Document:

Exhibit
10.1

 

INDEPENDENT
DIRECTOR AGREEMENT

 

This
INDEPENDENT DIRECTOR AGREEMENT is dated on October 16, 2019 (the “Agreement”) by and between GREENPRO CAPITAL CORP.,
a Nevada corporation (the “Company”), Christophe Philippe Roland Bringuier, an individual resident of Hong Kong (the
“Director”).

 

WHEREAS,
the Company desires to retain the Director for the duties of independent director effective as of the date hereof and member of
the audit committee effective as of 16th of October, 2019 (the “Effective Date”) and desires to enter into an agreement
with the Director with respect to such appointment; and

 

WHEREAS,
the Director is willing to accept such appointment and to serve the Company on the terms set forth herein and in accordance with
the provisions of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

 

1.
Position. Subject to the terms and provisions of this Agreement, the Company shall cause the Director to be appointed,
and the Director hereby agrees to serve the Company in such position upon the terms and conditions hereinafter set forth, provided,
however, that the Director’s continued service on the Board of Directors of the Company (the “Board”)
after the initial one-year term on the Board shall be subject to any necessary approval by the Company’s stockholders.

 

2.
Duties. During the Directorship Term (as defined herein), the Director make reasonable business efforts to attend all Board
meetings and quarterly pre-scheduled Board and Management conference calls, serve on appropriate subcommittees as reasonably requested
and agreed upon by the Board, make himself available to the Company at mutually convenient times and places, attend external meetings
and presentations when agreed on in advance, as appropriate and convenient, and perform such duties, services and responsibilities,
and have the authority commensurate to such position.

 

3.
Compensation. For all services to be rendered by the Director in any capacity hereunder, the Compensation Committee of
the Board of Directors of the Company would determine the compensation packages of the Directors from time to time. This shall
remain in effect until the earlier of the date of the next annual stockholders meeting and the earliest of the following to occur:
(a) the death of the Director; (b) the termination of the Director from his membership on the Board by the mutual agreement of
the Company and the Director; (c) the removal of the Director from the Board by the majority stockholders of the Company; and
(d) the resignation by the Director from the Board.

 

4.
Directorship Term. The “Directorship Term,” as used in this Agreement, shall mean the period commencing on
the Effective Date and terminating on the earlier of the date of the next annual stockholders meeting and the earliest of the
following to occur: (a) the death of the Director; (b) the termination of the Director from his membership on the Board by the
mutual agreement of the Company and the Director; (c) the removal of the Director from the Board by the majority stockholders
of the Company; and (d) the resignation by the Director from the Board.

 

5.
Director’s Representation and Acknowledgment. The Director represents to the Company that his execution and performance
of this Agreement shall not be in violation of any agreement or obligation (whether or not written) that he may have with or to
any person or entity, including without limitation, any prior or current employer. The Director hereby acknowledges and agrees
that this Agreement (and any other agreement or obligation referred to herein) shall be an obligation solely of the Company, and
the Director shall have no recourse whatsoever against any stockholder of the Company or any of their respective affiliates with
regard to this Agreement.

 

    	 

    	 

    

 

6.
Director Covenants.

 

(a)
Unauthorized Disclosure. The Director agrees and understands that in the Director’s position with the Company, the
Director has been and will be exposed to and receive information relating to the confidential affairs of the Company, including,
but not limited to, technical information, business and marketing plans, strategies, customer information, other information concerning
the Company’s products, promotions, development, financing, expansion plans, business policies and practices, and other
forms of information considered by the Company to be confidential and in the nature of trade secrets. The Director agrees that
during the Directorship Term and thereafter, the Director will keep such information confidential and will not disclose such information,
either directly or indirectly, to any third person or entity without the prior written consent of the Company; provided,
however, that (i) the Director shall have no such obligation to the extent such information is or becomes publicly known
or generally known in the Company’s industry other than as a result of the Director’s breach of his obligations hereunder
and (ii) the Director may, after giving prior notice to the Company to the extent practicable under the circumstances, disclose
such information to the extent required by applicable laws or governmental regulations or judicial or regulatory process. This
confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Directorship Term,
the Director will promptly return to the Company and/or destroy at the Company’s direction all property, keys, notes, memoranda,
writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical
data, other product or document, and any summary or compilation of the foregoing, in whatever form, including, without limitation,
in electronic form, which has been produced by, received by or otherwise submitted to the Director in the course or otherwise
as a result of the Director’s position with the Company during or prior to the Directorship Term, provided that the
Company shall retain such materials and make them available to the Director if requested by him in connection with any litigation
against the Director under circumstances in which (i) the Director demonstrates to the reasonable satisfaction of the Company
that the materials are necessary to his defense in the litigation and (ii) the confidentiality of the materials is preserved to
the reasonable satisfaction of the Company.

 

(b)
Non-Solicitation. During the Directorship Term and for a period of three (3) years thereafter, the Director shall not interfere
with the Company’s relationship with, or endeavor to entice away from the Company, any person who, on the date of the termination
of the Directorship Term and/or at any time during the one year period prior to the termination of the Directorship Term, was
an employee or customer of the Company or otherwise had a material business relationship with the Company.

 

(c)
Non-Compete. The Director agrees that during the Directorship Term and for a period of three (3) years thereafter, he shall
not in any manner, directly or indirectly, through any person, firm or corporation, alone or as a member of a partnership or as
an officer, director, stockholder, investor or employee of or consultant to any other corporation or enterprise; engage in the
business of developing, marketing, selling or supporting technology to or for businesses in which the Company engages in or in
which the Company has an actual intention, as evidenced by the Company’s written business plans, to engage in, within any
geographic area in which the Company is then conducting such business. Nothing in this Section 6 shall prohibit the Director from
being (i) a stockholder in a mutual fund or a diversified investment company or (ii) a passive owner of not more than three percent
of the outstanding stock of any class of securities of a corporation, which are publicly traded, so long as the Director has no
active participation in the business of such corporation.

 

(d)
Insider Trading Guidelines. Director agrees to execute the Company’s Insider Trading Guidelines in the form attached
hereto.

 

(e)
Remedies. The Director agrees that any breach of the terms of this Section 6 would result in irreparable injury and damage
to the Company for which the Company would have no adequate remedy at law; the Director therefore also agrees that in the event
of said breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent
such breach and/or threatened breach and/or continued breach by the Director and/or any and all entities acting for and/or with
the Director, without having to prove damages or paying a bond, in addition to any other remedies to which the Company may be
entitled at law or in equity. The terms of this paragraph shall not prevent the Company from pursuing any other available remedies
for any breach or threatened breach hereof, including, but not limited to, the recovery of damages from the Director. The Director
acknowledges that the Company would not have entered into this Agreement had the Director not agreed to the provisions of this
Section 6.

 

(f)
The provisions of this Section 6 shall survive any termination of the Directorship Term, and the existence of any claim or cause
of action by the Director against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense
to the enforcement by the Company of the covenants and agreements of this Section 6.

 

7.
Indemnification. The Company agrees to indemnify the Director for his activities as a member of the Board to the fullest
extent permitted under applicable law and shall use its best efforts to maintain Directors and Officers Insurance benefitting
the Board.

 

8.
Non-Waiver of Rights. The failure to enforce at any time the provisions of this Agreement or to require at any time performance
by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to
affect either the validity of this Agreement or any part hereof, or the right of either party hereto to enforce each and every
provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any provision
of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time
or at any prior or subsequent time.

 

    	 

    	 

    

 

9.
Notices. Every notice relating to this Agreement shall be in writing and shall be given by personal delivery or by registered
or certified mail, postage prepaid, return receipt requested; to:

 

If
to the Company:

 

Greenpro
Capital Corp.

Room
1701-1703, 17/F.,

The
Metropolis Tower,

10
Metropolis Drive, Hung Hom,

Hong
Kong

Attn:
Lee Chong Kuang

 

If
to the Director:

 

Christophe
Philippe Roland Bringuier

Flat
9, 14/F., Block D

Ching
Lai Court

264
Lai King Hill Road

Hong
Kong

 

Either
of the parties hereto may change their address for purposes of notice hereunder by giving notice in writing to such other party
pursuant to this Section 9.

 

10.
Binding Effect/Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, executors, personal representatives, estates, successors (including, without limitation, by way of merger) and
assigns. Notwithstanding the provisions of the immediately preceding sentence, neither the Director nor the Company shall assign
all or any portion of this Agreement without the prior written consent of the other party.

 

11.
Entire Agreement. This Agreement (together with the other agreements referred to herein) sets forth the entire understanding
of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, between
them as to such subject matter.

 

12.
Severability. If any provision of this Agreement, or any application thereof to any circumstances, is invalid, in whole
or in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications
of this Agreement.

 

13.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without
reference to the principles of conflict of laws. All actions and proceedings arising out of or relating to this Agreement shall
be heard and determined in any court in Federal and the parties hereto hereby consent to the jurisdiction of such courts in any
such action or proceeding; provided, however, that neither party shall commence any such action or proceeding unless
prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action which is the subject of
such action or proceeding through mediation by an independent third party.

 

14.
Legal Fees. The parties hereto agree that the non-prevailing party in any dispute, claim, action or proceeding between
the parties hereto arising out of or relating to the terms and conditions of this Agreement or any provision thereof (a “Dispute”),
shall reimburse the prevailing party for reasonable attorney’s fees and expenses incurred by the prevailing party in connection
with such Dispute; provided, however, that the Director shall only be required to reimburse the Company for its
fees and expenses incurred in connection with a Dispute if the Director’s position in such Dispute was found by the court,
arbitrator or other person or entity presiding over such Dispute to be frivolous or advanced not in good faith.

 

15.
Modifications. Neither this Agreement nor any provision hereof may be modified, altered, amended or waived except by an
instrument in writing duly signed by the party to be charged.

 

16.
Tense and Headings. Whenever any words used herein are in the singular form, they shall be construed as though they were
also used in the plural form in all cases where they would so apply. The headings contained herein are solely for the purposes
of reference, are not part of this Agreement and shall not in any way affect the meaning or interpretation of this Agreement.

 

17.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original
but all of which together shall constitute one and the same instrument.

 

[signature
page follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Director Agreement to be executed by authority of its Board of Directors, and the
Director has hereunto set his hand, on the day and year first above written.

 

	 	GREENPRO
    CAPITAL CORP.
	 	 	 
	 	By:
    	/s/
    Lee Chong Kuang
	 	 	Lee
    Chong Kuang
	 	 	Chief
    Executive Officer and Director

 

	 	DIRECTOR
	 	 
	 	/s/
    Christophe Philippe Roland Bringuier
	 	Christophe
    Philippe Roland BringuierBlueprint

 

 

 

 

 

 

 

 

THE FEDERAL HOME LOAN BANK

OF NEW YORK

AMENDED AND RESTATED

SUPPLEMENTAL EXECUTIVE RETIREMENT DEFINED BENEFIT & DEFINED
CONTRIBUTION BENEFIT EQUALIZATION PLAN

 

 

 
Effective as of
January 1, 2019

 

 

 

 

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

 

 

 

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.

 

 

 

 

  

1

 

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.

 

 

 

 

 

 

  2

 

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.

 3

 

 

 

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.

 

 

 

 

 

  4

 

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.

  5

 

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 (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, for the person who served as the
Bank’s President and CEO on January 1, 2019, the applicable
benefit multiplier was 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.

 

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

 

 6

 

 

 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.

(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

 

 7

 

 

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.

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

 8

 

 

 

 

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.

 

 9

 

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]

  10

 

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.

  11

 

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.

 12

 

 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

  13

 

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.

  14

 

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.

  15

 

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.

  16

 

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.

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.

  17

 

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.

  18

 

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.

  19

 

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,

 20

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.

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.

  21

 

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 September,
2019, to be effective as of January 1, 2019.

 

 

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

 

 22

 

 

 
  

 

 

 

 

 

 

 

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 were Bank
officers serving as voting members of the Bank’s Management
Committee on March 21, 2019.

 

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.

  23

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