Document:

Summary Sheet: Terms of Employment for Named Executive Officers

 EXHIBIT 10.1 
 Summary Sheet: Terms of Employment for Named Executive Officers for 2010 
 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 operating officer, the chief financial officer and other current named executive officers as of December 31, 2009 (Dean Schultz, Lisa B. MacMillen, Steven
T. Honda, Lawrence H. Parks, Kenneth C. Miller and David H. Martens) (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. Base salaries for 2010 for the named executive
officers are: Dean Schultz: $765,000; Lisa B. MacMillen: $490,000; Steven T. Honda: $343,200, Lawrence H. Parks: $395,400; Kenneth C. Miller: $380,000; and David H. Martens, $343,200. 
 Senior officers, including the named executive officers, are also eligible to receive reimbursement for financial planning, health club membership, and parking expenses incurred each year up to a maximum
amount of $12,000 annually per officer. On occasion, the Bank pays for resort activities for employees, including our named executive officers, in connection with Board meetings and other business-related meetings; and in some cases, the Bank pays
the expenses for spouses accompanying employees to these meetings or other Bank-sponsored events. The President receives use of a Bank-owned vehicle. 
 A Bank employee, including the named executive officers, may receive 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 the named executive officers, severance under the Bank’s current policy would be 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. The Bank’s current severance policy also provides one month of continued health and life insurance benefits and, at the Bank’s discretion, outplacement assistance.Board Resolution for Directors' 2010 Compensation and Expense Policy

 EXHIBIT 10.4 
 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 RESOLUTION 

 December 4, 2009 
 RESOLVED, that the Board of Directors of the Federal Home Loan Bank of San Francisco hereby approves the 2010 Board of Directors Compensation and Expense Reimbursement Policy attached as Exhibit H. 
 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 4, 2009. 
  

	
	 /s/ Suzanne Titus-Johnson

	     Suzanne Titus-Johnson, Senior Vice President and
    General Counsel-Corporate
Secretary

 Exhibit H 
 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 Board of Directors 
 Compensation and Expense Reimbursement Policy 
 2010 
 The Board of Directors of the Federal Home Loan Bank of San Francisco hereby
establishes the following Compensation and Expense Reimbursement Policy for 2010. 
 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 as set forth below. 
  

										
	 Position
	 	Maximum Annual
Service Fee	 	Maximum Annual
Meeting Fees	 	Total Maximum
Annual Compensation
	 Chairman
	 	$	33,000	 	$	27,000	 	$	60,000
	 Vice Chairman and Audit Committee Chair
	 	$	28,000	 	$	27,000	 	$	55,000
	 Other Committee Chair and Directors on Audit Committee
	 	$	23,000	 	$	27,000	 	$	50,000
	 Other Directors
	 	$	18,000	 	$	27,000	 	$	45,000

 Service fees for the above positions
will be paid for serving as a director between regularly-scheduled meetings of the Board. 
 The 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). Any member of the Board of Directors 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. Additionally, each director will receive a fee of $5,400 for attending any portion of each of the
six regularly scheduled two-day Board meetings. 
 A Board member may receive a meeting fee for participation in one regularly-scheduled Board
meeting by telephone. 
 No other fee will be paid for participation in meetings of the Board or committees by telephone or participation in
other Bank or Federal Home Loan Bank System activities. 
 The President of the Bank is authorized to interpret this Policy, as necessary,
according to applicable statutory, regulatory and policy limits. 
  

 1 

 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 Chairman 

  

	6)	Other events attended on behalf of the Bank with the prior approval of the EEO-Personnel-Compensation Committee of the Board. 

 Each Director is responsible for making his or her own travel arrangements to attend meetings for which expenses may be reimbursed. 
 Expenses reimbursable for Directors are the same as the expenses reimbursable for senior officers under the Bank’s Reimbursement and Travel Expense
Policy, except that Directors may not be reimbursed for gift or entertainment expenses. 
 To be reimbursed for allowable expenses, a Director
must complete a statement itemizing the expenses within 30 days of completion of any covered trip or activity. The statement, prepared on the Director’s letterhead, must be submitted to the Bank’s Assistant Corporate Secretary 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 

  

	4)	To whom reimbursement should be made payable. 

 Records 
 The Bank will maintain records of (i) Directors’ attendance at meetings of the Board and Board committees;
(ii) total compensation paid; and (iii) expenses reimbursed. 
  

 22010 Executive Incentive Plan

 EXHIBIT 10.5 
 2010 Executive Incentive Plan 
 2010 Risk Management Goal [Segment
Weight = 40%] 
 Qualitative assessment at yearend by Board of Directors. 
 Goal Measures 
  

	 	•	 	 Enhance the framework for balancing the risks to the Bank as a cooperative, from individual member credit deterioration, with the mission of the Bank
to support members’ housing finance objectives. 

  

	 	•	 	 Enhance the Bank’s ability to prudently support weak and troubled members. 

  

	 	•	 	 Enhance accounting and risk management processes and practices for the Bank’s portfolio of non-agency MBS to improve fair value measurement,
credit risk and accounting write-down risk analysis, and funding and hedging risk analysis. 

  

	 	•	 	 Improve the measurement and management of strategic liquidity risk to enhance the Bank’s ability to provide liquidity to members.

  

	 	•	 	 Maintain System leadership in accounting policy and System consistency projects. 

  

	 	•	 	 Begin implementation of the new Front Office and Back Office trading, operations and accounting infrastructure to place the Bank in a better position
to meet regulatory, risk management and competitive challenges. 

 2010 Franchise Enhancement Goal [Segment Weight = 40%]

 Qualitative assessment at yearend by Board of Directors. 
 Goal Measures 
  

	 	•	 	 Achieve targeted potential dividend spread. Enhance financial strategies that enable the Bank to effectively manage capital and maintain the
appropriate balance between financial risk and financial return. 

  

	 	•	 	 Innovate and pursue business and product development opportunities to enhance and promote the value of the franchise to members, prospects and
constituents. 

  

	 	•	 	 Develop strategies and implementation plans to address either significant shrinkage or significant growth in advances. 

  

	 	•	 	 Develop and actively pursue strategies to counter the unintended consequences of Congressional and regulatory efforts that affect the FHLBanks’
funding and advances franchises. 

  

	 	•	 	 Develop a strategy to resume repurchase of excess capital stock and payment of dividends. 

 2010 Community Investment Goal [Segment Weight = 20%] 
 Qualitative assessment at yearend by Board of Directors. 
 Goal Measures 
  

	 	•	 	 Promote the use of the Bank’s CICA products. 

  

	 	•	 	 Promote active participation in the Banks’ Affordable Housing Program and Set-Aside Programs. 

  

	 	•	 	 Provide effective technical assistance and outreach for Affordable Housing Program and Set-Aside Programs and promote financial literacy, foreclosure
prevention, and re-use of foreclosed homes for affordable housing. 

 2010 Senior Officer Goal Weights 
  

													
	 	  	Senior Vice President	 	 	Executive Vice President	 
	 	  	Corporate
Goal
Weights	 	 	Goal Weight (includes
individual goals)	 	 	Corporate
Goal
Weights	 	 	Goal Weight (includes
individual goals)	 
	 Individual
	  	N/A	  	 	30	% 	 	N/A	  	 	20	% 
	 Risk Management
	  	40	% 	 	28	% 	 	40	% 	 	32	% 
	 Franchise Enhancement
	  	40	% 	 	28	% 	 	40	% 	 	32	% 
	 Community Investment
	  	20	% 	 	14	% 	 	20	% 	 	16	% 
	 Total
	  	100	% 	 	100	% 	 	100	% 	 	100	%

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