Document:

Executive Incentive Compensation Plan

 Exhibit 10.10 
  
 EXECUTIVE INCENTIVE COMPENSATION PLAN 
  
 FOR THE 
  
 FEDERAL HOME LOAN BANK OF ATLANTA 
  
 (Amended January 1, 2006) 
  

	I.	EFFECTIVE DATE OF PLAN 

  
 The Executive Incentive Compensation Plan (the “Plan”) of the Federal Home Loan Bank of Atlanta (the “Bank”) will be effective as of
January 1, 1990. Incentive Compensation Awards (“Awards”) may be made for each Plan Year (January 1 to December 31) thereafter, in accordance with the provisions of the plan. 
  

	II.	PURPOSES 

  
 The purposes of the Plan are as follows: 
  

	 	A.	To encourage executives of the Bank to contribute significantly to enhancing the profitability and success of the Bank, as well as to contribute to the development of new and
expanded programs designed to effectively address the housing and community development needs of Bank members and the communities served, by providing rewards for exceeding key corporate and individual objectives; 

  

	 	B.	To provide executives with the opportunity to earn incentive compensation Awards on the basis of the performance of the Bank, and to recognize their contribution to that
performance; 

  

	 	C.	To enable the Bank to provide an effective and competitive element of compensation, which will vary with achieved levels of corporate and individual performance.

  
 In summary, the purpose of the Plan is to
further motivate management to attain Bank and individual performance objectives through a process of planning, review, and reward for attainment of objectives. 
  

	III.	ADMINISTRATION 

  
 The Board of Directors of the Bank (the “Board”) is ultimately responsible for the Plan. Unless otherwise provided herein, the Plan shall be
administered under the direction of the Human Resources Committee of the Board (the “Committee”) which has authority and responsibility to construe, administer, and 

  

					
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interpret the Plan as approved by the Board. Except as otherwise determined by the Board, any decision made or action taken by the Committee arising out of,
or in connection with, the construction, administration, or interpretation of the Plan shall lie within the Committee’s absolute discretion and will be conclusive and binding upon all persons. 
  
 Each Plan Year, the Committee shall have the following responsibilities,
subject to final approval by the Board: 
  

	 	A.	To select Plan participants. 

  

	 	B.	To establish the range of potential Awards or incentive opportunity that might be paid to each participant in the Plan. 

  

	 	C.	To determine the corporate financial objective(s) of the Plan. 

  

	 	D.	To establish any individual objectives for officers participating in the plan. Individual objectives for participants shall be determined by the Executive Incentive Compensation
Management Committee (the “Management Committee”), who shall be empowered by the Committee to administer responsibilities of the Plan as it deems appropriate. The Management Committee shall be composed of the President, the Director of
Human Resources, and/or other Senior Officers as designated by the President. 

  

	 	E.	To recommend to the Board any exception to the documented Plan guidelines as they relate to Participant eligibility, actual award amounts, overall performance of an individual
Participant, level of goal achievement, or any other aspect of the Plan administration. 

  
 Under the authority of the Committee, the President shall be appointed as the Chairman of the Management Committee. The President shall ensure that the
Plan is administered in a timely and effective manner, and that periodic analyses of the Plan’s effectiveness are undertaken. He shall report findings and conclusions regarding the Plan’s operation and make recommendations, except as to
himself, regarding participants, corporate financial objectives, individual participant’s objectives, and Awards to the Committee, who, in turn, shall report these findings and recommendations to the Board of Directors for final approval.

  
 Any costs incidental to the administration of the Plan shall
be borne by the Bank and shall not be charged to the amount available for Awards in any Plan Year. 
  

					
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	IV.	BASIS FOR INCENTIVE AWARD DETERMINATION 

  
 The Plan is intended to achieve a balance between corporate and individual performance for each participant. The mix of corporate financial and individual
objective(s) shall be tailored for the participant for each Plan Year and recommended by the Management Committee to the Committee and Board for final approval. 
  

	 	A.	Corporate Objective(s) 

  

	 	B.	One or more corporate objective(s) shall be established at the beginning of each Plan Year. These objectives shall be primarily quantitative, shall be based on the total Bank profit
performance, and shall be established largely on the basis of the budget and business plan as approved by the Board and the Federal Housing Finance Board, but may vary at the discretion of the Committee and the Board. The total funds that will be
available for making Awards each Plan Year shall be determined based upon the Bank’s performance against such objective(s). A performance schedule shall be established to indicate potential total Awards payable at various levels of performance.

  

	 	C.	Individual Objectives 

  
 This element of the Plan is intended to be used by the Management Committee and the immediate supervisor of a participant in those situations where they
deem it necessary or desirable to encourage the planning and review of written individual objectives in order to accomplish the following: 
  

	 	1)	Provide a system whereby the Bank and the participant mutually agree on important objectives to be attained. 

  

	 	2)	Provide an opportunity for regular review and feedback regarding progress against stated objectives. 

  

	 	3)	Reward the participant for individual attainment of objectives, in order to provide an incentive to the participant as an individual rather than solely as a member of a group.

  

	 	4)	Introduce a discretionary element into the Plan to give senior management and the Committee greater flexibility in ensuring that the Plan accomplishes its basic purpose.

  

					
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 At the beginning of the Plan Year, a maximum of five objectives may be mutually agreed upon by the
participant and his/her immediate supervisor, subject to review and approval by the Management Committee (or in the case of Senior Officers, the Committee and the Board). These objectives are to represent specific accomplishments desired within the
framework of the responsibilities of the participant, or must represent specific goals beyond the scope of the Executive Incentive Compensation participant’s usual job requirements. Objectives may be related solely to one individual, or may
relate to a group of two or more individuals whose efforts are required to complete a common task. Objectives may apply to the full Plan Year or to a portion of the Plan Year, as appropriate. Each objective shall be designed to be attainable, but
not without significant effort. 
  

	V.	PARTICIPANT ELIGIBILITY 

  
 Eligible employees shall include those regular full-time employees who, in the opinion of the Committee as confirmed by the Board, serve in management
positions which have the capacity to significantly impact the performance of the Bank and who are not participants in any other Bank incentive Plan with eligibility beginning on the date of hire. 
  
 The Committee shall select, from the employees so eligible to participate,
those employees who will participate in the Plan Year, for each calendar year commencing with 1990. The Committee shall advise the Board of the names of such participants and, upon the Board’s approval of such participants, shall cause the
employees so selected to be notified of their participation. Participation may be based on salary level, salary grade, organizational level, or any combination thereof. No employee shall have the automatic right to be selected as a participant for
any year, or having been selected as a participant be considered a participant for any other year. 
  
 Participants deemed eligible to receive an incentive award whose employment began on any day during the plan year, will be eligible beginning on the date
of hire. In addition, no employee of the Bank will be eligible for a payout in the event of any documented performance deficiency, which renders his or her overall performance as unsatisfactory during the Plan Year. 
  

					
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	VI.	INCENTIVE OPPORTUNITIES AND AWARD PAYMENTS 

  
 The incentive opportunities vary by the participant and are tied to an Award level to reflect the differences in scope of responsibility and contribution
to the Bank’s profitability and success. The level of incentive opportunity will be established for each participant for the Plan Year. Each level shall contain a minimum, target, and maximum incentive opportunity. At the conclusion of each
Plan Year, the Committee (based upon the recommendation submitted by the President as Chairman of the Management Committee) shall, after considering the Bank’s performance against its corporate objective(s) and each participant’s
performance against his/her individual objectives, if any, Executive Incentive Compensation Plan recommend to the Board the Award to be paid to each participant for that Plan Year. 
  
 The basis for determining payment will be achievement of those corporate objectives and individual incentive objectives
established for the Plan Year. In addition, factors deemed relevant by the President and the Board of Directors in determining the amount of the pay-out to any individual participant (including an overall assessment of the participant’s
performance) will be considered, along with the elimination of any pay-out although the corporate objectives and individual incentive objectives may have been met. 
  
 Unless otherwise directed by the Board, payments of Awards under the Plan shall be made as soon as possible after the close
of each Plan Year. The basis of compensation to be used in calculating incentive compensation awards will include regular base pay earned during the year, plus overtime earned during the year, less deductions for sick leave. Appropriate provisions
shall be made for any taxes that the Bank determines are required to be withheld from any Awards under the applicable laws or other regulations of any governmental authority, whether Federal, state, or local. The payment of any Award shall be
subject to such obligations, terms and conditions as the Committee or Board may specify in making the Award. Acceptance of any Award shall constitute agreement by the participant to all obligations, terms, conditions, and restrictions so imposed.

  
 Employees who join the executive plan having participated in
any other incentive plan during the plan year will be considered eligible to participate in the executive Plan on a pro-rata basis based on the beginning date in the executive plan. 
  
 If a participant terminates employment, with the Bank for any reason during the Plan Year, or after the Plan Year but before
the Award payout, he/she forfeits all rights to any Award for that Plan Year. 
  
 Each payment of an Award shall be from the general assets of the Bank. 
  

					
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	VII.	TERMINATION OR AMENDMENT 

  
 The Plan, in whole or in part, may at any time or from time to time be amended, suspended, or reinstated and may at any time be terminated by action of
the Board. 
  
 No amendment, suspension, or termination of the
Plan by the Board shall, without the consent of the participant, affect the rights of the participant to any Award previously granted which (i) shall not yet have been paid to the participant and (ii) has not been forfeited by the
participant. 
  

	VIII.	 MISCELLANEOUS PROVISIONS 

  

	 	A.	Neither the adoption of the Plan nor its operation shall in any way affect the right and power of the Bank to dismiss, or otherwise terminate the employment of any employee at
anytime, for any reason, with or without cause. 

  

	 	B.	When appropriate in the context, words in the masculine shall include the feminine and vice versa; and words in the singular shall include the plural and vice versa.

  

	 	C.	The Plan shall be governed by the law of the State of Georgia, except when superseded by the laws of the United States. 

  
 END OF PLAN 
  

					
	Executive Incentive Plan	 	Item 3.b.1Executive Long-Term Incentive Plan

 Exhibit 10.11 
 FEDERAL HOME LOAN BANK OF ATLANTA 
 Executive Long-Term Incentive Plan 
 January 1, 2006 
  

					
	LTI Plan	  	Item 3.d	  	Page 1 of 10

 As of January 1, 2006 
 FEDERAL HOME LOAN BANK OF ATLANTA 
 Executive Long-Term Incentive Plan

 PLAN DOCUMENT 
  

	1.0	Plan Objectives 

  

	1.1	The purpose of the Federal Home Loan Bank of Atlanta Executive Long-Term Incentive Plan (the “Plan”) is to achieve the following objectives: 

  

	 	1.1.1	Promote the achievement of the Bank’s long-term profitability and business goals; 

  

	 	1.1.2	Provide a competitive reward structure for the President and other senior officers; 

  

	 	1.1.3	Promote loyalty and dedication to the Bank and its objectives. 

  

	1.2	The Participants, the Base Award Opportunity for each Participant, the Performance Measures, the value of a Performance Unit at the beginning and end of a Performance Period, and
other relevant information are set forth in the attached appendices. 

  

	2.0	Definitions 

 When used in this
Plan, the words and phrases below shall have the following meanings: 
  

	2.1	Bank means the Federal Home Loan Bank of Atlanta. 

  

	2.2	Base Award Opportunity, for each Participant, means the percentage of annual base salary used to calculate that Participant’s Final Award during a Performance Period.

  

	2.3	Board means the Bank’s board of directors. 

  

	2.4	Final Award, for each Participant, means the amount determined by the Board as payable to that Participant for a Performance Period. 

  

	2.5	Human Resources Committee or Committee means the Human Resources Committee of the Board. 

  

	2.6	Participant means an employee who participates in the Plan pursuant to Section 3.1.

  

	2.7	Performance Measure means each performance factor that is taken into consideration under the Plan in determining the value of each Participant’s Final Award.

  

	2.8	Performance Period means the period during which Bank performance is measured as set forth in the applicable appendix. 

  

					
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	2.9	Performance Unit means a unit, the value of which shall be determined in accordance with the applicable appendix. 

  

	2.10	Plan means this Executive Long-Term Incentive Plan. 

  

	2.11	President and Chief Executive Officer means the President and Chief Executive Officer of the Bank.

  

	3.0	Eligibility 

  

	3.1	Officers at or above the level of Senior Vice President are automatically eligible for participation in the Plan. Any other Bank employee who is nominated by the President and
approved by the Board also may participate in the Plan. 

  

	3.2	Notwithstanding the foregoing, due to its unique role and reporting relationship to the Board, the Director of Internal Audit is not eligible for participation in the Plan, but may
be eligible for participation in a similar plan administered by the Audit Committee of the Board. 

  

	4.0	Base Award Opportunity 

  

	4.1	At the beginning of each Performance Period, the Bank shall establish a Base Award Opportunity for each Participant. The Base Award Opportunity shall be equal to a
percentage of that Participant’s annual base salary at the beginning of the Performance Period as described in the applicable appendix.

  

	4.2	At the beginning of each Performance Period, the Bank also shall grant to each Participant a number of Performance Units for that Performance Period. The number of Performance Units
granted to each Participant shall be determined by dividing the Base Award Opportunity by the value of a Performance Unit at the beginning of a Performance Period as described in the applicable appendix. 

  

	5.0	Performance Measures 

  

	5.1	The Board shall establish three achievement levels for each Performance Measure: 

  

			
	 Minimum
	  	Achievement that reflects the minimum performance necessary to earn an award for the Performance Measure.
		
	 Target
	  	Achievement that reflects the budgeted performance for the Performance Measure.
		
	 Maximum
	  	Achievement that substantially exceeds the budgeted performance for the Performance Measure.

  

	5.2	At the beginning of each year of a Performance Period, the Human Resources Committee shall recommend to the Board, and the Board shall adopt, the Performance Measures for that year,
as well as the achievement levels for each Performance Measure.

  

					
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	6.0	Final Award Determination 

  

	6.1	At the end of each year of a Performance Period, the Board shall determine a Plan Award for each Participant based on the Bank’s achievement of each Performance Measure during
that year. The Board shall determine the average of the Plan Awards for each year of the Performance Period to produce a Final Award for each Participant, to be determined according to the formula set forth in the applicable appendix. The Board
also may authorize any Participant to receive a discretionary award to recognize extraordinary performance or to address competitive compensation practices within the Bank’s labor market.

  

	6.2	A Participant’s Final Award for a Performance Period equals the number of his or her Performance Units for that Performance Period multiplied by the value of a Performance Unit
at the end of the Performance Period as determined in accordance with the applicable appendix. 

  

	6.3	As soon as practical after the end of a Performance Period, the Board shall determine a Final Award for each Participant for the Performance Period.

  

	7.0	Administrative Control 

  

	7.1	The Bank’s Human Resources Department shall assist, as requested, the Committee and the Board in the administration of the Plan.

  

	7.2	In addition to the authority expressly provided in the Plan, the Board shall have ultimate authority over the Plan. The Committee shall administer the plan, subject to the
Board’s authority, and the Committee shall manage the operation and administration of the Plan and shall have all authority necessary to accomplish these purposes, including, but not limited to, the authority to interpret the terms of the
Plan, and to decide questions regarding the Plan and to make recommendations to the Board regarding the eligibility of any person to participate in the Plan and to receive awards under the Plan. Unless otherwise determined by the Board, the
Committee’s determinations and interpretations regarding the Plan shall be final, binding, and conclusive.

  

	8.0	Miscellaneous Conditions 

  

	8.1	Except as provided in Section 8.3, in order to be eligible to receive a Final Award, a Participant must be employed by the Bank on the day the Board authorizes payment of
the Participant’s Final Award.

  

	8.2	Any employee of the Bank who is hired, transferred, or promoted into an eligible position during a Performance Period shall be eligible to participate in the Plan beginning on the
effective date of the hiring or promotion and shall be eligible to receive a prorated Final Award. 

  

	8.3	A Participant who dies or becomes disabled and qualifies for the Bank’s short-term disability benefit or long-term disability benefit during the Performance Period may receive
a prorated Final Award. If a Participant’s employment with the Bank 

	 	terminates for any reason other than death or disability during the Performance Period, the Participant shall not be eligible to receive an award under the
Plan.

  

					
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	8.4	The amount of any prorated award shall be determined by dividing the number of months that an employee was a Participant in the Plan during the Performance Period by the total
number of months in the Performance Period and multiplying such quotient by the applicable Final Award.

  

	8.5	Notwithstanding any Plan provision to the contrary, participation in the Plan shall not entitle a Participant to an award.

  

	8.6	The designation of an employee as a Participant in the Plan does not guarantee employment. Nothing in this Plan shall (i) give any employee or Participant any legal or
equitable rights against the Bank, except as expressly provided herein or provided by law; (ii) create a contract of employment with any employee or Participant, to obligate the Bank to continue the service of any employee or Participant, or to
affect or modify any employee’s or Participant’s term of employment in any way, or (iii) create any right to payment of an award. 

  

	8.7	The right of the Bank to discipline or discharge a Participant shall not be affected by reason of any provision of this Plan. 

  

	8.8	All Final Awards will be subject to applicable tax withholdings.

  

	8.9	The Board has the right to revise, modify, or terminate the Plan in whole or in part at any time or for any reason, and the right to modify any recommended award amount (including
the determination of a lesser award or no award), for any reason, without the consent of any Participant. 

  

	8.10	A Participant may not sell, transfer, assign, pledge, or otherwise encumber any anticipated award. 

  

	8.11	The Plan shall be construed, regulated and administered in accordance with the laws of the state of Georgia, unless otherwise preempted by the laws of the United States.

  

	8.12	If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provision of the Plan, and the Plan shall be construed
and enforced as if such provision had not been included herein. 

  

	8.13	If a Participant dies before receiving an award, any amounts determined to be payable under this Plan shall be paid to the Participant’s designated beneficiary, if any, or if
none, to the Participant’s estate. The Bank’s determination as to the identity of the proper payee of any amount under this Plan shall be binding and conclusive and payment in accordance with such determination shall constitute a
complete discharge of all obligations on account of such amount.

  

	8.14	Any agreements or representations, oral or otherwise, express or implied, with respect to the subject matter of this Plan that are not contained herein will have no effect or
enforceability. 

  

					
	LTI Plan	  	Item 3.d	  	Page 5 of 10

	8.15	Participation in the Plan constitutes acceptance of all the terms and conditions set forth in this Plan document. 

 END OF PLAN DOCUMENT 
  

					
	LTI Plan	  	Item 3.d	  	Page 6 of 10

 FEDERAL HOME LOAN BANK OF ATLANTA 
 Executive Long-Term Incentive Plan 
 APPENDIX 
 2006 – 2008 Performance Period 
 Performance
Period 
 The Performance Period described in this Appendix shall be January 1, 2006, through December 31, 2008. 
 Eligible Participants 
 Eligible Participants include President and
Chief Executive Officer, Executive Vice Presidents, and Senior Vice Presidents, excluding the Director of Internal Audit. 
 Performance Measures

 For 2006, each incentive compensation goal applicable to the relevant Participant under the 2006 Executive Incentive Compensation Plan. For 2007,
each incentive compensation goal applicable to the relevant Participant under the 2007 Executive Incentive Compensation Plan. For 2008, each incentive compensation goal applicable to the relevant Participant under the 2008 Executive Incentive
Compensation Plan. 
 Base Award Opportunity 
 The Base
Award Opportunity for each Participant is the percentage of that Participant’s annual base salary on January 1, 2006, as set forth below: 
  

				
	 Position
	  	Base Award
Opportunity	 
	 CEO
	  	30.0	%
	 EVP
	  	25.0	%
	 SVP
	  	20.0	%

 Initial Value of Performance Unit 
 The value of a Performance Unit at the beginning of this Performance Period equals $100. 
 Determination of Performance
Units 
 The number of Performance Units allocated to each Participant shall be determined by multiplying the Participant’s annual base salary on
January 1, 2006, by the Participant’s Base Award Opportunity and dividing the product by the initial value of the Performance Unit. 
  

					
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 Determination of Final Award 
 The Board shall determine the Final Award for each Participant by multiplying the number of Performance Units allocated by the final value of the Performance Units (based on achievement of the Performance Measures described below). The
following four steps are used to calculate the Final Award: 
  

	1.	Evaluate the Bank’s performance against the Performance Measures for each year of the Performance Period.

  

	2.	For each year in the Performance Period, determine the year-end value of the Performance Unit based on the minimum, target, and maximum achievement levels for each Performance
Measure according to the following table, interpolating as appropriate. 

  

										
	 	  	Minimum	  	Target	  	Maximum
	 ROE spread to LIBOR (50% weight)
	  	$	25	  	$	50	  	$	83.33
	 Advances Penetration (50% weight)
	  	$	25	  	$	50	  	$	83.33
	 Total Value
	  	$	50	  	$	100	  	$	166.66

  

	3.	Calculate the simple average of the three year-end values of the Performance Unit. 

  

	4.	Multiply the final Performance unit value (3-year simple average) by the number of Performance Units to determine Final Award. 

  

					
	LTI Plan	  	Item 3.d	  	Page 8 of 10

 FEDERAL HOME LOAN BANK OF ATLANTA 
 President’s Long-Term Incentive Plan 
 APPENDIX 
 2006 – 2007 Performance Period 
 Performance
Period 
 The Performance Period described in this Appendix shall be January 1, 2006, through December 31, 2007. 
 Eligible Participants 
 Eligible Participants include President and
Chief Executive Officer. 
 Performance Measures 
 For
2006, each incentive compensation goal applicable to the Participant under the 2006 Executive Incentive Compensation Plan. For 2007, each incentive compensation goal applicable to the Participant under the 2007 Executive Incentive Compensation
Plan.  
 Base Award Opportunity 
 The Base Award
Opportunity for the Participant is the percentage of the Participant’s annual base salary on January 1, 2006, as set forth below: 
  

				
	 Position
	  	Base Award
Opportunity	 
	 CEO
	  	30.0	%

 Initial Value of Performance Unit 
 The value of a Performance Unit at the beginning of this Performance Period equals $100. 
 Determination of Performance
Units 
 The number of Performance Units allocated to the Participant shall be determined by multiplying the Participant’s annual base salary on
January 1, 2006, by the Participant’s Base Award Opportunity and dividing the product by the initial value of the Performance Unit. 
  

					
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 Determination of Final Award 
 The Board shall determine the Final Award for the Participant by multiplying the number of Performance Units allocated by the final value of the Performance Units (based on achievement of the Performance Measures described below). The
following four steps are used to calculate the Final Award: 
  

	1.	Evaluate the Bank’s performance against the Performance Measures for each year of the Performance Period.

  

	2.	For each year in the Performance Period, determine the year-end value of the Performance Unit based on the minimum, target, and maximum achievement levels for each Performance
Measure according to the following table, interpolating as appropriate. 

  

										
	 	  	Minimum	  	Target	  	Maximum
	 ROE spread to LIBOR (50% weight)
	  	$	25	  	$	50	  	$	83.33
	 Advances Penetration (50% weight)
	  	$	25	  	$	50	  	$	83.33
	 Total Value
	  	$	50	  	$	100	  	$	166.66

  

	 	4.	Calculate the simple average of the two year-end values of the Performance Unit. 

  

	 	5.	Multiply the final Performance Unit value (2-year simple average) by the number of Performance Units to determine Final Award. 

  

					
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