Fourth Amendment to U.S. Bancorp Non-Qualified Retirement Plan—Supplemental Benefits for Pamela Joseph
This amendment to the U.S. Bancorp Non-Qualified Retirement Plan adds supplemental retirement benefits for Pamela Joseph. She will receive a benefit equal to 55% of her final average monthly earnings, reduced by certain other retirement benefits. The benefit is paid as a life annuity with ten years guaranteed. Pamela becomes fully vested in these benefits if she remains employed through December 20, 2014. Early retirement reductions apply if benefits begin before age 62, with the earliest payout at age 55 if fully vested.
FOURTH 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-14. Effective December 20, 2004, the Plan Statement shall be amended by the addition of the attached Appendix B-14.
2. SAVINGS CLAUSE. Save and except as expressly amended above, the Plan Statement shall continue in full force and effect.
APPENDIX B-14
SUPPLEMENTAL BENEFITS
This Appendix B-14 summarizes the supplemental benefits payable to the named Participant under the Plan.
Participant: Pamela Joseph
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-14): the Participant’s benefit under the Qualified Plan and the Participant’s Excess Benefit under this Plan.
Normal Form of Payment: Life annuity with ten (10) years certain
Vesting Service Start Date: From December 20, 2004
Vesting: 100% vested at December 20, 2014 if continuously employed by U.S. Bancorp from the Vesting Service Start Date through December 20, 2014
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
