exv10w1









Exhibit 10.1




2010 AMENDMENT TO

DEFERRED COMPENSATION PLAN

OF THE FEDERAL HOME LOAN BANK OF DALLAS

FOR DEFERRALS EFFECTIVE ON JANUARY 1, 2005




     Pursuant to the authority granted to the Board of Directors of Federal Home Loan Bank of
Dallas, under Section 8.02 of the Deferred Compensation Plan of the Federal Home Loan Bank of
Dallas for Deferrals Effective on January 1, 2005 (the “Plan”), the Plan is hereby amended as
follows:



I.




     Article III of the Plan shall be amended to add a new Section 3.07 that provides as follows:




     “3.07 Investment Election. The Participant shall make an initial investment
election as to which of the specific mutual funds listed on the FHLB Dallas Fund Array
he/she wishes to have the deferral contributions, and the Bank’s matching contribution (if
any) invested. This investment election shall carry forward from one Plan Year to the next
and remain in effect until such time as changed by the Participant.




     If no investment election is received, a Participant’s deferrals and any matching Bank
contributions shall be invested in the Plan’s designated default fund.”



II.




     Article IV, Section 4.01 of the Plan shall be amended and restated in its entirety to provide
as follows:



     “4.01 Bank Contributions. For each Plan Year, the Bank shall make an
addition to each Participant’s Benefit Account of a monthly contribution in an
amount based on the following schedule:



	 	 	 	 	 	 	 

	 
	 	1st year of Service	 	=	 	no Bank match
	 
	 	 	 	 	 	 
	 
	 	2nd and 3rd years of Service	 	=	 	100% match on first 3% of monthly salary
	 
	 	 	 	 	 	contributed to the Plan reduced by 3% of the
	 
	 	 	 	 	 	Participant's monthly eligible compensation,
	 
	 	 	 	 	 	as defined under the Qualified Plan.  (100%
	 
	 	 	 	 	 	match on first 5% of monthly of salary
	 
	 	 	 	 	 	contributed to the Plan, if employed on or
	 
	 	 	 	 	 	after January 1, 2007 and without prior
	 
	 	 	 	 	 	Pentegra DB Pension Plan benefit service,
	 
	 	 	 	 	 	reduced by 5% of the Participant's monthly
	 
	 	 	 	 	 	eligible compensation, as defined under the
	 
	 	 	 	 	 	Qualified Plan.)






 









 






	 	 	 	 	 	 	 

	 
	 	4th and 5th years of Service	 	=	 	150% match on first 3% of monthly
salary contributed to the Plan reduced by 4.5% of the
Participant’s monthly eligible compensation, as defined under the Qualified Plan.  (150% match on first 5% of monthly of
salary contributed to the Plan, if employed on or after January 1, 2007 and without prior
Pentegra DB Pension Plan benefit service, reduced by 5% of the Participant’s monthly
eligible compensation, as defined under the Qualified Plan.)

	 
	 	 	 	 	 	 
	 
	 	6 or more years of Service	 	=	 	200% match on first 3% of monthly salary
contributed to the Plan reduced by 6% of the Participant’s monthly eligible compensation,
as defined under the Qualified Plan. (200% match on first 5% of monthly of salary
contributed to the Plan, if employed on or after January 1, 2007 and without prior
Pentegra DB Pension Plan benefit service, reduced by 5% of the Participant’s monthly
eligible compensation, as defined under the Qualified Plan.)







The Bank will make the above-referenced matching contribution with respect to each
Participant except to the extent prohibited or limited by law in which case no such
contribution shall be made and any matching contributions previously made which are
prohibited or limited by such law shall be forfeited and returned to the Bank. The
amount of the matching Bank contribution added to the Participant’s Benefit Account
is solely dependent on the Participant’s length of Service.”



III.




     Article VIII of the Plan is hereby amended to add a new Section 8.11 that provides as follows:



     “8.11 Construction. It is intended that this Plan complies with Section 409A of the
Internal Revenue Code; therefore, in the event a Plan definition or provision is determined to be
ambiguous, it shall be interpreted so as to comply with Section 409A.”



 









 





     The effective date of this 2010 Amendment to the Deferred Compensation Plan of the Federal
Home Loan Bank of Dallas for Deferrals Effective on January 1, 2005 shall be July 22, 2010.



     Executed this 22nd day of July, 2010.



	 	 	 	 	 
	 	

FEDERAL HOME LOAN BANK OF DALLAS

 	 
	 	By:  	/s/
Timothy J. Heup, Sr. VP	 
	 	 	Corporate Officer 	 
	 	 	 	 
	 



	 	 	 	 	 

	ATTEST:

	 	/s/ Brehan Chapman	 	 
	 

	 	 	 	 
	 

	 	Corporate Secretary