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amendmenttodycomindustri

AMENDMENT TO THE  DYCOM INDUSTRIES, INC. 2012 LONG-TERM INCENTIVE PLAN, AS AMENDED  AND RESTATED EFFECTIVE AS OF NOVEMBER 21, 2017 This Amendment (the “Amendment”) to the Dycom Industries, Inc. 2012 Long-Term Incentive Plan, as Amended and  Restated Effective as of November 21, 2017 (the “Plan”), is made effective as of the 21st day of May, 2019, by Dycom  Industries, Inc., a Florida corporation (the “Company”).  1. Amendment to Section 5(a) of the Plan. The first sentence of Section 5(a) of the Plan is deleted and replaced with the following: (a) Plan Limit. Subject to adjustment in accordance with Section 13(b) of the Plan, the maximum number of shares of Common Stock that may be awarded for all purposes under the Plan shall be 4,415,000 shares (the “Plan Limit”). 2. Continued Effect. Except as set forth herein, the Plan shall remain unchanged and in full force and effect. Exhibit 10.5*Document

EXHIBIT 4.1

DESCRIPTION OF REGISTERED SECURITIES

As of December 31, 2021, Federal Home Loan Bank of San Francisco (Bank) has one class of securities, Class B stock, registered under Section 12 of the Securities Exchange Act of 1934, as amended (Exchange Act).  The Class B Stock is registered pursuant to Section 12(g) of the Exchange Act.

DESCRIPTION OF CLASS B STOCK

The following description of the Bank’s Class B Stock and the relevant provisions of the Bank’s amended bylaws and amended capital plan are summaries and are qualified in their entirety by reference to the Bank’s organization certificate, amended bylaws and the Bank’s Capital Plan.

General

The Class B Stock has a par value of $100 per share and is issued, redeemed, repurchased, and transferred only at its stated par value. Each issued and outstanding share of Class B Stock represents an undivided proportionate ownership interest in the retained earnings, paid-in surplus, undivided profits, and equity reserves of the Bank. The Bank may issue Class B Stock only in book-entry form.

Ownership and Transfer of Class B Stock

Class B Stock may be owned only by Bank members or, if required by the Bank in accordance with the Bank’s Capital Plan, by a former member or a member’s successor, and certain other nonmembers who have acquired advances from a former member. At the request of a member, the Bank may transfer a member’s Excess Stock (which is defined in the Capital Plan as stock in excess of a member’s minimum stock requirement) to another Bank member or to an institution that has been approved for membership. All transfers must be made at par value. No other transfers are permitted.

Voting Rights

The members are entitled to vote only in connection with the election of directors in accordance with the Federal Home Loan Bank Act (FHLB Act) and the Federal Housing Finance Agency (Finance Agency) regulations. Each member entitled to vote in a director election may cast for each open directorship in that member’s state in that election, and in any nonmember independent director election, a number of votes equal to the number of shares that it was required to hold as of the prior December 31 (the record date), except that no member’s votes may exceed the average of the number of shares required to be held by all members located in that state as of the record date. Excess Stock is not counted for purposes of voting or for determining the voting limit. A former member that was a member as of the record date is entitled to vote in the election of directors in accordance with the FHLB Act and Finance Agency regulations.

Dividends

All Class B Stock will share in any dividends without preference. Dividends may be paid in the form of cash or Class B Stock. Dividends will be paid to the holders of record during the time period for which the dividend is declared and will be computed on the amount of time during the relevant time period that the shares were outstanding. Dividends will be payable only from the current net earnings or previously retained earnings of the Bank, determined in accordance with generally accepted accounting principles.Document

EXHIBIT 10.1

Summary Sheet: Terms of Employment for Named Executive Officers for 2022

Employment Status

Pursuant to the Federal Home Loan Bank Act, the employees of the Federal Home Loan Bank of San Francisco (the "Bank"), including the Bank's chief executive officer, the chief financial officer and other named executive officers as of December 31, 2021 (Teresa Bryce Bazemore, Joseph E. Amato, Anne Segrest McCulloch, Gregory A. Ward, and Anthony T. Wong) (the “named executive officers”), are “at will” employees. The named executive officers may resign at any time and the Bank may terminate their employment at any time for any reason or no reason, with or without cause and with or without notice.

Each of the named executive officers receives a base salary and is eligible to participate in the Bank's executive incentive compensation plans and comprehensive benefit programs, including both qualified and nonqualified retirement benefit plans. For 2022, the base salaries of the named executive officers are as follows: Teresa Bryce Bazemore, $910,000; Joseph Amato, $500,000, Anne Segrest McCulloch $475,000; Gregory A. Ward, $476,000; and Anthony T. Wong, $417,0001.

On occasion, the Bank may pay for resort activities for employees, including our named executive officers, in connection with business-related meetings; and in some cases, the Bank may pay the expenses for spouses/partners accompanying employees to these meetings or other Bank-sponsored events.

The Board adopted the Corporate Senior Officer Severance Policy (Senior Officers' Policy) applicable to the president, each executive vice president (other than the interim chief financial officer), and any senior vice president as of December 31, 2018, defined in the Senior Officers’ Policy as “Corporate Senior Officer”. The Senior Officers' Policy provides severance benefits in the event that the employee's employment is terminated because the employee's job or position is eliminated or because the job or position is substantially modified so that the employee is no longer qualified or cannot perform the revised job. For these officers, severance under the Senior Officers' Policy is equal to the greater of (i) 12 weeks of the officer's base salary, or (ii) the sum of three weeks of the officer's base salary, plus three weeks of the officer's base salary for each full year of service and three weeks of base salary prorated for each partial year of service at the Bank to a maximum of 52 weeks of base salary. The Senior Officers' Policy also provides one month of continued health and life insurance benefits and, at the Bank's discretion, outplacement assistance. The Senior Officers' Policy also provides severance payments in connection with a "Change in Control" (as defined by the Senior Officers' Policy).

1Base salaries for named executive officers are subject to Federal Housing Finance Agency review and non- objection.
			
	FHLBank San Francisco | InternalDocument

EXHIBIT 10.10

FEDERAL HOME LOAN BANK OF SAN FRANCISCO

RESOLUTION

December 10, 2021

RESOLVED, that the Board of Directors of the Federal Home Loan Bank of San Francisco hereby approves the Director Compensation and Expense Reimbursement Policy attached as Exhibit U.

			
	I certify that this is a true and correct copy of a resolution adopted by the Board of Directors of the Federal Home Loan Bank of San Francisco at its meeting on December 10, 2021

	

/s/ Anna-Marie Jene

	

Anna-Marie Jene, Assistant Corporate Secretary, Director

EXHIBIT U
2022 Board of Directors
Compensation and Expense Reimbursement Policy

The Board of Directors of the Federal Home Loan Bank of San Francisco hereby establishes the following Compensation and Expense Reimbursement Policy for 2022.

Compensation

To provide the Directors with reasonable compensation for the performance of their duties as members of the Board of Directors and the amount of time spent on official Bank business, the Bank will pay service and meeting fees to each member of the Board of Directors in accordance with the applicable position held by the Director as set forth below. 

												
	Position	Maximum Annual Service Fee	Maximum Annual Meeting Fees	Total Maximum Annual Compensation1
	Chair
	$95,000	$55,000	$150,000
	Vice Chair 
	$81,500	$55,000	$136,500
	Audit, Comp & HR and Risk Committee Chairs
	$77,500	$55,000	$132,500
	All Other Committee Chairs 
	$75,000	$55,000	$130,000
	Other Directors
	$68,000	$55,000	$123,000

In determining Total Maximum Annual Compensation, the Board considered compensation levels and practices at other Federal Home Loan Banks, the Board of Directors Compensation Review – September 2021 prepared by McLagan, and trends in the financial services market generally.

Service Fees

Service fees for the above positions compensate Directors for their continuous service as Bank directors, including for their time attending special Board and Committee meetings held during the year as needed, preparing for Board and Committee meetings, reviewing materials sent periodically between meetings, attending Director training and educational briefings, and all other activities outside the regularly scheduled two-day Board and Committee meetings, which may include attending Affordable Housing Advisory Council and Federal Home Loan Bank System meetings. Directors are expected to attend all Board meetings and meetings of the Committees on which they serve, and to remain engaged and actively participate in all meetings.

The maximum annual service fee will be pro-rated and paid with the meeting fee, if applicable, at the conclusion of each two-month service period on the Board of Directors (i.e., month-end February, April, June, August, October and December). A Director will not be paid the final two-month service fee for the year if the Director has not attended (in person or by telephone) at least 75% of all regular and special meetings of the Board and the Committees on which the Director 

1 In addition to the Total Maximum Annual Compensation set forth in this table, Directors may receive up to an additional $1,500 in the form of expense reimbursement in accordance with the provisions on spouse/significant other and guest expenses, as set forth below.

Approved 12/10/21        Page 1
    

served during the year (adjusted as needed for partial year service), or if the Board, in its discretion, determines at any time that the Director has consistently demonstrated a lack of engagement and participation in meetings attended.

If a Director holds more than one position on the Board, during any applicable payment period, the Director’s service fee for that period will be calculated based on the position that pays the highest service fee and will be pro-rated for the number of days the Director held that position during the applicable payment period. Any Director who joins or leaves the Board between service fee payments will receive a pro rata service fee for the number of days the Director was on the Board during the service period. 

Meeting Fees

Each Director will receive a meeting fee of $11,000 for attending any portion of five of the six regularly scheduled two-day Board and Committee meetings, so long as the Director’s attendance includes the Board meeting and at least one Committee on which the Director serves. A Director may receive a meeting fee for participation in one regularly-scheduled Board and Committee meeting by telephone. 

No meeting fee will be paid for participation in special meetings of the Board or Committees (in person or by telephone) or for participation in other Bank or Federal Home Loan Bank System activities. 

The President and Chief Executive Officer of the Bank is authorized to interpret this Policy, as necessary, according to applicable statutory, regulatory and policy limits. 

Expense Reimbursement

The Bank will reimburse Directors for necessary and reasonable travel, subsistence and other related expenses incurred in connection with the performance of their official duties, which may include participation in meetings or activities for which no fee is paid.

For expense reimbursement purposes, Directors’ “official duties” include: 

1)    Meetings of the Board and Board Committees
2)    Meetings requested by the Federal Housing Finance Agency and Federal Home Loan Bank System Committees
3)    Meetings of the Council of Federal Home Loan Banks and its Committees
4)    Meetings of the Bank's Affordable Housing Advisory Council
5)    Events attended on behalf of the Bank when requested by the President in consultation with the Chair
6)    Other events attended on behalf of the Bank with the prior approval of the Chair
7)    Director education events attended that are consistent with the Bank’s Director Education Guidelines, and with the prior approval of the Board Chair (and in the case of the Board Chair, the Chair of the Governance Committee). Directors should obtain approval prior to paying any director education or training fees or incurring related travel expenses.
8)    National Association of Corporate Directors Annual Meeting

Each Director is responsible for making his or her own travel arrangements to attend meetings and other events for which expenses may be reimbursed.

Expenses reimbursable for Directors are the same as the expenses reimbursable for the Bank’s President under the Bank’s Reimbursement and Travel Expense Policy, except that Directors may not be reimbursed for gift or entertainment expenses.

Approved 12/10/21        Page 2
    

To be reimbursed for allowable expenses, a Director must submit the related receipts to the Bank, itemizing the expenses, within 60 days of completion of any covered trip or activity, and must include the following information:

1)Meeting(s) or event(s) attended, with dates and locations
2)Itemization of reimbursable expenses, with supporting receipts for any expense exceeding $50.00
3)Ticket receipt or e-ticket confirmation for airline travel

Spouse/Significant Other and Guest Expenses

In addition to the Total Maximum Annual Compensation set forth above, the Bank will pay (or reimburse) each Director up to an annual amount of $1,500 for (i) travel and group meal/function related expenses of spouses/significant others or a guest (collectively “approved guests”) accompanying Directors to the annual off-site Strategic Board Meeting; and/or, (ii) occasional attendance by approved guests at Board group dinners during regular Board meetings in San Francisco.  

The cost of approved guests’ travel and meals paid (or reimbursed) by the Bank may be considered by the IRS to be taxable income and will appear on Directors’ Form 1099.

Charitable Contribution Matching Gift Program 

Each Director may participate in the Bank’s Charitable Contribution Matching Gift Program, under which the Bank will match, dollar-for-dollar, up to $1,000 per calendar year, eligible personal cash donations made by the Director to eligible IRS 501(c)(3) tax-exempt charitable organizations. The Bank matching contribution will be paid directly to the eligible tax-exempt organization.

Records and Reporting

The Bank will maintain records of (i) Directors’ attendance at meetings of the Board and Board committees; (ii) total compensation paid; (iii) expenses reimbursed; and (iv) matching charitable contributions. The Bank will report this information to the Federal Housing Finance Agency as required. The Bank is also required to report matching charitable contributions as “Other Income” in the Directors Compensation Table in the Bank’s Form 10-K.  The Bank recognizes that matching charitable contributions may not be considered by the IRS to be “income” to the Director for tax purposes.

Approved 12/10/21        Page 3

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