             5.1.   Events of Maturity
             5.2.   Effect of Maturity upon Further Participation in Plan

SECTION 6.   DISTRIBUTION.................................................  7

             6.1.   Form of Distribution
                    6.1.1.    Form of Distribution
                    6.1.2.    Time of Payment
                    6.1.3.    Installment Amounts
                    6.1.4.    Default
             6.2.   Previously Scheduled Distribution
                    6.2.1.    Enrolling for the Distribution
                    6.2.2.    Scheduled Distribution
             6.3.   Hardship Distributions
                    6.3.1.    When Available
                    6.3.2.    Purposes
                    6.3.3.    Limitations
                    6.3.4.    Forfeiture
             6.4.   Change in Control Distributions
                    6.4.1.    When Available
                    6.4.2.    Limitations
                    6.4.3.    Forfeiture
             6.5.   Acceleration of Annual Installments
                    6.5.1.    When Available
                    6.5.2.    Forfeiture
             6.6.   Designation of Beneficiaries
                    6.6.1.    Right to Designate
                    6.6.2.    Failure of Designation
                    6.6.3.    Disclaimers by Beneficiaries
                    6.6.4.    Definitions

                                   -ii-

<PAGE>

                    6.6.5.    Special Rules
                    6.6.6.    No Spousal Rights
             6.7.   Death Prior to Full Distribution
             6.8.   Facility of Payment

SECTION 7.   FUNDING OF PLAN.............................................. 14

             7.1.   Unfunded Agreement
             7.2.   Spendthrift Provision

SECTION 8.   AMENDMENT AND TERMINATION.................................... 15

SECTION 9.   DETERMINATIONS -- RULES AND REGULATIONS...................... 15

             9.1.   Determinations
             9.2.   Rules and Regulations
             9.3.   Method of Executing Instruments
             9.4.   Claims Procedure
                    9.4.1.    Original Claim
                    9.4.2.    Claims Review Procedure
                    9.4.3.    General Rules
             9.5.   Information Furnished by Participants

SECTION 10.  PLAN ADMINISTRATION.......................................... 17

             10.1.  Employer
                    10.1.1.   Officers
                    10.1.2.   Chief Executive Officer
                    10.1.3.   Board of Directors
             10.2.  Conflict of Interest
             10.3.  Administrator
             10.4.  Service of Process

SECTION 11.  DISCLAIMERS.................................................. 18

             11.1.  Term of Employment
             11.2.  Source of Payment
             11.3.  Delegation

APPENDIX A -- CHANGE IN CONTROL DEFINITIONS............................... A-1

                                   -iii-

<PAGE>

                                 U.S. BANCORP
                            EXECUTIVE DEFERRAL PLAN
                                (1992 STATEMENT)

                                   SECTION 1

                                  INTRODUCTION

1.1.    STATEMENT OF PLAN.  Effective January 1, 1992, FIRST BANK SYSTEM,
INC, a Delaware corporation (hereinafter sometimes referred to as "Principal
Sponsor") hereby creates a nonqualified, unfunded, elective deferral plan for
the purpose of allowing a select group of management and highly compensated
employees of the Principal Sponsor and other Employers to defer the receipt
of incentive compensation which would otherwise be paid to those employees.

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

        1.2.1.  ACCOUNT -- the separate bookkeeping account representing the
unfunded and unsecured general obligation of Principal Sponsor established
with respect to each Participant to which is credited the dollar amounts
specified in Section 3 and from which are subtracted payments and forfeitures
made pursuant to Section 6.  To the extent necessary to accommodate and
effect the distribution elections made by Participants pursuant to Section 2,
separate bookkeeping sub-accounts shall be established with respect to each
of the several annual deferral elections made by Participants.

        1.2.2.  AFFILIATE -- a business entity which is affiliated in
ownership with the Principal Sponsor or an Employer and is recognized as an
Affiliate by the Principal Sponsor for the purposes of this Plan.

        1.2.3.  ANNUAL VALUATION DATE -- each December 31.

        1.2.4.  BENEFICIARY -- a person designated by a Participant (or
automatically by operation of this Plan Statement) to receive all or a part
of the Participant's Account in the event of the Participant's death prior to
full distribution thereof.  A person so designated shall not be considered a
Beneficiary until the death of the Participant.

        1.2.5.  CHANGE IN CONTROL -- The definition of Change in Control, as
well as certain other definitions relating to Change in Control used herein,
appear in Appendix A to this Plan Statement.

        1.2.6.  EARLIEST RETIREMENT AGE -- the earlier of:

<PAGE>

                 (i)  the earliest date that a Participant who is at least age
                      fifty-five (55) years has a sum of his or her age (in
                      whole years) and Service (also in whole years) that
                      equals at least sixty-five (65), or

                (ii)  the date a Participant attains Normal Retirement Age.

        1.2.7.  EFFECTIVE DATE -- January 1, 1992.

        1.2.8.  EMPLOYER -- the Principal Sponsor and any business entity
affiliated with the Principal Sponsor that employs persons who are designated
for participation in this Plan.

        1.2.9.  EVENT OF MATURITY -- any of the occurrences described in
Section 5 by reason of which a Participant or Beneficiary may become entitled
to a distribution from the Plan.

        1.2.10. USB -- U.S. BANCORP, a Delaware corporation, or any successor
thereto.

        1.2.11. NORMAL RETIREMENT AGE -- the last day of the calendar month
in which a Participant attains age sixty-five (65) years.

        1.2.12. PARTICIPANT -- an employee of the Employer who is designated
as eligible to participate in this Plan by the Organization Committee of the
Board of Directors and elects to participate in accordance with the terms of
this Plan and becomes a Participant in the Plan in accordance with the
provisions of Section 2.  An employee shall not be eligible to become a
Participant unless the employee is a member of a select group of management
or highly compensated employees.  No employee is presumed or automatically
eligible to participate in this Plan.  An employee who has become a
Participant shall be considered to continue as a Participant in the Plan
until the date of the Participant's death or, if earlier, the date when the
Participant is no longer employed by an Employer or an Affiliate and upon
which the Participant no longer has any Account under the Plan (that is, the
Participant has received a distribution of all of the Participant's Account).

        1.2.13. PLAN -- the nonqualified, income deferral program maintained
by the Principal Sponsor established for the benefit of Participants eligible
to participate therein, as set forth in this Plan Statement.  (As used
herein, "Plan" does not refer to the documents pursuant to which the Plan is
maintained. Those documents are referred to herein as the "Plan Statement").
The Plan shall be referred to as the "U.S. BANCORP EXECUTIVE DEFERRAL PLAN."

        1.2.14. PLAN STATEMENT -- this document entitled "U.S. BANCORP
EXECUTIVE DEFERRAL PLAN (1992 Statement)" as adopted by the Organization
Committee of the Board of Directors of U.S. BANCORP effective as of January
1, 1992, as the same may be amended from time to time thereafter.

        1.2.15. PLAN YEAR -- the twelve (12) consecutive month period ending
on any Annual Valuation Date.

                                      -2-

<PAGE>

        1.2.16. PRINCIPAL SPONSOR -- U.S. BANCORP, a Delaware corporation.

        1.2.17. TERMINATION OF EMPLOYMENT -- a complete severance of an
employee's employment relationship with the Employer and all Affiliates, if
any, for any reason other than the employee's death.  A transfer from
employment with the Employer to employment with an Affiliate of the Employer
shall not constitute a Termination of Employment.  If an Employer who is an
Affiliate ceases to be an Affiliate because of a sale of substantially all
the stock or assets of the Employer, then Participants who are employed by
that Employer and who cease to be employed by the Principal Sponsor or an
Employer on account of the sale of substantially all the stock or assets of
the Employer shall be deemed to have thereby had a Termination of Employment
for the purpose of commencing distributions from this Plan.

        1.2.18. VALUATION DATE -- the last day of each calendar month of the
Plan Year.

        1.2.19. SERVICE -- a measure of an employee's service with the
Employer and all Affiliates (stated as a number of years) which is equal to
the number of years of "Vesting Service" determined under the rules of the
"U.S. Bancorp Personal Retirement Account" (or any similar successor plan) as
those rules may exist at the time the Participant's Service is being
determined.

1.3.    RULES OF INTERPRETATION.  An individual shall be considered to have
attained a given age on such individual's birthday for that age (and not on
the day before).  Individuals born on February 29 in a leap year shall be
considered to have their birthdays on February 28 in each year that is not a
leap year. Notwithstanding any other provision of this Plan Statement or any
election or designation made under the Plan, any individual who feloniously
and intentionally kills a Participant or Beneficiary shall be deemed for all
purposes of this Plan and all elections and designations made under this Plan
to have died before such Participant or Beneficiary.  A final judgment of
conviction of felonious and intentional killing is conclusive for the
purposes of this section.  In the absence of a conviction of felonious and
intentional killing, the Principal Sponsor shall determine whether the
killing was felonious and intentional for the purposes of this section.
Whenever appropriate, words used herein in the singular may be read in the
plural, or words used herein in the plural may be read in the singular; the
masculine may include the feminine; and the words "hereof," "herein" or
"hereunder" or other similar compounds of the word "here" shall mean and
refer to this entire Plan Statement and not to any particular paragraph or
section of this Plan Statement unless the context clearly indicates to the
contrary.  The titles given to the various sections of this Plan Statement
are inserted for convenience of reference only and are not part of this Plan
Statement, and they shall not be considered in determining the purpose,
meaning or intent of any provision hereof.  This Plan Statement shall be
construed and this Plan shall be administered to create an unfunded plan
providing deferred compensation to a select group of management or highly
compensated employees so that it is exempt from the requirements of Parts 2,
3 and 4 of Title I of ERISA and qualifies for a form of simplified,
alternative compliance with the reporting and disclosure requirements of Part
1 of Title I of ERISA.  Any reference in this Plan Statement to a statute or
regulation shall be considered also to mean and refer to any subsequent
amendment or replacement of that statute or regulation.  This document has
been executed and delivered in the

                                      -3-

<PAGE>

State of MINNESOTA and has been drawn in conformity to the laws of that State
and shall be construed and enforced in accordance with the laws of the State
of MINNESOTA.

                                     SECTION 2

                                   PARTICIPATION

2.1.    PARTICIPATION.  Each employee of the Employer designated by the
Organization Committee of the Board of Directors as eligible to enroll in
this Plan shall be a participant in the Plan as of the first day of the Plan
Year with respect to which the employee first enrolls as Participant.
Employees shall be designated as eligible to enroll on a Plan Year by Plan
Year basis. Eligibility to enroll one Plan Year does not entitle the employee
to enroll the next Plan Year.

2.2.    ENROLLMENT.  Prior to the first day of any Plan Year, an employee who
has been designated as eligible to enroll may make an enrollment for that
Plan Year.  A separate enrollment shall be made for each Plan Year.  Each
such enrollment:

        (a)     Shall be irrevocable for the remainder of the Plan Year with
                respect to which it is made once it has been accepted by the
                Principal Sponsor.

        (b)     Shall designate the amount or portion of the Participant's
                incentive compensation or base compensation or both which is
                earned during that Plan Year (without regard to whether it would
                be paid during that or a subsequent Plan Year)  which shall not
                be paid to the Participant but instead shall be accumulated in
                this Plan under Section 3 and distributed from this Plan under
                Section 6.  The amount or portion may be designed as a dollar
                amount or a percentage.  The amount or portion of the base
                compensation that can be designated shall not exceed fifty
                percent (50%) of the Participant's base compensation.

        (c)     Shall specify the form in which distribution of the portion of
                the Account attributable to that enrollment shall be made under
                Section 6 upon the occurrence of an Event of Maturity (and if
                such designation is not clearly made to the contrary shall be
                deemed to have been an election of a single lump sum
                distribution).

        (d)     Shall specify whether and what amount of the Account
                attributable to that enrollment shall be distributed before an
                Event of Maturity in accordance with Section 6.2.

        (e)     Shall be made upon forms furnished by the Principal Sponsor,
                shall be made at such time as the Principal Sponsor shall
                determine, shall be made before

                                      -4-

<PAGE>

                the beginning of the Plan Year with respect to which it is made
                and shall conform to such other procedural and substantive
                rules as the Principal Sponsor shall make.

2.3.    SPECIFIC EXCLUSION.  Notwithstanding anything apparently to the
contrary in this Plan Statement or in any written communication, summary,
resolution or document or oral communication, no individual shall be a
Participant in this Plan, develop benefits under this Plan or be entitled to
receive benefits under this Plan (either for himself or herself or his or her
survivors) unless such individual is a member of a select group of management
or highly compensated employees (as that expression is used in ERISA).  If a
court of competent jurisdiction, any representative of the U.S. Department of
Labor or any other governmental, regulatory or similar body makes any direct
or indirect, formal or informal, determination that an individual is not a
member of a select group of management or highly compensated employees (as
that expression is used in ERISA), such individual shall not be (and shall
not have ever been) a Participant in this Plan at any time. If any person not
so defined has been erroneously treated as a  Participant in this Plan, upon
discovery of such error such person's erroneous participation shall
immediately terminate AB INITIO and the Employer shall distribute the
individual's Account immediately.

                                     SECTION 3

                               ADJUSTMENT OF ACCOUNTS

3.1.    ESTABLISHMENT OF ACCOUNTS.  There shall be established for each
Participant an unfunded, bookkeeping Account which shall be adjusted each
Valuation Date.

3.2.    ADJUSTMENTS OF ACCOUNTS.  As of each Valuation Date (the "current
Valuation Date"), the value of each Account determined as of the immediately
preceding Valuation Date (the "initial Account value") shall be increased (or
decreased) by the following adjustments made in the following sequence:

        3.2.1.  INTERMEDIATE DISTRIBUTIONS SUBTRACTION.  The initial Account
value shall be reduced by the total amount distributed in fact to (or with
respect to) the Participant (or forfeited in connection with a distribution)
from such Account as of a date subsequent to the immediately preceding
Valuation Date but prior to the current Valuation Date.

        3.2.2.  INVESTMENT ADDITION.  The initial Account value (as adjusted
above) shall be increased by interest.

        (a)     The rate shall be determined from time to time by the Principal
                Sponsor.  Except as provided in Section 8, the rate may be
                changed by the Principal Sponsor by amendment of the Plan
                Statement without notice to or the consent of any Participant,
                former Participant or any Beneficiary.

                                      -5-

<PAGE>

        (b)     Beginning January 1, 1992, the rate for each month shall be
                determined annually for each Plan Year and shall be equal to the
                monthly equivalent of one hundred percent (100%) of the 10-year
                Treasury Note 120 month rolling average (as established on the
                September 30 of the preceding Plan Year).

        (c)     This rate shall be uniform for all Participants for the same
                Valuation Date but may change from Valuation Date to Valuation
                Date.

        3.2.3.  DEFERRAL ADDITION.  The initial Account value (as adjusted
above) shall be increased by the total amount of incentive compensation, if
any, which would have been paid to the Participant  as of a date subsequent
to the immediately preceding Valuation Date but prior to or coincident with
the current Valuation Date but for the enrollment agreement signed by the
Participant pursuant to Section 2.

        3.2.4.  FINAL DISTRIBUTIONS SUBTRACTION.  The initial Account value
(as adjusted above) shall be reduced by the total amount distributed in fact
to (or with respect to) the Participant (or forfeited in connection with a
distribution) from such Account as of the current Valuation Date.

                                     SECTION 4

                                 VESTING OF ACCOUNT

Except as provided in Section 6.2 and Section 6.4 (relating to the forfeiture
for hardship or  Change in Control distributions) and Section 8 (relating to
the ability to amend the Plan Statement and terminate the Plan), the Account
of each Participant shall be fully (100%) vested and nonforfeitable at all
times.

                                     SECTION 5

                                      MATURITY

5.1.    EVENTS OF MATURITY.  A Participant's Account shall mature and shall
become distributable in accordance with Section 6 upon the earliest
occurrence of any of the following events while in the employment of the
Employer or an Affiliate:

        (a)     his or her death, or

        (b)     his or her Termination of Employment from the Employer, or

        (c)     termination of the Plan;

                                      -6-

<PAGE>

provided, however, that a termination of the opportunity to make an
enrollment by action of the Organization Committee of the Board of Directors
pursuant to Section 2 or a transfer of employment to an Affiliate that is not
an Employer shall not constitute an Event of Maturity.

5.2.    EFFECT OF MATURITY UPON FURTHER PARTICIPATION IN PLAN.  On the
occurrence of an Event of Maturity, a Participant shall cease to have any
interest in the Plan other than the right to receive payment of his or her
Account as provided in Section 6 hereof, adjusted from time to time as
provided in Section 3.

                                     SECTION 6

                                    DISTRIBUTION

6.1.    FORM OF DISTRIBUTION.  Upon the occurrence of an Event of Maturity
effective as to a Participant, the Principal Sponsor shall commence payment
of such Participant's Account (reduced by the amount of any applicable
payroll, withholding and other taxes) in the form designated by the
Participant in his or her enrollment.  A Participant shall not be required to
make application to receive payment.  Distribution shall not be made to any
Beneficiary, however, until such Beneficiary shall have filed a written
application for benefits in a form acceptable to the Principal Sponsor and
such application shall have been approved by the Principal Sponsor.

        6.1.1.  FORM OF DISTRIBUTION.  Distribution shall be made in
whichever of the following forms as the Participant shall have designated in
writing at the time of his or her enrollment (to the extent that such
election is consistent with the rules of this Plan Statement):

        (a)     TERM CERTAIN INSTALLMENTS TO PARTICIPANT.  If the Distributee is
                a Participant, the Account at the Termination of Employment is
                at least Twenty Thousand Dollars ($20,000) and the Participant
                had attained Earliest Retirement Age at the Termination of
                Employment, in a series of annual installments payable over
                fifteen (15) years.  (For the purpose of applying this dollar
                limitation, all portions of the Account distributable in fifteen
                annual installments shall be considered together notwithstanding
                that such amounts may have been attributable to enrollments
                relating to more than one Plan Year.)

        (b)     CONTINUED TERM CERTAIN INSTALLMENTS TO BENEFICIARY.  If the
                Distributee is a Beneficiary of a deceased Participant and
                distribution had commenced to the deceased Participant before
                his or her death over a fifteen (15)  year period as specified
                in paragraph (a) above, in a series of annual installments
                payable over the remainder of the fifteen (15) year period.

                                      -7-

<PAGE>

        (c)     LUMP SUM.  If the Distributee is a Participant, in a single lump
                sum.  If the Distributee is a Beneficiary of a deceased
                Participant and distribution had not commenced to the deceased
                Participant before his or her death, in a single lump sum
                payment.

        6.1.2.  TIME OF PAYMENT.  Payment shall be made or commenced to a
Participant in accordance with the following rules:

        (a)     RETIREMENT.  If the Participant's Termination of Employment is
                on a date on or after the Participant's Earliest Retirement Age,
                payment shall be made or commenced as of the Annual Valuation
                Date coincident with or immediately following the Participant's
                Termination of Employment and shall be made or commenced as soon
                as practicable after such Annual Valuation Date.

        (b)     DEATH.  If the payment is made or commenced on account of the
                Participant's death, payment shall be made or commenced as of
                the Annual Valuation Date coincident with or immediately
                following the Participant's Termination of Employment and shall
                be made or commenced as soon as practicable after such Annual
                Valuation Date.

        (c)     OTHER.  In all other cases, payment to the Participant shall be
                made as of the second Valuation Date subsequent to the
                Participant's Termination of Employment and shall be made as
                soon as practicable after such second Valuation Date.

        (d)     CODE SECTION 162(m) DELAY.  If the Principal Sponsor determines
                that delaying the time of the initial payments are made or
                commenced would increase the probability that such payments
                would be fully deductible for federal or state income tax
                purposes, the Principal Sponsor may unilaterally delay the time
                of the making or commencement of payments for up to twenty-four
                (24) months after the date such payments would otherwise be
                payable.

        6.1.3.  INSTALLMENT AMOUNTS.  The amount of the annual installments
shall be  determined by dividing the amount of the Account as of the Annual
Valuation Date as of which the installment is being paid by the number of
remaining installment payments to be made (including the payment being
determined).

        6.1.4.  DEFAULT.  If for any reason a Participant shall have failed
to make a timely written designation of form for distribution (including
reasons entirely beyond the control of the Participant), the distribution
shall be made in a single lump sum.  No spouse, former spouse, Beneficiary or
other person shall have any right to participate in the Participant's
selection of a form of benefit.

                                      -8-

<PAGE>

6.2.    PREVIOUSLY SCHEDULED DISTRIBUTION.

        6.2.1.  ENROLLING FOR THE DISTRIBUTION.  At the time of enrollment
for each Plan Year, each enrolling Participant shall have the opportunity to
elect to cause the Plan to make a scheduled distribution to the Participant
from the Account of a fixed dollar amount or percentage of Account (not less
than $2,000) as of an Annual Valuation Date designated by the Participant in
the enrollment which distribution shall be made as soon as practicable after
such Annual Valuation Date.  The failure to make such a scheduled
distribution election one Plan Year shall not preclude an election in a
subsequent Plan Year.  Making a scheduled distribution election for one Plan
Year shall not require any such election in a subsequent Plan Year.  The
scheduled distribution election that is made with each Plan Year's enrollment
shall relate only to the portion of the Account that is attributable to that
Plan Year's deferrals.

        6.2.2.  SCHEDULED DISTRIBUTION.  As of the Annual Valuation Date
designated by the Participant in his or her enrollment, there shall be
distributed from the Account to the Participant such amount as the
Participant shall have elected to receive from the Account when the
Participant enrolled. Notwithstanding the dollar amount designated by the
Participant in his or her enrollment, if a scheduled distribution is required
as of an Annual Valuation Date and the value of the portion of the Account
that is attributable to the Plan Year's deferrals on such Annual Valuation
Date is less than Five Thousand Dollars ($5,000) the entire Account
attributable to that Plan Year's deferrals shall be distributed.  In no event
shall such scheduled distributions occur after the death of the Participant
or after any other Event of Maturity with respect to the Participant.  In no
event shall such scheduled distributions made pursuant to an enrollment for a
Plan Year exceed the Account attributable to that Plan Year.

6.3.    HARDSHIP DISTRIBUTIONS.

        6.3.1.  WHEN AVAILABLE.  A Participant may receive a hardship
distribution from his or her Account if the Principal Sponsor determines that
such hardship distribution is for a purpose described in Section 6.3.2 and
the conditions in Section 6.3.3 and Section 6.3.4 have been fulfilled.  To
receive such a distribution, the Participant must file a written hardship
distribution application with the Principal Sponsor and furnish such
documentation as the Principal Sponsor may require.  In the application, the
Participant shall specify the basis for the distribution and the dollar
amount to be distributed. If such hardship distribution is approved by the
Principal Sponsor, distribution shall be made as of the Valuation Date
coincident with or next following the approval of a completed application by
the Principal Sponsor and such hardship distribution shall be made in a lump
sum cash payment as soon as administratively feasible after such Valuation
Date.  The amount of each hardship distribution shall be taken from the
portion of the Account attributable to the earliest enrollment (including
related earnings) first.

        6.3.2.  PURPOSES.  Hardship distributions shall be allowed under
Section 6.3.1 only if the Participant establishes that the hardship
distribution is to be made on account of an immediate

                                      -9-

<PAGE>

and heavy financial need of the Participant for which the Participant does
not have other available resources.

        6.3.3.  LIMITATIONS.  The amount of the hardship distribution shall
not exceed the amount of the Participant's proven immediate and heavy
financial need.  A hardship distribution shall not be made after the death of
the Participant or after the occurrence of any other Event of Maturity.  The
amount of approved hardship distribution (and the forfeiture described below)
shall not exceed the value of the Account.

        6.3.4.  FORFEITURE.  Upon the approval of a hardship distribution,
there shall be irrevocably forfeited from the Account of the Participant an
amount equal to ten percent (10%) of the amount approved for distribution.

6.4.    CHANGE IN CONTROL DISTRIBUTIONS.

        6.4.1.  WHEN AVAILABLE.  A Participant or Beneficiary may receive a
distribution of his or her entire Account (after reduction for the forfeiture
described in Section 6.4.3) if a Full Change in Control or a Qualifying
Termination has occurred and the condition in Section 6.4.2 has been
fulfilled (a "Change in Control Distribution").  To receive such a
distribution, the Participant or Beneficiary must file a written distribution
application with the Principal Sponsor.  The Principal Sponsor shall approve
the Change in Control Distribution if such application has been filed and a
Full Change in Control or a Qualifying Termination has occurred.
Distribution of the entire Account (after reduction for the forfeiture
described in Section 6.4.3)  shall be made as of the Valuation Date
coincident with or next following the approval of a completed application by
the Principal Sponsor.  Such distribution shall be made in a lump sum cash
payment as soon as administratively feasible after such Valuation Date.

        6.4.2.  LIMITATIONS.  The amount of approved Change in Control
Distribution (and the forfeiture described below) shall not exceed the value
of the Account.

        6.4.3.  FORFEITURE.  Upon the approval of a Change in Control
Distribution, there shall be irrevocably forfeited from the Account of the
Participant or Beneficiary an amount equal to five percent (5%) of the
Account.

6.5.    ACCELERATION OF ANNUAL INSTALLMENTS.

        6.5.1.  WHEN AVAILABLE.  A Participant or Beneficiary who is
receiving annual installments may receive an accelerated payment of his or
her entire Account (after reduction for the forfeiture described in Section
6.5.2).  To receive such an accelerated payment, the Participant or
Beneficiary must file a written payment application with the Principal
Sponsor.  Payment of the accelerated payment (after reduction for the
forfeiture described in Section 6.5.2)  shall be made as of the Annual
Valuation Date coincident with or next following the approval of a completed
application by the Principal Sponsor. Such accelerated payment shall be made
in a lump sum cash

                                      -10-

<PAGE>

payment as soon as administratively feasible after such Valuation Date.  The
amount of the accelerated payment shall be equal to  the value of the Account
as of such Annual Valuation Date (after reduction for the forfeiture
described below).

        6.5.2.  FORFEITURE.  Upon the approval of an accelerated payment,
there shall be irrevocably forfeited from the Account of the Participant or
Beneficiary an amount equal to ten percent (10%) of the Account.

6.6.    DESIGNATION OF BENEFICIARIES.

        6.6.1.  RIGHT TO DESIGNATE.  Each Participant may designate, upon
forms to be furnished by and filed with the Principal Sponsor, one or more
primary Beneficiaries or alternative Beneficiaries to receive all or a
specified part of such Participant's Account in the event of such
Participant's death.  The Participant may change or revoke any such
designation from time to time without notice to or consent from any
Beneficiary.  No such designation, change or revocation shall be effective
unless executed by the Participant and received by the Principal Sponsor
during the Participant's lifetime.

        6.6.2.  FAILURE OF DESIGNATION.  If a Participant:

        (a)     fails to designate a Beneficiary,

        (b)     designates a Beneficiary and thereafter revokes such designation
                without naming another Beneficiary, or

        (c)     designates one or more Beneficiaries and all such Beneficiaries
                so designated fail to survive the Participant,

such Participant's Account, or the part thereof as to which such
Participant's designation fails, as the case may be, shall be payable to the
first class of the following classes of automatic Beneficiaries with a member
surviving the Participant and (except in the case of surviving issue) in
equal shares if there is more than one member in such class surviving the
Participant:

        Participant's surviving spouse
        Participant's surviving issue per stirpes and not per capita
        Participant's surviving parents
        Participant's surviving brothers and sisters
        Representative of Participant's estate.

        6.6.3.  DISCLAIMERS BY BENEFICIARIES.  A Beneficiary entitled to a
distribution of all or a portion of a deceased Participant's Account may
disclaim an interest therein subject to the following requirements.  To be
eligible to disclaim, a Beneficiary must be a natural person, must not have
received a distribution of all or any portion of the Account at the time such
disclaimer is

                                      -11-

<PAGE>

executed and delivered, and must have attained at least age twenty-one (21)
years as of the date of the Participant's death.  Any disclaimer must be in
writing and must be executed personally by the Beneficiary before a notary
public.  A disclaimer shall state that the Beneficiary's entire interest in
the undistributed Account is disclaimed or shall specify what portion thereof
is disclaimed.  To be effective, duplicate original executed copies of the
disclaimer must be both executed and actually delivered to the Principal
Sponsor after the date of the Participant's death but not later than one
hundred eighty (180) days after the date of the Participant's death.  A
disclaimer shall be irrevocable when delivered to the Principal Sponsor.  A
disclaimer shall be considered to be delivered to the Principal Sponsor only
when actually received by the Principal Sponsor.  The Principal Sponsor shall
be the sole judge of the content, interpretation and validity of a purported
disclaimer.  Upon the filing of a valid disclaimer, the Beneficiary shall be
considered not to have survived the Participant as to the interest
disclaimed.  A disclaimer by a Beneficiary shall not be considered to be a
transfer of an interest in violation of the provisions of Section 6 and shall
not be considered to be an assignment or alienation of benefits in violation
of federal law prohibiting the assignment or alienation of benefits under
this Plan.  No other form of attempted disclaimer shall be recognized by the
Principal Sponsor.

        6.6.4.  DEFINITIONS.  When used herein and, unless the Participant
has otherwise specified in the Participant's Beneficiary designation, when
used in a Beneficiary designation, "issue" means all persons who are lineal
descendants of the person whose issue are referred to, including legally
adopted descendants and their descendants but not including illegitimate
descendants and their descendants; "child" means an issue of the first
generation; "per stirpes" means in equal shares among living children of the
person whose issue are referred to and the issue (taken collectively) of each
deceased child of such person, with such issue taking by right of
representation of such deceased child; and "survive" and "surviving" mean
living after the death of the Participant.

        6.6.5.  SPECIAL RULES.  Unless the Participant has otherwise
specified in the Participant's Beneficiary designation, the following rules
shall apply:

        (a)     If there is not sufficient evidence that a Beneficiary was
                living at the time of the death of the Participant, it shall be
                deemed that the Beneficiary was not living at the time of the
                death of the Participant.

        (b)     The automatic Beneficiaries specified in Section 6.6.2 and the
                Beneficiaries designated by the Participant shall become fixed
                at the time of the Participant's death so that, if a Beneficiary
                survives the Participant but dies before the receipt of all
                payments due such Beneficiary hereunder, such remaining payments
                shall be payable to the representative of such Beneficiary's
                estate.

        (c)     If the Participant designates as a Beneficiary the person who is
                the Participant's spouse on the date of the designation, either
                by name or by relationship, or both, the dissolution, annulment
                or other legal termination of

                                      -12-

<PAGE>

                the marriage between the Participant and such person shall
                automatically revoke such designation. (The foregoing shall
                not prevent the Participant from designating a former spouse as
                a Beneficiary on a form executed by the Participant and
                received by the Principal Sponsor after the date of the legal
                termination of the marriage between the Participant and such
                former spouse, and during the Participant's lifetime.)

        (d)     Any designation of a nonspouse Beneficiary by name that is
                accompanied by a description of relationship to the Participant
                shall be given effect without regard to whether the relationship
                to the Participant exists either then or at the Participant's
                death.

        (e)     Any designation of a Beneficiary only by statement of
                relationship to the Participant shall be effective only to
                designate the person or persons standing in such relationship to
                the Participant at the Participant's death.

A Beneficiary designation is permanently void if it either is executed or is
filed by a Participant who, at the time of such execution or filing, is then
a minor under the law of the state of the Participant's legal residence.  The
Principal Sponsor shall be the sole judge of the content, interpretation and
validity of a purported Beneficiary designation.

        6.6.6.  NO SPOUSAL RIGHTS.  No spouse or surviving spouse of a
Participant and no person designated to be a Beneficiary shall have any
rights or interest in the benefits accumulated under this Plan including, but
not limited to, the right to be the sole Beneficiary or to consent to the
designation of Beneficiaries (or the changing of designated Beneficiaries) by
the Participant.

6.7.    DEATH PRIOR TO FULL DISTRIBUTION.  If, at the death of the
Participant, any payment to the Participant was due or otherwise pending but
not actually paid, the amount of such payment shall be included in the
Account which are payable to the Beneficiary (and shall not be paid to the
Participant's estate).

6.8.    FACILITY OF PAYMENT.  In case of the legal disability, including
minority, of a Participant or Beneficiary entitled to receive any
distribution under the Plan, payment shall be made, if the Principal Sponsor
shall be advised of the existence of such condition:

        (a)     to the duly appointed guardian, conservator or other legal
                representative of such Participant or Beneficiary, or

        (b)     to a person or institution entrusted with the care or
                maintenance of the incompetent or disabled Participant or
                Beneficiary, provided such person or institution has satisfied
                the Principal Sponsor that the payment will be used for the best
                interest and assist in the care of such Participant or
                Beneficiary, and provided further, that no prior claim for said
                payment has been made by

                                      -13-

<PAGE>

                a duly appointed guardian, conservator or other legal
                representative of such Participant or Beneficiary.

Any payment made in accordance with the foregoing provisions of this section
shall constitute a complete discharge of any liability or obligation of the
Principal Sponsor therefor.

                                     SECTION 7

                                  FUNDING OF PLAN

7.1.    UNFUNDED AGREEMENT.  The obligation of the Employer to make payments
under this Plan constitutes only the unsecured (but legally enforceable)
promise of the Employer to make such payments.  The Participant shall have no
lien, prior claim or other security interest in any property of the Employer.
The Employer is not required to establish or maintain any fund, trust or
account (other than a bookkeeping account or reserve) for the purpose of
funding or paying the benefits promised under this Plan.  If such a fund is
established, the property therein shall remain the sole and exclusive
property of the Employer.  The Employer will pay the cost of this Plan out of
its general assets.  All references to accounts, accruals, gains, losses,
income, expenses, payments, custodial funds and the like are included merely
for the purpose of measuring the Employer's obligation to Participants in
this Plan and shall not be construed to impose on the Employer the obligation
to create any separate fund for purposes of this Plan.

If the Employer elects to finance all or a portion of its costs in connection
with this Plan through the purchase of life insurance or other similar
investments, the Participant agrees, as a condition of participation in this
Plan, to cooperate with the Employer in the purchase of such investment to
any extent reasonably required by the Employer and relinquishes any claim he
or she may have either for himself or herself or any beneficiary to the
proceeds of any such investment or any other rights or interests in such
investment.  If a Participant fails or refuses to cooperate, then
notwithstanding any other provision of this Plan Statement (including,
without limiting the generality of the foregoing, Section 4) the Employer
shall distribute the individual's Account immediately and the Participant
shall not be eligible to enroll in the Plan again.

7.2.    SPENDTHRIFT PROVISION.  No Participant or Beneficiary shall have any
interest in any Account which can be transferred nor shall any Participant or
Beneficiary have any power to anticipate, alienate, dispose of, pledge or
encumber the same while in the possession or control of the Employer, nor
shall the Employer recognize any assignment thereof, either in whole or in
part, nor shall any Account be subject to attachment, garnishment, execution
following judgment or other legal process while in the possession or control
of the Employer.

The power to designate Beneficiaries to receive the Account of a Participant
in the event of such Participant's death shall not permit or be construed to
permit such power or right to be exercised by the Participant so as thereby
to anticipate, pledge, mortgage or encumber such Participant's Account

                                      -14-

<PAGE>

or any part thereof, and any attempt of a Participant so to exercise said
power in violation of this provision shall be of no force and effect and
shall be disregarded by the Employer.

This section shall not prevent the Employer from exercising, in its
discretion, any of the applicable powers and options granted to it upon the
occurrence of an Event of Maturity, as such powers may be conferred upon it
by any applicable provision hereof.

                                     SECTION 8

                             AMENDMENT AND TERMINATION

The Principal Sponsor reserves the power to amend the Plan Statement or
terminate the Plan prior to a Full Change in Control.  No such amendment of
the Plan Statement or termination of the Plan, however, shall reduce a
Participant's Account earned as of the date of such amendment unless the
Participant so affected consents in writing to the amendment.  After a Full
Change in Control, the Plan cannot be amended or terminated (as applied to
Participants who are Participants on the date of the Full Change in Control)
unless:

        (a)     all Accounts of all Participants as of the date of the Full
                Change in Control have been paid, or

        (b)     eighty percent (80%) of all the Participants as of the date of
                the Full Change in Control give written consent to such
                amendment or termination.

                                     SECTION 9

                      DETERMINATIONS -- RULES AND REGULATIONS

9.1.    DETERMINATIONS.  The Principal Sponsor shall make such determinations
as may be required from time to time in the administration of the Plan.  The
Principal Sponsor shall have the discretionary authority and responsibility
to interpret and construe the Plan Statement and to determine all factual and
legal questions under the Plan, including but not limited to the entitlement
of Participants and Beneficiaries, and the amounts of their respective
interests. Each interested party may act and rely upon all information
reported to them hereunder and need not inquire into the accuracy thereof,
nor be charged with any notice to the contrary.

9.2.    RULES AND REGULATIONS.  Any rule not in conflict or at variance with
the provisions hereof may be adopted by the Principal Sponsor.

                                      -15-

<PAGE>

9.3.    METHOD OF EXECUTING INSTRUMENTS.  Information to be supplied or
written notices to be made or consents to be given by the Principal Sponsor
pursuant to any provision of this Plan Statement may be signed in the name of
the Principal Sponsor by any officer who has been authorized to make such
certification or to give such notices or consents.

9.4.    CLAIMS PROCEDURE.  The claims procedure set forth in this Section 9.4
shall be the exclusive procedure for the disposition of claims for benefits
arising under the Plan until such time as a Full Change in Control occurs.

        9.4.1.  ORIGINAL CLAIM.  Any employee, former employee or beneficiary
of such employee or former employee may, if he or she so desires, file with
the Principal Sponsor a written claim for benefits under the Plan.  Within
ninety (90) days after the filing of such a claim, the Principal Sponsor
shall notify the claimant in writing whether the claim is upheld or denied in
whole or in part or shall furnish the claimant a written notice describing
specific special circumstances requiring a specified amount of additional
time (but not more than one hundred eighty days from the date the claim was
filed) to reach a decision on the claim.  If the claim is denied in whole or
in part, the Principal Sponsor shall state in writing:

        (a)     the specific reasons for the denial;

        (b)     the specific references to the pertinent provisions of this Plan
                Statement on which the denial is based;

        (c)     a description of any additional material or information
                necessary for the claimant to perfect the claim and an
                explanation of why such material or information is necessary;
                and

        (d)     an explanation of the claims review procedure set forth in this
                section.

        9.4.2.  CLAIMS REVIEW PROCEDURE.  Within sixty (60) days after
receipt of notice that the claim has been denied in whole or in part, the
claimant may file with the Principal Sponsor a written request for a review
and may, in conjunction therewith, submit written issues and comments.
Within sixty (60) days after the filing of such a request for review, the
Principal Sponsor shall notify the claimant in writing whether, upon review,
the claim was upheld or denied in whole or in part or shall furnish the
claimant a written notice describing specific special circumstances requiring
a specified amount of additional time (but not more than one hundred twenty
days from the date the request for review was filed) to reach a decision on
the request for review.

        9.4.3.  GENERAL RULES.

        (a)     No inquiry or question shall be deemed to be a claim or a
                request for a review of a denied claim unless made in accordance
                with the claims procedure.  The Principal Sponsor may require
                that any claim for benefits and any request for

                                      -16-

<PAGE>

                a review of a denied claim be filed on forms to be furnished by
                the Principal Sponsor upon request.

        (b)     All decisions on claims and on requests for a review of denied
                claims shall be made by the Principal Sponsor.

        (c)     the Principal Sponsor may, in its discretion, hold one or more
                hearings on a claim or a request for a review of a denied claim.

        (d)     A claimant may be represented by a lawyer or other
                representative (at the claimant's own expense), but the
                Principal Sponsor reserves the right to require the claimant to
                furnish written authorization.  A claimant's representative
                shall be entitled to copies of all notices given to the
                claimant.

        (e)     The decision of the Principal Sponsor on a claim and on a
                request for a review of a denied claim shall be served on the
                claimant in writing.  If a decision or notice is not received by
                a claimant within the time specified, the claim or request for a
                review of a denied claim shall be deemed to have been denied.

        (f)     Prior to filing a claim or a request for a review of a denied
                claim, the claimant or his or her representative shall have a
                reasonable opportunity to review a copy of this Plan Statement
                and all other pertinent documents in the possession of the
                Principal Sponsor.

9.5.    INFORMATION FURNISHED BY PARTICIPANTS.  The Principal Sponsor shall
not be liable or responsible for any error in the computation of the Account
of a Participant resulting from any misstatement of fact made by the
Participant, directly or indirectly, to the Principal Sponsor, and used by it
in determining the Participant's Account.  The Principal Sponsor shall not be
obligated or required to increase the Account of such Participant which, on
discovery of the misstatement, is found to be understated as a result of such
misstatement of the Participant.  However, the Account of any Participant
which are overstated by reason of any such misstatement shall be reduced to
the amount appropriate in view of the truth.

                                     SECTION 10

                                PLAN ADMINISTRATION

10.1.   EMPLOYER.

        10.1.1. OFFICERS.  Except as hereinafter provided, functions
generally assigned to the Principal Sponsor shall be discharged by its
officers or delegated and allocated as provided herein.

                                      -17-

<PAGE>

        10.1.2. CHIEF EXECUTIVE OFFICER.  Except as hereinafter provided, the
Chief Executive Officer of the Principal Sponsor may delegate or redelegate
and allocate and reallocate to one or more persons or to a committee of
persons jointly or severally, and whether or not such persons are directors,
officers or employees, such functions assigned to the Employer generally
hereunder as the Chief Executive Officer may from time to time deem advisable.

        10.1.3. BOARD OF DIRECTORS.  Notwithstanding the foregoing, the
Organization Committee of the Board of Directors of the Principal Sponsor
shall have the exclusive authority, which may not be delegated, to act for
the Principal Sponsor to amend this Plan Statement, to terminate this Plan,
and to determine eligibility to participate in the Plan under Section 2.

10.2.   CONFLICT OF INTEREST.  If any officer or employee of the Employer, or
any member of the Organization Committee of the Board of Directors of the
Employer to whom authority has been delegated or redelegated hereunder shall
also be a Participant in the Plan, such Participant shall have no authority
as such officer, employee or member with respect to any matter specially
affecting such Participant's individual interest hereunder or the interest of
a person superior to him or her in the organization (as distinguished from
the interests of all Participants and Beneficiaries or a broad class of
Participants and Beneficiaries), all such authority being reserved
exclusively to the other officers, employees or members as the case may be,
to the exclusion of such Participant, and such Participant shall act only in
such Participant's individual capacity in connection with any such matter.

10.3.   ADMINISTRATOR.  U.S. BANCORP shall be the administrator for purposes
of section 3(16)(A) of the Employee Retirement Income Security Act of 1974.

10.4.   SERVICE OF PROCESS.  In the absence of any designation to the
contrary by the Employer, the Secretary of U.S. BANCORP is designated as the
appropriate and exclusive agent for the receipt of service of process
directed to the Plan in any legal proceeding, including arbitration,
involving the Plan.

                                     SECTION 11

                                     DISCLAIMERS

11.1.   TERM OF EMPLOYMENT.  Neither the terms of this Plan Statement nor the
benefits hereunder nor the continuance thereof shall be a term of the
employment of any employee.  The Employer shall not be obliged to continue
the Plan.  The terms of this Plan Statement shall not give any employee the
right to be retained in the employment of the Employer.

11.2.   SOURCE OF PAYMENT.  Neither the Employer nor any of its officers nor
any member of its Organization Committee of the Board of Directors in any way
secure or guarantee the payment of any benefit or amount which may become due
and payable hereunder to any Participant or to any Beneficiary or to any
creditor of a Participant or a Beneficiary.  Each Participant, Beneficiary or
other

                                      -18-

<PAGE>

person entitled at any time to payments hereunder shall look solely to the
assets of the Employer for such payments or to the Accounts distributed to
any Participant or Beneficiary, as the case may be, for such payments.  In
each case where Accounts shall have been distributed to a former Participant
or a Beneficiary or to the person or any one of a group of persons entitled
jointly to the receipt thereof and which purports to cover in full the
benefit hereunder, such former Participant or Beneficiary, or such person or
persons, as the case may be, shall have no further right or interest in the
other assets of the Employer.  Neither the Employer nor any of its officers
nor any member of its Board of Directors shall be under any liability or
responsibility for failure to effect any of the objectives or purposes of the
Plan by reason of the insolvency of the Employer.

11.3.   DELEGATION.  The Employer and its officers and the members of its
Board of Directors shall not be liable for an act or omission of another
person with regard to a responsibility that has been allocated to or
delegated to such other person pursuant to the terms of this Plan Statement
or pursuant to procedures set forth in this Plan Statement.

_________________, 1991                        U.S. BANCORP

                                               By

                                                 Its

                                      -19-

<PAGE>

                                     APPENDIX A

                           CHANGE IN CONTROL DEFINITIONS

                                     SECTION 1

1.1.    ACQUIRING PERSON -- any Person who or which, together with all
Affiliates (CIC) and Associates of such person, is the Beneficial Owner,
directly or indirectly, of securities of USB representing 20% or more of the
combined voting power of USB's then outstanding securities, but shall not
include any Company Entity.

1.2.    AFFILIATE (CIC) -- shall have the meaning ascribed to the term
"Affiliate" in Rule 12b-2 promulgated under the Exchange Act.

1.3.    ASSOCIATE -- shall have the meaning ascribed to such term in Rule
12b-2 promulgated under the Exchange Act.

1.4.    BENEFICIAL OWNER -- shall have the meaning ascribed to such term in
Rule 13d-3 promulgated under the Exchange Act.

1.5.    BOARD OF DIRECTORS -- the board of directors of USB.

1.6.    CHANGE IN CONTROL -- a Full Change in Control or a Partial Change in
Control.

1.7.    COMPANY ENTITY -- USB, any subsidiary of USB or any employee benefit
plan of USB or of any subsidiary of USB or any entity holding shares of the
voting capital stock of USB organized, appointed or established for, or
pursuant to the terms of, any such plan.

1.8.    CONTINUING DIRECTOR -- any person who is a member of the Board of
Directors, while such person is a member of the Board of Directors, who is
not an Acquiring Person or an Affiliate (CIC) or Associate of an Acquiring
Person, or a representative of an Acquiring Person or of any such Affiliate
(CIC) or Associate, and who (x) was a member of the Board of Directors as of
JANUARY 19, 2000 or (y) subsequently becomes a member of the Board of
Directors, if such person's initial nomination for election or initial
election to the Board of Directors has been approved in advance by the
Continuing Directors; provided that any director designated by or on behalf
of a Person who has entered into an agreement with USB (or who is
contemplating entering into such an agreement) to effect a consolidation or
merger of USB or a Company Entity, or other reorganization, with or into one
or more entities which are not Company Entities, and any director that serves
in connection with the act of the Board of Directors of increasing the number
of directors and filling vacancies in connection with, or in contemplation
of, any such transaction, shall not be deemed to have received such advance
approval for initial nomination or election, and any such director shall not
be deemed

                                      A-1

<PAGE>

to be a Continuing Director, in each case solely for the purpose of
determining whether the addition of members of the Board of Directors in
connection with, or in contemplation of, such transaction results in a Full
Change in Control under clause (b) of the definition of Full Change in
Control.

1.9.    EXCHANGE ACT -- the Securities Exchange Act of 1934, as amended.

1.10.   FULL CHANGE IN CONTROL -- shall mean:

        (a)     the public announcement (which, for purposes of this definition,
                shall include, without limitation, a report filed pursuant to
                Section 13(d) of the Exchange Act) by USB or any Person that a
                Person (other than a Company Entity) has become the Beneficial
                Owner, directly or indirectly, of securities of USB (x)
                representing 20% or more, but not more than 50%, of the combined
                voting power of USB's then outstanding securities unless the
                transaction resulting in such ownership has been approved in
                advance by the Continuing Directors or (y) representing more
                than 50% of the combined voting power of USB's then outstanding
                securities (regardless of any approval by the Continuing
                Directors); or

        (b)     the Continuing Directors cease to constitute a majority of the
                Board of Directors of USB or the Resulting Corporation, except
                as a result of the death, retirement or disability of one or
                more Continuing Directors; or

        (c)     any sale, lease, exchange or other transfer (in one transaction
                or a series of related transactions) of all or substantially all
                of the consolidated assets of USB and its subsidiaries or the
                adoption of any plan of liquidation or dissolution of USB.

NOTWITHSTANDING THE FOREGOING, ANY OF THE FOREGOING EVENTS THAT WOULD
CONSTITUTE A FULL CHANGE IN CONTROL MAY BE DEEMED TO BE A PARTIAL CHANGE IN
CONTROL IN THE SOLE DISCRETION OF THE BOARD OF DIRECTORS AS EVIDENCED BY
ADOPTION OF A RESOLUTION BY A MAJORITY OF A QUORUM OF THE BOARD OF DIRECTORS
AT A DULY HELD MEETING OR BY UNANIMOUS WRITTEN ACTION IN LIEU OF A MEETING,
WHICH DETERMINATION MAY BE MADE AT ANY TIME PRIOR TO THE CHANGE IN CONTROL
OR, IN THE CASE OF SUBPARAGRAPH (a) ABOVE, AT ANY TIME WITHIN 20 DAYS
FOLLOWING THE CHANGE IN CONTROL.

1.11.   PARTIAL CHANGE IN CONTROL -- shall mean:

        (a)     a consolidation or merger of USB or a Company Entity, or other
                reorganization, with or into one or more entities which are not
                Company Entities, as a result of which less than 60% of the
                outstanding voting securities of the Resulting Corporation are,
                or are to be, owned by former shareholders of USB as determined
                immediately prior to consummation of such transaction (excluding
                voting securities of the Resulting Corporation

                                      A-2

<PAGE>

                owned, or to be owned, by such shareholders by reason of their
                ownership prior to such transaction of securities of any
                entity other than USB) and as a result of which the Continuing
                Directors constitute more than 50% of the Board of Directors
                of the Resulting Corporation; or

        (b)     the public announcement (which, for purposes of this definition,
                shall include, without limitation, a report filed pursuant to
                Section 13(d) of the Exchange Act) by USB or any Person that a
                Person (other than a Company Entity) has become the Beneficial
                Owner, directly or indirectly, of securities of USB representing
                20% or more, but not more than 50%, of the combined voting power
                of USB's then outstanding securities if the transaction
                resulting in such ownership has been approved in advance by the
                Continuing Directors; or

        (C)     AN EVENT THAT WOULD HAVE CONSTITUTED A FULL CHANGE IN CONTROL
                BUT WAS DEEMED TO BE A PARTIAL CHANGE IN CONTROL IN ACCORDANCE
                WITH THE DEFINITION OF FULL CHANGE IN CONTROL.

1.12.   PERSON -- shall have the meaning ascribed to such term as such term
is used in Sections 13(d) and 14(d) of the Exchange Act.

1.13.   QUALIFYING TERMINATION -- a termination of employment of a
Participant prior to a Full Change in Control or prior to or following a
Partial Change in Control that results in such Participant becoming entitled
to receive change in control related severance payments pursuant to the terms
of the change in control provisions of an employment contract, an individual
change in control severance agreement, the U.S. Bancorp Senior Management
Change in Control Severance Pay Plan (including any successor plan thereto),
the U.S. Bancorp Middle Management Change in Control Severance Pay Program
(including any successor program thereto) or the U.S. Bancorp Broad-Based
Change in Control Severance Pay Program (including any successor program
thereto).

1.14.   RESULTING CORPORATION -- the surviving corporation in any
consolidation, merger or other reorganization to which USB is a party;
provided, however, that if the surviving corporation in any such transaction
is a subsidiary of another corporation, then the Resulting Corporation is the
ultimate parent corporation of such surviving corporation; and provided,
further, that in the event of a consolidation, merger or other reorganization
to which a Company Entity (other than USB) is a party, then USB shall be
deemed the Resulting Corporation.

                                      A-3

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