US BANCORP \DE\
FORM OF EXECUTIVE OFFICER RESTRICTED STOCK AWARD AGREEMENT
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>c89012exv10w3.htm
<DESCRIPTION>FORM OF EXECUTIVE OFFICER RESTRICTED STOCK AWARD AGREEMENT
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<P align="left" style="font-size: 10pt"><B>EXHIBIT 10.3</B>



<P align="center" style="font-size: 10pt"><B>U.S. BANCORP<BR>
RESTRICTED STOCK AWARD AGREEMENT</B>


<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="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of U.S.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Bancorp Common</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Social Security</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>AWARDED TO</B><HR noshade size="1"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Award Date</B><HR noshade size="1"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Shares</B><HR noshade size="1"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number</B><HR noshade size="1"></TD>
</TR>

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size="1"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><BR>
<HR noshade size="1"></TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top"><B>xxx-xx-</B><HR noshade size="1"></TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Final Vesting Date</B><HR noshade size="1"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>To accept receipt of the Common Stock and to agree to the terms and conditions
of the Plan and this Agreement, take no action. To reject receipt of the
Common Stock and the terms and conditions of the Plan and this Agreement,
please notify Karen Bulman, Stock Option Administration in Human Resources at
U.S. Bancorp, 5065 Wooster Road, CN-OH-L2HR, Cincinnati, OH 45226, in writing
within 30 calendar days of the day you receive this document. Failure to
notify in a timely manner will result in your acceptance of the Common Stock
and the terms and conditions of the Plan and this Agreement.</B>




<P align="left" style="margin-left:2%; font-size: 10pt"><B>THIS AGREEMENT </B>is made as of the date in the box above labeled
&#147;Award Date&#148; (the &#147;Award Date&#148;) by and between U.S. Bancorp, a
Delaware corporation (the &#147;Company&#148;), and the individual named in
the box above labeled &#147;Awarded To&#148; (the &#147;Participant&#148;).



<P align="left" style="margin-left:2%; font-size: 10pt"><B>WHEREAS</B>, the Company pursuant to its 2001 Stock Incentive Plan (the
&#147;Plan&#148;) wishes to award to Participant shares of Common Stock of the
Company, $.01 par value (the &#147;Common Stock&#148;), subject to certain
restrictions and on the terms and conditions contained in this
Agreement and the Plan;



<P align="left" style="margin-left:2%; font-size: 10pt">In consideration of the mutual covenants contained in this
Agreement, the parties agree as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Award</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt">The Company, effective as of the date of this Agreement, grants
to Participant a restricted stock award of the number of shares
of the Company&#146;s Common Stock set forth in the box above labeled
&#147;Number of U.S. Bancorp Common Shares&#148; (the &#147;Shares&#148;) subject to
the terms and conditions of this Agreement.


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

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Vesting</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the terms and conditions of this Agreement,
the Shares shall fully vest on the fifth anniversary date of
this award, unless the company&#146;s TSR performance for the
3-calendar year period following award date is at or above
median TSR of the regional banks in our peer group, in which
case vesting would accelerate to February 1 of the year
following the third anniversary date of this award, as
determined by U.S. Bancorp in its sole discretion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the vesting provision contained in Section
2(a) above, but subject to the other terms and conditions of
this Agreement, the Option may be exercised in full immediately
upon a &#147;Qualifying Termination.&#148; For purposes of this
Agreement, the following terms shall have the following
definitions:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Affiliate&#148; shall be defined as defined in Rule&nbsp;12b-2
promulgated under the Securities Exchange Act of 1934, as amended
(the &#147;Exchange Act&#148;).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Announcement Date&#148; shall mean the date of the public
announcement of the transaction, event or course of action that
results in a Change in Control.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Cause&#148; shall mean (A)&nbsp;the continued failure by
Participant to substantially perform Participant&#146;s duties with
the Company or any Affiliate (other than any such failure
resulting from Participant&#146;s Disability (as defined in Section
3(c))), after a demand for substantial performance is delivered
to Participant that specifically identifies the manner in which
the Company believes that Participant has not substantially
performed Participant&#146;s duties, and Participant has failed to
resume substantial performance of Participant&#146;s duties on a
continuous basis, (B)&nbsp;gross and willful misconduct during the
course of employment (regardless of whether the misconduct occurs
on the Company&#146;s premises), including, but not limited to, theft,
assault, battery, malicious destruction of property, arson,
sabotage, embezzlement, harassment, acts or omissions which
violate the Company&#146;s rules or policies (such as breaches of
confidentiality), or other conduct which demonstrates a willful
or reckless disregard of the interests of the Company or its
Affiliates or (C)&nbsp;Participant&#146;s conviction of a crime (including,
without limitation, a misdemeanor offense) which impairs
Participant&#146;s ability substantially to perform Participant&#146;s
duties with the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Change in Control&#148; shall mean any of the following
occurring after the date of this Agreement:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The acquisition by any Person (as defined in
Section&nbsp;2(b)(vi)) of beneficial ownership (within the meaning
of Rule&nbsp;13d-3 promulgated under the Exchange Act) of 35% or
more of either (1)&nbsp;the then outstanding shares of Common
Stock (the &#147;Outstanding Company Common Stock&#148;) or (2)&nbsp;the
combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the
election of directors (the &#147;Outstanding Company Voting
Securities&#148;); provided, however, that, for purposes of this
clause (A), the following acquisitions shall not constitute a
Change in Control: (i)&nbsp;any</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="9%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquisition directly from the
Company, (ii)&nbsp;any acquisition by the Company, (iii)&nbsp;any acquisition by a
subsidiary of the Company or any employee benefit plan (or
related trust) sponsored or maintained by the Company or a
subsidiary of the Company (a &#147;Company Entity&#148;) or (iv)&nbsp;any
acquisition by any corporation pursuant to a transaction
which complies with clause (i), (ii)&nbsp;or (iii)&nbsp;of this clause
(A); or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Individuals who, as of the date, constitute the
Company&#146;s Board of Directors (the &#147;Incumbent Board&#148;) cease
for any reason to constitute at least a majority of the Board
of Directors (except as a result of the death, retirement or
disability of one or more members of the Incumbent Board);
provided, however, that any individual becoming a director
subsequent to the date of this Agreement whose election, or
nomination for election by the Company&#146;s shareholders, was
approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as
though such individual were a member of the Incumbent Board,
but excluding, for this purpose, (1)&nbsp;any such individual
whose initial assumption of office occurs as a result of an
actual or threatened election contest with respect to the
election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on
behalf of a Person other than the Incumbent Board, (2)&nbsp;any
director designated by or on behalf of a Person who has
entered into an agreement with the Company (or which is
contemplating entering into an agreement) to effect a
Business Combination (as defined in Section&nbsp;2(b)(iv)(C)) with
one or more entities that are not Company Entities or (3)&nbsp;any
director who 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 Business Combination; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consummation of a reorganization, merger or
consolidation or sale or other disposition of all or
substantially all of the assets of the Company (a &#147;Business
Combination&#148;), in each case, unless, following such Business
Combination, (1)&nbsp;all or substantially all of the individuals
and entities who were the beneficial owners, respectively, of
the Outstanding Company Common Stock and Outstanding Company
Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more
than 50% of, respectively, the then outstanding shares of
common stock or the combined voting power of the then
outstanding voting securities entitled to vote generally in
the election of directors, as the case may be, of the
corporation resulting from such Business Combination
(including, without limitation, a corporation which as a
result of such transaction owns the Company or all or
substantially all of the Company&#146;s assets either directly or
through one or more subsidiaries) in substantially the same
proportions as their ownership, immediately prior to such
Business Combination, of the Outstanding Company Common Stock
and Outstanding Company Voting Securities, as the case may
be, (2)&nbsp;no Person (excluding any Company Entity or such
corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 35% or more of,
respectively, the then outstanding shares of common stock of
the corporation resulting from such Business Combination</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">3
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="9%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or the combined voting power of the then outstanding voting
securities of such corporation except to the extent that such
ownership existed prior to the Business Combination and (3)
at least a majority of the members of the board of directors
of the corporation resulting from such Business Combination
were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the
Board of Directors, providing for such Business Combination;
or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" nowrap align="right">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval by the shareholders of the Company of
a complete liquidation or dissolution of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Notice of Termination&#148; shall mean a written notice
which sets forth the date of termination of Participant&#146;s
employment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Person&#148; shall be defined as defined in Sections
13(d)(3) and 14(d)(2) of the Exchange Act.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Qualifying Termination&#148; shall mean a termination of
Participant&#146;s employment with the Company or its Affiliates by
the Company for any reason other than Cause within 12&nbsp;months
following a Change in Control; provided, however, that any such
termination shall not be a Qualifying Termination if Participant
has been notified in writing more than 30&nbsp;days prior to the
Announcement Date that Participant&#146;s employment with the Company
is not expected to continue for more than 12&nbsp;months following the
date of such notification; provided that such exclusion from
Qualifying Termination shall only apply if Participant&#146;s
employment with the Company is terminated within such 12&nbsp;month
period; and provided, further, that any such termination shall
not be a Qualifying Termination if Participant has announced in
writing, prior to the date the Company provides Notice of
Termination to Participant, the intention to terminate employment
or retire, subject to the condition that any such termination by
the Company prior to Participant&#146;s stated termination or
retirement date shall be deemed to be termination or retirement
by Participant on such stated date unless termination by the
Company is for Participant&#146;s gross and willful misconduct.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Restriction on Transfer</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 10pt">Until the Shares vest pursuant to Section&nbsp;2 or 4 of this Agreement, none of
the Shares may be pledged, alienated, attached or otherwise encumbered, and
any purported pledge, alienation, attachment or encumbrance shall be void
and unenforceable against the Company. No attempt to transfer the Shares,
whether voluntary or involuntary, by operation of law or otherwise, shall
vest the purported transferee with any interest or right in or with respect
to the Shares.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Forfeiture; Early Vesting</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Participant ceases to be an employee of the Company or any
Affiliate prior to vesting of the Shares pursuant to Section 2(a) or
Section&nbsp;2(b), all of Participant&#146;s rights to all of the unvested
Shares shall be immediately and irrevocably forfeited, except that (x)
if</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participant ceases to be an employee by reason of Disability or Retirement (as defined in Section&nbsp;4(b)) the Shares shall continue to
vest pursuant to Section 2(a) and Section 2(b) as though such
termination of employment had never occurred so long as the
Participant has at all times that Shares are restricted under this
Agreement complied with the terms of a properly executed
Confidentiality and Nonsolicitation Agreement between U.S. Bank and
the Participant, in all other cases, the Shares shall be immediately
and irrevocably forfeited; and (y)&nbsp;if Participant ceases to be an
employee by reason of death prior to the vesting of Shares under
Section 2(a) or Section&nbsp;2(b), Participant or his or her estate in
addition to Shares previously vested under this Agreement shall become
immediately vested, as of the date of death, in all previously
unvested Shares. Upon forfeiture, Participant will no longer have any
rights relating to the Shares, including the right to vote the Shares
and the right to receive cash dividends.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Agreement, (i) &#147;Retirement&#148; means
termination of employment (other than for gross and willful
misconduct) by a person who is age 59 1/2 or older and has 10 or more
years of employment with the Company or its Affiliates, and (ii)
&#147;Disability&#148; means leaving active employment and qualifying for and
receiving disability benefits under the Company&#146;s long-term disability
programs as in effect from time to time.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Issuance and Custody of Shares</B></TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
<TD>The Company shall cause the Shares to be deposited in the name of
the Participant in book entry form on the books and records of its
shareholders maintained by the Company and its stock transfer agent.
Access to the Shares in that account will be restricted. Such Shares
are subject to forfeiture, are not transferable and remain subject to
the restrictions, terms and conditions contained in the Plan and this
Agreement.</TD>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company or its stock transfer agent shall issue statements to
the Participant evidencing the Shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After any Shares vest pursuant to Section&nbsp;2 or 4 of this
Agreement, the Company shall promptly release the restriction on the
Shares and authorize the stock transfer agent to issue them to
Participant or Participant&#146;s legal representatives, beneficiaries or
heirs, as the case may be.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Securities Law Compliance</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 10pt">The delivery of all or any of the Shares shall only be effective at such
time that the issuance of such Shares will not violate any state or federal
securities or other laws. The Company is under no obligation to effect any
registration of the Shares under the Securities Act of 1933 or to effect
any state registration or qualification of the Shares. The Company may, in
its sole discretion, delay the delivery of the Shares or place restrictive
legends on such Shares in order to ensure that the issuance of any Shares
will be in compliance with federal or state securities laws and the rules
of the New York Stock Exchange or any other exchange upon which the
Company&#146;s Common Stock is traded.


<P align="center" style="font-size: 10pt">5
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Distributions and Adjustments</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that any dividend or other distribution (whether in
the form of cash, shares of Common Stock, or other securities or other
property), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase or exchange of Common Stock 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 pursuant to this Agreement (including,
without limitation, the benefits or potential benefits of provisions
relating to the vesting of the Shares and any &#147;change in control&#148;
provision), the committee of the Board of Directors administering the
Plan (the &#147;Committee&#148;) 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 make
adjustments to the award, including adjustments in the number and type
of Shares Participant would have received; provided, however, that the
number of shares covered by the award shall always be a whole number.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any additional shares of Common Stock, any other securities of
the Company and any other property (except for cash dividends)
distributed with respect to the Shares prior to the date the Shares
vest shall be subject to the same restrictions, terms and conditions
as the Shares. Any cash dividends payable with respect to the Shares
shall be distributed to Participant at the same time cash dividends
are distributed to shareholders of the Company generally.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any additional shares of Common Stock, any securities and any
other property (except for cash dividends) distributed with respect to
the Shares prior to the date such Shares vest shall be promptly
deposited with the Secretary or the custodian designated by the
Secretary to be held in custody in accordance with Section 5(b)
hereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Income Tax Withholding</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 10pt">In order to comply with all applicable federal or state income tax laws or
regulations, the Company may take such action as it deems appropriate to
ensure that all applicable federal or state payroll, withholding, income or
other taxes, which are the sole and absolute responsibility of Participant,
are withheld or collected from Participant. Participant may, at
Participant&#146;s election, satisfy applicable tax withholding obligations
arising from the receipt of, or lapse of restrictions relating to, the
Shares by (i)&nbsp;electing to have the Company withhold a portion of the Shares
otherwise to be delivered with a Fair Market Value (as such term is defined
in the Plan) equal to the amount of such taxes or (ii)&nbsp;delivering to the
Company shares of Common Stock of the Company or other securities with a
Fair Market Value equal to the amount of such taxes. The election must be
made on or before the date that the amount of tax to be withheld is
determined.


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Miscellaneous</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement is issued pursuant to the Plan and is subject to
its terms. Participant acknowledges receipt of a copy of the Plan.
The Plan is also available for inspection on the Intranet and during
business hours at the principal office of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement shall not confer on Participant any right with
respect to continuance of employment with the Company or any
Affiliate, nor will it interfere in any way with the right of the
Company or any Affiliate to terminate such employment at any time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until the Shares shall have been issued to Participant as
provided in this Agreement, Participant shall have the rights to
receive cash dividends and vote the Shares, but shall have no other
rights of a shareholder with respect to the Shares. Subject to the
restrictions and terms of this Agreement, after such issuance,
Participant shall have all of the rights of a shareholder with respect
to the Shares.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing Law</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 10pt">This Agreement shall be governed by and construed in accordance with the
laws of the State of Minnesota.


<P align="left" style="font-size: 10pt"><B>IN WITNESS WHEREOF</B>, the parties have caused this Agreement to be executed as of
the day and year first above written.



<P align="left" style="font-size: 10pt"><B>U.S. BANCORP</B>



<P align="left" style="font-size: 10pt">By: Karen A. Bulman<BR>
Its: Vice President



<P align="center" style="font-size: 10pt">7
</DIV>


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