Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.01

FEDERAL HOME LOAN BANK OF NEW YORK 2006 INCENTIVE COMPENSATION PLAN

	I.	 	OBJECTIVE

	 
	 	 	The objective of the Federal Home Loan Bank of New York’s (“Bank”) 2006 Incentive Compensation
Plan (“Plan”) is to motivate employees to take actions that support the Bank’s strategies and
lead to the attainment of the Bank’s business plan and fulfillment of its mission.

	 
	 	 	The Plan is intended to accomplish this objective by:

	 	•	 	Linking annual cash pay-out award opportunities to Bank performance measured by the
Bank’s “Dividend Capacity From Income”, “Enterprise Risk Management “ and “Targeted
Housing and Community Development” goals as well as utilizing individual, department
and group performance measures for certain employees where appropriate and applicable;

	 
	 	•	 	Establishing the goal setting process as an effective reward system so that employee
monetary interests are related to and dependent upon Bank performance; and

	 
	 	•	 	Retaining top performing employees by affording them the opportunity to share in the
Bank’s enhanced performance.

	II.	 	DEFINITIONS

	 	A.	 	Bank: The Federal Home Loan Bank of New York, its successors and assigns.

	 
	 	B.	 	Board: The Board of Directors of the Federal Home Loan Bank of New York.

	 
	 	C.	 	Committee: The Compensation and Human Resources Committee of the Board.

	 
	 	D.	 	Fiscal Year: The 12-month period used as the annual accounting period by the Bank.

	 
	 	E.	 	Manager: The person to whom the Participant reports directly.

	 
	 	F.	 	Participant: An employee of the Bank as defined by the terms of the Financial
Institutions Retirement Fund who is exempt from the application of the overtime
provisions of the Fair Labor Standards Act and who is also selected by the President to
participate in the Plan.

	 
	 	G.	 	Plan: This Incentive Compensation Plan, as may be amended or supplemented from time
to time.

	 
	 	H.	 	Plan Year: 2006

	 
	 	I.	 	President: The Chief Executive Officer of the Bank, regardless of title, or his
designee.

 

 

 

	III.	 	ADMINISTRATION

	 	A.	 	The Plan, as adopted by the Committee on March 16, 2006, is effective for the Plan
Year beginning January 1, 2006.

	 
	 	B.	 	The Plan shall be administered by the President, subject to any requirements for
review and approval by the Committee that the Committee may establish. The Committee
shall keep the Board apprised of any amendments to the Plan. The Director of Human
Resources shall be the President’s designee until there is a written communication by the
President naming other(s) to fulfill that duty. In all areas not specifically reserved
by the Committee for its review and approval, decisions of the President or his designee
concerning the Plan shall be binding on the Bank and on all Participants.

	 
	 	C.	 	While the President has the full power and authority to interpret and administer
the Plan, he will also have the following specific rights and duties:

	 	1.	 	To adopt, amend and rescind administrative guidelines, rules and
regulations pertaining to the Plan.

	 
	 	2.	 	To accept, modify or reject recommendations of the Managers to set final awards.

	 
	 	3.	 	To interpret and rule on any questions pertaining to any provisions of the
Plan.

	 
	 	4.	 	To retain all such other powers as may be necessary to discharge the duties
and responsibilities herein.

	 	 	 	Notwithstanding the foregoing, matters specifically affecting the President shall be
handled by the Committee.

	 
	 	D.	 	The President will be responsible for ensuring effective communication of Plan
provisions each year. Each Participant will be given a copy of the Plan document and of
any schedule deemed necessary by the President. Modifications or changes to the Plan
will be documented and distributed to Participants as soon as practicable.

	 
	 	E.	 	Nothing contained in this Plan shall be construed as a contract of employment
between the Bank and a Participant, or as a right of a Participant to be continued in the
employment of the Bank, or as a limitation of the right of the Bank to discharge a
Participant with or without cause. In addition, no Participant shall have a vested right
to any monies due under this Plan until payment is actually received by Participant.

	IV.	 	ELIGIBILITY

	 	A.	 	Employees in positions determined to have a measurable impact on company results
and for whom incentive participation is consistent with competitive practice may be
eligible for participation in the Plan.

	 
	 	B.	 	The President will select annually, for approval by the Committee, those positions
which will be eligible for awards granted under the terms of the Plan. Eligibility may
vary from year to year.

	 
	 	C.	 	Eligible positions are listed in Schedule A, incorporated by reference,
which may be updated annually or more frequently, as appropriate. Incumbents in these
positions are Participants in the Plan unless otherwise noted in Schedule A.

	 
	 	D.	 	New employees deemed eligible for Plan participation will be considered eligible
immediately upon date of hire.

 

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	V.	 	INDIVIDUAL AWARD OPPORTUNITIES

	 	A.	 	The President shall recommend to the Committee for its approval the award levels
which shall be used to calculate awards earned by Plan Participants.

	 
	 	B.	 	Award levels shall be expressed as a percent of the base salary of each Participant
for that Plan Year.

	 
	 	C.	 	Each position shall have an assigned threshold, target and maximum award
opportunity level. The range of award opportunities for each Plan Participant is included
in Schedule B, which is incorporated by reference. This Schedule B may
be amended or otherwise modified from year to year by the Committee.

	VI.	 	OBJECTIVE SETTING

	 
	 	 	The President shall from time to time recommend to the Committee Bankwide performance goals
that incentive payments to Participants shall be based upon, either in their entirety or
selectively. Individual and/or group performance measures and goals may be developed by
Participants in collaboration with their Managers. The Bankwide performance goals will
specify target performance levels as well as the achievement levels required to receive
threshold and maximum incentive award amounts. Target performance goal(s) shall be designed
to be attainable, but not without significant effort. Maximum performance goal(s) shall be
established as goal(s) representing a “reach” for the Bank and/or the group or individual as
applicable. The Committee shall review and have final approval over the Bankwide performance
measures and goals for all Participants, including the President. Individual and/or group
performance measures and goals for Participants other than the President will be reviewed
and approved by the participant’s and/or group’s manager. Changing the measures of Bankwide
performance or changing the achievement levels of Bankwide performance will require approval
of the Committee.

	VII.	 	OBJECTIVE WEIGHTING

	 
	 	 	Actual incentive awards under the Plan will be based on (i) Bankwide performance results, and
(ii) individual and/or group performance results, if applicable or appropriate. The relative
weighting of Bank performance may vary.

	VIII.	 	PERFORMANCE MEASUREMENT

	 	A.	 	Performance against goals will be measured as soon as practicable following the
close of the Plan Year.

	 
	 	B.	 	Group and/or individual performance, where applicable, will be measured by each
Participant’s Manager.

	IX.	 	AWARD DETERMINATION

	 	A.	 	Aggregate performance of Bankwide goals, individual and/or group goals, where
applicable, will be used to determine the Participants’ awards. There will be no payout
to Participants for Bankwide goals if results on all Bankwide goals fall below
the threshold level. Should the Bank not meet all of its Bankwide goals, participants who
have attained at least an overall performance rating of 3.0 will be paid an incentive
award based on their individual performance component.

 

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	 	B.	 	A Participant’s overall performance as rated in his/her last performance evaluation
must be at least a 3.0 in order to receive an incentive payment. However, regardless of
his or her overall rating, a Participant with a written performance warning in his or her
employment file who does not also have corresponding documentation from his or her
manager in his/her employment file evidencing acceptable improvement in the participant’s
performance prior to the payment of the award shall not receive any incentive payment.
Participants who have not had a regularly scheduled performance appraisal due to leave of
absence shall be eligible to receive incentive payments.

	 
	 	C.	 	Participants that have attained an “Exceeds Requirements” or “Outstanding” rating
in their performance evaluation will receive an additional 3% or 6%, respectively, of
their base salary added to their Plan award.

	 
	 	D.	 	Recommendations will be made to the Committee regarding the actual Bankwide
performance and the associated level of payments as soon as practicable following the
conclusion of the Plan Year. Such recommendations shall be based on achieved levels of
performance, measured against the performance objectives adopted for each portion of the
award.

	 
	 	E.	 	Plan Participants, including the President, will receive a cash payment of the
award as soon as practicable after final approval by the Committee.

	 
	 	F.	 	Awards earned may vary from the target award defined for each Plan Participant
according to performance achieved by the Bank, and where applicable by the group or
individual.

	 
	 	G.	 	Payments may vary from the assigned threshold, target and maximum award opportunity
level as indicated in Schedule B if the Committee determines at the end of the
Plan year that an adjustment to the schedule would better serve the purposes of the Plan.

	 
	 	H.	 	Individuals that are hired during the Plan Year, but in no event after October 31
of that year, to fill eligible positions will receive prorated incentive payments based
on length of time worked. The final incentive payment will be calculated on a calendar
day basis.

	 
	 	I.	 	If a Participant’s rank or assignment from one tier to another as indicated in
Schedule B is changed, the incentive payment may be determined on a pro rata basis
according to that portion of the Plan Year worked in each eligible position.

	 
	 	J.	 	Incentive payments for participants who are non-officers shall be calculated
using the base salary as of the end of the Plan year without regard to prorating.

	 
	 	K.	 	If a Participant other than the President dies, the payment may be awarded based
upon the judgment of the President. The final payment may be made after approval by the
Committee following the conclusion of the Plan Year. If the President dies, the payment
may be awarded based upon the judgment of the Board. The final payment may be made after
approval by the Board following the conclusion of the Plan Year.

 

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	 	L.	 	If, prior to the payment of an award, (i) the employment of a Participant is
terminated by the Bank or (ii) the Participant leaves the Bank voluntarily, no incentive
award will be made or payable under this Plan, except in the discretion of the Committee
(or in the case of the President, the Board).

	X.	 	AMENDMENTS

	 
	 	 	The Committee reserves the right to amend, modify or terminate the Plan at any time and for
any reason. All amendments to the Plan shall be made in writing and shall be effective when
approved by the Committee. Notwithstanding the foregoing, amendments affecting the President
shall be approved by the Board.

	 
	XI.	 	OTHER PROVISIONS

	 
	 	 	The provisions of the Plan shall be governed by the laws of the State of New York.

 

5Filed by Bowne Pure Compliance

 

Exhibit 10.4

2007 DIRECTOR COMPENSATION POLICY

Effective as of January 1, 2007

			
	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 the fee caps contained in Section 7
of the Federal Home Loan Bank Act (“Bank Act”) and the regulations of the Federal
Housing Finance Board (“FHFB”) located at 12 C.F.R. 918 regarding Director
compensation and expenses.

	I.	 	MEETING FEES

	 	A.	 	Chairman

	 
	 	 	 	The fee for the Chairman of the Board is $3,800 per Board meeting attended
(subject to Section I.D. below).

	 
	 	B.	 	Vice Chairman

	 
	 	 	 	The fee for the Vice Chairman of the Board is $3,000 per Board meeting attended
(subject to Section I.D. below).

	 
	 	C.	 	Appointed and Elected Directors

	 
	 	 	 	The fee for a Director, other than the Chairman or the Vice Chairman, is $2,300 per
Board meeting attended (subject to Section I.D. below).

	 
	 	D.	 	Fee Caps

	 
	 	 	 	In no event shall fees paid to any Director in a calendar year exceed any
limitations imposed by Section 7 of the Bank Act and/or the regulations of the
FHFB located at 12 C.F.R. 918.3.

	II.	 	EXPENSES

	 	A.	 	In General

	 	1.	 	Directors may be paid for reasonable travel, subsistence or 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 both appointed and elected Directors for
attendance at Board and Committee meetings as established herein.

	 	C.	 	Annual Regional Stockholders’ Meetings

	 	1.	 	Reimbursement of reasonable expenses incurred by appointed and elected
Directors attending the FHLBNY’s regional stockholders’ meetings is permitted.

	 	D.	 	Industry Meetings

	 	1.	 	Reimbursement of appointed 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.
Appointed directors attending industry events on behalf of the FHLBNY should
register and identify themselves as directors of the FHLBNY.

	 
	 	2.	 	Reimbursement of elected 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 Board

	 	1.	 	Reimbursement of reasonable expenses may be paid to all Directors participating in
meetings called by the Federal Housing Finance Board.

	 	F.	 	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 lI B, C, D or
E 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.
FHFB Regulation 12 C.F.R. 918.8 prohibits 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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