Sixth Amendment to U.S. Bancorp Non-Qualified Retirement Plan (Supplemental Benefits for Joseph M. Otting)
This amendment to the U.S. Bancorp Non-Qualified Retirement Plan adds supplemental retirement benefits for Joseph M. Otting. He will receive a benefit equal to 55% of his final average monthly earnings, reduced by certain other retirement benefits. The benefit is paid as a life annuity with ten years guaranteed. Vesting is 100% if he remains employed from April 18, 2005, through April 18, 2015. Early retirement reductions apply if benefits start before age 62, with the earliest payout at age 55 if fully vested.
SIXTH AMENDMENT
OF
U.S. BANCORP NON-QUALIFIED RETIREMENT PLAN
The U.S. Bancorp Non-Qualified Retirement Plan (the “Plan Statement”) is amended in the following respects:
1. Appendix B-16. Effective October 17, 2005, the Plan Statement shall be amended by the addition of the attached Appendix B-16.
2. SAVINGS CLAUSE. Save and except as expressly amended above, the Plan Statement shall continue in full force and effect.
APPENDIX B-16
SUPPLEMENTAL BENEFITS
This Appendix B-16 summarizes the additional supplemental benefits payable to the named Participant under the Plan.
Participant: Joseph M. Otting
Formula: Fifty-five percent (55%) of the Participant’s Final Average Monthly Earnings (as defined in Section 2.17 of the Plan) reduced by all of the following (each of which shall be considered an “offsetting benefit” for purposes of this Appendix B-16): the Participant’s benefit under the Qualified Plan, the Participant’s Excess Benefit under this Plan, the Participant’s benefits under Appendix B-10 and Participant’s pension benefits under the qualified and non-qualified pension plans of Union Bank of California.
Normal Form of Payment: Life annuity with ten (10) years certain
Vesting Service Start Date: From April 18, 2005
Vesting: 100% vested at April 18, 2015 if continuously employed by U.S. Bancorp from the Vesting Service Start Date through April 18, 2015
Unreduced Retirement Age: 62
Early Retirement Reduction: 1/180 per month prior to age 62, plus 1/360 per month prior to age 60
Earliest Payout Date: Age 55 and 100% vested
