Document:

Amended & Restated 1998 Employee Stock Purchase Plan

 Exhibit 10.2 
 AMENDED AND RESTATED PANACOS PHARMACEUTICALS, INC. 
 1998 EMPLOYEE STOCK PURCHASE PLAN

 WHEREAS, Panacos Pharmaceuticals, Inc. (the “Company”) wishes to establish the Amended and Restated Panacos
Pharmaceuticals, Inc. 1998 Employee Stock Purchase Plan (the “Plan”) providing for the grant of options to purchase common stock of the Company to employees who are employed by the Company on a regular full-time basis. 
 NOW, THEREFORE, the Company establishes the Plan, the terms of which are as follows: 
 1. Purpose.  
 The purpose of the Plan is to give Eligible Employees of Panacos Pharmaceuticals,
Inc., a Delaware corporation, an opportunity to acquire shares of its Common Stock, $.01 par value per share, and to continue to promote its best interests and enhance its long-term performance. 
 2. Definitions.  
 Whenever used in the Plan, the
following words and phrases have the meanings stated below unless a different meaning is clearly required by the context: 
 (a) ”Board” means the Board of Directors of the Company. 
 (b) ”Code” means the Internal Revenue Code
of 1986, as amended, and the rules, regulations, and interpretations thereof issued by the Department of Treasury, Internal Revenue Service, and the courts. 
 (c) ”Committee” means a committee appointed by the Board of not less than two Non-Employee Directors to which the Board may delegate its power with respect to administration of the Plan under
Section 3. 
 (d) ”Common Stock” means shares of the common stock of the Company, $.01 par value per share. 

(e) ”Company” means Panacos Pharmaceuticals, Inc., a Delaware corporation. 
 (f) ”Eligible Employee” means each person who, on the applicable Quarterly Grant Date, has been employed by the Company on a regular
full-time basis for at least one (1) month. A person shall be considered employed on a regular full-time basis if he or she is customarily employed at least twenty (20) hours per week. Notwithstanding the foregoing, an Eligible Employee
shall not include any Employee who, immediately after the grant of an Option, owns stock possessing five (5%) percent or more of the total combined voting power or value of all classes of stock of the Company or of its parent or subsidiary, or
whose customary employment is not for more than five (5) months in any calendar year. In determining stock ownership, the rules of Code Sections 423 and 425 apply, and stock that the Eligible Employee may purchase under outstanding options is
treated as stock owned by the Eligible Employee. 

 (g) ”Exercise Date” means March 31, June 30, September 30 and
December 31 of each calendar year. 
 (h) ”Exercise Period” means for an Option the period of two (2) years
commencing on the Quarterly Grant Date of such Option. 
 (i) ”Fair Market Value Per Share of Common Stock” as of the
applicable date means: 
 (i) If the Common Stock is listed on a national securities exchange or traded on the
over-the-counter market and sales prices are regularly reported for the Common Stock, the average of the closing or last prices of the Common Stock on the Composite Tape or other comparable reporting system for the ten (10) consecutive trading
days immediately preceding the applicable date; 
 (ii) If the Common Stock is not traded on a national securities exchange
but is traded on the over-the-counter market, and if sales prices are not regularly reported for the Common Stock for the ten (10) days referred to in clause (i), and if bid and asked prices for the Common Stock are regularly reported, the
average of the mean between the bid and the asked price for the Common Stock at the close of trading in the over-the-counter market for the ten (10) days on which Common Stock was traded immediately preceding the applicable date; and

 (iii) If the Common Stock is neither listed on a national securities exchange nor traded on the over-the-counter market,
such value as the Board in good faith determines. 
 Notwithstanding any other provision of the Plan, each determination made with respect to
the Fair Market Value Per Share of Common Stock subject to an Option must satisfy the requirements of Code Section 423. 
 (j) ”Grant Date” means each Quarterly Grant Date. 
 (l) ”Option” means an option granted under this
Plan that entitles a Participating Employee to purchase shares of Common Stock. 
 (m) ”Option Price” means eighty-five
(85%) percent of the lesser of the Fair Market Value Per Share of Common Stock as of the applicable Grant Date or the applicable Exercise Date. 
 (n) ”Participating Employee” means an Eligible Employee who elects to make payroll deductions under Section 7. 
 (o) ”Plan” means the Amended and Restated Panacos Pharmaceuticals, Inc. 1998 Employee Stock Purchase Plan as set forth herein and as it may be amended. 
 (p) ”Quarterly Grant Date” means each January 1, April 1, July 1 and October 1 commencing with July 1,
1999. 
 3. Administration.  
 The
Plan shall be administered by the Board, which, to the extent it may determine, can delegate its powers with respect to administration of the Plan (except its powers under 

 Section 14(b)) to the Committee. If the Board chooses to appoint a Committee, references hereinafter to the Board
(except in Section 14(b)) are deemed to refer to the Committee. Subject to the express provisions of the Plan, the Board has the exclusive authority and discretion to construe and interpret the Plan, prescribe, amend, and rescind rules and
regulations relating to it, determine the terms of the Options, and make all other factual and legal determinations necessary or appropriate in the administration of the Plan. The determination of the Board on all matters regarding the Plan shall be
conclusive. 
 4. Maximum Number of Shares Available for Grant.  
 The aggregate number of shares of Common Stock available for grant as Options under Section 5(a) shall not exceed 65,000 shares of Common Stock, subject to adjustment under Section 10. Shares of Common Stock
available for grant under the Plan may be authorized and issued shares, or shares now or hereafter held in the treasury of the Company. If any Option expires or is terminated, surrendered, or cancelled without being exercised, in whole or in part,
the number of shares of Common Stock theretofore subject to the Option is again available for grant in an Option and does not reduce the aggregate number of shares of Common Stock available for grant as set forth in the first sentence of this
Section. 
 5. Grant of Options.  
 (a) Each Participating Employee on a Quarterly Grant Date, commencing with the Quarterly Grant Date that occurs on July 1, 1999 and, subject to earlier termination of the Plan under Section 14, ending with the last Quarterly
Grant Date on which shares of Common Stock are available for grant, is granted an Option that entitles him or her to purchase, at the applicable Option Price, the number of whole and fractional shares of Common Stock equal to five (5%) percent
of the Participating Employee’s Compensation, not to exceed Five Thousand ($5,000) Dollars, divided by the Fair Market Value Per Share of Common Stock as of the applicable Quarterly Grant Date. Each Participating Employee on a Quarterly Grant
Date shall receive an Option even if he or she is then the holder of an unexpired and unexercised Option granted on an earlier Quarterly Grant Date. The Quarterly Grant Date applicable to an Option granted pursuant to this paragraph (a) is the
Grant Date of such Option. 
 (b) If the number of shares of Common Stock for which Options are granted under Section 5(a) exceeds
the applicable number set forth in Section 4, then the Options granted under Section 5(a) to all Participating Employees shall, in a nondiscriminatory manner consistent with Section 13(c), be reduced in proportion to their respective
Compensations. 
 (c) A Participating Employee’s Compensation means his or her regular annual rate of compensation as of the
applicable Quarterly Grant Date. Such regular annual rate of compensation is to be determined by the Board in a nondiscriminatory manner consistent with Section 13. 

 6. Terms of Options.  
 (a) Each Option, unless sooner expired under Section 6(b) or (c), becomes exercisable on the Grant Date and is exercisable during the applicable Exercise Period. Each Option not exercised during its Exercise
Period expires at the termination of the Exercise Period. 
 (b) An Option expires on the first to occur of the end of the applicable
Exercise Period and the date that the employment of the Participating Employee with the Company terminates (as determined by the Board) for any reason other than death or disability. 
 (c) An Option expires on the first to occur of the end of the applicable Exercise Period and the date three (3) months after the date that the
employment of the Participating Employee with the Company terminates by reason of a disability (as determined by the Board). 
 (d) If
the employment of the Participating Employee with the Company terminates by reason of death, his or her Option expires at the end of the applicable Exercise Period. 
 7. Payroll Deductions.  
 (a) Each Eligible Employee may, within fifteen (15) days
prior to each Quarterly Grant Date (the “Election Date”), elect in writing to make semiannual contributions to the Plan of payroll deductions from one (1%) percent to five (5%) per cent of his or her Compensation, not to exceed
Five Thousand ($5,000) Dollars, pro-rata during the three month period commencing on each Quarterly Grant Date from each regularly scheduled paycheck in increments of one (1%) percent (i.e., 1%, 2%, 3%, etc.). If any payroll deduction
would exceed the amount of any of an Eligible Employee’s paychecks, such Eligible Employee may make a direct payment by personal check in the amount of such excess. 
 (b) Unless he or she elects otherwise, a Participating Employee who is making payroll deductions prior to an Election Date is deemed to authorize the same payroll deduction as in effect on the day before such
Election Date. 
 (c) A Participating Employee may at any time cease participation in the Plan by filing the appropriate form with the
Company. The cessation will be effective as soon as practicable, whereupon no further payroll deductions are to be made. Payroll deductions and interest thereon not theretofore used for purchases are to be used for purchases under Section 8.
Any former Participating Employee who ceased to participate may elect to participate in a subsequent calendar year if then eligible. A Participating Employee may at any time during the calendar year (but not more than four times) decrease his or her
payroll deductions by filing the appropriate form with the Company, which decrease becomes effective with the first pay period of the first succeeding calendar quarter to which it may be practicably applied. 
 (d) The Company shall invest all payroll deductions in a federally insured money market account pending exercise of an Option, and shall credit each
Participating Employee with the interest earned on his or her payroll deductions. The payroll deductions and the interest earned thereon are to be held in a separate account for each Participating Employee (the “Payroll Deduction
Account”). 
 (e) If a Participating Employee makes a hardship withdrawal from a retirement plan or plan of deferred compensation
with a cash or deferred arrangement under Code Section 401(k), the Participating Employee shall not make any payroll deduction contributions to this Plan for the twelve (12) months following of receipt of the hardship withdrawal.

 (f) If Option(s) granted to a Participating Employee expire unexercised, or the Plan is terminated
when a Participating Employee has unexercised Option(s), the funds held in his or her Payroll Deduction Account not theretofore used for purchases are to be refunded to the Participating Employee. 
 8. Exercise of Options and Payment for Common Stock.  
 On each Exercise Date the Company shall purchase for the Participating Employee, with the funds in his or her Payroll Deduction Account, the number of whole and fractional shares of Common Stock determined by dividing the amount in his or
her Payroll Deduction Account by the Option Price. All shares so purchased are to be maintained in a separate account for each Participating Employee (the “Common Stock Account”). All dividends paid with respect to shares held in a Common
Stock Account are to be credited to the Participating Employee’s Payroll Deduction Account and used for purchases of shares of Common Stock on the next Exercise Date. 
 9. Transferability.  
 No Option may be assigned, encumbered, pledged, transferred, or otherwise
disposed of (whether voluntarily or involuntarily by operation of law or otherwise), except as provided by will or the applicable laws of descent or distribution. No Option is subject to attachment, execution, levy, or similar process. Any action
not specifically permitted under this Section 9 is null and void and without effect. An Option may be exercised only by the Participating Employee during his or her lifetime, or under Section 6(d), by his or her estate or the person who
acquires the right to exercise the Option by bequest or inheritance. 
 10. Adjustment Provisions.  
 The aggregate number of shares of Common Stock for which Options may be granted, the aggregate number of shares of Common Stock subject to each
outstanding Option, and the Option Price of each Option may all be appropriately adjusted as the Board determines for any increase or decrease in the number of shares of issued Common Stock resulting from a subdivision or consolidation of shares,
whether through reorganization, recapitalization, stock split-up, stock distribution or combination of shares, or the payment of a share dividend or other increase or decrease in the number of shares outstanding effected without receipt of
consideration by the Company. Adjustments under this Section 10 are to be made in the exclusive discretion of the Board, and its decision shall be conclusive. 
 11. Dissolution, Merger and Consolidation.  
 Upon the dissolution or liquidation of the Company, or upon a merger or
consolidation of the Company in which the Company is not the surviving corporation, each Option granted under the Plan expires as of the effective date of such transaction; provided, however, that the Board must give at least thirty
(30) days’ prior written notice of such event to each Participating Employee, during which time he or she has a right to exercise his or her wholly or partially 

 unexercised Option and, subject to prior expiration under to Section 6(b) or (c), each Option becomes exercisable
after receipt of such written notice and prior to the effective date of such transaction. 
 12. Limitation on Options.  
 Notwithstanding any other provision of the Plan: 
 (a) The Company intends that Options granted and Common Stock issued under the Plan shall be treated for all purposes as granted and issued under an employee stock purchase plan under Code Section 423. Any provisions required to
be included in the Plan under Code Section 423 are included as though set forth in the Plan in full. 
 (b) No Participating
Employee shall be granted an Option that permits his or her rights to purchase stock under all employee stock purchase plans (as defined in Code Section 423) of the Company and its parent and subsidiaries to accrue at a rate that exceeds
Twenty-Five Thousand ($25,000) Dollars of fair market value of such stock (determined at the time of the grant of such Option) for each calendar year in which the Option is outstanding at any time. Any Option is deemed to be modified to the extent
necessary to satisfy this paragraph (b). 
 (c) All Eligible Employees and Participating Employees shall have the same rights and
obligations under the Plan, except that the amount of Common Stock that may be purchased under Options granted on any Quarterly Grant Date must bear a uniform relationship to the Compensation of Participating Employees. All rules and determinations
of the Board must be consistently applied to all persons in similar circumstances. 
 13. Other Provisions.  
 (a) Legal and Other Requirements. The obligations of the Company to purchase, sell and deliver Common Stock under the Plan shall be
subject to all applicable laws, regulations, rules and approvals, including, without limitation, the effectiveness of a registration statement under the Securities Act of 1933, as amended if deemed necessary or appropriate by the Company.
Certificates for share of Common Stock issued hereunder may be legended as the Board determines appropriate. 
 (b) Termination and
Amendment of Plan. The Board, without further action on the part of the stockholders of the Company, may at any time and from time to time alter, amend, or suspend the Plan or any Option granted hereunder, or may at any time terminate the
Plan; except that the Board shall not (except to the extent provided in Section 10): (i) change the total number of shares of Common Stock available for grant under the Plan; (ii) extend the duration of the Plan; (iii) increase
the maximum term of Options; or (iv) effect a change inconsistent with Code Section 423. Any action taken by the Board must not materially and adversely affect any outstanding Option without the consent of the holder thereof. 

(c) Application of Funds. The proceeds received by the Company from the sale of Common Stock pursuant to the exercise of Options will
be used for general corporate purposes. 

 (d) Withholding Taxes. Upon the exercise of any Option the Company has the right to
require the optionee to remit to the Company an amount of cash sufficient to satisfy all federal, state, and local withholding tax requirements. 
 (e) Right to Terminate Employment. Nothing in the Plan or any agreement entered into pursuant to the Plan confers upon any Eligible Employee, Participating Employee, or other optionee the right to be employed or continue in
the employment of the Company, or affects any right that the Company may have to terminate the employment of any such person. 
 (f) Rights as a Stockholder. At the time funds from a Participating Employee’s Payroll Deduction Account are used to purchase shares of Common Stock, the Participating Employee has all the rights and privileges of a
stockholder of the Company with respect to whole shares purchased under the Plan regardless of whether certificates representing whole shares have been issued. 
 (g) Leaves of Absence and Disability. The Board may make such rules, regulations, and determinations as it determines appropriate with respect to any leave absence taken by reason of a disability of
any Eligible Employee or Participating Employee. Without limiting the generality of the foregoing, the Board may determine (i) whether or not any such leave of absence constitutes a termination of employment within the meaning of the Plan, and
(ii) the impact, if any, of any such leave of absence on Options theretofore granted to any Participating Employee who takes a leave of absence. 
 (h) Notices. Every notice, election, or revocation authorized or required by the Plan is deemed delivered to the Company (i) on the date it is personally delivered to the Secretary of the Company
at its principal executive offices, or (ii) three business days after it is sent by registered or certified mail, postage prepaid, addressed to the Secretary at such offices; and is deemed delivered to an optionee (iii) on the date it is
personally delivered to him or her, or (iv) three business days after it is sent by registered or certified mail, postage prepaid, addressed to him or her at the last address shown for him or her on the records of the Company. The Board may
make such other rules for the delivery of notices, elections, or revocations as it determines appropriate. 
 (i) Applicable
Law. All questions pertaining to the validity, construction, interpretation and administration of the Plan and Options granted hereunder are to be determined under the laws of Delaware to the extent not inconsistent with Code
Section 423. 
 (j) Indemnification. The Company shall indemnify the Board and the Committee for all Claims arising
from or related to any act or omission made in good faith in exercising their rights and performing their obligations under the Plan. For purposes of the Plan, Claims mean all assessments, costs, damages, expenses, fines, judgments, liabilities,
losses, penalties, and reasonable attorney’s and paralegal’s fees and disbursements. This indemnification survives termination of the Plan and any Option. 
 14. Term of this Plan.  
 No rights shall be granted under the Plan after April 24,
2016.Federal Home Loan Banks P&I Funding and Contingency Plan Agreement

 Exhibit 10.1 
 Federal Home Loan Banks P&I Funding and Contingency Plan Agreement 
 This Federal Home Loan Banks P&I Funding
and Contingency Plan Agreement (“Agreement”) is entered into as of this 20th day of July, 2006 (the
“Effective Date”) by and among the Office of Finance (the “OF”) and each of the Federal Home Loan Banks (“Banks”). The OF and the Banks are sometimes referred to herein individually as a
“party” and collectively as the “parties.” All references in this Agreement to any of the parties to this Agreement include such party or any successor entity. 
 WHEREAS, the Banks are jointly and severally liable for the payment of consolidated obligations issued pursuant to Section 11 of the Federal Home Loan Bank Act, as amended (12 U.S.C. §1431)
(“COs”);  
 WHEREAS, the OF has the authority under 12 CFR § 985.6(a) to issue and service (including making timely
payments on principal and interest due, subject to 12 CFR §§ 966.8 and 966.9) consolidated obligations issued on behalf of the Banks pursuant to, and in accordance with, the policies and procedures established by the OF Board of Directors;
and 
 WHEREAS, the Federal Reserve Board has announced a change in its Policy Statement on Payments System Risk (as the same may be amended, modified
or supplemented, the “PSR Policy”) that will cause the PSR Policy to be applied to the FHLBanks beginning July 20, 2006; and 
 WHEREAS, the OF and a task force of the Debt Management Sub-Committee of the Financial Officers’ Conference of the Banks have developed P&I Funding and Contingency Plan Procedures (as the same may be amended, modified, or
supplemented, the “Procedures”) to deal with the possibility that a Bank may not make a payment of debt service on COs to the OF on a timely basis following the application of the PSR Policy to the Banks; and 
 WHEREAS, the OF Board of Directors has approved the Procedures and determined that the OF should obtain the written agreement of the Banks on several matters
relating to the Procedures, which matters are included in this Agreement; and 
 WHEREAS, the Federal Housing Finance Board (the “Finance
Board”) has supported the adoption of the Procedures by issuing the waiver attached hereto as Exhibit A (as the same may be amended, modified or supplemented, the “Waiver”) of its prohibition of the direct placement
of COs with FHLBanks contained in 12 CFR § 966.8(c), to accommodate the implementation of the Procedures, based in part on its view that timely payment of all principal and interest to investors in COs is essential to maintain the confidence of
investors and potential investors in COs; and 
 WHEREAS, the Waiver provides that the interest rate paid by the Bank that has not remitted all the
funds to the OF by the agreed upon deadline on the CO issued pursuant to the Waiver shall be at least 500 basis points above the federal funds rate. 
  

 1 

 NOW THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration,
the receipt and sufficiency of which the parties acknowledge, the parties hereby agree as follows: 
  

	 	1.	Authorization of Issuance of COs 

 Each Bank agrees that if it is a
“Delinquent Bank” (as defined below), the OF may cause one or more overnight “Plan COs” (as defined below) to be issued on behalf of the Delinquent Bank for the benefit of one or more “Contingency Banks” (as defined
below), each such Plan CO to be issued to a Contingency Bank in the principal amount equal to the amount of funds provided by that Contingency Bank on behalf of that Delinquent Bank, to mature on the following Business Day (as defined below), and to
bear interest on such principal amount from the date of issuance to but not including that maturity date, due and payable on that maturity date, at the rate per annum (the “Base Cost”) equal to (a) the overnight fed funds quote
obtained by the OF from a recognized funds broker to be paid for any available funds delivered to the OF by a Contingency Bank or withheld from its “positive net position” as described in Section 2 of this Agreement or (b) the
actual cost if funds are purchased by that Contingency Bank in the open market and delivered to the OF. All such interest shall be calculated on an actual/360 basis based on the number of days the Plan CO is outstanding, including non-Business Days.
The Delinquent Bank shall also be obligated to pay “Additional Interest” as set forth in Section 3 of this Agreement, all or a portion of which will satisfy the obligation of the Delinquent Bank under the Waiver to pay an interest
rate on the Plan CO that is at least 500 basis points above the federal funds rate. 
 The OF shall issue a Plan CO in physical form under those
circumstances and apply the proceeds therefrom on behalf of that Delinquent Bank as provided for in the Procedures. Each Bank hereby authorizes the OF, and the OF hereby agrees, to hold any Plan COs issued as agent for each such Bank when it acts as
a Contingency Bank. 
 For purposes of this Agreement, 
 a “Delinquent Bank” means a Bank that misses any funding time specified in the Procedures, including a funding time for the repayment of Plan COs; and 
 a “Plan CO” means a CO issued on behalf of a Delinquent Bank to one or more Contingency Banks. For the avoidance of doubt, although a
Delinquent Bank is primarily responsible for repayment of a Plan CO issued on its behalf, each Plan CO is the joint and several obligation of all 12 Banks; and 
 a “Contingency Bank” means any Bank that provides funds for a Delinquent Bank under the Procedures; and 
 “Business Day” means any day other than (i) a Saturday, (ii) a Sunday or (iii) any day on which banking institutions in New York City are authorized or required by law or executive
order to close. 
  

 2 

	 	2.	Use of Proceeds to Purchase COs 

 Each Bank shall be obligated to
provide and authorizes the OF to apply any “positive net position” (i.e., the amount by which end-of-day proceeds received by a Bank from sale of COs on one day exceed payments by that Bank on COs on the same day) of that Bank to the
purchase of a Plan CO issued on behalf of a Delinquent Bank, thereby causing such Bank to become a Contingency Bank, based on the priority established in the matrix attached hereto as Exhibit B (“Contingency Funding Matrix”)
and otherwise in accordance with the Procedures. 
  

	 	3.	Additional Interest 

 Each Bank agrees that if it is a Delinquent
Bank, then it will pay an amount (“Additional Interest”) in accordance with the following schedule in addition to interest equal to the Base Cost: 
  

			
	1st offense	  	– 500 basis points per annum of the delinquent amount
	2nd offense	  	– 750 basis points per annum of the delinquent amount
	 3rd
and
 subsequent offense
	  	– 1,000 basis points per annum of the delinquent amount

 The Additional Interest will be calculated on an actual/360 basis based on the actual number of days the related
Plan CO is outstanding, including non-Business Days, from the date of issuance to but excluding the stated maturity date. For purposes of this calculation, Additional Interest attributable to a delinquent amount that is not related to the principal
amount of a Plan CO (i.e., because the Delinquent Bank pays all or a portion of its delinquent amount after a deadline but before a Contingency Bank is entitled to have a Plan CO issued for its benefit on behalf of the Delinquent Bank with respect
to such amount) will be assessed on that delinquent amount assuming that a Plan CO was issued with a principal amount equal to that delinquent amount and that the Plan CO would mature on the next Business Day. 
 For purposes of calculating Additional Interest, each different time deadline established under the Procedures will accrue its own separate count of the number of
offenses, so that a Delinquent Bank will pay a separate amount for each such time deadline missed, and the step-up in Additional Interest for the occurrence of a particular offense will only be measured with regard to offenses that have occurred
within the 36-month period ending on the date of that particular offense (the “Delinquency Measurement Period”). For example, if a Delinquent Bank twice misses a morning deadline and once misses an afternoon deadline, all as
established under the Procedures, within a Delinquency Measurement Period, then the Delinquent Bank shall have been subject to Additional Interest of 500 basis points with respect to the first morning deadline missed, Additional Interest of 750
basis points with respect to the second morning deadline missed, and Additional Interest of 500 basis points with respect to the afternoon deadline missed. 
 Each Bank agrees that (i) for each Plan CO issued, the first 100 basis points of the Additional Interest shall be assessed against the Delinquent Bank for the benefit of the Contingency Bank that purchased the Plan CO as provided in
Section 1 of this 

  

 3 

 
Agreement, and the balance of the Additional Interest assessed against the Delinquent Bank (i.e., 400 basis points, 650 basis points, or 900 basis
points) will be divided equally among the Banks (including the Contingency Banks) that are not Delinquent Banks with respect to the same funding time specified in the Procedures and (ii) for Additional Interest attributable to a delinquent
amount that is not related to a Plan CO, the Additional Interest will be divided equally among the Banks that are not Delinquent Banks with respect to the same funding time specified in the Procedures. Each of the Banks and the OF agree that any
Additional Interest will be allocated and paid through the monthly assessment from the OF, and that the Additional Interest is not the joint and several obligation of the Banks. 
 Notwithstanding anything in this Section 3 or Section 7(a) or (b) of this Agreement to the contrary, and subject to Sections 5(a) and (d) below, each Bank agrees that assessment of the Additional
Interest shall be subject to the appellate process contained in the Procedures and that the OF shall have the authority to waive all or any portion of the Additional Interest or excuse the occurrence of any offense as provided for in the Procedures.
To the extent permitted under the Waiver, the assessment of Additional Interest shall be suspended pending completion of the appellate process. 
  

	 	4.	Reallocation of COs 

 Each Bank agrees that if a Bank is a
Delinquent Bank, with respect to each Plan CO issued to a Contingency Bank on behalf of a Delinquent Bank, each Bank that is a “Reallocation Bank” (as defined below) shall immediately have the obligation to purchase that Reallocation
Bank’s “Pro Rata Share” (as defined below) of such Plan CO from that Contingency Bank, with such obligation to purchase being effective immediately upon the issuance of the Plan CO , subject to the proviso in the following paragraph.

 Each Bank agrees that if it is a Reallocation Bank, it will wire to the Contingency Bank that holds a Plan CO an amount equal to (i) its Pro Rata
Share of the principal amount of that Plan CO, plus (ii) accrued interest thereon from the date of issue of the Plan CO until its stated maturity date equal to the Base Cost, not later than 1:00 p.m., Eastern Time, on the second Business Day
following the date of issuance of that Plan CO; provided, however, that such Reallocation Bank shall not be required to wire funds to the extent that it determines in good faith such purchase will violate any rule, regulation or binding
policy of the Finance Board, and under those circumstances such Reallocation Bank shall be excused from its obligation to make such payment to the Contingency Bank, but not from its joint and several obligation, with respect to such Plan CO. The
wire shall be sent to the account identified by the Contingency Bank for that purpose, and time is of the essence with respect to the wire. In the event there are multiple Plan COs issued on a particular date, Reallocation Banks shall not favor any
Contingency Bank over any other Contingency Bank, and shall purchase its Pro Rata Shares of such Plan COs on a proportional basis. To the extent that a Plan CO is repaid prior to the settlement of a Reallocation Bank’s obligations to purchase
its Pro Rata Share, that Pro Rata Share shall be reduced proportionally by the amount so repaid. 
  

 4 

 Each Contingency Bank shall promptly notify the OF of its receipt of payment of the Pro Rata Share amounts from the
Reallocation Banks. Promptly following receipt of that notice and confirmation of the payment from the Reallocation Banks, the OF shall cancel such original outstanding physical Plan CO and shall reissue replacement physical Plan COs with the
principal amounts representing the respective Pro Rata Shares of the Reallocation Banks that have paid for their purchase of the Plan CO, along with a Plan CO representing the balance of the principal amount of the original Plan CO that is retained
by the Contingency Bank. Each such reissued Plan CO remains a “Plan CO” for purposes of this Agreement and the Procedures, but a Reallocation Bank will not be treated as the Contingency Bank with respect thereto. Each Bank hereby
authorizes the OF, and the OF hereby agrees, to hold any such reissued Plan COs payable to such Bank as agent for such Bank’s benefit, and to pay debt service on such CO to the record owner of such Plan CO as reflected on the OF’s books
following reissuance. 
 For purposes of this Section, 
 a “Reallocation Bank” with respect to a Plan CO means each Bank other than (i) any Delinquent Bank on behalf of which that Plan CO or any other Plan CO was originally issued on the same date, and (ii) the
Contingency Bank that owns that Plan CO; 
 “Pro Rata Share” of a Reallocation Bank means a fraction, the numerator of which
is the total amount of outstanding COs for which the Reallocation Bank is primary obligor as of the Most Recent Measurement Date, and the denominator of which is the total amount of outstanding COs for which all Reallocation Banks and the
Contingency Bank are primary obligor as of the Most Recent Measurement Date; and 
 “Most Recent Measurement Date” means the
most recent month-end data calculated by the OF and available on the OF’s Debt Servicing System, which amount is not adjusted for inter-bank ownership of COs. 
 The Banks agree that the provisions of this Section 4 shall not affect the allocation of Additional Interest pursuant to the fourth paragraph of Section 3 of this Agreement, including without limitation the allocation of the first
100 basis points of Additional Interest pursuant to such paragraph to a Contingency Bank that acquired the Plan CO at original issuance. 
 One or more
Contingency Banks and Reallocation Banks may agree among themselves to net their payments to each other that are due as a result of multiple Plan COs having been issued and subject to reallocation on the same date. 
 Each Bank agrees that the formula for determining the Pro Rata Shares has been agreed to by the Banks solely for the purpose of this Agreement and is not intended to
represent an agreed upon allocation of risk or responsibility for any other purpose. 
 The provisions of this Section 4 shall survive any termination
of this Agreement with respect to any Plan CO issued prior to such termination. 
  

 5 

	 	5.	Acknowledgements 

 Each Bank acknowledges and agrees that:

  

	 	(a)	the Base Cost plus the Additional Interest assessed against a Delinquent Bank may not be lower than the amount required to be paid by the Delinquent Bank under the Waiver;

  

	 	(b)	the OF shall be required to provide any notice of issuance of a Plan CO hereunder to the Office of Supervision of the Finance Board, which notice is presently required by the Waiver
to be provided no later than 5:00 P.M. eastern time on the date of the issuance of the Plan CO; 

  

	 	(c)	its agreement in Section 1 of this Agreement with respect to any Plan CO issued on its behalf as a Delinquent Bank satisfies the regulatory requirement contained in 12 CFR
§ 966.8(b) that provides that COs may be offered for sale only in the event Banks are committed to take the proceeds; 

  

	 	(d)	the appellate process referred to in the last paragraph of Section 3 of this Agreement will be subject to the terms of the Waiver; 

  

	 	(e)	no Bank will be entitled to a Plan CO in the amount of any positive net position except to the extent its end-of-day positive net position is used to purchase a Plan CO; and

  

	 	(f)	the Additional Interest will be calculated based on the principal amount of a Plan CO, as well as any other delinquent amount paid late to the OF by the Delinquent Bank.

  

	 	6.	Representations and Warranties of the Parties 

 As of the date of
its execution and delivery of this Agreement, each party represents and warrants to the other parties that: 
 (a) This Agreement is within
such party’s powers and has been duly authorized by all necessary corporate action. 
 (b) This Agreement has been duly executed and
delivered by such party and constitutes a legal, valid and binding obligation of such party enforceable in accordance with its terms. 
  

	 	7.	Termination and Amendments 

 (a) This Agreement will
be deemed to be effective as of the Effective Date and will continue in full force until such time as (i) at least two-thirds (2/3) of the Banks agree to its termination, (ii) the Finance Board rescinds the Waiver or (iii) the
Finance Board takes any action, including without limitation modification of the Waiver, that 

  

 6 

 
makes compliance by the OF or the Banks with this Agreement not commercially reasonable. 
 (b) This Agreement may be amended only in a signed writing executed and delivered by all of the Banks and the OF. Any such amendment shall be effective
as of the effective date set forth in the amendment. 
 (c) This Agreement shall also be subject to termination at 11:59 p.m. on
December 31, 2008, and at 11:59 p.m. on each third December 31 thereafter (e.g. December 31, 2011, December 31, 2014, etc.) (“Expiration Time”) if at least one-third ( 1/3) of the Banks provide notice of their respective election to terminate to each other Bank and the OF at least one
year prior to the Expiration Time. Such notice shall identify with reasonable specificity the reason or reasons such Bank wishes to terminate the Agreement at the next Expiration Time. The Banks and the OF agree to negotiate in good faith toward the
resolution of the issues raised in the notices of termination with a view of reaching agreement on a new agreement at or prior to the Expiration Time. 
  

	 	8.	Successors and Assigns 

 This Agreement shall be binding upon and
inure to the benefit of the successors and permitted and authorized assigns of each Bank and the OF. 
  

	 	9.	Governing Law; Severability 

 This Agreement shall be governed by
the statutory and common law of the United States and, to the extent federal law incorporates or defers to state law, the laws (exclusive of the choice of law provisions) of the State of New York. Any term or provision of this Agreement that is
determined to be invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement. 
  

	 	10.	Notice 

 Except for any notices of payment delivered pursuant to
Section 4 of this Agreement, which shall be delivered promptly either telephonically or electronically, any notice required or permitted to be given or made under this Agreement, including a notice to effect a change in a party’s address
for notice, must be in writing and addressed to the other parties at the addresses of such parties set forth beneath their signatures below, and will be deemed to be properly given or made on the earliest of (i) actual delivery, (ii) two
(2) Business Days after being sent, with delivery charges paid by the sending party, by a nationally recognized commercial courier service for delivery on the next Business Day, and (iii) three (3) Business Days after being sent
through the United States Postal Service, certified mail, return receipt requested, postage prepaid. 
  

 7 

	 	11.	Counterparts 

 This Agreement may be executed in multiple
counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement. 
  

	 	12.	Entire Agreement; Conflicts 

 This Agreement constitutes the entire
agreement of the parties and supersedes all prior understandings or agreements, oral or written, among the parties on the subjects addressed in this Agreement. Nothing in this Agreement, including without limitation the right of Banks to terminate
it or the right of Banks to withhold approval of an amendment, shall be construed to (i) conflict with or limit the authority of the OF to carry out its duties pursuant to law, including without limitation Federal Housing Finance Board
regulations; or (ii) alter the Banks’ joint and several liability on COs, including the Plan COs issued hereunder. This Agreement does not constitute “an agreement to obtain financial assistance to meet a Bank’s current
obligations... due during this quarter”, a “consolidated obligation payment plan,” an “inter-Bank assistance agreement” or “a payment on any [CO] on behalf of another Bank” as these terms are used in 12 CFR
§ 966.9. If any applicable provision contained in the Procedures irreconcilably conflicts with any express provision of this Agreement, then such express provision of this Agreement shall control. 
  

	 	13.	No Third Party Rights Created 

 Nothing in this Agreement shall create or be deemed to create any rights in any third party. 
  

	 	14.	Suspension of Obligations 

 If the Finance Board issues any order or
enters into or amends any written agreement, including without limitation a written agreement within the meaning of 12 USC § 1422b(a)(5), that prohibits or prevents a party to this Agreement from either being a party to this Agreement, or from
performing its obligations under this Agreement, after the Effective Date, then that party’s duty to perform its obligations under this Agreement shall be suspended while such order by or agreement with the Finance Board is in effect.

 [Signature Page to Follow] 
  

 8 

 IN WITNESS WHEREOF, this Agreement has been executed, on the date(s) set forth below, as of the day and year first above
written. 
  

											
	 Federal Home Loan Bank of Atlanta
	 		 	 Federal Home Loan Bank of Boston

	By:	 	 /s/ W. Wesley McMullan
	 		 	 President: 
	 	 /s/ Michael A. Jessee

		 	 Name:
	 	 W. Wesley McMullan
	 		 	 Date:     5-23-06

		 	 Title:
	 	 Executive Vice President
	 		 	 Address for notice:

		 		 		 		 	 111 Huntington Avenue

	 By:
	 	 /s/ D. Haddon Foster, II
	 		 	 Boston, MA 02199

		 	 Name:
	 	 D. Haddon Foster, II
	 		 	
		 	 Title:
	 	First Vice President	 		 	
	 Date:
	 	 May 23, 2006
	 		 	
	 Address for notice:
	 		 	
	1475 Peachtree Street, NE	 		 	
	Atlanta, GA 30309	 		 	
	 Attention: Director, Financial Management
	 		 	
			
	 Federal Home Loan Bank of Chicago
	 		 	Federal Home Loan Bank of Cincinnati
	 President: 
	 	 /s/ Mike Thomas
	 		 	 President: 
	 	/s/ David H. Hehman
	 Date:     6/16/06
	 		 	 Date:     June 16, 2006

	 Address for notice:
	 		 	Address for notice:
	 Federal Home Loan Bank of Chicago
	 		 	Federal Home Loan Bank of Cincinnati
	 111 East Wacker Drive
	 		 	221 East Fourth Street, Suite 1000
	 Chicago, Illinois 60601
	 		 	Cincinnati, OH 45202
	 Attention: General Counsel
	 		 	SVP/Treasurer: 	 	/s/ Carole L. Cossé
			
	 Federal Home Loan Bank of Dallas
	 		 	 Federal Home Loan Bank of Des Moines

	President: 	 	 /s/ Terry Smith
	 		 	President: 	 	/s/ Neil N. Fruechte
	Date:     5/10/06	 		 	Date:     May 11, 2006
	Address for notice:	 		 	Address for notice:
	 8500 Freeport Parkway South
	 		 		 	907 Walnut
	 Suite 100
	 		 		 	Des Moines, IA 50309
	 Irving, Texas 75063
	 		 		 	
			
	 Federal Home Loan Bank of Indianapolis
	 		 	Federal Home Loan Bank of New York
	 President: 
	 	 /s/ Martin L. Heger
	 		 	President: 	 	/s/ Alfred A. DelliBovi
	 Date:     June 1, 2006
	 		 	Date:     May 22, 2006
	 Address for notice:
	 		 	Address for notice:
	 8250 Woodfield Crossing Blvd.
	 		 	101 Park Avenue, Floor 5
	 Indianapolis, IN 46240
	 		 	New York, NY
	 Attention: Milton Miller, CFO
	 		 	10178-0599

  

 9 

											
			
	 Federal Home Loan Bank of Pittsburgh
	 		 	 Federal Home Loan Bank of San Francisco

	 President: 
	 	 /s/ John R. Price
	 		 	President: 	 	/s/ Dean Schultz
	 Date:
	 	 May 24, 2006
	 		 	Date:     April 27, 2006
	 Address for notice:
	 		 	Address for notice:
	 601 Grant Street
	 		 	600 California Street, 4th Floor
	 Attn: Capital Markets
	 		 	San Francisco, California 94108
	 Pittsburgh, PA 15219
	 		 	
			
	Federal Home Loan Bank of Seattle	 		 	Federal Home Loan Bank of Topeka
	President: 	 	 /s/ James E. Gilleran
	 		 	President: 	 	/s/ Andrew J. Jetter
	Date:	 	 May 17, 2006
	 		 	Date:     May 12, 2006
	Address for notice:	 		 	Address for notice:
	 1501 Fourth Ave., Ste. 1800
	 		 	Federal Home Loan Bank of Topeka
	 Seattle, WA 98101-1693
	 		 	One Security Benefit Place, Suite100
		 		 	 Topeka, KS 66606-2444

		 		 	 Attn: General Counsel

	 Office of Finance
	 		 	
	 Managing Director:
	 	/s/ John K. Darr	 		 		 	
	 Date:
	 	5-22-06	 		 		 	
	 Address for notice:
	 		 		 	
	Two Fountain Square	 		 		 	
	11921 Freedom Drive Suite 1000	 		 		 	
	Reston, VA 20190	 		 		 	

  

 10 

 EXHIBIT A 
 WAIVER 
  
  
  
  
  
  
  
  
  

 A-1 

 

 

					
		 	Number:	  	2005-22
		 	Date:	  	December 14, 2005

 FEDERAL HOUSING FINANCE BOARD 
 Waiver Concerning the Direct Placement of Consolidated Obligations 
 WHEREAS, section 2A of the
Federal Home Loan Bank Act (12 U.S.C. § 1422a(a)(3)) requires the Federal Housing Finance Board (Finance Board) to ensure that the Federal Home Loan Banks (Banks) remain adequately capitalized and able to raise funds in the capital markets to
the extent consistent with ensuring the safe and sound operation of the Banks; 
 WHEREAS, timely payment of all principal and interest to investors in
consolidated obligations (COs) is essential to maintain the confidence of investors and potential investors in COs; 
 WHEREAS, the Federal Reserve Bank of
New York will implement procedures that will prevent a Bank or any other government sponsored enterprise from incurring an overdraft in the accounts at the Federal Reserve Bank of New York used to pay the principal and interest due on securities;

 WHEREAS, the Banks Office of Finance (OF) serves as agent for each Bank in remitting to the Federal Reserve Bank of New York all funds due for principal
and interest payments on COs; 
 WHEREAS, under 12 C.F.R. §§ 907.2 and 907.6, any party may request a waiver of a provision, restriction, or
requirement of the Finance Board regulations not otherwise required by law if such waiver is not inconsistent with the law, does not adversely affect any substantial existing rights and the Finance Board finds that application of the restriction
would adversely effect achievement of the purposes of the Bank Act, or upon a showing of good cause; 
 WHEREAS, on October 18, 2005, the OF submitted
to the Finance Board a request to waive the prohibition on direct placement of COs in 12 C.F.R. § 966.8(c) when a Bank has not provided to the OF by the agreed upon deadline all funds for principal and interest payments due that day on COs, or
portions of COs, for which that Bank is the primary obligor; and 
 WHEREAS, Finance Board staff has reviewed the waiver request and determined that it is
consistent with the Bank Act, for good cause, and raises no legal or safety and soundness concerns if the waiver is granted pursuant to the terms of this resolution. 
 NOW, THEREFORE, IT IS RESOLVED that effective July 1, 2006, the Board of Directors hereby waives 12 C.F.R. § 966.8(c) when direct placement of COs is necessary to assure that the Federal Reserve Bank of New
York has sufficient funds to timely pay all principal and interest due that day on COs or portions of COs; 

 Resolution Number 2005-22 
 Page 2 of 2 
 IT IS FURTHER RESOLVED that
the OF must notify the Office of Supervision no later than 5:00 pm, eastern time, on any day it directly places a CO pursuant to this waiver; and 
 IT IS
FURTHER RESOLVED that the interest rate paid by the Bank that has not remitted all the funds to the OF by the agreed upon deadline on the CO issued pursuant to this waiver shall be at least 500 basis points above the federal funds rate. 

 

	
	By the Board of Directors of the Federal Housing Finance Board
	
	 /s/ Ronald A. Rosenfeld

	 Ronald A. Rosenfeld
 Chairman

 EXHIBIT B 
 Contingency Funding Matrix 
  

																									
	 	  	Priority
	 	  	1	  	2	  	3	  	4	  	5	  	6	  	7	  	8	  	9	  	10	  	11	  	12
													
	 Jan
	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL
													
	 Feb
	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST
													
	 Mar
	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK
													
	 Apr
	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT
													
	 May
	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA
													
	 Jun
	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC
													
	 Jul
	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP
													
	 Aug
	  	DSMN	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC
													
	 Sep
	  	DALL	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN
													
	 Oct
	  	TPKA	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL
													
	 Nov
	  	SNFR	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA
													
	 Dec
	  	STTL	  	BOST	  	NWYK	  	PITT	  	ATLA	  	CINC	  	INDP	  	CHIC	  	DSMN	  	DALL	  	TPKA	  	SNFR

  

 B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]