Document:

Deferred Compensation Plan, as restated

 EXHIBIT 10.13 
  
 DEFERRED COMPENSATION PLAN 
  

Federal Home Loan Bank of San Francisco 
  
 (Restated as of February 1, 2001) 

 DEFERRED COMPENSATION PLAN 
  
 Federal Home Loan Bank of San Francisco 
  
 Table of Contents 
  

			
	 	  	Page No.

	 Article 1. Definitions
	  	1
		
	 1.01 Adoption Agreement
	  	1
	 1.02 Beneficiary
	  	1
	 1.03 Benefit Account
	  	1
	 1.04 Cash Balance Plan
	  	2
	 1.05 Company Contributions
	  	2
	 1.06 Company Supplemental Pension Benefit
	  	2
	 1.07 Compensation
	  	2
	 1.08 Deferral Period
	  	2
	 1.09 Early Retirement Age
	  	2
	 1.10 Early Retirement Date
	  	2
	 1.11 Executive Employees
	  	3
	 1.12 Fund
	  	3
	 1.13 Hardship
	  	3
	 1.14 IRC
	  	3
	 1.15 Normal Retirement Age
	  	3
	 1.16 Participant
	  	3
	 1.17 Plan Year
	  	3
	 1.18 Retirement
	  	3
	 1.19 Retirement Committee
	  	4
	 1.20 Savings Plan
	  	4
	 1.21 Stated Deferral
	  	4
	 1.22 Termination of Employment
	  	4
	 1.23 Thrift Plan
	  	4
		
	 Article 2. Eligibility and Participation
	  	4
		
	 2.01 Enrollment Procedures
	  	4
	 2.02 Enrollment Time Period
	  	4
	 2.03 Failure of Eligibility.
	  	5
		
	 Article 3. Participant Compensation Deferral
	  	5
		
	 3.01 Procedure for Deferral
	  	5

  

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	 3.02 Tier I Stated Deferrals
	  	5
	 3.03 Tier II Stated Deferral
	  	6
	 3.04 Election Choices
	  	6
	 3.05 Election to Defer Irrevocable; Exceptions
	  	6
		
	 Article 4. Company Supplemental Pension Benefits and Company Contributions
	  	6
		
	 4.01 Company Supplemental Pension Benefits
	  	6
	 4.02 Company Contributions
	  	7
	 4.03 Life Insurance and Annuity
	  	7
	 4.04 Company Supplemental Pension Benefit Statement.
	  	7
		
	 Article 5. Participant Benefit Account and Vesting
	  	8
		
	 5.01 Benefit Account
	  	8
	 5.02 Statement of Account
	  	9
	 5.03 Vesting of Benefit Account
	  	9
		
	 Article 6. Payment of Benefits
	  	9
		
	 6.01 Payment of Company Supplemental Pension Benefits
	  	9
	 6.02 Tier I Benefits Upon Normal Retirement
	  	9
	 6.03 Tier I Benefits Upon Early Retirement
	  	10
	 6.04 Tier I Pre-Retirement Survivor Benefit
	  	10
	 6.05 Tier I Post-Retirement Survivor Benefit
	  	10
	 6.06 Payment of Tier II Benefits
	  	11
	 6.07 Tier II Benefits upon Termination of Employment
	  	11
	 6.08 Tier II Benefits Upon Death
	  	11
	 6.09 Hardship Distribution
	  	12
	 6.10 Company Obligations and Source of Payments
	  	12
		
	 Article 7. Administration of the Plan
	  	12
		
	 7.01 Retirement Committee.
	  	12
	 7.02 Advisors to the Retirement Committee; Reports to the Board of Directors.
	  	13
	 7.03 Membership of the Retirement Committee
	  	13
	 7.04 Retirement Committee Procedures.
	  	14
	 7.05 Expenses of the Retirement Committee
	  	14
	 7.06 Claims for Benefits
	  	14
		
	 Article 8. Miscellaneous
	  	15
		
	 8.01 Employment Not Guaranteed by Plan
	  	15
	 8.02 Amendment and Termination
	  	15
	 8.03 Assignment of Benefits
	  	15
	 8.04 Facility of Payment
	  	16
	 8.05 Disposition of Unclaimed Payments
	  	16

  

 ii 

			
	 8.06 Taxes
	  	17
	 8.07 Independence of Benefits
	  	17
	 8.08 Governing Law
	  	17
	 8.09 Form of Communication
	  	17
	 8.10 Severability
	  	17
	 8.11 Binding Agreement
	  	17
	 8.12 Gender; Singular and Plural.
	  	18
	 8.13 Captions
	  	18
	 8.14 Responsibility and Indemnification of Retirement Committee Members
	  	18
		
	 APPENDIX A
	  	19
	 APPENDIX B
	  	20
	 APPENDIX C
	  	21

  

 iii 

 DEFERRED COMPENSATION PLAN 
  
 Federal Home Loan Bank of San Francisco 
  
 (Restated as of February 1, 2001) 
  
 Federal Home Loan Bank of San Francisco, incorporated under the laws of the United States (the “Company”), first
established a Deferred Compensation Plan (the “Plan”) effective as of the first day of November 1986. The Company intends to provide, under this Plan, certain of its key management employees and directors with benefits upon retirement,
death, disability or other termination of employment, for the purpose of promoting in its key management employees and directors the strongest interest in the successful operation of the Company and to induce such persons to remain in the employ of
the Company. 
  
 Effective as of January 1, 1996, the Company
withdrew from the Financial Institutions Retirement Fund and established the Federal Home Loan Bank of San Francisco Cash Balance Plan and the Federal Home Loan Bank of San Francisco Savings Plan. 
  
 The provisions of this Restatement are effective as of February 1, 2001,
except for the changes designed to reflect the establishment of the Federal Home Loan Bank of San Francisco Cash Balance Plan and the Federal Home Loan Bank of San Francisco Savings Plan, which are effective as of January 1, 1996. 

 Article 1. Definitions 
  
 1.01 Adoption Agreement shall mean a written agreement between a Participant and the Company, whereby a Participant
agrees to defer a portion of his Compensation pursuant to the provisions of the Plan, and the Company agrees to make benefits payments in accordance with the provisions of the Plan. The Adoption Agreement may include and incorporate a salary
reduction or fee deferral request signed by the Participant; and the Adoption Agreement will be effective as of the date of the withholding request. 
  
 1.02 Beneficiary shall mean any person, persons or entities designated by a Participant to receive benefits hereunder upon the death of such
Participant. Each Participant shall file with the Company a designation of Beneficiary and contingent Beneficiary to whom the Participant’s interest under the Plan shall be paid in the event of the Participant’s death. The initial
designation of Beneficiary shall be made in the Participant’s Adoption Agreement. Such designation may be changed by the Participant at any time and without the consent of any previously designated Beneficiary. In the absence of any effective
Beneficiary designation as to any portion of a Participant’s interest under the Plan, such amount shall be paid to the Participant’s personal representative, but if the Company believes that none has been appointed within six months after
the Participant’s death, the Company may direct that such amount shall not be paid until a personal representative has been appointed or may direct that such amount be paid to the Participant’s surviving spouse, or if there is none, to the
Participant’s surviving children and issue of deceased children by right of representation, or if there be none, the Participant’s surviving parents and if none, according to the laws of descent and distribution of the State of California.

  
 1.03 Benefit Account shall mean the account(s)
maintained on the books of the Company for each Participant pursuant to Section 5.01 hereof. 
  

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 1.04 Cash Balance Plan shall mean the Federal Home Loan Bank of San Francisco Cash Balance Plan, a
qualified pension plan and tax-exempt trust under section 401(a) and 501(a) of the IRC. 
  
 1.05 Company Contributions shall mean the contributions made by the Company pursuant to Section 4.02. 
  
 1.06 Company Supplemental Pension Benefit shall mean the benefit described in and payable pursuant to Section 4.01. 
  
 1.07 Compensation shall mean the base salary and other wages, bonuses,
commissions, overtime pay, shift premiums, vacation accruals, and other taxable remuneration payable by the Company to an Executive Employee for services rendered to the Company, including fees paid to directors of the Company, for the Plan Year or
other period taken into account in making the determination. Compensation shall not include employee expense reimbursements and allowances, and contributions made by the Company under the Plan, moving expenses, fringe benefits, payments made by the
Company for group insurance, hospitalization, disability and like benefits, or contributions made by the Company under or distribution from any other employee benefits plan the Company maintains. Any deferred compensation payments under this Plan as
well as any amounts deferred shall not be deemed salary or other remuneration to the Participant eligible for computation of benefits to which he may be entitled under the Cash Balance Plan, the Savings Plan, the Fund, the Thrift Plan or the Federal
Home Loan Bank of San Francisco Benefit Equalization Plan, or any other qualified or nonqualified retirement plan of the Company for the benefit of its employees. 
  
 1.08 Deferral Period shall mean the period of time during which Compensation is being deferred pursuant to the
Participant’s Adoption Agreement and Article 3 of the Plan. 
  
 1.09 Early Retirement Age shall mean age 45. 
  
 1.10 Early Retirement Date shall mean the first day of the month coincident with or next following the date a Participant attains Early Retirement Age. 
  

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 1.11 Executive Employees shall mean (i) all officers of the Company, including corporate and
functional officers, (ii) all directors of the Company and (iii) any other individual who is designated as an Executive Employee by the Retirement Committee or the board of directors of the Company in its sole discretion. A person designated as an
Executive Employee shall remain so until such designation is revoked by the board of directors of the Company or the Retirement Committee, in its sole discretion. 
  
 1.12 Fund means the Financial Institutions Retirement Fund, a qualified and tax exempt pension plan and trust under
sections 401(a) and 501(a) of the IRC. 
  
 1.13 Hardship
shall mean an unforeseen financial emergency suffered by a Participant. The financial emergency must be beyond the Participant’s control and must be of sufficient magnitude to cause the Participant great hardship if early withdrawal of the
Participant’s benefits were not allowed or if a change in Participant’s Stated Deferral was not allowed. Any early withdrawal by reason of Hardship shall be limited to the amount necessary to meet the financial emergency. 
  
 1.14 IRC means the Internal Revenue Code of 1986, as amended.

  
 1.15 Normal Retirement Age shall mean age 65.

  
 1.16 Participant shall mean an Executive Employee of
the Company who has completed an Adoption Agreement. 
  
 1.17
Plan Year shall mean the twelve-month period on which the plan records are kept, which shall begin on January 1 of one year and end on December 31 of the same year, except the initial Plan Year shall be a short Plan Year from November 1, 1986
through December 31, 1986. 
  
 1.18 Retirement shall mean
an Executive Employee’s Termination of Employment after reaching Early or Normal Retirement Age, or, in the case of a director, the termination of his membership on the Board, irrespective of age. “Normal Retirement” shall mean
Retirement at or after Normal Retirement Age and “Early Retirement” shall mean Retirement at or after Early Retirement Age but before Normal Retirement Age. (The terms “Normal Retirement” and “Early Retirement” are not
relevant to individuals who qualify as an Executive Employee solely because of their status as a member of the board of directors of the Company.) 
  

 3 

 1.19 Retirement Committee shall mean the committee appointed pursuant to Article 7 of the Plan.

  
 1.20 Savings Plan means the Federal Home Loan of San
Francisco Savings Plan, a qualified defined contribution plan and tax-exempt trust under sections 401(a) and 501(a) of the IRC. 
  
 1.21 Stated Deferral shall mean the amount of Compensation the Participant agrees to defer in the Adoption Agreement. 
  
 1.22 Termination of Employment shall mean the Participant’s
ceasing to be employed by the Company, and in the case of a director, ceasing to be a member of the Company’s board of directors, as applicable, for any reason whatsoever, voluntary or involuntary, including by reason of death. However, the
employment of a Participant shall not be deemed to be terminated by reason of an approved leave of absence granted by the Company in accordance with its policies and procedures. 
  
 1.23 Thrift Plan means the Financial Institutions Thrift Plan, a qualified defined contribution plan and tax-exempt
trust under sections 401(a) and 501(a) of the IRC, as adopted by the Company. 
  
 Article 2. Eligibility and Participation 
  
 2.01 Enrollment Procedures. Executive Employees may enroll in the Plan by (1) entering into an Adoption Agreement with the Company, which shall specify the amount of deferral and type of benefit under this Plan
that will be provided for such Executive Employee, and (2) completing such other forms and furnishing such other information as the Company may reasonably require. 
  
 2.02 Enrollment Time Period. To participate in the Plan during the Plan Year in which an Executive Employee first
qualifies as such, he must execute the Adoption Agreement within 
  

 4 

 forty-five (45) days after he becomes an Executive Employee. Otherwise, the Adoption Agreement must be executed no later
than the December 31 preceding the January 1 of the Plan Year in which the Agreement is to be effective. 
  
 2.03 Failure of Eligibility. A Participant shall cease to be a Participant at Termination of Employment or, if earlier, when the Participant ceases
to qualify as an Executive Employee (unless the Participant qualifies for the payment of benefits set forth in Article 6). A person who ceases to be a Participant during a Plan Year will have no further right to defer Compensation during the
Deferral Period. 
  
 Article 3. Participant Compensation
Deferral 
  
 3.01 Procedure for Deferral. The
Executive Employee may make an initial election to defer a portion of his Compensation earned and payable on or after the date of such election and before the commencement of the pay period in which the election becomes effective by executing the
Adoption Agreement described in Section 2.01. The Adoption Agreement shall set forth the Executive Employee’s Stated Deferral. After the initial Stated Deferral, such election shall be made on a separate document provided by the Company for
that purpose. The amount deferred shall be subtracted from the Compensation otherwise payable to the Participant during the year of deferral. Unless otherwise permitted by the Company under Section 3.05 of the Plan, the deferral specified in the
Adoption Agreement shall be credited under this Plan, and the Participant’s Compensation shall be correspondingly reduced. 
  
 3.02 Tier I Stated Deferrals. Prior to November 1, 1992, Participants in this Plan had the ability to reduce their salaries and to have fixed
monthly annuity amounts become payable at retirement (“Tier I Stated Deferrals”). As of November 1, 1992, all such Tier I deferrals ceased, and the amount of retirement benefit that is payable at Normal Retirement Age in respect of Tier I
Stated Deferrals was preserved, without increase, to be paid to each Participant thereto entitled in accordance with the provisions of Article 6. The benefits attributable to Tier I Stated Deferrals 
  

 5 

 of Participants who retired or terminated employment prior to November 1, 1992 shall be administered based upon the
provisions of this Plan as in effect from time to time prior to November 1, 1992. 
  
 3.03 Tier II Stated Deferral. “Tier II Stated Deferrals” are a Participant’s voluntary deferrals after October 31, 1992. 
  
 3.04 Election Choices. At the time that a Participant elects to defer a portion of his Compensation, the Participant
shall select on a form prescribed by the Company one or more mutual funds or other investment choices from a list provided to the Participant by the Company. The value of the selected investments shall determine the value of the Participant’s
Benefit Account as of any given date. The Participant may change his selected investments prospectively at such times and with such frequency as the Company shall prescribe. 
  
 3.05 Election to Defer Irrevocable; Exceptions. Except as otherwise provided herein, a Participant’s election to
defer Compensation shall be irrevocable except for prospective changes allowed prior to each January 1. The Retirement Committee or its designee, in its sole discretion, upon demonstration of Hardship by the Participant, may permit subsequent
reduction or suspension on a date other than January 1 of a Participant’s deferral election. A request to alter the amount of Compensation deferred shall be submitted by a Participant in writing to the Company. The application shall set forth
in detail the reasons for the requested reduction. The Participant’s benefits under the Plan shall be adjusted to reflect the reduced deferral. 
  
 Article 4. Company Supplemental Pension Benefits and Company Contributions  
  
 4.01 Company Supplemental Pension Benefits. The Company shall provide to each Participant a Company Supplemental
Pension Benefit in an amount equal to the additional benefit, if any, that would have been payable under the Cash Balance Plan or the Fund, as applicable, if the Participant had not reduced his Compensation for that Plan Year by Tier I and Tier II
Stated Deferrals. The Company Supplemental Pension Benefit will vest within the same time periods as prescribed in the Cash Balance Plan or the Fund, as applicable. 
  

 6 

 4.02 Company Contributions. For each Plan Year, the Company shall credit to each
Participant’s Benefit Account an amount equal to the additional matching contribution the Company would have contributed to the Savings Plan or the Thrift Plan on behalf of the Participant if the Participant had not reduced his Compensation for
that Plan Year by Tier I or Tier II Stated Deferrals. 
  
 4.03
Life Insurance and Annuity. The Company in its sole discretion may apply for and procure as owner and for its own benefit, insurance and annuities on the life of a Participant in such amounts and in such forms as the Company may choose. The
Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company shall submit to medical examinations and shall accurately and truthfully supply such information and execute such documents as may be
required by the insurance company or companies to whom the Company has applied for insurance. The Company shall be under no obligation to provide the benefits in Article 6 of this Plan attributable to Tier I Stated Deferrals if the Participant fails
to comply with these provisions or if the Participant fails to qualify for insurance at standard rates. Any insurance policy and annuity acquired by or held by the Company in connection with the liabilities assumed by it pursuant to the Plan shall
not be deemed to be held under any trust for the benefit of the Participant, the Participant’s beneficiary or estate, or to be security for the performance of the obligations of the Company but shall be and remain, a general, unpledged and
unrestricted asset of the Company. 
  
 4.04 Company
Supplemental Pension Benefit Statement. The Company shall provide to each Participant no less frequently than annually a statement in such form as the Company deems desirable setting forth the Participant’s Company Supplemental Pension
Benefit. 
  

 7 

 Article 5. Participant Benefit Account and Vesting 
  
 5.01 Benefit Account. The Company shall establish a Benefit Account on
its books for each Participant. A Participant’s Benefit Account shall be utilized solely as a device for the measurement and determination of the amounts to be paid to the Participant pursuant to this Plan attributable to the Participant’s
Tier II Stated Deferrals and the Company Contributions related thereto. A Participant’s Benefit Account shall not constitute or be treated as a trust fund of any kind for the benefit of the Participant, the Participant’s Beneficiary or
estate, or to be security for the performance of obligations of the Company but shall be and remain a general, unpledged and unrestricted asset of the Company. All benefits payable under this Plan shall be paid as they become due and payable by the
Company out of its general assets. The Company shall credit to and/or debit from each Participant’s Benefit Account, as applicable, the following amounts at the times specified: 
  
 (a)(i) The Participant’s Tier II Stated Deferrals, credited as of the date the Participant would otherwise have
received such Stated Deferrals as Compensation. The Company shall deduct any amounts it is required to withhold under any state, federal or local law for taxes or other charges from the Participant’s Tier II Stated Deferrals. 
  
 (ii) The Company Contributions related to the Participant’s Tier I or
Tier II Stated Deferrals, credited as of the date when a matching contribution otherwise would have been allocated to the Participant’s account under the Savings Plan or the Thrift Plan, as applicable. 
  
 (b) Each Benefit Account shall be revalued daily to be credited or debited
with investment earnings, gains and losses based upon (i) for periods prior to the date when Participants were first permitted to make investment elections under the Plan, the investment yield specified pursuant to the terms of the Plan as in effect
from time to time, and (ii) for periods after that date and until the Benefit Account has been fully distributed to a Participant or to the Beneficiary or Beneficiaries designated by the Participant in writing, the performance of the investment
funds selected by the Participant from time to time pursuant to Section 3.04. 
  

 8 

 (c) Each Benefit Account shall be debited as of the date of distribution by the amount of any
distribution made from such Benefit Account. 
  
 5.02 Statement
of Account. The Company shall provide to each Participant a quarterly statement in such form as the Company deems desirable setting forth the balance in the Participant’s Benefit Account. 
  
 5.03 Vesting of Benefit Account. All amounts credited to a
Participant’s Benefit Account shall be one hundred percent (100%) vested at all times. 
  
 Article 6. Payment of Benefits 
  
 6.01 Payment of Company Supplemental Pension Benefits. Any provision of the Plan to the contrary notwithstanding, the Company Supplemental Pension Benefits payable pursuant to Section 4.01 shall be paid in the
same form and at the same time as the Participant’s related benefits under the Cash Balance Plan or the Fund, as applicable. 
  
 6.02 Tier I Benefits Upon Normal Retirement. The Participant’s Tier I Stated Deferrals and Company Contributions related thereto shall provide
a monthly benefit at retirement in the amount indicated in the Adoption Agreement for each Participant for each $1,000 of annual deferral (the “Tier I Multiple”). The monthly benefit at retirement for each $1,000 of annual deferral is
based on the same Tier I Multiple, if the Participant’s rate of Tier I Stated Deferrals remained the same or decreased during the period the Participant made Tier I Stated Deferrals. If the Participant’s rate of Tier I Stated Deferrals was
increased during such period, the Tier I Multiple is the factor set forth in Appendix A to the Plan for the age of the Participant at the end of the Plan Year in which the increase occurred. The accumulated sum of the monthly benefits for each year
of deferral will determine the retirement benefit at Normal Retirement. The Company may not retroactively change the applicable Tier I Multiple for Tier I Stated Deferrals once a Plan Year has commenced. Normal Retirement benefits attributable to
the Participant’s Tier I stated Deferrals and Company Contributions related thereto shall be payable to the Participant for his life commencing on the first day of the month following the date the Participant attains Normal Retirement Age.

  
  

 9 

 6.03 Tier I Benefits Upon Early Retirement. A Participant terminating employment prior to age 65
may elect to receive benefits at Normal Retirement as provided for in Section 6.02. If the Participant elects to receive Early Retirement benefits on any date after age 45, but prior to age 65, the Participant’s Tier I Stated Deferrals and
Company Contributions attributable thereto will provide a reduced benefit payable to the Participant commencing the month following the date elected for Early Retirement. The reduced benefit is based upon a percentage of the accumulated sum of the
monthly benefits projected to age 65 payable for life, with a minimum of 180 monthly payments. The percentage upon which the reduced benefit shall be calculated is set forth in the table attached hereto as Appendix B. 
  
 6.04 Tier I Pre-Retirement Survivor Benefit. If the Participant dies
before commencement of benefits while this Plan is in force and while employed by the Company, the Participant’s Tier I Stated Deferrals and Company Contributions attributable thereto shall provide a monthly benefit for a period of 180 months
payable to the Participant’s Beneficiary. The benefit will be calculated based upon monthly survival factors as set forth in the table attached hereto as Appendix C, not to exceed the Participant’s Compensation for the calendar year prior
to his death. The benefit calculation will be based upon the initial amount set forth in the Adoption Agreement for each $1,000 of average Tier I Stated Deferrals. The average shall be determined by taking the total of all of the Participant’s
Tier I Stated Deferrals at the end of each Plan Year prior to 1993 and dividing it by the total number of Plan Years from the date of execution of the Adoption Agreement through the earlier of the date of the Participant’s death or January 1,
1993. 
  
 6.05 Tier I Post-Retirement Survivor Benefit. If
the Participant dies while receiving Normal Retirement or Early Retirement benefits herein described before he has received 180 monthly payments, the balance of such monthly payments shall be paid to the Participant’s Beneficiary as they
accrue. 
  

 10 

 6.06 Payment of Tier II Benefits. The portion of a Participant’s Benefit Account attributable
to Tier II Stated Deferrals and Company Contributions related thereto shall be paid at the time or times specified in the Participant’s Tier II Stated Deferral election, except as provided below or in Sections 6.07 or 6.08. Such election may
provide for distribution in from one to ten installments commencing at retirement or other termination of service or on a specific date (including a date that occurs while the Participant is actively employed by the Company) not later than the date
the Participant attains age 70 1/2. Such distribution is available no sooner than one year after the close of the
Deferral Period. A Participant may elect up to five different payout schedules with respect to Tier II Stated Deferrals. A Participant may elect to change all or any previously elected payout schedule by filing a written election with the Company.
No payments shall be made pursuant to the Participant’s written election of a revised payout schedule before twelve months after the date the written election is received by the Company; provided, however, that at any time a Participant may
elect to receive an immediate lump sum payment of 90% of the value of his Benefit Account attributable to Tier II Stated Deferrals and Company Contributions related thereto. In such case, the remaining 10% of the value of that portion of the
Participant’s Benefit Account shall be forfeited and the Participant shall have no further right to receive any benefits under the Plan attributable to the portion of the Participant’s Benefit Account so forfeited. 
  
 6.07 Tier II Benefits upon Termination of Employment. In the event of
Termination of Employment, whether voluntary or involuntary, prior to a Participant’s Early or Normal Retirement Age or death, the Participant shall receive a distribution of the portion of the Participant’s Benefit Account attributable to
Tier II Stated Deferrals and the Company Contributions related thereto as a lump sum payment within ninety (90) days following Termination of Employment. 
  
 6.08 Tier II Benefits Upon Death. In the event of a Participant’s death prior to the distribution of his entire Benefit Account, the remaining
balance in the Participant’s Benefit Account shall be distributed to the Beneficiary or Beneficiaries of the Participant. Within 90 
  

 11 

 days after the death of the Participant, the Beneficiary may make any election that the Participant could have made when
enrolling in the Plan as to the form and time of distribution. If no such election is made within such 90-day period, the Beneficiary shall receive payment in the form and at the time elected by the Participant; provided, however, that at any time
the Beneficiary may elect to receive an immediate lump sum payment of 90% of the value of the Participant’s Benefit Account. In such case, the remaining 10% of the value of the Participant’s Benefit Account shall be forfeited and the
Participant shall have no further right to receive any benefits under the Plan attributable to the portion of the Participant’s Benefit Account so forfeited. 
  
 6.09 Hardship Distribution. The Retirement Committee or its designee, in its sole discretion, upon finding that the
Participant has suffered a Hardship or is suffering a Hardship, may distribute to such Participant all or a portion of his Tier I Stated Deferrals or the balance in the Participant’s Benefit Account. 
  
 6.10 Company Obligations and Source of Payments. All benefits payable
under this Plan shall be paid as they become due and payable by the Company out of its general assets. Nothing contained in this Plan shall be deemed to create a trust of any kind for the benefit of the Participants or create any fiduciary
relationship between the Company or the Retirement Committee and the Participants or their Beneficiaries. To the extent that any person acquires a right to receive benefits under this Plan, such rights shall be no greater than the right of any
unsecured general creditor of the Company. 
  
 Article 7.
Administration of the Plan 
  
 7.01 Retirement
Committee. The Plan shall be administered by the Retirement Committee, as appointed by the Company’s board of directors. Subject to those powers which the Board has reserved as described in Article 7 below, the Retirement Committee has
general authority over, and responsibility for, the administration of the Plan. The Retirement Committee shall have full power, authority and discretion to interpret and construe the Plan, to make all 
  

 12 

 determinations considered necessary or advisable for the administration of the Plan and the calculation of the amount of
benefits payable thereunder, and to review claims for benefits under the Plan. The Retirement Committee’s interpretations and constructions of the Plan and its decisions or actions thereunder shall be binding and conclusive on all persons for
all purposes. 
  
 7.02 Advisors to the Retirement Committee;
Reports to the Board of Directors. If the Retirement Committee deems it advisable, it shall arrange for the engagement of an actuary, legal counsel and certified public accountants (who may be counsel or accountants for the Company), and other
consultants, and make use of agents and clerical or other personnel, for purposes of the Plan. The Retirement Committee may rely upon the written opinions of the actuary, counsel and accountants, and upon any information supplied by the Cash Balance
Plan, the Fund, the Savings Plan or the Thrift Plan; and delegate to any agent or to any subcommittee or Retirement Committee member 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 Retirement Committee. The Retirement Committee shall report to the Board of Directors, or to a committee designated by the Board
of Directors, at such intervals as shall be specified by the Board of Directors or such designated committee, with regard to the matters for which it is responsible under the Plan. 
  
 7.03 Membership of the Retirement Committee. The Retirement Committee shall consist of at least three individuals,
each of whom shall be appointed by the Board of Directors. The Board of Directors may remove any member of the Retirement Committee at any time and for any reason with or without advance written notice. Vacancies in the Retirement Committee arising
by resignation, death, removal or otherwise shall be filled by the Board of Directors. Any Retirement Committee member may resign by delivering his written resignation to the Retirement Committee no later than 15 days before the effective date of
the resignation. No Retirement Committee member shall be entitled to act on or decide any matters relating solely to such Retirement Committee member as a Participant or any of his rights or benefits under the Plan. The Retirement Committee members
shall not receive any special compensation for 
  

 13 

 serving in such capacity but shall be reimbursed for any reasonable expenses actually incurred in connection therewith.
No bond or other security is required of the Retirement Committee or any member thereof in any jurisdiction. 
  
 7.04 Retirement Committee Procedures. The Retirement Committee shall elect or designate one of its own members as Chairman, establish its own
procedures and the time and place for its meetings and provide for the keeping of minutes of all meetings. A majority of the members of the Retirement Committee shall constitute a quorum for the transaction of business by the Retirement Committee.
Any action of the Retirement Committee may be taken upon the affirmative vote of a majority of the members at a meeting or, at the direction of its Chairman, without a meeting by mail or telephone, provided that all of the Retirement Committee
members are informed in writing of the matter to be voted upon. The Retirement Committee may establish procedures pursuant to which a Retirement Committee member may elect not to participate in a Retirement Committee proceeding in which such member
has an interest. 
  
 7.05 Expenses of the Retirement
Committee. All expenses incurred by the Retirement Committee in its administration of the Plan shall be paid by the Company. 
  
 7.06 Claims for Benefits. All claims for benefits under the Plan shall be submitted in writing to the Retirement Committee. Written notice of the
decision on each claim shall be furnished with reasonable promptness to the Participant or his Beneficiary (the “claimant”). The claimant may request a review by the Retirement Committee of any decision denying the claim in whole or in
part. Such request shall be made in writing and filed with the Retirement Committee within 30 days of such denial. A request for review shall contain all additional information which the claimant wishes the Retirement Committee to consider. The
Retirement 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 Retirement Committee’s receipt of the
request for review. Written notice of the decision on review shall be furnished to the claimant. 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. 
  

 14 

 Article 8. Miscellaneous 
  
 8.01 Employment Not Guaranteed by Plan. Neither the Plan nor any action taken under the Plan shall be construed as
giving a Participant the right to be retained as an Executive Employee or as an employee of the Company for any period or abridging the Company’s right to dismiss at pleasure any Participant from its employ pursuant to 12 U.S.C. Section 1432.

  
 8.02 Amendment and Termination. The Board of Directors
of the Company, at any time, may amend, suspend or terminate the Plan in whole or in part without the consent of the Retirement Committee, any Participant, Beneficiary, or other person, provided that no amendment, suspension or termination shall
retroactively impair or otherwise adversely affect the rights of any Participant, 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 Retirement Committee may adopt any amendment or take any
other action which may be necessary or appropriate to facilitate the administration, management and interpretation of the Plan or to conform the Plan thereto, provided that any such amendment or action does not have a material effect on the then
currently estimated cost to the Company of maintaining the Plan. 
  
 Upon termination of the Plan, no further benefits shall accrue under the Plan to any Participant. Unless the Board of Directors of the Company directs that the Participants’ benefits under the Plan shall be distributed immediately upon
termination, the Plan shall remain in effect to the extent necessary and applicable until all Participants have received distributions of benefits under the Plan, at the time and in the manner determined pursuant to Article 6 above. 
  
 8.03 Assignment of Benefits. No Participant or Beneficiary shall have
the right to assign, transfer, hypothecate, encumber or anticipate his interest in any benefits under this Plan, nor shall the benefits under this Plan be subject to any legal process to levy upon or attach the 
  

 15 

 benefits for payment of any claim against the Participant or his Beneficiary. In the event of any attempted assignment or
transfer, the Company shall have no further liability hereunder. The foregoing notwithstanding, in accordance with procedures that are established by the Retirement Committee (including procedures requiring prompt notification of the affected
Participant and each alternate payee of the receipt by the Plan or the Company of a domestic relations order and its procedures for determining the qualified status of such order), a judicial order for purposes of enforcing family support
obligations or pertaining to domestic relations (which orders do not alter the amount, timing or form of benefit other than to have it commence at the earliest permissible date) shall be honored by the Plan and the Company if the Retirement
Committee or its designee determines that such order would constitute a qualified domestic relations order (within the meaning of IRC §414(p)) if the Plan were a qualified retirement plan under IRC §401(a). 
  
 8.04 Facility of Payment. If the Company finds 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 Company 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
Company 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 Company therefor. 
  
 8.05 Disposition of Unclaimed Payments. Each Participant must file
with the Company from time to time in writing his post office address and each change of post office address. The communication, statement or notice addressed to a Participant at the last post office address filed with the Company, or if no address
is filed with the Company, then at the last post office address as shown on the Company records, will be binding upon Participant and his Beneficiaries for all purposes of the Plan. The Company shall not be required to search for or locate a
Participant or his Beneficiary. 
  

 16 

 8.06 Taxes. The Company shall deduct from all payments made hereunder all applicable federal or
state taxes required by law to be withheld from such payments. 
  
 8.07 Independence of Benefits. The benefits payable under this Plan shall be independent of, and in addition to, any other benefits provided by the Company and shall not be deemed salary or other remuneration by the Company for the
purpose of computing benefits to which any Participant may be entitled under any other plan or arrangement of the Company. 
  
 8.08 Governing Law. This Plan is intended to constitute an unfunded Plan for a select group of employees and rights thereunder shall be construed
according to the laws of the State of California, without giving effect to the choice of law principles thereof, and the laws of the United States, as applicable. 
  
 8.09 Form of Communication. Any election, application, claim, notice, designation, request, instruction or other
communication required or permitted to be made by a Participant, Beneficiary or other person to the Company or the Retirement Committee shall be made in writing and in such form as the Company shall prescribe. Such communication shall be mailed by
first class mail, postage pre-paid, or delivered to such location as the Company shall specify and shall be deemed to have been given and delivered only upon receipt thereof at such location. 
  
 8.10 Severability. The invalidity of any portion of this Plan shall
not invalidate the remainder thereof, and said remainder shall continue in full force and effect. 
  
 8.11 Binding Agreement. The Plan shall be binding upon and inure to the benefit of the Company and its successors and assigns and the Participants
and their Beneficiaries. 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 Company, but nothing in the Plan shall preclude the Company 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 Company thereunder. 
  
 The Company agrees that it will make appropriate provision for the
preservation of the Participants’ rights under the Plan in any agreement or plan which it may enter into to effect any 
  

 17 

 merger, consolidation, reorganization, or transfer of assets. Upon such a merger, consolidation, reorganization, or
transfer of assets and assumption of the Plan obligations of the Company, the term “Company” shall refer to such other organization and the Plan shall continue in full force and effect. 
  
 8.12 Gender; Singular and Plural. As used in the Plan, the masculine
gender shall be deemed to refer to the feminine, and the singular person shall be deemed to refer to the plural, wherever appropriate. 
  
 8.13 Captions. 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. 
  
 8.14 Responsibility and Indemnification of Retirement Committee Members. No Retirement Committee member shall be personally liable by reason of any instrument executed by him or on his behalf, or action taken by him, in his capacity
as a Retirement Committee member acting in good faith and exercising reasonable care, nor for any mistake of judgment made in good faith. Retirement Committee members may be entitled to indemnification for certain costs, expenses and liabilities
pursuant to the Federal Home Loan Bank of San Francisco Policy Regarding Indemnification of Directors, Officers and Employees Acting in Connection with Certain Employee Benefit Plans, as such Policy may be amended from time to time. 
  
 This Federal Home Loan Bank of San Francisco Deferred Compensation Plan
amended and restated effective as of February 1, 2001, except as otherwise stated herein, is executed this 22nd day
of May, 2001. 
  

					
	 	 	COMPANY:
		
	 	 	FEDERAL HOME LOAN BANK OF SAN FRANCISCO
	ATTEST:	 	 	 	 
			
	 /s/ Cynthia Theobald

	 	By:	 	 /s/ Dean Schultz

	Secretary	 	 	 	Officer
			
	 	 	By:	 	 /s/ Steven Honda

	 	 	 	 	Officer

  
  

 18 

 APPENDIX A 
  
 CURRENT AGE MONTHLY BENEFIT FACTOR PER $ 1,000 OF ADDITIONAL ANNUAL DEFERRALS 
  

			
	 Current Age at
 Increase

	 	@ 65 Monthly
Retirement Factor

	25	 	87.42
	26	 	81.84
	27	 	76.75
	28	 	71.82
	29	 	67.31
	30	 	63.12
	31	 	59.22
	32	 	55.58
	33	 	52.18
	34	 	49.02
	35	 	46.07
	36	 	43.32
	37	 	40.75
	38	 	38.35
	39	 	36.12
	40	 	34.03
	41	 	32.07
	42	 	30.25
	43	 	28.54
	44	 	26.95
	45	 	25.46
	46	 	24.06
	47	 	22.76
	48	 	21.54
	49	 	20.39
	50	 	19.32
	51	 	18.31
	52	 	17.37
	53	 	16.49
	54	 	15.66
	55	 	14.88
	56	 	14.15
	57	 	13.46
	58	 	12.82
	59	 	12.21
	60	 	11.64
	61	 	11.10
	62	 	10.60
	63	 	10.12
	64	 	9.68

  

 19 

 APPENDIX B 
  
 EARLY RETIREMENT MONTHLY BENEFIT REDUCTION PERCENTAGE 
  
 Restated July 1, 1991 
  

			
	Age at Early Retirement

	 	Early Retirement Reduction Percentage

	45	 	26.75%
	46	 	28.40   
	47	 	30.20   
	48	 	32.00   
	49	 	34.08   
	50	 	36.20   
	51	 	38.47   
	52	 	40.85   
	53	 	43.40   
	54	 	46.23   
	55	 	49.17   
	56	 	52.25   
	57	 	55.75   
	58	 	59.50   
	59	 	63.40   
	60	 	67.75   
	61	 	72.50   
	62	 	77.75   
	63	 	83.50   
	64	 	90.00   

  
  

 20 

 APPENDIX C 
  
 CURRENT AGE MONTHLY SURVIVOR BENEFIT FACTOR PER $ 1,000 OF ANNUAL DEFERRALS 
  

			
	Age on Initial Entry

	 	 Monthly Survivor
 Benefit Factor

	25	 	766.67
	26	 	747.50
	27	 	728.33
	28	 	709.17
	29	 	690.00
	30	 	670.83
	31	 	651.67
	32	 	632.50
	33	 	613.33
	34	 	594.17
	35	 	575.00
	36	 	555.83
	37	 	536.67
	38	 	517.50
	39	 	498.33
	40	 	479.17
	41	 	460.00
	42	 	440.83
	43	 	421.67
	44	 	402.50
	45	 	383.33
	46	 	364.17
	47	 	345.00
	48	 	325.83
	49	 	306.67
	50	 	287.50
	51	 	268.33
	52	 	249.17
	53	 	230.00
	54	 	210.83
	55	 	191.67
	56	 	172.50
	57	 	153.33
	58	 	134.17
	59	 	115.00
	60	 	95.83
	61	 	76.67
	62	 	57.50
	63	 	38.33
	64	 	19.17

  

 21Supplemental Executive Retirement Plan

 EXHIBIT 10.14 
  
 Execution Copy 
  
 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 Effective January 1, 2003 

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1. INTRODUCTION
	  	1
	             1.1
	 	Establishment of Plan	  	1
	             1.2
	 	Purpose of the Plan	  	1
		
	 ARTICLE 2. DEFINITIONS
	  	2
	             2.1
	 	Definitions	  	2
	             2.2
	 	Number and Gender	  	4
		
	 ARTICLE 3. PARTICIPATION AND SERVICE
	  	5
	             3.1
	 	General	  	5
	             3.2
	 	Date of Participation	  	5
	             3.3
	 	Duration; Rehire	  	5
	             3.4
	 	Contribution Credit Service	  	5
	             3.5
	 	Vesting Service	  	6
		
	 ARTICLE 4. RETIREMENT BENEFITS
	  	7
	             4.1
	 	Account	  	7
	             4.2
	 	Contribution Credits	  	8
	             4.3
	 	Annual Indexation Credits	  	9
	             4.4
	 	Special Rules For Determining Balance of Accounts and for Crediting Contribution Credits and Annual Indexation Credits	  	9
	             4.5
	 	Vesting	  	10
	             4.6
	 	Forfeiture	  	11
		
	 ARTICLE 5. PAYMENT OF BENEFITS; DEATH BENEFITS
	  	12
	             5.1
	 	Amount of Benefit	  	12
	             5.2
	 	Automatic Form of Benefit Payment	  	12
	             5.3
	 	Optional Forms of Benefit Payments	  	12
	             5.4
	 	Automatic Time of Benefit Payment	  	12
	             5.5
	 	Optional Time of Benefit Payment	  	13
	             5.6
	 	Manner and Time of Elections	  	13
	             5.7
	 	Death Benefits	  	13
	             5.8
	 	Beneficiary Designation	  	14
	             5.9
	 	Erroneous Payments	  	14
	             5.10
	 	Rehire	  	14
		
	 ARTICLE 6. SOURCE OF PAYMENTS
	  	15
	             6.1
	 	Bank Obligations and Source of Payments	  	15
	             6.2
	 	“Rabbi” Trust	  	15
		
	 ARTICLE 7. ADMINISTRATION
	  	16
	             7.1
	 	Committee	  	16
	             7.2
	 	Procedures for Requesting Benefit Payments	  	17

  

 i 

					
	 ARTICLE 8. AMENDMENT AND TERMINATION
	 	18
	             8.1
	  	Amendment of the Plan	 	18
	             8.2
	  	Termination of the Plan	 	18
		
	 ARTICLE 9. MISCELLANEOUS PROVISIONS
	 	19
	             9.1
	  	Employment Rights	 	19
	             9.2
	  	No Examination or Accounting	 	19
	             9.3
	  	Records Conclusive	 	19
	             9.4
	  	Severability	 	19
	             9.5
	  	Counterparts	 	19
	             9.6
	  	Taxes	 	19
	             9.7
	  	Binding Effect	 	20
	             9.8
	  	Assignment	 	20
	             9.9
	  	Incapacity	 	20
	             9.10
	  	Unsecured Creditor	 	21
	             9.11
	  	Notice	 	21
	             9.12
	  	Benefits Not Salary	 	21
	             9.13
	  	Captions	 	21
	             9.14
	  	Governing Law	 	21
	             9.15
	  	Addresses	 	22
		
	FEDERAL HOME LOAN BANK OF SAN FRANCISCO SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Schedule A	 	A-1
		
	FEDERAL HOME LOAN BANK OF SAN FRANCISCO SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Schedule B	 	B-1

  

 ii 

 ARTICLE 1. INTRODUCTION 
  
 1.1 Establishment of Plan 
  
 The Federal Home Loan Bank of San Francisco (the “Bank”) establishes the Federal Home Loan Bank of San Francisco Supplemental Executive
Retirement Plan (the “Plan”), effective as of January 1, 2003. 
  
 1.2 Purpose of the Plan 
  
 The purpose of this
Plan is to provide supplemental retirement benefits for a select group of management or highly compensated employees of the Bank. Payments under the Plan shall be made from the general assets of the Bank or from the assets of the Trust, if any,
established as part of the Plan. It is intended that the Plan remain at all times a nonqualified plan and that the Trust, if any, shall constitute a grantor trust under Sections 671 through 679 of the Code. Until paid, any and all assets of any
vehicle used for payment of benefits under this Plan shall remained owned by the Bank, subject to the claims of its general creditors in the event of the Bank’s insolvency. 
  

 1 

 ARTICLE 2. DEFINITIONS 
  
 2.1 Definitions 
  
 Whenever used in this Plan, the following words and phrases shall have the meanings set forth below unless a different meaning is expressly provided or
plainly required by the context: 
  
 (a) “Account” means the
account established for a Participant pursuant to Section 4.1 of the Plan. 
  
 (b) “Actuarial Equivalent” means a benefit having the same value as the benefit for which it is substituted. The determination of the Actuarial Equivalent of any benefit as provided for under this Plan shall be made based
on the factors specified in this definition of Actuarial Equivalent in the Cash Balance Plan. 
  
 (c) “Annual Indexation Credit” means the credit to an Account described in Section 4.3. 
  
 (d) “Bank” means Federal Home Loan Bank of San Francisco and any successor thereto that agrees to assume the duties and obligations of the Bank
hereunder. 
  
 (e) “Beneficiary” means the person or entity
designated by a Participant or Former Participant pursuant to Section 5.8 to receive any death benefit payable under this Plan. If no Beneficiary is properly designated at the time of the Participant’s or Former Participant’s death, or if
no person so designated shall survive the Participant or Former Participant, the Beneficiary shall be the surviving spouse, or if there is no surviving spouse, the Participant’s or Former Participant’s estate. 
  
 (f) “Benefit Equalization Plan” means the Federal Home Loan Bank of San
Francisco Benefit Equalization Plan. 
  
 (g) “Board of Directors”
means the Board of Directors of the Bank. 
  
 (h) “Cash Balance
Plan” means the Federal Home Loan Bank of San Francisco Cash Balance Plan. 
  
 (i) “Cause” means any of the following: 
  
 (1) Criminal or other willful misconduct of the Participant that materially violates any laws, regulations or orders of any government agency, including without limitation any laws, regulations or orders applicable to the Bank; or

  
 (2) Deliberate material failures of the Participant to
comply with the Bank’s policies and procedures or with any directive of the Board of Directors. 
  
 (j) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  

 2 

 (k) “Committee” means the committee appointed by the Board of Directors in accordance with Section 7.1
of this Plan. 
  
 (l) “Compensation” means the base salary and
other wages, bonuses, commissions, and other taxable remuneration payable to a Participant by the Bank for a Plan Year or other period taken into account in making the determination. In applying this definition, Compensation shall also include any
salary reduction elected by the Participant under Code Section 125, 401(k), Code Section 132(f)(4) and any deferrals or contributions made by the Participant under any nonqualified deferred compensation or excess benefit plans maintained by the
Bank, including, without limitation, the Deferred Compensation Plan and the Benefit Equalization Plan. The foregoing notwithstanding, in determining a Participant’s Compensation, all long-term incentive payments, reimbursements and expense
allowances, moving expenses, fringe benefits, income attributable to group-term life insurance, long-term disability payments, meals and lodging, contributions made by the Bank on behalf of the Participant to, and all distributions from, qualified
plans, nonqualified deferred compensation plans, and excess benefit plans (including, without limitation, the Cash Balance Plan, the Savings Plan, the Deferred Compensation Plan and the Benefit Equalization Plan) shall be excluded. 
  
 (m) “Contribution Credit” means the credit to an Account described in
Section 4.2. 
  
 (n) “Contribution Credit Service” means the
service described in Section 3.4. 
  
 (o) “Deferred Compensation
Plan” means the Federal Home Loan Bank of San Francisco Deferred Compensation Plan. 
  
 (p) “Disability” means disability as determined under the Bank’s Long-Term Disability Plan. 
  
 (q) “Final Average Pay” means the highest average annual Compensation of a Participant during any three (3) consecutive calendar years completed during
which an individual is a Participant in the period preceding the determination date. If the Participant received Compensation for fewer than three (3) consecutive complete calendar years while a Participant, Final Average Pay shall be determined
taking into account either the Participant’s last three (3) completed calendar years as a Participant, or, if fewer than three (3) calendar years have been completed as a Participant, the Participant’s entire completed service with the
Bank. 
  
 (r) “Former Participant” means either: 
  
 (1) Any former employee of the Bank who has a vested Account under
the Plan; or 
  
 (2) Any current employee of the Bank who
was a Participant under the Plan irregardless of whether such individual’s Account is vested or nonvested. 
  

 3 

 (s) “Participant” means an employee who becomes a Participant as provided in Article 3. 
  
 (t) “Plan” means the Federal Home Loan Bank of San Francisco Supplemental
Executive Retirement Plan, as established by this document and as amended from time to time. 
  
 (u) “Plan Year” means the calendar year. 
  
 (v) “Savings Plan” means the Federal Home Loan Bank of San Francisco Savings Plan. 
  
 (w) “Total Retirement Income” means the amount determined under (1) and (2) below projected using the assumptions, and in the manner, set forth in
Section 4.4 below, determined as the Actuarial Equivalent of a single life annuity commencing at the later of the Participant’s Normal Retirement Date (as defined in the Cash Balance Plan) and the date of termination of employment with the
Bank. 
  
 (1) all benefits accrued by a Participant or
Former Participant under the Cash Balance Plan, the Financial Institutions Retirement Fund and this Plan, plus 
  
 (2) all benefits contributed by the Bank on behalf of a Participant under the Deferred Compensation Plan and the Benefit Equalization Plan with the
exception of any matching contributions contributed by the Bank on behalf of a Participant and any deferrals or contributions made at the direction of the Participant. 
  
 (x) “Trust” means a “rabbi” grantor trust under Sections 671 through 679 of the Code which may be established
pursuant to this Plan. 
  
 (y) “Trust Agreement” means any
agreement entered into between the Bank and the Trustee, that establishes the Trust, if any, to form a part of this Plan and to receive, hold, invest and dispose of the Trust Fund. 
  
 (z) “Trust Fund” means the assets of every kind and description held under any Trust Agreement forming a part of this Plan.

  
 (aa) “Trustee” means any person or entity appointed to act as
trustee under the Trust, if any. 
  
 (bb) “Vesting Service” means
the service described in Section 3.5. 
  
 2.2 Number and Gender 

 
 Except when otherwise indicated by the context, any use of any term in
the singular or plural shall also include the opposite number. As used in the Plan, the masculine gender shall be deemed to refer to the feminine whenever appropriate. 
  

 4 

 ARTICLE 3. PARTICIPATION AND SERVICE 
  
 3.1 General 
  
 Participation in the Plan is limited solely to a select group of management or highly compensated employees who hold positions that are designated by the
Board of Directors as covered under the Plan. 
  
 3.2 Date of Participation

  
 An individual shall automatically become a Participant on
the latter of: 
  
 (a) January 1, 2003, or 
  
 (b) the date that the individual first begins service in a position that the Board of
Directors has designated as covered under the Plan. 
  
 3.3 Duration; Rehire

  
 (a) Participant. An employee who becomes a Participant shall
continue to be a Participant until the employee terminates employment with the Bank or until the employee no longer serves in a position which the Board of Directors has designated as covered under the Plan. 
  
 (b) Former Participant. An individual shall continue to be a Former Participant until
payment of his or her Account is made in full, begins, is forfeited pursuant to Section 4.6, or unless he or she once again becomes a Participant pursuant to Section 3.3(c). 
  
 (c) Rehire. A former employee who was a Participant in the Plan and is subsequently rehired by the Bank shall once again become a
Participant on the date he or she begins service in a position that the Board of Directors has designated as covered under the Plan. Such individual’s Contribution Credit Service and Vesting Service shall be determined in accordance with the
provisions of Sections 3.4 and 3.5. 
  
 3.4 Contribution Credit Service

  
 (a) General. Except as otherwise provided in this Section,
Contribution Credit Service shall include the Participant’s aggregate periods of employment (including years and fractions thereof) with the Bank or with an entity covered by the Financial Institutions Retirement Fund on and after January 1,
1996. Notwithstanding the foregoing, all employment with the Bank necessary to complete six (6) months of Vesting Service as defined in, and required for participation under, the Cash Balance Plan shall be excluded from Contribution Credit Service
for purposes of this Plan. 
  

 5 

 (b) Special Rules for Determining Contribution Credit Service for Purposes of 25 Year Limit. For purposes of the
25 year limit on Contribution Credits set forth in Section 4.2(b), Contribution Credit Service shall include all service with the Bank including service prior to January 1, 1996; provided, however, that any service with any entity covered by the
Financial Institutions Retirement Fund other than the Bank shall not count as Contribution Credit Service for purposes of this Section 3.4(b) and Section 4.2(b); provided further, however, that if a break-in-service with the Bank of one day or
greater occurred prior to January 1, 1996, then service with the Bank prior to such break-in-service shall count as Contribution Credit Service only if the Participant was an employee of the Bank on December 31, 1995. Notwithstanding the foregoing
the following service shall not count as Contribution Credit Service for purposes of the 25 year limit under this Plan: (i) all employment with the Bank necessary to complete six (6) months of Vesting Service as defined in, and required for
participation under, the Cash Balance Plan and (ii) all employment necessary to complete six (6) months of Vesting Service as defined in, and required for participation under, the Financial Services Retirement Fund. 
  
 3.5 Vesting Service 
  
 Vesting Service with respect to a particular Contribution Credit and the Annual Indexation Credits associated therewith
shall include a Participant’s aggregate periods of employment (including years and fractions thereof) with the Bank from the date such Contribution Credit is credited to the Participant’s Account. 
  

 6 

 ARTICLE 4. RETIREMENT BENEFITS 
  
 4.1 Account 
  
 (a) The Bank shall establish and maintain an Account on its books for each Participant (and Former Participant) in the Plan. The balance of a Participant’s
(or Former Participant’s) Account as of any date shall be equal to the sum of the Participant’s (or Former Participant’s) Contribution Credits and Annual Indexation Credits, if any, as of that date, as adjusted pursuant to Sections
4.4(b) and 4.4(c) below and, if applicable, Sections 4.1(b) and (c). Subject to the provisions of Section 5.10, as of the date payment of benefits is made or commences under this Plan, the Participant’s or Former Participant’s Account
shall be reduced to zero (0), such individual shall cease to be a Participant or Former Participant, and, subject to other applicable provisions of the Plan, benefits shall be paid under the automatic form of benefit payment provided under Section
5.2 or, if applicable, the optional form of benefit payment elected by the Participant or Former Participant under Section 5.3. 
  
 (b) Rehired Individuals Not in Pay Status at Time of Rehire. If an individual, in accordance with the provisions of Section 3.3(c), once again becomes a
Participant following rehire prior to the time any payments have been made to such individual under Article 5 below, then upon the date the individual once again becomes a Participant such individual’s Account shall be redetermined in
accordance with Section 4.1(a) and shall include any amounts unvested at the time of the earlier termination. Such unvested amounts shall be subject to the vesting requirements set forth in Section 4.5. 
  
 (c) Rehired Individuals in Pay Status at Time of Rehire. If an individual, in
accordance with the provisions of Section 3.3(c), once again becomes a Participant after the time any payment has been made to such individual under Article 5, then such individual’s Account shall be determined as follows: 
  
 (1) If such individual had previously received a lump sum payment
under Section 5.2 below, then upon the date such individual once again becomes a Participant such individual’s Account shall be redetermined and shall be credited only with those amounts which were unvested at the time of the earlier
termination and which were not a part of any distribution. Such unvested amounts shall be subject to the vesting requirements set forth in Section 4.5. 
  
 (2) If such individual had previously begun receiving annuity payments under Section 5.3(a) or 5.3(b), then upon the date such individual once
again becomes a Participant such payments automatically shall cease and such individual’s Account shall be credited with any amount not yet paid to such individual pursuant to Article 5. Such amount shall be determined by the Plan actuary in a
reasonable manner consistent with the terms of the Plan, including 
  

 7 

 without limitation the definition of Actuarial Equivalent. In addition, such individual’s Account shall be credited
with those amounts which were unvested at the time of the earlier termination. Such unvested amounts shall be subject to the vesting requirements set forth elsewhere in this Plan. 
  
 4.2 Contribution Credits 
  
 (a) Crediting Accounts. A Contribution Credit shall be credited to the Account of each Participant as follows: 
  
 (1) The Contribution Credit for a Plan Year shall be credited to the
Account of each Participant as of the last day of each Plan Year, beginning in 2003. No Contribution Credit shall be credited to the Account of any Participant for, or with respect to, any year prior to 2003. 
  
 (2) A Contribution Credit shall be credited to a Participant who
terminates employment with the Bank or who ceases to be a Participant but otherwise remains employed by the Bank during the course of a Plan Year solely for that portion of Plan Year during which the individual was a Participant. The Contribution
Credit for a Participant who terminates employment under the Bank shall be credited as of the date of termination. The Contribution Credit for a Participant who ceases to be a Participant but otherwise remains employed by the Bank shall be credited
as of December 31 of the applicable Plan Year. 
  
 (3)
Subject to Section 4.2(b), Section 4.4 and other applicable provisions of the Plan, the amount of the Contribution Credit credited to the Account of Participants shall be determined in accordance with Schedule A attached hereto unless the Board
of Directors specifically provides that the amount of the Contribution Credit to a particular Participant’s Account shall be determined in accordance with Schedule B attached hereto. Additionally, the Board of Directors may, in its discretion
and from time to time, designate that the amount of the Contribution Credit credited to the Account of a particular Participant or Participants for a Plan Year shall be determined in accordance with a separate Schedule, which Schedule shall be
attached hereto. In no circumstances, however, shall the Account of a Participant be credited with Contribution Credits for a Plan Year under more than one Schedule. 
  
 (b) 25 Year Limit on Contribution Credits. No Participant shall receive a Contribution Credit for any period of Contribution Credit
Service in excess of 25 years as determined under Section 3.4(b). 
  
 (c)
Former Participants. No Contribution Credits shall be credited to the Account of any Former Participant with respect to any period of time such individual was not a Participant. 
  

 8 

 4.3 Annual Indexation Credits 
  
 (a) Crediting Accounts. Annual Indexation Credits shall be credited to the Accounts of Participants and Former Participants as
follows: 
  
 (1) The Annual Indexation Credit for a Plan
Year shall be credited to the Account of Participants and Former Participants as of the last day of each Plan Year beginning in 2004. No Annual Indexation Credit shall be credited to the Account of any Participant or Former Participant or with
respect to any year prior to 2004. 
  
 (2) Subject to
Section 4.4 and other applicable provisions of the Plan, the amount of the Annual Indexation Credit credited to the Account of Participants and Former Participants shall be six percent (6%) of the balance of the Account determined as of the first
day of the applicable Plan Year. 
  
 (b) Proration; Cessation of Annual
Indexation Credits. The Annual Indexation Credit for the Plan Year in which a Participant or Former Participant receives, or begins receiving, payment of his or her benefit under this Plan shall be prorated as provided in Section 4.4(a) below and no
further Annual Indexation Credits shall be credited to such Participant or Former Participant. 
  
 4.4 Special Rules For Determining Balance of Accounts and for Crediting Contribution Credits and Annual Indexation Credits 
  
 (a) Proration. If the Account of a Participant or Former Participant is determined as of a date during the Plan Year, the rules set
forth in Section 4.2 and 4.3 shall be applied by treating the date of determination as the end of a short Plan Year. In such a case, the Participant’s Compensation for the Plan Year to the calculation date shall be used in determining
Compensation and the Contribution Credit, and the Annual Indexation Credit shall be prorated to reflect the portion of the year that has been completed as of the date of determination. 
  
 (b) Total Retirement Income – Current Limitation. Notwithstanding anything in this Plan to the contrary, the Total Retirement
Income of a Participant or Former Participant shall be limited to 50% of the Participant’s or Former Participant’s Final Average Pay, and a Participant’s or Former Participant’s Contribution Credits and/or Annual Indexation
Credits, as applicable, under this Plan shall be adjusted as set forth in Section 4.4(d) below in order to ensure that such limit is observed. For this purpose Total Retirement Income shall be determined as of the earlier of the last day of the
current Plan Year and the date payments begin, and Final Average Pay shall be determined as of the earliest of the last day of the current Plan Year, termination of employment (if any), and the date the Participant ceases to be a Participant (if
any). 
  

 9 

 (c) Total Retirement Income – Projected Limitation. Notwithstanding anything in this Plan to the contrary,
the projected Total Retirement Income of a Participant shall be limited to 50% of the Participant’s projected Final Average Pay, and a Participant’s Contribution Credits and/or Annual Indexation Credits, as applicable, under this Plan
shall be adjusted as set forth in Section 4.4(d) below in order to ensure that such limit is observed. For this purpose, in the case of a Participant who has not yet attained age 65, Total Retirement Income and Final Average Pay shall be projected
from the last day of the current Plan Year to the date the Participant attains age 65 by assuming four percent (4%) annual pay increases and that the Participant remains a Participant until such projected date. The projected limitation under this
Section 4.4(c) shall not apply unless the Participant remains a Participant until the last day of the Plan Year. 
  
 (d) If, pursuant to Sections 4.4(b) or 4.4(c), a Participant’s or Former Participant’s Total Retirement Income is projected to exceed either of the 50%
limits set forth in Sections 4.4(b) or 4.4(c), then Contribution Credits and/or Annual Indexation Credits, as applicable, for the current and, if necessary, prior Plan Years shall be reduced as necessary to limit Total Retirement Income accordingly.
If such Participant’s or Former Participant’s Total Retirement Income subsequently falls or is projected to fall below both of the 50% limits set forth in Section 4.4(b) and 4.4(c), then any Contribution Credits and/or Annual Indexation
Credits previously reduced shall be restored as necessary. 
  
 4.5 Vesting

  
 The interest of each Participant in his or her Account
shall vest as follows: 
  
 (a) Vesting of Contribution Credits. Each
Participant shall become fully vested in a particular Contribution Credit upon the completion of three (3) years of Vesting Service following the beginning of the Plan Year (or portion thereof) with respect to which such Contribution Credit is
credited to the Participant’s Account; provided, however, that no Participant shall become fully vested in the final three (3) years of Contribution Credits credited to his or her Account pursuant to the 25 year limit on Contribution Credits
set forth in Section 4.2(b) until the date the Participant attains age 62. 
  
 (b) Vesting of Annual Indexation Credits. Each Participant shall become fully vested in that portion of each Annual Indexation Credit which has been credited to his or her Account with respect to a particular Contribution Credit at
the time such Participant becomes fully vested in such Contribution Credit and all further Annual Indexation Credits with respect to that vested Contribution Credit shall be fully vested. 
  

 10 

 (c) Attainment of Age 62. Notwithstanding any other provision of this Plan to the contrary, each Participant shall
become fully vested in his or her Account on the date such Participant attains age 62 and all further Contribution Credits and Annual Indexation Credits to such Participant’s Account shall be fully vested. 
  
 4.6 Forfeiture 
  
 (a) Termination for Cause. Notwithstanding any other provision of this Plan to the contrary, each Participant shall forfeit his or
her entire Account (whether vested or nonvested) if the Participant’s employment is terminated by the Bank for Cause. For purposes of the Plan, Cause shall be determined by the Bank in its sole discretion using the definition set forth in
Section 2.1(i). 
  
 (b) Termination Prior to Attaining Age 62. Subject to
the provisions of Section 4.1(b) and pursuant to the provisions of Section 4.5, each Participant whose employment with the Bank terminates prior to the date the Participant attains age 62 shall forfeit the unvested final three (3) years of
Contribution Credits credited to his or her Account under the Plan. 
  

 11 

 ARTICLE 5. PAYMENT OF BENEFITS; DEATH BENEFITS 
  
 5.1 Amount of Benefit 
  
 The benefit payable under this Plan to a Participant or Former Participant shall be equal to such individual’s vested
Account balance at the time payment is made or commences. 
  
 5.2 Automatic
Form of Benefit Payment 
  
 Unless a Participant or Former
Participant elects an optional form of benefit payment set forth in Section 5.3 in the manner and at the time prescribed in Section 5.6, the automatic form of benefit payment under the Plan shall be a single lump sum. 
  
 5.3 Optional Forms of Benefit Payments 
  
 A Participant or Former Participant may elect in accordance with Section 5.6
to receive his or her benefits in one of the following optional forms of payment (which shall be the Actuarial Equivalent of the automatic form provided in Section 5.2) to the extent applicable: 
  
 (a) A Life Annuity Option. A life annuity payable to the Participant or Former
Participant as of the first day of each month until (and including) the month in which the Participant or Former Participant dies. 
  
 (b) A Contingent 50 Percent Annuitant Option. An annuity payable as of the first day of each month to the Participant or Former Participant, for life, with a
continuing annuity to the Beneficiary if the Beneficiary survives the Participant or Former Participant, in an amount which is 50 percent of the monthly annuity payable to the Participant or Former Participant, beginning with the first day of the
month following the Participant’s or Former Participant’s death and continuing for the Beneficiary’s lifetime. 
  
 5.4 Automatic Time of Benefit Payment 
  
 (a) Automatic Time. Unless a Participant or Former Participant elects an optional time of benefit payment as set forth in Section 5.5 in the manner and at the time
prescribed in Section 5.6, the automatic time of benefit payment under the Plan shall be the Participant’s termination of employment with the Bank (including retirement), death or Disability. 
  
 (b) Date Payment is Made. If the form of benefit payment is the automatic form of
payment pursuant to Section 5.2, payment shall be made as soon as administratively practicable following such termination, death or Disability. If the form of benefit is one of the optional forms pursuant to Section 5.3 and elected pursuant to
Section 5.6, payments shall begin on the first day of the second month following such termination, death or determination of Disability. 
  

 12 

 5.5 Optional Time of Benefit Payment 
  
 A Participant terminating employment (including retirement) at age 45 or older may elect to defer payment of benefits under
the Plan beyond such termination, provided such election is made in accordance with Section 5.6; provided further that such payment following termination of employment must begin no later than the April 1 following the calendar year the Former
Participant turns 70-1/2. No payment of benefits may be made under this Plan prior to termination of employment (including retirement), death or Disability. 
  
 5.6 Manner and Time of Elections 
  
 The election of an optional form or time of benefit payment shall be made on such forms as may be prescribed by the Bank. Any election under this Section
5.6 must be made no later than 12 months prior to the Participant’s termination of employment (including retirement). 
  
 5.7 Death Benefits 
  
 (a) In the case of a Participant or Former Participant: 
  
 (1) who has a vested interest in his or her Account balance; and 
  
 (2) who dies before benefit payment has been made in the case of the lump sum automatic form of payment pursuant to
Section 5.2, or who has elected the life annuity form of payment pursuant to Section 5.3(a) and dies before payment has begun, the amount of the vested Account balance shall be paid in a lump sum to the Participant’s or Former
Participant’s Beneficiary, as soon as practicable after the Participant’s or Former Participant’s death. 
  
 (b) In the case of a Participant or Former Participant: 
  
 (1) who has a vested interest in his or her Account balance; and 
  
 (2) who has elected the contingent 50 percent annuitant option pursuant to Section 5.3(b) and who dies either before
or after benefit payment has begun, the amount of the vested Account balance shall be paid or continue to be paid in the form of the contingent 50 percent annuitant option described in Section 5.3(b). 
  
 (c) In no other case shall any amount be paid to a Participant’s or Former
Participant’s Beneficiary. 
  

 13 

 5.8 Beneficiary Designation 
  
 A Participant or Former Participant may designate a person or other entity as the Beneficiary to receive any death benefit
payable under the Plan. Each Beneficiary designation shall be in the form prescribed by the Bank, shall be effective only when properly filed in writing with the Bank before the earlier of the Participant’s or Former Participant’s death or
the time payment is made or commences, and shall revoke all prior designations by the Participant or Former Participant. 
  
 5.9 Erroneous Payments 
  
 In the event that a Participant or a Beneficiary receives a distribution under this Plan in excess of the amount, if any, to which he or she is entitled,
by reason of a calculation error or otherwise, the Bank may, in its sole discretion, adjust future benefit payments to the Participant or the Beneficiary to the extent necessary to recoup the amount which the Participant or the Beneficiary received
which was in excess of the amount to which he or she was entitled under the terms of the Plan. If the Bank determines, in its sole discretion, that it is not feasible or desirable to adjust future benefit payments to a Participant or a Beneficiary,
the Bank may require the Participant or the Beneficiary to repay to the Plan the amount which is in excess of the amount to which the Participant or the Beneficiary is entitled under the terms of the Plan. All amounts received by a Participant or a
Beneficiary under the Plan shall be deemed to be paid subject to this condition. 
  
 5.10 Rehire 
  
 In the event that an individual
who is currently receiving payments under Section 5.3 is rehired by the Bank, then such payments automatically shall be suspended. The Account of such an individual and the Account of any individual who has received a payment under this Article 5
shall be determined in accordance with the provisions of Section 4.1. 
  

 14 

 ARTICLE 6. SOURCE OF PAYMENTS 
  
 6.1 Bank Obligations and Source of Payments 
  

All benefits payable under the Plan shall be paid as they become due and payable by the Bank out of its general assets. Nothing contained in this Plan
shall be deemed to create a trust of any kind for Participants, Former Participants or their Beneficiaries or create a fiduciary relationship between the Bank and the Participants, Former Participants or their Beneficiaries. To the extent that any
person acquires a right to receive benefits under the Plan, such rights shall be no greater than the right of any unsecured general creditors of the Bank. 
  
 6.2 “Rabbi” Trust 
  
 Notwithstanding Section 6.1, to fund the benefits provided under the Plan, the Bank may, in its sole discretion, execute a Trust Agreement with a Trustee
or Trustees, or enter into one or more contracts with an insurance company or companies, or adopt a combination of both methods of funding. The Bank shall determine the form and terms of any such Trust Agreement or insurance contract, and may, in
its sole discretion, modify such instruments from time to time or remove or replace any Trustee or insurance company. Any such Trust so established shall be a “rabbi” grantor trust under Sections 671 through 679 of the Code. 
  

 15 

 ARTICLE 7. ADMINISTRATION 
  
 7.1 Committee 
  
 (a) General. The Committee, subject to those powers which the Board of Directors has reserved as described in Article 8 below, shall have general authority over,
and responsibility for, the administration and interpretation of the Plan. The Committee shall have full power, authority and discretion to interpret and construe the Plan, to make all determinations considered necessary or advisable for the
administration of the Plan and the Trust, if any, the calculation of the amount of benefits payable under the Plan, and to review claims for benefits under the Plan. The Committee’s interpretations and constructions of the Plan and its
decisions or actions thereunder shall be binding and conclusive on all persons for all purposes. 
  
 (b) Composition. The Committee shall consist of at least three individuals, each of whom shall be appointed by the Board of Directors. Any Committee member may resign by delivering his or her written
resignation to the Committee no later than 15 days before the effective date of the resignation. The Board of Directors may remove any member of the Committee at any time and for any reason with or without advance written notice. Vacancies in the
Committee arising by resignation, death, removal or otherwise shall be filled by the Board of Directors. 
  
 (c) Committee Procedures. The Committee shall elect or designate one of its own members as Chair, establish its own procedures and the time and place for its meetings and provide for the keeping of minutes of
all meetings. A majority of the members of the Committee shall constitute a quorum for the transaction of business by the Committee. Any action of the Committee may be taken upon the affirmative vote of a majority of the members at a meeting or, at
the direction of its Chair, without a meeting by mail or telephone, provided that all of the Committee members are informed in writing of the matter to be voted upon. The Committee may establish procedures pursuant to which a Committee member may
elect not to participate in a Committee proceeding in which such member has an interest. No Committee member shall be entitled to act on or decide any matters relating solely to such Committee member as a Participant or any of his or her rights or
benefits under the Plan. 
  
 (d) Expenses. All expenses incurred by the
Committee in its administration of the Plan shall be paid by the Bank. The Committee members shall not receive any special compensation for serving in such capacity but shall be reimbursed for any reasonable expenses actually incurred in connection
therewith. No bond or other security is required of the Committee or any member thereof in any jurisdiction. 
  
 (e) Liability; Indemnification. No Committee member shall be personally liable by reason of any instrument executed by such Committee member, or action taken by the member in his or 
  

 16 

 her capacity as a Committee member, acting in good faith and exercising reasonable care, nor for any mistake of judgment
made in good faith. Committee members may be entitled to indemnification for certain costs, expenses and liabilities to the fullest extent permitted by applicable law and regulations and the charter and bylaws of the Bank, and subject to the terms
and conditions set forth in such bylaws. 
  
 7.2 Procedures for Requesting
Benefit Payments 
  
 To obtain Plan benefits, a Participant,
Former Participant or Beneficiary must file a written application with the Bank. Procedures for filing a claim in the event that Plan benefits are denied in whole or in part may be obtained from the Bank. 
  

 17 

 ARTICLE 8. AMENDMENT AND TERMINATION 
  
 8.1 Amendment of the Plan 
  
 The Bank reserves the right to amend the Plan at any time and in any respect whatsoever by action of its Board of Directors or by such other means as may
be prescribed by the Board of Directors. Retroactive Plan amendments may not decrease the Account balance of any Participant or Former Participant determined as of the time the amendment is adopted, unless the Participant or Former Participant
consents in writing. 
  
 8.2 Termination of the Plan 
  
 While it is the intent of the Bank to maintain the Plan indefinitely, it
reserves the right to terminate the Plan in whole or part by action of the Board of Directors (or by such other means as may be prescribed by the Board of Directors) at any time. 
  

 18 

 ARTICLE 9. MISCELLANEOUS PROVISIONS 
  
 9.1 Employment Rights 
  
 Nothing contained in this Plan or any modification of the Plan or act done in pursuance of this Plan shall be construed as giving any Participant or
Former Participant any legal or equitable right with respect to his or her employment against the Bank (or any director, officer or employee thereof), unless specifically provided in this Plan or under applicable law, or as giving any person a right
to be retained in the employ of the Bank. All employees shall remain subject to assignment, reassignment, promotion, transfer, layoff, reduction, suspension, and discharge to the same extent as if this Plan had never been established. 
  
 9.2 No Examination or Accounting 
  
 Neither this Plan nor any action taken under it shall be construed as giving
any person the right to an accounting or to examine the books or affairs of the Bank, the Plan, or the Committee, except to the extent required by law. 
  
 9.3 Records Conclusive 
  
 The records of the Bank and the Committee shall be conclusive in respect to all matters involved in the administration of the Plan to the extent permitted
by applicable law. 
  
 9.4 Severability 
  
 In the event any provision of this Plan shall be held illegal or invalid for
any reason, such illegality or invalidity shall not affect the remaining parts of this Plan, and it shall be construed and enforced as if such illegal or invalid provision had never been included. 
  
 9.5 Counterparts 
  
 This Plan may be executed in any number of counterparts, each of which shall be deemed to be an original. All the counter
parts shall constitute but one and the same instrument and may be sufficiently evidenced by any one counterpart. 
  
 9.6 Taxes 
  
 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 be withheld with respect to such payment. 
  

 19 

 9.7 Binding Effect 
  
 The Plan shall be binding upon and inure to the benefit of the Bank and its successors and assigns and the Participants, Former Participants, their
Beneficiaries 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 thereunder. 
  
 In any agreement or plan which the Bank may enter into to effect any merger, consolidation, reorganization, or transfer of
assets, the Bank agrees that it shall make appropriate provision for the preservation of the Participants’ and Former Participants’ benefits accrued under the Plan prior to such merger, consolidation, reorganization or transfer of assets.
Upon such a merger, consolidation, reorganization, or transfer of assets and assumption of the Plan obligations of the Bank, the term “Bank” shall refer to such other organization and the Plan shall continue in full force and effect.

  
 9.8 Assignment 
  
 No Participant or Former Participant or Beneficiary shall have the right to
assign, transfer, hypothecate, encumber or anticipate his or her benefits under the Plan, nor shall the benefits under this Plan be subject to any legal process to levy upon or attach the benefits for payment of any claim against the Participant or
Former Participant or his or her Beneficiary. In the event of any attempted assignment or transfer, the Bank shall have no further liability hereunder. The foregoing notwithstanding, in accordance with procedures that are established by the
Committee (including procedures requiring prompt notification to the affected Participant or Former Participant and each alternate payee of the receipt by the Plan or the Bank of a domestic relations order and its procedures for determining the
qualified status of such order), a judicial order for purposes of or pertaining to domestic relations (which orders do not alter the amount, timing, or form of benefit other than to have it commence at the earliest permissible date) shall be honored
by the Plan and the Bank if the Committee or its designee determines that such order would constitute a qualified domestic relations order (within the meaning of Section 414(p) of the Code) if the Plan were a qualified retirement plan under Section
401(a) of the Code. 
  
 9.9 Incapacity 
  
 If the Committee is presented with credible evidence that any person to whom
any amount is or was payable under the Plan is unable to care for his or her affairs because of illness or accident, or is a minor, or has died, then any payment, or any part thereof, due to such person 
  

 20 

 or his or her estate (unless a prior claim therefor has been made by a duly appointed legal representative), may, if the
Committee 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 Committee to be a proper recipient on behalf of such person
otherwise entitled to payment. In making such a finding the Committee may rely on the advice of experts chosen by the Committee in its sole discretion. Any payment consequent on such finding shall be in complete discharge of the liability of the
Plan and the Bank therefor. 
  
 9.10 Unsecured Creditor 
  
 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. 
  
 9.11 Notice 
  
 Any election, application, claim, designation, request, notice, instruction or other communication required or permitted to be made by a Participant,
Former Participant, Beneficiary, or other person to the Committee shall be made in writing and in such form as is prescribed from time to time by the Committee and shall be mailed by first-class mail, postage pre-paid or delivered to such location
as shall be specified by the Committee and shall be deemed to have been given and delivered only upon receipt thereof at such location. 
  
 9.12 Benefits Not Salary 
  
 The benefits payable under the Plan shall be independent of, and in addition to, any other benefits provided by the Bank and shall not be deemed salary or
other remuneration by the Bank for the purpose of computing benefits to which any Participant or Former Participant may be entitled under any other plan or arrangement of the Bank. 
  
 9.13 Captions 
  
 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. 
  
 9.14 Governing Law 

 
 The Plan is intended to constitute an unfunded Plan for a select group of
employees and rights thereunder shall be construed according to the laws of the State of California, without giving effect to the choice of law principles thereof, and the laws of the United States, as applicable. 
  

 21 

 9.15 Addresses 
  
 Each Participant or Former Participant must file with the Bank from time to time in writing his or her post office address and each change of post office
address. The communication, statement or notice addressed to a Participant or Former Participant at the last post office address filed with the Bank, or if no address is filed with the Bank, then at the last post office address as shown on the
records of the Bank, shall be binding on the Participant or Former Participant and his or her Beneficiaries for all purposes of the Plan. The Bank shall not be required to search for or locate a Participant, Former Participant or his or her
Beneficiary. 
  
 IN WITNESS WHEREOF, the Federal Home Loan Bank of
San Francisco has caused this document to be executed by its duly authorized officers, this 22nd day of
December, 2004. 
  

			
	FEDERAL HOME LOAN BANK OF SAN FRANCISCO
		
	 Signature:
	 	 /s/ Dean Schultz

	 Name:
	 	Dean Schultz
	 Title:
	 	President and Chief Executive Officer
		
	 Signature:
	 	 /s/ Gregory Fontenot

	 Name:
	 	Gregory Fontenot
	 Title:
	 	Vice President, Human Resources

  

 22 

 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 Schedule A 
  
 Subject to Sections 3.4, 4.2 and other applicable provisions of the Plan, for the Plan Year beginning in 2003 and for subsequent Plan Years, Contribution Credits shall be credited to the Account of each Participant as follows unless the
Board of Directors specifically designates that a different Schedule is applicable to such Participant. 
  

	 	A.1	8% of Compensation for Contribution Credit Service less than 10 years. 

  

	 	A.2	12% of Compensation for Contribution Credit Service of 10 or more but less than 15 years. 

  

	 	A.3	16% of Compensation for Contribution Credit Service of 15 years or more. 

  
 For purposes of this Schedule, Compensation shall include only Compensation earned by the Participant during the applicable Plan Year while a Participant
in the Plan. Additionally, for purposes of this Schedule,. Contribution Credit Service shall be determined as of the first day of the applicable Plan Year. No Contribution Credits shall be credited to the Account of any Participant under this
Schedule A for, or with respect to, any year prior to 2003. 
  

 A-1 

 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 Schedule B 
  
 Subject to Sections 3.4, 4.2 and other applicable provisions of the Plan, for the Plan Year beginning in 2003 and for subsequent Plan Years, the Account of each Participant to whom the Board of Directors has specifically designated this
Schedule B applies shall be credited with Contribution Credits as follows: 
  

	 	B.1	10% of Compensation for Contribution Credit Service less than 10 years. 

  

	 	B.2	15% of Compensation for Contribution Credit Service of 10 or more but less than 15 years. 

  

	 	B.3	20% of Compensation for Contribution Credit Service of 15 years or more. 

  
 For purposes of this Schedule, Compensation shall include only Compensation earned by the Participant during the applicable Plan Year while a Participant
in the Plan. Additionally, for purposes of this Schedule,. Contribution Credit Service shall be determined as of the first day of the applicable Plan Year. No Contribution Credits shall be credited to the Account of any Participant under this
Schedule B for or with respect to any year prior to 2003. 
  

 B-1

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