Document:

Exhibit 4.3

 

MIND MEDICINE (MINDMED) INC. 

 

PERFORMANCE AND RESTRICTED SHARE UNIT PLAN

 

		1.	PREAMBLE AND DEFINITIONS

 

		1.1	Title and Conflict.

 

The Plan described in this document shall
be called the “Performance and Restricted Share Unit Plan”.

 

In the event of any conflict or inconsistency
between the Plan described in this document and the Award Agreement (as defined below), the terms and conditions of the Award Agreement
shall prevail.

 

The Plan shall be governed and interpreted
in accordance with the laws of the Province of Ontario.

 

		1.2	Purpose of the Plan.

 

The purposes of the Plan are:

 

		(i)	to promote a significant alignment between employees and directors of the
Corporation and its Subsidiaries and the growth objectives of the Corporation and its Subsidiaries;

 

		(ii)	to associate a portion of participating employees’ and directors’
compensation with the performance of the Corporation and its Subsidiaries over the long term; and

 

		(iii)	to attract and retain critical personnel to drive the business success of
the Corporation and its participating Subsidiaries.

 

		1.3	Definitions.

 

		1.3.1	“Account” has the meaning set out in Section 5.1.

 

		1.3.2	“Applicable Law” means any applicable provision of law,
domestic or foreign, including, without limitation, applicable securities and tax legislation, together with all regulations, rules, policy
statements, rulings, notices, orders or other instruments promulgated thereunder, and Stock Exchange Rules.

 

		1.3.3	“Award Agreement” means the written or electronic agreement
between the Corporation and a Participant under which the terms of an award are established, as contemplated by Section 4.1, together
with such schedules, amendments, deletions or changes thereto as are permitted under the Plan.

 

		1.3.4	“Award Date” means the effective date of a grant of PSUs
or RSUs, as applicable, to a Participant as stated in the applicable Award Agreement.

 

     

     

    

 

		1.3.5	“Award PSUs” means the number of PSUs awarded to a Participant
in respect of a Performance Period and as stated in the applicable Award Agreement.

 

		1.3.6	“Award RSUs” means the number of RSUs awarded to a Participant
as stated in the applicable Award Agreement.

 

		1.3.7	“Award Value” means the value, in dollars, of an award
made to a Participant and as stated in the applicable Award Agreement, which is provided under the Plan in the form of PSUs or RSUs, as
the case may be.

 

		1.3.8	“Board” means the Board of Directors of the Corporation.

 

		1.3.9	“Change in Control” means, the occurrence of any of the
following, in one transaction or a series of related transactions: 

 

		(i)	the acquisition by any person or persons acting jointly or in concert (as
determined by the Securities Act (Ontario)), whether directly or indirectly, of voting securities of the Corporation that, together
with all other voting securities of the Corporation held by such person or persons, constitute in the aggregate more than 50% of the voting
power attached to all outstanding voting securities of the Corporation; 

 

		(ii)	an amalgamation, arrangement, consolidation, share exchange or other form
of business combination of the Corporation with another entity that results in the holders of voting securities of that other entity holding,
in the aggregate, more than 50% of the voting power attached to all outstanding voting securities of the entity resulting from the business
combination;

 

		(iii)	the sale, lease or exchange of all or substantially all of the property
of the Corporation or any of its Subsidiaries to another person, other than in the ordinary course of business of the Corporation and
other than such sale, lease or exchange to a wholly-owned subsidiary of the Corporation;

 

		(iv)	the liquidation or dissolution of the Corporation; or 

 

		(v)	any other transaction that is deemed by the Board in its sole discretion
to be a “Change in Control” for the purposes of the Plan.

 

		1.3.10	“Corporation” means Mind Medicine (MindMed) Inc. (formerly
Broadway Gold Mining Ltd.) and any successor corporation whether by amalgamation, merger or otherwise.

 

		1.3.11	“Disability” means a physical or mental incapacity of
the Participant that has prevented the Participant from performing the duties customarily assigned to the Participant for 180 calendar
days, whether or not consecutive, out of any 12 consecutive months and that in the opinion of the Corporation, acting on the basis of
advice from a duly qualified medical practitioner, is likely to continue to a similar degree.

 

		1.3.12	“Dividend Equivalent Units” has the meaning set out in
Section 5.2.

 

     

     

    

 

		1.3.13	“Insider” means a Participant who is (a) an insider of
the Corporation as defined in the Securities Act (Ontario) and (b) an associate (as defined in the Securities Act (Ontario))
of any person who is an insider by virtue of (a).

 

		1.3.14	“Market Value” at any date in respect of the Shares means
the volume weighted average trading price of such Shares on the NEO Exchange (or, if such Shares are not then listed and posted for trading
on the NEO Exchange, on such stock exchange on which such Shares are listed and posted for trading as may be selected for such purpose
by the Board) for the five consecutive trading days immediately preceding such date, provided that in the event that such Shares did not
trade on any of such trading days, the Market Value shall be the average of the bid and ask prices in respect of such Shares at the close
of trading on all of such trading days on which Shares did not trade and provided that in the event that such Shares are not listed and
posted for trading on any stock exchange, the Market Value shall be the fair market value of such Shares as determined by the Board in
its sole discretion. 

 

		1.3.15	“Multiple Voting Shares” means the multiple voting shares
of the Corporation, each of which carries 100 votes and is convertible, in certain limited circumstances, into 100 Subordinate Voting
Shares;

 

		1.3.16	“NEO Exchange” means Neo Exchange Inc.

 

		1.3.17	“Participant” means such directors, officers and employees
of the Corporation or any Subsidiary as the Board may designate to receive a grant of PSUs or RSUs under the Plan pursuant to an Award
Agreement.

 

		1.3.18	“Performance Adjustment Factor” means the performance
adjustment factor (either upwards or downwards) calculated following the end of the Performance Period in accordance with the Award Agreement.

 

		1.3.19	“Performance Criteria” means, in respect of a grant of
a PSU, such financial and/or personal performance criteria as may be determined by the Board in respect of a grant of PSUs to any Participant
and set out in an Award Agreement. Performance Criteria may apply to the Corporation, a Subsidiary, the Corporation and its Subsidiaries
as a whole, a business unit of the Corporation or group comprised of the Corporation and one or more Subsidiaries, either individually,
alternatively or in any combination, and measured either in total, incrementally or cumulatively over a specified Performance Period,
on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparator group.

 

		1.3.20	“Performance Period” means, in respect of a grant of
a PSU, the particular designated time period(s) in respect of which the Performance Criteria are assessed and determined to be satisfied
by the Board in order for such PSU to become a Vested PSU as set forth in the Award Agreement applicable to such grant.

 

		1.3.21	“Period of Absence” means, with respect to a Participant,
a period of time that lasts for at least 90 days throughout which the Participant is: (i) on a leave of absence from the Corporation or
a Subsidiary that has been approved by the Corporation or Subsidiary, as applicable; (ii) on a Statutory Leave; or (ii) experiencing a
Disability.

 

     

     

    

 

		1.3.22	“Plan” means this Performance and Restricted Share Unit
Plan, including any schedules or appendices hereto, as such may be amended from time to time and as attached to an Award Agreement.

 

		1.3.23	“PSU Balance” in respect of any particular date means
the number of PSUs recorded in a Participant’s Account in respect of a particular Performance Period, which shall include the PSU
Award plus all Dividend Equivalent Units in respect of such PSUs.

 

		1.3.24	“PSU” means a Performance Share Unit granted to a Participant
that is represented by a bookkeeping entry on the books of the Corporation, the value of which on any particular date shall be equal to
the Market Value and which generally becomes Vested, if at all, subject to the attainment of certain Performance Criteria and satisfaction
of such other conditions to Vesting, if any, as may be determined by the Board.

 

		1.3.25	“RSU” means a Restricted Share Unit granted to a Participant
that is represented by a bookkeeping entry on the books of the Corporation, the value of which on any particular date shall be equal to
the Market Value and which generally becomes Vested, if at all, following a period of continuous employment of the Participant with the
Corporation or a Subsidiary or service as a director.

 

		1.3.26	“RSU Balance” in respect of any particular date means
the number of RSUs recorded in a Participant’s Account in respect of a particular Vesting Period, which shall include the RSU Award
plus all Dividend Equivalent Units in respect of such RSUs. 

 

		1.3.27	“Service Provider” means a person or company engaged
to provide ongoing management or consulting services for the Corporation or for any entity controlled by the Corporation.

 

		1.3.28	“Share” means the subordinate voting shares of the Corporation.

 

		1.3.29	“Share Compensation Arrangement” means, in respect of
the Corporation, a stock option, stock option plan, employee stock purchase plan, performance share unit plan, restricted share unit plan
or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to directors, officers or employees
of the Corporation or its Subsidiaries or to Service Providers.

 

		1.3.30	“Statutory Leave” means, with respect to a Participant,
a period of time throughout which the Participant is on a leave of absence to which he or she is entitled under applicable legislation
and following which he or she has the right, pursuant to such legislation, to return to active employment with the Corporation or a Subsidiary.

 

		1.3.31	“Stock Exchange” means the NEO Exchange, or if the Shares
are not listed on the NEO Exchange, such other stock exchange on which the Shares are listed, or if the Shares are not listed on any stock
exchange, then on the over-the-counter market.

 

		1.3.32	“Stock Exchange Rules” means the applicable rules of
the Stock Exchange.

 

     

     

    

 

		1.3.33	“Subsidiary” has the meaning assigned therein in the
Securities Act (Ontario) and “Subsidiaries” has a corresponding meaning but including unincorporated entities.

 

		1.3.34	“United States” or “U.S.” means the
United States of America, its territories and possessions, any state of the United States and the District of Columbia.

 

		1.3.35	“U.S. Award Holder” shall mean any holder of Award PSUs
or Award RSUs who is a “U.S. person” (as defined in Rule 902(k) of Regulation S under the U.S. Securities Act) or who is holding
or exercising Award PSUs or Award RSUs in the United States.

 

		1.3.36	“U.S. Securities Act” means the United States Securities
Act of 1933, as amended and the rules and regulations promulgated thereunder.

 

		1.3.37	“Vested” means the applicable conditions for payment
or other settlement in relation to a whole number, or a percentage (which may be more or less than 100%) of the number of Award PSUs or
Award RSUs determined by the Board, which (i) have been met; or (ii) have been waived or deemed to be met pursuant to the terms of the
Plan or the applicable Award Agreement, and “Vest” or “Vesting” have a corresponding meaning

 

		1.3.38	“Vesting Date” means, with respect to a PSU or RSU, the
date, as set forth in the Award Agreement, on which the applicable conditions for payment or other settlement of such PSU or RSU are met,
deemed to have been met or waived as contemplated in Section 1.3.37.

 

		2.	CONSTRUCTION AND INTERPRETATION

 

		2.1	Gender, Singular, Plural. In the Plan, references to the masculine
include the feminine; and references to the-singular shall include the plural and vice versa, as the context shall require.

 

		2.2	Governing Law. The Plan shall be governed and interpreted
in accordance with the laws of the Province of Ontario and any actions, proceedings or claims in any way pertaining to the Plan shall
be commenced in the courts of the Province of Ontario.

 

		2.3	Severability. If any provision or part of the Plan is determined
to be void or unenforceable in whole or in part, such determination shall not affect the validity or enforcement of any other provision
or part thereof.

 

		2.4	Headings, Sections. Headings wherever used herein are for
reference purposes only and do not limit or extend the meaning of the provisions herein contained. A reference to a section or schedule
shall, except where expressly stated otherwise, mean a section or schedule of the Plan, as applicable.

 

		3.	EFFECTIVE DATE AND EMPLOYMENT RIGHTS

 

		3.1	Effective Date. The Plan is adopted subject to the approval
of the NEO Exchange, any other required regulatory approval and the approval of the shareholders of the Corporation in accordance with
the polices of the NEO Exchange. To the extent a provision of the Plan requires regulatory approval which is not received, such provision
shall be severed from the remainder of the Plan until the approval
is received and the remainder of the Plan shall remain in effect. The Plan shall become effective upon the later of the date of acceptance
for filing of the Plan by the NEO Exchange and the date of approval of the Plan by the shareholders of the Corporation.

 

     

     

    

 

		3.2	No Employment Rights. Nothing contained in the Plan shall
be deemed to give any person the right to be retained as an employee of the Corporation or of a Subsidiary. For greater certainty, a period
of notice, if any, or payment in lieu thereof, upon termination of employment, wrongful or otherwise, shall not be considered as extending
the period of employment for the purposes of the Plan.

 

		4.	PSU AND RSU GRANTS AND PERFORMANCE PERIODS

 

		4.1	Awards of PSUs and RSUs. The Plan shall be administered by
the Board. The Board shall have the authority in its sole and absolute discretion to administer the Plan and to exercise all the powers
and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, subject
to and not inconsistent with the express provisions of this Plan, including, without limitation, the authority to:

 

		4.1.1	determine the Award Value and/or the number of PSUs or RSUs to be awarded
for each award under an Award Agreement;

 

		4.1.2	make grants of PSUs and RSUs in respect of any award under an Award Agreement,
provided that: (i) no Award will be granted during a blackout period or other trading restriction imposed by the Corporation or at any
other time when the Board or the Corporation has any undisclosed material information; and (ii) PSUs shall not be awarded to non-employee
directors of the Corporation. 

 

		4.1.3	determine the Award Date for grants of PSUs and RSUs, if not the date on
which the Board determines to make such grants under an Award Agreement;

 

		4.1.4	determine the Participants to whom, and the time or times at which, awards
shall be made and PSUs and RSUs shall be granted under an Award Agreement;

 

		4.1.5	approve or authorize the applicable form and terms of the related Award
Agreements;

 

		4.1.6	determine the terms and conditions of awards, and grants of PSUs and RSUs
in respect thereof, to any Participant, including, without limitation the following, (A) the number of PSUs and RSUs to be granted; (B)
the Performance Period(s) applicable to PSUs; (C) the Performance Criteria applicable to PSUs and any other conditions to the Vesting
of any PSUs and RSUs granted hereunder; (D) the conditions, if any, upon which Vesting of any PSUs or RSUs will be waived or accelerated
without any further action by the Board; (E) the extent to which the Performance Criteria must be achieved in order for any PSUs to become
Vested PSUs and the Performance Adjustment Factor or other multiplier, if any, that will be applied to determine the number of PSUs that
become Vested PSUs having regard to the achievement of the Performance Criteria; (F) the circumstances in which a PSU or RSU shall be
forfeited, cancelled or expire; (G) the consequences of a termination of employment or service with respect to a PSU or RSU; (H) the manner
of settlement of Vested PSUs and Vested RSUs, including whether particular Vested PSUs or Vested RSUs will be settled in cash or Shares
issued from treasury; and (I) whether and the
terms upon which any Shares delivered upon settlement of a PSU or RSU must continue to be held by a Participant for any specified period;

 

     

     

    

 

		4.1.7	determine whether, and the extent to which, any Performance Criteria applicable
to the Vesting of a PSU or other conditions applicable to the Vesting of a PSU or RSU have been satisfied or shall be waived or modified;

 

		4.1.8	amend the terms of any outstanding Award Agreement provided, however, that
no such amendment, shall be made at any time to the extent such action would materially adversely affect the existing rights of a Participant
with respect to any then outstanding PSU or RSU related to such Award Agreement without his or her consent in writing and provided further,
however, that the Board may amend the terms of an Award Agreement without the consent of the Participant if complying with Applicable
Law;

 

		4.1.9	determine whether, and the extent to which, adjustments shall be made pursuant
to Section 5.3 and the terms of any such adjustments;

 

		4.1.10	interpret the Plan and Award Agreements;

 

		4.1.11	prescribe, amend and rescind such rules and regulations and make all determinations
necessary or desirable for the administration and interpretation of the Plan and Award Agreements;

 

		4.1.12	determine the terms and provisions of Award Agreements (which need not be
identical) entered into in respect of awards hereunder; 

 

		4.1.13	in the event there is any question as to whether a Change in Control has
occurred in any circumstances, determine whether a Change in Control has occurred; and 

 

		4.1.14	make all other determinations deemed necessary or advisable for the administration
of the Plan.

 

		4.2	Eligibility and Award Determination.

 

		4.2.1	In determining the Participants to whom awards may be made and the Award
Value (and accordingly the number of PSUs and RSUs to be granted) for each award, or the specific number of PSUs or RSUs to be awarded
(subject, in the case of PSUs, to adjustment based on achievement of Performance Criteria), the Board may take into account such factors
as it shall determine in its sole and absolute discretion.

 

		4.2.2	Unless the Board determines to grant a Participant a specific number of
PSUs without specifying an Award Value, the PSUs granted to a Participant for a Performance Period shall be determined by dividing the
Award Value determined for the Participant for such Performance Period by the Market Value (with currency conversion if necessary) as
at the end of the calendar quarter immediately preceding the Award Date, rounded down to the next whole number.

 

		4.2.3	Unless the Board determines to grant a Participant a specific number of
RSUs without specifying an Award Value, the RSUs granted to a Participant shall be determined by dividing the Award Value
of an award to be provided to the Participant in the form of RSUs by the Market Value (with currency conversion if necessary) as at the
end of the calendar quarter immediately preceding the Award Date, rounded down to the next whole number.

 

     

     

    

 

		4.2.4	For greater certainty and without limiting the discretion conferred on the
Board pursuant to this Section, the Board’s decision to approve a grant of PSUs in any Performance Period, or any grant of RSUs,
shall not entitle any Participant to an award of PSUs in respect of any other Performance Period or any future grant of RSUs; nor shall
the Board’s decision with respect to the size or terms and conditions of an award require it to approve an award of the same or
similar size or with the same or similar terms and conditions to any Participant at any other time. No Participant has any claim or right
to receive an award or any PSUs or RSUs.

 

		4.2.5	An Award Agreement shall set forth, among other things, the following: the
Award Date of the award evidenced thereby; the number of PSUs or RSUs, as applicable, granted in respect of such award; the Performance
Criteria and the Performance Adjustment Factor applicable to PSUs and any other conditions to the Vesting of the PSUs or RSUs, as applicable;
in the case of PSUs, the applicable Performance Period; and may specify such other terms and conditions as the Board shall determine or
as shall be required under any other provision of the Plan. The Board may include in an Award Agreement terms or conditions pertaining
to confidentiality of information relating to the Corporation’s operations or businesses which must be complied with by a Participant
including as a condition of the grant or Vesting of PSUs or RSUs, provided that failure to include such confidentiality provision in an
Award Agreement shall not excuse a Participant’s confidentiality obligations pursuant to any employment contract, corporate policy
or statutory obligation applicable to such Participant. 

 

		4.2.6	The Board shall not grant Award PSUs and Award RSUs to residents of the
United States unless such awards and the Shares issuable upon settlement thereof are registered under the U.S. Securities Act or are issued
in compliance with an available exemption from the registration requirements of the U.S. Securities Act. 

 

		4.3	PSUs and RSUs. Each whole PSU and RSU will give a Participant
the right to receive either a Share or a cash payment, as determined by the Board, in an amount determined in accordance with the terms
of the Plan and the applicable Award Agreement. For greater certainty, a Participant shall have no right to receive Shares or a cash payment
with respect to any PSUs or RSUs that do not become Vested PSUs or Vested RSUs, as the case may be, under Article 7.

 

		5.	ACCOUNTS, DIVIDEND EQUIVALENTS AND REORGANIZATION

 

		5.1	Account. An account (“Account”) shall be
maintained by the Corporation for each award made to each Participant pursuant to an Award Agreement and which will be credited with an
opening balance equal to the Award PSUs and/or Award RSUs granted pursuant to such Award Agreement. PSUs or RSUs that fail to vest pursuant
to Article 7, or that are paid out to the Participant or his legal representative, shall be cancelled and shall cease to be recorded
in the Participant’s Account as of the date on which such PSUs or RSUs, as applicable, are forfeited or cancelled under the Plan
or are paid out, as the case may be.

 

     

     

    

 

		5.2	Dividend Equivalent Units. When and if cash dividends are
paid on the Shares during the period from the Award Date under the Award Agreement to the date of settlement of the PSUs or RSUs granted
thereunder, additional PSUs or RSUs, as applicable, will be credited to the Participant’s Account in accordance with this Section 5.2
(“Dividend Equivalent Units”). The number of such additional PSUs or RSUs to be credited to the Participant’s
Account in respect of any particular dividend paid on the Shares will be calculated by dividing (i) the amount of the cash dividend that
would have been paid to the Participant if each of the PSUs and RSUs recorded in the Participant’s Account (but for greater certainty
not including any previous Dividend Equivalent Units received and recorded) as at the record date for the cash dividend had been Shares
by (ii) the Market Value (with currency conversion if necessary) on the date on which the dividend is paid on the Shares, rounded down
to the next whole number. Dividend Equivalent Units shall be subject to the same Vesting conditions and shall Vest and be paid at the
same time as the PSUs or RSUs, as applicable, to which they relate.

 

		5.3	Adjustments. In the event of any stock dividend, stock split,
combination or exchange of shares, capital reorganization, consolidation, spin-off or other distribution (other than normal cash dividends)
of the Corporation’s assets to shareholders, or any other similar changes affecting the Shares, proportionate adjustments to reflect
such change or changes shall be made with respect to the number of PSUs and RSUs outstanding under the Plan, or securities into which
the Shares are changed or are convertible or exchangeable and as may be substituted for Shares under this Plan, on a basis proportionate
to the number of PSUs and RSUs in the Participant’s Account or some other appropriate basis, all as determined by the Board in its
sole discretion.

 

		6.	PAYMENT OF AWARDS BY TREASURY ISSUANCES 

 

		6.1	Maximum Number of Shares Issuable from Treasury. The aggregate
number of Shares that are issuable under the Plan to pay awards which have been granted and are outstanding under the Plan, together with
Shares that are issuable pursuant to outstanding awards or grants under any other Share Compensation Arrangement, shall not at any time
exceed 15% of the Shares then issued and outstanding, subject to adjustment as provided in Section 5.3 above to give effect to any relevant
changes in the capitalization of the Corporation, and provided that for the purpose of such calculation, the number of Shares then issued
and outstanding shall include the number of Shares issuable upon conversion of the then issued and outstanding Multiple Voting Shares.
Shares in respect of which Awards have been granted but which are: (i) vested and redeemed; or (ii) forfeited, surrendered, cancelled
or otherwise terminated or expire without the delivery of Shares shall be available for subsequent Awards. In addition, the number of
Shares subject to an Award (or portion thereof) that the Corporation permits to be settled in cash in lieu of settlement in Shares shall
be available for subsequent Awards. 

 

		6.2	Issuances of Shares from Treasury. All issuances of Shares
from treasury to pay awards as contemplated by Section 7.4 shall be deemed to be issued at a price per Share equal to the Market
Value on the date of issuance.

 

		6.3	Participation Limits. Awards under the Plan shall be limited
as follows:

 

		6.3.1	the total number of Shares reserved for issuance to Insiders (as a
                                                               group) under the Plan, together with Shares reserved for issuance to Insiders under any other Share Compensation Arrangement, shall
                                                               not at any time exceed 10% of the issued and outstanding Shares, provided that for the purpose of such calculation, the number of Shares issued and outstanding shall
include the number of Shares issuable upon conversion of the issued and outstanding Multiple Voting Shares;

 

     

     

    

 

		6.3.2	within any one-year period the aggregate number of Shares issued to Insiders
(as a group) pursuant to the Plan and any other Share Compensation Arrangement shall not exceed 10% of the issued and outstanding Shares,
provided that for the purpose of such calculation, the number of Shares issued and outstanding shall include the number of Shares issuable
upon conversion of the issued and outstanding Multiple Voting Shares;

 

		6.3.3	the maximum aggregate grant date fair value using the Black-Scholes-Merton
valuation model of awards under the Plan, together with awards or grants under any other Share Compensation Arrangement, to any non-employee
director of the Corporation in any fiscal year of the Corporation shall not exceed $150,000; and

 

		6.3.4	no award under the Plan may be made to any non-employee director if such
award could result, together with awards or grants then outstanding under the Plan and any other Share Compensation Arrangement, in the
issuance to non-employee directors as a group of a number of Shares exceeding 1% of the Shares issued and outstanding immediately prior
to any such Share issuance, provided that for the purpose of such calculation, the number of Shares issued and outstanding shall include
the number of Shares issuable upon conversion of the issued and outstanding Multiple Voting Shares.

 

		7.	VESTING AND PAYMENT OF AWARDS

 

		7.1	Vesting of PSUs. Upon the first day immediately following
the end of the Performance Period, PSUs represented by the PSU Balance as at such date shall Vest subject to the terms hereof, with the
number of Vested PSUs being equal to the PSU Balance as at such date multiplied by the Performance Adjustment Factor as determined by
the Board in accordance with the Award Agreement. For certainty, in the event the Performance Adjustment Factor is equal to zero, no PSUs
will vest. Except where the context requires otherwise, each PSU which vests pursuant to Article 7 and each Dividend Equivalent Unit
credited in respect of such PSUs after the Performance Period and prior to the date of settlement shall be referred to herein as a Vested
PSU. PSUs which do not become Vested PSUs in accordance with this Article 7 shall be forfeited by the Participant and the Participant
will have no further right, title or interest in such PSUs. The Participant waives any and all right to compensation or damages in consequence
of the termination of employment (whether lawfully or unlawfully) or otherwise for any reason whatsoever insofar as those rights arise
or may arise from the Participant ceasing to have rights or be entitled to receive any Shares or cash payment under the Plan pursuant
to this Section 7.1.

 

		7.2	Performance Criteria. The PSUs granted to a Participant under
an Award Agreement and Section 4.1 (and the related Dividend Equivalent Units credited in respect of such PSUs) shall become Vested
PSUs only upon the Board’s determination with respect to the Performance Adjustment Factor in accordance with the Award Agreement
applicable to such PSUs or have been waived in accordance with Section 4.1.7.

 

		7.3	Vesting of RSUs. Upon the Vesting Date(s) specified in the
applicable Award Agreement the RSUs comprising a Participant’s RSU Balance shall Vest in such proportion as may be determined in
accordance with such Award Agreement. Except where the context requires otherwise, each RSU which vests pursuant to Article 7 and
each Dividend Equivalent Unit credited in respect of such RSU after
its Vesting Date and prior to the date of settlement shall be referred to herein as a Vested RSU. RSUs which do not become Vested RSUs
in accordance with this Article 7 shall be forfeited by the Participant and the Participant will have
no further right, title or interest in such RSUs. The Participant waives any and all right to compensation or damages in consequence of
the termination of employment (whether lawfully or unlawfully) or otherwise for any reason whatsoever insofar as those rights arise or
may arise from the Participant ceasing to have rights or be entitled to receive any Shares or cash payment under the Plan pursuant to
this Section 7.3.

 

     

     

    

 

		7.4	Payment in Shares. In the event that a Participant’s
Vested PSUs or Vested RSUs have been designated by the Board for settlement in Shares issued from treasury, the Participant or his legal
representative, as applicable, shall receive a number of Shares equal to the number of Vested PSUs or Vested RSUs, as the case may be,
credited to the Participant’s Account (rounded down to the nearest whole number of Shares). In such event, such Shares shall be
distributed to the Participant or his legal representative, as applicable, as soon as practicable following the applicable Vesting Date.
For purposes of clarity of the intent to comply with certain Canadian tax rules, in no event shall the payment be made later than December
31 of the third calendar year following the year in which the services giving rise to the award of PSUs or RSUs were rendered. No Participant
who is resident in the United States may receive Shares upon settlement of Vested PSUs or Vested RSUs unless the Shares to be issued upon
such settlement are registered under the U.S. Securities Act or are issued in compliance with an available exemption from the registration
requirements of the U.S. Securities Act.

 

		7.5	Payment in Cash. In the event that a Participant’s Vested
PSUs or Vested RSUs have not been designated by the Board for settlement in Shares issued from treasury, the Participant or his legal
representative, as applicable, shall receive a cash payment equal to: (i) in the case of PSUs, the Market Value determined as of the last
day of the Performance Period multiplied by the number of Vested PSUs credited to his PSU Account as determined in accordance with Section
7.1 (rounded down to the nearest whole number of PSUs); and (ii) in the case of RSUs, the Market Value determined as of the Vesting Date
of such RSUs multiplied by the number of Vested RSUs credited to his RSU Account as determined in accordance with Section 7.3 (rounded
down to the nearest whole number of RSUs). Subject to Section 10.9, the cash payment shall be made to the Participant or his legal representative,
as applicable, in a single lump sum as soon as practicable following the applicable Vesting Date. For purposes of clarity of the intent
to comply with certain Canadian tax rules, in no event shall the payment be made later than December 31 of the third calendar year following
the year in which the services giving rise to the award of PSUs or RSUs were rendered. 

 

		7.6	Death. Period of Absence.

 

		7.6.1	Death. Where the employment or service as a director of
                                                               a Participant terminates during a Performance Period in the case of PSUs or prior to a Vesting Date in the case of RSUs by reason of
                                                               the Participant’s death: (i) the PSUs credited to the Participant’s Account as at December 31 of the year immediately
                                                               preceding the Participant’s date of death shall continue to be eligible to become Vested PSUs in accordance with
                                                               Sections 7.1 and 7.2; and (ii) the RSUs credited to the Participant’s Account as at December 31 of the year immediately
                                                               preceding the Participant’s date of death shall Vest as of the Participant’s date of death. The estate of the
                                                               Participant shall be entitled to receive cash or Shares (or a combination thereof) as specified by the Board determined in
                                                               accordance with Sections 7.4 or 7.5. For greater clarity, the number
of Vested PSUs used to calculate the value of the payment shall equal the number of Vested PSUs determined in accordance with Sections 7.1
and 7.2 as at December 31 of the year immediately preceding the Participant’s date of death.

 

     

     

    

 

		7.6.2	Period of Absence. In the event of a Participant’s Period
of Absence during a Performance Period for PSUs or prior to a Vesting Date for RSUs and subject to this Section 7.6.2 and Section 7.6.4,
PSUs and RSUs credited to the Participant’s Account immediately prior to the commencement of such Period of Absence (and any related
Dividend Equivalent PSUs and RSUs) shall continue to be eligible to become Vested in accordance with the provisions of Sections 7.1
and 7.3 and the Participant shall be entitled to receive cash or Shares (or a combination thereof) as specified by the Board in respect
of such Vested PSUs and Vested RSUs determined in accordance with Sections 7.4 or 7.5, as applicable, except that the number of Vested
PSUs and Vested RSUs used to calculate the value of the payment shall equal the number of Vested PSUs or Vested RSUs, as applicable determined
in accordance with Section 7.1 and 7.3 multiplied by a fraction, (i) in the case of PSUs, the numerator of which equals the number
of whole and partial months in the Performance Period for which the Participant actively performed services for the Corporation or a Subsidiary
and the denominator of which equals the number of whole and partial months in the Performance Period; and (ii) in the case of RSUs, the
numerator of which equals the number of whole and partial months in the period from the Award Date to the Vesting Date of such RSUs for
which the Participant actively performed services for the Corporation or a Subsidiary and the denominator of which equals the number of
whole and partial months in the period from the Award Date to the Vesting Date of such RSUs.

 

		7.6.3	No Additional Grants. For greater clarity, no additional PSUs
or RSUs (whether pursuant to Section 4.1 or in the form of Dividend Equivalent Units) shall be granted to a Participant following
his or her date of death or during his or her Period of Absence, including following his or her date of Disability.

 

		7.6.4	Failure to Return. Notwithstanding Section 7.6.2, where
a Participant experiences a Period of Absence that extends beyond the end of a Performance Period for PSUs or a Vesting Date for RSUs
and fails to return to active full-time employment with the Corporation or a Subsidiary within 180 days following the end of such Performance
Period or such Vesting Date, no portion of the PSUs subject to such Performance Period or RSUs that would otherwise Vest on such Vesting
Date shall Vest and the Participant shall receive no payment or other compensation in respect of such PSUs or RSUs or loss thereof, on
account of damages or otherwise.

 

		7.7	Other Terminations of Employment. Except as otherwise
                                                                                                      provided in the Award Agreement governing the grant of PSUs or RSUs to a Participant or a written employment or other agreement
                                                                                                      between the Participant and the Corporation or any Subsidiary, in the event that, during a Performance Period with respect to PSUs
                                                                                                      or prior to a Vesting Date with respect to RSUs, (i) the Participant’s employment or service as a director is terminated by
                                                                                                      the Corporation or a Subsidiary of the Corporation for any reason, or (ii) a Participant voluntarily terminates his employment with
                                                                                                      the Corporation or a Subsidiary of the Corporation or service as a director, including due to retirement, no portion of the PSUs
                                                                                                      subject to such Performance Period or RSUs that would otherwise Vest on such Vesting Date shall Vest and the Participant shall
                                                                                                      receive no payment or other compensation in respect of such PSUs or RSUs or loss thereof,
on account of damages or otherwise; provided that any Vested PSUs and Vested RSUs will be settled in accordance with Sections 7.4
and 7.5.

 

     

     

    

 

		7.8	Change in Control. Notwithstanding any other provision of
the Plan, but subject to the terms of any Award Agreement or any employment agreement between the Participant and the Corporation or any
Subsidiary, in the event of a Change in Control, all PSUs and RSUs credited to each Account (including for greater certainty Dividend
Equivalent Units) which have not become Vested PSUs or Vested RSUs, shall become Vested PSUs and Vested RSUs on the basis of one PSU becoming
one Vested PSU and one RSU becoming one Vested RSU, as at the time of Change in Control (unless otherwise determined by the Board). As
soon as practicable following a Change in Control each Participant shall, at the discretion of the Board, receive in cash or in Shares
(or a combination thereof) a payment equal to the number of such Vested PSUs and Vested RSUs (as determined pursuant to this Section 7.8)
credited to the Participant’s Account at the time of the Change in Control (rounded down to the nearest whole number of Vested PSUs
and Vested RSUs) multiplied by the price at which the Shares are valued for the purpose of the transaction or series of transactions giving
rise to the Change in Control, or if there is no such transaction or transactions at the Market Value on the date of the Change in Control,
less any statutory withholdings or deductions. Notwithstanding the foregoing, where a Change in Control occurs and no Shares are distributed
and no cash payments are made to a Participant within 30 days following the Change in Control, the Corporation shall cease to have the
discretion to provide the Participant with Shares and shall be required to pay (or cause a Subsidiary to pay) to the Participant in respect
of his Vested PSUs and Vested RSUs and Dividend Equivalent Units in cash the amount determined in accordance with the payment formula
set out above. 

 

		8.	COMPLIANCE WITH U.S. LAWS

 

		8.1	Neither the awards granted hereunder nor the securities which may be acquired
pursuant to the settlement of such awards have been registered under the U.S. Securities Act or under any securities law of any state
of the United States and are considered “restricted securities” (as such term is defined in Rule 144(a)(3) under the U.S.
Securities Act) and any Shares issued to U.S. Award Holder shall be affixed with an applicable restrictive legend as set forth in the
Award Agreement. The awards may not be offered, sold pledged or otherwise transferred, directly or indirectly, in the United States except
pursuant to registration under the U.S. Securities Act and the securities laws of all applicable states or pursuant to available exemptions
therefrom, and the Corporation has no obligation or present intention of filing a registration statement under the U.S. Securities Act
in respect of any of the awards granted hereunder or the securities underlying such awards, which could result in such U.S. Award Holder
not being able to dispose of any Shares issued upon settlement of Awards for a considerable length of time. Each U.S. Award Holder or
anyone who becomes a U.S. Award Holder, who is granted an award pursuant to this Plan in the United States, who is a resident of the United
States or who is otherwise subject to the U.S. Securities Act or the securities laws of any state of the United States will be required
to complete an Award Agreement which sets out the applicable United States restrictions.

 

     

     

    

 

		8.2	Notwithstanding any provisions contained in the Plan to the contrary and
to the extent required by applicable U.S. state corporate laws, U.S. federal and state securities laws, the Internal Revenue Code of 1986,
as amended (the “Code”), and the applicable laws of any jurisdiction in which awards are granted under the Plan, the
following terms shall apply to all such awards granted to residents of
the State of California, until such time as the Board amends this Section 8.2 or the Board otherwise provides:

 

		(A)	Unless determined otherwise by the Board, awards
may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent
and distribution. If the Board makes an award transferable, such award may only be transferred (i) by will, (ii) by the laws of descent
and distribution, (iii) to a revocable trust, or (iv) as permitted by Rule 701 of the U.S. Securities Act.

 

		(B)	All Shares issuable under the Plan must be issued
within ten years from the date of adoption of the Plan or the date the Plan is approved by the shareholders of the Corporation, whichever
is earlier.

 

		(C)	In the event that any dividend or other distribution
(whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spinoff, combination, repurchase, or exchange of Shares or other securities of the Corporation, or other
change in the corporate structure of the Corporation affecting the Shares occurs, the Board, in order to prevent diminution or enlargement
of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of Shares that may
be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Vested award.

 

		(D)	The Corporation shall furnish summary financial
information (audited or unaudited) of the Corporation’s financial condition and results of operations, consistent with the requirements
of applicable law, at least annually to each Participant in California during the period such Participant has one or more award outstanding,
and in the case of an individual who acquired Shares pursuant to the Plan, during the period such Participant owns such Shares; provided,
however, the Corporation shall not be required to provide such information if (i) the issuance is limited to key persons whose duties
in connection with the Corporation assure their access to equivalent information or (ii) the Plan or any agreement complies with all conditions
of Rule 701 of the U.S. Securities Act; provided that for purposes of determining such compliance, any registered domestic partner shall
be considered a “family member” as that term is defined in Rule 701 of the U.S. Securities Act.

 

		(E)	The Plan or any increase in the maximum aggregate
number of Shares issuable thereunder as provided in Section 6.1 (the “Authorized Shares”) shall be approved by a majority
of the outstanding securities of the Corporation entitled to vote by the later of (i) within twelve (12) months before or after the date
of adoption of the Plan by the Board or (ii) prior to or within 12 months of the first issuance of any security pursuant to the Plan in
the State of California. Any Shares issued pursuant to this Plan prior to shareholder approval of the Plan or in excess of the Authorized
Shares previously approved by the shareholders shall be rescinded if such shareholder approval is not received in the manner described
in the preceding sentence. Notwithstanding the foregoing, a “foreign private issuer”, as defined by Rule 3b-4 of the United
States Securities Exchange Act of 1934, as amended shall not be required
to comply with this paragraph provided that the aggregate number of persons in California granted options under all Share Compensation
Arrangements and issued securities under all purchase and bonus plans and agreements does not exceed 35.

 

     

     

    

 

		9.	currency

 

		9.1	Currency. All references in the Plan to currency refer to
Canadian dollars.

 

		10.	SHAREHOLDER RIGHTS

 

		10.1	No Rights to Shares. PSUs and RSUs are not Shares and neither
the grant of PSUs or RSUs nor the fact that Shares may be acquired by, or provided from, the Corporation in satisfaction of Vested PSUs
or Vested RSUs will entitle a Participant to any shareholder rights, including, without limitation, voting rights, dividend entitlement
or rights on liquidation.

 

		11.	ADMINISTRATION

 

		11.1	Delegation and Administration. The Board may, in its discretion,
delegate such of its powers, rights and duties under the Plan, in whole or in part, to any committee of the Board or any one or more directors,
officers or employees of the Corporation and/or its Subsidiaries as it may determine from time to time, on terms and conditions as it
may determine, except the Board shall not, and shall not be permitted to, delegate any such powers, rights or duties to the extent such
delegation is not consistent with Applicable Law.

 

		11.2	Effects of Board’s Decision. Any interpretation, rule,
regulation, determination or other act of the Board hereunder shall be made in its sole discretion and shall be conclusively binding upon
all persons.

 

		11.3	Liability Limitation. No member of the Board or any officer,
director or employee of the Corporation or any Subsidiary shall be liable for any action or determination made in good faith pursuant
to the Plan or any Award Agreement under the Plan. To the fullest extent permitted by law, the Corporation and its Subsidiaries shall
indemnify and save harmless each person made, or threatened to be made, a party to any action or proceeding in respect of the Plan by
reason of the fact that such person is or was a member of the Board or is or was an officer, director or employee of the Corporation or
a Subsidiary.

 

		11.4	Compliance with Laws and Policies. The Corporation’s
issuance of any PSUs and RSUs and its obligation to make any payments or discretion to provide any Shares hereunder is subject to compliance
with Applicable Law. Each Participant shall acknowledge and agree (and shall be conclusively deemed to have so acknowledged and agreed
by participating in the Plan) that the Participant will, at all times, act in strict compliance with Applicable Law and all other laws
and any policies of the Corporation applicable to the Participant in connection with the Plan including, without limitation, furnishing
to the Corporation all information and undertakings as may be required to permit compliance with Applicable Law. Such laws, regulations,
rules and policies shall include, without limitation, those governing “insiders” or “reporting issuers” as those
terms are construed for the purposes of Applicable Laws.

 

     

     

    

 

		11.5	Withholdings. So as to ensure that the Corporation or a Subsidiary,
as applicable, will be able to comply with the applicable provisions of any federal, provincial, state or local law relating to the withholding
of tax or other required deductions, the Corporation, or a Subsidiary may withhold or cause to be withheld from any amount payable to
a Participant, either under this Plan, or otherwise, such amount, or may require the sale of such number of Shares, as may be necessary
to permit the Corporation or the Subsidiary, as applicable, to so comply.

 

		11.6	No Additional Rights. Neither designation of an employee as
a Participant nor the establishment of an Award Value for or grant of any PSUs or RSUs to any Participant entitles any person to the establishment
of an Award Value, grant, or any additional grant, as the case may be, of any PSUs or RSUs under the Plan.

 

		11.7	Amendment, Termination. The Plan may be amended or terminated
at any time by the Board in whole or in part, provided that:

 

		11.7.1	no amendment of the Plan shall, without the consent of the Participants
affected by the amendment, or unless required by Applicable Law, adversely affect the rights accrued to such Participants with respect
to PSUs or RSUs granted prior to the date of the amendment;

 

		11.7.2	no amendment of the Plan shall be effective unless such amendment is approved
by the Stock Exchange whose approval is required under Stock Exchange Rules; and

 

		11.7.3	approval by a majority of the votes cast by shareholders present and voting
in person or by proxy at a meeting of shareholders of the Corporation shall be obtained for any:

 

		11.7.3.1	amendment for which, under the requirements of the Stock Exchange or any
applicable law, shareholder approval is required;

 

		11.7.3.2	a reduction in pricing of an award under the Plan (other than an adjustment
pursuant to Section 5.3) or the cancellation and reissuance of awards under the Plan;

 

		11.7.3.3	extension of the term of an award under the Plan beyond the original expiry
date of the award;

 

		11.7.3.4	any amendment to remove or exceed the Insider participation limits set out
in Sections 6.3.1 or 6.3.2;

 

		11.7.3.5	any amendment to remove or exceed the limits on participation in the Plan
by non-employee directors as set out in Sections 6.3.3 or 6.3.4;

 

		11.7.3.6	an increase to the maximum number of Shares which may be issuable under
the Plan, other than an adjustment pursuant to Section 5.3;

 

		11.7.3.7	the addition of additional categories of Participants that may permit the
introduction or re-introduction of non-employee directors on a discretionary basis; 

 

     

     

    

 

		11.7.3.8	allowance of awards granted under the Plan to be transferable or assignable
other than for normal estate settlement purposes; or

 

		11.7.3.9	amendment to this Section 11.7.

 

		11.8	Administration Costs. The Corporation will be responsible
for all costs relating to the administration of the Plan. For greater certainty and unless otherwise determined by the Board, a Participant
shall be responsible for brokerage fees and other administration or transaction costs relating to the transfer, sale or other disposition
of Shares on behalf of the Participant that have been previously distributed to or provided to the Participant pursuant to the Plan.

 

		11.9	Compliance with Section 409A of the U.S. Internal Revenue Code.
Notwithstanding any provision in this Plan or an Award Agreement to the contrary, to the extent a Participant is subject to taxation under
the U.S. Internal Revenue Code of 1986, as amended (the “U.S. Tax Code”), then any PSUs and RSUs awarded to such Participant
shall be interpreted and administered so that any amount payable with respect to such awards shall be paid in a manner that is either
exempt from or compliant with the requirements of Section 409A of the U.S. Tax Code and the applicable regulatory and other guidance
issued thereunder (“Section 409A”). In furtherance of the foregoing, the Addendum attached hereto shall apply
to U.S. Participants (as defined therein). 

 

		11.10	Compensation Recoupment Policy. Any awarding of PSUs or RSUs
under the Plan, the Vesting thereof and the settlement of Awards pursuant thereto are subject to the Compensation Recoupment Policy of
the Corporation. 

 

		12.	no financial assistance

 

		12.1	No Financial Assistance. The Corporation shall not provide
financial assistance to Participants in connection with the Plan.

 

		13.	ASSIGNMENT

 

		13.1	Assignment. The assignment or transfer of the PSUs or RSUs,
or any other benefits under this Plan, shall not be permitted, other than by operation of law.

 

     

     

    

 

ADDENDUM 

 

TO THE

 

MIND MEDICINE (MINDMED) INC. 

(formerly Broadway Gold Mining Ltd.) 

PERFORMANCE AND RESTRICTED SHARE UNIT PLAN

 

SPECIAL PROVISIONS FOR U.S. PARTICIPANTS

 

The provisions of this Addendum apply only to
U.S. citizens, U.S. permanent residents or any other persons whose Award PSUs or Award RSUs are subject to U.S. Federal Income Tax (“U.S.
Participants”) at the relevant time.

 

This Addendum modifies the Plan for U.S. Participants
and where there is any conflict between the Plan and the terms of this Addendum, the terms of this Addendum shall prevail.

 

	1. 	Title and Conflict	All Award PSUs and Award RSUs issued under the Plan to U.S. Participants are intended to be exempt from and avoid the penalties imposed by Section 409A, or any successor thereto, and all provisions hereunder shall be read, interpreted, and applied with that purpose in mind.  The provisions of the Award Agreement applicable to any U.S. Participant shall reflect this intention.
	2. 	Definitions	 
	 	“Change in Control”	“Change in Control” means a transaction described in Section 1.3.9 of the Plan, but only to the extent that such a transaction constitutes a “change in the ownership of a corporation, a change in the effective control of a corporation, or a change in the ownership of a substantial portion of a corporation’s assets, as defined in U.S. Treasury Regulation Section 1.409A-3(i)(5) under Section 409A.
	 	“Market Value”	“Market Value” shall have the meaning as to U.S. Participants as specified in Section 1.3.14 of the Plan.
	 	“Section 409A”	“Section 409A” means section 409A of the U.S. Tax Code.
	 	“Separation from Service”	“Separation from Service” means a “separation from service” for purposes of Section 409A(a)(2)(A)(i) of the U.S. Tax Code.
	 	“Specified Employee”	“Specified Employee” means a “specified employee” as determined in a manner that complies with Section 409A(2)(B)(i) of the U.S. Tax Code.

 

     

     

    

 

	 	“U.S. Tax Code”	“U.S. Tax Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations and guidance issued under it from time to time.
	3. 	Payment 	
    The Award Agreement shall state the Vesting Date.
    It is intended that the vesting conditions for the award shall constitute a “substantial risk of forfeiture” within the meaning
    of Section 409A and that PSUs and RSUs will be exempt from Section 409A under U.S. Treasury Regulation section 1.409A-1(b)(4). Sections
    7.4 and 7.5 and all other provisions of the Plan shall be interpreted and administered such that RSUs and PSUs will be settled and paid
    out by March 15th of the calendar year following the calendar year in which such RSUs and PSUs are not, or are no longer, subject
    to a substantial risk of forfeiture. Further, for greater certainty, where a U.S. Participant experiences a Period of Absence as described
    in Section 7.6.4 of the Plan, PSUs and RSUs will be subject to forfeiture until the date that the U.S. Participant returns to active full-time
    employment within 180 days following the end of the Performance Period, or the Vesting Date for RSUs, as applicable.

     

    However, to the extent that any PSU or RSU awarded
    would constitute “non-qualified deferred compensation” that is subject to Section 409A, then the following terms shall apply
    to such award:

     

    Notwithstanding Sections 7.4 or 7.5 to the contrary,
    payment of Vested PSUs or Vested RSUs shall be made to the U.S. Participant or his legal representative, as applicable, in a single lump
    sum, less any applicable statutory withholdings or deductions , during the calendar year immediately following the calendar year in which
    the Performance Period ends or the Vesting Date occurs (or, in the event of the Participant’s death, payment of Vested RSUs shall
    be made in the calendar year following the calendar year of the Participant’s death). Neither the Board, the Corporation nor its
    directors, officers or employees make any representations or warranties regarding the tax treatment of any payments under the Plan and
    none of them shall be held liable for any taxes, interest, penalties or other monetary amounts owed by a U.S. Participant as a result
    of the application of Section 409A. Notwithstanding any contrary provision set forth in the Plan (and, in particular, in Section 7 of
    the Plan) , the payment of any amounts due under the Plan subject to Section 409A shall be made in compliance with Section 409A and shall
    not be accelerated except as otherwise permitted under Section 409A. Where applicable to avoid violation of Section 409A, any reference
    to or requirement relating to the termination or cessation of a U.S. Participant’s employment shall instead refer to or require
    such U.S. Participant’s Separation from Service. If required for Award PSUs or Award RSUs subject to Section 409A, if any Award
    Agreement requires payment upon Separation from Service, then a Specified Employee’s payment shall be delayed until a date that
    is six months following the date of the U.S. Participant’s Separation from service (or, if earlier, the date of death of the U.S.
    Participant).

     

	4. 	Change in Control	Section 7.8 of the Plan (“Change in Control”) shall apply to Award PSUs and Award RSUs that constitute deferred compensation under Section 409A held by a U.S. Participant only if the Change in Control constitutes a Change in Control as defined in this Addendum.  With respect to a transaction that constitutes a Change in Control under Section 7.8 of the Plan but does not constitute a Change in Control as defined in this Addendum, to the extent so provided by the Plan,  unless otherwise determined not to become vested by the Board,  all unvested PSUs and RSUs shall become fully vested (shall become Vested PSUs and Vested RSUs), but the payment of such rights shall be in the Award Agreement.Document

EMPLOYMENT AGREEMENT

            THIS AGREEMENT (“Agreement”), by and between the Federal Home Loan Bank of Des Moines, a federally chartered corporation (“Company”), and Duane Creel (“Executive”), is effective as of June 21, 2021 (the “Effective Date”). In consideration of the mutual covenants set forth herein, the Company and the Executive hereby agree as follows:

1. Employment.  The Company hereby agrees to employ the Executive, and the Executive agrees to serve the Company, in the capacity of Executive Vice President and Interim Chief Risk and Compliance Officer in accordance with the terms and conditions of this Agreement.

2. Period of Employment.  The term of this Agreement (“Period of Employment”) shall commence on the Effective Date and terminate on the earlier of December 31, 2021 (“Contractual End Date”) or according to the provisions in Section 9. Notwithstanding the foregoing, the employment relationship between Executive and the Company is “at will” by law and may be terminated at any time, including at any time during or following the Period of Employment. 

3. Executive Representations.  Except with respect to the restrictions set forth in 18 U.S. Code § 207, Executive represents and warrants to the Company that Executive is not bound by any restrictive covenants and has no prior or other obligations or commitments of any kind that would in any way prevent, restrict, hinder or interfere with Executive's acceptance of continued employment or the performance of all duties and services hereunder to the fullest extent of Executive's ability and knowledge.

4. Duties.  During the Period of Employment, the Executive shall be employed as the Company’s Executive Vice President and Interim Chief Risk and Compliance Officer with such duties that are assigned from time to time as appropriate to such position. While employed by the Company, Executive agrees to devote Executive’s full business time and efforts exclusively on behalf of the Company and to competently and diligently discharge Executive’s duties.  Executive may (i) serve on corporate, civic or charitable boards or committees and retain any compensation earned thereby, (ii) deliver lectures and fulfill speaking engagements and retain any compensation earned thereby, or (iii) manage personal affairs, so long as such activities under clauses (i), (ii) and (iii) do not interfere, in any substantive respect, with the Executive's responsibilities hereunder or conflict in any material way with the business of the Company or the Company's Code of Ethics or any other applicable policies.  

5. Compensation.

(a) Salary.  Executive’s salary during the Period of Employment shall be $415,000 per annum (“Base Salary”) and shall be prorated based on a 365-day calendar count. 

(b) Incentive Program.  The Executive shall be eligible to receive an incentive award based on the 2021 Executive Incentive Plan (“Incentive Plan”) Bank-wide goal achievement levels as approved by the Board of Directors.  The Executive’s incentive award opportunity will be within a range of 40% and 80% of Base Salary with a target of 60%, and prorated for the Period of Employment.  Executive acknowledges and agrees that notwithstanding any terms to the contrary in any Company incentive plan or benefits document, only the incentive plans and benefits provided in this Agreement apply to him in connection with his employment hereunder, and he hereby waives any such eligibility for any other incentive plan or benefit.

(c) Sign-on Bonus. The Executive shall receive a $70,000 sign-on bonus, less applicable taxes, on the first payroll following the Effective Date, provided that, in the event that Executive resigns during the term of this Agreement without Good Reason (as defined herein) or is terminated by the Company for Cause (as defined herein), Executive shall repay a prorated portion of the Sign-On Bonus to the Company within ten (10) calendar days following Executive’s final day of work. 

6. Retirement Benefits.  Executive shall be entitled to participate in the Company’s 401(k) plan. The Company will match 100% of Executive’s contributions up to 6% of the Base Salary or any limitation imposed under the Internal Revenue Code, whichever is less, with immediate vesting. 

7. Other Benefit Plans; Vacation.  The Executive and his eligible family members shall be entitled to participate in any group and/or health and welfare benefits program, vacation policy, or other fringe benefits made available by the Company on terms generally applicable to the Company's senior executives (each a “Company Benefit Plan”), subject to the terms, conditions and limitations of such Company Benefit Plans.

8. Regular Reimbursed Business Expenses.  The Company shall promptly reimburse the Executive for all expenses and disbursements reasonably incurred by the Executive in the performance of his duties hereunder during the Period of Employment upon proper submission in accordance with Company policy.

9. Termination.  This Agreement and the Period of Employment shall terminate upon the first to occur of the Contractual End Date or any of the following events, and Executive shall receive the benefits as set forth in the applicable subsection below.

(a) Death or Disability.  This Agreement and the Period of Employment shall terminate automatically upon Executive's death.

If the Company determines in good faith that Executive has a Disability (pursuant to the definition of “Disability” in subsection (i)(iv) of this Section)), it may give to Executive written notice of its intention to terminate Executive's employment.  Such notice shall be deemed the Notice of Termination as defined in subsection (i)(vi) of this Section. In such event, Executive's employment with the Company shall terminate effective on the thirtieth day after receipt by Executive of such Notice of Termination given at any time after the Company has determined Executive has a Disability; provided that, within the thirty (30) days after such receipt, Executive shall not have returned to full-time performance of the Executive's duties. 

If Executive’s employment is terminated due to the Executive's death or Disability, Executive or Executive’s estate shall be entitled to receive (i) an amount equal to the then remaining unpaid Salary through the Contractual End Date, (ii) an Incentive Plan award prorated based on the Date of Termination, and (iii) all “Accrued Benefits” defined as: (i) all other amounts and benefits earned by and owing to Executive under any applicable benefit plans prior to and through the Period of Employment; and (ii) following submission of proper expense reports by Executive, reimbursement for all expenses incurred in accordance with Section 8 of this Agreement, prior to the end of the Period of Employment.

Payment of all accrued amounts as set forth in this Section 9(a), other than Incentive Plan award amounts, shall be paid in lump sum within ten (10) days or no later than the first Company payroll date on or after the Date of Termination. Payment of all Incentive Plan award amounts, if any, shall be paid as otherwise provided under the Incentive Plan.

(b) By the Company for Cause.  During the Period of Employment, the Company may terminate Executive’s employment immediately for Cause. The Company shall make the determination that Cause exists in good faith and only if and when such determination has been approved in good faith by the Board; provided, however, that prior to a final determination that Cause under this Section 9(b) exists, the Company shall (a) provide to Executive in writing, in reasonable detail, the reasons for the determination that such Cause exists, and (b) provide the Executive with an opportunity to discuss the determination that Cause exists with the Board prior to the final decision to terminate the Executive’s employment hereunder for such Cause.

If Executive’s employment is terminated by the Company for Cause, he shall be entitled to his (i) Base Salary accrued through the Date of Termination, and (ii) all Accrued Benefits.

Payment of all accrued amounts as set forth in this Section 9(b) shall be paid in a lump sum within ten (10) days or no later than the first Company payroll date on or after Executive’s Date of Termination. 

(c) By Executive for Good Reason.  During the Period of Employment, Executive’s employment hereunder may be terminated by the Executive for Good Reason upon written notice to the Company.  If: 

(i) Executive provides written notice to the Company of the occurrence of Good Reason within thirty (30) days after Executive has knowledge of the circumstances constituting Good Reason, which notice shall specifically identify the circumstances which Executive believes constitute Good Reason; 

(ii) the Company fails to correct the circumstances within thirty (30) days after receiving such notice; and 

(iii) Executive resigns fifteen (15) days after the Company fails to correct such circumstances; then Executive shall be considered to have terminated for Good Reason for purposes of this Agreement.

If Executive's employment is terminated by Executive for Good Reason, Executive shall receive (i) Base Salary accrued through the Date of Termination, and (ii) all Accrued Benefits.  Additionally, Executive shall be entitled, upon execution of a release of claims (exclusive of claims for indemnification under Section 11 or under Company benefit plans) in a form reasonably acceptable to the Company and without subsequent revocation within the period described in such release, to severance payments, in lieu of any other severance benefits, equal to (i) an amount equal to the then remaining unpaid Salary through the Contractual Due Date, and (ii) an Incentive Plan award prorated based on the Date of Termination.

Payment of all accrued amounts as set forth in this Section 9(c), other than Incentive Plan award amounts, shall be paid in lump sum within ten (10) days or no later than the first Company payroll date on or after the Date of Termination. Payment of all Incentive Plan award amounts, if any, shall be paid as otherwise provided under the Incentive Plan.

(d)  By the Executive without Good Reason.  Executive may terminate this Agreement without Good Reason upon thirty (30) days' written notice to the Company.  If Executive terminates the Agreement for any reason, he shall have no liability to the Company or its affiliates solely as a result thereof.  

If Executive’s employment is terminated by Executive without Good Reason, he shall be entitled to his (i) Base Salary accrued through the Date of Termination, and (ii) all Accrued Benefits.

(e)  By the Company Other than for Cause.  The Company may terminate this Agreement for any reason other than for Cause upon written notice to Executive.  If the Executive's employment is terminated by the Company without Cause, the Executive shall receive the benefits described in Section 9(c) above, subject to the terms and conditions of Section 9(c).  

 (i)  Definitions.  The following capitalized terms used in this Section 9 shall have the meaning assigned below.

(i)  “Cause” shall mean that Executive:

(A) shall have been convicted of (or pled guilty or nolo contendere to) a felony; 

(B) shall have committed willful acts of misconduct that materially impair the goodwill or business of the Company or cause material damage to its property, goodwill, or business monetarily or otherwise;

(C)  shall have willfully breached any representation in Section 3 of this Agreement;

(D) shall have a willful and continued failure to perform Executive’s material duties;

(E)  shall have willfully violated any material policies of the Company contained in the Company’s Code of Ethics to the extent such acts would provide grounds for a termination for Cause with respect to other employees; or

(F)  receipt by the Company of any regulatory order or directive or judicial determination that Executive be terminated or the authority of the Executive be materially reduced.

No act or failure to act on the part of Executive shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith and without reasonable belief that Executive's action or omission was in the best interest of the Company.  

(ii) “Date of Termination” means the date specified in the Notice of Termination, provided, however, that if the Executive's employment is terminated by reason of death, the Date of Termination shall be the date of death of the Executive.

(iii) “Disability” means Executive is receiving benefits under a disability plan sponsored by the Company for a period of not less than three (3) months by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, and which has rendered Executive incapable of substantially performing Executive’s duties to the Company. Such impairment shall be evidenced by a certificate signed either by a physician mutually acceptable to the Company and Executive or, if the Company and Executive cannot agree upon a physician, by a physician selected by agreement of a physician designated by the Company and a physician designated by Executive; provided, however, that if such physicians cannot agree upon a third physician within thirty (30) days, such third physician shall be designated by the American Arbitration Association.

(iv) “Good Reason” means 

(A)  a change in the Executive’s position that materially reduces his duties or responsibilities; or 

(B) a material breach of this Agreement by the Company.

(v) “Notice of Termination” means a written notice that (A) indicates the specific termination provision in this Agreement relied upon, (B) sets forth in reasonable detail, if necessary, the basis for termination of Executive's employment under the provision so indicated, and (C) specifies the termination date. The failure by Executive or Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of the basis for termination shall not waive any right of such party hereunder or preclude such party from asserting such fact or circumstance in enforcing his or its rights hereunder.  A termination by the Company or by Executive shall be communicated by a Notice of Termination to the other party hereto given in accordance with Section 21 of this Agreement.

(vi) “Separation from Service” means a termination of employment within the meaning of Section 409A of the Code and the regulations and guidance promulgated thereunder.

(vii) “Specified Employee” as such term is defined under Section 409A of the Code and the regulations and guidance promulgated thereunder.

10. Mitigation.  In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement. Any severance benefits payable to Executive shall not be subject to reduction for any compensation received from other employment.

11. Indemnification.  The Company shall maintain, for the benefit of Executive, director and officer liability insurance in form at least as comprehensive as, and in an amount that is at least equal to, that maintained by the Company for its Directors. In addition, Executive shall be indemnified by the Company against liability as an officer of the Company and any subsidiary or affiliate of the Company to the maximum extent permitted by applicable law and the Bylaws of the Company.  The Executive's rights under this Section 11 shall continue so long as he may be subject to such liability, whether or not this Agreement may have terminated prior thereto.

12. Executive Covenants.

(a) General.  Executive and the Company understand and agree that the purpose of the provisions of this Section 12 is to protect legitimate business interests of the Company, as more fully described below, and is not intended to impair or infringe upon Executive's right to work, earn a living, or acquire and possess property from the fruits of his labor. Executive hereby acknowledges that the post-employment restrictions set forth in this Section 12 are reasonable and that they do not, and will not, unduly impair his ability to earn a living after the termination of his employment with the Company. Therefore, subject to the limitations of reasonableness imposed by law upon restrictions set forth herein, Executive shall be subject to the restrictions set forth in this Section 12.

(b) Definitions.  The following capitalized terms used in this Section 12 shall have the meanings assigned to them below, which definitions shall apply to both the singular and the plural forms of such terms.

“Confidential Information” means any confidential or proprietary information possessed by the Company without limitation, any confidential “know-how”, customer lists, details of client or consultant contracts, current and anticipated customer requirements, pricing policies, price lists, market studies, business plans, operational methods, marketing plans or strategies, product development techniques or plans, computer software programs (including object code and source code), data and documentation, data base technologies, systems, structures and architectures, inventions and ideas, past, current and planned research and development, compilations, devices, methods, techniques, processes, financial information and data, business acquisition plans, new personnel acquisition plans and any other information that would constitute a trade secret under the common law or statutory law of the State of Iowa.  Confidential Information shall include any such information possessed by the Company and provided by or relating to any Member of the Company.

“Person” means any individual or any corporation, partnership, joint venture, association or other entity or enterprise.

“Principal or Representative” means a principal, owner, partner, shareholder, joint venturer, member, trustee, director, officer, manager, employee, agent, representative or consultant.

“Protected Employees” means employees of the Company or its affiliated companies who were employed by the Company or its affiliated companies at any time within six (6) months prior to the Date of Termination.

“Restricted Period” means the period of Executive's employment by the Company plus a period extending two (2) years from the Date of Termination.

“Restrictive Covenants” means the restrictive covenants contained in Section 12(c) and (d) hereof.

(c) Restriction on Disclosure and Use of Confidential Information. Executive understands and agrees that the Confidential Information constitutes a valuable asset of the Company and its affiliated entities, and may not be converted to the Executive's own use. Accordingly, Executive hereby agrees that Executive shall not, directly or indirectly, at any time reveal, divulge or disclose to any Person not expressly authorized by the Company any Confidential Information, and Executive shall not, directly or indirectly, at any time use or make use of any Confidential Information in connection with any business activity other than that of the Company. The parties acknowledge and agree that this Agreement is not intended to, and does not, alter either the Company's rights or Executive's obligations under any state or federal statutory or common law regarding trade secrets and unfair trade practices.

(d) Nonsolicitation of Protected Employees.  Executive understands and agrees that the relationship between the Company and each of its Protected Employees constitutes a valuable asset of the Company and may not be converted to the Executive's own use. Accordingly, Executive hereby agrees that during the Restricted Period Executive shall not directly or indirectly on the Executive's own behalf or as a Principal or Representative of any Person solicit any Protected Employee to terminate his or her employment with the Company.

(e) Exceptions from Disclosure Restrictions.  Anything herein to the contrary notwithstanding, Executive shall not be restricted from disclosing or using Confidential Information that: (i) is required by applicable law or in response to a lawful inquiry from a governmental or regulatory authority; (ii) is or becomes generally available to the public other than as a result of an unauthorized disclosure by the Executive or his agent; (iii) becomes available to Executive in a manner that is not in contravention of applicable law from a source (other than the Company or its affiliated entities or one of its or their officers, employees, agents or representative) that is not known by the Executive to be bound by a confidential relationship with the Company or its affiliated entities or by a confidentiality or other similar agreement; (iv) was known to Executive on a non-confidential basis and not in contravention of applicable law or a confidentiality or other similar agreement before its disclosure to the Executive by the Company or its affiliated entities or one of its or their officers, employees, agents or representatives; (v) loses its status as confidential information for any reason; or (vi) is required to be disclosed by law, court order or other legal process; provided, however, that in the event disclosure is required by law, court order or legal process, Executive shall provide the Company with prompt notice of such requirement so that the Company may seek an appropriate protective order prior to any such required disclosure by Executive.

13. Enforcement of the Restrictive Covenants.

(a) Rights and Remedies upon Breach.  In the event Executive breaches, or threatens to commit a breach of, any of the provisions of the Restrictive Covenants, the Company shall have the right and remedy to seek to enjoin, preliminarily and permanently, Executive from violating or threatening to violate the Restrictive Covenants and to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Restrictive Covenants may cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company. The rights referred to in the preceding sentence shall be independent of any others and severally enforceable, and shall be in addition to, and not in lieu of, any other rights and remedies available to the Company at law or in equity.

(b) Severability of Covenants.  If any court determines that any Restrictive Covenants, or any part thereof, are invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid portions.

14. Cooperation in Future Matters.  The Executive hereby agrees that, for a period of one (1) year following Executive’s Date of Termination, Executive shall cooperate with the Company's reasonable requests relating to matters that pertain to Executive's employment by the Company, including, without limitation, providing information or limited consultation as to such matters, participating in legal proceedings, investigations or audits on behalf of the Company, or otherwise making himself reasonably available to the Company for other related purposes. Any such cooperation shall be performed at times scheduled taking into consideration Executive's other commitments, and Executive shall be compensated at a reasonable hourly or per diem rate to be agreed by the parties. Executive shall also be reimbursed for all reasonable out of pocket expenses. Executive shall not be required to perform such cooperation to the extent it conflicts with any requirements of exclusivity of service for or other obligations to be performed on behalf of another employer or otherwise, nor in any manner that in the good faith belief of Executive would conflict with his rights under or ability to enforce this Agreement.

15. Assistance with Claims.  Executive agrees that, for the period beginning on the Effective Date, and continuing for a reasonable period after Executive's termination date, Executive will assist the Company in defense of any claims that may be made against the Company, and will assist the Company in the prosecution of any claims that may be made by the Company, to the extent that such claims may relate to services performed by Executive for the Company. Executive agrees to promptly inform the Company if he becomes aware of any lawsuits involving such claims that may be filed against the Company. The Company agrees to provide legal counsel to Executive in connection with such assistance (to the extent legally permitted), and to reimburse Executive for all of Executive's reasonable out-of-pocket expenses associated with such assistance, including travel expenses. Executive also agrees to promptly inform the Company, if permitted by law, if he is asked to assist in any investigation of the Company (or its actions) that may relate to services performed by Executive for the Company, regardless of whether a lawsuit has then been filed against the Company with respect to such investigation.  The Executive shall not be required to perform such cooperation to the extent it conflicts with any requirements of exclusivity of service for or other obligations to be performed on behalf of another employer or otherwise, nor in any manner that in the good faith belief of the Executive would conflict with his rights under or ability to enforce this Agreement.

16. Publicity.  Neither party shall issue, without consent of the other party, which shall not be unreasonably withheld, any press release or make any public announcement with respect to this Agreement or the employment relationship between them except as may be required by applicable law or the rules and regulations of the Securities Exchange Commission if the Company were a registrant under either the Securities Act of 1933 or the Securities Exchange Act of 1934. Following the date of this Agreement and regardless of any dispute that may arise in the future, Executive and the Company jointly and mutually agree that they will not disparage, criticize or make statements which are negative, detrimental or injurious to the other to any individual, company or client, including within the Company.

17. Withholding.  Anything in this Agreement to the contrary notwithstanding, all payments required to be made by the Company hereunder to Executive shall be subject to withholding, at the time payments are actually made to Executive and received by him, of such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation. In lieu of withholding such amounts, in whole or in part, the Company may, in its sole discretion, accept other provision for payment of taxes as required by law, provided that it is satisfied that all requirements of law as to its responsibilities to withhold such taxes have been satisfied.

18. Arbitration.  Any dispute or controversy between the Company and Executive, whether arising out of or relating to this Agreement, the breach of this Agreement, or otherwise, shall be settled by arbitration administered by the American Arbitration Association (“AAA”) in accordance with its National Rules for the Resolution of Employment Disputes then in effect, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Any arbitration shall be held before a single arbitrator who shall be selected by the mutual agreement of the Company and the Executive, unless the parties are unable to agree to an arbitrator, in which case, the arbitrator will be selected under the procedures of the AAA. The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction. However, either party may, without inconsistency with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim provisional, injunctive or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of the Company and the Executive. The Company and the Executive acknowledge that this Agreement evidences a transaction involving interstate commerce. Notwithstanding any choice of law provision included in this Agreement, the United States Federal Arbitration Act shall govern the interpretation and enforcement of this arbitration provision. The arbitration proceeding shall be conducted in Des Moines, Iowa or such other location to which the parties may agree. The Company shall be responsible for the costs of any arbitrator appointed hereunder and the underlying expenses imposed by the American Arbitration Association.

19. Successors.

(a) This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's heirs and legal representatives.

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

(c) The Company shall require any successor (whether direct or indirect, by purchase, merger, reorganization, consolidation, acquisition of property or stock, liquidation, or otherwise) to all or a substantial portion of its assets, by agreement in form and substance reasonably satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform this Agreement if no such succession had taken place. Regardless of whether such an agreement is executed, this Agreement shall be binding upon any successor of the Company in accordance with the operation of law, and such successor shall be deemed the “Company” for purposes of this Agreement.

(d) As used in this Agreement, the term “Company” shall include any successor to the Company's business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

20. Attorneys’ Fees. The parties agree that the prevailing party shall be entitled to recover reasonable attorneys’ fees and costs incurred as a result of seeking to obtain or enforce any right or benefit set out in this Agreement or by any other plan or arrangement maintained by the Company under which Executive may be entitled to receive benefits, in accordance with applicable law.

21. Miscellaneous.

(a) This Agreement shall be governed by and construed in accordance with the laws of Iowa, without reference to principles of conflicts of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

(b) It is intended that the terms of this Agreement will comply with Section 409A of the Code, and treasury regulations relating thereto, and will be construed in so far as possible, so as not to subject the Executive to the payment of any interest or tax penalty related to Section 409A of the Code, provided, however, that neither the  Company is not liable to Executive or  otherwise responsible for any such interest and tax penalties or any other applicable costs thereto.

(c) All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party, by overnight courier, or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

            If to Executive:

            At the most recent address on file with the Company

            If to the Company:

            Federal Home Loan Bank of Des Moines
            909 Locust Street
            Des Moines, IA 50309

            Attn: Human Resources Director

Or to such other address as either of the parties shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective when actually received by the addressee.

(d) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

(e) Any party's failure to insist upon strict compliance with any provision hereof shall not be deemed to be a waiver of such provision or any other provision hereof.

(f) This Agreement supersedes any prior employment agreement or understandings, written or oral between the Company and the Executive and contains the entire understanding of the Company and the Executive with respect to the subject matter hereof.

(g) This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[signature page follows]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates written below.

FEDERAL HOME LOAN BANK OF DES MOINES

By:    /s/ Kristina K. Williams                            
Kristina K. Williams, President and 
Chief Executive Officer

Date: June 14, 2021

By:     /s/ Duane Creel                                       
Duane Creel, Executive Vice President and
Interim Chief Risk and Compliance Officer                                      

Date: June 14, 2021

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