Exhibit 10.02






Exhibit
10.02









2009 DIRECTOR COMPENSATION POLICY




Effective as of January 1, 2009




	 	 	 
	PURPOSE:

	 	The Director Compensation Policy (“Policy”) establishes meeting fees and sets forth the
types of expenses that the Federal Home Loan Bank of New York (“FHLBNY”) will pay to the Board
of Directors (“Board”) of the FHLBNY. The activities referred to in this Policy are those as
to which the Board believes Director attendance is necessary and appropriate and which may be
compensated. The Policy has been prepared in accordance with Section 7 of the Federal Home
Loan Bank Act (“Bank Act”) and the regulations of the Federal Housing Finance Agency (“FHFA”)
regarding Director compensation and expenses.








	I.	 	2009 DIRECTOR FEES






	 	A.	 	Board Chairman






The fee for the Chairman of the Board shall be $60,000, to be paid on a quarterly basis
in arrears.




	 	B.	 	Board Vice Chairman






The fee for the Vice Chairman of the Board shall be $55,000, to be paid on a quarterly
basis in arrears.




	 	C.	 	Other Directors






The fee for other Directors, other than the Chairman or the Vice Chairman, shall be
$45,000, to be paid on a quarterly basis in arrears.




	 	D.	 	Committee Chairmanships






A Director serving as a Committee Chair shall receive an additional $5000 in
compensation; however, such Director shall not receive any further payment if he or she
serves as Chair of more than one Committee. Such compensation shall be paid on a
quarterly basis in arrears. The Board Chair and Board Vice Chair shall not receive any
additional compensation for serving as a Chair of one or more Board Committees.




	 	E.	 	Statement on Attendance






Consistent with the Bank’s Corporate Governance Policy, attendance is expected at all
Board meetings (and, if on a Committee, at all meetings of such Committee).




	II.	 	EXPENSES






	 	A.	 	In General






	 	1.	 	Directors may be paid for reasonable travel, subsistence and other
related expenses incurred in connection with the performance of their official
duties as are payable to senior officers of the FHLBNY as specified in the
FHLBNY’s current Travel Policy. However, under no circumstances shall Directors
be paid for gift or entertainment expenses.





 


 









 











	 	B.	 	Board and Board Committee Meetings






	 	1.	 	Reimbursable expenses may be paid to Directors for attendance at
Board and Committee meetings as established herein.







	 	C.	 	Stockholders’ Meetings






	 	1.	 	Reimbursement of reasonable expenses incurred by Directors attending
FHLBNY stockholders’ meetings is permitted.







	 	D.	 	Industry Meetings






	 	1.	 	Reimbursement of independent Directors’ expenses incurred while
attending industry meetings or annual conventions of trade associations on a
national level is permitted provided that a specific objective has been identified
and that attendance has been specifically pre-approved by the Board of Directors.
Independent directors attending industry events on behalf of the FHLBNY should
register and identify themselves as directors of the FHLBNY.







	 	2.	 	Reimbursement of member directors’ expenses incurred while in
attendance at industry meetings or annual conventions of trade associations on a
national level is not permissible, unless such attendance is incidental to a
FHLBNY Board or Committee meeting.







	 	E.	 	Meetings Called by the Federal Housing Finance Agency






	 	1.	 	Reimbursement of reasonable expenses may be paid to all Directors
participating in any meetings called by the FHFA.







	 	F.	 	Other Bank System Meetings






	 	1.	 	Reimbursement of reasonable expenses may be paid to all Directors who
are invited to attend meetings of Federal Home Loan Bank System committees (e.g.,
the Chair/Vice Chair Conference); Federal Home Loan Bank System director
orientation meetings; and meetings of the Council of Federal Home Loan Banks and
Council committees.







	 	G.	 	Expenses of Spouses






	 	1.	 	Reimbursement of reasonable expenses incurred by a Director’s spouse
while accompanying the Director to a meeting for which the Director’s own
reasonable expenses can be reimbursed (as specified in Sections II B, C, D, E or F
above) is permitted.







	III.	 	PROCEDURES AND ADMINISTRATIVE MATTERS






	 	A.	 	Directors’ expense reports should be submitted to the Office of the Corporate
Secretary no less than quarterly.







	 	B.	 	Payment for and reimbursement of allowable business expenses of the Directors will require
the approval of the Corporate Secretary or Assistant Corporate Secretary.







	 	C.	 	Meetings of the Board and Committees thereof should usually be held within the
district served by the FHLBNY. Under no circumstances shall such meetings be held in
any location that is not within the district without prior approval of the Board. FHFA
regulations prohibit any meetings of the Board of Directors (including committee,
planning, or other business meetings) to be held outside the United States or its
possessions and territories.





 


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