Document:

Exhibit 10.2

 Exhibit 10.2 
 2013 EXECUTIVE MANAGEMENT COMPENSATION PROGRAM 
 FOR NON-VIRGINIA-BASED
COVERED OFFICERS (“2013 NON-VIRGINIA EMCP”) 
 Program Document 

Effective January 1, 2013 
  

							
	Covered Positions	  	This Program Document applies to
non-Virginia-based Covered Officers. Freddie Mac’s Chief Operating Officer (“COO”), all Executive Vice Presidents (“EVPs”), and all Senior Vice Presidents (“SVPs”) are each considered a “Covered Officer,”
unless an employee’s participation as a Covered Officer is specifically excluded in a separate agreement. A Covered Officer is considered non-Virginia-based if he or she is primarily or principally assigned to provide services from a work
location outside of the Commonwealth of Virginia.
	 Covered Position

Participation
 Requirement
	  	Participation in the 2013 Non-Virginia EMCP
is conditioned on the Covered Officer’s agreement to the terms and conditions set forth herein and in the 2013 EMCP Recapture and Forfeiture Agreement (the “Recapture Agreement”). A Covered Officer who does not agree to the terms
of both the 2013 Non-Virginia EMCP and the Recapture Agreement will receive only Base Salary. The terms and conditions set forth in the Recapture Agreement are incorporated in and made a part of this 2013 Non-Virginia EMCP.

	Target Total Direct Compensation1	  	A Covered Officer’s target total direct
compensation (“Target TDC”) is the sum of Base Salary and Deferred Salary, each of which is paid in cash.
	Base Salary	  	Base Salary is earned and paid on the
company’s standard payroll cycle and cannot exceed $500,000 without FHFA approval.
	Deferred Salary	  	The portion of Target TDC not paid in Base Salary is Deferred Salary. Deferred Salary is available to be
earned and is provisionally credited on the company’s standard payroll cycle. It is actually earned and will be paid following a determination that certain contingencies and conditions precedent have been met (see “When Deferred Salary is
Earned” and “When Deferred Salary is Paid,” below).
	 	  		  		  	 
	 	  	Deferred Salary consists of the following two elements:
	 	  		  		  	 
	 	  		  	At-Risk Deferred Salary – The amount of At-Risk Deferred Salary that is available to be
earned shall be equal to 30% of the Covered Officer’s Target TDC. The amount of At-Risk Deferred Salary available to be earned in a calendar year is subject to reduction based on corporate and individual performance as follows:
	 	  		  		  	 
	 	  		  	Ø	  	One-half of At-Risk Deferred Salary (or 15% of Target TDC) is subject to reduction based on an assessment by the
Compensation Committee (the Committee) of the Board of Directors and the Federal Housing Finance Agency (FHFA) of performance against Conservatorship Scorecard objectives relevant for the calendar year in which the At-Risk Deferred Salary is
available to be earned.2 The reduction can range from 0%
(no reduction) to 100% (the maximum reduction).
	 	  		  		  	 
	 	  	 	  	Ø	  	One-half of At-Risk Deferred Salary (or 15% of Target TDC) is subject to reduction
based on the Covered Officer’s performance against individual objectives and an assessment of the company’s performance against corporate goals which are complementary to Conservatorship Scorecard

  
  

	1 	 Initially expressed as an annual rate. Amount will be prorated, as appropriate, to reflect date of hire, promotion into a Covered Position, date of
termination, or other adjustment to Target TDC. 

	2 	 For the Covered Officer leading the Internal Audit function, the reduction will be based on the appropriate Board committee’s and FHFA’s
assessment of performance against the Internal Audit Scorecard objectives. 

 2013 Non-Virginia Executive Management Compensation Program 

Page 2 of 5 
 Effective January 1, 2013

  

							
	
Deferred Salary

(continued)
	  	 	  	 	  	objectives, each relevant for the calendar year in which the At-Risk Deferred Salary is
earned. The total reduction can range from 0% (no reduction) to 100% (the maximum reduction).
	  		  		  	 
	 	  		  		  	A Covered Officer’s performance during the calendar year for which the At-Risk Deferred Salary is available to be
earned will be assessed by the Chief Executive Officer, in his/her sole discretion, pursuant to the performance assessment process in effect for such year.
	 	  		  		  	 
	 	  		  		  	At-Risk Deferred Salary payments for Covered Officers are subject to review and approval by the Committee and
FHFA.
	 	  		  	 
	 	  		  	Fixed Deferred Salary – The amount of Fixed Deferred Salary that is available to be
earned shall be equal to the Covered Officer’s Target TDC less Base Salary and less At-Risk Deferred Salary and is not subject to reduction based on either corporate or individual performance.
	 	  		  	 
	 	  	Payment of both At-Risk and Fixed Deferred Salary is also subject, if
applicable, to the “Treatment Upon Termination” provisions set forth below.
	 When
Deferred Salary
 is Earned
	  	A Covered Officer’s right to receive and retain any provisionally
credited but unpaid Deferred Salary is subject to the following contingencies and conditions precedent, and provisionally credited but unpaid Deferred Salary is earned only when such contingencies and conditions have been satisfied: (a) in the case
of At-Risk Deferred Salary, the applicable corporate and individual performance conditions have been met, as established through the performance assessment and reduction process for At-Risk Deferred Salary; and (b) in the case of Fixed Deferred
Salary, the Covered Officer has completed any requisite period of continuous employment with Freddie Mac as described further in Treatment Upon Termination: Fixed Deferred Salary. The failure to fulfill any contingency or condition
precedent will prevent the Covered Officer’s entitlement to Deferred Salary.
	 When Deferred Salary

is Paid
	  	 Deferred Salary is paid only if the relevant controlling
contingencies and conditions precedent are met (see When Deferred Salary is Earned above), after application of (i) the performance assessment and reduction process and (ii) any relevant forfeiture and recapture
provisions.

	 	  	 
	 	  	Any Deferred Salary that is payable to a Covered Officer as described above
and that was available to be earned and provisionally credited in one quarter shall be paid in cash on the last business day of the corresponding quarter of the following calendar year (the “Approved Payment Schedule”).
	 Impact on
Retirement,
 Executive, and Welfare
 Plans
	  	The treatment of Base Salary and Deferred Salary as compensation for
purposes of Freddie Mac’s retirement and welfare benefit plans is governed by the actual terms of those plans. The table below summarizes whether the Base Salary and Deferred Salary a Covered Officer receives while an active employee are
treated as compensation for purposes of the following Freddie Mac retirement and welfare

 2013 Non-Virginia Executive Management Compensation Program 

Page 3 of 5 
 Effective January 1, 2013

  

											
	 Impact on Retirement,

Executive, and Welfare

Plans (continued)
	 	 	 	 benefit plans. Freddie Mac retains the right to amend,
revise or discontinue any of the retirement and welfare benefit plans and the terms of each plan will prevail in the event that there is any conflict between those terms and the table below:

 
	  	 
	 		 	 Freddie Mac’s Retirement and Welfare
 Benefit
Plans
	  	Base Salary Considered
  Compensation?  	  	Deferred Salary Considered
Compensation?	  	 
	 	 		 	  
 Tax-Qualified Thrift/401(k)
	  	  
 Yes
	  	  
 Yes
	  	 
	 	 		 	  
 Tax-Qualified Employees’ Pension3
	  	  
 Yes
	  	  
 Yes
	  	 
	 	 		 	  

Non-Qualified Supplemental Executive Retirement Plans (SERP)3,4
	  	  
 Yes
	  	  
 Yes
	  	 
	 	 		 	  
 Group Term Life Insurance
	  	  
 Yes
	  	  
 No
	  	 
	 	 		 	  
 Group Universal Life Insurance
	  	Yes	  	No	  	 
	 	 		 	  
 Long-Term Disability Plan
	  	Yes	  	No	  	 
	 	 		 	  
 Accidental Death and Personal Loss Insurance
	  	  
 Yes
	  	  
 No
	  	 
	 	 		 	  
 Business Travel Accident Insurance
	  	  
 Yes
	  	  
 No
	  	 
	 	 		 	  
 Worker’s Compensation
	  	  
 Yes
	  	  
 No
	  	 
	 	 		 	  
 Purchase/Payout of Vacation
	  	  
 Yes
	  	  
 No
	  	 
	 	 	 	 	  
 Any Base Salary or Deferred Salary a Covered Officer receives after termination of employment is NOT treated as compensation for purposes of any Freddie Mac retirement or welfare benefit
plan.
  

	  

Treatment Upon

Termination:
 Base
Salary
	 	 	 	  
 Base Salary will cease upon termination of employment, regardless of the reason for such termination.

  
  

	3 	 Employees hired or rehired on or after January 1, 2012 are not eligible to participate in the Pension Plan or the Pension SERP.

	4 	 Compensation for the purposes of the Non-Qualified SERP may not exceed two times a Covered Officer’s Base Salary. 

 2013 Non-Virginia Executive Management Compensation Program 

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 Effective January 1, 2013

  

			
	
Treatment Upon

Termination:

At-Risk Deferred Salary
	  	 The timing and payment of any unpaid portion of
At-Risk Deferred Salary is based on the reason for termination of employment, as follows:

	  	 
	  	 •  Forfeiture Event – All
provisionally credited but unpaid At-Risk Deferred Salary is subject to forfeiture upon the occurrence of an event or conduct described in the Recapture Agreement;

	 	  	 
	 	  	 •  Death – All provisionally credited
but unpaid At-Risk Deferred Salary is paid as soon as administratively possible, but not later than 90 calendar days after the date of death, subject to the terms and conditions of the Recapture Agreement; and

	 	  	 
	 	  	 •  Any Other Reason5 – All provisionally credited but unpaid At-Risk Deferred Salary
is paid in accordance with the Approved Payment Schedule, subject to the performance assessment and reduction process for At-Risk Deferred Salary (see When Deferred Salary is Paid above) and to the terms and conditions of the Recapture
Agreement.

	 	  	 
	 	  	In cases of death or Long-Term Disability (as defined in the Long-Term Disability Plan in effect on the date of
termination), the performance assessment and reduction process for At-Risk Deferred Salary is waived, and there is no reduction based on either corporate or individual performance.
	
Treatment Upon Termination:

Fixed Deferred Salary
	  	 The timing and payment of any unpaid portion of
Fixed Deferred Salary is based on the reason for termination of employment, as follows:

	  	 
	  	 •  Forfeiture Event – All
provisionally credited but unpaid Fixed Deferred Salary is subject to forfeiture upon the occurrence of an event or conduct described in the Recapture Agreement;

	 	  	 
	 	  	 •  Death
– All provisionally credited but unpaid Fixed Deferred Salary is paid in full as soon as administratively possible, but not later than 90 calendar days after the date of death, subject to the terms and conditions of the Recapture
Agreement; and

	 	  	 
	 	  	 •  Any Other Reason5 – All provisionally credited but unpaid Fixed Deferred Salary is
paid in accordance with the Approved Payment Schedule (see When Deferred Salary is Paid above) and the terms and conditions of the Recapture Agreement.

	 	  	 
	 	  	A Covered Officer’s provisionally credited but unpaid Fixed Deferred Salary will be reduced by 2% for each full or
partial month by which the termination precedes January 31 of the second calendar year following the calendar year in which the Fixed Deferred Salary is earned.
	 	  	 
	 	  	This reduction will not be applied in cases of death, Long-Term Disability or
retirement. For purposes of this 2013 Non-Virginia EMCP, a Covered Officer is considered to have retired when s/he voluntarily terminates employment after attaining or exceeding 65 years of age, regardless of the Covered Officer’s length of
service.

  
  

	5 	 Any Other Reason includes, but is not limited to, voluntary terminations, retirement, Long-Term Disability, and involuntary termination for any reason
other than a Forfeiture Event. 

 2013 Non-Virginia Executive Management Compensation Program 

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 Effective January 1, 2013

  

			
	 Reservation of Rights

and Applicable Law
	  	 Each Covered
Officer’s employment with Freddie Mac is “at-will,” meaning that either the Covered Officer or Freddie Mac may terminate such employment at any time with or without cause or notice. Nothing in this Program Document or any other
document referred to or incorporated by reference herein shall be held or construed to change the at-will nature of any Covered Officer’s employment with Freddie Mac.

 
 Nothing in this Program Document is intended or shall be construed to abrogate
FHFA’s authority to either: (i) modify or terminate any compensation plan or program (including the 2013 Non-Virginia EMCP); or (ii) disapprove the actual payment of any form of compensation to be paid pursuant to the 2013 Non-Virginia
EMCP.
  
 FHFA retains the right to modify any of the terms and conditions of
your employment, including the right to modify or rescind the terms and conditions of the 2013 Non-Virginia EMCP as well as the actual payment of compensation to you pursuant thereto, without giving rise to liability on the part of Freddie
Mac.
  
 The 2013 Non-Virginia EMCP is subject to and shall be construed in
accordance with: (i) any applicable law and any applicable regulation, guidance or interpretation of FHFA and/or the United States Department of the Treasury; and (ii) the substantive laws of the state in which the Covered Officer’s primary
place of employment with Freddie Mac is located, excluding the laws of such state concerning choice-of-law that would result in the application of the laws of a different jurisdiction.

 
 Payment of Deferred Salary under the 2013 Non-Virginia EMCP is intended to comply
with the requirements of Section 409A of the Internal Revenue Code of 1986 (“Section 409A”), as amended, and, specifically, with the separation pay exemption and short term deferral exemption of Section 409A, and shall in all
respects be construed, interpreted, and administered in accordance with Section 409A. Notwithstanding anything in the 2013 Non-Virginia EMCP to the contrary, payments may only be made pursuant to the 2013 Non-Virginia EMCP upon an event and in
a manner permitted by Section 409A or an applicable exemption. All payments to be made upon a termination of employment under this Program may only be made upon a “separation from service” under section 409A. If a Covered Officer is a
“specified employee” (within the meaning of Section 409A(a)(2)(B)(i)) at the time of a separation from service, payments scheduled to be made during the six months following the separation from service shall, to the extent required by
Section 409A, be deferred to and payable on the first day of the seventh month following the separation from service.

 This 2013 Non-Virginia EMCP will be in effect for 2013 and subsequent years unless and until amended or superseded. By
signing below, I acknowledge that I understand and voluntarily agree to the terms of this 2013 Non-Virginia EMCP, effective as of January 1, 2013: 
  

							
	 	  		  	 	  	
	 Covered Officer’s Signature
	  		  	Date	  	
		  		  		  	
	 	  		  	 
	 Printed Name
	  		  	Title	  	
		  		  		  	
	 	  		  	 	  	
	 SVP Human Resources Signature
	  		  	Date	  	
		  		  		  	
	 	  		  	
	 Printed NameExhibit 10.3

 Exhibit 10.3 
 2013 EXECUTIVE MANAGEMENT COMPENSATION PROGRAM 
 Recapture and Forfeiture
Agreement 
  

							
	
Purpose
	  	A Covered Officer’s agreement to this Recapture and Forfeiture Agreement
(“2013 Recapture Agreement” or “Agreement”) is a condition of their participation in either the 2013 Executive Management Compensation Program for Virginia-Based Covered Officers or the 2013 Executive Management Compensation
Program for Non-Virginia-Based Covered Officers and any successor compensation programs for Covered Officers (together the “2013 EMCP”).
	 	  	 
	 	  	This Agreement sets forth terms and conditions pursuant to which the Covered Officer’s compensation
under the 2013 EMCP and any successors thereto may be recaptured and/or forfeited.
	Effective Date	  	This Agreement applies to Deferred Salary (as
defined in the 2013 EMCP and any successors thereto) earned, paid or to be paid pursuant to the terms of the 2013 EMCP and any successors thereto and any determination of a Forfeiture Event (as defined herein) that occurs on or after
January 1, 2013.
	Forfeiture Events and Compensation Subject to Recapture or
Forfeiture	  	After providing the requisite Notice, the Freddie Mac Board of Directors, in the good faith exercise of its
sole discretion, determines that any of the following events (each a “Forfeiture Event”) have occurred:
	  	 
	  	      1.	  	Forfeiture Event: The Covered Officer has earned or obtained the legally binding right to a payment
of Deferred Salary based on materially inaccurate financial statements (including without limitation, statements of earnings, revenues, or gains) or any other materially inaccurate performance measure.
	  	 
	  		  	Compensation Subject to Recapture and/or Forfeiture: Any Deferred Salary in excess of the amounts
that the Board determines would likely have been otherwise earned by the Covered Officer using accurate measures during the two years prior to the Forfeiture Event.
	  	 
	  	      2.	  	Forfeiture Events:
	 	  	 
	 	  		  	(i) The Covered Officer’s employment with Freddie Mac is terminated because the Covered Officer is
either convicted of, or pleads guilty or nolo contendere to, a felony;
	 	  	 
	 	  		  	(ii) Subsequent to termination of employment:
	 	  	 
	 	  		  	      a.	  	the Covered Officer is convicted of, or pleads guilty or nolo contendere to, a felony, based on conduct occurring prior
to termination; and,
	 	  	 
	 	  		  	      b.	  	within one year of such conviction or plea, the Board determines in good faith that such conduct is materially harmful
to the business or reputation of Freddie Mac.
	 	  	 
	 	  	 	  	(iii) The Covered Officer’s employment is terminated because, or
within two years of the Covered Officer’s termination of employment, the Board determines in good faith that, the Covered Officer engaged in any willful misconduct in the performance of his or her duties with Freddie Mac that is materially
harmful to the business or reputation of Freddie Mac (for such purposes, “willful” shall mean any act or omission by the Covered Officer that was done in bad faith or in the

  

  
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 2013 EXECUTIVE MANAGEMENT COMPENSATION PROGRAM 

Recapture and Forfeiture Agreement 
  

					
	 	  	 	  	absence of a reasonable belief that the same was in the best interests of Freddie
Mac).
	 	  		  	 
	 	  		  	Compensation Subject to Recapture and/of Forfeiture: Any Deferred Salary earned by the Covered Officer during the
two years prior to the date that the Covered Officer is terminated, any Deferred Salary that is scheduled to be paid to the Covered Officer within two years after termination of employment and any other cash payment made or to be made to the Covered
Officer as consideration for any release of claims agreement between the Covered Officer and Freddie Mac.
	 	  		  	 
	 	  	      3.	  	Forfeiture Event: The Covered Officer’s employment with Freddie Mac is terminated because, in carrying out
his or her duties, the Covered Officer engages in conduct that constitutes gross neglect or gross misconduct that is materially harmful to Freddie Mac, or within two years after the Covered Officer’s termination of employment the Board
determines in good faith that the Covered Officer, prior to his or her termination of employment, engaged in conduct that constitutes gross neglect or gross misconduct and that such actions resulted in material harm to Freddie Mac.
	 	  		  	 
	 	  		  	Compensation Subject to Recapture and/or Forfeiture: Any Deferred Salary paid to the Covered Officer at the time
of termination or subsequent to the date of termination, including any cash payment made to the Covered Officer as consideration for any release of claims agreement between the Covered Officer and Freddie Mac.
	 	  		  	 
	 	  	      4.	  	Forfeiture Event: The Covered Officer has violated a post-termination non-competition covenant set forth in the
Restrictive Covenant and Confidentiality Agreement between the Covered Officer and Freddie Mac in effect when a payment of Deferred Salary is scheduled to be made.
	 	  		  	 
	 	  		  	Compensation Subject to Recapture and/or Forfeiture: 50% of the Deferred Salary paid to the Covered Officer
during the twelve months immediately preceding the violation and 100% of all Deferred Salary unpaid at the time of such violation.
	 	  		  	 
	 	  	The recapture of compensation constitutes a forfeiture of such compensation and the Covered Officer’s
immediate repayment of the same to Freddie Mac shall occur notwithstanding the terms of any applicable plan, agreement or award to the contrary.
	Dollar Amount to be Recaptured and/or
Forfeited	  	After providing the requisite Notice, the Board of Directors in the good faith
exercise of its sole discretion shall determine the appropriate dollar amount of compensation to be recaptured from and/or forfeited by the Covered Officer, if any, which is intended to be the gross amount of compensation in excess of what Freddie
Mac would have paid the Covered Officer had Freddie Mac taken the Forfeiture Event into consideration at the time such compensation decision was made.
	 	  	 
	 	  	Neither the Covered Officer’s Base Salary nor the Covered
Officer’s assets acquired either prior to employment by Freddie Mac or directly from sources other than Freddie Mac shall be subject to recapture or forfeiture pursuant to the terms of this Agreement.

  

  
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	Notice Requirements	  	A determination as to the occurrence of a Forfeiture Event and the dollar
amount of compensation, if any, to be recaptured and/or forfeited pursuant to this Agreement shall be made only after first providing to the Covered Officer:
	 	  	 
	 	  	      (i)	  	reasonable advance notice setting forth Freddie Mac’s intention to make such a determination;
	 	  	 
	 	  	      (ii)	  	where remedial action is appropriate and feasible, a reasonable opportunity for the Covered Officer to take such
action;
	 	  	 
	 	  	      (iii)	  	an opportunity for the Covered Officer, together with his or her counsel, to be heard before the Board;
and
	 	  	 
	 	  	      (iv)	  	a copy of a resolution duly adopted by a majority of the entire Board at a meeting of the Board called and held for such
purpose, making the requisite determination.
	Reservation of Rights	  	Nothing in this Recapture Agreement is intended or shall be construed to
abrogate the “at will” employment relationship between the Covered Officer and Freddie Mac, and both the Covered Officer and Freddie Mac retain the right to terminate the employment relationship at any time for any lawful reason with or
without notice.
	 	  	 
	 	  	Any dispute between the Covered Officer and Freddie Mac concerning the occurrence of a Forfeiture Event or
the dollar amount of compensation subject to recapture and/or forfeiture shall be determined exclusively in accordance with the substantive law of the state in which the Covered Officer’s primary place of employment with Freddie Mac is located,
excluding the provisions of the laws of such state concerning choice-of-law that would result in the application of the laws of any state other than such state being applied. The Covered Officer agrees that the federal courts with jurisdiction for
the state in which his or her primary place of employment is located shall be the venue for and have exclusive jurisdiction over any such dispute.
	 	  	 
	 	  	The terms and conditions of this 2013 Recapture Agreement and any
successors thereto are not intended to negate and do not supersede the provisions of any applicable law, regulation or regulatory guidance, including the authority of the Federal Housing Finance Agency (or any federal agency acting as Freddie
Mac’s regulator or Conservator), pertaining to the payment or non-payment of any form of compensation paid or to be paid to the Covered Officer. The Federal Housing Finance Agency retains its authority to modify or terminate any of Freddie
Mac’s compensation plans or programs (including the 2013 EMCP and any successors thereto), and with respect to any compensation paid or to be paid to you during or after your employment pursuant to the 2013 EMCP and any successors thereto, to
withhold, escrow or prohibit such compensation, without giving rise to liability on the part of Freddie Mac.

  

  
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 2013 EXECUTIVE MANAGEMENT COMPENSATION PROGRAM 

Recapture and Forfeiture Agreement 
  

			
	Your Review of This Agreement	  	During your review of and prior to your agreement to this
Recapture Agreement, Freddie Mac expects that you have had the opportunity to consult and receive assistance from appropriate advisors, including legal, tax, and financial advisors.

 By signing below, I acknowledge that I understand and voluntarily agree to the terms of this Recapture Agreement.

  

							
	 	  		  	 	  	
	 Signature
	  		  	Date	  	
		  		  		  	
	 	  		  		  	
	 Printed Name
	  		  		  	
		  		  		  	
	 	  		  		  	
	 Officer Title
	  		  		  	

  
  

  
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