Document:

2010 Executive Incentive Compensation Plan

 Exhibit 10.15 
 2010 FEDERAL HOME LOAN BANK INDIANAPOLIS 
 EXECUTIVE
INCENTIVE COMPENSATION PLAN (STI) 
 Approved by Board of Directors January 21, 2010 
  

											
	 MISSION GOALS
	  	WEIGHTED
VALUE	 	MINIMUM
THRESHOLD	 	2010
TARGET	 	MAXIMUM
	 1.
	  	 PROFITABILITY
	  		 		 		 	
		  	 Potential Dividend over our Cost of Funds(1)
	  	50%	 	50 B.P.	 	100 B.P.	 	250 B.P.
		  		  	(35% CRM)	 		 		 	
						
	 2.
	  	 ADVANCES
	  		 		 		 	
		  	 Member Participation(2)
	  	15%	 	65.0%	 	67.0%	 	70.0%
		  		  	(11% CRM)	 		 		 	
		  	 New, Reactivated or Cross-Sold Members(3)
	  	10%	 	8 pts.	 	14 pts.	 	20 pts.
		  		  	(5% CRM)	 		 		 	
						
	 3.
	  	 MORTGAGE PURCHASE PROGRAM
	  		 		 		 	
		  	 MPP Production(4)
	  	10%	 	$238 M	 	$325 M	 	$750 M
		  		  	(7% CRM)	 		 		 	
						
	 4.
	  	 COMMUNITY INVESTMENT
	  		 		 		 	
		  	 CIP Advances Originated(5)
	  	10%	 	$25 M	 	$50 M	 	$100 M
		  		  	(7% CRM)	 		 		 	
						
	 5.
	  	 CORPORATE RISK MANAGEMENT
	  		 		 		 	
		  	 REPORTING(6)
	  	5%	 	Met
Expectations	 	Fully	 	Fully
		  		  	(35% CRM)	 	for CRM
Reporting/
Monitoring	 	Proficient	 	Proficient
and Efficient

  

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 2010 FEDERAL HOME LOAN BANK OF INDIANAPOLIS 
 EXECUTIVE INCENTIVE COMPENSATION PLAN 
 Definitions: 
  

	 	(1)	Potential Dividend is defined as adjusted net income as a percentage of average total capital stock. Adjusted net income is adjusted (i) for the effects of current
and prior period prepayments and debt extinguishments, (ii) to exclude mark to market adjustments and other effects from SFAS 133, (iii) and to exclude the effects from SFAS 150. Assumes no material change in investment authority under
FHFB’s FMP, regulation, policy, or law. 

  

	 	(2)	How advances participation will be measured: 

 At the end of each month: 
  

	 	•	 	 Prepare a listing of all members who have a CRS model score above 30 that do not have a stressed capital ratio below 4% as of the previous quarter end.

  

	 	•	 	 Since insurance companies do not have a calculated CRS model score, all insurance companies would be included as well with the exception of Standard
Life Insurance of Indiana. 

  

	 	•	 	 A determination would be made as to the number of qualified members who had an outstanding advance, letter of credit, or line of credit as of month
end. 

  

	 	•	 	 The qualified members utilizing any of the three advance products will be divided by the total members in the qualifying group for the month to
determine a monthly participation rate. 

  

	 	•	 	 Each month a new qualifying group and usage will be determined. 

  

	 	•	 	 At the end of the year, the monthly participation rates will be summed and divided by 12 to determine the average annual participation rate and
compared to the annual goal. 

  

	 	(3)	How to measure new, reactivated or cross-sold members: 

  

	 	•	 	 A snapshot will be taken at the beginning of each month to determine qualified members (defined as federally-insured depositories having a CRS model
score over 30 and a stressed capital ratio not less than 4% plus insurance company members, eliminating Standard Life Insurance of Indiana). The 2009 product usage of each of the 3 credit products will be noted. 

  

	 	•	 	 Should an additional product category be activated anytime during the measurement month that was not being utilized by the qualified member at year end
2009, an additional product usage “point” will be recorded. Once a product point is earned from a member in any month for a particular product category, it shall not be earned again during the calendar year. 

 

	 	•	 	 The total number of product usage points earned each month will be added together and compared to the 2010 goal. 

  

	 	(4)	Mortgage Purchase Program production will be the amount of all MDCs traded in 2010. Assumes no capital requirement for MPP. It also assumes no material change in MPP
authority under FHFB’s FMP, regulation, policy, or law. If the new LRA product is not timely approved or the no-action waiver is not extended, or if new low-income MPP targets are established, the Board will re-visit this target. When
calculating achievement between the minimum threshold and the performance maximum, no single member can account for more than 25% of production. 

  

	 	(5)	Newly-originated Community Investment Cash Advances, including CIP, HomeRetain and other qualifying advances and CIP qualified letters of credit, provided in support of
targeted projects as defined in 12 CFR Part 952 and the FHLBank Act. 

	 	(6)	CEO evaluated. This will be based on evaluation of efficiency on the level of CRM reporting and assessment services provided to the Bank, taking into account CRM
officer’s project deliverables, and both risk and return for its activities. Efficiency is broader than just meeting budget expectations for CRM division and entails exhibiting executive vision and creating/maintaining a high level of
cooperation and professionalism with all operating areas of the Bank, while providing beneficial insight into material risks. The Board will determine the goal achievement for the CEO. 

 Plan Terms: 
 The Board of Directors finds
that this incentive compensation balance between modest profit incentives and product origination, in combination with a three-year long term incentive compensation plan having equivalent goals, is reasonable and total executive compensation is
supported by market comparables. Since 1989, the Bank has

  

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provided incentive compensation based on this balanced deliverable of modest profitability to reward shareholder investment and to encourage product usage. This balance is consistent with sound
risk management and preservation of the Bank’s par value of capital stock. The Board finds that payments under this Plan are consistent with the principles of Federal Housing Finance Agency Advisory Bulletin 2009-AB-09 (October 27, 2009) and
the Board’s objective of meeting annual and long-term financial performance objectives without taking undue risks. 
 By resolution the
Board of Directors may reduce or eliminate a payout that is otherwise earned under this Plan, if the Board finds that a serious, material safety-soundness problem or a serious, material risk management deficiency exists at the Bank. 
 For performance results less than the stated threshold, there is no payout for that particular goal. For performance results equal to or greater than the
stated threshold and less than the target, the respective payout will be the threshold achievement percentage plus the interpolated percentage between the threshold and the respective target for that particular goal. For performance results equal to
or greater than the stated target, the respective payout will be the target achievement percentage plus the interpolated percentage between the target and the respective maximum for that particular goal. 
 The Board of Directors may amend this plan at any time during or after the plan year for any reason, including without limitation, emergency or any
unanticipated market conditions outside of management’s control. To be eligible to receive a payment under the plan, the employee must be actively employed on the date of payment, or be on an approved leave of absence, including FMLA leave. For
new hires added to the plan during the plan year, their payout shall be pro-rated based on the months worked at the Bank. Employees hired after October 1 of the plan year are not eligible for the short-term incentive compensation plan, unless
otherwise provided by the Board. In the event a participant terminates employment during the plan year, he or she will not be eligible to receive incentive payments under the plan, unless the employee terminates because of death or disability. In
these cases or where the Board otherwise determines the incentive payment is appropriate, the payment shall be made on a pro-rata monthly basis earned through the date of termination assuming a satisfactory or better job performance record up to the
date of termination. 
 The plan in its entirety is discretionary and may be discontinued by the board of directors at any time. It is not
intended to create any vested rights to employees or their beneficiaries. This plan shall not be considered a contract and nothing in the plan shall be construed as providing participants any assurance of continued employment for any definite period
of time, nor any assurance of current or future earnings. This plan shall not, in any manner, limit the Bank’s right to reduce or terminate compensation and/or employment at its will, with or without cause. 
 For 2010, participation is as follows: 
  

										
	 	  	Short-Term Incentive Plan	 
	 Eligible Participants**
	  	Threshold*	 	 	Target*	 	 	Maximum*	 
	 President-CEO
	  	30.0	% 	 	50.0	% 	 	70.0	% 
	 Senior Vice Presidents and First Vice President-Corporate Risk Manager
	  	20.0	% 	 	30.0	% 	 	40.0	% 
	 First Vice Presidents
	  	20.0	% 	 	25.0	% 	 	30.0	% 

 The
percentage is measured against the employee’s stated annual base salary for the plan year. 
  

	*	Note for short-term incentive planning purposes, the Threshold performance benchmark for overall salary and benefits administration should over a ten year horizon be
achieved approximately ten percent (10%) of the time. For quantifiable objectives, the Target is based generally on budget forecast objectives, plus a five percent (5%) stretch, and ordinarily should be achieved. The Maximum represents
truly exceptional performance (e.g., budget +15%) accomplished approximately ten percent (10%) of the time. 

	**	This plan excludes the Internal Audit staff, including the director. 

 Compensation paid to employees under the plan will be paid to employees no later than March 15th of the year immediately following the year in which the compensation is earned, and is not intended to
be deferred compensation for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and/or any Regulations adopted thereunder. Compensation will be paid upon approval by the Board and after review of the calculations by the
external auditor. 
  

 Page 3Employment Agreement

 Exhibit 10.29 
  
 March 18, 2010 
 Judith A. Luengas 
 5522 Pine Shade Ct. 
 Orlando, FL 32819 
 Re: Employment Agreement

 Dear Judy, 
 You and Universal
City Development Partners, Ltd. d/b/a “Universal Orlando” (hereinafter referred to as “UO” or the “Company”) have agreed as follows: 
  

	1.	Definitions: 

 UO
includes any subsidiary, or affiliated company or any divisions thereof now existing or formed at any time after the date of this Agreement; any business entity which may merge into UO or with which UO may be merged or consolidated; any business
entity which may acquire all or a substantial portion of the assets or good will of UO; or any business entity which may result from a division or other reorganization of UO. 
  

	2.	Employment and Services: 

  

	 	a)	UO has employed you and you have agreed to perform your exclusive services for UO upon the terms and conditions hereinafter set forth, and the UO employee policies and
procedures as communicated to you from time to time. 

  

	 	b)	 You will perform such services as requested from time to time by the President or Chief Executive Officer, Universal Orlando, or their duly authorized
representative. Your employment as Vice President, Legal Affairs and General Counsel, Universal Orlando pursuant to this Agreement will commence on March 18, 2010, it being understood that the President or Chief Executive Officer, Universal
Orlando, or their duly authorized officers may assign you to render your

	 	 
services in different occupational areas within Universal Orlando, in their sole discretion. 

  

	3.	Results and Proceeds: 

 As your employer, UO shall own all rights in and to the results and proceeds connected with or arising out of, directly and indirectly, your services hereunder. 
  

	4.	Term; Renewal: 

  

	 	a)	The term of this Agreement shall run two (2) years, commencing on March 18, 2010 and continuing until March 17, 2012. 

  

	 	b)	Option: UO shall have the irrevocable option to renew the term of this Agreement for a period of twenty four (24) months, commencing on March 18, 2012
and continuing until March 17, 2014. 

  

	 	c)	In the event the Company exercises its right to renew your employment under the option provided above, you shall be notified in writing not less than ninety
(90) days prior to the expiration date of the then current term. In the event the Company does not elect to continue your employment at the expiration of any term, no special severance consideration is provided. Rather, standard Company
practice (if any) shall apply. 

  

	 	d)	You agree and acknowledge that UO has no obligation to renew this Agreement or to continue your employment after expiration of the term hereunder, and you expressly
acknowledge that no promises or understandings to the contrary have been made or reached. 

  

	5.	Compensation: 

  

	 	a)	Basic Salary: For all your services rendered under this Agreement, UO shall pay you a salary at an annual rate of no less than $185,016.00 or at such higher
salary as may be determined by your performance review and the Executive Vice President, Human Resources, Legal & Business Affairs, Universal Parks & Resorts (“UPR”). Such higher salary shall subsequently be deemed the
annual rate, commencing on such date as the Executive Vice President, Human Resources, Legal & Business Affairs, UPR may determine, for purposes of this Agreement. 

  

	 	b)	 Such salary shall be payable in equal installments on UO’s regular paydays during the term, subject to the usual and required employee payroll
deductions and withholdings. UO is not obligated to actually utilize your services, and in the

  

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event it elects not to do so, you shall continue to be compensated under the terms and conditions of this Agreement unless mutually agreed upon. 

  

	6.	Covenants: 

  

	 	a)	You will not at any time during your employment by the Company or the period of payment pursuant to Section 5 above be or become (i) interested or engaged in
any manner, directly or indirectly, either alone or with any person, firm or corporation now existing or hereafter created, in any business which is or may be competitive with the business of the Company and its affiliates, or (ii) directly or
indirectly a stockholder or officer, director, agent, consultant or employee of, or in any manner associated with, or aid or abet, or give information or financial assistance to, any such business. The provisions of this paragraph will not be deemed
to prohibit your purchase or ownership, as a passive investment, of not more than five percent (5%) of the outstanding capital stock of any corporation whose stock is publicly traded. 

  

	 	b)	You will not during (i) the period of your employment by the Company, (ii) the period of payment pursuant to Section 5 above, or (iii) the period
ending one (1) year after the later of the periods described in the previous clauses (i) or (ii) induce or attempt to induce any employees, consultants, contractors or representatives of the Company (or those of any of its affiliates)
to stop working for, contracting with or representing the Company or any of its affiliates or to work for, contract with or represent any of the Company’s (or its affiliates) competitors. 

  

	7.	Place and Condition of Employment: 

 Your principal place of employment, unless otherwise specified, is the Orlando office of Universal Orlando. However, it is understood that you may be required to travel to other locations on behalf of
Universal Orlando. 
  

	8.	Vacation: 

 You shall be
entitled to vacation with pay under the UO vacation plan. Any unused vacation greater than 40 hours may not be “carried over” into another year without the approval of your Department Head and the Human Resources Department. 
  

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	9.	Termination: 

 UO may
terminate your services as follows: 
  

	 	a)	The Company may terminate this Agreement for cause at any time without advance notice. “Cause” will include, but not be limited to: 

 

	 	(i)	your material failure to perform your duties; 

  

	 	(ii)	your material failure to comply with Company policies, including, without limitation those set forth in the Universal Orlando Code of Conduct, the Employee
Confidentiality and Non-Disclosure Agreement, the Universal Orlando E-Mail Policy, the Universal Orlando Internet and Computer On-Line Services Policy and the Universal Orlando Discrimination and Sexual Harassment Policy, or

  

	 	b)	In the event you have suffered a permanent and total disability, which prevents your performance of your full-time duties under this Agreement, but in no case, shall
such right be exercised until six (6) months from the date of the commencement of such disablement. 

  

	10.	Benefits: 

 During the
term hereof and so long as you are not in breach of this Agreement: 
  

	 	a)	UO shall reimburse you for your reasonable and necessary business expenses in accordance with its then prevailing policy (which shall include appropriate itemization
and substantiation of expenses incurred). 

  

	 	b)	You shall be entitled to participate in the group insurance benefit plans. 

  

	 	c)	You shall be entitled to participate in the UO 401(k) retirement program upon terms and conditions as developed by UO. 

  

	 	d)	You shall be entitled to participate in the UO Executive Incentive Plan (the “Incentive Plan”) in accordance with the terms of the Incentive Plan, with a
target payout of 22% of your base salary. However, no specific amount is guaranteed. In the event UO has terminated this Agreement in accordance with Section 9(a) above, you will have no right to receive compensation under the Incentive Plan
for any portion of the year in which your termination occurred. 

  

	 	e)	You shall be eligible to participate in the Company sponsored Variable Deferred Compensation Plan. 

  

 Page 4 of 6 

 You further expressly agree and acknowledge that after expiration of the term hereunder you
are entitled to no additional benefits not expressly set forth herein, except as specifically provided under the benefit plan referred to herein and those benefit plans in which you may subsequently become a participant, and subject in all cases to
the term and conditions of each such plan. 
  

	11.	Assignment of Agreement: 

 UO may assign this Agreement to any affiliate or successor in interest without your prior consent. This Agreement is a personal services agreement and may not be assigned by you. 
  

	12.	Compliance with Policies: 

 Incorporated herein and made part of this Agreement are the Universal Orlando Code of Conduct and the Company’s Discrimination and Sexual Harassment Policy. Compliance with such Policies and Code of Conduct, and any amendments thereto
which you receive, such amendments to be consistent with the tenor of the current Policies and Codes of Conduct and not in violation of public policy, are conditions to your continued employment. Any material violation thereof shall constitute a
breach of this Agreement, and shall provide for termination as set forth in Section 9 above. 
 In addition to such
Policies and Code of Conduct, also incorporated herein and made a part of this Agreement is the Employee Confidentiality and Non-Disclosure Agreement. In view of the fact that your position of service to UO is a unique one of trust and confidence
and, as a condition to your employment by UO under this Agreement, you agree to sign and comply with each of the provisions of such Employee Confidentiality and Non-Disclosure Agreement. 
  

	13.	Termination of All Previous Agreements: 

 All prior personal employment service agreements (whether written, oral or implied) between us, if any, are terminated as of the commencement of the term of this Agreement. 
  

	14.	Choice of Laws: 

 This
Agreement shall be covered by and construed and enforced in accordance with and subject to the laws of the State of Florida. Any legal proceeding brought by either party for enforcing any right or obligation under this Agreement, or arising under
any matter pertaining to this Agreement or the services to be rendered hereunder, shall be submitted without jury before any court of competent jurisdiction in the State of Florida. The parties hereto expressly waive trial by jury. 
  

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	15.	Entire Agreement; Modification; Severability: 

 This Agreement sets forth the entire understanding between us; there are no terms, conditions, representations, warranties or covenants other than those contained herein. No term or provision of this
Agreement may be amended, waived, released, discharged or modified in any respect except in writing, signed by the appropriate party(ies). No waiver of any breach or default shall constitute a waiver of any other breach or default, whether of the
same or any other term or condition. 
 Any negotiated changes made regarding payments under this Agreement may result in a 20%
excise tax and additional penalties under the Internal Revenue Code. The Company makes no representations regarding income tax treatment for you, and you are solely responsible for any and all taxes or tax penalties arising from any negotiated
change in payments under this Agreement. You are urged to consult with your own tax adviser regarding taxation of separation benefits. 
 The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 Very truly yours, 
 UNIVERSAL ORLANDO 
  
 John R. Sprouls 
 Chief Executive Officer, Universal Orlando, and 
 Executive Vice President 
 Human Resources, Legal & Business Affairs, UPR 
 JRS:jal 
 AGREED: 
  
  

					
	 /s/ Judith A. Luengas
	 		 	March 18, 2010
	 Judith A. Luengas
	 		 	Date

  

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