Document:

exv10w2

 

EXHIBIT 10.2

FEDERAL HOME LOAN BANK OF DES MOINES

DIRECTORS DEFERRED COMPENSATION PLAN

Federal Home Loan Bank of Des Moines (“Bank”) hereby continues this Deferred Compensation Plan
(“Plan”) for members of its Board of Directors (“Directors”) to be effective as of November 1,
2004. This Plan amends and restates the Bank’s Deferred Compensation Plan as currently expressed in
Director Deferred Fees Agreements with each participating Director.

	1.	 	Eligibility. Eligibility to participate in this Deferred Compensation Plan (“Plan”)
shall be limited to Directors who are not employees of Bank. If an eligible Director who
elects to participate in the Plan subsequently becomes ineligible to participate, he or she
shall become an inactive participant retaining all rights described in the Plan except the
right to make deferrals during the period of ineligibility.
	 
	2.	 	Election. Each Director eligible to participate in this Plan shall elect to
participate and thereby become a Participant in this Plan by signing an “Election to Defer -
Compensation Reduction Agreement” on a form prescribed by the Bank. This Election shall be
made before the Compensation to which the Election is to apply is earned. Except in the event
of initial eligibility after the beginning of a calendar year, any Election shall be made
prior to the beginning of the calendar year for which participation in this Plan is to become
effective. A Director who first becomes eligible to participate in this Plan after the
beginning of a calendar year may make an Election within thirty (30) days of becoming eligible
to participate. Once made, an Election shall remain in effect unless the Director revokes the
Election prior to the beginning of a calendar year for which such revocation is to be
effective or until the Director is no longer eligible to participate in the Plan. If such an
Election is not made to defer compensation for a particular calendar year, payment of any
Compensation for that year shall be made in accordance with the Bank’s customary procedures.
	 
	 	 	Payment elections in any Election executed by a Director under this Plan to be effective on
or after the effective date of this plan shall apply to any accrued benefits resulting from
contributions made prior to the effective date of this plan as well as to any contributions
made after the effective date of this Plan.

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	3.	 	Amount of Compensation Deferred. The Election to Defer — Compensation Reduction
Agreement for each Participant shall
specify the dollar amount or percentage of Compensation to be deferred, if earned. A
Participant may defer up to 100% of Compensation and must defer a minimum of 25% of
Compensation. Deferrals shall be in increments of 25% of Compensation. For purposes of the
Plan, “Compensation” shall mean the total amount of all fees paid to a Director for services
rendered during a calendar year. Compensation shall not include expense reimbursements,
fringe benefits (taxable or non-taxable), or contributions under any welfare benefit plan.
Nothing contained herein shall be construed as conferring upon a Director the right to
continue to serve as a Director of the Bank.

	4.	 	Accounting and Ownership. The amount of the Compensation deferred hereunder shall be
accounted for and credited in a book reserve account maintained by the Bank (“Reserve
Account”). The Reserve Account of each Participant shall be recorded separately. Credits to
the Reserve Account shall be made as of the date the amount deferred otherwise would have
become due and payable to the Participant. Any amounts so credited to the Reserve Accounts
may be bookkeeping entries only or, in the Bank’s sole discretion, may be kept in cash or
invested and reinvested in mutual funds, stocks, bonds, securities, or any other investment
alternatives, including an annuity, as may be selected by the Bank in its sole discretion.
The Bank may, in its sole discretion, allow a Participant to direct which investment
alternatives, from among those made available by the Bank, will be deemed to be used for
investment of amounts allocated to the Participant’s Reserve Account in accordance with
guidelines established by the Bank. A Participant’s investment selections will be advisory
to, but not binding upon, the Bank which reserves the right to invest amounts allocated to a
Participant’s Reserve Account however the Bank chooses.
	 
	 	 	Title to and beneficial ownership of any assets, whether cash or investments which may be
set aside or earmarked to pay the deferred compensation hereunder shall at all times remain
an asset of the Bank. The existence of the Reserve Accounts shall not affect title to or
ownership of the assets in the Bank nor create any security interest in a Participant or a
Participant’s designated beneficiary. Nothing contained in this Plan and no action taken
pursuant to the provisions of this Plan shall create or be construed to create a trust of
any kind, or a fiduciary relationship between the Bank and the Participants, their
designated beneficiaries or any other persons. To the extent that any person acquires a
right to

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	 	 	receive payments from the Bank under this Plan, such right shall be no greater than
the right of any unsecured general creditor of the Bank. Notwithstanding the foregoing
restrictions the Bank may establish a trust or trusts to hold assets to be used for payment
of benefits under this Plan so long as the assets of any such trust continue to be part of
the general assets of the Bank and no Participant’s rights with respect to the assets in the
trust shall be greater, or less, than the right of any general unsecured creditor of the
Bank.
	 
	 	 	In addition to deferred compensation amounts credited to Participants’ Reserve Accounts,
there shall be credited or debited to each Reserve Account, not less frequently than each
December 31 while any balance remains credited to the account, any earnings or losses on
assets held in the account.
	 
	 	 	For information purposes only, the Bank will issue, or cause to be issued, a statement
annually to each Participant reflecting the Reserve Account balance relating to that
Participant. Such annual statement to a Participant shall not in any way alter the
Participant’s rights, duties or responsibilities as set forth in the Plan and related
Election to Defer — Compensation Reduction Agreement.

	5.	 	Deferral Period. As elected in the “Election to Defer — Compensation Reduction
Agreement” or in an “Election to Extend Payment Date”, payment of the Reserve Account balance,
in accordance with Paragraph 6 below, shall commence as follows:

	 	1.	 	Installment payments shall be made on the last day of each calendar quarter,
(A) beginning in March of the Plan year immediately following the Participant’s
termination from service as a Director, or, if later, (B) beginning in the March
elected by the Participant which is acceptable to the Bank; and,
	 
	 	2.	 	Lump sum payments shall be paid on (A) the last day of March in the Plan Year
immediately following the Participant’s termination from service as a Director or, if
later, (B) the last day of any March elected by the Participant which is acceptable to
the Bank.

provided, however, if a Participant who has made a previous form of payment election
voluntarily terminates from service as a Director before the March 1 which is at least
twelve (12) months after making an Election to Extend Payment Date, the

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Participant’s entire
account will be paid in accordance with the Participant’s prior election which was in effect
on the March 1 immediately prior to the Participant’s voluntary termination from service.

	6.	 	Payment of Deferred Compensation. Payment of amounts credited in the Reserve Account
including earnings thereon shall be paid in a lump sum or in substantially equal quarterly or
annual installments over a fixed period of time acceptable to the Bank and elected by the
Participant in the Election to Defer — Compensation Reduction Agreement or in an “Election to
Extend Payment Date”. If a Participant elects a payment date, the Participant may
subsequently elect to extend the payment date by filing a written Election to Extend Payment
Date that specifies the later payment date. The new payment date must be at least five (5)
years later than the payment date being extended. The Election to Extend Payment Date may be
made during or after a Participant’s period of service as a Director but must be made at least
one (1) year before the previously-elected payment date and will not take effect until twelve
(12) months after the date on which it is made. If a Participant elects to extend the payment
date, the Participant may also elect a method of payment election which applies to the portion
of the Participant’s benefit which will be subject to the extended payment date. If a
Participant dies, the value of the Participant’s Reserve Account shall be paid, pursuant to
the above election, to the beneficiary named by the Participant or if no beneficiary is named
or if a named beneficiary predeceases the Participant or dies before complete distribution of
the amount due, as provided in the Participant’s Election to Defer — Compensation Reduction
Agreement. If a Participant has no election regarding method of payment, all amounts credited
in the Reserve Account shall be paid in a lump sum in the March following the date of the
Director’s retirement, death, disability or other termination from service as a Director.

	7.	 	Unforeseeable Emergency. Bank shall have the authority to alter the timing or manner
of payment of deferred amounts in the event that a Participant establishes, to the
satisfaction of the Bank, the existence of an unforeseeable emergency. In such event, the
Bank may, in its sole discretion:

	 	a.	 	Authorize the cessation of deferrals by such Participant under the Plan; or

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	 	b.	 	Provide that all, or a portion, of the Participant’s Reserve Account balance
shall immediately be paid in a lump-sum cash payment; or
	 
	 	c.	 	Provide for such other payment schedule as deemed appropriate by the Bank under
the circumstances.

For purposes of this Section 7, “unforeseeable emergency” shall mean a severe financial
hardship to the Participant
resulting from an illness or accident of the Participant, the Participant’s spouse, or a
dependent (as defined in Section 152(a) of the Internal Revenue Code of 1986, as amended) of
the Participant, loss of the Participant’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the
control of the Participant. In any event, payment may not be made to the extent such
emergency is or may be relieved: (i) through reimbursement or compensation by insurance or
otherwise; or (ii) by liquidation of the Participant’s assets, to the extent the liquidation
of such assets would not itself cause severe financial hardship. Withdrawals of amounts
because of an unforeseeable emergency may only be permitted to the extent reasonably
necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of the distribution.

The severity of the financial hardship shall be judged by the Bank. The Bank’s decision
with respect to the severity of financial hardship and the manner in which, if at all, the
Participant’s future deferral opportunities shall be ceased, and/or the manner in which, if
at all, the payment of the Reserve Account balance to the Participant shall be altered or
modified, shall be final, conclusive and not subject to appeal.

	8.	 	Vesting. Participants shall, at all times, be 100% vested in any balance credited to
their Reserve Accounts.

	9.	 	Administration. This Plan shall be administered by the Compensation, Diversity and
Governance Committee of the Bank’s Board of Directors, or any successor thereto. Subject to
the provisions of this Plan, the Executive Committee shall have the authority:

	 	a.	 	To interpret the Plan;

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	 	b.	 	To prescribe, amend and rescind rules and regulations relating to this Plan;
and
	 
	 	c.	 	To make all other determinations deemed necessary or advisable for the
administration of this Plan.

The implementation, interpretation and construction by the Executive Committee of any
provisions of this Plan shall be final and conclusive, unless otherwise determined by the
Board of Directors of the Bank. No member of the Board of Directors or the Executive
Committee shall be liable for any action or determination made in good faith with respect to
this Plan.

	10.	 	Claims Procedure. A Participant or a beneficiary (“Claimant”) may file with the
Executive Committee of the Bank’s Board of Directors a written claim for benefits, if the
Claimant determines the distribution procedures of the Plan have not provided a proper accrued
benefit. The Executive Committee must render a decision on the claim within 60 days of the
Claimant’s written claim for benefits. The Executive Committee must provide adequate notice
in writing to the Claimant, whose claim for benefits under the Plan has been denied by the
Executive Committee. The Executive Committee’s notice to the Claimant must set forth:

	 	a.	 	The specific reason for the denial;
	 
	 	b.	 	Specific references to pertinent Plan provisions on which the Executive
Committee based its denial;
	 
	 	c.	 	A description of any additional material and information needed for the
Claimant to perfect a claim and an explanation of why the material or information is
needed; and
	 
	 	d.	 	That any appeal the Claimant wishes to make of the adverse determination must
be in writing to the Executive Committee within 75 days after receipt of the written
notice of denial of benefits. The Notice from the Executive Committee must further
advise the Claimant that a failure to appeal the action to the Executive Committee in
writing within the 75 day period will render the Executive Committee’s determination
final, binding and conclusive.

If the Claimant should appeal to the Executive Committee, the Claimant, or the Claimant’s
duly authorized representative,

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may submit, in writing, whatever issues and comments the
Claimant, or the Claimant’s duly authorized representative, feels are pertinent. The
Claimant, or the Claimant’s duly authorized representative, may review pertinent Plan
documents. The Executive Committee will re-examine all facts related to the appeal and make
a final determination as to whether the denial of benefits is justified under the
circumstances. The Executive Committee must advise the Claimant of its decision within 60
days of the Claimant’s written request for review, unless special circumstances (such as a
hearing) would make the rendering of a decision within the 60 day limit unfeasible, but in
no event may the Executive Committee render a decision respecting a denial for a claim for
benefits later than 120 days after its receipt of a request for review.

	11.	 	Liability. No member of the Board of Directors and no officer or employee of the
Bank shall be liable to any person for any action taken or omitted in connection with the
administration of this Plan unless attributable to his or her own fraud or willful misconduct;
nor shall the Bank be liable to any person for any such action or omission unless attributable
to fraud or willful misconduct on the part of a director, officer or employee of the Bank.

	12.	 	Non-Transferability. The rights of any Participant or other person under this Plan
shall not be assigned, transferred, pledged, or encumbered except by will or by the laws of
descent and distribution, nor shall they be subject to the claims of creditors of the
Participant or any beneficiary.

	13.	 	Successors and Assigns. This Plan and the related Election to Defer — Compensation
Reduction Agreement shall be binding upon the Bank and its successors and assigns, and the
Participant and the Participant’s heirs, executors, administrators and legal representatives.

	14.	 	Amendment. The Board of Directors of the Bank may amend or revoke this Plan at any
time and from time to time, provided that no such amendment or revocation can reduce the value
of a Participant’s Reserve Account on the effective date of amendment without the
Participant’s consent.

	15.	 	Interpretation. This Plan and the related Election to Defer — Compensation Reduction
Agreement shall be interpreted in accordance with the laws of the State of Iowa.

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     Adopted at Des Moines, Iowa, this 28th day of October, 2004.

	 	 	 	 	 	 	 
	 	 	FEDERAL HOME LOAN BANK OF DES MOINES	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	     /s/ Randy L. Newman	 	 
	 

	 	 	 	 	 	 

8exv10w3

 

EXHIBIT 10.3

Federal Home Loan Bank of Des Moines

LONG-TERM INCENTIVE COMPENSATION PLAN

     Sections

	 	1.	 	Purpose of the Plan.
	 
	 	2.	 	Definitions.
	 
	 	3.	 	Type of Plan.
	 
	 	4.	 	Term of the Plan.
	 
	 	5.	 	Eligibility.
	 
	 	6.	 	Incentive Award Opportunity.
	 
	 	7.	 	Performance Measures and Performance Target Levels.
	 
	 	8.	 	Plan Payouts.
	 
	 	9.	 	Administration of the Plan.
	 
	 	10.	 	Payout Date.
	 
	 	11.	 	Miscellaneous

     1. Purpose of the Plan.

     The purpose of the Federal Home Loan Bank of Des Moines (“Bank”) Long-Term Incentive
Compensation Plan (“LTIP”) is to motivate and reward the creation of value for the Bank by focusing
the participants on the achievement of Bank’s long-term business goals, strategies, and mission. In
addition, Bank wishes to provide incentives to its executives that are performance-based and
facilitate the Bank’s ability to attract, retain, and motivate the participants of the plan. The
LTIP supplements Bank’s annual incentive compensation plan known as the Gainsharing Plan, and
serves as an additional component of the total compensation package for eligible executives.

     2. Definitions.

     As used in this document, the following definitions apply.

	 	(a)	 	“Award” shall mean cash compensation that has been earned in accordance with
this Plan.
	 
	 	(b)	 	“Agreement” shall mean a written agreement entered into in accordance with
Paragraph 9(c).

 

 

	 	(c)	 	“Bank” shall mean the Federal Home Loan Bank of Des Moines or its successor.
	 
	 	(d)	 	“Base Salary” shall mean a Participant’s average salary over the Performance
Period (or from the date of initial eligibility, if later).
	 
	 	(e)	 	“Board” shall mean the Board of Directors of the Bank.
	 
	 	(f)	 	“Code” shall mean the Internal Revenue Code of 1986, as amended.
	 
	 	(g)	 	“Committee” shall mean the Compensation, Diversity and Governance Committee of
the Board or its successor.
	 
	 	(h)	 	“Disability” has the meaning ascribed to it in the Bank’s long-term disability
plan.
	 
	 	(i)	 	“Employee” shall mean any person employed by the Bank.
	 
	 	(j)	 	“Effective Date” shall mean January 1, 2005.
	 
	 	(k)	 	“Incentive Award Opportunities” shall mean the percent of a Participant’s Base
Salary which could be earned if long-term incentive plan Performance Targets are
achieved during a Performance Period.
	 
	 	(l)	 	“Participant” shall mean any person who receives an Award pursuant to the Plan.
	 
	 	(m)	 	“Performance Period” shall mean three consecutive Plan Years.
	 
	 	(n)	 	“Performance Measures” shall mean Bank financial and/or operational metrics
which will be utilized in this Plan to measure performance and which will serve as the
basis for the calculation of Award amounts.
	 
	 	(o)	 	“Performance Targets” are specific levels of performance specified by the
Committee for each of the Performance Measures for each Performance Period.
	 
	 	(p)	 	“Plan” shall mean the LTIP.
	 
	 	(q)	 	“Plan Year” shall mean January through December in any calendar year.

     3. Type of Plan.

     The LTIP is an incentive compensation plan with Awards based on performance of the Bank
measured by defined financial and/or operational results over a three-year Performance Period.
Awards are paid in cash.

     4. Term of the Plan.

     The Plan shall commence on the Effective Date, and shall remain in effect until the Committee
terminates or amends the Plan pursuant to Paragraph 11 hereof.

 

 

     5. Eligibility.

     Employees eligible to participate in the Plan shall be recommended to the Committee by the CEO
of the Bank on an annual basis. Except as provided below, participation shall be limited to the CEO
and direct reports to the CEO who, based on their position, responsibility level, and
decision-making capacity, are largely responsible for the Bank’s growth and financial success.
Participation may include additional designated key individuals, as identified by the CEO and
approved by the Committee.

     Individuals who become eligible after the start of a Performance Period will be eligible for a
prorated Award based on the date of hire or promotion. Employees must work and complete at least
three months in a Performance Period in order to be eligible for a prorated Award payout.

     Employees whose status as a Participant ends prior to the end of a Performance Period for any
reason other than normal retirement, death, or Disability will lose eligibility for Award payouts
under the Plan. If termination is the result of death, Disability, or normal retirement, the Award
will be prorated for the portion of a Performance Period actually completed and paid following the
end of the Performance Period.

     6. Incentive Award Opportunity.

     Each year, the CEO will recommend to the Committee Incentive Award Opportunities for each
eligible Participant. These recommendations are based on the Bank’s executive compensation
philosophy, which states that annual and long-term Incentive Award Opportunities will be provided
to reward executives for the accomplishment of Performance Targets and target Incentive Award
Opportunities will be established based on market data and approximate market median levels. The
Incentive Award Opportunities are expressed as percentages of Base Salary.

     The Committee shall have discretion to amend the long-term Incentive Award Opportunities at
any time during any Performance Period.

     7. Performance Measures and Performance Target Levels.

     (a) Performance Measures. The Plan will focus on key Performance Measures which align with
the Bank’s overall business strategy for each Performance Period. The CEO will recommend
Performance Measures for approval by the Committee on an annual basis (e.g., the CEO will recommend
to the Committee Performance Measures for the 2005 — 2007 LTIP no later than 60 days after the
commencement of the first quarter of 2005 and recommend Performance Measures for the 2006 — 2008
LTIP no later than 60 days after the commencement of the first quarter of 2006).

     (b) Performance Targets. The CEO will recommend Performance Targets to the Committee for
approval on an annual basis. The Performance Target setting process should be conducted in
conjunction with both the financial budget target setting process and any annual adjustments to the
Bank’s long-term strategy and annual business planning performance objectives. Performance Targets
for each Performance Measure will be established and approved

 

 

by the Committee once the Performance Measures have been approved. The Committee will use the
target setting guidelines specified below in determining appropriate Performance Targets.

     Threshold, Target, and Maximum levels of performance will be identified for each of the
Performance Measures in the LTIP. The Threshold level of performance represents a minimum
acceptable level of performance for which an Award should be paid. The Target level of performance
represents achievement of the Bank’s business plan. The Maximum level of performance represents a
significant degree of stretch above the Target performance level and would result in the highest
possible payout from the LTIP. Performance Target levels may be set using cumulative values,
average values or end-of-period values over the Performance Period or any other metric approved by
the Committee, depending on the Performance Measures selected.

     8. Plan Payouts.

     Performance at the Threshold level of performance will result in an Award recommendation of
50% of the target long-term Incentive Award Opportunity attributable to the LTIP. Target
performance will result in an Award recommendation of 100% of the target long-term Incentive Award
Opportunity attributable to the LTIP. Maximum performance will result in an Award recommendation of
150% of the target long-term Incentive Award Opportunity attributable to the LTIP. Payouts will be
linearly interpolated between Threshold and Target and between Target and Maximum levels of
performance.

     Based on input from the CEO, the Committee may determine a Participant is not eligible to
receive part or all of any payout depending on the severity of the following:

     (a) if a Participant for any Plan Year during a Performance Period has not achieved an
“expected” or higher evaluation of overall performance;

     (b) if a Participant has not achieved an “expected” or higher evaluation of overall
performance at the time of payout;

     (c) if a Participant is subject to any disciplinary action or probationary status at the time
of payout;

     (d) if at any time during the Performance Period and up to the payment of an Award a
Participant fails to comply with regulatory requirements or standards, internal control standards,
the standards of his or her profession, any internal Bank standard, or fails to perform
responsibilities assigned under the Bank’s business plan.

     9. Administration of the Plan.

     (a) Administrative Responsibility. The Plan shall be administered by the Committee.

     (b) Powers of the Committee. Except as limited by the express provisions of the Plan or by
resolutions adopted by the Board, the Committee shall have sole and complete authority and
discretion (i) to approve Participants and grant Awards, (ii) to determine the content of Awards to
be issued in the form of Agreements under the Plan, (iii) to interpret the Plan, (iv) to prescribe,
amend and rescind rules and regulations relating to the Plan, and (v) to make other determinations
necessary or advisable for the administration of the Plan. The Committee shall have and may
exercise such other power and authority as may be delegated to it by the Board

 

 

from time to time. A majority of the entire Committee shall constitute a quorum and the action
of a majority of the members present at any meeting at which a quorum is present, or acts approved
in writing by a majority of the Committee without a meeting, shall be deemed the action of the
Committee.

     (c) Communication of Award. Each Award shall be communicated in writing containing such
provisions as may be approved by the Committee. Any such communication shall not constitute an
employment agreement.

     (d) Effect of the Committee’s Decisions. All decisions, determinations and interpretations of
the Committee shall be final and conclusive on all persons affected thereby.

     (e) Indemnification. In addition to such other rights of indemnification as they may have,
the members of the Committee shall be indemnified by the Bank in connection with any claim, action,
suit or proceeding relating to any action taken or failure to act under or in connection with the
Plan or any Award granted hereunder to the full extent provided for under the Bank’s governing
instruments with respect to the indemnification of Directors.

     10. Payout Date.

     Once the Committee has determined that an Award has been earned, the Award payout will occur
no later than the end of the first quarter of business immediately following the end of the
three-year Performance Period. (E.g., the payout for the 2005 — 2007 Performance Period would be
made in the first quarter of 2008.)

     11. Miscellaneous

     The Plan, in whole or in part, may at any time or from time to time be amended, suspended or
reinstated and may at any time be terminated by act of the Committee or the Board.

     No amendment, suspension or termination of the Plan shall, without the consent of the
Participants, affect the rights of the Participants to any Award previously approved by the
Committee.

     Neither the adoption of the Plan nor its operation in any way affects the right and power of
the Bank to dismiss, or otherwise terminate the employment of any Participant at any time for any
reason, with or without cause.

     This document is a complete statement of the Plan and supersedes all prior plans,
representations and proposals written or oral relating to its subject matter. The Bank is not
bound by or liable to any Participant for any representation, promise or inducement made by any
person which is not expressed in this document.

     This Plan shall not be considered a contract of employment and nothing in the Plan shall be
construed as providing Participants any assurance of continued employment for any definite period
of time, nor any assurance of current or future compensation. This Plan shall not, in any manner,
limit the Bank’s right to terminate compensation and/or employment at its will, with or without
cause.

 

 

     Participation in the Plan and the right to receive awards under the Plan shall not give a
Participant any proprietary interest in the Bank or any of its assets. Nothing contained in the
Plan shall be construed as a guarantee that the assets of the Bank shall be sufficient to pay any
benefits to any person. A Participant shall for all purposes be a general creditor of the Bank.
Awards may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner
other than by will or by the laws of descent and distribution.

     In the event that one or more of the provisions of this Plan shall become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not be affected thereby.

     Waiver by the Bank or any Participant of any breach or default by the other of any of the
terms of this Plan shall not operate as a waiver of any other breach or default, whether similar to
or different from the breach or default waived. No waiver of any provision of this Plan shall be
implied from any course of dealing between the Bank or any Participant or from any failure by
either to assert its or his rights hereunder on any occasion or series of occasions.

     The Plan shall be construed in accordance with and governed by the State of Iowa except to the
extent superseded by federal law.

	 	 	 	 	 	 	 	 	 
	Date:	 	     April 27, 2005	 	 	 	FEDERAL HOME LOAN BANK
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	OF DES MOINES
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By
	 	     /s/ Randy L. Newman

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