Document:

Pentegra Defined Benefit Plan for Financial Institutions

 Exhibit 10.1 
 

 
  

 Important Notice 
 This booklet contains a summary of your plan rights and benefits under the Federal Home Loan Bank of Topeka Plan. If you have difficulty understanding any part of this booklet, contact your Human
Resources Officer at his/her office: 785-233-0507. 
 Aviso Importante 

Este folleto contiene un resumen de los derechos y beneficios bajo el Plan de Federal Home Loan Bank of Topeka. Si tiene dificultad para entender
cualquier parte de este folleto, comuniquese con el Oficial De Recursos Humanos en su oficina: 785-233-0507. 

 TO OUR MEMBERS: 
 We are pleased to present your Summary Plan Description. This Summary has been prepared to help you understand the retirement plan which is provided by the Federal Home Loan Bank of Topeka through its
participation in the Pentegra Defined Benefit Plan for Financial Institutions (formerly known as the Financial Institutions Retirement Fund) (the “Pentegra DB Plan”). 
 The Pentegra DB Plan is a large, non-profit, tax-exempt pension trust which was created in 1943. It is administered by a professional staff under the direction of a Board of Directors comprised of
presidents of Federal Home Loan Banks and officers of various participating employers. 
 The Pentegra DB Plan enables financial institutions
and other organizations serving them to provide for the security of their employees. It invests the contributions made to it and, under its Comprehensive Retirement Program (a defined benefit pension Plan), it pays out retirement, disability and
death benefits. 
 This Summary highlights the main benefit features of your retirement plan. The Pentegra DB Plan Regulations contain the
governing provisions and should be consulted as official text in all cases. If there is any conflict between this Summary Plan Description and the Pentegra DB Plan’s Regulations, the Pentegra DB Plan’s Regulations will control. Either your
employer or the Pentegra DB Plan will provide you with a copy of the Regulations at your request. 
 Finally, please note that wherever the
masculine pronoun is used in this Summary, it is intended to include the feminine pronoun. 
  

			
		  	 Board of Directors

Pentegra Defined Benefit Plan for

Financial Institutions

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Employee Eligibility
	  	 	1	  
		
	 Service and Salary
	  	 	2	  
		
	 •     Benefit Service
	  	 	2	  
		
	 •     Vesting Service
	  	 	2	  
		
	 •     Salary
	  	 	2	  
		
	 Vesting
	  	 	3	  
		
	 Retirement Benefits
	  	 	4	  
		
	 •     General
	  	 	4	  
		
	 •     Normal Retirement
	  	 	4	  
		
	 •     Late Retirement
	  	 	4	  
		
	 •     Early Retirement
	  	 	5	  
		
	 •     Retirement Adjustment Payment
	  	 	6	  
		
	 •     Post-Retirement Increments
	  	 	6	  
		
	 Death Benefit
	  	 	7	  
		
	 •     Death Benefit in Active Service
	  	 	7	  
		
	 •     Death Benefit in Retirement
	  	 	7	  
		
	 Optional Forms of Retirement Benefit
	  	 	8	  
		
	 Direct Rollovers
	  	 	8	  
		
	 Automatic Cash-Out of Benefits
	  	 	8	  
		
	 Paying for Your Benefits
	  	 	9	  
		
	 Your Personal Annual Statement
	  	 	9	  
		
	 Reinstatement of Membership and Service
	  	 	10	  
		
	 Leaves of Absence
	  	 	11	  
		
	 Limitations on Benefits
	  	 	12	  
		
	 Insurance of Benefits
	  	 	13	  
		
	 Disputed Claims Procedure
	  	 	13	  
		
	 Qualified Domestic Relations Orders (“QDROs”)
	  	 	14	  
		
	 Statement of ERISA Rights
	  	 	15	  
		
	 •     Receive Information About Your Plan and Benefits
	  	 	15	  
		
	 •     Prudent Actions by Plan Fiduciaries
	  	 	15	  
		
	 •     Enforce Your Rights
	  	 	15	  
		
	 •     Assistance with Your Questions
	  	 	16	  
		
	 Other Plan Information
	  	 	17	  

 EMPLOYEE ELIGIBILITY 
 You will become a Member when eligible and will be enrolled by your employer at that time. You will be eligible for membership in the Plan on the first day of the month following satisfaction of your
Plan’s waiting period, if any. Your Plan’s current waiting period is: 
 One year of service and attainment of age
21 
 If you are expected to complete 1,000 hours of service in the 12 consecutive months following your enrollment date, you will be
enrolled as an active Member and, as such, will be entitled to all the benefits described in this Summary. If you are not expected to complete 1,000 hours of service in this 12 consecutive month period, you will be enrolled as an inactive
Member and, as such, will not accrue or be entitled to any retirement or death benefits. Subsequently, you will be active or inactive depending on whether or not you complete 1,000 hours of service in each calendar year. 

In counting hours, you will be credited with an hour of service for every hour for which you have a right to be paid. This includes vacation, sick leave,
jury duty, etc., and any hours for which back pay may be due. 
 If you are in one of the following employee classes, then you may not
participate in this Plan: 
  

	 	•	 	 Employees who are classified as Leased Employees 

  

	 	•	 	 Employees hired on or after January 1, 2009 

  
 1 

 SERVICE AND SALARY 
 Your benefits are based on your Benefit Service and Salary. The period of Benefit Service is the number of years and months of employment upon which benefits are determined under the Plan. 

Benefit Service includes: 

Prior Service - any or all employment prior to the date your employer joined the Pentegra DB Plan for which your employer
has purchased credit. 
 plus 
 Membership Service (or future service) - period of employment as an active Member (see Page 1) from enrollment to retirement, death or other termination. 

For example, suppose you were hired by your employer at age 35. Then 10 years later, when you are age 45, your employer joined the Pentegra DB Plan and
purchased credit for your 10 years of prior service. After 20 years of membership service you will reach the Plan’s normal retirement age (65) and will then have 30 years of Benefit Service: 

 

									
	 Prior Service
	  	+	  	Membership Service	  	=	  	Benefit Service
	 10 Years
	  	+	  	20 Years	  	=	  	30 Years

 The easy way to approximate how much Benefit Service you would have upon retirement at age 65 is to subtract from 65
whatever age you were when your Benefit Service began. 
 Vesting Service is the period used to determine whether or not you are vested
and eligible for early retirement. It is your period of employment measured from the first day of the month in which you were hired (but not before the earliest date your employer provided credit under any pension plan) to the last day of the month
in which you terminate employment. (Refer to Page 3 describing Vesting.) 
 Salary is your basic annual Salary rate, plus special
payments such as overtime or incentives. Changes in your basic annual Salary rate which occur during the calendar year are recognized. Salary also includes any pre-tax contributions to a Section 401(k) plan and, unless the employer elects
otherwise, pre-tax contributions to a Section 125 cafeteria plan as well as Qualified Transportation Fringe benefits as defined under Section 132(f) of the Internal Revenue Code. 
 Salary does not include any payments made under any long-term, deferred incentive compensation plan, and/or a long-term/deferral component of an incentive compensation plan. 

For the 2012 calendar year, only Salary earned up to $250,000 can be considered in determining your accrued benefit under this Plan. 

  
 2 

 VESTING 
 “Vested” means that you have a nonforfeitable right to a retirement benefit which you will not lose if you terminate your employment. You will become vested in accordance with the following
schedule: 
  

					
	 Completed Years of Employment
	  	Vested
Percentage	 
	 Less than 5
	  	 	0	  
	 5 or more
	  	 	100	% 

 Upon reaching the age of 65, you are automatically 100% vested, regardless of the number of years of employment you have
completed. 
 If you terminate service after becoming fully vested, you are entitled to receive a retirement benefit (see the “Retirement
Benefits” section). If, for example, you are 100% vested upon termination of employment, you would be entitled to a retirement allowance at age 65 equal to 100% of the allowance accrued to your termination date. If you are not vested at
termination, you will not be entitled to any retirement benefit. 
 NOTE: See Reinstatement of Membership and Service explained later.

  
 3 

 RETIREMENT BENEFITS 
 General: 
 The regular form of all retirement benefits provides a retirement allowance, (see
normal and early retirement formulas) plus a retirement death benefit (explained later). Instead of choosing the regular form, you may select one of the optional forms as described in the “Optional Forms of Retirement Benefit” section of
this Summary. 
 All retirement allowances are in addition to Social Security, and are payable in monthly installments for life. In addition,
all retirement allowances must begin as of the April 1st of the calendar year following the later of (i) the calendar year in which you reach age 702, or (ii) the calendar year in which you retire (“Required Beginning
Date”). However, if you are a 5% owner, your Required Beginning Date is the April 1st of the calendar year following the calendar year in which you reach age 702, even if you are still working. 

Normal Retirement: 
 Upon termination of
employment at or after age 65, you will be entitled to a normal retirement benefit. The formula for determining your normal retirement allowance is: 
  

													
	2%	 	X	 	 Years of
 Benefit Service
 (Not to exceed 30 yrs.)
	  	X	  	 High-3
 Average
 Salary
	  	=	  	 Regular
 Annual
 Allowance

Example: You had 30 years of vesting and Benefit Service at termination of employment, and your average annual Salary for the three
(3) consecutive years of highest Salary during Benefit Service (“High-3 Average Salary”) was $40,000. Your annual retirement allowance would be determined as follows: 

 

													
	 	 	 	 	 Years of
 Benefit Service
 (Not to exceed
30 yrs.)
	 	 	 	 High-3
 Average

Salary
	 	 	 	 Regular
 Annual

Allowance

	 2%
	 	X	 	30 yrs. (=60%)	 	X	 	$    40,000	 	=	 	$    24,000

 For Members enrolled prior to September 1, 2003, the benefit calculated above will be adjusted to reflect the
2.25% of High-3 Average Salary accrual rate in effect for benefit service prior to September 1, 2003 (subject to applicable IRS limits). 
 If you do not continue in your employer’s service after age 65, you may begin your normal retirement allowance as described above or you may defer commencement of your allowance until any time up to
your Required Beginning Date, in which case your normal retirement allowance will be increased actuarially. 
 Late Retirement:

 If you continue in employment beyond the Plan’s normal retirement age (65), you will receive a benefit determined under the
employer’s benefit formula based on Salary and Benefit Service earned beyond age 65 until actual termination of employment (regardless of age) without any increase for delayed payment. However, the benefit will not be less than the benefit you
would have had at age (65) actuarially increased. 
 NOTE: Special rules apply if you have reached age 65 prior to July 1, 1988
and continued in employment beyond that date. 

  
 4 

 Early Retirement: 
 If you leave your employer prior to age 65, after having become fully vested (see Page 3), you will be entitled to an early retirement benefit. The retirement allowance payable at age 65 is equal to the
vested amount of the normal retirement allowance accrued to your termination date. 
 Payment may begin as early as age 45, in which case the
allowance otherwise payable at age 65 is reduced by applying an early retirement factor based on your age when payments begin (see below). Payment may also be deferred to any time up to your Required Beginning Date, in which case the retirement
allowance payable at age 65 will be increased actuarially. 
 Example: You terminate employment at age 61 after 26 years of
Vesting Service and Benefit Service, and your High-3 Average Salary over such a period is $40,000. Your annual retirement allowance commencing at age 65 would be determined as follows: 

 

													
	 	 	 	 	 Years of
 Benefit Service
 (Not to exceed
30 yrs.)
	 	 	 	 High-3
 Average

Salary
	 	 	 	 Regular Annual
 Allowance Payable
 At Age
65

	 2%
	 	X	 	26 yrs. (= 52%)	 	X	 	$        40,000	 	=	 	$        20,800

 If, on the other hand, you elected to have your retirement allowance begin immediately, the allowance payable at age 65
would be reduced by 3% for each year you are under age 65, as follows: 
  

									
	 Annual
 Allowance
 Payable at Age
65
	 	 	 	 Early
 Retirement
 Factor (Age
61)
	 	 	 	 Regular Annual
 Allowance Payable
 Immediately
(Age 61)

	 $        20,800
	 	X	 	88%	 	=	 	$        18,304

 NOTE: The reduction in allowance takes into account that the allowance to a younger person will probably be payable
for a longer period of time. The early retirement factor at age 61 is 88%. The other early retirement factors are: 
  

															
	 Age When Allowance
Begins
	 	 Factor
	 	 Age When Allowance
Begins
	  	Factor	 	  	Age When
Allowance Begins	  	Factor	 
	 45
	 	40%	 	52	  	 	61%	  	  	59	  	 	82%	  
	 46
	 	43%	 	53	  	 	64%	  	  	60	  	 	85%	  
	 47
	 	46%	 	54	  	 	67%	  	  	61	  	 	88%	  
	 48
	 	49%	 	55	  	 	70%	  	  	62	  	 	91%	  
	 49
	 	52%	 	56	  	 	73%	  	  	63	  	 	94%	  
	 50
	 	55%	 	57	  	 	76%	  	  	64	  	 	97%	  
	 51
	 	58%	 	58	  	 	79%	  	  	65	  	 	100%	  

 (Interpolation is made to the nearest month.) 

NOTE: For members enrolled prior to September 1, 2003, the benefit you accrued through August 31, 2003, will be subject to the Rule of 70
early retirement factors. Accordingly, if the total of your age and vesting service is equal to or greater than 70, the portion of your retirement allowance which you accrued prior to September 1, 2003, will be reduced by 1.5% for each year you
are under age 65 when your allowance begins. The portion of your benefit which is accrued subsequent to August 31, 2003, will be subject to 3% early retirement reduction factors illustrated above. If you do not meet the Rule of 70 (the total of
your age and vesting service is not equal to or greater than 70), your total benefit will be reduced by the 3% for each year you are under age 65 when your allowance begins (as illustrated above). 

  
 5 

 Retirement Adjustment Payment: 
 If you retire after age 55 (whether normal or early retirement), you will be entitled to a one-time Retirement Adjustment Payment. Please note that under the provisions of the plan, you are deemed to be
retired upon your termination of employment with a deferred vested benefit. The Retirement Adjustment Payment is a single lump sum equal to three months’ regular retirement allowance payable when your allowance begins. 

To illustrate, the annual allowance upon normal retirement would be calculated as shown on Page 4. Assume the annual retirement allowance was $12,000,
and then in addition to such allowance, you would receive a Retirement Adjustment Payment as follows: 
  

									
	 Regular
Annual
Allowance
	 	  	 	  	Retirement
Adjustment
Payment	 
	 	$12,000	  	  	÷     12     =     $1,000 (per month)     X
    3     =	  	$	3,000	  

 NOTES: 
  

	 	•	 	 Retirement Adjustment Payment only applies if you were enrolled in the Plan prior to July 1, 1983.

 Post-Retirement Increments: 
 As a retiree (other than a disability retiree, who is receiving allowance payments) you will be entitled to a payment of 1% of your annual retirement allowance at the end of the calendar year in which you
reach age 66. This is a cumulative increment so that the following year, when you are age 67, the payment will be 2%, then 3%, then 4%, etc. Such increasing payments will continue to be made as long as you live. For example: 

 

													
	 Your Age
	 	Increment Rate	 	 	Annual Allowance	 	 	Incremental Payment
at Year-End	 
	66	 	 	1	% 	 	$	12,000	  	 	$	120	  
	67	 	 	2	% 	 	$	12,000	  	 	$	240	  
	68	 	 	3	% 	 	$	12,000	  	 	$	360	  

 Your age is always measured at the end of the calendar year back to age 65 to determine your applicable rate. 

NOTES: 
  

	 	•	 	 Each Post-Retirement Increment is based on the retirement allowance you actually receive. Similarly, it would continue in the same manner to your
surviving contingent annuitant if you had elected such an optional form of retirement benefit (see Article VI of the Regulations) based on the contingent annuitant’s allowance.  

 

	 	•	 	 Post-Retirement Increments shall not apply to benefits accrued on or after September 1, 2003.

  
 6 

 DEATH BENEFIT 
 In Active Service: 
 Your death benefit is initially calculated as a lump sum value and can
be converted to a different form of benefit depending on your marital status. Regardless of your marital status, you will not receive a death benefit if you are not vested. 
 Married Members: If you die prior to commencing payment of your benefit, your spouse will receive the greater of the lump sum value of your benefit or a 50% joint and survivor annuity. If
the lump sum value yields a greater benefit, your spouse can convert the lump sum value to a straight life annuity or installments over a ten year period. This death benefit is payable at any age. 

Unmarried Members: If you are not married when you die and have not commenced payment of your benefit, your beneficiary will receive the
lump sum value of your benefit. This lump sum value can be converted into installments over a five year period. 
 In Retirement:

 The regular form of all retirement benefits (normal, early or disability) is guaranteed for life, but not less than 120 monthly
installments. If you die before 120 monthly installments have been paid, your beneficiary would be entitled to the commuted value of such unpaid installments paid in a lump sum. Either you or your beneficiary may elect to have this benefit paid in
the form of installments. 
 Example: You retire with a monthly allowance of $500 and should die after receiving payments for 20
months, the commuted value of the 100 remaining monthly installments (120 minus 20) will be paid to your beneficiary. Commuted value is the present amount that would be sufficient, taking into account interest earned, to pay a series of future
payments. Therefore, the amount of this death benefit would be something less than 100 times the $500 monthly allowance because these payments would have been paid to you in the future over 100 months. 

NOTE: If you should die before your allowance payments start (as in the case of an early retiree or normal retiree who has deferred payment), the
death benefit would be equal to the commuted value of 120 monthly retirement allowance installments, which would have been payable had your allowance commenced on the first day of the month in which you die. 

  
 7 

 OPTIONAL FORMS OF RETIREMENT BENEFIT 

At any time before your retirement allowance begins, you may elect to convert your regular retirement allowance and death benefit (described previously)
to an optional form of benefit. The amount of each Option in which you are interested will be determined and communicated to you at retirement. 

These Options are: 
  

	1 -	A higher allowance payable for life and no further benefit upon death. 

  

	2 -	A joint and survivor allowance which would continue at the rate of 100% to your contingent annuitant if he or she survives you. If both you and your contingent
annuitant die before 120 monthly installments have been paid, the commuted value of such unpaid installments would be paid in a lump sum to your beneficiary. 

 

	3 -	A joint and survivor allowance which would continue at the rate of 50% to your contingent annuitant if he or she survives you. 

 

	4 -	A revised retirement allowance during your life with some other benefit payable upon your death, subject to certain limitations and approval of the Pentegra DB Plan.

  

	5 -	A single lump sum settlement in lieu of any monthly allowance and death benefit. This Option may be elected if you retire after reaching age 50, or if you are an early
retiree and defer commencement of your benefit until such age. The election of this Option requires the written consent of your spouse, if any. Please note that benefits accrued on or after September 1, 2003 shall not
be available in the form of a single lump sum.  

  

	6 -	A partial lump sum settlement equal to 25%, 50% or 75% of the total benefit and a monthly allowance for the remainder of the benefit which must commence at the time of
the partial lump sum settlement. This Option may be elected if you retire after reaching age 50 or if you are an early retiree and defer commencement of your benefit until such age. The election of this Option requires written consent of your
spouse, if any. Please note that benefits accrued on or after September 1, 2003 shall not be available in the form of a partial lump sum. 

NOTE: If you die while in retirement or while eligible for early retirement, and you are (i) survived by a spouse, and (ii) have not made
any election with respect to your death benefit or retirement benefit, the death benefit will be paid to the surviving spouse in an amount equal to a lifetime annuity of at least 50% of your allowance had you elected Option 3 above. This benefit may
be paid in the form of a lump sum or in installments of equivalent value. 
 DIRECT ROLLOVERS 

If you select payment option numbers 5 or 6 above, you may request that a direct rollover of all or a portion of the distribution be made to either an
Individual Retirement Account (IRA) or another qualified plan, which is willing to accept the transfer of assets and is permissible under the Pentegra DB Plan. A direct rollover will result in no tax being due until you withdraw the funds from the
IRA or other qualified plan. Under certain circumstances, all or a portion of the amount to be distributed may not qualify for a direct rollover. For example, a distribution of less than $200 will not be eligible for a direct rollover. If you elect
to receive the distribution, rather than request a direct rollover, then 20% of the distribution amount will be withheld for federal income tax purposes. 
 AUTOMATIC CASH-OUT OF BENEFITS 
 If the present value of your vested accrued benefit is
$1,000 or less when you terminate employment, you will be “cashed-out”. Your distribution will be paid as soon as practicable after complying with the applicable federal income tax withholding laws. Distribution of amounts greater than
$1,000 will only be made with your consent. 

  
 8 

 PAYING FOR YOUR BENEFITS 
 All contributions made to the Plan on your behalf are actuarially determined. Your employer has elected to pay the full cost of your benefits. You, as an employee, do not contribute while on the
“non-contributory basis.” 
 Special Note to any Member who has “Accumulated Contributions” with the Pentegra DB Plan:

 If you made personal contributions to the Pentegra DB Plan while your present or previous employer was on the contributory basis and
if those contributions have not been refunded to you, you are fully vested in the value of such contributions plus interest (“accumulated contributions”). This means that if you terminate employment, you may request a refund of such
accumulated contributions. If you terminate before becoming fully vested in a retirement benefit, the refund will be in lieu of all other benefits. If you terminate after becoming fully vested in an early or normal retirement benefit (refer to Page
3 describing Vesting), the refund will be in lieu of that portion of your retirement benefit which is attributable to your accumulated contributions. The remaining portion, attributable to your employer’s contributions, will be payable as a
reduced retirement benefit. 
 YOUR PERSONAL ANNUAL STATEMENT 

(Keeping You Informed) 
 Your accumulated contributions will be shown on your Personal Annual Statement (see below). 
 Every year the Pentegra DB Plan prepares a Personal Annual Statement for each Member. This statement shows as of each January 1st your periods of accrued Vesting Service and Benefit Service, and the status of your retirement and death benefits.
These statements are sent to your employer for distribution in or about the following month of March. 

  
 9 

 REINSTATEMENT OF MEMBERSHIP AND SERVICE 

If you leave employment before becoming vested (see Page 3), but become reemployed by the same or another employer participating in this Program, you
will be reenrolled immediately. 
 If the period of your break in service (i.e., the period between your termination and reemployment) was not
longer than 60 months, your previous Vesting Service will be reinstated upon your reemployment. If your break in service was not longer than 12 consecutive months, your previous Vesting Service will be reinstated upon your reemployment. In addition,
you will also receive Vesting Service credit for the period of your break. If the period of your break in service exceeded 60 months but was not longer than the period of your Vesting Service before becoming vested, your previous Vesting Service
will be reinstated upon your reemployment. If the period of your break in service was equal to or exceeded the greater of 60 consecutive months or your previous Vesting Service, upon reemployment you will be treated as a new employee upon
reemployment. In other words, no prior Vesting Service will be credited to you. 
 The following chart should assist you in understanding your
options: 
  

					
	 Length of Break in Service for a Non-Vested
Member
	 	 Vesting Service Prior to the Break in
Service
	 	 Period of the Break in Service

	Less than 60 consecutive months	 	Will be reinstated upon your reemployment.	 	Credit will not be given for the period of break in service.
			
	Less than 12 consecutive months	 	Will be reinstated upon your reemployment.	 	Credit will be given for the period of the break in service.
			
	More than 60 consecutive months, but not more than total Vesting Service up to the break in service	 	Will be reinstated upon your reemployment.	 	Credit will not be given for the period of the break in service.
			
	 More than the greater of:
  

a) 60 consecutive months; or
  
 b) Total Vesting Service prior to the break in service
	 	Will NOT be reinstated upon your reemployment.	 	 Credit will not be given for the period of break in service.

 
 Upon reemployment, you will be considered a new employee.

 Upon reinstatement of your Vesting Service, your previous Benefit Service will also be reinstated if you repay within
five years of your reemployment (or the date you incurred a break in service of at least 60 months) any accumulated contributions which were refunded to you with interest to the date of such repayment. 

For example, if you terminated service and had completed one year (i.e., 12 months) of Vesting Service, you would not be vested in a retirement benefit
and would be entitled only to a refund of your own contributions, if any, plus interest. However, if you returned to service with any participating employer within 60 months, your previous Vesting Service would be reinstated and your previous
Benefit Service would also be reinstated if you repaid with interest any contributions that had been refunded to you. 
 If you leave employment
with a vested benefit, commence receiving benefits, and then are reemployed as an active Member by a participating employer, you will be reenrolled immediately and given the option (within six months following reemployment as an active Member) to
make an irrevocable election to continue to receive the payment of your Retirement Allowance or to suspend the payment until subsequent termination of service. If no election is made, the payment of your Retirement Allowance will continue in the
form of payment previously chosen. Upon your subsequent retirement, your retirement benefit will be based upon your Benefit Service before and after your prior retirement and your Salary during that service, but will be actuarially reduced for any
such benefit already paid. 

  
 10 

 LEAVES OF ABSENCE 
 There are four types of approved leaves of absence which may be granted on a uniform basis by your employer while you are a Plan Member. 

 

			
	Type 1	  	You will be granted Non-military leave for up to one year during which all contributions continue. Both Vesting Service and Benefit Service continue to accrue during this
leave.
		
	Type 1-A	  	You will be granted Military leave if you are subject to qualified military service pursuant to an involuntary military call-up in the Reserves of the U.S. Armed Services. During
this leave, contributions continue to be made. In addition, Vesting Service and Benefit Service continue to accrue. To qualify for benefits under Type 1-A, you must return to the service of your employer within 90 days of your discharge from
military service.
		
	Type 2	  	You will be granted Non-military leave for up to one year during which all contributions are discontinued. During this leave, Vesting Service continues to accrue, but Benefit
Service does not. The accrual of Benefit Service will resume when your leave terminates and your contributions resume.
		
	Type 3	  	You will be granted Military leave during which all contributions are discontinued. During this leave, Vesting Service continues to accrue, but Benefit Service generally does
not. The accrual of Benefit Service will resume when your leave terminates and your contributions resume.

 The following Table will assist you in understanding the Plan’s Leave of Absence provisions as described above.

  

									
	 Type of Leave
	 	 Duration
	 	 Contributions
	 	 Vesting Service
	 	 Benefit Service

	 NON-MILITARY LEAVE:
	 		 		 		 	
	 1
	 	Up to one year	 	Will continue to be made	 	Will continue to accrue	 	Will continue to accrue
					
	 2
	 	Up to one year	 	Will be discontinued	 	Will continue to accrue	 	Will not continue to accrue
	 MILITARY LEAVE:
	 		 		 		 	
	 1-A
	 	Can vary	 	Will continue to be made	 	Will continue to accrue	 	Will continue to accrue
					
	 3
	 	Can vary	 	Will be discontinued	 	Will continue to accrue	 	Will not continue to accrue

 Any benefit for which you are otherwise eligible may become payable during a Type 1 leave. However, no benefit, other
than the refund of your contributions, if any, is payable on account of your disability or death incurred during a Type 2 leave, except that if you are eligible for early retirement and die during such leave, your beneficiary will receive the
retirement death benefit described previously which would have been payable if you had retired on the first day of the month in which your death occurred. 

  
 11 

 LIMITATIONS OF BENEFITS 

 

	•	 	 No benefit is payable by the Pentegra DB Plan unless the required contributions and application forms have been received by the Plan.

  

	•	 	 Internal Revenue Service (IRS) requirements impose certain limitations on the amount of benefits that may be paid under this and other qualified
retirement plans. These limitations normally affect only the highest-paid employees and are subject to adjustment in accordance with IRS regulations. The dollar limit on annual benefits payable from a defined benefit plan is $200,000 in 2012 (
$195,000 in 2009 and 2010 and 2011), actuarially reduced for benefits commencing before age 62 and increased for benefits commencing after age 65. If you have less that 10 years of vesting service or are under age 65 when you retire, or if your
employer has two (2) plans in effect, your benefits are subject to further restrictions. 

  

	•	 	 The Pentegra DB Plan, by law cannot recognize annual compensation in excess of a certain dollar limit. The limit for the 2011 limitation year is
$245,000 and is $250,000 for the 2012 limitation year. After 2012, the compensation dollar limit may be adjusted by the IRS. 

  

	•	 	 If an employer should withdraw from the Pentegra DB Plan and establish a comparable defined benefit plan as a qualified successor plan, all liabilities
of such employer under the Pentegra DB Plan must be transferred to the qualified successor plan. If an employer should withdraw from the Pentegra DB Plan without establishing a qualified successor Plan, all liabilities of the employer under the
Pentegra DB Plan must be annuitized through an insurance company selected by the Pentegra DB Plan. Limits may be imposed upon the benefits of certain higher-paid employees if an employer withdraws from the Pentegra DB Plan within 10 years after the
later of its commencement date or the effective date of any change which increases benefits. 

  

	•	 	 Amounts payable by the Pentegra DB Plan generally may not be assigned, and if any person entitled to a payment attempts to assign it, his interest in
the amount payable may be terminated and held for the benefit of that person or his dependents. 

  

	•	 	 Your employer’s continued participation is subject to IRS qualifications and other regulations it may impose. 

 

	•	 	 The limitations on benefits imposed by the IRS are subject to changes on an annual basis. 

  
 12 

 INSURANCE OF BENEFITS 
 Benefits under the Plan are insured by the Pension Benefit Guaranty Corporation (PBGC) if the Pentegra DB Plan terminates. Generally, the PBGC guarantees most vested normal retirement age benefits, early
retirement benefits, and certain disability and survivor pensions. However, the PBGC does not guarantee all types of benefits under covered plans, and the amount of benefit protection is subject to certain limitations. 

The PBGC guarantees vested benefits at the level in effect on the date of Plan termination. However, if prior to the termination of a plan, the employer
has been participating for less than five (5) years, or if benefits have been increased within the past five years, the whole amount of the vested benefits or the vested increase may not be guaranteed. In addition, there is a ceiling on the
amount of monthly benefit the PBGC guarantees, which is adjusted periodically. A withdrawal of your employer from participation in the Pentegra DB Plan is not a plan termination under this paragraph, and only those benefits provided under Article
XII of the Pentegra DB Plan Regulations are payable in the event of such a withdrawal. 
 For more information on the PBGC insurance protection
and its limitations, ask the Plan Administrator or the PBGC. Inquiries to the PBGC should be addressed to the PBGC’s Technical Assistance Division, 1200 K Street N.W., Suite 930, Washington, D.C. 20005 - 4026 or call 202-326-4000 (not a toll
free number). TTY/TTD users may call the federal relay service toll free at 1-800-877-8339 and ask to be connected to 202-326-4000. Additional information about the PBGC’s pension insurance program is available through the PBGC’s website
on the Internet at http://www.pbgc.gov. 
 DISPUTED CLAIMS PROCEDURE 

If you disagree with the Pentegra DB Plan with respect to any benefit to which you feel you are entitled, you should make a written claim to the
President of the Pentegra DB Plan, who holds discretionary authority to approve or deny the claim. If your claim is denied, you will receive written notice from him explaining the reason for the denial within 90 days after the claim is filed, which
sets forth, in an understandable manner, the following information: 
  

	 	•	 	 The specific reason(s) for the denial of the claim; 

  

	 	•	 	 Reference to the specific plan provision on which the denial is based; 

 

	 	•	 	 A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why that material or
information is necessary; and 

  

	 	•	 	 A description of the Plan’s review procedures and the time limits applicable to those procedures, including a statement of the claimant’s
right to bring a civil action under ERISA Section 502(a) following a denial on review. 

 The President’s decision
will be final unless you appeal such decision in writing to the Retirement Committee of the Board of Directors of the Pentegra DB Plan at 108 Corporate Park Drive, White Plains, New York 10604, within 60 days after receiving the notice of denial.
The written appeal should contain all information you wish to be considered. The Retirement Committee will review the claim within 60 days after the appeal is made. Its decision will be in writing, and will include the reason for such decision. The
Committee’s decision will be final. In the case of a decision on appeal upholding the President’s initial denial of the claim, the President’s notice of its decision on appeal shall set forth, in an understandable manner, the
following information: 
  

	 	•	 	 The specific reason(s) for the decision on appeal; 

  

	 	•	 	 Reference to the specific Plan provision on which the decision on appeal is based; 

 

	 	•	 	 A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and
other information relevant to the claim for benefits; and 

  

	 	•	 	 A statement describing any voluntary appeal procedures (including voluntary arbitration or any other form of dispute resolution) offered by the Plan
and the claimant’s right to obtain information sufficient to enable you or your beneficiary to make an informed judgment about whether to submit a benefit dispute to the voluntary level of appeal, and a statement of the claimant’s right to
bring an action under ERISA Section 502(a). 

  
 13 

 QUALIFIED DOMESTIC RELATIONS ORDERS (“QDROS”) 

A QDRO is a judgment, decree or order which has been determined by the Pentegra DB Plan, in accordance with the procedures established under the Pentegra
DB Plan’s Regulations, to constitute a QDRO under the Internal Revenue Code. 
 To obtain copies of the Pentegra DB Plan’s Model QDRO
and QDRO Procedures free of charge, please contact the Plan Administrator. (Please refer to the “Other Plan Information” section of this Summary to obtain the Plan Administrator’s address and telephone number).

  
 14 

 STATEMENT OF ERISA RIGHTS 
 As a Member in the Comprehensive Retirement Program, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA provides that all Members
will be entitled to: 
 Receive Information About Your Plan and Benefits 

 

	 	•	 	 Examine, without charge, at the Plan Administrator’s office or at other specified locations, all documents governing the Plan, and a copy of the
latest annual report (Form 5500 Series) filed by the Plan Administrator with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 

 

	 	•	 	 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report
(Form 5500 Series) and updated summary plan description. The Administrator may make a reasonable charge for the copies. 

  

	 	•	 	 Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each Member with a copy of this
summary annual report. 

  

	 	•	 	 Obtain, without charge, a statement telling you whether you have a vested right to receive a pension at normal retirement age and if so, what your
benefits would be at that time if you stop working under the Plan now. If you do not have a vested right to a pension, the statement will tell you the earliest date on which your benefits will become vested. This type of statement is provided to you
at least one time every three (3) years, provided you are still in employment with the Employer when this statement is furnished. 

 Prudent Actions by Plan Fiduciaries 
 In addition to creating rights for Plan Members,
ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan Members
and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a pension benefit or exercising your rights under ERISA. 

Enforce Your Rights 
 If
your claim for a pension benefit is denied in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.

 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest
annual report from the Plan Administrator and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you
receive them, unless such materials were not sent for reasons beyond the Plan Administrator’s control. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. 

In addition, if you disagree with the Plan Administrator’s decision (or lack thereof) concerning the qualified status of a domestic relations order,
after you have complied with the remedies prescribed in the Plan’s QDRO Procedures and Disputed Claims Procedure outlined in this summary plan description, you may file suit in Federal court. 

If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek
assistance from the U. S. Department of Labor or, after you have complied with the Plan’s “Disputed Claims Procedure” outlined in this summary plan description, you may file suit in a Federal court. The court will decide who should
pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees (for example, if it finds your claim is frivolous).

  
 15 

 Assistance with Your Questions 

If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or your rights under
ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division
of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N. W. Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under
ERISA by calling the publications hotline of the Employee Benefits Security Administration. 
 This Statement of ERISA Rights is required by
Federal law and regulations. 

  
 16 

 OTHER PLAN INFORMATION 
 Employer: 
 Federal Home Loan Bank of Topeka 

One SW Security Benefit Plan, Suite 100 
 Topeka, KS 66606 
 Telephone Number: 785-233-0507 

Plan Sponsor: 
 The
Comprehensive Retirement Program is sponsored by the -  
 Pentegra Defined Benefit Plan for Financial Institutions

 108 Corporate Park Drive 
 White Plains, New York 10604 
 Telephone Number: 914-694-1300 

Plan Identification Number - 13-5645888 
 Plan Number - 001 
 Plan Year End - June 30 

Plan Administrator: 
 The Plan
Administrator is the President of the Pentegra DB Plan, whose place of business is the office of the Pentegra Defined Benefit Plan for Financial Institutions. The President is also the person designated as agent for service of legal process. Service
of legal process may also be made upon a Plan Trustee. 
 Plan Trustee: 

The Bank of New York Mellon 
 One Wall Street 
 New York, NY 10286 

Telephone Number: 212-635-8115 

Board of Directors: 
 The composition of
the Board changes from year to year, but you may refer to the most recent Annual Report (which is furnished to your employer) for a current listing of Directors and their places of business. 
 Participating Employers: 
 Upon receipt of a written request for information regarding
whether a particular employer is a Member of this multiple employer arrangement, we will provide you with a statement as to whether such employer is a Member and, if so, the employer’s address. 

  
 17 

			
	 

	  	 Pentegra Retirement Services
 108 Corporate Park Drive
 White Plains, NY 10604

(800) 872-3473

www.pentegra.comEX-10.1

 Exhibit 10.1 
 SOVRAN SELF STORAGE, INC. 
 2005 AWARD AND OPTION PLAN

 As Amended and Restated Effective January 27, 2012 

1.         PURPOSE 
 The purposes of this Plan are to advance the interests of the Company and its stockholders, by providing a long-term incentive compensation program that will be an incentive to the Key Employees of the
Company and its Subsidiaries whose contributions are important to the continued success of the Company and its Subsidiaries, and by enhancing their ability to attract and retain in their employ highly qualified persons for the successful conduct of
their businesses. This Plan has been amended and restated effective January 1, 2009 to include provisions intended to comply with final regulations promulgated under Internal Revenue Code (“Code”) Section 409A and shall be
construed to the extent practicable so as to avoid causing any amounts payable to any Participant hereunder to be includable in the Participant’s gross income under Code Section 409A(a)(1) and further amended and restated effective
January 27, 2012 to revise Paragraph 13 below. 
 2.         DEFINITIONS 

    (a)         “Acceleration Date” means (i) in the event of a
Change in Ownership, the date on which such change occurs, or (ii) with respect to a Participant who is eligible for treatment under Paragraph 20 hereof on account of the Participant’s Separation from Service following a Change in
Control, the date on which such Separation from Service occurs. 

    (b)         “Award Notice” means a written notice from the
Company to a Participant that sets forth the terms and conditions of Stock Options or Restricted Stock awarded to the Participant under this Plan in addition to those established by this Plan and by the Committee’s exercise of its
administrative powers. 
     (c)         “Board” means
the Board of Directors of the Company. 
     (d)
        “Cause” means (i) the willful and continued failure by a Key Employee to substantially perform his duties with his employer after written warnings specifically identifying the lack of
substantial performance are delivered to him by his employer, or (ii) the willful engaging by a Key Employee in conduct which is materially and demonstrably injurious to the Company or a Subsidiary. 

    (e)         “Change in Control” shall be deemed to have
occurred at such time as 
     (i) any “person” within the meaning of
Section 14(d) of the Exchange Act, other than the Company, a Subsidiary, or any employee benefit plan or plans sponsored by the Company or any Subsidiary, is or has become the “beneficial owner”, as defined in Rule 13d-3 under the
Exchange Act, directly or indirectly, of 

 SOVRAN SELF STORAGE, INC. 

2005 AWARD AND OPTION PLAN 
 Page 2 
 20% or more of the combined voting power of the outstanding securities of
the Company ordinarily having the right to vote at the election of directors, or 

    (ii) approval by the stockholders of the Company of (a) any consolidation or merger of
the Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of stock of the Company would be converted into cash, securities or other property, other than a consolidation or merger of the Company in
which the common stockholders of the Company immediately prior to the consolidation or merger have substantially the same proportionate ownership of common stock of the surviving corporation immediately after the consolidation or merger as
immediately before, or (b) any consolidation or merger in which the Company is the continuing or surviving corporation but in which the common stockholders of the Company immediately prior to the consolidation or merger do not hold at least a
majority of the outstanding common stock of the continuing or surviving corporation (except where such holders of common stock hold at least a majority of the common stock of the corporation which owns all of the common stock of the Company), or
(c) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company, or 

    (iii) individuals who constitute the Board on May 18, 2005 (the “Incumbent
Board”) have ceased for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to May 18, 2005 whose election, or nomination for election by the Company’s stockholders, was
approved by a vote of at least three-quarters (3/4) of the directors comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of the Company in which such person is named as nominee for director without
objection to such nomination) shall be, for purposes of this Plan, considered as though such person were a member of the Incumbent Board. 
     (f)         “Change in Control Price” means, in respect of a Change in Control, the highest closing price per share paid for the
purchase of Common Stock on the New York Stock Exchange (“NYSE”) or, if the Common Stock is not then listed on the NYSE, on the principal public trading market for the Common Stock during the ninety (90) day period ending on the date
the Change in Control occurs, and in respect of a Change in Ownership, the highest closing price per share paid for the purchase of Common Stock on the NYSE or, if the Common Stock is not then listed on the NYSE, on the principal public trading
market for the Common Stock during the ninety (90) day period ending on the date the Change in Ownership occurs. 

    (g)         “Change in Ownership” means a change that results
directly or indirectly in the Company’s Common Stock ceasing to be actively traded on a national securities exchange or the National Association of Securities Dealers Automated Quotation System. 

 SOVRAN SELF STORAGE, INC. 

2005 AWARD AND OPTION PLAN 
 Page 3 

    (h)         “Code” means the Internal Revenue Code of 1986, as
amended from time to time. 
     (i)         “Committee”
means the Compensation Committee of the Board, or such other committee designated by the Board, authorized to administer this Plan. The Committee shall consist of not less than three members, each of whom shall be “disinterested” as
defined by Rule 16b-3 under the Exchange Act as amended from time to time. 

    (j)         “Common Stock” means the common stock, $0.01 par
value, of the Company. 
     (k)         “Company” means
Sovran Self Storage, Inc., a Maryland corporation, and with respect to the Company’s obligations under Paragraph 20, any successor thereto. 
     (l)         “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

    (m)         “Fair Market Value” on any date means the average
of the high and low sales prices of a share of Common Stock as reflected in the report of consolidated trading of NYSE-listed securities (or, if the Common Stock is not then listed on the NYSE, the principal public trading market for such shares)
for that date (or if no shares of Common Stock were traded on the NYSE or such other principal public trading market on that date, the next preceding date that shares of Common Stock were so traded) published in the Midwest Edition of The Wall
Street Journal; provided, however, that if no shares of Common Stock have been publicly traded for more than ten (10) days immediately preceding such date, then the Fair Market Value of a share of Common Stock shall be determined by the
Committee in such manner as it may deem appropriate provided that such determination shall satisfy the requirements of Treas. Reg. §1.409A-1(b)(5) so as to ensure that any Stock Option granted hereunder is not subject to Code Section 409A.

     (n)         “Good Reason” means a good faith
determination made by a Participant that there has been any: 
     (i) material change by
the Company of the Participant’s functions, duties or responsibilities which change would cause the Participant’s position with the Company to become of less dignity, responsibility, importance, prestige or scope, including, without
limitation, the assignment to the Participant of duties and responsibilities inconsistent with his positions, 

    (ii) assignment or reassignment by the Company of the Participant without the Participant’s
consent, to another place of employment more than 50 miles from the Participant’s current place of employment, or 

 SOVRAN SELF STORAGE, INC. 

2005 AWARD AND OPTION PLAN 
 Page 4 
 (iii) reduction in the Participant’s total
compensation in a materially greater proportionate amount than other Key Employees similarly situated; 
 provided in each case
that the Participant shall specify the event relied upon for such determination by written notice to the Board at any time not later than three months after the first occurrence of such event and the Board shall not have remedied the matter within
30 days following delivery of such written notice to the Board. 

    (o)         “Key Employee” means an officer or other key
employee of the Company or a Subsidiary as determined by the Committee. 

    (p)         “Participant” means any individual to whom Stock
Options have been awarded by the Committee under this Plan. 

    (q)         “Plan” means this Sovran Self Storage, Inc.
2005 Award and Option Plan. 
     (r)         “Restricted
Stock” means an award of shares of Company Common Stock subject to restrictions, pursuant to Paragraph 9 hereof. 

    (s)         “Separation from Service” has the meaning provided
at Regulation §1.409A-1(h). 
     (t)         “Stock
Option” means an option to purchase Company Common Stock that is awarded to a Participant in accordance with Paragraph 8 hereof. 
     (u)         “Subsidiary” means a corporation or other business entity in which the Company directly or indirectly has an ownership
interest of 50 percent or more. 
 3.         ADMINISTRATION 

This Plan shall be administered by the Committee. The Committee shall have the authority to: (a) interpret this Plan;
(b) establish such rules and regulations as it deems necessary for the proper administration of this Plan; (c) select Key Employees to receive Stock Options and Restricted Stock under this Plan; (d) determine and modify the form of
Stock Options awarded under this Plan, whether non-qualified or incentive stock options, the number of Stock Options awarded to any Key Employee, and all the terms and conditions of Stock Options awarded under this Plan, including the time and
conditions of exercise or vesting; (e) determine and modify the number of shares of Restricted Stock awarded to any Key Employee, and all the terms and conditions of Restricted Stock awarded under this Plan, including the applicable
restrictions thereon and restriction period therefor; (f) grant waivers of Plan terms and conditions, provided that such waivers are not inconsistent with Section 16 of the Exchange Act and the rules promulgated thereunder;
(g) accelerate the vesting of any Stock Option or lapse of restrictions on any shares of Restricted Stock when any such action would be in the best interests of the Company; and (h) take any and all other action it deems advisable

 SOVRAN SELF STORAGE, INC. 

2005 AWARD AND OPTION PLAN 
 Page 5 
 for the proper administration of this Plan. All determinations of the Committee shall be
made by a majority of its members, and its determinations shall be final, binding and conclusive. The Committee, in its discretion, may delegate its authority and duties under this Plan to the Chief Executive Officer or to other senior officers of
the Company under such conditions as the Committee may establish; provided, however, that to the extent required by Section 16 and notwithstanding any other provision of this Plan or an Award Notice only the Committee may select and award Stock
Options and Restricted Stock and render other decisions as to the timing, pricing and amount of Stock Options and Restricted Stock to Participants who are subject to Section 16 of the Exchange Act. 

4.         ELIGIBILITY 
 Any Key Employee is eligible to become a Participant in this Plan. 
 5.
        SHARES AVAILABLE 
 The maximum number of shares of Common Stock which
shall be available for award of Stock Options (including incentive stock options) and Restricted Stock under this Plan during its term shall not exceed 1,500,000 and the maximum number of shares of Common Stock with respect to which Stock Options
and Restricted Stock may be granted to any individual Key Employee during any calendar year shall not exceed 100,000; all subject to adjustment as provided in Paragraph 12. Any shares of Common Stock related to Stock Options or Restricted Stock
which terminate by expiration, forfeiture, cancellation or otherwise without the issuance of such shares, are settled in cash in lieu of Common Stock, shall be available again for award under this Plan. Further, if and to the extent permitted in
accordance with Paragraph 8(d), any shares of Common Stock are used by a Participant for the full or partial payment to the Company of the purchase price of shares of Common Stock upon exercise of a Stock Option, or for any withholding taxes due as
a result of such exercise, such shares shall again be available for award under this Plan. The shares of Common Stock available for issuance under this Plan may be authorized and unissued shares or treasury shares. 

6.         TERM 
 This Plan shall become effective as of May 18, 2005. No Stock Options shall be exercisable or payable and no restrictions on shares Restricted Stock shall lapse before approval of this Plan has been
obtained from the Company’s stockholders. Stock Options and Restricted Stock shall not be awarded pursuant to this Plan after May 17, 2015. 
 7.        PARTICIPATION 
 The
Committee shall select Participants, determine the type of awards (Stock Options or Restricted Stock) to be awarded, and establish in the related Award Notices the applicable terms and conditions of the Stock Options and Restricted Stock in

 SOVRAN SELF STORAGE, INC. 

2005 AWARD AND OPTION PLAN 
 Page 6 
 addition to those set forth in this Plan and any administrative rules issued by the
Committee. 
 8.         STOCK OPTIONS 

    (a)         General.    Stock Options may be
awarded to any Key Employee. These Stock Options may be incentive stock options within the meaning of Section 422 of the Code or non-qualified stock options (i.e., stock options which are not incentive stock options), or a combination of both.
For the purpose of determining the exercise price of a Stock Option, the date of grant of a Stock Option will be the date on which the Committee completes the action necessary to award the option provided that notice of the option is given to the
Key Employee within a reasonable time thereafter. 
     (b)        
Terms and Conditions of Stock Options.    A Stock Option shall be exercisable in whole or in such installments and at such times as may be determined by the Committee. The price at which Common Stock may be purchased upon
exercise of a Stock Option (the “exercise price”) shall be established by the Committee, but such exercise price shall not be less than the Fair Market Value of the Common Stock on the date of grant of the Stock Option. An Award Notice
evidencing a Stock Option may, in the discretion of the Committee, provide that a Participant who pays the option price of a Stock Option by an exchange of shares of Common Stock previously owned by the Participant shall automatically be issued a
new stock option to purchase additional shares of Common Stock equal to the number of shares of Common Stock so exchanged. Such new stock option shall have an exercise price equal to the Fair Market Value of the Common Stock on the date such new
stock option is issued, which shall be the date on which the shares of Common Stock used to pay the exercise price are delivered to the Company, and shall be subject to such other terms and conditions as the Committee deems appropriate. 

    (c)         Restrictions Relating to Incentive Stock
Options.    Stock Options awarded in the form of incentive stock options shall, in addition to being subject to all applicable terms and conditions established by the Committee, comply with Section 422 of the Code.
Accordingly, the aggregate Fair Market Value (determined at the time the option was awarded) of the Common Stock with respect to which incentive stock options are exercisable for the first time by a Participant during any calendar year (under this
Plan or any other plan of the Company or any of its Subsidiaries) shall not exceed $100,000 (or such other limit as may be required by the Code). Also, each incentive stock option shall expire not later than ten years from its date of award. The
number of shares of Common Stock that shall be available for incentive stock options awarded under this Plan is 1,500,000. 

 SOVRAN SELF STORAGE, INC. 

2005 AWARD AND OPTION PLAN 
 Page 7 

    (d)         Exercise of Stock Options 

(1) A Stock Option may be exercised in whole or in part from time to time during the option period (or, if determined by
the Committee, in specified installments during the option period) by giving written notice (or by such other methods of notice as the Committee designates) of exercise to the Company (or a representative designated by the Company for that purpose)
specifying the number of shares to be purchased, such notice to be accompanied by payment in full of the purchase price and applicable Tax Withholding (as provided in Paragraph 13). 

(2) Upon exercise, the exercise price of a Stock Option may be paid in cash, or, if permitted by the Committee, in its
sole discretion, shares of Common Stock or a combination of cash and shares of Common Stock, or such other consideration as the Committee may deem appropriate. The Committee may establish appropriate methods for accepting Common Stock as
consideration for the exercise of a Stock Option, and may impose such conditions as it deems appropriate on the use of such Common Stock to exercise a Stock Option. If the Committee, in its sole discretion, permits the use of shares of Common Stock
as consideration for the exercise of a Stock Option, such shares shall be valued at Fair Market Value on the date of exercise. 
 (3) To the extent permitted by the Sarbanes-Oxley Act of 2002 and other applicable law, and provided that it will not cause a Stock Option to become subject to Code Section 409A, the Committee, in
its sole discretion, may establish procedures whereby a Participant, to the extent permitted by and subject to the requirements of Rule16b-3 under the Exchange Act, Regulation T issued by the Board of Governors of the Federal Reserve System pursuant
to the Exchange Act, federal income tax laws, and other federal, state and local tax and securities laws, can exercise a Stock Option or a portion thereof without making a direct payment of the option price to the Company. If the Committee so elects
to establish such a cashless exercise program, the Committee shall determine, in its sole discretion and from time to time, such administrative procedures and policies as it deems appropriate. Such procedures and policies shall be binding on any
Participant wishing to utilize the cashless exercise program. 
 9.         RESTRICTED STOCK

     (a)         General.     Shares of
Restricted Stock may be awarded to any Key Employee and shall be awarded in such amounts and at such times during the term of this Plan as the Committee shall determine. 
     (b)         Restrictions on Restricted Stock.     Restricted Stock shall be subject to such terms and conditions
as the Committee deems appropriate including, but not by way of limitation, restrictions on transferability and continued employment. The Committee 

 SOVRAN SELF STORAGE, INC. 

2005 AWARD AND OPTION PLAN 
 Page 8 
 may modify or accelerate the delivery of shares of Restricted Stock under such
circumstances as it deems appropriate. 
     (c)        Rights
as Stockholders.    During the period in which any shares of Restricted Stock are subject to the restrictions imposed under Paragraph 9(b) hereof, the Committee may, in its discretion, grant to the Participant to whom
shares of Restricted Stock have been awarded all or any of the rights of a stockholder with respect to such shares, including, but not by way of limitation, the right to vote such shares and to receive dividends. Except as otherwise provided in this
Plan, in the absence of any explicit action by the Committee, the Participant to whom shares of Restricted Stock have been awarded shall have the rights of a stockholder with respect to such shares of Restricted Stock. 

    (d)        Evidence of Restricted Stock
Award.    Any shares of Restricted Stock granted under this Plan may be evidenced in such manner as the Committee deems appropriate, including, without limitation, book-entry registration or issuance of a stock certificate or
certificates. 
 10.         TERMINATION OF EMPLOYMENT 

Subject to Paragraph 14, if a Participant’s employment with the Company or a Subsidiary terminates for a reason other than
death, disability, retirement or an approved reason, all the Participant’s unexercised Stock Options and shares of Restricted Stock then subject to restrictions shall be canceled or forfeited as the case may be, unless the Participant’s
Award Notice provides otherwise. The Committee shall have the authority to promulgate rules and regulations to (i) determine what events constitute disability, retirement, or termination for an approved reason for purposes of this Plan, and
(ii) determine the treatment of a Participant under this Plan in the event of his death, disability, retirement, or termination for an approved reason. 
 11.        NONASSIGNABILITY 
 Except
as otherwise provided by the Committee, in its sole discretion, in the Award Notice, no Stock Option or share of Restricted Stock (that remains subject to restriction) awarded under this Plan shall be subject in any manner to alienation,
anticipation, sale, transfer (except by will or the laws of descent and distribution), assignment, pledge, or encumbrance and a Participant’s Stock Options shall be exercisable during the Participant’s lifetime only by him. 

12.         ADJUSTMENT OF SHARES AVAILABLE 

    (a)        Changes in Stock.     In the event
of changes in the Common Stock by reason of a Common Stock dividend or stock split-up or combination, appropriate adjustment shall be made by the Committee in the aggregate number of shares available under this Plan, the number of shares with
respect to which Stock Options and 

 SOVRAN SELF STORAGE, INC. 

2005 AWARD AND OPTION PLAN 
 Page 9 
 Restricted Stock may be granted to any individual Key Employee during any calendar year,
and the number of shares subject to outstanding Stock Options and Restricted Stock, without, in the case of Stock Options, change in the aggregate purchase price to be paid there for. Such proper adjustment as maybe deemed equitable may be made by
the Committee in its discretion to give effect to any other change affecting the Common Stock. 

        (b)    Changes in Capitalization.    In
case of a merger or consolidation of the Company with another corporation, a reorganization of the Company, a reclassification of the Common Stock of the Company, a spin-off of a significant asset, or other changes in the capitalization of the
Company, appropriate provision shall be made for the protection and continuation of any outstanding Stock Options and shares of Restricted Stock by either (i) the substitution, on an equitable basis, of appropriate stock, stock options or other
securities or other consideration, including cash, to which holders of Common Stock of the Company will be entitled pursuant to such transaction or succession of transactions, or (ii) by appropriate adjustment in the number of shares issuable
pursuant to this Plan, the number of shares covered by outstanding Stock Options and Restricted Stock and the option price of outstanding Stock Options, as deemed appropriate by the Committee. 

        (c)    Limitation of Committee
Discretion.    Any adjustment of a Stock Option pursuant to this Paragraph 12 shall be done in such manner as shall not cause the Stock Option to become subject to Code Section 409A. 

13.         TAX WITHHOLDING 
         (a)    Payment by Participant.    Each Participant shall pay to the Company an amount sufficient to satisfy
all Federal, state and local withholding tax requirements, no later than the date as of which the Company or any Subsidiary is required by law to withhold any Federal, state, or local taxes of any kind with respect to amounts includable in the
Participant’s gross income for Federal income tax purposes with respect to any Stock Option or Restricted Stock awarded pursuant to this Plan. The Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to the Participant. 

        (b)    Payment in Stock.    A Participant
may elect to have the applicable statutory minimum Federal, state and local tax withholding obligation satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of Common Stock to be issued pursuant to this Plan a
number of shares with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the applicable statutory minimum Federal, state and local withholding tax amount due, or (ii) transferring to the Company
shares of Common Stock owned by the Participant with an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the applicable statutory minimum Federal, state and local withholding tax amount due. For purposes of
this Paragraph 13(b), in no event may the Participant require the Company to, and the 

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2005 AWARD AND OPTION PLAN 
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 Company shall not, withhold taxes in excess of any applicable statutory minimum amount.
With respect to any Participant who is subject to Section 16 of the Exchange Act, the following additional restrictions shall apply: 
 (A)        the Company (1) shall have been subject to the reporting requirements of Paragraph 13(a) of the Exchange Act for at least a year prior to the
election and shall have filed all reports and statements required to be filed pursuant to that Section for that year, and (2) shall have issued on a regular basis public releases of quarterly and annual summary statements of sales and earnings;

 (B)        the election to satisfy tax withholding obligations
relating to an award of Stock Options or Restricted Stock in the manner permitted by this Paragraph 13(b) shall be made either (1) during the period beginning on the third business day following the date of release of quarterly or annual
summary statements of sales and earnings of the Company and ending one month prior to end the calendar quarter following such date, or (2) at least six months prior to the date as of which the receipt of such an award first becomes a taxable
event for Federal income tax purposes; 
 (C)        such election shall
be irrevocable; 
 (D)        such election shall be subject to the
consent or disapproval of the Committee; and 
 (E)        the Common
Stock withheld to satisfy tax withholding must pertain to an award of Stock Options or Restricted Stock which has been held by the Participant for at least six months from the date of grant of such award. 

14.        NONCOMPETITION PROVISION 

The Committee may provide in any Award Notice that the Participant shall forfeit all his unexercised Stock Options and shares of
Restricted Stock if, (i) in the opinion of the Committee, the Participant, without the written consent of the Company, engages directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee, owner,
promoter, or otherwise, in any business or activity competitive with the business conducted by the Company or any Subsidiary; or (ii) the Participant performs any act or engages in any activity which in the opinion of the Committee is inimical
to the best interests of the Company. 
 15.        DIVIDENDS 

Except as otherwise provided in the Award Notice, a Participant who is granted shares of Restricted Stock shall be entitled to receive
dividends paid on such shares of Restricted Stock at the times and in the amounts as apply to shareholders generally. 

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2005 AWARD AND OPTION PLAN 
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 The Committee may determine in its discretion that the Participant will not receive
dividends on Restricted Stock, or will receive such dividends only if and when the restrictions on the Restricted Stock lapse, but any such determination must be set forth in the Award Notice. 

16.        AMENDMENTS OF AWARDS 
 The Committee may at any time unilaterally amend the Award Notice for any unexercised Stock Option or any share of Restricted Stock then subject to restrictions to the extent it deems appropriate;
provided, however, that any such amendment which is adverse to a Participant shall require the Participant’s consent. 

17.        REGULATORY APPROVALS AND LISTINGS 

Notwithstanding anything contained in this Plan to the contrary, the Company shall have no obligation to issue or deliver certificates of
Common Stock upon the exercise of any Stock Option or award of Restricted Stock prior to (a) the obtaining of any approval from any governmental agency which the Company shall, in its sole discretion, determine to be necessary or advisable,
(b) the admission of such shares to listing on the stock exchange on which the Common Stock may be listed, and (c) the completion of any registration or other qualification of said shares under any state or federal law or ruling of any
governmental body which the Company shall, in its sole discretion, determine to be necessary or advisable. 

18.        NO RIGHT TO CONTINUED EMPLOYMENT OR AWARDS 

Participation in this Plan shall not give any Key Employee any right to remain in the employ of the Company or any Subsidiary. The Company
or, in the case of employment with a Subsidiary, the Subsidiary, reserves the right to terminate any Key Employee at any time. Further, the adoption of this Plan shall not be deemed to give any person any right to be selected as a Participant or to
be awarded any Stock Options or shares of Restricted Stock. 
 19.        AMENDMENT 

The Board may suspend or terminate this Plan at any time. In addition, the Board may, from time to time, amend this Plan in any manner,
but may not without stockholder approval adopt any amendment which (a) would materially increase the benefits accruing to Participants under this Plan, (b) would materially increase the number of shares of Common Stock which may be issued
under this Plan (except as specified in Paragraph 12), (c) would materially modify the requirements as to eligibility for participation in this Plan, or (d) is required to be approved by stockholders under the rules and regulations of
the New York Stock Exchange or applicable laws. 

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2005 AWARD AND OPTION PLAN 
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 20.        CHANGE IN CONTROL AND CHANGE IN
OWNERSHIP 

    (a)        Background.    All Participants
shall be eligible for the treatment afforded by this Paragraph 20 if there is a Change in Ownership or if the Participant has a Separation from Service within two years following a Change in Control as a result of an involuntary termination without
Cause or a termination on account of Good Reason. 

    (b)        Vesting and Lapse of
Restrictions.    If a Participant is eligible for treatment under this Paragraph 20, (i) all of the terms and conditions in effect on any unexercised Stock Options and any restrictions on shares of Restricted Stock shall
immediately lapse as of the Acceleration Date; (ii) no other terms or conditions shall be imposed upon any Stock Options or shares of Restricted Stock on or after such date, and in no event shall any Stock Option or share of Restricted Stock be
forfeited on or after such date; (iii) all of his unexercised Stock Options and shares of Restricted Stock shall automatically become one hundred percent (100%) vested immediately upon such date; and (iv) all of his unexercised Stock
Options and shares of Restricted Stock shall be valued and cashed out on the basis of the Change in Control Price. 

    (c)        Payment.    If a Participant is
eligible for treatment under this Paragraph 20, whether or not he is still employed by the Company or a Subsidiary, he shall be paid, in a single lump-sum cash payment, as soon as practicable but in no event later than 90 days after the Acceleration
Date (or, if sooner, March 15 of the calendar year following the Acceleration Date), for all his outstanding Stock Options (including incentive stock options) and shares of Restricted Stock. 

        (d)    Section 16 of Exchange
Act.    Notwithstanding anything contained in this Paragraph 20 to the contrary, any Participant who on the Acceleration Date holds any Stock Options or shares of Restricted Stock that have not been outstanding for a period
of at least six months from their date of award and who on the Acceleration Date is required to report under Section 16 of the Exchange Act shall not be paid for his Stock Options or Restricted Stock until the first day next following the end
of such six-month period. 

    (e)        Miscellaneous.    Upon a Change in
Control or a Change in Ownership, (i) the provisions of Paragraphs 10, 14 and 16 hereof shall become null and void and of no force and effect insofar as they apply to a Participant who has been terminated under the conditions described in
Paragraph 20(a) above; and (ii) no action, including, but not by way of limitation, the amendment, suspension or termination of this Plan, shall be taken which would affect the rights of any Participant or the operation of this Plan with
respect to any Stock Option or share of Restricted Stock to which the Participant may have become entitled hereunder on or prior to the date of the Change in Control or Change in Ownership or to which he may become entitled as a result of such
Change in Control or Change in Ownership. 

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2005 AWARD AND OPTION PLAN 
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        (f)    Legal Fees.    The Company shall
pay all legal fees and related expenses incurred by a Participant in seeking to obtain or enforce any payment, benefit or right he may be entitled to under this Plan after a Change in Control or Change in Ownership; provided, however, the
Participant shall be required to repay any such amounts to the Company to the extent a court of competent jurisdiction issues a final and non-appealable order setting forth the determination that the position taken by the Participant was frivolous
or advanced in bad faith. 
 21.        NO RIGHT, TITLE OR INTEREST IN COMPANY ASSETS 

No Participant shall have any rights as a stockholder as a result of participation in this Plan until the date of issuance of a stock
certificate in his name and, in the case of Restricted Stock, such rights are granted to the Participant under Paragraph 9(c) hereof. To the extent any person acquires a right to receive payments from the Company under this Plan, such rights shall
be no greater than the rights of an unsecured creditor of the Company. 
 22.         GOVERNING
LAW 
 This Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State
of New York. 
 23.        COMPLIANCE WITH SECTION 409A. 

    (a)    Awards Intended To Be Excluded From
Section 409A.    All Stock Options awarded hereunder are intended to be exempt from the application of Code Section 409A either because the option is an incentive stock option within the meaning of Code
Section 422 or because the option is a non-qualified stock option awarded with an exercise price at least equal to Fair Market Value on the date of grant. The Restricted Stock Awards are issued in compliance with Code Section 83 and are
thereby exempt from Code Section 409A. Any interpretations or administrative actions necessary to implement the Plan shall be made to the extent practicable to preserve such exemptions from Code Section 409A 

    (b)    Non-excluded Awards Must Comply With
Section 409A.    To the extent that the Committee determines that any Award granted hereunder is subject to Section 409A of the Code, the Award Instrument evidencing such Award shall incorporate the terms and
conditions necessary to avoid taxes and interest under Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Award Instruments shall be interpreted in accordance with Section 409A of the Code and final Treasury Regulations
issued thereunder. Notwithstanding any provision of the Plan to the contrary, in the event that the Committee determines that any Award may be subject to Section 409A of the Code, the Committee may adopt such amendments to the Plan and the
applicable Award Instrument or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any 

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2005 AWARD AND OPTION PLAN 
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 other actions, that the Committee determines are necessary or appropriate to
(1) exempt the Stock Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Stock Award, or (2) comply with the requirements of Section 409A of the Code and
Treasury Regulations thereunder so as to avoid taxes and interest under Section 409A(a)(1) of the Code. 

(c)        Protection of the Company and Others.    Notwithstanding
the foregoing provisions of this Paragraph 23, neither the Company, nor any officer or employee of the Company, nor any member of the Committee shall have any liability to any Participant on account of an Award hereunder being taxable under Code
Section 409A regardless of whether such person could have taken action to prevent such result and failed to do so.

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