US BANCORP \DE\
AMENDMENTS TO NON-QUALIFIED EXEC. RETIREMENT PLAN
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<TYPE>EX-10.17
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<FILENAME>c82279exv10w17.htm
<DESCRIPTION>AMENDMENTS TO NON-QUALIFIED EXEC. RETIREMENT PLAN
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 10.17</B>



<P align="center" style="font-size: 10pt"><B>FIRST AMENDMENT<BR>
OF<BR>
U.S. BANCORP NON-QUALIFIED RETIREMENT PLAN</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Bancorp Non-Qualified Retirement Plan (the &#147;Plan Statement&#148;) is
amended as follows:


<P align="left" style="font-size: 10pt"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MONTHLY EARNINGS (Included Items). Effective October&nbsp;1, 2003,
Section&nbsp;2.</B><B>18(a)</B><B> of the Plan Statement shall be amended to delete item (vii) (the
inclusion of ordinary income from restricted stock), to add the word &#147;and&#148;
before item (vi), and to add a &#147;.&#148; at the end of item (vi).</B>


<P align="left" style="font-size: 10pt"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MONTHLY EARNINGS (Excluded Items). Effective October 1, 2003,
Section&nbsp;2.</B><B>18(b)</B><B> of the Plan Statement shall be amended so that item (vii)&nbsp;reads
in full as follows:</B>


<P align="left" style="margin-left: 6%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(vii)&nbsp;the value of all stock options and stock appreciation rights (whether
or not exercised), restricted stock, and other similar amounts.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>TRANSITION RULES. Effective October&nbsp;1, 2003, a new Section&nbsp;2.28 of
the Plan Statement shall be added that reads in full as follows:</B>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">2.28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transition Rules.</B>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>Restricted Stock. </B>Notwithstanding any provision in the Plan (including any plan
incorporated by reference into the Plan) or in any other nonqualified retirement plan
maintained by the Employer to the contrary, the compensation used to determine an Other
Benefit shall not include restricted stock (i)&nbsp;that is granted to an individual on or after
October&nbsp;1, 2003, or (ii)&nbsp;that was previously granted to an individual in which the individual
becomes fully vested on or after October&nbsp;1, 2003.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><B>4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SAVINGS CLAUSE. Save and except as expressly amended, the Plan
Statement shall continue in full force and effect.</B>


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt"><B>SECOND AMENDMENT<BR>
OF<BR>
U.S. BANCORP NON-QUALIFIED RETIREMENT PLAN</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Bancorp Non-Qualified Retirement Plan (hereinafter referred to as the &#147;Plan
Statement&#148;) is hereby amended in the following respects:


<P align="left" style="font-size: 10pt"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NORMAL FORM OF BENEFIT &#151; WHEN PAYABLE. Effective October&nbsp;1, 2003,
Section&nbsp;4.02 of the Plan Statement shall be amended to add a final sentence that reads as
follows:</B>


<P align="left" style="font-size: 10pt">Notwithstanding the foregoing, the first payment to a Participant who is an employee of the
Employer who becomes an employee of Piper Jaffray Companies or its subsidiaries at the time of
and in connection with the spin-off of U.S. Bancorp Piper Jaffray Inc., pursuant to the Separation
and Distribution Agreement between U.S. Bancorp and Piper Jaffray Companies, shall in no event
be due prior to 30&nbsp;days after such Participant ceases to be an employee of Piper Jaffray Companies
or its subsidiaries (unless such Participant is entitled to a benefit based on Disability, in which case
this sentence shall not apply).


<P align="left" style="font-size: 10pt"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>OTHER BENEFITS &#151; WHEN PAYABLE. Effective October&nbsp;1, 2003, a new Section
5.06 shall be added to the Plan Statement that reads as follows:</B>


<P align="left" style="font-size: 10pt">5.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Effect of Spin-Off of Piper Jaffray Companies. </B>Notwithstanding the foregoing, solely
for the purpose of determining when a Participant who is an employee of the Employer who becomes
an employee of Piper Jaffray Companies or its subsidiaries at the time of and in connection with the
spin-off of U.S. Bancorp Piper Jaffray Inc., pursuant to the Separation and Distribution Agreement
between U.S. Bancorp and Piper Jaffray Companies, is entitled to commence payment of benefits
under the Plan (including under Appendices to the Plan), such employees shall not be considered to
have a termination of employment, severance from employment, or separation of service under this
Plan (including under the Appendices to the Plan) based on the transfer of that employee&#146;s
employment from the Employer to Piper Jaffray Companies or its subsidiaries.


<P align="left" style="font-size: 10pt"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SAVINGS CLAUSE. Save and except as hereinabove expressly amended, the Plan
Statement shall continue in full force and effect.</B>


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt"><B>THIRD AMENDMENT<BR>
OF<BR>
U.S. BANCORP NON-QUALIFIED RETIREMENT PLAN</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. Bancorp Non-Qualified Retirement Plan (the &#147;Plan Statement&#148;) is amended in the
following respects:


<P align="left" style="font-size: 10pt"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>APPENDIX B-12. Effective January&nbsp;1, 2003, the Plan Statement shall be amended by
the addition of the attached Appendix&nbsp;B-12.</B>


<P align="left" style="font-size: 10pt"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>APPENDIX B-13. Effective January 1, 2003, the Plan Statement shall be amended by
the addition of the attached Appendix&nbsp;B-13.</B>


<P align="left" style="font-size: 10pt"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SAVINGS CLAUSE. Save and except as expressly amended above, the Plan
Statement shall continue in full force and effect.</B>


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt"><B>APPENDIX B-12</B>



<P align="center" style="font-size: 10pt"><B>SUPPLEMENTAL BENEFITS</B>



<P align="left" style="font-size: 10pt">This Appendix&nbsp;B-12 summarizes the supplemental benefits payable to the named Participant under the Plan.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="25%" valign="top" align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Participant</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">Michael J. Doyle</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Formula</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">Fifty-five percent (55%) of the
Participant&#146;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 &#147;offsetting benefit&#148; for purposes of this Appendix B-12): the
Participant&#146;s benefit under the Qualified Plan and the Participant&#146;s Excess Benefit under
this Plan and any retirement benefit paid or payable to the Participant under all
pension plans of his two former employers immediately prior to U.S. Bancorp.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Normal Form of Payment</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">Life annuity with ten (10) years certain</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Vesting Service Start Date</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">From January 1, 2003</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Vesting</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">100% vested at December 31, 2012, if continuously employed by U.S. Bancorp from the
Vesting Service Start Date through December 31, 2012</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Unreduced Retirement Age</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">62</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Early Retirement Reduction</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">1/180 per month prior to age 62, plus</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">1/360 per month prior to age 60</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Earliest Payout Date</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">Age 55 and 100% vested</TD>
</TR>

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<P align="center" style="font-size: 10pt">B-12-1
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<P align="center" style="font-size: 10pt"><B>APPENDIX B-13</B>



<P align="center" style="font-size: 10pt"><B>SUPPLEMENTAL BENEFITS</B>



<P align="left" style="font-size: 10pt">This Appendix&nbsp;B-13 summarizes the supplemental benefits payable to the named Participant under the Plan.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%" valign="top" align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Participant</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">Jennie P. Carlson</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Formula</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">Fifty-five percent (55%) of the
Participant&#146;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 &#147;offsetting benefit&#148; for purposes of this Appendix B-13): the
Participant&#146;s benefit under the Qualified Plan and the Participant&#146;s Excess Benefit
under this Plan.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Normal Form of Payment</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">Life annuity with ten (10) years certain</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Vesting Service Start Date</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">From January 1, 2003</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Vesting</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">100% vested at December 31, 2012, if continuously employed by U.S. Bancorp from the Vesting Service Start Date through December 31, 2012</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Unreduced Retirement Age</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">62</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Early Retirement Reduction</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">1/180 per month prior to age 62, plus</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">1/360 per month prior to age 60</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><DIV style="margin-left:10px; text-indent:-10px">Earliest Payout Date</DIV></TD>
    <TD align="center" valign="top">:</TD>
    <TD align="left" valign="top">Age 55 and 100% vested</TD>
</TR>

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</DIV>




<P align="center" style="font-size: 10pt">B-13-1
</DIV>


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