Document:

Exhibit 10.07

 

THE FEDERAL HOME LOAN BANK

 

OF NEW YORK

 

AMENDED AND RESTATED

 

SUPPLEMENTAL EXECUTIVE RETIREMENT DEFINED
BENEFIT & DEFINED

 

CONTRIBUTION BENEFIT EQUALIZATION PLAN

 

Effective November 19, 2020

 

     

     

    

	Table of Contents
	Introduction	Page 1
	 	 
	Article	 
	 	 
	1. Definitions	Page 2
	 	 
	2. Membership	Page 5
	 	 
	3. Amount and Payment of Defined Benefit Plan Component	Page 6
	 	 
	4. Amount and Payment of Defined Contribution Plan Component	Page 10
	 	 
	5. Source and Methods of Payments	Page 15
	 	 
	6. Designation of Beneficiaries	Page 16
	 	 
	7. Administration	Page 17
	 	 
	8. Amendment and Termination	Page 19
	 	 
	9. General Provisions	Page 20
	 	 
	Signatures	Page 22
	 	 
	Schedule A	Page 23
	Schedule B	Page 24

 

     

     

    

SUPPLEMENTAL EXECUTIVE RETIREMENT DEFINED
BENEFIT & DEFINED CONTRIBUTION BENEFIT EQUALIZATION PLAN

 

Introduction

 

The
purpose of this Supplemental Executive Retirement Defined Benefit & Defined Contribution Benefit Equalization Plan (as more
fully defined in Article 1, the “Plan”)
is to provide to certain employees of the Federal Home Loan Bank of New York (as more fully defined in Article 1, the “Bank”)
the benefits which would have been payable under the Pentegra Defined Benefit Plan for Financial Institutions’ Comprehensive
Retirement Program (as more fully defined in Article 1, the “Defined Benefit Plan”),
and benefits equivalent to the matching contributions, regular account contributions (after-tax) and 401(k) account contributions
(pre-tax) which would have been available under the Pentegra Defined Contribution Plan for Financial Institutions (as more fully
defined in Article 1, the “Defined Contribution Plan”),
but for the limitations placed on benefits and contributions for such employees by Sections 401(a)(17), 401(k)(3)(A)(ii), 401(m),
402(g) and 415 of the Internal Revenue Code of 1986, as amended. The Plan, as further described below, also enhances benefits
for certain employees.

 

The Plan is unfunded and all benefits payable
under this Plan shall be paid solely out of the general assets of the Bank. No benefits under this Plan shall be payable by the
Defined Benefit Plan or its assets or by the Defined Contribution Plan or its assets.

 

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Article 1. Definitions

 

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

 

1.01     “Actuary”
means the independent consulting actuary retained by the Bank to assist the Committee (as that
term is defined in this Article) in its administration of the Plan.

 

1.02     “Bank”
means the Federal Home Loan Bank of New York and each subsidiary or affiliated company thereof
which participates in the Plan and their respective legal successors.

 

1.03     “Beneficiary”
means the beneficiary or beneficiaries designated in accordance with Article 5 of the Plan to receive
the benefit, if any, payable upon the death of a Member (as that term is defined in this Article) of the Plan.

 

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

 

1.05     “Committee”
means the Nonqualified Plan Committee appointed by the Board of Directors.

 

1.06     “Defined
Benefit Plan” means the Pentegra Defined Benefit Plan for Financial Institutions’
Comprehensive Retirement Program, a qualified and tax-exempt defined benefit pension plan and trust
under IRC Sections 401(a) and 501(a), as adopted by the Bank.

 

1.07     “Defined
Benefit Plan Component” means and refers to the provisions of Article 3, which is
and shall be deemed to be a separate nonqualified plan within the Federal Home Loan Bank of New York Supplemental Executive Retirement
Defined Benefit & Defined Contribution Benefit Equalization Plan.

 

1.08     “Defined
Contribution Plan” means the Pentegra Defined Contribution Plan for Financial Institutions,
a qualified and tax-exempt defined contribution plan and trust under IRC

 

Sections 401(a) and 501(a), as adopted by the Bank.

 

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1.09   “Defined
Contribution Plan Component” means and refers to the provisions of Article 4, which
is and shall be deemed to be a separate nonqualified plan within the Federal Home Loan Bank of New York Supplemental Executive
Retirement Defined Benefit & Defined Contribution Benefit Equalization Plan.

 

1.10     “IRC”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

 

1.11   “IRC
Limitations” mean the cap on compensation taken into account by a plan under IRC Section
401(a)(17), the limitations on 401(k) contributions necessary to meet the average deferral percentage (“ADP”)
test under IRC Section 401(k)(3)(A)(ii), the limitations on employee and matching contributions necessary to meet the average contribution
percentage (“ACP”) test under IRC Section
401(m), the dollar limitations on elective deferrals under IRC Section 402(g), and the overall limitations on contributions and
benefits imposed on qualified plans by IRC Section 415, as such provisions may be amended from time to time, and any similar successor
provisions of federal tax law.

 

1.12     “Member”
means any person included in the membership of the Plan as provided in Article 2.

 

1.13    “Plan”
means The Federal Home Loan Bank of New York Supplemental Executive Retirement Defined Benefit
 & Defined Contribution Benefit Equalization Plan, as set forth herein and as amended from time to time.

 

1.14     “Plan
Administrator” shall be the Director of Human Resources of the Bank or a designee.

 

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1.15     “Retirement”
means and refers to the Separation from Service of a Member under circumstances entitling the Member
to a benefit from and under the terms of the Defined Benefit Plan.

 

1.16     “Separation
from Service” has the meaning set forth in Section 1.409A-1(h) of the Regulations
promulgated under IRC Section 409A.

 

1.17     “Unforeseeable
Emergency” has the meaning set forth in Section 1.409A-3(i)(3)(i) of the Regulations
promulgated under IRC Section 409A or as amended. Under current regulations, an Unforeseeable Emergency means a severe financial
hardship of the Member resulting from an illness or accident of the Member, the Member’s
spouse, the Member’s beneficiary, or the Member’s
dependent (as defined in Code Section 152(a), without regard to Code Sections 152(b)(1), (b)(2) and (d)(1)(B)); loss of the Member’s
property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance);
imminent foreclosure of or eviction from the Member’s primary residence; the need
to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication; the
need to pay for the funeral expenses of a spouse or a dependent (as defined in Code Section 152(a)) or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the Member.

 

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Article 2. Membership

 

2.01     Each
employee of the Bank who is included in the membership of the Defined Benefit Plan shall become a Member of the Defined Benefit
Plan Component of the Plan on the later of (i) the date on which the Committee shall determine, in its sole and absolute discretion,
that the employee is eligible to participate in the Defined Benefit Plan Component who is an officer at the rank of Vice President
or higher and received compensation in excess of the IRC Limitations as defined in Section 1.07 of the Plan in three (3) calendar
years in a period of five (5) consecutive calendar years and (ii) the earliest date on which a benefit under the Defined Benefit
Plan is limited by IRC Section 401(a)(17) or 415. If, on the date that payment of a Member’s
benefit from the Defined Benefit Plan commences, the Member is not entitled to receive a benefit under Article 3.01 of the Plan,
the Member’s membership in the Defined Benefit Component of the Plan shall terminate
on such date.

 

2.02     Each
employee of the Bank who is included in the membership of the Defined Contribution Plan shall become a Member of the Defined Contribution
Plan Component of the Plan on the later of (i) the date on which the Committee shall determine, in its sole and absolute discretion,
that the employee is eligible to participate in the Plan who is an officer at the rank of Vice President or higher and received
compensation in excess of the IRC Limitations as defined in Section 1.07 of the Plan and (ii) the earliest date on which the Member
is credited with an elective contribution addition under Section 4.01 of the Plan.

 

2.03     Notwithstanding
any other provision of this Plan to the contrary, the Committee, in its sole and absolute discretion, shall exclude from membership
and participation in the Plan any employee (i) who is not one of a select group of management and highly compensated employees
as the Committee shall fix and determine, or (ii) for any other reason as may be determined by the Committee.

 

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Article 3. Amount and Payment of Defined
Benefit Plan Component

 

3.01     The
amount, if any, of the annual benefit payable to or on account of a Member pursuant to the Defined Benefit Plan Component of the
Plan shall equal (i) minus (ii), but not less than zero, as determined by the Committee, where:

 

(i) is defined
as the annual benefit (as calculated by the Defined Benefit Plan on the basis of the form of payment elected under the Defined
Benefit Plan by the Member) that would otherwise be payable to or on account of the Member by the Defined Benefit Plan under the
Defined Benefit Plan if the provisions of the Defined Benefit Plan were administered (A) without regard to the limitations imposed
by Sections 401(a)(17) and 415 of the IRC and regardless of whether employment commenced on or after July 1, 2014 and (B) as if
(x) the applicable annual salary rate did not exclude overtime and incentive compensation payments; and (y) the applicable benefit
multiplier used to calculate a Member’s total pension benefit was 2%, provided that:
(1) for the person who served as the Bank’s President and CEO on January 1, 2019,
the applicable benefit multiplier was 2.5%, and (2) for those persons identified in Schedule B attached hereto, such persons will
no longer accrue additional benefits under the Defined Benefit Plan; however, such benefits will be restored by the Defined Benefit
Component of this Plan with the applicable benefit multiplier of 2.5% ; and

 

(ii) is
defined as the annual benefit (as calculated by the Defined Benefit Plan on the basis of the form of payment elected under the
Defined Benefit Plan by the Member) that is payable to or on account of the Member by the Defined Benefit Plan under the Defined
Benefit Plan after giving effect to any reduction of such benefit required by the limitations imposed by Sections 401(a)(17) and
415 of the IRC and otherwise determined in accordance with the terms of the Defined Benefit Plan as it may be amended from time
to time.

 

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For
purposes of this Section 3.01, for the person who served as the Bank’s President
and CEO on January 1, 2019, the total pension benefit shall be calculated using that person’s
highest consecutive three-year average earnings. Further, the normal form of payment option for this person will
include a life annuity with a lump sum retirement death benefit which is 12 times the annual retirement allowance less the
sum of such allowance payments made before death. Also, the cumulative incremental cost of living adjustment for this person
shall be 1% of the retirement allowance at the end of the calendar year in which age 66 is reached.

 

In addition,
for purposes of this Section 3.01, “annual benefit” includes
any benefits the Bank has elected to provide its employees under the Defined Benefit Plan and shall be in the form of a life annuity
within the meaning of Section 1.409A-2(b)(2)(ii) of the Regulations promulgated under IRC Section 409A. The Defined Benefit Plan
in effect upon the date of hire, as amended, establishes the qualified retirement benefit for each employee.

 

3.02     Unless
the Member elects an optional form of payment under this Article 3 pursuant to Section 3.03 of the Plan, the annual benefit, if
any, payable to or on account of a Member under Section 3.01 of the Plan shall be converted by the Actuary and shall be payable
to or on account of the Member in the “Regular Form” of
payment, utilizing for that purpose the same actuarial factors and assumptions then used by the Defined Benefit Plan to determine
actuarial equivalence under the Defined Benefit Plan. For purposes of the Plan, the “Regular
Form” of payment means an annual benefit payable for the Member’s
lifetime and the death benefit described in Section 3.04 of the Plan.

 

3.03     (a)
A Member may, with the prior written consent of the Plan Administrator, elect in writing prior to the making of any annuity payment
under this Article 3 to have the annual benefit, if any, payable to or on account of a Member under Section 3.02 of the Plan converted
by the Actuary to any optional form of payment then permitted under the Defined Benefit Plan that is a life annuity within the
meaning of Section 1.409A-2(b)(2)(ii) of the Regulations promulgated under IRC Section 409A other than the “Regular
Form” of payment and that is actuarially equivalent to the “Regular
Form” of payment. The Actuary shall utilize for the purpose of that conversion the
same actuarial factors and assumptions then used by the Defined Benefit Plan to determine actuarial equivalence under the Defined
Benefit Plan.

 

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    (b) If a Member
who had elected an optional form of payment under this Section 3.03 dies after the date benefit payments under the Plan had commenced,
the only death benefit, if any, payable under the Plan in respect of said Member shall be the amount, if any, payable under the
optional form of payment which the Member had elected under the Plan. If a Member who had elected an optional form of payment under
this Section 3.03 dies before the date benefit payments under the Plan commence, the Member’s
election of an optional form of benefit shall be inoperative.

 

    (c) An election
of an optional form of payment under this Section 3.03 may be made only on a form prescribed by the Plan Administrator and filed
by the Member with the Plan Administrator prior to the commencement of payment of the Member’s
benefit under Section 3.02 of the Plan.

 

3.04    Upon
the death of a Member who had not elected an optional form of payment under Section 3.03 of the Plan, a death benefit shall be
paid to the Member’s beneficiary in a lump sum equal to the excess, if any, of (i)
over (ii), where:

 

(i)        is
an amount equal to twelve (12) times the annual benefit, if any, payable under Section 3.02 of the Plan; and

 

(ii)       is
the sum of the benefit payments, if any, which the Member had received under this Article 3.

 

3.05     If
a Member to whom an annual benefit is payable under this Article 3 dies before commencement of the payment of the Member’s
benefit, the death benefit payable under Section 3.02 of the Plan shall be payable to the Member’s
beneficiary as if the payment of the Member’s benefit had commenced on the first day
of the month in which the Member’s death occurred.

 

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3.06     The
annual benefit, if any, payable to or on account of a Member under this Article 3 shall commence to be paid no earlier than
(i) the Member’s Separation from Service, (ii) the date the Member becomes
disabled, within the meaning of IRC Section 409A(a)(2)(c), or (iii) the Member’s
death, and the time or schedule of payments shall not be accelerated except as provided in Regulations promulgated pursuant
to IRC Section 409A, nor shall any payment of benefits be deferred to a date other than the date fixed for such
payment. Such annual benefit shall be paid in monthly installments commencing on the first day of the month next following
the Member’s Separation from Service constituting the Member’s
Retirement under the Defined Benefit Plan, except that no benefits shall be paid prior to the date such annual benefit can be
definitely determined by the Plan Administrator. Nothing in this Plan shall be deemed to make the payment of benefits to a
Member under this Article 3 dependent upon the commencement of the payment of benefits to the Member under the Defined
Benefit Plan.

 

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Article 4. Amount and Payment of Defined
Contribution Plan Component

 

4.01     For
each calendar year, if the Member’s 401(k) account contributions and/or regular account
contributions under the Defined Contribution Plan for such year have reached the maximum permitted by the IRC Limitations as determined
by the Plan Administrator, and if the Member’s compensation for that calendar year
is expected to exceed the dollar limitation set forth in IRC Section 401(a)(17) (as indexed), and if the Member elects to reduce
compensation for such calendar year by delivering to the Plan Administrator, prior to the commencement of such calendar year, a
written election on such form as the Plan Administrator may designate, which election shall become irrevocable on the last day
of the calendar year preceding such calendar year, then such Member shall be credited with an elective contribution addition under
the Defined Contribution Plan Component equal to the reduction in the Member’s compensation
made in accordance with such election; provided, however, that the sum of all such elective contribution additions for a Member
with respect to any single calendar year made under this Section 4.01 shall not be greater than the excess of (i) over (ii), where:

 

       (i) is an
amount equal to 19% of the Member’s compensation (as defined by the Defined Contribution
Plan if its provisions were administered without regard to the IRC Limitations); and

 

       (ii) is an
amount equal to the maximum amount of regular account, 401(k) account and additional elective deferral (as defined in IRC Section
125 or 414(v)) contributions the Member could make under the Defined Contribution Plan for the calendar year after giving effect
to any limitation or reduction on elective contributions required by the IRC Limitations.

 

       If the reduction
in a Member’s compensation under such election under this Section 4.01 is determined
to exceed the maximum allowable elective contribution additions for such calendar year, such excess and any related earnings credited
under Section 4.03 of the Plan shall be paid to such Member within the first two and one-half months of the succeeding calendar
year.

 

        4.02     [Intentionally
Omitted]

 

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       4.03     For
each elective contribution addition credited to a Member under Section 4.01 of the Plan, such Member shall also be credited with
a matching contribution addition under this Article 4 equal to the matching contribution, if any, that would be credited under
the Defined Contribution Plan with respect to such amount if contributed to the Defined Contribution Plan, determined as if the
provisions of the Defined Contribution Plan were administered without regard to the IRC Limitations and determined after taking
into account the Member’s actual regular and 401(k) contributions to and actual matching
contributions under the Defined Contribution Plan.

 

        For those
Members identified on Schedule A attached hereto, effective beginning with the Defined Contribution Plan Component calendar year
2020, the Bank will provide for each Member’s elective contribution a matching contribution
of up to 9% of such Member’s compensation. Such Members will be eligible to make deferrals
for the Defined Contribution Plan Component calendar year on or before the last day of the preceding calendar year as provided
for in Section 4.01.

 

        4.04     The
Plan Administrator shall maintain a Defined Contribution Plan Component account within the financial records of the Bank for each
Member who is a Member by reason of amounts credited under Section 4.01 of the Plan. The elective contribution additions, and
matching contribution additions of a Member under Sections 4.01 and 4.03 of the Plan shall be credited to the Member’s
Defined Contribution Plan Component account as soon as practicable after the date that the compensation reduced under Section
4.01 of the Plan would otherwise have been paid to such Member. In addition, the Defined Contribution Plan Component account of
a Member shall be credited or debited from time to time with an investment return at a rate substantially equivalent to the net
rate of return based on the Member’s account investment choices as offered by the
Plan servicer administering the Plan on behalf of the Bank.

 

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4.05        The
balance credited to a Member’s Defined Contribution Plan Component account shall be
paid to the Member in a lump sum payment on the date that is the first business day after the 60th day following the
Member’s Separation from Service with the Bank, or at such other date or dates that
begins within ten (10) years of Separation from Service and in such form as the Member shall have elected in writing to the Bank
on or before December 31, 2016, or, in the case of a Member who shall first elect to reduce compensation pursuant to Section 4.01
of the Plan subsequent to December 31, 2016, at the time the Member first so elects to reduce compensation, subject to the provisions
of Section 4.07 of the Plan.

 

If no election is made or if the election
is not timely or properly made, distribution will be made in the form of a single lump sum payment. An election as to the manner
of payment may not be changed after the payment has been made or payments have commenced. Prior to that time, a Member may change
an election by filing a new election form with the Plan Administrator; provided, however, that: (i) the new election will not take
effect until at least 12 months after the date the new election is filed; (ii) the single lump sum payment or the commencement
of installment payments with respect to which such election is made must be deferred for a period of not less than five years from
the date such payment would otherwise have been made; and (iii) the new election is filed at least 12 months prior to the date
of the first scheduled payment under the Plan.

 

If installment distributions are elected,
the initial installment amount will be the account balance otherwise payable in a single sum multiplied by a fraction, the numerator
of which is one and the denominator of which is the total number of installment payments. Subsequent installments will also be
a fraction of the unpaid account balance, the numerator of which is always one but the denominator of which is the denominator
used in calculating the previous installment minus one. For example, if five installment payments are elected, the initial installment
will be one-fifth of the single sum account balance, the second will be one-fourth the remaining account balance, the third installment
will be one-third the remaining account balance, and so on. The account will continue to earn benefits based on the investment
choices of the Member.

 

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If the Member’s
account balance upon eligibility for election disbursements is less than $10,000, then the entire amount will be paid in a single
lump sum payment regardless of the Member’s payment election.

 

4.06        If
a Member dies or becomes disabled (within the meaning of IRC Section 409A(a)(2)(c)) prior to receiving the balance credited to
the Member’s Defined Contribution Plan Component account under Section 4.05 of the
Plan, the balance in the Member’s Defined Contribution Plan Component account at the
time of the Member’s death shall be paid, in the event of death, to the Member’s
designated Beneficiary or, in the event of the Member’s disability, to him, in a lump
sum payment as soon as reasonably practicable after death or disability, as applicable.

 

4.07        Subject
to Section 4.08, the benefit under this Article 4 shall be paid at the time or times and in the form in which such benefit is payable
pursuant to Section 4.05 of the Plan and shall commence to be paid no earlier than (i) the Member’s
Separation from Service, (ii) the date the Member becomes disabled, within the meaning of IRC Section 409A(a)(2)(c), or (iii) the
Member’s death, and the time or schedule of payments provided in Section 4.05 of the
Plan shall not be accelerated except as provided in Regulations promulgated pursuant to IRC Section 409A, nor shall any payment
of benefits be deferred to a date other than the date fixed for such payment.

 

4.08        Upon
a finding that the Member has suffered an Unforeseeable Emergency, subject to compliance with IRC Section 409A the Plan
Administrator may, at the request of the Member, accelerate distribution of benefits or approve reduction or cessation of
current deferrals under Section 4.01 in the amount reasonably necessary to alleviate such Unforeseeable Emergency, subject to
the following conditions: (i) the request to take this type of distribution shall be made by filing a form provided by and
filed with the Plan Administrator prior to the end of any calendar month; (ii) the amount
distributed pursuant to this Section 4.08 with respect to an Unforeseeable Emergency shall not exceed the amount necessary to
satisfy such financial emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution,
after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by
insurance or otherwise, by liquidation of the Member’s assets (to the extent the
liquidation of such assets would not itself cause severe financial hardship), or by cessation of deferrals under Section
4.01; and (iii) the amount determined by the Plan Administrator as the distribution shall be paid in a lump sum as soon as
practicable after the end of the calendar month in which this special distribution election is made and approved by the Plan
Administrator.

 

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Article 5. Source and Method of Payments

 

All payments
of benefits under the Plan, whether arising under Article 3 with respect to the Defined Benefit Plan Component of the Plan or under
Article 4 with respect to the Defined Contribution Plan Component of the Plan, shall be paid from, and shall only be a general
claim upon, the general assets of the Bank, notwithstanding that the Bank, in its discretion, may establish a bookkeeping reserve
or a grantor trust (as such term is used in IRC Sections 611 through 677) to reflect or to aid it in meeting its obligations under
the Plan with respect to any Member or prospective Member or beneficiary; provided, that no contributions to such a grantor trust
shall be made by the Bank during any “restricted period” as
such term is defined in IRC Section 409(A)(b)(3)(B). No benefit whatever provided by the Plan shall be payable from the assets
of the Defined Benefit Plan or the Defined Contribution Plan. No Member shall have any right, title or interest whatever in or
to any investments which the Bank may make or any specific assets which the Bank may reserve to aid it in meeting its obligations
under the Plan. A Member will be fully “vested” in
the Defined Contribution Plan Component account balance at all times.

 

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Article 6. Designation of Beneficiaries

 

6.01        Each
Member of the Plan may file with the Plan Administrator a written designation of one or more persons as the beneficiary who shall
be entitled to receive the amount, if any, payable under the Plan upon the Member’s
death. A Member may, from time to time, revoke or change the Member’s beneficiary
designation without the consent of any prior beneficiary by filing a new designation with the Plan Administrator. The last such
designation received by the Plan Administrator shall be controlling; provided, however, that no designation, or change or revocation
thereof, shall be effective unless received by the Plan Administrator prior to the Member’s
death, and in no event shall it be effective as of a date prior to such receipt.

 

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

 

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Article 7. Administration

 

7.01        The
Board of Directors has delegated to the Plan Administrator, subject to those powers which the Board has reserved as described in
Article 8 of the Plan, general authority over and responsibility for the administration and interpretation of the Plan. The Plan
Administrator shall have full power and authority to interpret and construe the Plan, and to make all determinations considered
necessary or advisable for the administration of the Plan and any trust referred to in Article 5 of the Plan, and the calculation
of the amount of benefits payable thereunder, and to review claims for benefits under the Plan. The Plan Administrator’s
interpretations and constructions of the Plan and its decisions or actions thereunder shall be binding and conclusive on all persons
for all purposes. However, a Member may in writing appeal a decision of the Plan Administrator to the Committee as provided for
in Section 7.03. Should the Plan Administrator determine that he or she may personally and uniquely benefit from a decision that
is made regarding the Plan, such decision shall be made by the designee.

 

7.02        If
the Plan Administrator deems it advisable, it shall arrange for the engagement of a Plan servicer and advisors for investment
plan options from which the Members choose, an Actuary, legal counsel and certified public accountants (who may be counsel to
or accountants for the Bank), and other consultants, and make use of agents and clerical or other resources, for purposes of
operating the Plan and retaining the Plan records concerning accounts, Member elections and beneficiary selections. The Plan
Administrator may rely upon the written opinions of such Plan servicer and advisors, Actuary, counsel, accountants and
consultants, and upon any information supplied by the Defined Benefit Plan for purposes of Article 3 of the Plan, and
delegate to any agent its authority to perform any act hereunder, including, without limitation, those matters involving the
exercise of discretion; provided, however, that such delegation shall be subject to revocation at any time at the discretion
of the Plan Administrator. The Plan Administrator shall report to the Board of Directors, or to a committee designated by the
Board, at such intervals as shall be specified by the Board or such designated committee, with regard to the matters for
which it is responsible under the Plan.

 

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7.03        All
claims for benefits under the Plan shall be submitted in writing to the Plan Administrator. Written notice of the decision on each
such claim shall be furnished with reasonable promptness to the Member or the Member’s
beneficiary (the “claimant”). The claimant
may request a review by the Committee of any decision denying the claim in whole or in part. Such request shall be made in writing
and filed with the Committee within 30 days of such denial. A request for review shall contain all additional information which
the claimant wishes the Committee to consider. Written notice of the decision on review shall be furnished to the claimant not
later than 90 days following the Committee’s receipt of the request for review. The
Committee may hold any hearing or conduct any independent investigation which it deems desirable to render its decision and the
decision on review shall be made as soon as feasible after the Committee’s receipt
of the request for review. Written notice of the decision on review shall be furnished to the claimant and reported to the Plan
Administrator. For all purposes under the Plan, such decisions on claims (where no review is requested) and decisions on review
(where review is requested) shall be final, binding and conclusive on all interested persons as to all matters relating to the
Plan.

 

7.04        All
expenses incurred by the Bank, the Committee, or the Plan Administrator in their administration of the Plan shall be paid by the
Bank.

 

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Article 8. Amendment and Termination

 

The Board of Directors may amend, suspend
or terminate, in whole or in part, the Plan without the consent of the Committee, Plan Administrator, or any Member, beneficiary
or other person, except that no amendment, suspension or termination shall retroactively impair or otherwise adversely affect the
rights of any Member, beneficiary or other person to benefits under the Plan which have accrued prior to the date of such action,
as determined by the Committee in its sole discretion. The Plan Administrator may take any action which may be necessary or appropriate
to facilitate the administration, management and interpretation of the Plan or to conform the Plan thereto, provided any such action
does not have a material effect on the then currently estimated cost to the Bank of maintaining the Plan. Notwithstanding anything
else to the contrary contained herein, upon termination of the Defined Contribution Plan Component of the Plan or the Defined Benefit
Plan Component of the Plan, the applicable account balances and benefits shall be paid to each Member, beneficiary or other person
entitled to benefits in accordance with the applicable plan termination rules described in Treas. Reg. Section 1.409A- 3(j)(4)(ix)
as may be amended from time to time.

 

    18

     

    

 

Article 9. General Provisions

 

9.01        The
Plan shall be binding upon and inure to the benefit of the Bank, and its successors and assigns, and the Members, and their successors,
assigns, designees and estates. The Plan shall also be binding upon and inure to the benefit of any successor organization succeeding
to substantially all of the assets and business of the Bank, but nothing in the Plan shall preclude the Bank from merging or consolidating
into or with, or transferring all or substantially all of its assets to, another organization which assumes the Plan and all obligations
of the Bank hereunder. The Bank agrees that it will make appropriate provision for the preservation of Members’ rights
under the Plan in any agreement or plan which it may enter into to effect any merger, consolidation, reorganization or transfer
of assets. Upon such a merger, consolidation, reorganization or transfer of assets and assumption of Plan obligations of the Bank,
the term “Bank” shall refer to such other
organization and the Plan shall continue in full force and effect until terminated pursuant to Article 8.

 

9.02        Neither
the Plan nor any action taken thereunder shall be construed as giving to a Member the right to be retained in the employ of the
Bank or as affecting the right of the Bank to dismiss any Member from its employ.

 

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

 

9.04        No
right or interest of a Member under the Plan may be assigned, sold, encumbered, transferred or otherwise disposed of and any attempted
disposition of such right or interest shall be null and void.

 

9.05        If
the Plan Administrator shall find that any person to whom any amount is or was payable under the Plan is unable to care for
his or her financial affairs because of illness or accident, or is a minor, or has died, then any payment, or any part
thereof, due to such person or his or her estate (unless a prior claim therefor has been made by a duly appointed legal
representative), may, if the Plan Administrator is so inclined, be paid to such
person’s spouse, child or other relative, an institution maintaining or having
custody of such person, or any other person deemed by the Plan Administrator to be a proper recipient on behalf of such
person otherwise entitled to payment. Any such payment shall be in complete discharge of the liability of the Plan and the
Bank therefor.

 

    19

     

    

 

9.06        To
the extent that any person acquires a right to receive payments from the Bank under the Plan, such right shall be no greater than
the right of an unsecured general creditor of the Bank.

 

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

 

9.08        The
benefits payable under the Plan shall be in addition to all other benefits provided for employees of the Bank and shall not be
deemed salary or other compensation by the Bank for the purpose of computing benefits to which he may be entitled under any other
plan or arrangement of the Bank.

 

9.09        No
Plan Administrator or Committee member shall be personally liable by reason of any instrument executed by him or her or on his
or her behalf, or action taken by him or her, in his or her capacity as a Committee member nor for any mistake of judgment made
in good faith. The Bank shall indemnify and hold harmless the Defined Benefit Plan and each Plan Administrator, Committee member,
and each employee, officer or director of the Bank or the Defined Benefit Plan, to whom any duty, power, function or action in
respect of the Plan may be delegated or assigned, or from whom any information is requested for Plan purposes, against any cost
or expense (including fees of legal counsel) and liability (including any sum paid in settlement of a claim or legal action with
the approval of the Bank) arising out of anything done or omitted to be done in connection with the Plan, unless arising out of
such person’s fraud or bad faith.

 

    20

     

    

 

9.10        In
the event the Bank in error makes an overpayment, the Member agrees that the Bank, with notice to the Member, may charge the account
back.

 

9.11        The
captions preceding the sections of the Plan have been inserted solely as a matter of convenience and shall not in any manner define
or limit the scope or intent of any provisions of the Plan.

 

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

 

The Federal Home Loan Bank of New York Amended
and Restated Defined Benefit & Defined Contribution Benefit Equalization Plan has been duly adopted by the Bank this 19th
day of November, 2020, to be effective as of November 19, 2020.

 

	 	FEDERAL HOME LOAN BANK OF NEW YORK

 

	 	By:	/s/ Mildred Tse-Gonzalez
	 	 	Mildred Tse-Gonzalez
	 	 	Director of Human Resources

 

	Attest:	 	 
	 	 	 
	/s/ Brian Finnegan	 	 
	Brian Finnegan	 	 
	Corporate Secretary	 	 

 

    21

     

    

 

Schedule A

 

Members
Eligible to Participate in the “Bank Up To 9% Match” Under
Section 4.03 of the Plan

 

Members
eligible to participate in the “Bank up to 9% match” under
Section 4.03 of the Plan shall be those Members who serve as voting members of the Bank’s
Management Committee.

The actual list of such persons shall be maintained by the Plan
Administrator.

 

Unless expressly provided for
in the Plan, additional Members may be added to or removed from Schedule A for future Plan years with the approval of the Bank’s
Board of Directors.

 

    22

     

    

 

Schedule B

 

Members Eligible Effective July 1, 2021
to Accrue Retirement Benefits Solely From the Defined Benefit Component of the Plan

 

The list of Members referenced in Section 3.01(i) of the Plan
shall be maintained by the Plan Administrator.

 

Unless expressly provided for
in the Plan, additional Members may be added to or removed from Schedule B for future Plan years with the approval of the Bank’s
Board of Directors.

 

    23Exhibit 10.08

 

THE FEDERAL HOME LOAN BANK

 

OF NEW YORK

 

AMENDED AND RESTATED NON-QUALIFIED DEFERRED
INCENTIVE

 

COMPENSATION PLAN

 

Effective November 19, 2020

 

     

     

    

 

TABLE OF CONTENTS

 

	 	ARTICLE	PAGE
	 	 	 
	I.	DEFINITIONS	2
	 	 	 
	II.	MEMBERSHIP	4
	 	 	 
	III.	ELECTION TO DEFER PAYMENT OF COMPENSATION AND PAYMENT OF DEFERRED COMPENSATION	5
	 	 	 
	IV.	SOURCE AND METHOD OF PAYMENT	9
	 	 	 
	V.	DESIGNATION OF BENEFICIARIES	10
	 	 	 
	VI.	ADMINISTRATION OF PLAN	11
	 	 	 
	VII.	AMENDMENT AND TERMINATION	13
	 	 	 
	VIII.	GENERAL PROVISIONS	14

 

     

     

    

 

THE FEDERAL HOME LOAN BANK OF NEW YORK

NONQUALIFIED DEFERRED INCENTIVE COMPENSATION
PLAN

 

This Plan
is adopted by the Federal Home Loan Bank of New York (the “Bank”)
in order to provide benefits to certain management or highly compensated employees of the Bank through the ability to defer the
receipt of certain incentive compensation from the Bank. This Plan is unfunded, and all benefits payable under the Plan shall be
paid solely out of the general assets of the Bank.

 

    1 

     

    

 

Article I. Definitions

 

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

 

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

 

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

 

1.03     “Business
Day” means and refers to a day on which commercial banks are open for business
in the State of New York.

 

1.04     “Committee”
means the Nonqualified Plan Committee as that term is defined in the Bank’s
separate Supplemental Executive Retirement Defined Benefit & Defined Contribution Benefit Equalization Plan.

 

1.05     “Compensation”
means and includes any amounts actually payable by the Bank to a Member under the Incentive Plan
for a particular calendar year.

 

1.06     “Compensation
Deferral Account” means and refers to the account maintained for each Member pursuant
to Section 3.02.

 

1.07     “Compensation
Deferral Election Date” means the last Business Day in the calendar year 2016
and any calendar year thereafter during which the Plan is in effect.

 

1.08     “Effective
Date” means January 1, 2017, as amended.

 

1.09     “Incentive
Plan” means any Board-approved annual or long-term incentive compensation plan,
excluding any merit award, bonus program or any payment arising from a separation.

 

1.10     “IRC”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

 

1.11     “Member”
means any person included in the membership of the Plan as provided in Article 2.

 

    2 

     

    

 

1.12     “Nonqualified
Deferred Compensation” shall have the same meaning as it has in IRC Section 409A
and the Regulations promulgated thereunder.

 

1.13     “Officer”
means and includes any employee of the Bank serving at the rank of Vice President or higher.

 

1.14     “Plan”
means the Federal Home Loan Bank of New York Nonqualified Deferred Incentive Compensation Plan,
as set forth herein and as amended from time to time.

 

1.15     “Plan
Administrator” means the Director of Human Resources of the Bank or a designee(s).

 

1.16     “Separation
from Service” has the meaning set forth in Section 1.409A-1(h) of the Regulations
promulgated under IRC Section 409A.

 

1.17     “Unforeseeable
Emergency” has the meaning set forth in Section 1.409A-3(i)(3)(i) of the Regulations
promulgated under IRC Section 409A or as amended. Under current regulations, Unforeseeable Emergency means a severe financial hardship
of the Member resulting from an illness or accident of the Member, the Member’s spouse,
the Member’s beneficiary, or the Member’s
dependent (as defined in Code Section 152(a), without regard to Code Sections 152(b)(1), (b)(2) and (d)(1)(B)); loss of the Member’s
property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance);
imminent foreclosure of or eviction from the Member’s primary residence; the need
to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication; the
need to pay for the funeral expenses of a spouse or a dependent (as defined in Code Section 152(a)) or other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the Member.

 

    3 

     

    

 

Article II. Membership

 

2.01     Each
employee of the Bank who is an Officer (as defined above) of the Bank with a hire date of October 31st or before in a calendar
year, shall as a matter of Bank administration, be eligible to become a Member of the Plan beginning with the next Plan year.

 

2.02     The
membership of any Officer shall terminate on the later of (i) the date on which the employee shall cease to be serving as an Officer
of the Bank (as defined above) and (ii) the termination of the Plan. The termination of membership in the Plan shall not, by itself,
affect the rights of the Member by reason of any election made by the Member as provided in Section 3.01 prior to the termination
of membership of such Member.

 

    4 

     

    

 

Article III. Election to Defer Payment of
Compensation and

 

Payment of Deferred Compensation

 

3.01     On
or before the Compensation Deferral Election Date in the calendar year next preceding the calendar year 2017 and each calendar
year thereafter, each Member of the Plan shall be eligible to elect to defer the payment by the Bank and receipt by such Member
of up to 100% of the Compensation which otherwise would be earned and payable to such Member under the Incentive Plan in the calendar
year next following the calendar year in which such Compensation Deferral Election Date occurs to such date or dates and in such
form of payment as such Member shall designate and elect on a form provided by the Plan Administrator. Such election shall be deemed
to have been timely made and shall be effective when such election form shall have been signed by the Member and shall have been
received by the Plan Administrator or such person as shall be designated by the Plan Administrator for such purpose, provided such
receipt shall occur on or before the close of business of the Bank on the last Business Day of the calendar year next preceding
the calendar year in which such services are to be performed by the Member and to which such election relates. For the avoidance
of doubt, a Member may make one election with respect to all payments that would otherwise be payable in the next
or future years under the Incentive Plan, and such election shall be applied to all incentive monies actually paid in a
year.

 

3.02     Compensation
deferred by a Member of the Plan for any calendar year pursuant to a timely election made as provided in Section 3.01 shall be
credited on the books and records of the Bank to a Compensation Deferral Account for such Member as soon as practicable following
the date on which such Compensation would have been paid to such Member but for the election made by such Member pursuant to Section
3.01 to defer the payment and receipt of such Compensation.

 

    5 

     

    

 

3.03     If
a Member dies or becomes disabled (within the meaning of IRC Section 409A(a)(2)(c)) prior to receiving the balance credited to
his Compensation Deferral Account, the balance in his Compensation Deferral Account at the time of the Member’s
death shall be paid, in the event of his death, to his Beneficiary or, in the event of his disability, to him, in a lump sum payment
as soon as reasonably practicable after his death or disability, as applicable.

 

3.04     The
balance credited to the Compensation Deferral Account of a Member shall be paid to such Member at such date or dates or in such
form as the Member shall have made a timely election in writing pursuant to Section 3.01; provided, that no part of such balance
credited to the Compensation Deferral Account of a Member shall be payable earlier than the earliest of (i) the Member’s
Separation from Service with the Bank, (ii) the date of the Member’s death, or (iii)
the date the Member becomes disabled within the meaning of IRC Section 409A(a)(2)(c), and that the time or schedule of payments
of the balance credited to the Compensation Deferral Account of a Member shall not be accelerated, except as provided in Section
3.05 or in Regulations promulgated pursuant to IRC Section 409A, nor shall any payment of benefits under the Plan be deferred to
a date other than the date fixed for such payment in such timely election; provided, that a Member may, by a subsequent election,
as defined in Section 1.409A-2(b)(1) of the Regulations promulgated pursuant to IRC Section 409A, delay the time or change the
form of a payment of all or any part of the balance credited to the Member’s Compensation
Deferral Account if, and only if, such subsequent election meets all of the following requirements: (i) such election shall not
be made less than twelve (12) months prior to the date of the first scheduled payment of the balance credited to the Member’s
thrift benefit account; (ii) such election shall not take effect until at least twelve (12) months after the date on which the
election is made; (iii) the payment with respect to which such election is made shall be deferred for a period of not less than
five (5) years from the date such payment would otherwise have been made; and (iv) such election shall comply with any and all
other requirements of such Regulations applicable thereto.

 

    6 

     

    

 

If no election is made or if the election
is not timely or properly made, distribution will be made in the form of a single lump sum payment. An election as to the manner
of payment may not be changed after the payment has been made or payments have commenced. Prior to that time, a Member may change
his election by filing a new election form with the Plan Administrator; provided, however, that: (i) the new election will not
take effect until at least 12 months after the date the new election is filed; (ii) the single lump sum payment or the commencement
of installment payments with respect to which such election is made must be deferred for a period of not less than five years from
the date such payment would otherwise have been made; and (iii) the new election is filed at least 12 months prior to the date
of the first scheduled payment under the Plan.

 

If installment distributions are elected,
the initial installment amount will be the account balance otherwise payable in a single sum multiplied by a fraction, the numerator
of which is one and the denominator of which is the total number of installment payments. Subsequent installments will also be
a fraction of the unpaid account balance, the numerator of which is always one but the denominator of which is the denominator
used in calculating the previous installment minus one. For example, if five installment payments are elected, the initial installment
will be one-fifth of the single sum account balance, the second will be one-fourth the remaining account balance, the third installment
will be one-third the remaining account balance, and so on. The account will continue to earn a return based on the gains and losses
related to the investment choices of the Member.

 

If the Member’s
account balance upon eligibility for election disbursements is less than $10,000, then the entire amount will be paid in a single
lump sum payment regardless of the Member’s payment election.

 

    7 

     

    

 

3.05     Upon
a finding that the Member has suffered an Unforeseeable Emergency, subject to compliance with IRC Section 409A the Plan Administrator
may, at the request of the Member, accelerate distribution of benefits or approve reduction or cessation of current deferrals under
Section 3.01 in the amount reasonably necessary to alleviate such Unforeseeable Emergency, subject to the following conditions:
(i) the request to take this type of distribution shall be made by filing a form provided by and filed with the Plan Administrator
prior to the end of any calendar month; (ii) the amount distributed pursuant to this Section 3.05 with respect to an Unforeseeable
Emergency shall not exceed the amount necessary to satisfy such financial emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved
through reimbursement or compensation by insurance or otherwise, by liquidation of the Member’s
assets (to the extent the liquidation of such assets would not itself cause severe financial hardship), or by cessation of deferrals
under Section 3.01; and (iii) the amount determined by the Plan Administrator as the distribution shall be paid in a lump sum as
soon as practicable after the end of the calendar month in which this special distribution election is made and approved by the
Plan Administrator.

 

3.06     The
balance credited to the Compensation Deferral Account of each Member from time to time (and each subaccount, if any, thereof) shall
be determined by the Plan Administrator by taking into account gains and losses realized or incurred by such Compensation Deferral
Account (or subaccount thereof) to the date of determination and payment thereof based upon the investment of such balance in such
investments as such Member shall designate, from time to time, in such manner as the Plan Administrator shall direct, from among
investment alternatives provided by the Plan servicer.

 

    8 

     

    

 

Article IV. Source and Method of Payment

 

All payments of benefits under the Plan
shall be paid from, and shall only be a general claim upon, the general assets of the Bank, notwithstanding that the Bank, in its
discretion, may establish a bookkeeping reserve or a grantor trust (as such term is used in IRC Sections 671 through 677) to reflect
or to aid it in meeting its obligations under the Plan with respect to any Member or the beneficiary of a Member. No Member shall
have any right, title, or interest whatever in or to any investments which the Bank may make or any specific assets which the Bank
may reserve to aid it in meeting its obligations under the Plan.

 

    9 

     

    

 

Article V. Designation of Beneficiaries

 

5.01     Each
Member of the Plan may file with the Plan Administrator a written designation of one or more persons as the beneficiary or beneficiaries
of such Member who shall be entitled to receive the amount, if any, payable under the Plan to such Member following his death.
A Member may, from time to time, without the consent of any prior beneficiary, revoke or change the beneficiary designation made
by such Member by filing a new designation of beneficiary with the Plan Administrator. The last such written designation received
by the Plan Administrator shall be controlling; provided, however, that no designation, or change or revocation thereof, shall
be effective unless received by the Plan Administrator prior to the Member’s death,
and in no event shall it be effective as of a date prior to such receipt.

 

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

 

    10 

     

    

 

Article VI. Administration of Plan

 

6.01     The
Board of Directors has delegated to the Plan Administrator, subject to those powers, if any, which the Board has reserved to itself,
general authority over and responsibility for the administration and interpretation of the Plan. The Plan Administrator shall have
full power and authority to interpret and construe the Plan, to make all determinations considered necessary or advisable for the
administration of the Plan and any trust referred to in Article V of the Plan and the calculation of the amount of Deferred Compensation
payable under the Plan, and to review claims for benefits under the Plan. The interpretations and constructions of the Plan by
the Plan Administrator and his decisions or actions thereunder shall be binding and conclusive on all persons for all purposes,
except to the extent of the powers, if any, which the Board has reserved to itself.

 

6.02     If
the Plan Administrator deems it advisable, it shall arrange for the engagement of legal counsel and certified public accountants
(who may be counsel to or accountants for the Bank) and other consultants, and make use of agents and clerical or other personnel,
for purposes of the Plan. The Plan Administrator may rely upon the written opinions of such counsel, accountants, and consultants,
and upon any information supplied by the Retirement Plan for purposes of Article III of the Plan, and delegate to any agent its
authority to perform any act hereunder, including, without limitation, those matters involving the exercise of discretion; provided,
however, that such delegation shall be subject to revocation at any time at the discretion of the Plan Administrator. The Plan
Administrator shall report to the Board, or to a committee designated by the Board, at such intervals as shall be specified by
the Board or such designated committee, with regard to the matters for which he is responsible under the Plan.

 

    11 

     

    

 

6.03     All
claims for payments under the Plan shall be submitted in writing to the Plan Administrator. Written notice of the decision on
each such claim shall be furnished with reasonable promptness to the Member or the Member’s
beneficiary (the “claimant”). The
claimant may request a review by the Committee of any decision denying the claim in whole or in part. Such request shall be
made in writing and filed with the Committee within thirty (30) days following such denial. A request for review shall
contain all additional information which the claimant wishes the Committee to consider. The Committee may hold any hearing or
conduct any independent investigation which he deems desirable to render its decision, and the decision on review shall be
made as soon as practicable after the Committee’s receipt of the request for
review. Written notice of the decision shall be furnished to the claimant and reported to the Plan Administrator. For all
purposes under the Plan, such decisions on claims (where no review is requested) and decisions on review (where review is
requested) shall be final, binding, and conclusive on all interested persons as to all matters relating to the
Plan.

 

6.04     All
expenses incurred by the Bank, the Plan Administrator or the Committee in their administration of the Plan shall be paid by the
Bank.

 

    12 

     

    

 

Article VII. Amendment and Termination

 

The Board of Directors may amend, suspend,
or terminate the Plan, in whole or in part, without the consent of the Plan Administrator or any Member, beneficiary, or other
person, except that no amendment, suspension, or termination shall retroactively impair or otherwise adversely affect the rights
of any Member, beneficiary, or other person under the Plan which shall have accrued prior to the date of such action, as determined
by the Plan Administrator in his sole discretion. The Plan Administrator may take any action which the Plan Administrator may deem
necessary or appropriate to facilitate the administration, management, and interpretation of the Plan or to conform the Plan thereto,
provided any such action does not have a material effect on the then-currently estimated cost to the Bank of maintaining the Plan.

 

Notwithstanding termination of this Plan,
benefits under the separate Federal Home Loan Bank of New York Amended and Restated Supplemental Executive Retirement Defined Benefit
 & Defined Contribution Benefit Equalization Plan shall continue to be payable in accordance with the terms of that plan.

 

    13 

     

    

 

Article VIII. General Provisions

 

8.01     The
Plan shall be binding upon and inure to the benefit of the Bank, and its successors and assigns, and the Members, and their successors,
assigns, designees, and estates. The Plan shall also be binding upon and inure to the benefit of any successor organization succeeding
to substantially all of the assets and business of the Bank, but nothing in the Plan shall preclude the Bank from merging or consolidating
into or with, or transferring all or substantially all of its assets to, another organization which assumes the Plan and all obligations
of the Bank hereunder. The Bank agrees that it will make appropriate provision for the preservation of Members’ rights
under the Plan in any agreement or plan which it may enter into effect any merger, reorganization or transfer of assets and assumption
of Plan obligations of the Bank, that the term “Bank” shall
refer to such other organization, and that the Plan shall continue in full force and effect until terminated pursuant to Article
VII.

 

8.02     Neither
the Plan nor any action taken thereunder shall be construed as giving to any Member the right to be retained in the employ of the
Bank or as affecting the right of the Bank to dismiss any Member from its employ.

 

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

 

8.04     No
right or interest of a Member under the Plan may be assigned, sold, encumbered, transferred, or otherwise disposed of, and any
attempted disposition of such right or interest shall be null and void.

 

8.05     If
the Plan Administrator shall find that any person to whom any amount is or was payable under the Plan is unable to care for
his affairs because of illness or accident, or is a minor, or has died, then any payment, or any part thereof, due to such
person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative), may, if the Plan Administrator
is so inclined, be paid to such person’s spouse, child, or other relative, an
institution maintaining or having custody of such person, or any other person deemed by the Plan Administrator to be a proper
recipient on behalf of such person otherwise entitled to payment. Any such payment shall be in complete discharge of the
liability of the Plan and the Bank therefor.

 

    14 

     

    

 

8.06     To
the extent that any person acquires a right to receive payments from the Bank under the Plan, such right shall be no greater than
the right of an unsecured general creditor of the Bank.

 

8.07     All
elections, designations, requests, notices, instructions, and other communications from a Member, beneficiary, or other person
to the Plan Administrator required or permitted under the Plan shall be in such form as is prescribed from time to time by the
Plan Administrator and shall be mailed by first-class mail (except in the case of elections made pursuant to Section 3.01) or delivered
to such location as shall be specified by the Plan Administrator and shall be deemed to have been given and delivered only upon
actual receipt thereof at such location.

 

8.08     The
Plan Administrator and the Committee shall not be personally liable by reason of any instrument executed by them or on their behalf,
or action taken by them, in their capacities under this Plan, nor for any mistake of judgment made in good faith. The Bank shall
indemnify and hold harmless each Plan Administrator and each employee, officer, or director of the Bank to whom any duty, power,
function, or action in respect of the Plan may be delegated or assigned, or from whom any information is requested for Plan purposes,
against any cost or expense (including fees of legal counsel) and liability (including any sum paid in settlement of a claim or
legal action with the approval of the Bank) arising out of anything done or omitted to be done in connection with the Plan, unless
arising out of such person’s fraud or bad faith.

 

8.09     In
the event the Bank in error makes an overpayment, the Member agrees that the Bank, with notice to the Member, may charge the account
back.

 

    15 

     

    

 

8.10     The
captions preceding the sections of the Plan have been inserted solely as a matter of convenience and shall not in any manner define
or limit the scope or intent of any provisions of the Plan.

 

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

 

The Federal Home Loan Bank of New York Nonqualified
Deferred Incentive Compensation Plan has been duly adopted by the Bank this 19th day of November, 2020, to be effective as of January
1, 2021.

 

	 	FEDERAL HOME LOAN BANK OF NEW YORK
	 	 
	 	 
	 	By:	/s/ Mildred Tse-Gonzalez
	 	 	Director of HR
	Attest:	 	 
	 	 	 
	/s/ Brian Finnegan	 	 
	Corporate Secretary	 	 

 

    16

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