Document:

2007 Audit Performance Unit Plan

 EXHIBIT 10.17 
 FHLBANK San Francisco 
 2007 Audit Performance Unit
Plan 
 Summary Description 
 PLAN PURPOSE 
 To optimize the Audit Department’s long-term performance
in accomplishing Audit Committee approved goals. 
 PLAN OBJECTIVES 
 To motivate the Senior Vice President and Director of Internal Audit to exceed Audit Department goals on a long-term basis that directly support the annual
audit plans and strategic objectives. Attract and retain an outstanding executive by providing a competitive total compensation program, including a cash-based long-term incentive reward opportunity tied to the performance of the Audit Department
against specified performance measures. 
 PARTICIPANT 
 Participant is a key executive whose performance has a major impact on the Audit Department’s success. Participant is an incumbent in the Audit Department’s senior officer position: 

Senior Vice President and Director of Internal Audit 
 PERFORMANCE PERIOD 
 The Audit Performance Unit Plan (APUP) pays incentive
awards related to the achievement of Audit Department performance over a three-year performance period. The 2007 Plan is effective January 1, 2007 and is based on performance from January 1, 2007 through December 31, 2009. 

PERFORMANCE METRICS 
 The
target performance level reflects long-term performance expectations. Unlike the annual Audit Incentive Plan (AIP), the participant does not have an individual goal. 
  

	1.	3-Year Average Annual Audit Incentive Plan Achievements: Measured by the average of the actual achievement levels under the 2007, 2008, and 2009 annual audit
incentive plans, to be set at the end of the performance period. 

 ACHIEVEMENT MEASURES 
 The Audit Long Term Incentive Plan rewards four levels of performance achievement, as follows: 
  

			
	 Achievement Level
	  	 Measure Definition

	Threshold (75%)	  	Performance that is considered a threshold level of successful achievement. This is the minimum level of performance which must be achieved for awards to be
paid.
		
	Target (100%)	  	Performance that is expected under the Audit Department’s Plan. Incentive payments are made at the target (100%) level found in the award ranges scale on the following page.

		
	150% of Target	  	An optimistic achievement level based on expected business.
		
	200% of Target	  	The most optimistic achievement level based on reasonable business assumptions and conditions.

 AWARD DETERMINATION 
 An award is calculated and paid in whole or part at the end of the 2007 Plan term (during the first quarter of 2010) based on achievement of a minimum level of performance under the goals. Awards earned
are based on the level at which the 3-year performance goals have been achieved. Final awards will be prorated for a Participant promoted or hired into position during the Performance Period, and for a Participant who takes a leave of absence during
the Performance Period. Target payout for the January 1, 2007 through December 31, 2009 performance period is presented in the table under the Award Opportunity section below. 
 Award payouts may be modified up or down at the Audit Committee’s discretion (+/- 25% of the dollar award derived from the table) to account for performance that is not captured in the performance
metrics. Performance below the threshold achievement level for any measure normally will not result in an incentive award. 
 AWARD
OPPORTUNITY 
 Individual APUP targets for each three-year performance period are established annually for the
participant at the beginning of each calendar year. Target award levels are stated below as a percentage of the February 1st base salary at the beginning of the three-year performance period. 
 Award Range Scale 
 2007 Plan Year – APUP Payout as % of 2007 Base Salary (as of February 1st) 
  

													
	 Position Level
	  	Threshold1	 	 	Target2	 	 	150% of Target3	 	 	200% of Target4	 
	 Senior Vice President
	  	12	% 	 	25	% 	 	37	% 	 	50	% 

 Notes:

  

			
	1 –	 	50% of target payout; based on the actual 3-year annual audit incentive plans performance during the plan period.
		
	2 –	 	Based on the average of the actual 3-year annual audit incentive plans performance during the plan period.
		
	3 –	 	150% of target payout; based on the actual 3-year audit incentive plans performance during the plan period.
		
	4 –	 	200% of target payout; based on the actual 3-year audit incentive plans performance during the plan period.

 Cash awards are paid to the participant at the end of the 3-year performance period (during the first quarter of 2010). 
 Example of how award is calculated for the Senior Vice President for 2007 Plan Period 
  

													
	 (100% weight)
 3 yr. Ave. Annual AIP Levels Achieved:
 (160% of Target)
	 	}	  	Percent of Target Payout:
160%	  	2007 Base
Salary	  	Target PUP Payout
(% of Base Salary)	  	Payout % Based
on Performance	  	PUP Payment
paid Q1 2010
	 	  	  	$250,000 X	  	25% X	  	160% =	  	$100,000
	 	  	  		  		  		  	

 Payments under this plan are subject to the approval of the Audit Committee. To be eligible for the performance
unit plan payment you must be employed with the Bank when the payment is disbursed. Long term incentive awards will be prorated for a participant in position less than a full three-year plan period, including a participant that has a leave of
absence greater than one month during the plan period. The awards will be distributed no later than two business days following the date of Audit Committee-Board approval. All compensation and incentive plans are subject to review and revision at
the Bank’s discretion. Such plans are reviewed regularly to ensure they are competitive and equitable.Amended and Restated Redemption Plan

 Exhibit 4.1 
 AMENDED AND RESTATED REDEMPTION PLAN 
 CNL LIFESTYLE
PROPERTIES, INC., a Maryland corporation (the “Company”), has adopted an Amended and Restated Redemption Plan (the “Redemption Plan”) by which shares of the Company’s common stock (the “Shares”) may be repurchased
by the Company from stockholders subject to the terms and conditions set forth herein. 
 1. Redemption Price. The
Company’s Redemption Plan is designed to provide eligible stockholders with limited, interim liquidity by enabling them to sell Shares back to the Company prior to the Listing of the Shares. Subject to certain restrictions discussed below, the
Company may repurchase Shares computed to three decimal places, from time to time, at the following percentages of the purchase price: 
  

	 	(i)	92.5% of the purchase price per share for stockholders who have owned those Shares for at least one year; 

  

	 	(ii)	95.0% of the purchase price per share for stockholders who have owned those Shares for at least two years; 

  

	 	(iii)	97.5% of the purchase price per share for stockholders who have owned those Shares for at least three years; and 

  

	 	(iv)	for stockholders who have owned those Shares for at least four years, a price determined by the Company’s board of directors but in no event less than 100% of the
purchase price per share. 

 Notwithstanding the foregoing, during the period of any public offering, the repurchase price will
not exceed the then current public offering price of the Shares. In addition, the Company has the right to waive the above holding periods and redemption prices in the event of the death, Qualifying Disability, Bankruptcy or Unforeseeable Emergency
(each as defined in Section 3 below) of a stockholder. 
 Redemption of Shares issued pursuant to the Company’s
Reinvestment Plan will be priced based upon the purchase price from which Shares are being reinvested. 
 2. Redemption of
Shares. Any stockholder who has held Shares for not less than one year (other than the advisor) may present for the Company’s consideration all or any portion of his or her Shares for redemption at any time, in accordance with the
procedures outlined herein. Commitments to redeem Shares will be made at the end of each quarter and will be communicated to each stockholder who has submitted a redemption request in writing. A stockholder may present fewer than all of his or her
Shares to the Company for redemption, provided, however, that: 
  

	 	(i)	the minimum number of Shares which must be presented for redemption shall be at least 25% of his or her Shares, and 

  

	 	(ii)	if such stockholder retains any Shares, he or she must retain at least $5,000 worth of Shares based on the current offering price or, subsequent to the termination of
the offering period for the Company’s common stock, the then fair market value of the Company’s common stock as determined and announced from time to time by the Company . 

 At such time, the Company may, at the Company’s sole option, choose to redeem such Shares presented for redemption for cash to the
extent it has sufficient funds available. There is no assurance that there will be sufficient funds available for redemption or that the Company will exercise its discretion to redeem such Shares and, accordingly, a stockholder’s Shares may not
be redeemed. Factors that the Company will consider in making its determination to redeem Shares include: 
  

	 	(i)	whether such redemption impairs the Company’s capital or operations; 

  

	 	(ii)	whether an emergency makes such redemption not reasonably practical; 

  

	 	(iii)	whether any governmental or regulatory agency with jurisdiction over the Company so demands such action for the protection of the Company’s stockholders;

  

	 	(iv)	whether such redemption would be unlawful; or 

	 	(v)	whether such redemption, when considered with all other redemptions, sales, assignments, transfers and exchanges of the Shares, could cause direct or indirect ownership
of the Shares to become concentrated to an extent which would prevent the Company from qualifying as a REIT for tax purposes. 

 The Company is not obligated to redeem Shares under the Redemption Plan. If the Company determines to redeem Shares, at no time during a 12-month period may the number of Shares the Company redeems exceed
5% of the weighted average number of Shares of the Company’s outstanding common stock at the beginning of such 12-month period. The aggregate amount of funds under the Redemption Plan will be determined on a quarterly basis in the sole
discretion of the board of directors of the Company, and may be less than but is not expected to exceed the aggregate proceeds from the Company’s Reinvestment Plan. To the extent the aggregate proceeds received from the Reinvestment Plan are
not sufficient to fund redemption requests pursuant to the 5% limitation described above, the Company’s board of directors may, in its sole discretion, choose to use other sources of funds to redeem Shares. There is no guarantee that any funds
will be set aside under the Reinvestment Plan or otherwise made available for the Redemption Plan during any period during which redemptions may be requested. 
 3. Insufficient Funds. In the event there are insufficient funds to redeem all of the Shares for which redemption requests have been submitted, and the Company determines to redeem Shares, the
Company will redeem pending requests at the end of each quarter in the following order: 
  

	 	(i)	pro rata as to redemptions sought upon a stockholder’s death; 

  

	 	(ii)	pro rata as to redemptions sought by stockholders with a Qualifying Disability; 

  

	 	(iii)	pro rata as to redemptions sought by stockholders subject to Bankruptcy; 

  

	 	(iv)	pro rata as to redemptions sought by stockholders in the event of an Unforeseeable Emergency; 

  

	 	(v)	pro rata as to stockholders subject to mandatory distribution requirements under an individual retirement arrangement (an “IRA”); 

  

	 	(vi)	pro rata as to redemptions that would result in a stockholder owning less than 100 Shares; and 

  

	 	(vii)	pro rata as to all other redemption requests. 

 For a disability to be considered a “Qualifying Disability” for the purposes of this Redemption Plan, the stockholder: (a) must receive a determination of disability based upon a physical
or mental impairment arising after the date the stockholder acquired the Shares to be redeemed that can be expected to result in death or to last for a continuous period of not less than twelve months; and (b) the determination of disability
must have been made by the governmental agency, if any, responsible for reviewing the disability retirement benefits that the stockholder could be eligible to receive. Such governmental agencies are limited to the following: (1) if the
stockholder is eligible to receive Social Security disability benefits, the Social Security Administration; (2) if the stockholder is not eligible for Social Security disability benefits but could be eligible to receive disability benefits
under the Civil Service Retirement System (the “CSRS”), the U.S. Office of Personnel Management or the agency charged with responsibility for administering CSRS benefits at that time; or (3) if the stockholder is not eligible for
Social Security disability benefits but could be eligible to receive military disability benefits, the Veteran’s Administration or the agency charged with the responsibility for administering military disability benefits at that time.

 With respect to redemptions sought upon a stockholder’s Bankruptcy, “Bankruptcy” shall mean a bankruptcy over
which a trustee has been appointed by a bankruptcy court. 
 An “Unforeseeable Emergency” shall mean: (x) a
severe financial hardship to the stockholder resulting from an illness or accident of the stockholder or the stockholder’s spouse, beneficiary or dependent; (y) loss of the stockholder’s property due to casualty (including the need to
rebuild a home following damage to a home not otherwise covered by insurance); or (z) similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the stockholder, as 
 determined in the discretion of the Company, any of which shall have arisen after the date the stockholder acquired the Shares to be redeemed. 
  

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 With regard to a stockholder whose Shares are not redeemed due to insufficient funds in that
quarter, the redemption request will be retained by the Company, unless withdrawn by the stockholder in the manner described below, and such Shares will be redeemed in subsequent quarters as funds become available and before any subsequently
received redemption requests are honored, subject to the priority for redemption requests listed in (i) through (vi) above. Stockholders will not relinquish their Shares of common stock to the Company until such time as the Company commits
to redeem such Shares. However, the redemption price for redemption requests not withdrawn by the stockholder and subsequently redeemed by the Company shall be equal to the redemption price as of the date on which the stockholder first submits the
initial redemption request, determined in accordance with Section 1 above. 
 Until such time as the Company redeems the
Shares, a stockholder may withdraw its redemption request as to any remaining Shares not redeemed by requesting from the Company a redemption change form, completing the form and delivering it to the Company by facsimile transmission to the
facsimile number indicated on the form (subject to such stockholder receiving an electronic confirmation of such transmission) or by mail to the mailing address indicated on the form. Upon receipt of the redemption change form, the Company will
treat the initial redemption request as cancelled as to any Shares not redeemed in prior quarters. 
 4. Excess Funds. If
the full amount of funds available for any given quarter exceeds the amount necessary for such redemptions, the remaining amount may be held for subsequent redemptions unless such amount is sufficient to make an additional investment (directly or
through a joint venture), or is used to repay outstanding indebtedness. In that event, the Company may use all or a portion of such amount to make additional investments or to repay such outstanding indebtedness, provided that the Company (or, if
applicable, the joint venture) enters into a binding contract to make such investments, or uses such amount to repay outstanding indebtedness, prior to payment of the next distribution and the Company’s receipt of requests for redemption of
Shares. 
 5. Redemption Requests. A stockholder who wishes to have his or her Shares redeemed must mail or deliver a
written request on a form the Company provides, executed by the stockholder, its trustee or authorized agent. In the event of redemptions sought upon the death, Qualifying Disability, Bankruptcy, Unforeseeable Emergency or mandatory IRA distribution
of a stockholder, the written request must be received by the Company within one year after the death, determination of the stockholder’s Qualifying Disability or occurrence of a Bankruptcy or Unforeseeable Emergency, as applicable. If requests
in the event of a stockholder’s death, Qualifying Disability, Bankruptcy or Unforeseeable Emergency are not received within the one-year period described in the preceding sentence, they will be treated as ordinary redemption requests and will
not be subject to priority. 
 Within 30 days following the redemption agent’s receipt of the stockholder’s request,
the redemption agent will forward to such stockholder the documents necessary to effect the redemption, including but not limited to any signature guarantee and/or written certification and proof of a stockholder’s death, Qualifying Disability,
Bankruptcy, Unforeseeable Emergency or mandatory IRA distribution requirement, as applicable, as the Company or the redemption agent may require. The redemption agent will effect such redemption for the calendar quarter provided that it receives the
properly completed redemption documents relating to the Shares to be redeemed from the stockholder at least one calendar month prior to the last day of the current calendar quarter and has sufficient funds available to redeem such Shares. The
effective date of any redemption will be the last date during a quarter during which the redemption agent receives the properly completed redemption documents. As a result, the Company anticipates that, assuming sufficient funds are available for
redemption, the redemptions will be paid no later than thirty days after the quarterly determination of the availability of funds for redemption. 
 Upon the redemption agent’s receipt of notice for redemption of Shares, the redemption price will be on such terms as the Company shall determine. As set forth in paragraph 1 above, the redemption
price for Shares of the Company’s common stock will be between 92.5% and 100.0% of the purchase price of the Shares as determined by the length of time such Shares have been held, which amount will never exceed the

  

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then current offering price of the Shares of the Company’s common stock or, subsequent to the termination of the offering period for the Company’s common stock, the then fair market
value of the Company’s common stock as determined and announced from time to time by the Company . 
 6. Amendment or
Suspension of the Redemption Plan. The redemption price paid to stockholders for Shares the Company redeems may vary over time to the extent that the United States Internal Revenue Service changes its ruling regarding the percentage discount
that a REIT may give on reinvested Shares, or to the extent that the board of directors determines to make a corresponding change to the price at which it offers Shares pursuant to its Reinvestment Plan. Our board of directors will announce any
price adjustment and the time period of its effectiveness as a part of its regular communications with stockholders. We will provide at least 15 days advance notice prior to effecting a price adjustment: (i) in the Company’s annual or
quarterly reports or (ii) by means of a separate mailing accompanied by disclosure in a current or periodic report under the Securities Exchange Act of 1934. While the Company is engaged in an offering, the Company will also include this
information in a prospectus supplement or post-effective amendment to the registration statement as required under federal securities laws. 
 The Company’s board of directors, in its sole discretion, may amend or suspend the Redemption Plan at any time it determines that such amendment or suspension is in the Company’s best interests.
The board of directors may also amend or suspend the Redemption Plan if: 
  

	 	(i)	it determines, in its sole discretion, that the Redemption Plan impairs the Company’s capital or operations; 

  

	 	(ii)	it determines, in its sole discretion, that an emergency makes the Redemption Plan not reasonably practical; 

  

	 	(iii)	any governmental or regulatory agency with jurisdiction over the Company so demands for the protection of the stockholders; 

  

	 	(iv)	it determines, in its sole discretion, that the Redemption Plan would be unlawful; or 

  

	 	(v)	it determines, in its sole discretion, that redemptions under the Redemption Plan, when considered with all other sales, assignments, transfers and exchanges of the
Shares, could cause direct or indirect ownership of the Shares to become concentrated to an extent which would prevent the Company from qualifying as a REIT under the Internal Revenue Code. 

 If the Company’s board of directors amends or suspends the Redemption Plan, the Company will provide stockholders with at least 15 days
advance notice prior to effecting such amendment or suspension: (i) in the Company’s annual or quarterly reports or (ii) by means of a separate mailing and disclosure in the appropriate current or periodic report under the Securities
Exchange Act of 1934. While the Company is engaged in an offering, the Company will also include this information in a prospectus supplement or post-effective amendment to the registration statement as required under federal securities laws.

 7. Governing Law. THIS REDEMPTION PLAN AND A STOCKHOLDER’S ELECTION TO PARTICIPATE IN THE REDEMPTION PLAN SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS TO BE MADE AND PERFORMED ENTIRELY IN SAID STATE; PROVIDED, HOWEVER, THAT CAUSES OF ACTION FOR VIOLATIONS OF FEDERAL OR STATE SECURITIES LAWS SHALL NOT BE GOVERNED BY THIS
SECTION 7. 
  

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