Document:

Exhibit 10.02

Exhibit 10.02

FEDERAL HOME LOAN BANK OF NEW YORK

PROFIT SHARING PLAN

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE	 	PAGE	 
	 
	 	 	 	 
	I DEFINITIONS 
	 	 	1	 
	 
	 
	II MEMBERSHIP 
	 	 	1	 
	 
	 
	III AMOUNT AND PAYMENT OF BENEFITS 
	 	 	1	 
	 
	 
	IV DESIGNATION OF BENEFICIARIES 
	 	 	2	 
	 
	 
	V ADMINISTRATION OF THE PLAN 
	 	 	2	 
	 
	 
	VI AMENDMENT AND TERMINATION 
	 	 	3	 
	 
	 
	VII GENERAL PROVISONS 
	 	 	3	 

 

 

 

FEDERAL HOME LOAN BANK OF NEW YORK

PROFIT SHARING PLAN

This Plan is adopted by the Federal Home Loan Bank of New York in order to provide additional
compensation to certain employees of the Bank who were previously participants in the Bank’s
Nonqualified Profit Sharing Plan. In general, and subject to the terms and conditions contained
hereunder, Benefits under this Plan will consist of payments in an amount equal to eight percent
(8%) of the sum of: (i) each Member’s base rate of pay for the calendar year immediately preceding
the calendar year of payment; and (ii) the amount of any award made to such Member under the
Incentive Compensation Plan in effect with respect to such preceding calendar year. Payments made
under this Plan are strongly connected to the performance of the Bank in that a significant portion
of the potential payments available hereunder will depend on the satisfaction of the requirements
under the Bank’s Incentive Compensation Plan. This Plan is non-deferred and unfunded, and all
benefits payable under the Plan shall be paid solely out of the general assets of the Bank.
Payments made under this Plan will not be part of any calculations made for purposes of determining
payments to be made to Bank employees under any other benefit plan. The creation of this Plan was
authorized by resolution of the Bank’s Board of Directors adopted on January 21, 2010.

Article I. Definitions

When used anywhere in the Plan, the following terms shall have the following meanings:

1.01 “Bank” means the Federal Home Loan Bank of New York and each subsidiary or
affiliated company thereof which participates in the Plan.

1.02 “Benefit” means the amount payable under Section 3.01 to any Member for or with
respect to any calendar year during which the Plan shall remain in effect.

1.03 “Benefit Equalization Plan” means the Federal Home Loan Bank of New York
Benefit Equalization Plan as adopted by the Bank as of June 18, 1987, to be effective as of January
1, 1988, as the same has heretofore been and may hereafter be amended.

1.04 “Board of Directors” or “Board” means the Board of Directors of the Bank.

1.05 “Effective Date” means January 1, 2010.

1.06 “Incentive Compensation Plan” or “ICP” means the Incentive Compensation Plan
adopted by the Board of Directors of the Bank which is in effect with respect to Members of the
Plan during any calendar year in which the Plan is in effect.

1.07 “Member” means any person included in the membership of the Plan as provided in
Article II.

1.08 “Nonqualified Profit Sharing Plan” means the Federal Home Loan Bank of New York
Nonqualified Profit Sharing Plan as adopted by the Bank effective July 1, 2008, and terminated on
November 10, 2009.

1.09 “Plan” means the Federal Home Loan Bank of New York Profit Sharing Plan, as
adopted by the officers of the Bank thereunto as duly authorized by a resolution duly adopted by
the Board of Directors on January 21, 2010, set forth herein and as amended from time to time in
accordance with Article VI.

1.10 “Plan Administrator” means the Director of Human Resources of the Bank.

Article II. Membership

Each employee of the Bank who, on November 10, 2009, was a Member of the Nonqualified Profit
Sharing Plan, shall become a Member of the Plan on the Effective Date.

Article III. Amount and Payment of Benefits

3.01 On or before March 15, 2011, and on or before March 15 of each calendar year thereafter
during which the Plan shall remain in effect (or, if March 15 shall be a non-business day in any
such year, on or before the business day next preceding March 15 of such year), the Bank shall pay
to each Member who was such on December 31 of the immediately preceding calendar year and who was a
Member of the Nonqualified Profit Sharing Plan on November 10, 2009, as the Benefit under this
Plan, an amount equal to eight percent (8%) of the sum of:

(i) such Member’s base rate of pay for the calendar year immediately preceding the calendar
year of payment; and

(ii) the amount of any award made to such Member under the Incentive Compensation Plan in
effect with respect to such preceding calendar year.

 

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Whether a Member is eligible for an award under the Incentive Compensation Plan shall be
determined solely in accordance with the provisions of the ICP. For any calendar year, if a Member
did not receive any award under the Incentive Compensation Plan for the immediately preceding
calendar year, then such Member shall not be entitled to any Benefit under this Plan. Further, if
the amount of the Incentive Compensation Plan award that is received by a Member later becomes
reduced due to the application of the clawback provisions of Section XI of the ICP, then the
portion of the Benefit paid under this Plan equivalent to eight percent of the amount of the ICP
award shall be similarly be reduced and/or recovered by the Bank to the fullest extent possible.
The Member shall be responsible for the repayment of any such excess Benefit upon demand by the
Bank.

3.02 No Member shall be entitled to a Benefit under this Article III for any calendar year
unless, on the day the Benefit is due pursuant to Section 3.01, (a) the Member (i) is an employee
of the Bank and (ii) is eligible to be a Member under the provisions of Article 2 and (b) the Plan
is in effect; provided, however, that a Member whose employment shall have ceased by reason of the
death of the Member prior to the date such Benefit is to be paid shall be entitled to receive the
Benefit that would be payable to such Member pursuant to Section 3.01, but for such Member’s death,
which shall not have been paid prior to his death, which Benefit shall be paid to the beneficiary
duly designated by the Member, if any, or to the Member’s estate in accordance with Article IV,
following which payment all rights of the deceased Member under this Plan shall be deemed satisfied
and shall be terminated. No rights to a Benefit under this Plan shall be deemed to vest at any
time prior to the payment of such Benefit to a Member entitled thereto or, in the event of a
Member’s prior death, to his duly-designated beneficiary or his estate.

Article IV. Designation of Beneficiaries

4.01 Each Member of the Plan may file with the Plan Administrator a written designation of one
or more person as the beneficiary who shall be entitled to receive the Benefit, if any, payable
under the Plan upon his death pursuant to Section 3.02. A 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 Plan Administrator. The last such written designation received by the Plan
Administrator shall be controlling; provided, however, that no designation, or change or revocation
thereof, shall be effective unless received by the Plan Administrator prior to the Member’s death,
and in no event shall it be effective as of a date prior to such receipt. (In the event a Member
dies without designating a beneficiary, and the member leaves a surviving spouse, the spouse shall
be deemed to be the beneficiary. If the Member dies without designating a beneficiary and has no
surviving spouse, then the Member’s estate shall be deemed to be the beneficiary.)

4.02 If no such beneficiary designation is in effect at the time of the Member’s death, or if
no designated beneficiary survives the Member, or if, in the opinion of the Plan Administrator,
such designation conflicts with applicable law, the Member’s estate shall be deemed to have been
designated as his beneficiary and shall be paid the Benefit, if any, payable under the Plan upon
the Member’s death. If the Plan Administrator is in doubt as to the right of any person to receive
such Benefit, the Bank may retain such amount, without liability for any interest thereon, until
the rights thereto are determined, or the Plan Administrator 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.

Article V. Administration of the Plan

5.01 The Plan Administrator shall have general authority over and responsibility for the
administration and interpretation of the Plan. The Plan Administrator shall have full power and
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 of the Plan and
the calculation of the amount of Benefits payable under the Plan and to review claims for Benefits
under the Plan. The Plan Administrator’s interpretations and constructions of the Plan and its
decisions or actions thereunder shall be binding and conclusive on all persons for all purposes.

5.02 If the Plan Administrator deems it advisable, he shall arrange for the engagement of
legal counsel and certified public accountants (who may be counsel to or accountants for the Bank)
and other consultants, and make use of agents and clerical or other personnel, for purposes of the
Plan. The Plan Administrator may rely upon the written opinions of such counsel, accountants and
consultants and delegate to any agent of the Plan Administrator his authority to perform any act
hereunder, including, without limitation, 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 Plan Administrator.

5.03 All claims for Benefits under the Plan shall be submitted in writing to the Plan
Administrator. Written notice of the decision on each such claim shall be furnished with
reasonable promptness to the Member or his beneficiary (the “claimant”). The claimant may request
a review by the Plan Administrator of any decision denying the claim in whole or in part. Such
request shall be made in writing and filed with the Plan Administrator within 30 days of
such denial. A request for review shall contain all additional information which the claimant
wishes the Plan Administrator to consider. The Plan Administrator 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 Plan Administrator’s receipt of the request for
review. Written notice of the decision 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.

5.04 All expenses incurred by the Plan Administrator in its administration of the Plan shall
be paid by the Bank.

 

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Article VI. Amendment and Termination

The Board of Directors, by resolution, or the officers of the Bank thereunto duly authorized,
may amend, suspend or terminate the Plan, in whole or in part, without the consent of the Plan
Administrator or any Member, beneficiary or other person, and such action shall take effect upon
the effective date thereof set forth by the Board of Directors. No right or benefit granted
pursuant to the provisions of this Plan shall be deemed to be vested in any Member or any person
claiming through any Member. The Plan Administrator may adopt any amendment or take any other
action which he may deem necessary or appropriate to facilitate the administration, management and
interpretation of the Plan or to conform the Plan thereto.

Article VII. General Provisions

7.01 The Plan shall be binding upon and inure to the benefit of the Bank, and its successors
and assigns, and the Members, and their successors, assigns, designees and estates.

7.02 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.

7.03 The Bank shall withhold or cause to be withheld from all Benefits payable under the Plan
all federal, state, local and other taxes required by applicable law be withheld with respect to
such payments.

7.04 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.

7.05 If the Plan Administrator 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 Plan
Administrator 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 Plan
Administrator 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 therefor.

7.06 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.

7.07 All elections, designations, requests, notices, instructions and other communications
from a Member, beneficiary or other person to the Plan Administrator required or permitted under
the Plan shall be in such form as is prescribed from time to time by the Plan Administrator and
shall be mailed by first-class mail or transmitted through electronic means or delivered to such
location as shall be specified by the Plan Administrator and shall be deemed to have been given and
delivered only upon actual receipt thereof at such location.

7.08 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.

7.09 The Plan Administrator shall not be personally liable by reason of any instrument
executed by him or on his behalf, or action taken by him, in his capacity as Plan Administrator
nor for any mistake of judgment made in good faith. The Bank shall indemnify and hold harmless the
Plan Administrator and each employee, officer or director of the Bank 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.

7.10 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.

7.11 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.

7.12 The Plan shall be construed according to the laws of the State of New York in effect from
time to time.

 

3exv10w19

Exhibit 10.19

SCHEDULE OF NAMED EXECUTIVE OFFICERS WHO HAVE ENTERED INTO THE FORM OF AMENDED AND RESTATED
EMPLOYMENT AGREEMENT AND FORM OF AMENDMENT

NAME

Frank P. Simpkins

Kevin R. Walling

Philip H. Weihl

Gary W. Weismann

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