Document:

Exhibit 10.15 BEP Amendment

EXHIBIT 10.15

AMENDMENT TO THE 
FEDERAL HOME LOAN BANK OF SEATTLE 
RETIREMENT FUND BENEFIT EQUALIZATION PLAN

Federal Home Loan Bank of Seattle hereby amends its Retirement Fund Benefit Equalization Plan (the "Plan"), as revised as of January 1, 2005, effective as of September 1, 
2011 to conform to the intent and operation of the Plan:
1.Section 3.01 is amended by revising the first sentence thereof and subsection iii to read as follows:
The amount, if any, of the annual benefit payable to or on account of a Member pursuant to the Plan shall equal the excess of (i) over (ii), reduced as provided in 3.05 if applicable, and adjusted as provided in (iii), as determined by the Committee, where:
...
iii.    The lump sum resulting from i - ii, as reduced by Section 3.05 if applicable, will be adjusted to an actuarial equivalent benefit in the form of payment elected by the Member pursuant to Section 4.2 if applicable and 4.3, or if non was elected in the Regular Form of payment, using the same actuarial factors and assumptions then used by the fund to determine actuarial equivalence under the Regulations.
2.    Section 3.05 is amended to read as follows: 
3.05    If a Member is restored to employment with the Employer after payment of his benefit under the Plan has commenced, all payments under the Plan shall thereupon be discontinued. Upon the Members subsequent retirement or termination of employment with the Employer, his benefit under the Plan shall be recomputed in accordance with Sections 3.01, 3.02, 3.03, and 3.04, but shall be reduced by the actuarial equivalent value of to the amount of any benefit paid by the Plan in respect of his previous retirement or termination of employment, and such reduced benefit shall be paid to the member in accordance with the provisions of the Plan. For purposes of this Section 3.05, the actuarial equivalent value of to the benefit paid in respect of a Member's previous retirement or termination of employment shall be determined by the Actuary utilizing for that purpose the same actuarial factors and assumptions then used by the Fund to determine actual equivalence under the Regulations. Similarly, if a Member who was a participant in the Fund under a prior employer is hired by the Employer and receives prior service credit under the Fund and under this Plan pursuant to Section 3.01, upon such Member's subsequent retirement or termination of employment with the Employer, his benefit under this Plan shall be computed in accordance with Sections 3.01, 3.02, 3.03 and 3.04, but shall be reduced by the actuarial equivalent value of the amount of any benefit paid or payable by the prior employer's similar nonqualified plan. If such a 

Member did not participate in such a nonqualified plan, or if the prior employer did not maintain a similar plan covering the Member, his benefit under this Plan shall be reduced by the actuarial equivalent of the benefit the Member would have earned under this Plan for the Member's prior service in the Fund. The actuarial equivalent value of the benefit paid or payable from a prior plan in respect of a Member's retirement or termination of employment shall be determined by the Actuary utilizing for that purpose the same actuarial factors and assumptions then used by the fund to determine equivalence under the Regulations.

EXECUTED THIS 12TH DAY OF OCTOBER, 2011
FEDERAL HOME LOAN BANK OF SEATTLE    
BY: /s/ CHRISTINA J. GEHRKE
Its: CAAOEX10.11 Severance Policy, as adopted March 23, 2012

EXHIBIT 10.11

SEVERANCE POLICY
TABLE OF CONTENTS
	
				
	I.
	Purpose:
	1
	

	II.
	Scope - Eligibility:
	1
	

	III.
	Policy Statement:
	1
	

	 
	A. Overview
	1
	

	 
	B. Severance Pay Guidelines
	1
	

	 
	C. Severance Pay - Other Terminations
	1
	

	 
	D. Other Severance Benefits
	2
	

	 
	E. Approvals
	2
	

	 
	F. No Contractual Entitlements
	2
	

	IV.
	Administration:
	2
	

	 
	A. Roles and Responsibilities
	2
	

	 
	B. Governance
	2
	

	 
	C. Exception Management/Policy Interpretations
	2
	

	V.
	Applicable Laws and Regulations:
	3
	

	VI.
	Policy History Log:
	3
	

	
			
	Severance Policy
	 
	March 23, 2012

SEVERANCE POLICY            

		
	I.
	Purpose:  

The purpose of this policy is to describe certain circumstances under which the Bank may make severance payments to individuals whose employment is terminated. 
		
	II.
	Scope - Eligibility:  

All regular full- and part-time employees who work at least 1,000 hours per year are eligible to be considered for severance under this policy. Temporary employees are not eligible.  
		
	III.
	Policy Statement: 

		
	A.
	Overview. 

It is the policy of the Bank to provide individuals whose employment is terminated involuntarily for reasons other than “cause” (as determined by the Bank in its sole discretion) with severance packages reflecting their status in the organization and tenure.  In consideration of the receipt of a severance package, such individuals must sign a release of claims in the form required by the Bank.  
		
	B.
	Severance Pay Guidelines

Severance pay hereunder will take into account employee status in the organization and years of service with the Bank, according to the guidelines below, with service rounded to the next highest month. Service with other Federal Home Loan Banks is not considered. 
	
				
	Nonexempt
	Exempt
	Officer (functional and corporate)
	Executive Officer

	Two (2) weeks' base pay regardless of years of service, plus one (1) week's base pay for each year of service, but no more than an aggregate of 6 months' base pay.
	Two (2) weeks' base pay regardless of years of service, plus two (2) weeks' base pay for each year of service, but no more than an aggregate of 6 months' base pay
	Two (2) weeks' base pay regardless of years of service, plus three (3) weeks' base pay for each year of service, but no more than an aggregate of 12 months' base pay
	Two (2) weeks' base pay regardless of years of service, plus four (4) weeks' base pay for each year of service, but no more than an aggregate of 12 months' base pay; minimum severance of one (1) year's base pay for President and 6 months' base pay for other Executive Officers

		
	C.
	Severance Pay - Other Terminations

The amount of severance, if any, offered to an employee who is leaving by mutual agreement or who is terminated for cause is at the sole discretion of the Bank; provided, however, that 

	
			
	Severance Policy
	1
	March 23, 2012

any such severance shall not exceed the Guidelines set forth above.  

		
	D.
	Other Severance Benefits

At its sole discretion, the Bank may provide additional severance benefits, such as outplacement services.
		
	E.
	Approvals

All severance packages must have the approval of the appropriate Executive Officer and the President.  All severance packages for Executive Officers must also have the approval of the Personnel Committee of the Bank's Board of Directors.
		
	F.
	No Contractual Entitlements

This severance policy is not intended by the Bank — and should not be viewed by employees — as setting forth a contractual relationship between the Bank and any one or all of its employees.  The Bank reserves the right to modify, revoke, suspend, terminate, or change this severance policy at any time without notice.
		
	IV.
	Administration:  

		
	A.
	Roles and Responsibilities

		
	(1)
	Owner.  The Executive Director of Human Resources shall be the owner of this Policy, responsible for maintaining (including reviewing and updating) this Policy.  

		
	(2)
	Authorized Approver.  The Board of Directors of the Bank shall be authorized to approve all changes to this Policy. 

		
	B.
	Governance

		
	(1)
	Re-Adoption Frequency.  The Owner of this Policy will be responsible for presenting this Policy for re-adoption by the Authorized Approver at any time that the Owner determines that a change is appropriate.  

		
	(2)
	Review Frequency:  The Owner of this Policy is expected to review this Policy annually.  

		
	C.
	Exception Management/Policy Interpretations

		
	(1)
	Exceptions.  All exceptions under this Policy must be approved by:

		
	(a)
	The President of the Bank (other than with respect to severance to be paid to the President); and 

		
	(b)
	The Personnel Committee of the Board of Directors, with respect to severance to be paid to any Executive Officer (including the President). 

 

	
			
	Severance Policy
	2
	March 23, 2012

		
	(2)
	Responsibility for Interpretations.  The Owner of this Policy, in consultation with the General Counsel and the President, is responsible for all interpretations of this Policy.

		
	V.
	Applicable Laws and Regulations:

The following provisions of the Federal Home Loan Bank Act and FHFA Regulations are applicable to this Policy:  
		
	•
	12 U.S.C. §4518

		
	•
	Securities and Exchange Commission's Regulation S-K, particularly for severance to be paid to a named executive officer of the Bank (17 C.F.R. §229.402 - Executive Compensation, and 17 C.F.R. §229.601 - Exhibits). 

		
	VI.
	Policy History Log:  

	
				
	Date Approved
	Purpose
	Author
	Approved by

	2/21/1997
	 
	G. Champagne
	Board

	3/23/2012
	Change format to standard form, clarify certain language
	C. Pratt
	Board

	
			
	Severance Policy
	3
	March 23, 2012FHLB Dallas-12.31.11-Ex_10.2

Exhibit 10.2
2011 AMENDMENT TO
DEFERRED COMPENSATION PLAN
OF THE FEDERAL HOME LOAN BANK OF DALLAS
FOR DEFERRALS PRIOR TO JANUARY 1, 2005

Pursuant to the authority granted to the Board of Directors of Federal Home Loan Bank of Dallas, under Section 8.02 of the Deferred Compensation Plan of the Federal Home Loan Bank of Dallas for Deferrals Effective for deferrals prior to January 1, 2005 (the “Plan”), the Plan is hereby amended as follows:

Section 5.01 (c) of the Plan shall be amended and restated in its entirety to provide as follows:

“(c)  As of the last day of each calendar quarter, an amount equal to the earnings attributable to the Participant’s Benefit Account. For the period of  August 1, 2004 through December 31, 2004 the earnings will be an amount equal to the greater of: (1) the product of the Benefit Account balance as of that date multiplied by the Interest Yield for that quarter, with interest credited for the  actual days the funds were in the Benefit Account during the quarter or (2) the earnings attributable to the investment performance of assets contributed to a grantor trust as defined in Section 671 of the Code (the “Trust”) established by the Bank on behalf of the Plan with such earnings allocated to each Benefit Account based upon the ratio each Participant’s Benefit Account balance bears to the total balances of all Benefit Accounts held by the Trust that is attributable to this Plan. For the period of January 1, 2005 through March 31, 2011, Benefit Account earnings will be determined based upon the either (i) the Interest Yield or (ii) the investment return attributable to the benchmark funds provided by the Bank as deemed investment elections depending upon the elections made by the Participant.  For the period subsequent to March 31, 2011, Account earnings will be determined based upon the investment return attributable to the deemed investments selected by the Participants based upon the Mutual Fund Array provided by the Bank.”

The effective date of this 2011 Amendment to the Plan shall be March 31, 2011.

Executed this 17th day of February, 2011.

FEDERAL HOME LOAN BANK OF DALLAS

                                                                    By: /s/ Timothy J. Heup__________________
                                                                     Timothy J. Heup, Senior Vice President

Attest:
/s/ Brehan Chapman______________________________
Brehan Chapman, Vice President & Corporate Secretary

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