Document:

Capital Plan of the Federal Home Loan Bank of Atlanta

 Exhibit 4.1 
 

 
 CAPITAL PLAN OF THE 
 FEDERAL HOME LOAN BANK OF ATLANTA 
 As Last Amended by the Board of
Directors on 
 July 24, 2008 
 Approved by the Federal Housing Finance Agency on 
 March 6, 2009 

					
	 I.
	  	DEFINITIONS	  	1
			
	 II.
	  	CAPITAL STOCK	  	5
			
		  	 A.     CHARACTERISTICS OF CAPITAL
STOCK
	  	5
		  	 B.     INTEREST IN RETAINED EARNINGS
	  	5
			
	 III.
	  	ISSUANCE OF CAPITAL STOCK	  	5
			
		  	 A.     SUBJECT TO PLAN
	  	5
		  	 B.     NEW MEMBERS
	  	5
		  	 C.     FORMER MEMBERS AND NONMEMBER
STOCKHOLDERS
	  	5
			
	 IV.
	  	MINIMUM STOCK REQUIREMENT	  	6
			
		  	 A.     CALCULATION OF MINIMUM STOCK
REQUIREMENT
	  	6
		  	 B.     AUTHORIZED RANGES
	  	7
		  	 1.      Authorized Ranges for Membership Stock Requirement
	  	7
		  	 2.      Authorized Ranges for Activity-Based Stock Requirement
	  	7
		  	 3.      No Adjustment Outside Authorized Ranges Without Plan Amendment
	  	7
		  	 C.     ADJUSTMENTS TO MINIMUM STOCK
REQUIREMENTS
	  	7
		  	 1.      Notice of Change in Minimum Stock Investment Requirement
	  	7
		  	 2.      Adjustment to Membership Stock Requirement
	  	8
		  	 3.      Adjustment to Activity-Based Stock Requirement
	  	9
		  	 4.      Application of Change Within Authorized Ranges
	  	10
			
	 V.
	  	OWNERSHIP AND TRANSFER OF CAPITAL STOCK	  	11
			
	 VI.
	  	VOTING RIGHTS	  	11
			
	 VII.
	  	DIVIDENDS	  	11
			
		  	 A.     DECLARATION OF DIVIDENDS
	  	11
		  	 B.     NO PREFERENCE
	  	11
		  	 C.     STOCK HELD BY WITHDRAWING OR
FORMER MEMBER
	  	11
			
	 VIII.
	  	LIQUIDATION, MERGER OR CONSOLIDATION	  	12
			
		  	 A.     LIQUIDATION
	  	12
		  	 B.     MERGER OR CONSOLIDATION
	  	12
		  	 C.     NO LIMITATION ON FINANCE
BOARD’S AUTHORITY
	  	12
			
	 IX.
	  	REDEMPTION AND REPURCHASE OF CAPITAL STOCK (CONTINUING MEMBERSHIP)	  	12
			
		  	 A.     REDEMPTION UPON APPLICATION BY
THE MEMBER
	  	12
		  	 1.      Conditions Applicable to Redemption
	  	12
		  	 2.      Cancellation of Redemption Notice
	  	12
		  	 3.      Redemption
	  	13
		  	 B.     REPURCHASE UPON INITIATION BY
THE BANK
	  	13
		  	 C.     CONTINUED BENEFITS OF OWNERSHIP
PRIOR TO REDEMPTION OR REPURCHASE
	  	13

  

					
	As of July 24, 2008	  	i	  	

					
	 X.
	  	REDEMPTION AND REPURCHASE OF CAPITAL STOCK (WITHDRAWAL OR TERMINATION OF MEMBERSHIP)	  	13
			
		  	 A.     VOLUNTARY WITHDRAWAL
	  	13
		  	 1.      Notice of Intention to Withdraw from Membership
	  	13
		  	 2.      Termination of Membership
	  	14
		  	 3.      Continued Benefits of Membership Prior to Termination
	  	14
		  	 4.      Cancellation of Notice of Withdrawal
	  	14
		  	 5.      Circumstances Requiring Finance Board Certification for Withdrawal
	  	14
		  	B. TERMINATION OF MEMBERSHIP AS A RESULT OF A
CONSOLIDATION OR RELOCATION	  	15
		  	 1.      Consolidation of Members
	  	15
		  	 2.      Consolidation into Nonmember
	  	15
		  	 3.      Relocation of Member
	  	16
		  	 C.     OTHER INVOLUNTARY TERMINATION OF
MEMBERSHIP
	  	16
		  	 D.     REDEMPTION
	  	17
			
	 XI.
	  	LIMITATIONS ON REDEMPTION AND REPURCHASE OF CAPITAL STOCK	  	17
			
		  	 A.     LIMITATIONS DUE TO CHARGES
AGAINST CAPITAL STOCK
	  	17
		  	 B.     LIMITATIONS DUE TO FAILURE TO
SATISFY MINIMUM REQUIREMENTS
	  	17
		  	 C.     OTHER RESTRICTIONS ON
REDEMPTION
	  	17
		  	 D.     OTHER RESTRICTIONS ON
REPURCHASE
	  	18
		  	 E.     NOTICE OF SUSPENSION OF
REPURCHASES OR REDEMPTIONS
	  	18
		  	 F.      NO PRIORITY FOR NOTICES OF
REDEMPTION IN THE EVENT OF LIQUIDATION
	  	18
			
	 XII.
	  	DISPOSITION OF CLAIMS	  	18
			
		  	 A.     IN GENERAL
	  	18
		  	 B.     LIEN ON CAPITAL STOCK
	  	18
		  	 C.     PREPAYMENT FEES
	  	19
			
	 XIII.
	  	AMENDMENT TO THE CAPITAL PLAN	  	19

  

					
	As of July 24, 2008	  	ii	  	

 CAPITAL PLAN OF THE 
 FEDERAL HOME LOAN BANK OF ATLANTA 
  

	I.	Definitions 

 For the purposes of this Plan,
all capitalized terms used but not defined elsewhere have the following meanings: 
 Acquired Member Assets (“AMA”) means
assets acquired by the Bank from a Member pursuant to Part 955 of the Regulations. 
 Acquired Member Asset Stock Requirement means the
amount of Subclass B2 Capital Stock (rounded up to the nearest whole share) that a Member must own for as long as the Bank owns any Acquired Member Asset sold by the Member to the Bank. 
 Acquired Member Asset Stock Retention Requirement means the amount of Subclass B2 Capital Stock (rounded up to the nearest whole share) that a
Former Member or Nonmember Stockholder must own for as long as the Bank owns any Acquired Member Asset sold by the Former Member to the Bank. The Acquired Member Asset Stock Retention Requirement for a Former Member or Nonmember Stockholder shall be
calculated according to the same formula used to calculate the Acquired Member Asset Stock Requirement for a Member. 
 Act means the
Federal Home Loan Bank Act, as amended from time to time. 
 Activity-Based Stock Requirement means the amount of Subclass B2 Capital
Stock (rounded up to the nearest whole share) that a Member must own for as long as a particular transaction between the Bank and the Member remains outstanding. 
 Activity-Based Stock Retention Requirement means the amount of Subclass B2 Capital Stock (rounded up to the nearest whole share) that a Former Member or Nonmember Stockholder must own for as long as a
particular transaction between the Bank and the Former Member remains outstanding. The Activity-Based Stock Retention Requirement for a Former Member or Nonmember Stockholder shall be calculated according to the same formula used to calculate the
Activity-Based Stock Requirement for a Member. 
 Advance or Advances means the principal balance of all loans from the Bank to a
Member or Former Member that are outstanding from time to time and that are (1) provided pursuant to a written agreement, (2) supported by a note or other written evidence of the borrower’s obligation, and (3) fully secured by
collateral in accordance with the Act and the Regulations, including, without limitation, all such loans that are outstanding on the Conversion Date. 
 Advances Stock Requirement means the amount of Subclass B2 Capital Stock (rounded up to the nearest whole share) that a Member must own for as long as Advances made by the Bank to the Member remain outstanding.

 Advances Stock Retention Requirement means the amount of Subclass B2 Capital Stock (rounded up to the nearest whole share) that a
Former Member or Nonmember Stockholder must own for as long as Advances made by the Bank to the Former Member remain outstanding. The Advances Stock Retention Requirement for a Former Member or Nonmember Stockholder shall be calculated according to
the same formula used to calculate the Advances Stock Requirement for a Member. 
  

					
	As of July 24, 2008	  	1	  	

 Bank means the Federal Home Loan Bank of Atlanta. 
 Board of Directors means the board of directors of the Bank. 
 Business Day means any day on which the Bank is open to conduct business. 
 Capital Stock means
capital stock that has the characteristics of class B stock as described in the Act and the Regulations. 
 Consolidation means a
merger, a consolidation, a sale of all, or substantially all, of the assets and liabilities of an entity to another entity, or other similar transaction. 
 Conversion Date means December 17, 2004. 
 Daily Investment Account means a Member’s,
Former Member’s or Nonmember Stockholder’s demand deposit transaction account established at the Bank. 
 Excess Stock (or
“Excess Shares”) means the amount of each subclass of Capital Stock held by a Member, Former Member or Nonmember Stockholder that exceeds the amount of Capital Stock for that subclass that the Member, Former Member or Nonmember Stockholder
is required to own in accordance with the provisions of the Plan. 
 Excess Stock Threshold Amount means the amount, as determined by
the Bank from time to time, of Excess Shares of Subclass B2 Capital Stock that generally shall trigger the Repurchase by the Bank of some or all of such Excess Shares of Subclass B2 Capital Stock owned by the Member, Former Member or
Nonmember Stockholder. 
 Exchange means the exchange on the Bank’s books of each share of Bank stock outstanding prior to the
exchange on the Conversion Date for one share of Capital Stock, upon which each share of Bank stock shall be retired. 
 Finance Board
means the Federal Housing Finance Board or any successor agency. 
 Former Member means an institution, other than a Member or
Nonmember Stockholder, that owns Capital Stock, and includes without limitation (1) an institution that has withdrawn voluntarily from Membership, (2) an institution whose Membership has been terminated and ceased to exist as a result of
Consolidation and the Capital Stock of which is now owned by a Nonmember Stockholder, (3) an institution whose Membership has been terminated as a result of Relocation outside of the Bank’s district, and (4) an institution whose
Membership has been terminated involuntarily pursuant to Section X.C. of this Plan. 
 GAAP means generally accepted accounting
principles in the United States. 
 Indebtedness means all indebtedness of a Member, Former Member or Nonmember Stockholder to the Bank
that is outstanding from time to time, including, without limitation, all Advances and all other obligations and liabilities of the Member, Former Member or Nonmember Stockholder to the Bank. 
 Issue or Issuance means the issuance of Capital Stock to a Member, Former Member or Nonmember Stockholder by the Bank (1) in the Exchange or
(2) in a sale or (3) as a dividend. 
 Member means any institution, other than a Former Member, that has been approved for
Membership in the Bank and has purchased and owns the required amount of Capital Stock. 
  

					
	As of July 24, 2008	  	2	  	

 Membership means membership in the Bank. 
 Membership Stock Requirement means the amount of Subclass B1 Capital Stock (rounded up to the nearest whole share) that a Member must own in order
to become and remain a Member. 
 Membership Stock Retention Requirement means the amount of Subclass B1 Capital Stock (rounded up to
the nearest whole share) that a Former Member or Nonmember Stockholder must own until the expiration of the Redemption Period applicable to the Capital Stock. The Membership Stock Retention Requirement for a Former Member or Nonmember Stockholder
shall be the amount of Capital Stock that comprised the Former Member’s Membership Stock Requirement on the date on which its Membership was terminated, unless adjusted in accordance with the provisions of Section IV.C.2.c. of this Plan.

 Minimum Regulatory Capital Requirement means each and all of the following: (1) the Regulatory Leverage Capital Requirement,
(2) the Regulatory Risk-Based Capital Requirement, and (3) the Regulatory Total Capital Requirement. 
 Minimum Stock
Requirement for a Member means the sum of (1) the Member’s Membership Stock Requirement, and (2) the Member’s Activity-Based Stock Requirement. 
 Minimum Stock Retention Requirement for a Former Member or Nonmember Stockholder means the sum of (1) the Former Member’s or Nonmember Stockholder’s Membership Stock Retention Requirement, and
(2) the Former Member’s or Nonmember Stockholder’s Activity-Based Stock Retention Requirement. 
 Nonmember Stockholder
means an institution, other than a Member or a Former Member, that owns Capital Stock, and has acquired a Member or Former Member in connection with a Consolidation. 
 Notice to Members (or “Notice”) means any written notice from the Bank to Members, Former Members or Nonmember Stockholders regarding any element of the Plan, and also includes any electronic writing
related to the Plan, including electronic mail. 
 Opt-Out Date means November 17, 2004. 
 Permanent Capital means the sum of (1) the amount of the retained earnings of the Bank, determined in accordance with GAAP, and (2) the
amounts paid-in for Capital Stock. 
 Plan means this capital plan as adopted by the Board of Directors and approved by the Finance
Board. 
 Principal Place of Business means, for an institution, the state in which the institution maintains its home office
established as such in conformity with the laws under which the institution is organized, or, if such institution has designated another state as such institution’s principal place of business in accordance with Section 925.18(c) of the
Regulations, such other state. 
 Record Date means December 31 of the prior calendar year. 
 Redeem or Redemption means the acquisition and retirement by the Bank of Capital Stock and payment at par value to a Member, Former Member or
Nonmember Stockholder following the expiration of the Redemption Period. 
  

					
	As of July 24, 2008	  	3	  	

 Redemption Period for Capital Stock means the five-year period following (1) the Bank’s
receipt of a Member’s written Redemption notice to the Bank provided in accordance with the provisions of Section IX. of the Plan, (2) the Bank’s receipt of a Member’s written notice to the Bank of the Member’s intention to
withdraw from Membership provided in accordance with the provisions of Section X. of the Plan, or the date of acquisition or receipt by the Member of any additional shares of Capital Stock after the Bank’s receipt of such notice, (3) a
Member’s termination from Membership as a result of a Consolidation into a nonmember, or the date of acquisition or receipt by the successor to the Member of any additional shares of Capital Stock after such Member’s termination from
Membership, (4) a Member’s termination from Membership as a result of Relocation, or the date of acquisition or receipt by such Member of any additional shares of Capital Stock after the termination of Membership, or (5) a
Member’s involuntary termination from its Membership, or the date of acquisition or receipt by such Member of any additional shares of Capital Stock after the termination of its Membership. 
 Regulations mean the regulations of the Finance Board, as amended from time to time. 
 Regulatory Leverage Capital Requirement means the ratio of Total Capital to total assets that the Bank is required to maintain in accordance with
the Regulations. 
 Regulatory Risk-Based Capital Requirement means the amount of Permanent Capital that the Bank is required to
maintain in accordance with the Regulations. 
 Regulatory Total Capital Requirement means the amount of Total Capital that the Bank is
required to maintain in accordance with the Regulations. 
 Relocation means an institution’s Principal Place of Business is no
longer located or designated in a state within the Bank’s district. 
 Repurchase means the acquisition and retirement by the Bank
of Excess Stock and payment at par value to a Member, Former Member or Nonmember Stockholder without regard to the expiration of any Redemption Period. 
 Targeted Debt/Equity Investment means a debt or equity investment that meets the criteria set forth in Section 940.3(e) of the Regulations. 
 Targeted Debt/Equity Investment Stock Requirement means the amount of Subclass B2 Capital Stock (rounded up to the nearest whole share) that a
Member must own for as long as the Bank owns any Targeted Debt/Equity Investment sold by the Member to the Bank. 
 Targeted Debt/Equity
Investment Stock Retention Requirement means the amount of Subclass B2 Capital Stock (rounded up to the nearest whole share) that a Former Member or Nonmember Stockholder must own for as long as the Bank owns any Targeted Debt/Equity Investment
sold by the Former Member to the Bank. 
 Total Capital means the sum of (1) Permanent Capital; (2) the amount of any general
allowance for losses reserved on the books of the Bank; and (3) the value of other instruments identified in the Plan that the Finance Board has determined by regulation to be available to absorb losses incurred by the Bank. 
  

					
	As of July 24, 2008	  	4	  	

	II.	Capital Stock 

  

	 	A.	Characteristics of Capital Stock 

 The Board of
Directors hereby authorizes the Bank to Issue, Redeem, and Repurchase Capital Stock, and take other actions in accordance with the provisions of the Plan, at the Exchange and thereafter. Capital Stock shall have a par value of $100 per share and
shall be Issued, Redeemed, and Repurchased only at its stated par value. 
 The Bank may Issue Capital Stock only in book-entry form, only in
whole shares, and only in the following subclasses: (i) Subclass B1, which a Member must own in order to become and remain a Member and (ii) Subclass B2, which a Member must own for as long as certain transactions between the Bank and the
Member remain outstanding. A Member may not use shares of (i) Subclass B1 Capital Stock to meet any Activity-Based Stock Requirement or (ii) Subclass B2 Capital Stock to meet any Membership Stock Requirement. 
  

	 	B.	Interest in Retained Earnings 

 Each Issued and
outstanding share of Capital Stock shall represent an undivided ownership interest (proportionate to the number of shares of Capital Stock Issued and outstanding from time to time) in the retained earnings, paid-in surplus, undivided profits, and
equity reserves of the Bank. No Member, Former Member or Nonmember Stockholder shall have a right to receive a distribution of its undivided interest in the retained earnings, paid-in surplus, undivided profits, or equity reserves of the Bank at any
time, including but not limited to, upon withdrawal or termination from Membership, except through a dividend or capital distribution approved by the Board of Directors or as a result of the liquidation of the Bank. 
  

	III.	Issuance of Capital Stock 

  

	 	A.	Subject to Plan 

 The terms, rights, and preferences
applicable to any Capital Stock Issued by the Bank shall be identical to those set forth in this Plan. The Bank may not Issue Capital Stock other than in accordance with the Regulations and this Plan. 
  

	 	B.	New Members 

 Within 60 calendar days following
Membership approval by the Bank, an approved applicant must purchase and hold sufficient shares of Capital Stock to satisfy its Minimum Stock Requirement in effect on the date of the purchase. The Membership Stock Requirement for a new Member shall
be calculated using the applicant’s total assets as of the most recent quarter-end for which data is available. 
  

	 	C.	Former Members and Nonmember Stockholders 

 Any
Former Member or Nonmember Stockholder must purchase and hold sufficient shares of Capital Stock to satisfy its Minimum Stock Retention Requirement. 
  

					
	As of July 24, 2008	  	5	  	

	IV.	Minimum Stock Requirement 

  

	 	A.	Calculation of Minimum Stock Requirement 

 From time
to time, the Board of Directors shall set the Minimum Stock Requirement for Members so that the aggregate of (i) the Minimum Stock Requirements of all Members and (ii) the Minimum Stock Retention Requirements of all Former Members and
Nonmember Stockholders is sufficient for the Bank to meet its Minimum Regulatory Capital Requirement. The Board of Directors shall have a continuing obligation to review and adjust the Minimum Stock Requirement to ensure that the Bank remains in
compliance with its Minimum Regulatory Capital Requirement. Each Member shall comply promptly with any such requirement. As of the Conversion Date, and for as long as its Membership continues or a relevant transaction is outstanding, each Member
shall hold Capital Stock in an amount equal to the sum of: 
  

	 	1.	The Member’s Membership Stock Requirement, which shall be shares of Subclass B1 Capital Stock equal to the lesser of: 

  

	 	a.	The percentage (initially 0.20%) of the Member’s total assets as of the Record Date specified by the Board of Directors in accordance with Section IV.B. of this Plan; or

  

	 	b.	The dollar cap (initially $25 million) on the Subclass B1 Membership Stock Requirement applicable to all Members specified by the Board of Directors in accordance with Section IV.B.
of this Plan; plus 

  

	 	2.	The Member’s Activity-Based Stock Requirement, which shall be shares of Subclass B2 Capital Stock equal to the sum of: 

  

	 	a.	The Member’s Advances Stock Requirement, which shall be the percentage (initially 4.50%) of the Member’s outstanding Advances specified by the Board of Directors in
accordance with Section IV.B. of this Plan; plus 

  

	 	b.	The Member’s Acquired Member Asset Stock Requirement, which shall be the percentage (initially 0.00%) of any Acquired Member Asset sold by the Member to the Bank specified by
the Board of Directors in accordance with Section IV.B. of this Plan; plus 

  

	 	c.	The Member’s Targeted Debt/Equity Investment Stock Requirement, which shall be the percentage (initially 8.00%) of any Targeted Debt/Equity Investment sold by the Member and
owned by the Bank specified by the Board of Directors in accordance with Section IV.B. of this Plan. 

 Provided, however, that
(i) the Member’s Acquired Member Asset Stock Requirement shall not include any Acquired Member Asset sold by the Member and owned by the Bank pursuant to a master commitment executed prior to the Conversion Date; and (ii) the
Member’s Targeted Debt/Equity Investment Stock Requirement shall not include any Targeted Debt/Equity Investment sold by the Member and owned by the Bank prior to the Conversion Date. 
 The Bank provided at least 75 days’ advance notice of the initial factors used to calculate, and the dollar cap applicable to, the Minimum Stock
Requirement via a Notice to Members. Such Notice was also provided to any institution with a pending application for Membership on the date of the Notice and to any institution that requested or submitted an application for Membership subsequent to
the date of the Notice, but prior to the Conversion Date. 
  

					
	As of July 24, 2008	  	6	  	

	 	B.	Authorized Ranges 

  

	 	1.	Authorized Ranges for Membership Stock Requirement 

 From
time to time, the Board of Directors may adjust the factor used to calculate the Membership Stock Requirement to an amount of Subclass B1 Capital Stock equal to but not less than 0.05% nor greater than 0.40% of the Member’s total assets.

 From time to time, the Board of Directors may adjust the dollar cap applicable to the Membership Stock Requirement to an amount of
Subclass B1 Capital Stock equal to but not less than $15 million nor greater than $35 million. 
  

	 	2.	Authorized Ranges for Activity-Based Stock Requirement 

 From time to time, the Board of Directors may adjust the Activity-Based Stock Requirement to an amount equal to the sum of: 
  

	 	a.	The Advances Stock Requirement, which shall equal an amount of Subclass B2 Capital Stock not less than 3.50% nor greater than 6.00% of the Member’s outstanding Advances; plus

  

	 	b.	The Acquired Member Asset Stock Requirement, which shall equal an amount of Subclass B2 Capital Stock not less than 0.00% nor greater than 6.00% of any Acquired Member Asset sold by
the Member and owned by the Bank; plus 

  

	 	c.	The Targeted Debt/Equity Investment Stock Requirement, which shall equal an amount of Subclass B2 Capital Stock not less than 6.00% nor greater than 9.00% of any Targeted
Debt/Equity Investment sold by the Member and owned by the Bank. 

  

	 	3.	No Adjustment Outside Authorized Ranges Without Plan Amendment 

 The Bank may not adjust the factors or the dollar cap used to calculate the Membership Stock Requirement or the Activity-Based Stock Requirement outside the ranges authorized in this Section IV.B., except upon an amendment to the Plan
approved by the Board of Directors and the Finance Board. 
  

	 	C.	Adjustments to Minimum Stock Requirements 

  

	 	1.	Notice of Change in Minimum Stock Investment Requirement 

 The Bank shall provide a Notice to Members at least 10 business days prior to the effective date of any change in the Membership Stock Requirement or Activity-Based Stock Requirement approved by the Board of Directors within the ranges
authorized under Section IV.B. of this Plan. 
  

					
	As of July 24, 2008	  	7	  	

	 	2.	Adjustment to Membership Stock Requirement 

  

	 	a.	Annual Recalculation 

 No later than March 31 of each
year, the Bank shall recalculate the Membership Stock Requirement of each Member holding Membership on the Record Date using financial data as of the Record Date. The Bank shall provide a Notice to Members at least 10 business days prior to the date
of the transaction to adjust the Member’s Subclass B1 Capital Stock balance to the new Membership Stock Requirement. In its discretion, the Bank may recalculate any Member’s Membership Stock Requirement more frequently, using financial
data from the fiscal year-end or the fiscal quarter-end immediately preceding the date of such recalculation, whichever period data is most-recently available. 
  

	 	b.	Recalculation Due to Adjustment Within Authorized Ranges 

 The Bank shall recalculate each Member’s Membership Stock Requirement on the effective date of any adjustment to the factors and/or dollar cap used to calculate the Membership Stock Requirement within the authorized ranges described in
Section IV.B of this Plan, using either the most recently available quarter-end financial data or financial data as of the prior calendar year-end, as determined by the Bank and specified in the Notice to Members. 
  

	 	c.	Recalculation Due to Termination of Membership as a Result of Consolidation, Relocation or Involuntary Action 

 The Bank, in its sole discretion, may recalculate the Membership Stock Retention Requirement for a Nonmember Stockholder or Former Member after the
termination of the Former Member’s Membership as a result of a Consolidation, Relocation or involuntary action as specified in Section X.C. of this Plan. In the case of a termination of a Former Member’s Membership as a result of the
appointment of a receiver, liquidating agent or similar party for such Former Member, and after the Bank, in its sole discretion, has determined that the Former Member has satisfied all outstanding obligations to the Bank, the Membership Stock
Retention Requirement for such Former Member shall be zero. 
  

	 	d.	Adjustment Transaction 

 If any adjustment results in an
increase to the Member’s Membership Stock Requirement, on the transaction date specified in the Notice to Members the Bank shall (i) Issue sufficient additional shares of Subclass B1 Capital Stock so that the Member meets its Membership
Stock Requirement; and (ii) debit the Member’s Daily Investment Account in the amount of the par value of the additional shares of Subclass B1 Capital Stock Issued. In the event that the Member’s Daily Investment Account reflects
insufficient funds, the Bank may take any of the actions authorized pursuant to the account terms and conditions then in effect. 
 If any
adjustment results in a decrease to a Member’s Membership Stock Requirement or a Former Member’s or Nonmember Stockholder’s Membership Stock Retention Requirement, on the transaction date specified in the Notice to Members, the Bank,
in its discretion, may Repurchase any Excess Shares of Subclass B1 Capital Stock then held by the Member, Former Member or Nonmember Stockholder. The Notice to Members shall specify whether the Bank will Repurchase any Excess Shares of Subclass B1
Capital 

  

					
	As of July 24, 2008	  	8	  	

 
Stock. If the Bank will Repurchase only a portion of the Excess Shares, the Notice to Members shall specify either the amount of Excess Shares that the Bank
will Repurchase or the methodology used to determine the amount of Excess Shares that the Bank will Repurchase. 
  

	 	3.	Adjustment to Activity-Based Stock Requirement 

  

	 	a.	Recalculation of Activity-Based Requirement 

 The Bank
shall recalculate each Member’s Activity-Based Stock Requirement or each Former Member’s or Nonmember Stockholder’s Activity-Based Stock Retention Requirement at the time of any change in the amount of transactions outstanding between
the Bank and the Member, Former Member or Nonmember Stockholder and on the effective date of any adjustment to the factors used in calculating the Activity-Based Stock Requirement within the authorized ranges described in Section IV.B. Any
adjustment to the Activity-Based Stock Requirement for Members also shall apply to the Activity-Based Stock Retention Requirement for Former Members and Nonmember Stockholders. This Plan shall constitute Notice to Members of any change in the
Member’s, Former Member’s or Nonmember Stockholder’s Activity-Based Stock Requirement resulting from a change in the amount of transactions outstanding between the Bank and the Member, Former Member or Nonmember Stockholder.

  

	 	b.	Adjustment Transaction 

 If the adjustment results in an
increase to a Member’s Activity-Based Stock Requirement, the Bank shall (i) Issue sufficient additional shares of Subclass B2 Capital Stock so that the Member meets its Activity-Based Stock Requirement; and (ii) debit the
Member’s Daily Investment Account in the amount of the par value of the additional shares of Subclass B2 Capital Stock Issued. In the event that the Member’s Daily Investment Account reflects insufficient funds, the Bank may take any of
the actions authorized pursuant to the account terms and conditions then in effect. 
 If the adjustment results in a decrease to a
Member’s Activity-Based Stock Requirement or to a Former Member’s or Nonmember Stockholder’s Activity-Based Stock Retention Requirement, and the decrease results in ownership by the Member, Former Member or Nonmember Stockholder of an
amount of Subclass B2 Capital Stock that exceeds the Excess Stock Threshold Amount, or in the case of a Former Member or Nonmember Stockholder with no outstanding Indebtedness, is less than the Excess Stock Threshold Amount, the Bank
generally shall promptly Repurchase some or all of the Excess Shares of Subclass B2 Capital Stock held by the Member, Former Member or Nonmember Stockholder. This Plan shall constitute Notice of the Bank’s general practice to promptly
Repurchase some or all of the Excess Shares of Subclass B2 Capital Stock held by the Member, Former Member or Nonmember Stockholder when the par value of Excess Shares of Subclass B2 Capital Stock held by such Member exceeds the Excess Stock
Threshold Amount, or in the case of a Former Member or Nonmember Stockholder with no outstanding Indebtedness, is less than the Excess Stock Threshold Amount. 
 In the event that the Bank suspends such Repurchases, the Bank shall provide a Notice to Members in accordance with Section XI.E. of this Plan. 
  

					
	As of July 24, 2008	  	9	  	

	 	c.	Notice Regarding Excess Stock Threshold Amount 

 The
Excess Stock Threshold Amount is $100,000. 
 The Bank shall provide a Notice to Members at least five business days prior to the effective
date of any change in the Excess Stock Threshold Amount. Such Notice to Members shall include the par value of Excess Shares of Subclass B2 Capital Stock, if any, that the Bank generally shall permit the Member, Former Member or
Nonmember Stockholder to retain when the amount of Subclass B2 Capital Stock held by the Member, Former Member or Nonmember Stockholder exceeds the Excess Stock Threshold Amount. 
  

	 	4.	Application of Change Within Authorized Ranges 

 The Bank
shall apply any adjustment caused by a change within the authorized ranges to the factors and/or dollar cap used in calculating the Membership Stock Requirement, the Activity-Based Stock Requirement, and the Activity-Based Stock Retention
Requirement either retroactively or prospectively, as outlined below: 
  

	 	a.	Any adjustment caused by a change to the factor and/or dollar cap used in calculating the Membership Stock Requirement shall be applied retroactively by applying the new factor
and/or dollar cap to the Member’s total assets as of the date specified in accordance with Section IV.C.2. of this Plan. 

  

	 	b.	Any adjustment caused by a change to the factor used in calculating the Advances Stock Requirement shall be applied retroactively by applying the new factor to the outstanding
balance of advances on the effective date of the change as specified in the Notice to Members. Any retroactive application of an adjustment to the Advances Stock Requirement also shall apply to the Advances Stock Retention Requirement.

  

	 	c.	If the adjustment results in an increase to the factor used to calculate the Acquired Member Asset Stock Requirement, the Bank shall apply the new requirement on a prospective basis
only to any Acquired Member Asset sold by the Member and owned by the Bank pursuant to a master commitment executed subsequent to the effective date of the adjustment. 

  

	 	d.	If the adjustment results in a decrease to the factor used to calculate the Acquired Member Asset Stock Requirement, the Bank, in its sole discretion, may apply the new requirement
(i) on a prospective basis only to any Acquired Member Asset sold by the Member and owned by the Bank pursuant to a master commitment executed subsequent to the effective date of the adjustment, or (ii) on a retroactive and a prospective
basis to any Acquired Member Asset sold by the Member or Former Member and owned by the Bank on the effective date of the change, as well as to Acquired Member Asset sold by the Member and owned by the Bank subsequent to the effective date of the
adjustment. Any retroactive application of an adjustment to the Acquired Member Asset Stock Requirement shall also apply to the Acquired Member Asset Stock Retention Requirement. 

  

	 	e.	If the adjustment results in an increase to the factor used to calculate the Targeted Debt/Equity Investment Stock Requirement, the Bank shall apply the new requirement on a
prospective basis only to any Targeted Debt/Equity Investment sold by the Member and owned by the Bank subsequent to the effective date of the adjustment. 

  

					
	As of July 24, 2008	  	10	  	

	V.	Ownership and Transfer of Capital Stock 

 Except for any Former Member or Nonmember Stockholder subject to a Minimum Stock Retention Requirement, Capital Stock may only be Issued to or held by Members. Capital Stock shall be tradable only between the Bank, on the one hand, and
Members, Former Members and Nonmember Stockholders, on the other, and any transfer of Capital Stock shall be made at par value. The Bank shall act as the transfer agent for any such transfer, and it shall record promptly the transaction on the books
of the Bank. Transfers among any Member, Former Member and Nonmember Stockholder are prohibited, except as approved by the Bank in connection with a Consolidation. 
  

	VI.	Voting Rights 

 The Members shall be entitled
to vote in connection with the election of directors in accordance with the provisions of the Act and the Regulations. A Member may cast in any such election a number of votes equal to the number of shares of Capital Stock that it was required to
hold pursuant to Section IV. of the Plan as of the Record Date; provided, however, that the number of votes that any Member may cast in any such election shall not exceed the average of the number of shares of Capital Stock that all Members located
in that Member’s state were required to hold pursuant to Section IV. of the Plan as of the Record Date. For purposes of this Section VI., “Member” includes any Member that was a Member as of the Record Date, any Former Member that was
a Member as of the Record Date and any Nonmember Stockholder whose predecessor-in-interest was a Member as of the Record Date. 
  

	VII.	Dividends 

  

	 	A.	Declaration of Dividends 

 From time to time, the
Board of Directors, in its sole discretion (subject to the regulatory oversight of the Finance Board), may declare and the Bank may pay dividends on Capital Stock. Any such dividend may be paid in the form of cash or Capital Stock, shall be paid to
the Members, Former Members and Nonmember Stockholders holding Capital Stock during the time period for which the dividend is declared, and shall be computed on the amount of time during the relevant time period that the Capital Stock was
outstanding. The amount of any dividend paid in the form of Capital Stock shall be rounded down to the nearest whole share, and the remainder, if any, shall be paid in the form of cash. 
 The Bank may not pay any dividend if it is not in compliance with its Minimum Regulatory Capital Requirement or if, after paying such dividend, it would
fail to comply with its Minimum Regulatory Capital Requirement. 
  

	 	B.	No Preference 

 All Capital Stock shall share in any
dividends without preference. Any dividends shall be payable only from the net earnings or retained earnings of the Bank, determined in accordance with generally accepted accounting principles. 
  

	 	C.	Stock Held by Withdrawing or Former Member 

 A
Member, Former Member or Nonmember Stockholder shall be entitled to receive any dividends attributable to its Capital Stock (subject to the Bank’s lien thereon) through the date of Redemption or Repurchase by the Bank. 
  

					
	As of July 24, 2008	  	11	  	

	VIII.	Liquidation, Merger or Consolidation 

  

	 	A.	Liquidation 

 In the event of the liquidation of the
Bank, after making provision for the payment of the Bank’s liabilities, the Bank shall pay to each Member, Former Member and Nonmember Stockholder the par value of its Capital Stock; provided, however, that if sufficient funds are not available
to make payment in full to all Members, Former Members and Nonmember Stockholders, payment shall occur on a pro rata basis. In addition, any undistributed retained earnings, paid-in surplus, undivided profits, equity reserves, and other assets not
otherwise identified shall be allocated among the Members, Former Members and Nonmember Stockholders, in proportion to the number of shares of Capital Stock owned by each. 
  

	 	B.	Merger or Consolidation 

 In the event that the Bank
merges with or consolidates into another Federal Home Loan Bank, the Members, Former Members and Nonmember Stockholders shall be entitled to the rights and benefits set forth in the agreement of merger or consolidation approved by the Board of
Directors and the Finance Board. 
  

	 	C.	No Limitation on Finance Board’s Authority 

 Notwithstanding the provisions of Section VIII.A. and B., no provision of this Plan shall limit the authority of the Finance Board to prescribe rules, regulations or orders governing the liquidation or reorganization of the Bank.

  

	IX.	Redemption and Repurchase of Capital Stock (Continuing Membership) 

  

	 	A.	Redemption Upon Application by the Member 

  

	 	1.	Conditions Applicable to Redemption 

 Subject to the
limitations in Section XI. of this Plan, a Member may obtain Redemption of its Capital Stock by providing a written Redemption notice to the Bank, in a form acceptable to the Bank. The Redemption notice must identify the particular subclass and
number of shares to be Redeemed, and the identified shares may not be the subject of an outstanding Redemption notice. If the Redemption notice fails to identify either the particular subclass or the number of shares to be Redeemed, or if the shares
identified in the Redemption notice are subject to a pending Redemption notice, the Redemption notice shall be deemed invalid. 
  

	 	2.	Cancellation of Redemption Notice 

  

	 	a.	Cancellation by Member 

 A Member may cancel its
Redemption notice at any time prior to the expiration of the Redemption Period by providing a written cancellation notice to the Bank. Any Member that cancels its Redemption notice shall pay a fee to the Bank equal to the greater of (i) $500,
or (ii) two basis points (.02%) multiplied by the par value of the number of shares of Capital Stock subject to the Redemption notice. 
  

					
	As of July 24, 2008	  	12	  	

	 	b.	Automatic Cancellation of Redemption Notice 

 The Bank
shall not Redeem a Member’s Capital Stock if, following the Redemption, the Member would fail to meet its Minimum Stock Requirement. If, upon expiration of the Redemption Period, the Bank is prevented from Redeeming a Member’s Capital
Stock for such reason, the Bank shall attempt the Redemption on each of the five business days following the expiration of the Redemption Period. If at the end of such time the Bank is prevented from Redeeming the Member’s Capital Stock
because, following the Redemption, the Member would fail to meet its Minimum Stock Requirement, the Bank shall automatically cancel the Member’s Redemption notice. Such automatic cancellation shall have the same effect as a notice of
cancellation provided by the Member to the Bank. 
  

	 	c.	Waiver of Cancellation Fee 

 The Board of Directors may
waive a cancellation fee only for bona fide business purposes and only if consistent with the provisions of Section 7(j) of the Act. 
  

	 	3.	Redemption 

 Except as set forth in Sections IX.A.2 and
XI., and so long as the Member has complied with the conditions set forth in Section IX.A.1., the Bank shall Redeem the Member’s Capital Stock upon expiration of the Redemption Period. 
  

	 	B.	Repurchase Upon Initiation by the Bank 

 The Bank
may Repurchase Excess Shares of Subclass B1 Capital Stock and Subclass B2 Capital Stock in accordance with the provisions of Section IV.C. of this Plan. If the Bank intends to Repurchase Excess Stock from a Member, a Former Member or a Nonmember
Stockholder that has submitted a Redemption notice pursuant to Section IX.A.1., before Repurchasing any other Excess Stock of the Member, Former Member or Nonmember Stockholder, the Bank shall first Repurchase from that Member, Former Member or
Nonmember Stockholder the shares of Excess Stock that are subject to a Redemption notice. 
  

	 	C.	Continued Benefits of Ownership Prior to Redemption or Repurchase 

 A Member, Former Member or Nonmember Stockholder shall be entitled to receive any dividends attributable to its Capital Stock (subject to the Bank’s lien thereon) through the date of Redemption or Repurchase by
the Bank. A Member also shall be entitled to exercise the other benefits associated with ownership of such Capital Stock prior to the date of Redemption or Repurchase. 
  

	X.	Redemption and Repurchase of Capital Stock (Withdrawal or Termination of Membership) 

  

	 	A.	Voluntary Withdrawal 

  

	 	1.	Notice of Intention to Withdraw from Membership 

 A Member
may voluntarily withdraw and terminate its Membership by providing to the Bank written notice of its intention to withdraw from Membership. The Redemption Period for all Capital Stock then held by that Member that is not subject to a pending
Redemption notice shall begin on the date the notice is received by the Bank. 
  

					
	As of July 24, 2008	  	13	  	

 The Redemption Period for any Capital Stock acquired or received by the Member subsequent to the
Bank’s receipt of the Member’s notice of intention to withdraw shall begin on the date of acquisition or receipt of the Capital Stock by the Member; provided, however, that any Capital Stock that is not required to meet the Member’s
Minimum Stock Requirement shall be Excess Stock and shall be subject to Repurchase by the Bank. 
  

	 	2.	Termination of Membership 

 The Membership of a Member
that has submitted a notice of intention to withdraw shall terminate on the date on which the Redemption Period ends with respect to the Capital Stock that comprised the Member’s Membership Stock Requirement on the date on which the Bank
received the Member’s notice of intention to withdraw, unless the Bank has received written notice from the Member prior to the date on which its Membership terminates that the Member is canceling its notice of intention to withdraw. Until the
date on which its Membership terminates, a Member shall continue to maintain Capital Stock sufficient to meet its Minimum Stock Requirement in accordance with the provisions of the Plan. 
  

	 	3.	Continued Benefits of Membership Prior to Termination 

 A
Member that has submitted a notice of intention to withdraw shall be entitled to receive any dividends attributable to its Capital Stock (subject to the Bank’s lien thereon) through the date of Redemption or Repurchase by the Bank. The Member
also shall be entitled to exercise the other benefits associated with Membership until the date on which its Membership terminates, but the Bank in its sole discretion (subject to the regulatory oversight of the Finance Board) may limit a
Member’s ability to enter into transactions with the Bank, including but not limited to Advances, that would mature or otherwise terminate subsequent to the date on which its Membership terminates. 
  

	 	4.	Cancellation of Notice of Withdrawal 

  

	 	a.	Conditions Applicable to Cancellation 

 A Member may
cancel its notice of intention to withdraw at any time prior to the date on which its Membership terminates by providing a written cancellation notice to the Bank. Any Member that cancels its notice of intention to withdraw shall pay a fee to the
Bank equal to the greater of (i) $500, or (ii) two basis points (.02%) multiplied by the par value of the number of shares of Capital Stock held by the Member on the date the Bank receives the notice of cancellation. 
  

	 	b.	Waiver of Cancellation Fee 

 The Board of Directors may
waive a cancellation fee only for bona fide business purposes and only if consistent with the provisions of Section 7(j) of the Act. 
  

	 	5.	Circumstances Requiring Finance Board Certification for Withdrawal 

 No Member may withdraw from Membership unless, on the date that the Membership is to terminate, there is in effect a certification from the Finance Board that the withdrawal will not cause the Federal Home Loan Bank
System to fail to satisfy its obligations under 12 U.S.C. 1441b(f)(2)(C) to contribute toward the interest payments owed on obligations issued by the Resolution Funding Corporation. 
  

					
	As of July 24, 2008	  	14	  	

	 	B.	Termination of Membership as a Result of a Consolidation or Relocation 

  

	 	1.	Consolidation of Members 

 Upon Consolidation of two or
more Members, the Membership of each disappearing Member shall terminate upon the cancellation of its charter. At such time, the Capital Stock of the disappearing Member shall be transferred on the Bank’s books to the account of the surviving
Member. The Redemption Period for the Capital Stock held by the disappearing Member on the date of its termination from Membership and that is not subject to a pending Redemption notice shall not be deemed to begin solely by virtue of the
termination from Membership, but shall begin only upon (i) the Bank’s receipt of the surviving Member’s written notice to the Bank requesting Redemption of Capital Stock, (ii) the Bank’s receipt of the surviving
Member’s written notice to the Bank of its intention to withdraw from Membership, (iii) the surviving Member’s termination from Membership as a result of a Consolidation into a nonmember, (iv) the surviving Member’s
termination from Membership as a result of a Relocation, or (v) the surviving Member’s involuntary termination from Membership. 
  

	 	2.	Consolidation into Nonmember 

 Upon Consolidation of a
Member into an institution that is not a Member pursuant to a transaction in which the surviving institution operates under the charter of the institution that is not a Member, the Membership of the Member shall terminate upon the cancellation of
the Member’s charter. The Redemption Period for the Capital Stock held by the disappearing Member on the date of its termination from Membership and that is not subject to a pending Redemption notice shall be deemed to begin, on the date of its
termination from Membership. At such time, the Capital Stock of the disappearing Member shall be transferred on the Bank’s books to the account of the surviving institution, a Nonmember Stockholder. 
 Capital Stock held by a Nonmember Stockholder shall not be deemed automatically to be Excess Stock solely by virtue of the disappearing Member’s
termination of Membership; provided, however, that any Capital Stock that is not required to meet the Minimum Stock Retention Requirement for the Nonmember Stockholder, as adjusted pursuant to Section IV.C.2.c. or Section IV.C.3. of this Plan, shall
be Excess Stock and shall be subject to Repurchase by the Bank. 
 The Redemption Period for any Capital Stock acquired or received by a
Nonmember Stockholder subsequent to the termination of the disappearing Member’s Membership shall begin on the date of acquisition or receipt of the Capital Stock by the Nonmember Stockholder; provided, however, that any Capital Stock that is
not required to meet the Minimum Stock Retention Requirement for the Nonmember Stockholder, as adjusted pursuant to Section IV.C.2.c or Section IV.C.3. of this Plan, shall be Excess Stock and shall be subject to Repurchase by the Bank. 

The Nonmember Stockholder shall be entitled to receive any dividends attributable to its Capital Stock (subject to the Bank’s lien thereon)
through the date of Redemption or Repurchase by the Bank, but the Nonmember Stockholder shall have no right to exercise any of the other benefits of Membership after the termination of the disappearing Member’s Membership. 
  

					
	As of July 24, 2008	  	15	  	

	 	3.	Relocation of Member 

 Upon Relocation by a Member, the
Member shall promptly notify the Bank in writing of such Relocation. Upon the later of the receipt of such notice or the effective date of the Relocation, the Membership of the Member shall terminate. The Redemption Period for the Capital Stock held
by the Member on the date of its termination from Membership and that is not subject to a pending Redemption notice shall be deemed to begin on the date of its termination from Membership. 
 Capital Stock held by the Member on the date of its termination from Membership shall not be deemed automatically to be Excess Stock solely by virtue of
the Member’s termination of Membership; provided, however, that any Capital Stock that is not required to meet the Minimum Stock Retention Requirement for the Former Member, as adjusted pursuant to Section IV.C.2.c. or Section IV.C.3. of this
Plan, shall be Excess Stock and shall be subject to Repurchase by the Bank. 
 The Redemption Period for any Capital Stock acquired or
received by the Former Member subsequent to its termination from Membership shall begin on the date of acquisition or receipt of the Capital Stock by the Former Member; provided, however, that any Capital Stock that is not required to meet the
Minimum Stock Retention Requirement of the Former Member, as adjusted pursuant to Section IV.C.2.c. or Section IV.C.3. of this Plan, shall be Excess Stock and shall be subject to Repurchase by the Bank. 
 The Former Member shall be entitled to receive any dividends attributable to its Capital Stock (subject to the Bank’s lien thereon) through the date
of Redemption or Repurchase by the Bank, but the Former Member shall have no right to exercise any of the other benefits of Membership after the termination of its Membership. 
  

	 	C.	Other Involuntary Termination of Membership 

 The
Membership of any Member shall terminate automatically upon the appointment of a receiver, liquidating agent or similar party for such Member. 
 The Board of Directors may immediately terminate the Membership of any Member that: 
  

	 	1.	Fails to comply with any requirement of the Act, the Regulations, or the Capital Plan; 

  

	 	2.	Becomes insolvent or otherwise subject to the appointment of a conservator, receiver, or other legal custodian under federal or state law; or 

  

	 	3.	Would jeopardize the safety or soundness of the Bank if it were to remain a 

 Member. 
 Upon termination of
the Membership of any Member by action of the Board of Directors or as a result of the appointment of a receiver, liquidating agent or similar party for such Member as provided above, the Redemption Period for all Capital Stock then held by such
Former Member that is not subject to a pending Redemption notice shall begin, on the effective date of the Board of Directors’ action or the appointment of such receiver, liquidating agent or similar party. 
 Capital Stock held by a Former Member whose Membership has been terminated shall not be deemed automatically to be Excess Stock solely by virtue of the
termination of Membership; provided, however, that any Capital Stock that is not required to meet the Former Member’s Minimum Stock Retention Requirement, as adjusted pursuant to Section IV.C.2.c. or Section IV.C.3. of this Plan, shall be
Excess Stock and shall be subject to Repurchase by the Bank. 
  

					
	As of July 24, 2008	  	16	  	

 The Redemption Period for any Capital Stock acquired or received by the Former Member subsequent to the
termination of Membership shall begin on the date of acquisition or receipt of the Capital Stock by the Former Member; provided, however, that any Capital Stock that is not required to meet the Former Member’s Minimum Stock Retention
Requirement, as adjusted pursuant to Section IV.C.2.c. or Section IV.C.3. of this Plan, shall be Excess Stock and shall be subject to Repurchase by the Bank. 
 The Former Member shall be entitled to receive any dividends attributable to its Capital Stock (subject to the Bank’s lien thereon) through the date of Redemption or Repurchase by the Bank, but the Former Member
shall have no right to exercise any of the other benefits of Membership after the termination of Membership. 
  

	 	D.	Redemption 

 Except as set forth in Section XI., and
unless the Former Member or Nonmember Stockholder must continue to comply with an Activity-Based Stock Retention Requirement, the Bank shall Redeem the Former Member’s or Nonmember Stockholder’s Capital Stock upon expiration of the
Redemption Period. 
  

	XI.	Limitations on Redemption and Repurchase of Capital Stock 

  

	 	A.	Limitations Due to Charges Against Capital Stock 

 Notwithstanding any other provision of this Plan, if the Finance Board or the Board of Directors determines that the Bank has incurred or is likely to incur losses that result in, or are likely to result in, charges against Capital Stock
that create an other than temporary decline in the Bank’s Total Capital such that the value of Total Capital falls below the Bank’s aggregate amount of Capital Stock, the Bank shall not Redeem or Repurchase any Capital Stock without the
prior written approval of the Finance Board for however long the Bank continues to incur such charges or until the Finance Board determines that such charges are not expected to continue. 
  

	 	B.	Limitations Due to Failure to Satisfy Minimum Requirements 

 The Bank shall not Redeem or Repurchase any Capital Stock if, following the Redemption or Repurchase, the Bank would fail to satisfy its Minimum Regulatory Capital Requirement, the Member would fail to maintain its Minimum Stock
Requirement, or the Former Member or Nonmember Stockholder would fail to maintain its Minimum Stock Retention Requirement. Further, the Bank shall not Redeem or Repurchase any Capital Stock if prohibited from doing so by any Regulation or Finance
Board order. 
  

	 	C.	Other Restrictions on Redemption 

 In the event that
the Board of Directors, or a committee of the Board of Directors, determines that continued Redemption is not consistent with the Regulations because (i) following such Redemption, the Bank would fail to meet or would be likely to fail to meet
its Minimum Regulatory Capital Requirement, or (ii) Redemption would otherwise prevent the Bank from operating in a safe and sound manner, including, without limitation, a reasonable belief that the Redemption would prevent the Bank from
maintaining sufficient Permanent Capital or Total Capital against a potential risk that may not be reflected adequately in the Bank’s Minimum Regulatory Capital Requirement, then the Board of Directors, or a committee of the Board of 

  

					
	As of July 24, 2008	  	17	  	

 
Directors, in its sole discretion (subject to the regulatory oversight of the Finance Board), may temporarily suspend Redemptions. The Bank shall not
Repurchase any Capital Stock without prior written approval of the Finance Board during the period that Redemptions are suspended under this provision. 
 The Bank shall notify the Finance Board in writing within two Business Days following the determination by the Board of Directors, or a committee of the Board of Directors, to suspend Redemption of Capital Stock,
informing the Finance Board of the reasons for the suspension and of the Bank’s strategies and time frames for addressing the conditions that led to the suspension. 
  

	 	D.	Other Restrictions on Repurchase 

 On any Business
Day that the Repurchase of some or all Excess Shares of Subclass B2 Capital Stock would cause the Bank to fail to satisfy its Minimum Regulatory Capital Requirement, the Bank shall suspend Repurchases until the Bank can honor such Repurchases in
full, or the Board of Directors establishes pro rata Repurchase procedures. 
  

	 	E.	Notice of Suspension of Repurchases or Redemptions 

 The Bank shall provide a Notice to Members regarding the suspension of Redemptions or Repurchases on or before the effective date of the suspension. The Bank shall provide a Notice to Members at least one business day prior to resuming
Repurchases or Redemptions. 
  

	 	F.	No Priority for Notices of Redemption in the Event of Liquidation 

 In the event that the Finance Board determines to liquidate the Bank, from and after the date of any such determination, all of the Capital Stock held by the Members, Former Members and Nonmember Stockholders whether
or not subject to a notice of Redemption or Repurchase, shall thereafter be treated exactly the same, and no further Redemptions or Repurchases shall occur except in connection with the liquidation of the Bank in accordance with the provisions of
the Act, the Regulations and this Plan. 
  

	XII.	Disposition of Claims 

  

	 	A.	In General 

 If a Member withdraws from Membership
or its Membership is otherwise terminated, the Bank, in its sole discretion (subject to the regulatory oversight of the Finance Board), shall determine an orderly manner for liquidating all Indebtedness owed by the Former Member or Nonmember
Stockholder to the Bank and for settling all other claims against the Former Member or Nonmember Stockholder. After the obligations and claims have been extinguished or settled, the Bank shall return to the Former Member or Nonmember Stockholder the
collateral pledged by the Former Member or Nonmember Stockholder to the Bank to secure its obligations to the Bank. 
  

	 	B.	Lien on Capital Stock 

 The Bank shall have a lien
on all of the Capital Stock owned by a Member, Former Member or Nonmember Stockholder, and all dividends and other proceeds of such Capital Stock, to secure the performance by the Member, Former Member or Nonmember Stockholder of its obligations
pursuant to the Capital Plan and to secure its performance with respect to any Indebtedness to the Bank or any transaction with the Bank. The Bank shall not Redeem or Repurchase any 

  

					
	As of July 24, 2008	  	18	  	

 
Capital Stock that is required to meet the Member’s Activity-Based Stock Requirement or the Former Member’s or Nonmember Stockholder’s
Activity-Based Stock Retention Requirement until after the relevant Indebtedness or transactions have been extinguished or settled. The Bank shall have the right to collect any dividends and other proceeds of Capital Stock otherwise payable to a
Member, Former Member or Nonmember Stockholder in default to satisfy any monetary obligations of the Member, Former Member or Nonmember Stockholder to the Bank or, in the sole discretion of the Bank (subject to the regulatory oversight of the
Finance Board), to pay any dividends to the Member, Former Member or Nonmember Stockholder in Capital Stock. 
  

	 	C.	Prepayment Fees 

 Any liquidation of Indebtedness
that results in payment of the Indebtedness before its stated maturity shall be deemed a prepayment of the Indebtedness, and shall be subject to any fees applicable to the prepayment. 
  

	XIII.	Amendment to the Capital Plan 

 Any amendment
to the Capital Plan must be approved by the Board of Directors and by the Finance Board. The Bank shall provide a Notice to Members at least five business days prior to the effective date of any amendment.  
  

					
	As of July 24, 2008	  	19Benefit Equalization Plan (2009 Revision)

 Exhibit 10.1 
 THE FEDERAL HOME LOAN BANK 
 OF ATLANTA 
 BENEFIT EQUALIZATION PLAN 
 (2009 REVISION) 
 Effective as of 
 January 1, 2009

 TABLE OF CONTENTS 
  

					
	 Introduction
	  	1
			
	Article 1.	 	Definitions	  	1
			
	Article II.	 	Membership	  	3
			
	Article III.	 	Amount and Payment of Pension Benefits	  	4
			
	Article IV.	 	Amount and Payment of Savings Plan Benefits	  	7
			
	Article V.	 	Source of Payment	  	11
			
	Article VI.	 	Designation of Beneficiaries	  	11
			
	Article VII.	 	Administration of the Plan	  	12
			
	Article VIII.	 	Amendment and Termination	  	13
			
	Article IX.	 	General Provisions	  	13

 FEDERAL HOME LOAN BANK OF ATLANTA 
 BENEFIT EQUALIZATION PLAN 
 (2008 REVISION) 
 Effective January 1, 2009, THE FEDERAL HOME LOAN BANK OF ATLANTA (the “Bank”) hereby amends and completely restates its Benefit
Equalization Plan (the “Plan”) as follows, primarily in order to add provisions necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended. As permitted under guidance issued under Code Section 409A,
the Plan does not contain provisions retroactive to the effective date of Section 409A (January 1, 2005), but the Plan has complied with Section 409A and guidance thereunder since the effective date of such legislation. 
 INTRODUCTION 
 The purpose of
this Plan is to provide benefits to certain employees of the Bank which would have been payable under the Pentegra Defined Benefit Plan for Financial Institutions (the “Retirement Fund”) and benefits equivalent to the matching
contributions and 401(k) contributions which would have been available under the Federal Home Loan Bank of Atlanta 401(k) Savings Plan (“Savings Plan”), but for the limitations placed on benefits and matching contributions for such
employees by Sections 401(a)(17), 401(k)(3)(A)(ii), 401(m), 402(g), and 415 of the Internal Revenue Code of 1986, as amended from time to time, or any successor body of law thereto. In addition, under the Plan the Board may grant additional benefits
to Participants from time to time in order to attract and retain key employees of the Bank. 
 This Plan is intended to constitute a
nonqualified unfunded deferred compensation arrangement for a select group of management or highly compensated employees. All benefits payable under this Plan shall be paid solely out of the general assets of the Bank. No benefits under this Plan
shall be payable by the Retirement Fund or from its assets or by the Savings Plan or from its assets. 
 Article 1. Definitions

 When used in the Plan, the following terms shall have the following meanings: 
 1.01 “Account” means the account established and maintained under Article IV to record the contributions deemed to be made by the Member
and the Bank, as well as the change in value attributable to the deemed gains and losses thereon, all as described hereafter. For a Member who participated in the Plan prior to January 1, 2005, the Account includes both a Grandfathered Account
and a Section 409A Account. 
 1.02 “Actuary” means the independent consulting actuary retained by the Bank to assist
the Committee in its administration of the Plan. 
  

 1 

 1.03 “Adoption Date” means January 1, 2009. 
 1.04 “Bank” means the Federal Home Loan Bank of Atlanta. 
 1.05 “Beneficiary” means the beneficiary or beneficiaries designated in accordance with Article VI of the Plan to receive the benefit, if any, payable upon the death of a Member of the Plan.

 1.06 “Board of Directors” means the Board of Directors of the Bank. 
 1.07 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. 
 1.08 “Code Limitations” mean the cap on compensation taken into account by a plan under Code Section 401(a)(17), the limitations on
401(k) contributions necessary to meet the average deferral percentage (“ADP”) test under Code Section 401(k)(3)(A)(ii), the limitations on employee and matching contributions necessary to meet the average contribution percentage
(“ACP”) test under Code Section 401(m), the dollar limitations on elective deferrals under Code Section 402(g), and the overall limitations on contributions and benefits imposed on qualified plans by Code Section 415, as
such provisions may be amended from time to time, and any similar successor provisions of federal tax law. 
 1.09
“Committee” means the Governance and Compensation Committee or any successor committee appointed by the Board of Directors to administer the Plan. 
 1.10 “Deferral Agreement” means the Agreement under which a Member elected to defer compensation under the Plan in accordance with the provisions of Article IV. 
 1.11 “Eligible Executive” means (1) an officer of the Bank who holds the title of Senior Vice President or higher, or (2) an
officer of the Bank who was a participant of the plan as of December 31, 2007, who has been selected to be an Eligible Executive by the Committee, and who is or potentially is affected by the cap on compensation set out in Code
Section 401(a)(17) during the current or next following calendar year. For purposes of determining who is an Eligible Executive, the dollar amount of the Code Section 401(a)(17) cap on compensation shall at all times be deemed to be at
least $205,000, so that all Eligible Executives have or potentially have compensation of at least $205,000 for the current or next following calendar year. 
 1.12 “Grandfathered Account” means the value of the Member’s Account on December 31, 2004, together with earnings accruing to the Member’s Grandfathered Account thereafter, and is
exempt from Code Section 409A. 
 1.13 “Grandfathered Benefit” shall mean the portion of the Member’s pension
benefit under Article III, determined as if the Member terminated employment as of December 31, 2004, but only if the Member was vested in such benefit as of December 31, 2004. Such Grandfathered Benefit shall remain exempt from Code
Section 409A. 
  

 2 

 1.14 “Member” means any person included in the membership of the Plan as provided in
Article II. 
 1.15 “Section 409A Account” shall mean the value of the Member’s Account, minus the value of the
Member’s Grandfathered Account. The Section 409A Account shall be subject to Code Section 409A and applicable guidance thereunder. 
 1.16 “Section 409A Benefit” means, as applicable (i) the portion of the Member’s pension benefit under Article III of the Plan, minus the Grandfathered Benefit; or (ii) the Member’s entire pension
benefit under Article III if the Member was not vested in his or her benefit as of December 31, 2004. The Section 409A Benefit shall be subject to Code Section 409A and applicable guidance thereunder. 
 1.17 “Termination of Employment” whether or not capitalized herein, means separation from service under Code Section 409A and
applicable guidance thereunder. 
 Article II. Membership 
 2.01 Each Eligible Executive of the Bank who is included in the membership of the Retirement Fund shall become a Member of the Plan on the date
the Member first accrues a benefit under Article III. 
 2.02 Each Eligible Executive of the Bank who is included in the membership of
the Savings Plan shall become a Member of the Plan on the earliest date on which he is credited with an elective contribution addition or makeup contribution addition under Section 4.01, 4.03 or 4.09 of the Plan. 
 2.03 If on the date that payment of a Member’s benefit from the Retirement Fund commences, the Member is not entitled under Section 3.01
below to receive a benefit under the Plan, his membership in the Plan for purposes of benefits under Article III shall terminate on such date. 
 2.04 A benefit shall be payable under the Plan to or on account of a Member only upon the Member’s retirement, death or other Termination of Employment with the Bank, except as provided in Article IV. 
  

 3 

 Article III. Amount and Payment of Pension Benefits 
 3.01 The amount, if any, of the annual pension benefit payable to or on account of a Member pursuant to the Plan shall equal the excess of
(i) over (ii), as determined by the Committee, where: 
 (i) Is the annual pension benefit determined as of a Member’s Termination
of Employment on the basis of the Regular Form of payment that would otherwise be payable to or on account of the Member by the Retirement Fund if its provisions were administered without regard to the Code Limitations, and with the inclusion in the
definition of “Base Salary” (for the year deferred) of any amount deferred by a Member under (A) the Deferred Compensation Plan and (B) under Sections 4.01 and 4.02 of this Plan; and 
 (ii) Is the annual pension benefit determined as of a Member’s Termination of Employment on the basis of the Regular Form of payment that is payable
to or on account of the Member by the Retirement Fund. 
 For purposes of this Section 3.01, “annual pension benefit” includes
any “Active Service Death Benefit,” “Retirement Adjustment Payment,” “Annual Increment” and “Single Purchase Fixed Percentage Adjustment” which the Bank elected to provide its employees under the Retirement
Fund. For purposes of this Section 3.01, “Base Salary” is the basic annual salary rate as of each January 1st including bonuses paid in the prior calendar year. 
 3.02 Unless the Member elects an optional form of payment under the Plan pursuant to Section 3.03 below, the annual pension benefit, if any
payable to or on account of a Member under Section 3.01 above, shall be converted by the Actuary and shall be payable to or on account of the Member in the “Regular Form” of payment, utilizing for that purpose the same actuarial
factors and assumptions then used by the Retirement Fund to determine the actuarial equivalence. For purposes of the Plan, the “Regular Form” of payment means an actual pension benefit payable for the Member’s lifetime and the death
benefit described in Section 3.04 below. 
 3.03 (a) A Member may elect in writing pursuant to paragraph (c) below to
have the annual pension benefit, if any, payable to or on account of a Member under Section 3.02 above converted by the Actuary to any optional form of payment then permitted for such Member under the Retirement Fund; and for this purpose it is
noted that, depending on their date of hire, Members may have different optional forms of payment available to them under the Retirement Fund. The Actuary shall utilize for the purpose of that conversion the same actuarial factors and assumptions
then used by the Retirement Fund to determine actuarial equivalence. 
 (b) If a Member who had elected an optional form of payment under
this Section 3.03 dies after the date his benefit payments under the Plan had commenced, the only death benefit, if any, payable under the Plan in respect of said Member shall be the amount, if any, payable under 

  

 4 

 
the optional form of payment which the Member had elected under the Plan. If a Member who had elected an optional form of payment under this
Section 3.03 dies before the date his benefit payments under the Plan commence, his election of an optional form of benefit shall be inoperative. 
 (c) An election of any optional form of payment under this Section 3.03 may be made only in writing and filed by the Member with the Committee, and shall be subject to the following additional rules: 

(i) A Member shall be permitted to make an initial election with respect to the form of payment under this Article III no later than January 30
following the end of the calendar year in which the Member first accrues a benefit under Article III. 
 (ii) Any subsequent election (i.e.,
any election following the Member’s initial election under paragraph (c)(i) above) must be made no later than twelve (12) months preceding the Member’s Termination of Employment; and 
 (iii) Any subsequent election (i.e., any election following the Member’s initial election under paragraph (c)(i) above) with respect to the
Member’s Section 409A Benefit must defer the commencement of distribution of the Section 409A Benefit for a period of at least five (5) years from the date such payment would have otherwise commenced, provided, however, that if
the subsequent election is a change in the form of payment between two life annuities (as determined under Section 409A and applicable guidance thereunder) that are actuarially equivalent applying reasonable actuarial methods and assumptions,
such election shall not be subject to the five year delay rule under this clause (iii). 
 3.04 Upon the death of a Member before the
date his benefit payments under the Plan commence or after the date his benefit payments commence, if he had not elected an optional form of payment under Section 3.03 above, a death benefit shall be paid to the Member’s Beneficiary in a
lump sum equal to the excess, if any, of (i) over (ii), where: 
 (i) is an amount equal to 12 times the annual pension benefit, if any,
payable under Section 3.01 above, and 
 (ii) is the sum of the benefit payments, if any, which the Member had received under the Plan.

 3.05 If a Member to whom an annual pension benefit is payable under this Plan dies before the commencement of the payment of his
benefit, the death benefit payable under Section 3.04 shall be payable to the Member’s beneficiary as if the payment of the Member’s benefit had commenced on the first day of the month in which his death occurred. 
 3.06 If a Member is restored to employment with the Bank, payment of any pension benefits under this Plan shall continue as though the Member had
not been re-employed, and the Member may not cease the payment of pension benefits or change the form of payment of such benefits. However, the Member, if eligible to participate in the Plan upon his re-employment, 

  

 5 

 
shall accrue pension benefits under the terms of this Article III as though the Member had not previously retired, and upon the Member’s subsequent
Termination of Employment, his pension benefits under Article III of the Plan shall be reduced by the equivalent actuarial value of the amount of any pension benefit under Article III previously paid by the Plan to the Member. For purposes of this
Section 3.06, the equivalent actuarial value of the pension benefits previously paid to the Member shall be determined by the Actuary utilizing for that purpose the same actuarial factors and assumptions then used by the Retirement Fund to
determine actuarial equivalence under the Retirement Fund. In addition, with respect to pension benefits under Article III of this Plan which accrue after the Member’s re-employment, the Member may make initial and subsequent elections
regarding the form of payment, as provided under the terms of this Article III. 
 3.07 If (i) a Member or beneficiary is
eligible to commence his or her pension benefit under this Article III or has already commenced receiving such benefit, (ii) such Member or beneficiary does not participate in any other non-qualified deferred compensation plan that would be
aggregated with this Plan under Treasury Regulation Section 1.409A-1(c)(2) (i.e., another defined benefit-type deferred compensation plan), and (iii) during a given calendar year the equivalent actuarial value of the remaining pension
benefit payable to such Member or beneficiary under Article III of this Plan does not exceed the applicable dollar amount under Code Section 402(g)(1)(B) for such calendar year ($15,500 for calendar year 2008), then the equivalent actuarial
value of such remaining benefit shall be paid in a single lump sum to such Member or beneficiary, as applicable, on a date determined by the Committee in its discretion, but no later than December 31 of the calendar year for which such
determination is made. 
 3.08 Except in cases where the Member properly elects to receive his benefit in the form of a lump sum
payment, all annual pension benefits under the Plan shall be paid in monthly, or annual installments, as elected by the Member. Benefits shall commence on a date determined by the Committee in its sole discretion, but no later than ninety
(90) days after the Member’s Termination of Employment with the Bank. If a Member has properly elected to receive his benefit in the form of a lump sum payment, such benefit shall be paid to the Member within ninety (90) days
following the later of (i) the date the Member reaches age 50 or (ii) the date of the Member’s Termination of Employment with the Bank. 
 3.09 The Board in its sole discretion may from time to time grant to one or more Members or prospective Members under this Plan additional benefits which the Board deems appropriate to attract or retain such
Member. Such benefits may include, but shall not be limited to, treating a newly employed Member as though the Member’s service with a prior employer constituted service with the Bank. In crediting such additional benefits, the Board may attach
vesting or other conditions as it deems appropriate. Any such additional benefits, and the terms and conditions associated with such additional benefits, shall be set forth on an Appendix to this Plan. Such Appendix shall be incorporated in and made
a part of this Plan, but shall not be required to be disclosed to any Member other than the Member who receives such additional benefits, except as required by applicable law. Any additional benefits credited pursuant to this Section 3.09 shall
be treated as part of the Member’s Section 409A Benefit and shall be fully subject to Section 409A. 
  

 6 

 3.10 The timing of a distribution of a Member’s Section 409A Benefit may not be
accelerated, except in the event of permissible acceleration under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), (j)(4)(vi) (payment of employment taxes), (j)(4)(vii) (payment upon
income inclusion under Section 409A), (j)(4)(ix) (plan terminations and liquidation), (j)(4)(xi) (payment of state, local or foreign taxes), (j)(4)(xiii) (certain offsets) and (j)(4)(xiv) (bona fide disputes).  
 Article IV. Amount and Payment of Savings Plan Benefits 
 4.01 During each calendar year, if the Eligible Executive’s 401(k) account contributions under the Savings Plan for such year have reached the maximum permitted by the Code Limitations as determined by the
Committee, and if the Eligible Executive has elected to reduce his compensation for the current calendar year in accordance with the provisions of Section 4.02, then such Eligible Executive shall be credited with an elective contribution
addition under this Plan equal to the reduction in his compensation made in accordance with such election; provided, however, that the sum of all such elective contribution additions for an Eligible Executive with respect to any single calendar year
shall not be greater than the excess of (i) over (ii), where 
 (i) is an amount equal to the regular account and maximum 401(k) account
contributions permitted under the Savings Plan for the calendar year as determined under the Savings Plan if its provisions were administered without regard to the Code Limitations and if compensation as defined in the Savings Plan included any
deferrals made under this Section 4.01; and 
 (ii) is an amount equal to his regular account and 401(k) account contributions actually
made under the Savings Plan for the calendar year. 
 4.02 A Member’s election under Section 4.01 shall be made in
accordance with the following provisions: 
 (a) The Committee shall provide each Member with a Deferral Agreement at least 30 days prior to
the commencement of the calendar year in which compensation is to be earned and paid. Each Member shall execute and deliver the Deferral Agreement to the Committee no later than the last business day preceding the calendar year in which compensation
is to be earned and paid. 
 Notwithstanding the above, provided the Eligible Executive does not already participate in a deferred
compensation plan of the Bank that is considered to be the same type of plan as this Plan under the plan aggregation rules contained in Treasury Regulation 1.409A-1(c)(2), an Eligible Executive who first becomes eligible to participate in the plan
during a calendar year may execute a Deferral Agreement with respect to his elections under Section 4.01 within 30 days of the date he becomes eligible to participate. An individual who is an Eligible Executive immediately prior to the Adoption
Date may file a Deferral Agreement with the Committee 

  

 7 

 
within such period prior to the Adoption Date and in such manner as the Committee may prescribe. With respect to Section 4.01, the Deferral Agreement
shall only apply to compensation earned by the Member in the payroll periods beginning on or after the later of the date such Agreement is submitted to the Committee or the Adoption Date. 
 (b) The Deferral Agreement shall provide for separate elections with respect to elective contribution additions under Section 4.01, and shall
provide for separate distribution elections with respect to the Grandfathered Account and the Section 409A Account. 
 (c) An Eligible
Executive’s elections on his Deferral Agreement of the rates at which he authorizes deferrals under Section 4.01 shall be irrevocable for the calendar year for which the deferral is elected. Notwithstanding the foregoing, a Member may, in
the event of an unforeseeable emergency which results in severe financial hardship, request a suspension of his salary deferrals under the Plan. The request shall be made in a time and manner determined by the Committee. The suspension shall be
effective with respect to the portion of the calendar year remaining after the Committee’s determination that the Member has incurred a severe financial hardship. The Committee shall apply standards, to the extent applicable, identical to those
described in Section 4.07 in making its determination. 
 4.03 For each elective contribution addition credited to a Member under
Section 4.01, such Member shall also be credited with a matching contribution addition under this Plan equal to the matching contribution, if any, that would be credited under the Savings Plan with respect to such amount if contributed to the
Savings Plan, determined as if the provisions of the Savings Plan were administered without regard to the Code Limitations and determined after taking into account the Member’s actual contributions to and actual matching contributions under the
Savings Plan. 
 4.04 The Committee shall maintain an Account on the books and records of the Bank for each Eligible Executive who is
a Member by reason of amounts credited under Sections 4.01 and 4.03. The elective contribution additions, makeup contribution additions and matching contribution additions of a Member under Section 4.01 and 4.03 shall be credited to the
Member’s Account as soon as practical after the date that the compensation reduced under Section 4.01 would otherwise have been paid to such Member. 
 4.05 In addition to the amounts described in Section 4.04, the Account of a Member shall be credited from time to time with deemed investment gains and losses based upon such hypothetical investment
options as the Committee shall announce to Members from time to time. A Member may request how his Account shall be allocated among such investment options in increments of not less than one percent (1%), but the Committee or its delegate may in its
sole discretion override any such request, and, if so, the Committee or its delegate may allocate such funds in a different manner. A Member may make investment requests on a daily basis, using such electronic or other media as the Committee may
permit. Investment requests shall be subject to such additional rules and conditions as the Committee may prescribe from time to time (including a delay in implementing such request, in order to give the Committee or its delegate an opportunity to
override such request). The Bank shall not be required under any circumstance 

  

 8 

 
to obtain an actual investment vehicle which reflects the investment request made by the Member, nor shall the Committee’s acceptance of a Member’s
investment request give the Member a right or interest in any specific assets of the Bank. 
 4.06 A Member shall at all times be 100%
vested in his deferrals under Section 4.01. A Member shall become vested in employer matching contributions under Section 4.03 at the same time the Member becomes vested in his or her employer matching contributions under the Savings Plan.
Members hired prior to 12/1/08 shall vest in employer matching contributions on a graded two year schedule where the Member is 40% vested after one year of employment and 100% vested after two years of employment. Members hired after 12/1/08 shall
vest in employer matching contributions on a two year cliff schedule where the Member is 0% vested until two years of employment with the Bank. The balance credited to a Member’s Account under this Article IV, as adjusted by deemed gains and
losses under Section 4.05, shall be paid to him either in a lump sum payment or annual installments over a period of two (2) to five (5) years, as elected by the Member, with such payments to commence on a date determined by the
Committee in its sole discretion, but no later than ninety (90) days after the Member’s Termination of Employment with the Bank. A Member’s election of lump sum or installments (and, if applicable, the number of installments), shall
be made in writing on a form acceptable to the Committee, and shall be subject to the following additional rules: 
 (i) Any subsequent
election (i.e., any election following the Member’s initial election under Section 4.02) with respect to the Member’s Grandfathered Account must be made no later than six (6) months preceding the Member’s Termination of
Employment; and 
 (ii) Any subsequent election (i.e., any election following the Member’s initial election under Section 4.02)
with respect to the Member’s Section 409A Account (A) must be made no later than twelve (12) months preceding the Member’s Termination of Employment; and (B) other than in the event of the death of the Member, must
defer the commencement of distribution of the Section 409A Account for a period of at least five (5) years from the date such payment would have otherwise commenced. 
 If installments are elected, a Member may continue to request that the balance of his or her Account be invested
under the procedures set out in Section 4.05. Subsequent installments shall be paid on the anniversary of the date the first installment is paid, and the amount paid on each installment shall be determined by the multiplying the Member’s
balance as most recently determined by the Committee for this purpose, by a fraction, the numerator of which is one, and the denominator of which is the number of remaining installments (including the installment being paid); therefore, for example,
if a Member elects installments over five years, the fraction in the first year would be  1/5, in the second year would be  1/4, in the third year would be  1/3, and so forth, until the fraction in the final year is  1/1.

 Notwithstanding the foregoing, if (i) a Member or beneficiary is eligible to commence distribution of his or her Account
under this Article IV or has already commenced distribution, (ii) such Member or beneficiary does not participate in any other non-qualified deferred compensation plan that would be aggregated with this Plan under Treasury Regulation
Section 1.409A-1(c)(2)(i.e., another voluntary deferral-type deferred compensation plan), and (iii) during 

  

 9 

 
a given calendar year the value of the Account payable to such Member or beneficiary under Article IV does not exceed the applicable dollar amount under Code
Section 402(g)(1)(B) for such calendar year ($15,500 for calendar year 2008), then the remaining value of such Account shall be paid in a single lump sum to such Member or beneficiary, as applicable, on a date determined by the Committee in its
discretion, but no later than December 31 of the calendar year for which such determination is made. 
 4.07 If a Member dies
prior to receiving the balance credited to his Account under Section 4.06 above, the balance in his Account shall be paid to his Beneficiary in a lump sum payment on a date determined by the Committee in its sole discretion, but no later than
ninety (90) days after his death, regardless of whether the Member had elected installment payments under Section 4.06. 
 4.08
While employed by the Bank, a Member may, in the event of an unforeseeable emergency, request a withdrawal from this Account. The request shall be made in a time and manner determined by the Committee, shall be for an amount not greater than the
lesser of (i) the amount required to meet the financial hardship, or (ii) the amount of his Account, and shall be subject to approval by the Committee. For purposes of this Section 4.08, an unforeseeable emergency means a severe
financial hardship resulting from an illness or accident of the Member or a dependent (as defined in Section 152 of the Code without regard to Section 152(b)(1), (b)(2), and (d)(1)(B)), loss of the Member’s property due to casualty
(including the need to rebuild a home not otherwise covered by insurance), or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Member. Except as otherwise provided herein, the
purchase of a home and the payment of college tuition are not unforeseeable emergencies. Whether a Member or dependent is faced with an unforeseeable emergency is to be determined by the Committee based on the relevant facts and circumstances of
each case, but, in any case, a distribution on account of unforeseeable emergency may not be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the
Member’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of deferrals under the arrangement. 
 4.09 The Board in its sole discretion may from time to time credit to one or more Members or prospective Members under this Plan additional amounts which the Board deems appropriate to attract or retain such
Member. Such benefits may include, but shall not be limited to, treating a newly employed Member as though the Member’s service with a prior employer constituted service with the Bank. In crediting such additional amounts, the Board may attach
vesting or other conditions as it deems appropriate. Any such additional credits, and the terms and conditions associated with such additional credits, shall be set forth on an Appendix to this Plan. Such Appendix shall be incorporated in and made a
part of this Plan, but shall not be required to be disclosed to any Member other than the Member who receives such additional credits. Any additional amounts credited pursuant to this Section 4.09 shall be added to the Member’s
Section 409A Account and shall be fully subject to Section 409A. 
  

 10 

 4.10 The timing of a distribution of a Member’s Section 409A Account may not be
accelerated, except in the event of an Unforeseeable Emergency or other permissible acceleration of distribution under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), (j)(4)(vi) (payment
of employment taxes), (j)(4)(vii) (payment upon income inclusion under Section 409A), (j)(4)(ix) (plan terminations and liquidation), (j)(4)(xi) (payment of state, local or foreign taxes), (j)(4)(xiii) (certain offsets) and (j)(4)(xiv) (bona
fide disputes). 
 Article V. Source of Payment 
 5.01 All payments of benefits under the Plan shall be paid from, and shall only be a general claim upon, the general assets of the Bank, notwithstanding that the Bank, in its discretion, may establish a
bookkeeping reserve or a grantor trust (as such term is used in Sections 671 through 677 of the Code) to reflect or to aid it in meeting its obligations under the Plan with respect to any Member or prospective Member or Beneficiary. No benefit
whatever provided by the Plan shall be payable from the assets of the Retirement Fund or the Savings Plan. 
 5.02 No Member shall
have any right, title or interest whatsoever in or to any investments which the Bank may make or any specific assets which the Bank may reserve to aid it in meeting its obligations under the Plan. To the extent that any person acquires a right to
receive payments from the Bank under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Bank. 
 Article VI. Designation of Beneficiaries 
 6.01 For purposes of benefits payable under Article III of this Plan, the
Member’s designated beneficiary shall be the same individual or entity designated by the Member to receive benefits under the Retirement Fund in case of the Member’s death. For purposes of benefits payable under Article IV hereof, each
Member of the Plan may file with the Committee a written designation of one or more persons as the Beneficiary who shall be entitled to receive the amount, if any, payable under the Plan upon his death. The Member may, from time to time, revoke or
change his beneficiary designation without the consent of any prior Beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or
change or revocation thereof, shall be effective unless received by the Committee prior to the Member’s death, and in no event shall it be effective as of a date prior to such receipt. 
 6.02 If no such beneficiary designation is in effect at the time of a Member’s death, or if no designated Beneficiary survives the Member, or
if, in the opinion of the Committee, such designation conflicts with applicable law, the Member’s estate shall be deemed to have been designated his Beneficiary and shall be paid the amount, if any, payable under the Plan upon the Member’s
death. If the Committee is in doubt as to the right of any person to receive such amount, the Committee may retain such amount, without liability for any interest thereon, until the rights thereto are determined, or the Committee may pay such amount
into any court of appropriate jurisdiction and such payment shall be a complete discharge of the liability of the Plan and the Bank therefor. 
  

 11 

 Article VII. Administration of the Plan 
 7.01 The Board of Directors has delegated to the Governance and Compensation Committee, subject to those powers which the Board has reserved as
described in Article VIII below, general authority over and responsibility for the administration and interpretation of the Plan. The Committee shall have full power and discretionary authority to interpret and construe the Plan, to make all
determinations considered necessary or advisable for the administration of the Plan and any trust referred to in Article V above, and the calculation of the amount of benefits payable thereunder, and to review claims for benefits under the Plan.
Unless arbitrary or capricious, the Committee’s interpretations and constructions of the Plan and its decisions or actions thereunder shall be binding and conclusive on all persons for all purposes. 
 7.02 The Committee shall arrange for the engagement of the Actuary, and if the Committee deems it advisable, it shall arrange for the engagement
of legal counsel and certified public accountants (who may be actuary, counsel or accountants for the Bank), and other consultants, and make use of agents and clerical or other personnel for purposes of the Plan. The Committee may rely upon the
written opinions of such Actuary, counsel, accountants and consultants, and upon any information supplied by the Retirement Fund or the Savings Plan for purposes of Sections 3.01, 4.01 and 4.02 of the Plan, and delegate to any agent or to any
sub-committee or Committee member its authority to perform any act hereunder, including without limitations those matters involving the exercise of discretion; provided, however, that such delegation shall be subject to revocation at any time at the
discretion of the Committee. The Committee shall report to the Board of Directors, or to a committee designated by the Board of Directors, at such intervals as shall be specified by the Board of Directors or such designated committee, with regard to
the matters for which it is responsible under the Plan. 
 7.03 No Committee member shall be entitled to act on or decide any matters
relating solely to such member or any of his rights or benefits under the Plan. 
 7.04 No Committee member shall receive any special
compensation for serving in such capacity but shall be reimbursed for any reasonable expenses incurred in connection therewith. No bond or other security need be required of the Committee or any member thereof in any jurisdiction. 
 7.05 Any action of the Committee may be taken upon the affirmative vote of a majority of the members at a meeting or, at the direction of its
Chairman, without a meeting by mail, e-mail or telephone, provided that all of the Committee members are informed in writing of the vote. 
 7.06 All claims for benefits under the Plan shall be submitted in writing to the Chairman of the Committee. Written notice of the decision on each such claim shall be furnished 

  

 12 

 
with reasonable promptness to the Member or his Beneficiary (the “claimant”). The claimant may request a review by the Committee of any decision
denying the claim in whole or in part. Such request shall be made in writing and filed with the Committee within 30 days of such denial. A request for review shall contain all additional information which the claimant wishes the Committee to
consider. The Committee may hold any hearing or conduct any independent investigation which it deems desirable to render its decision, and the decision on review shall be made as soon as feasible after the Committee’s receipt of the request for
review. Written notice of the decision on review shall be furnished to the claimant. For all purposes under the Plan, such decisions on claims (where no review is requested) and decisions on review (where review is requested) shall be final, binding
and conclusive on all interested persons as to all matters relating to the Plan. 
 7.07 All expenses incurred by the Committee in its
administration of the Plan shall be paid by the Bank. 
 Article VIII. Amendment and Termination 
 8.01 The Board of Directors of the Bank may amend, suspend or terminate, in whole or in part, the Plan in accordance with applicable law without
the consent of the Committee, any Member, Beneficiary or other person, provided, however, that (i) no amendment, suspension or termination shall retroactively impair or otherwise adversely affect the rights of any Member, Beneficiary or other
person to benefits under the Plan which have accrued prior to the date of such action; and (ii) termination with respect to the portion of the Plan that includes the Section 409A Accounts and/or the Section 409A Accrued Benefits must
comply with the requirements of Treas. Reg. Section 1.409A-3(j)(4)(ix). The Board may without the consent of any Member, Beneficiary or other person eliminate the lump sum payment provision under Section 3.02. The Board may also take any
other action which may be necessary or appropriate to facilitate the administration, management and interpretation of the Plan or to conform the Plan thereto, provided that any such amendment or action does not have a material detrimental effect on
the then currently estimated cost to the Bank of maintaining the Plan. 
 Article IX. General Provisions 
 9.01 The Plan shall be binding upon and inure to the benefit of the Bank and its successors and assigns and the Members, and the successors,
assigns, designees and estates of the Members. The Plan shall also be binding upon and inure to the benefit of any successor bank or organization succeeding to substantially all of the assets and business of the Bank, but nothing in the Plan shall
preclude the Bank from merging or consolidating into or with, or transferring all or substantially all of its assets to, another bank or organization which assumes the Plan and all obligations of the Bank hereunder. The Bank agrees that it will make
appropriate provision for the preservation of the rights of Members under the Plan in any agreement or plan which it may enter into to effect any merger, consolidation, reorganization or transfer of assets. Upon such a merger, consolidation,
reorganization, or transfer of assets and assumption of Plan obligations of the Bank, the term “Bank” shall refer to such other bank or successor entity and the Plan shall continue in full force and effect. 
  

 13 

 9.02 Neither the Plan nor any action taken thereunder shall be construed as giving to a Member the
right to be retained in the employ of the Bank or as affecting the right of the Bank to dismiss any Member from its employ. 
 9.03
The Bank shall withhold or cause to be withheld from all benefits payable under the Plan all federal, state, local or other taxes required by applicable law to be withheld with respect to such payments. 
 9.04 No right or interest of a Member under the Plan may be assigned, sold, encumbered, transferred or otherwise disposed of and any attempted
disposition of such right or interest shall be null and void. Further, no right or interest of a Member may be reached by any creditor of the Member. 
 9.05 If the Committee shall find that any person to whom any amount is or was payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any
payment, or any part thereof, due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative), may, if the Committee is so inclined, be paid to such person’s spouse, child or other
relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be in complete discharge of
the liability of the Plan and the Bank therefore. 
 9.06 All elections, designations, requests, notices, instructions, and other
communications from a Member, Beneficiary or other person to the Committee required or permitted under the Plan shall be in such form as is prescribed from time to time by the Committee and shall be mailed by first-class mail or delivered to such
location as shall be specified by the Committee and shall be deemed to have been given and delivered only upon actual receipt thereof at such location. 
 9.07 The benefits payable under the Plan shall be in addition to all other benefits provided for employees of the Bank and shall not be deemed salary or other compensation by the Bank for the purpose of
computing benefits to which he may be entitled under any other plan or arrangement of the Bank. 
 9.08 No Committee member shall be
personally liable by reason of any instrument executed by him or on his behalf, or action taken by him, in his capacity as a Committee member nor for any mistake of judgment made in good faith. Consistent with applicable law, regulation or governing
bylaw of the Bank, the Bank shall indemnify and hold harmless the Retirement Fund or the Savings Plan and each Committee member and each employee, officer or director of the Bank or the Retirement Fund or Savings Plan, to whom any duty, power,
function or action in respect of the Plan may be delegated or assigned, or from whom any information is requested for Plan purposes, against any cost or expense (including fees of legal counsel) and liability (including any sum paid in settlement of
a claim or legal action with the approval of the Bank) arising out of anything done or omitted to be done in connection with the Plan, unless arising out of such person’s fraud or bad faith. 
  

 14 

 9.09 As used in the Plan, the masculine gender shall be deemed to refer to the feminine, and the
singular person shall be deemed to refer to the plural, wherever appropriate. 
 9.10 The captions preceding the Sections of the Plan
have been inserted solely as a matter of convenience and shall not in any manner define or limit the scope or intent of any provisions of the Plan. 
 9.11 The Plan shall be construed according to the laws of the State of Georgia in effect from time to time. 
 9.12
With respect to a specified employee (within the meaning of Code Section 409A), payment of benefits under the Plan, if conditioned upon the employee’s Termination of Employment, may not occur before the date that is six months after
the Participant’s Termination of Employment (or, if earlier, the date of death of the Member). 
  

 15 

 IN WITNESS WHEREOF, THE FEDERAL HOME LOAN BANK of Atlanta has caused this amended and restated Benefit
Equalization Plan to be executed effective as of the 1st day of January, 2009. 
  

			
	The Federal Home Loan Bank of Atlanta
		
	By:	 	 /s/ Richard A. Dorfman

	Title:	 	President and Chief Executive Officer

 Attest: 
  

	
	 /s/ Jill Spencer

	Secretary

  

 16

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