# EDGAR Filing Document

**Accession Number:** 0001330399
**File Stem:** 0001330399-26-000028
**Filing Date:** 2026-3
**Character Count:** 34570
**Document Hash:** 069294343164123fda17cca82f94d70c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001330399-26-000028.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001330399-26-000028

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260306

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of Pittsburgh
- **CENTRAL INDEX KEY:** 0001330399
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51395
- **FILM NUMBER:** 26746932

**BUSINESS ADDRESS:**
- **STREET 1:** 301 GRANT STREET, SUITE 2000
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15219
- **BUSINESS PHONE:** 412-288-3400

**MAIL ADDRESS:**
- **STREET 1:** 301 GRANT STREET, SUITE 2000
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15219

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of** 

**the Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported):** March 6, 2026

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Federal Home Loan Bank of Pittsburgh

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Federally Chartered Corporation** | 000-51395 | 25-6001324 |
| **(State or other jurisdiction** | **(Commission** | **(I.R.S. Employer** |
| **of incorporation)** | **File Number)** | **Identification No.)** |
| **3**01 Grant Street**, Suite 2000,** Pittsburgh**,** Pennsylvania | **3**01 Grant Street**, Suite 2000,** Pittsburgh**,** Pennsylvania | 15219 |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code:** 412**-**288-3400

**Not Applicable**

**Former name or former address, if changed since last report**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**

(e) On March 6, 2026, the Federal Home Loan Bank of Pittsburgh (Bank) received the Federal Housing Finance Agency's (Finance Agency) non-objection to the Bank's 2026 Executive Officer Incentive Compensation Plan (2026 Plan) and 2026 performance goals and total weighting for each goal (2026 Goals and Weighting) for the Bank's Named Executive Officers (NEOs), as identified in the Bank's 2025 Form 10-K filed with the Securities and Exchange Commission (SEC) on March 4, 2026 (2025 Form 10-K). The Bank's Board of Directors (Board) previously approved the 2026 Plan and 2026 Goals and Weighting, subject to receipt of Finance Agency non-objection.

The 2026 Plan provides each NEO with an award opportunity based on achievement of the incentive goals described below under "***2026 Goals and Weighting***". The 2026 Plan establishes the following award opportunities, which vary based on each NEO's participant level and level of achievement, and are expressed in the following table as a percentage of base salary:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Participant Level*** | ***Principal Position*** | ***Threshold Incentive Award Opportunity*** | ***Target Incentive Award Opportunity*** | ***Maximum Incentive Award Opportunity*** |
| Level A  | President and Chief Executive Officer | 60% | 80% | 100% |
| Level B  | Chief Banking Officer | 55% | 70% | 85% |
| Level C | Chief Technology and Operations Officer\*<br>Chief Financial Officer | 50% | 65% | 80% |
| Level D | General Counsel, Corporate Secretary<br>and Ethics Officer | 40% | 55% | 70% |

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\* Note that the Chief Technology and Operations Officer retired from the Bank, effective January 27, 2026, and is eligible for certain compensation and benefits as a Bank retiree.

Following December 31, 2026, the Board will evaluate performance against the incentive goals and determine the total incentive award (if any) based on that performance. Any total incentive award will be divided into two parts: (1) a current incentive award; and (2) a deferred incentive award, payable in installments. The following table illustrates how the 2026 current incentive awards and deferred incentive award installments would be paid under the 2026 Plan:

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| | | |
|:---|:---|:---|
| **Payment** | **Description** | **Payment Year\*** |
| Current Incentive Award | 50% of total award | 2027 |
| Deferred Incentive Award installment | Up to 33 1/3% of deferred incentive award | 2028 |
| Deferred Incentive Award installment | Up to 33 1/3% of deferred incentive award | 2029 |
| Deferred Incentive Award installment | Up to 33 1/3% of deferred incentive award | 2030 |

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\* Payment, if any, will be made no later than March 15 in the year indicated.

Payment of each deferred incentive award installment under the 2026 Plan is contingent on the Bank continuing to meet certain Bank performance criteria and the participant meeting his or her requirements of continued employment and satisfactory performance as set forth in the 2026 Plan.

***2026 Goals and Weighting.*** The 2026 Goals and Weighting are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Optimize member use of core credit products and services by year-end. Core credit products and services include: advances, letters of credit, safekeeping, and Mortgage Partnership Finance<sup>®</sup> (MPF<sup>®</sup>) Program products (20% weighting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Optimize member use of community products in 2026. Community products include the Affordable Housing Program (AHP)/Voluntary Housing Grant, Community Lending Program, Banking On Business, and First Front Door/First Front Door Keys (15% weighting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exceed the mortgage purchase housing goal requirement of 20% of mortgage purchases of loans made to low-income families and very low-income families or families in low-income areas (7.5% weighting);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Increase the number of AHP units awarded in the 2026 funding round. The goal defines affordable housing units as all AHP-eligible project/unit types including new construction, preservation, and rental and owner-occupied rehabilitation (7.5% weighting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Profitability as measured by adjusted earnings relative to total Generally Accepted Accounting Principles capital in excess of full year average federal funds rate while remaining within identified risk parameters based on duration of equity and refunding risk operating targets (30% weighting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Technology and resiliency objectives as measured by three strategic milestones (20% weighting).

Adjusted earnings and other measures are as defined in the 2026 Plan.

"Mortgage Partnership Finance" and "MPF" are registered trademarks of the Federal Home Loan Bank of Chicago.

***Clawback and Reduction of Awards.*** The 2026 Plan provides the Board with authority to adjust award amounts or reclaim award payments in certain circumstances and specifies that the Board will reduce the amount of any current incentive award and deferred incentive award installments if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operational errors or omissions result in material revisions to the financial results, information submitted to the Finance Agency, or data used to determine incentive award payment amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The submission of information to the SEC, the Office of Finance, and/or the Finance Agency has not been provided in a timely manner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Bank fails to make sufficient progress, as determined by the Finance Agency, in the timely remediation of examination, monitoring, and other supervisory findings and matters requiring executive management's attention.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

The foregoing description of the 2026 Plan is qualified in its entirety by reference to the copy of the 2026 Executive Officer Incentive Compensation Plan attached hereto as Exhibit 10.1 and incorporated herein by reference.

 **Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

**<u>Exhibit No.</u> <u>Description</u>**

10.1 [<u>2026 Executive Officer Incentive Compensation Plan</u>](ck0001330399-ex10_01.htm)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURE(S)**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | Federal Home Loan Bank of Pittsburgh | Federal Home Loan Bank of Pittsburgh |
| *March 12, 2026* | *By:* | */s/ John A. Ott* |
|  |  | *Name: John A. Ott* |
|  |  | *Title: General Counsel, Corporate Secretary & Ethics Officer* |

---

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## Exhibit 10.01

# FEDERAL HOME LOAN BANK OF PITTSBURGH EXECUTIVE OFFICER INCENTIVE COMPENSATION PLAN 2026
&nbsp;&nbsp;&nbsp;&nbsp;**I.** **EFFECTIVE DATE**

This Executive Officer Incentive Compensation Plan ("Executive Officer Plan" or "Plan") of the Federal Home Loan Bank of Pittsburgh was originally established effective as of January 1, 2013 and shall continue in effect until terminated by the Bank's Board of Directors. Incentive Awards ("Awards") may be paid for the Plan Year (January 1 to December 31, each year) in accordance with the provisions of this Plan. The goals for the Plan Year and terms of the Awards shall be set forth in a separate Attachment to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **PURPOSE AND OBJECTIVES**

The Plan is designed to retain and motivate executive officers and reward the: (i) achievement of key annual goals and (ii) maintenance of satisfactory financial condition and member value over the longer term.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **PLAN ADMINISTRATION**

The Plan is administered by the President; the Human Resources Committee of the Board of Directors

(the "Committee"); and the Board of Directors (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Responsibilities of the President

The President will provide recommendations to the Committee and the Board regarding Plan participation,

Bank performance goals, Bank achievements, and Awards for the Bank's executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Responsibilities of the Committee

The Committee will review all Plan recommendations and revisions (including all performance goals and Awards) from the President and present final recommendations to the Board for its approval. In addition, the Committee will review the performance of the President and the Bank's other executive officers and make recommendations regarding any Award payouts under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Responsibilities of the Board

The Board will review and approve (as it determines appropriate) recommendations from the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **ELIGIBILITY**

The Bank's executive officers are eligible to participate on the terms described in this Executive Officer Plan. Upon designation as a participant, each participant will be provided a copy of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **EXECUTIVE OFFICER PLAN AWARD OPPORTUNITY LEVELS**

A summary of the Award levels is attached as Attachment A. Each participant shall be provided with a separate document showing his/her level of participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **PERFORMANCE MEASURES**

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The Plan Year for the Award opportunity shall mean the annual period ending December 31, (unless otherwise specifically stated in regard to a goal(s) in the applicable goal attachment to this Executive Officer Plan for the Plan Year). The Plan goals can be both quantitative and qualitative. Overall performance of Bank goals, and individual and group goals (as applicable), as well as individual performance objectives as measured through the Bank's performance evaluation process, in aggregate, quantify the performance measures under the Plan that will be considered when determining overall actual performance and any Award payout amount.

Certain positions have a greater and more direct impact than others on the achievement of Bank performance. Those differences are recognized by varying the incentive opportunity expressed as a percentage of a participant's base salary. For executive management, generally, the greater the control and influence a participant can exert over Bank goals, the larger a portion of their incentive Award will be based on Bank performance. Executive officer goals may consist solely of Bank goals or they may include a combination of Bank goals and individual or group goals as determined by the Board.

In general, goals requiring attainment of specified performance or completion of specified tasks and activities shall not be considered as having been met when the actual performance as measured by completion of the activities has not been attained. Interpolation of Award amounts is permissible for achieved performance (measured by completion of the stated goals) at levels between threshold and target, and target and maximum. Awards for performance results between the threshold and target levels are calculated as a percentage of the target level. Awards for performance between the target and maximum levels are calculated as a percentage of maximum. Additionally, the specific terms of an approved goal(s) may establish further standards for interpolation.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **AWARD DETERMINATION AND PAYMENT**

No participant has a vested right to any Award under the Plan until: (i) a determination of an Award payment has been made by the Board; (ii) the participant has met all applicable requirements for such Award and for receiving payment of such an Award, including, without limitation, any continued service and performance requirements as set forth in this Plan; and (iii) all the other conditions and criteria regarding payment of such Award as set forth in this Executive Officer Plan are met.

At the conclusion of the applicable Plan Year after considering the Bank's performance against the Bank goal(s), individual performance, and actual overall Bank performance, the President shall recommend to the Committee the Awards to be paid to the Bank's executive officers, excluding the President. With respect to the determination of any Awards to the executive officers under this Plan, the Committee and the Board shall consider, in addition to individual and overall Bank performance, Bank financial condition, operating environment, and any other factors it considers relevant, including, without limitation, the extent (if any) to which any extraordinary or non-recurring transaction had a material effect on whether a goal(s) was attained.

A participant who is on formal corrective action for performance at any time during the Plan Year will be ineligible to receive any payment of any Award.

In order for any Award payment to be made, the most recent examination by the Federal Housing Finance Agency ("Finance Agency") of the participant's area(s) of responsibility must not have identified any unsafe or unsound practice or condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Assessment of Performance

Following December 31 of each year, the Board will evaluate performance against the incentive goals set forth on the attached Annual Goal Scorecard and determine the total amount of the Award (if any) based on that performance (such amount shall be referred to as the "Total Award"). The Total Award, if any, will be divided such that: 1) 50 percent of the Total Award shall be referred to as the "Current Incentive Award"

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and 2) the remaining 50 percent of the Total Award shall be referred to as the "Deferred Incentive Award."

The following illustrates how the 2026 Current Award and Deferred Incentive Award would be paid:

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| | | |
|:---|:---|:---|
| **Payment** | **Description** | &nbsp;&nbsp;**Payment Year\*** |
| <u>Current Incentive Award</u> | 50% of the Total Award | &nbsp;&nbsp;2027 |
| <u>Deferred Incentive Award</u> <u>installment</u> | Up to 33 1/3% of the Deferred Incentive Award | &nbsp;&nbsp;2028 |
| <u>Deferred Incentive Award</u> <u>installment</u> | Up to 33 1/3% of the Deferred Incentive Award | &nbsp;&nbsp;2029 |
| &nbsp;&nbsp;<u>Deferred Incentive Award</u> <u>installment</u> | &nbsp;&nbsp;Up to 33 1/3% of the Deferred Incentive Award | &nbsp;&nbsp;2030 |

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\*Payment will be made no later than March 15 in the year indicated.

All payments are subject to the terms of this Plan, including Section B below**. In no event shall the aggregate amount of any Current Incentive Award and Deferred Incentive Award installments paid to a participant in any payment year exceed 100 percent of the participant's base salary.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Payment of Each Deferred Incentive Award Installment Contingent on the Bank Continuing to Meet Stated Criteria and Contingent on the Participant Meeting Stated Payment Criteria

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Maintenance of Satisfactory Bank Performance

Except as set forth in Subsection 2., it is intended that a condition to payment of each Deferred Incentive Award installment is that in the annual period preceding the designated Payment Year for such installment, the Board determines that the Bank has met at least one (1) of the Deferred Incentive Award criteria set forth in Attachment B to this Plan. If the Board determines that the Bank has not met any of the stated criteria, then, such Deferred Incentive Award installment payment shall not be made. For the avoidance of doubt, if the Bank fails to meet at least one (1) of the criteria in the year preceding a designated Payment Year for one installment of a Deferred Incentive Award and such installment payment is not made, but then, the Bank meets at least one of the criteria in the annual period before the designated Payment Year for the next installment payment, then, a subsequent Deferred Incentive Award installment payment shall be made. The actual amount of each Deferred Incentive Award installment payment shall be determined pro-rata or on such other basis as the Board shall determine in assessing the extent to which the stated criteria set forth on Attachment B were met by the Bank during the preceding annual period. In no case may the maximum amount of any Deferred Incentive Award installment be paid unless all of the stated criteria in Attachment B have been met in the preceding year. This provision shall not in any manner limit the Board's authority under Articles VIII. and IX. of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Board Discretion—Strategic Transactions

If prior to the payout of all Deferred Incentive Award payments a Change in Control event occurs (as defined below) then, in such case, the Deferred Incentive Award criteria set forth on Attachment B are inapplicable and all unpaid Deferred Incentive Awards: (i) shall vest 30 days after the Finance Agency issues its written approval of such a transaction and (ii) shall be paid to the participants 30 days after the closing of the transaction.

For purposes of this section "Change in Control" shall mean: (i) the merger, reorganization, or consolidation of the Bank with or into another Federal Home Loan Bank or other entity, (ii) the sale or transfer of all or substantially all of the business or assets of the Bank to another Federal Home Loan Bank

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or other entity, (iii) the purchase by the Bank or transfer to the Bank of all or substantially all of the business or assets of another Federal Home Loan Bank, (iv) a change in the composition of the Board of Directors, as a result of one or a series of related transactions, that causes the number of directors of the Bank elected by members of the Bank located in Pennsylvania, West Virginia, and Delaware to cease to constitute a majority of the directors of the Bank that are elected by members of the Bank (excluding, for purposes of this clause (v), non-member independent directors), or (vi) the liquidation of the Bank.

Provided that the term "reorganization" contained in this definition shall not include any reorganization that is mandated by federal statute, rule, regulation, or directive, including 12 U.S.C. Section 1421, *et seq.,* as amended, and 12 U.S.C. Section 4501 *et seq.,* as amended, and which the Director of the Finance Agency (or successor agency) has determined should not be a basis for making payment under this Plan, by reason of the capital condition of the Bank or because of unsafe or unsound acts, practices, or condition ascertained in the course of the Agency's supervision of the Bank or because any of the conditions identified in 12 U.S.C. Section 4617(a)(3) are met with respect to the Bank (which conditions do not result solely from the mandated reorganization itself, or from action that the Agency has required the Bank to take under 12 U.S.C. Section 1431(d)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Termination of Employment; Pro-Rated and Deferred Incentive Award Payments; Participant Performance Condition

Participants who terminate employment with the Bank for any reason, other than death, disability, or retirement prior to the Current Incentive Award payout date will not be eligible for such an Award.

Participants who are hired during the Plan Year or whose employment ends due to involuntary termination<sup>1</sup> (excluding involuntary termination for cause<sup>2</sup>), death, disability, or retirement prior to the Current Incentive Award payout date may be eligible to be considered for a pro-rated Current Incentive Award.<sup>3</sup>

Participants who terminate employment due to retirement or involuntary termination (other than for cause) after the Current Incentive Award payout date but before completion of the payment of all corresponding Deferred Incentive Award installments (as set forth above) shall receive such Deferred Incentive Award installment payments at the same time as such payments are made to Plan participants who are current Bank employees. Participants who otherwise resign employment before the completion of the payment of all corresponding Deferred Incentive Award installments shall not receive payment of such installments. Any participant that is terminated by the Bank for cause (as defined in this Plan) prior to receiving payment of all corresponding Deferred Incentive Award installments shall not receive payment of any remaining unpaid Deferred Incentive Award installments. This provision shall not in any manner limit the Board's authority under Articles VIII. and IX. of the Plan.

In the case of a participant whose employment terminates due to death or disability before completion of the payment of all corresponding Deferred Incentive Award installments, such installments shall promptly

1 "Involuntary termination" shall be interpreted consistent with "separation from service" as defined in the IRS 409A Regulations and exclude termination

for cause and shall include a "resignation for good reason" as defined by the IRS 409A Regulations.

2 For purposes of the Plan, "cause" means: (1) continued failure of the Participant to perform his or her duties with the Bank (other than any such failure resulting from disability), after a demand for performance, pursuant to a resolution of the Board, is delivered to the participant by the chair of the board, which specifically identifies the manner in which the participant has not performed his or her duties; (2) personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, or willful violation of any law, rule, or regulation (other than routine traffic violations or similar offenses); or (3) removal of the participant by or at the direction of the Federal Housing Finance Agency pursuant to federal laws, rules, and regulations, including 12 U.S.C. §4501 et. seq. as amended or by any successor agency to the Federal Housing Finance Agency pursuant to a similar statute.

3 "Retirement" for purposes of this Plan is defined as a participant meeting one of the following criteria: (1) 60 years of age or older with at least 5 years of service; (2) 65 years of age or older regardless of service; (3) age 55 or older with at least 10 years of service; or (4) the combination of the

participant's age and years of service equals or exceeds 70. In all cases of retirement, the participant is required to enter into a non-solicitation agreement in the form required by the Bank regarding the Bank's customer's and employees. "Disability" shall be interpreted consistent with IRS 409A Regulations.

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vest following the death or disability and the remaining installments shall be paid by the Bank within 90 days of the date of death or determination of disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Provisions Applicable to All Awards Under the Plan

Except as expressly set forth otherwise in this Plan, payments under the Plan are intended to satisfy the "short-term deferral" exception under Section 409A of the Internal Revenue Code ("Code"). Each payment under the Plan will be treated as a separate payment for purposes of Section 409A of the Code and corresponding IRS 409A Regulations. Appropriate provisions shall be made for any taxes that the Bank determines are required to be withheld from any Awards under the applicable laws or other regulations of any governmental authority, whether federal, state, or local. For the avoidance of doubt, Participants will be solely responsible for any applicable taxes (including income and excise taxes) and penalties, and any interest that accrues thereon, that they incur in connection with the receipt of any Award under the Plan.

This Plan and the payment of any Award hereunder shall be subject to the Finance Agency's authority over executive compensation pursuant to 12 U.S.C.§ 4518. The payment of any Award shall be subject to such obligations, terms, and conditions as the Committee or the Board may specify in making the Award and, in exercising its discretion to make any Award determination hereunder, the Board may choose to consider factors such as overall Bank financial performance, operating environment, and other relevant considerations. Acceptance of any Award shall constitute agreement by the participant to all obligations, terms, conditions, and restrictions so imposed.

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **CLAWBACK AND REDUCTION OF AWARDS**

In the event of gross misconduct, gross negligence, materially inaccurate financial statements, erroneous performance metrics related to incentive goal calculation or conviction of a felony, the Board will have the authority to adjust Award amounts or reclaim Award payments. For the avoidance of doubt, the Board may in its sole discretion, decline to adjust the terms of any outstanding Award if it determines that such adjustment would violate applicable law or result in adverse tax consequences to a participant or the Bank.

The Board will utilize its discretion to reduce the amount of any Current Award and Deferred Award installments if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Operational errors or omissions result in material revisions to the financial results, information submitted to the Finance Agency, or data used to determine incentive award payment amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The submission of information to the Securities and Exchange Commission ("SEC"), the Office of

Finance ("OF"), and/or the Finance Agency has not been provided in a timely manner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Bank fails to make sufficient progress, as determined by the Finance Agency and communicated to Bank management and/or the Board by the Finance Agency, in the timely remediation of examination, monitoring, and other supervisory findings and matters requiring executive management's attention.

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&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **TERMINATION OR AMENDMENT**

The Plan, in whole or in part, may at any time or from time to time be amended, suspended, or reinstated and may at any time be terminated by action of the Board. The Board has the power and authority to construe, interpret, and administer the Plan. Any decision arising out of or in connection with the construction, interpretation, or administration of the Plan will lie within the Board's absolute discretion and will be binding on all parties. No provision of this Plan shall create any right to continued employment.

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Attachments

**Attachment A—2026 Award Levels**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;***Participant Level*** | ***Threshold Incentive Award***<br>***Opportunity*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Target Incentive Award***<br>***Opportunity*** | ***Maximum Incentive Award***<br>***Opportunity*** |
| &nbsp;&nbsp;Level A | 60% | 80% | 100% |
| &nbsp;&nbsp;Level B | 55% | 70% | 85% |
| &nbsp;&nbsp;Level C | 50% | 65% | 80% |
| &nbsp;&nbsp;Level D | 40% | 55% | 70% |

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**Attachment B**

**2026**

**Criteria for Payment of Deferred Award Installments**

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Market Value of Equity to Par Value of Capital Stock (MV/CS) - Maintain MV/CS above 105% on average throughout the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Retained Earnings Level - Maintain enough retained earnings to exceed the Bank's retained earnings combined need defined as retaining earnings that cover both risk target and capital compliance, at each year end of deferred payment period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board will consider the following criteria and may exercise its discretion to adjust an award based on such criteria:<br>Remediation of Examination Findings. Defined as the Bank making sufficient progress, as determined by the FHFA and communicated to Bank management or the Board of Directors by the FHFA, in the timely remediation of examination, monitoring, and other supervisory findings and matters requiring executive management's attention. Refers to examination findings from the examination during the applicable deferral year for the installment. For example, for the 2025 installment (payable in 2028), the applicable examination is the 2025 examination.<br>Timeliness of FHFA, SEC, and OF Filings. Filings defined as SEC periodic filings, call report filings with FHFA, and FRS filings with OF that are timely filed and no material restatement by the Bank is required. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: at least one of the (1) and (2) stated quantifiable criteria above must have been met in the preceding year in order for any installment payment to be made. In the event that both of the (1) and (2) stated quantifiable criteria are met in the preceding year, the payment will be made at 125% of the deferred amount. In no event shall the aggregate amount of any Current Incentive Award and Deferred Incentive Award installments paid to a participant in any payment year exceed 100 percent of the participant's base salary. |

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