Document:

exv10w7w3

Exhibit 10.7.3

Federal Home Loan Bank of Pittsburgh

Supplemental Thrift Plan

Amended and Restated Effective June 26, 2007

Revised September 26, 2007

Revised December 19, 2008 and

Further Revised December 18, 2009

 

 

Table of Contents

	 	 	 	 	 	 	 
	Article	 	 	 	Page	 
	 	 	 
	 	 	 	 
	 	 	Preamble
	 	 	1	 
	 	 	 
	 	 	 	 
	I.   	 	Definitions
	 	 	2	 
	 	 	 
	 	 	 	 
	II.   	 	Participation and Vesting
	 	 	5	 
	 	 	 
	 	 	 	 
	III.   	 	Deferral Elections; Employee Deferrals; Bank Deferrals
	 	 	6	 
	 	 	 
	 	 	 	 
	IV.   	 	Accounts and Investment Vehicles
	 	 	8	 
	 	 	 
	 	 	 	 
	V.   	 	Distribution of Benefits
	 	 	9	 
	 	 	 
	 	 	 	 
	VI.   	 	Administration of the Plan
	 	 	12	 
	 	 	 
	 	 	 	 
	VII.   	 	General Provisions
	 	 	14	 

 

 

Preamble

The Federal Home Loan Bank of Pittsburgh (the “Bank”) participates in the Financial Institutions
Thrift Plan (the “Thrift Plan”), a retirement savings plan qualified under the Internal Revenue
Code (the “Code”) for employees of the Federal Home Loan Bank of Pittsburgh. The Thrift Plan
permits eligible employees to elect to reduce and defer a percentage of their compensation,
contributing the same to the Thrift Plan. The Bank matches employee contributions based on length
of service and the amount of employee contributions.

However, as a result of the limitations imposed upon the aggregate amount of contributions which
can be made to the Thrift Plan under Section 415 and other sections of the Code, such limitations
causing a reduction in the benefits otherwise provided to certain of the Bank’s executives, the
Bank has adopted this nonqualified, unfunded Supplemental Thrift Plan (the “Plan”). The purpose of
this Plan is to allow those employees whose benefits under the Thrift Plan would otherwise be
significantly restricted by the terms of the Thrift Plan itself or the Code to make elective pretax
deferrals and to receive the Bank match relating to such deferrals. Additionally, under the Plan,
the Bank will match 200 percent of such employee’s contributions; provided, however, that the
Bank’s matching contribution will not exceed the excess of 3 percent of the employee’s compensation
(as defined in the Plan) over the Bank’s contribution to the Thrift Plan.

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Article I

Definitions

	1.1	 	“Account” means the book reserve account established and maintained hereunder to record the
contributions deemed to be made by the Participant and the Bank, as well as the increase in
value attributable to the earnings thereon, all as described hereafter.
	 
	1.2	 	“Bank” means the Federal Home Loan Bank of Pittsburgh.
	 
	1.3	 	“Bank Deferral” means an amount allocated by the Bank to a Participant’s Account pursuant to
Section 3.3.
	 
	1.4	 	“Beneficiary” means the person or persons designated by a Participant under the provisions of
this Supplemental Thrift Plan to receive his/her benefits in the event of his/her death prior
to receipt of all benefits hereunder. If no person is designated by a Participant or the
designated person or persons do not survive the Participant, the Participant’s Beneficiary
shall be his/her estate. If a Beneficiary who is receiving payments from a Participant’s
Account dies before the entire Account has been distributed, the remaining payments shall be
made to the Beneficiary’s estate.
	 
	1.5	 	“Board” or “Board of Directors” means the Board of Directors of the Federal Home Loan Bank of
Pittsburgh.
	 
	1.6	 	“Code” means the Internal Revenue Code of 1986, as amended from time to time.
	 
	1.7	 	“Compensation” means the annual base salary plus incentive compensation. The portion of any
incentive compensation award under a VIP, Temporary Incentive Plan (each as defined below), or
other annual incentive plan that is included in “Compensation” shall not exceed the maximum
amount of incentive compensation that would have been included for such Participant in that
year if the Bank’s short-term incentive compensation plan in effect as of June 25, 2007
continued in effect after 1/01/2008. Incentive compensation under an LTI (as defined below)
shall be excluded from the definition of “Compensation.”
	 
	1.8	 	“Deferral Election” means a Participant’s irrevocable election to defer a portion of his/her
Compensation.
	 
	1.9	 	“Deferral Period” means the period commencing with the date a Deferred Amount is first
credited to a Participant’s Account and continuing until payment of the final installment of a
Participant’s Deferred Amount.
	 
	1.10	 	“Deferred Amount” means the sum of all amounts deferred pursuant to a Participant’s Deferral
Election, plus the Bank match, plus investment earnings thereon, plus any increments thereof
credited to the Participant’s Account, less any benefit payments made from the Participant’s
Account.

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	1.11	 	“Disability” means with respect to eligibility for payment of a Participant’s vested benefit
under the Plan through December 31, 2004, a Participant’s total or partial disability as
determined by the Thrift Plan in accordance with the Thrift Plan in effect at October 3, 2004.
With respect to eligibility for payment of a Participant’s vested benefit amounts under the
Plan after December 31, 2004, “Disability” means that the Participant is: a) unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months; b) by reason of any medically determinable
physical or mental impairment, which can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, receiving income replacement benefits
for a period of not less than three months under an accident and health plan covering
employees of the Bank; or c) determined to be totally disabled by the Social Security
Administration.
	 
	1.12	 	“Effective Date” means January 1, 1991.
	 
	1.13	 	“Employee Deferral” means an amount deferred by a Participant under the Plan.
	 
	1.14	 	“Human Resources Committee” means the Human Resources Committee of the Board.
	 
	1.15	 	“LTI” means any Long-Term Incentive Compensation Plan maintained by the Bank from time to
time.
	 
	1.16	 	“Participant” means an executive or other key employee who has been recommended by the
President, and confirmed by the Board, as eligible to participate in the Plan.
	 
	1.17	 	“Plan Administrator” means such officer(s) or manager of the Bank who has been appointed by
the Human Resources Committee to administer the Plan as set forth in Section 6.1 of the Plan.
The Human Resources Managing Director shall serve as the Plan Administrator unless the Board
shall appoint another Bank officer(s) or manager.
	 
	1.18	 	“Retention Incentive” means that portion of a Participant’s award under the Bank’s VIP, if
any, that is subject to forfeiture under the terms of the VIP or, as applicable, the portion
of a Temporary Incentive Plan (or annual incentive plan) award subject to forfeiture under the
terms of the TIP or other applicable incentive plan.
	 
	1.19	 	“Separation from Service” means the Participant’s death, retirement, the time at which the
Participant’s services performed for the Bank are permanently reduced to no more than 20
percent of the average level of services performed by the Participant over the preceding
36-month period, or other termination of employment all as set forth in applicable definitions
under 26 C.F.R. 1.409A-1(h) and related and successor regulations as may be in effect from
time to time.
	 
	1.20	 	“Temporary Incentive Plan or TIP” means the annual incentive plan adopted by the Bank’s Board
effective January 1, 2009 providing for a base award level and a Retention Incentive.

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	1.21	 	“Unforeseeable Emergency” means: a) a severe financial hardship to a Participant resulting
from an illness or accident of: (i) the Participant; (ii) the Participant’s spouse; (iii) the
Participant’s dependent as defined in Code Section 152(a)); or (iv) if the Participant is
already receiving payments under the Supplemental Thrift Plan, a severe financial hardship
resulting from illness or accident of the Beneficiary; b) loss of the Participant’s property
due to casualty; or c) other similar extraordinary and unforeseeable circumstances arising as
a result of events beyond the control of the Participant.
	 
	1.22	 	“VIP” means the Bank’s short-term Variable Incentive Compensation Plan adopted by the Bank’s
Board of Directors effective January 1, 2008 under which annual incentive compensation awards
may be made.

4

 

Article II

Participation and Vesting

	2.1	 	Eligibility to Participate. A Participant shall become eligible for Plan participation on
the later of the first day of the calendar month coincident with or next following the date
his/her participation is approved by the Board or the Effective Date. Once selected as a
Participant, the Participant shall continue as a Participant until the Board determines
otherwise. No Participant shall have the right to continue as a Participant in the Plan.
	 
	 	 	Upon designation as a Participant, each Participant will be given a copy of the Plan. Upon
becoming eligible to participate in the Plan, a Participant shall have the option to make a
Deferral Election to defer a portion of his/her annual Compensation.
	 
	2.2	 	Termination of Participation. No further Employee Deferrals or Bank Deferrals shall occur
with respect to a Participant after the Participant’s employment with the Bank terminates.
However, until the amounts in a Participant’s Account are fully paid out to the Participant
and/or his/her Beneficiary, the Participant’s Account shall continue to be notionally invested
as provided in Section 4.2, and the Participant (or his/her Beneficiary) shall continue to
have the right to change such investments by written notice to the Plan Administrator. Once a
Participant’s Account has been fully paid out, such Participant shall cease to be a
Participant in the Plan and neither the Participant nor his/her Beneficiary shall have any
further rights hereunder.
	 
	2.3	 	Vesting. All benefits under the Plan are fully vested at all times subject only to
Forfeiture for Cause as defined in Section 7.6. For all purposes of the Plan, earnings with
respect to amounts in a Participant’s Account which were vested as of December 31, 2004 (and
earnings on such earnings) shall be deemed to have been vested as of December 31, 2004 and all
other earnings with respect to amounts in a Participant’s Account shall be deemed not to have
been vested as of December 31, 2004.

5

 

Article III

Deferral Elections; Employee Deferrals; Bank Deferrals

	3.1	 	Deferral Elections. The Plan Administrator shall provide each Participant with a form on
which to make a Deferral Election within 10 days after such Participant becomes eligible to
participate in the Plan and at least 30 days prior to the end of each calendar year. Each
Participant shall execute and deliver the Deferral Election to the Plan Administrator no later
than the last business day of each calendar year with respect to Compensation to be earned and
amounts eligible pursuant to an LTI, VIP or TIP, excluding the Retention Incentive portion, to
be earned in the following calendar year.
	 
	 	 	An executive who becomes eligible to participate during a calendar year shall have the
option to execute a Deferral Election and deliver it to the Administrator within 30 days of
the date he/she becomes eligible to participate in the Plan. Such election shall apply only
to Compensation and amounts pursuant to an LTI, VIP, TIP or other annual incentive plan (as
applicable) to be earned after the date of the delivery of the Deferral Election to the
Administrator and the Bank shall defer such amounts on a prorated basis when applicable.
	 
	 	 	The Deferral Election will state the percentage of Compensation and amounts eligible to be
earned pursuant to an LTI, VIP, TIP or other annual incentive plan (as applicable) which the
Participant elects to defer for the remainder of the first year of his/her eligibility or
for the forthcoming calendar year, as the case may be. In the case of the deferral of a
VIP, TIP (or other incentive plan with a retention feature) amount, it is expressly agreed
that the Retention Incentive portion of such incentive compensation is not subject to
deferral. A Deferral Election shall be irrevocable for the calendar year (or portion
thereof in the case of the first year of eligibility) for which the deferral is elected
unless an amendment of the Thrift Plan requires a new election by a Participant, and such a
new election is permissible under I.R.C. Section 409A and implementing regulations. If such
an event occurs, the Plan Administrator will communicate in writing with the Participant to
request a new Deferral Election. Notwithstanding an amendment of the Thrift Plan:

	 	(a)	 	(i) As to amounts earned in the first calendar year of participation, no
modification of a Deferral Election may be made more than thirty (30) days after a
Participant becomes eligible to participate in the Plan; and (ii) as to amounts earned
in the second and subsequent calendar years of participation, no modification of a
Deferral Election may be made after December 31 of the calendar year preceding the
calendar year in which the amounts are earned; and
	 
	 	(b)	 	as to amounts in a Participant’s Account which are not vested as of December
31, 2004, the last four sentences of Section 5.5 shall apply.

	3.2	 	Employee Deferrals. Once the Participant has made the maximum amount of employee
contributions allowable under the Thrift Plan in a calendar year, additional amounts shall be
deferred under this Plan in accordance with the Participant’s Deferral
Election. Amounts deferred under this Plan with respect to any calendar year may not exceed
80 percent of the sum of the Participant’s Compensation and, if applicable,

6

 

	 	 	amounts earned
pursuant to an LTI and VIP (or TIP or other annual incentive plan) during such calendar year
less the Participant’s contributions to the Thrift Plan. For this purpose, a Participant’s
contributions to the Thrift Plan shall include any after-tax contributions to the Thrift
Plan by such Participant.
	 
	3.3	 	Bank Deferrals. For each Employee Deferral, the Bank shall allocate a matching Bank Deferral
equal to 200 percent of the Employee Deferral; provided that, Bank Deferrals for each
Participant with respect to each calendar year shall not exceed the excess of (a) three
percent of the Participant’s Compensation over (b) the Bank’s matching contribution to the
Thrift Plan.

7

 

Article IV

Accounts and Investment Vehicles

	4.1	 	Accounts. The total of the Employee and Bank Deferrals shall be credited monthly to the
applicable Participant Account as the deferred amounts are earned and shall be recorded on the
financial books and records of the Bank as a liability owed to the Participant.
	 
	4.2	 	Notional Investments. Effective November 1, 2007, all Employee and Bank Deferrals
credited to a Participant’s Account will be assumed to be notionally invested in the
investment funds selected by Participant from time to time from a list provided to the
Participant by the Bank (such list is referred to as the “Eligible Investments”). Such
Eligible Investments shall be substantially similar to the investment choices available under
the Thrift Plan from time to time. Each Participant’s notional share in the investment funds
shall be represented by notional units in such funds. Each valuation day the number of new
notional units credited to a Participant in the investment funds will be determined by
dividing the total amount of such Participant’s Employee and Bank Deferrals notionally
invested in the investment funds during the month by the unit value of the investment funds as
of the most recent valuation date. The notional allocations of Employee and Bank Deferrals to
the investment funds shall be as set forth in the investment election forms completed by each
Participant and submitted to the Plan Administrator from time to time. Such election forms
may be submitted in electronic form or, at the option of the Participant in written form.
	 
	4.3	 	Records. The Plan Administrator shall maintain such records as it deems necessary to
administer this Plan and shall direct the calculation of amounts in the Participants’
Accounts. To this end, the Plan Administrator is authorized to use Bank employees, agents or
contractors to calculate the benefits due hereunder.

8

 

Article V

Distribution of Benefits

	5.1	 	Amount of Benefits. A Participant’s Account shall be valued as of the last day of the month
preceding each month with respect to which the Participant is entitled to receive a
distribution hereunder, assuming no contributions were made since the last day of the
preceding month. If a contribution was made since the last day of the preceding month, the
amount of such contribution shall be added to the value determined under the preceding
sentence.
	 
	5.2	 	Events Which Trigger Payment of Amounts Vested as of 12/31/04. The amounts in a
Participant’s Account which are vested as of December 31, 2004, including all earnings
thereon, shall become payable to him/her pursuant to Section 5.3 as of the earliest of the
date of his/her termination of employment with the Bank, including termination due to death,
his/her Disability, or his/her retirement or other Separation from Service as defined above.
With respect to amounts in a Participant’s Account which are vested as of December 31, 2004,
notwithstanding any deferral election previously made, a Participant may at any time submit a
request, through the Plan Administrator, to the Human Resources Committee seeking a
distribution of part or all of such amounts for reasons of severe financial hardship or other
reasons as permitted under the provisions of the Thrift Plan in its form as of October 3,
2004. The Human Resources Committee may, in its absolute discretion, grant or refuse any such
request. It is the intention of the Board that hardship and other withdrawals of amounts in a
Participant’s Account which are vested as of December 31, 2004 shall be available for the same
reasons as such withdrawals are available from the Thrift Plan (in its form as of October 3,
2004) and that the Participant shall provide such proof and documentation as is required for
hardship and other withdrawals from the Thrift Plan.
	 
	5.3	 	Amounts Vested as of 12/31/04 – Form and Timing of Payment. When a Participant’s Account is
payable pursuant to Section 5.2, it shall be paid in a lump sum within 90 days following the
applicable payment event set forth in Section 5.2. Alternatively, if the Participant has so
elected, the Participant’s Account shall be paid in from two to ten annual installments. In
the case of installment payments, the first installment payment shall be made within 90 days
of the applicable payment event set forth in Section 5.2 and each remaining annual installment
shall be paid no later than March 31 of each succeeding year. The amount of the installment
payment to be distributed in each calendar year shall be the amount calculated by dividing the
value of the Participant’s Account as of the immediately preceding month-end by the number of
remaining installment payments, including the one whose value is being calculated. The
elections and any changes to an election which are permitted hereunder will become effective
on the first January 1 which is at least twelve months after the date of the election.
Failure to make an election shall result in a lump sum payment within 90 days of the
triggering payment event.
	 
	5.4	 	Events Which Trigger Payment of Amounts Not Vested as of 12/31/04. The
amount in a Participant’s Account which is not vested as of December 31, 2004, including all

9

 

	 	 	earnings thereon, shall become payable to him/her pursuant to Section 5.5 as of the earliest
of the date of his/her termination of employment with the Bank (including retirement or
other Separation from Service as defined above), his/her Disability or his/her death. With
respect to amounts in a Participant’s Account which are not vested as of December 31, 2004,
notwithstanding any deferral election previously made, in the event that a Participant
suffers an Unforeseeable Emergency, the Participant may submit a request, through the Plan
Administrator, to the Human Resources Committee seeking a distribution of part or all of the
amount credited to such Participant’s Account. The Human Resources Committee may, in its
absolute discretion, grant or refuse any such request. The amount of a distribution that
the Bank may make hereunder in response to such a Participant request shall be limited to
the amount needed to satisfy the Unforeseeable Emergency plus taxes reasonably anticipated
as a result of the distribution. Distributions shall not be allowed to the extent that the
Unforeseeable Emergency may be relieved through reimbursement or compensation by insurance
or otherwise, or by liquidation of a Participant’s assets (to the extent such liquidation
would not itself cause a severe financial hardship).
	 
	5.5	 	Amounts Not Vested as of 12/31/04 – Form of Payment. When a Participant’s Account is
payable pursuant to Section 5.4, it shall be paid in a lump sum within 90 days following the
applicable payment event set forth in Section 5.4. Alternatively, if the Participant has so
elected, the Participant’s Account shall be paid in from two to ten annual installments.
Failure to make an election at any time shall result in a lump sum payment. Any change in an
installment payment election, from an installment payment election to a lump sum election or
from a lump sum election to an installment payment election (“Revised Election”) will become
effective on the first January 1 which is at least twelve months after the date of the
election. In addition, with respect to any such Revised Election which changes the timing of
any payment, each payment to be made to the Participant shall be deferred by a date which is
at least 5 years after the date on which such payment would have been made; provided that, for
this purpose, a series of installment payments shall be treated as the entitlement to a single
payment on the date of the first payment. A Revised Election which changes an Existing
Election from installment payments to a lump sum payment shall require that the date of such
lump sum payment shall be a date that is at least 5 years from the date the initial
installment payment would have been made. Notwithstanding the foregoing or any provision in
this Plan, a Revised Election may not cause the impermissible acceleration of any payment,
within the meaning of Internal Revenue Code Section 409A or its implementing regulations.
	 
	5.6	 	Amounts Not Vested as of 12/31/04 – Timing and Calculation of Installment Payments.
Installment payments under this Plan shall be made as follows: the first payment shall be made
within 90 days of the payment event with each remaining annual installment paid no later than
March 31 of each succeeding year. The amount of the installment payment to be distributed in
each calendar year shall be the amount calculated by dividing the value of the Participant’s
Account as of the immediately preceding month end by the number of remaining installment
payments, including the
one whose value is being calculated.

10

 

	5.7	 	Amounts Not Vested as of 12/31/04 – Revision of Existing Payment Election Prior to 12/31/07.
The Plan is hereby amended to permit each Participant, on or before December 31, 2007, to
amend his/her current payment election as in effect on June 25, 2007, covering amounts not
vested as of December 31, 2004. Such a revised payment election shall be referred to as a
“Transition Election.” Provided that such Transition Election does not result in a payment in
2007, such Transition Election shall become effective upon receipt by the Plan Administrator
and shall not be subject to the terms of Section 5.5. Any Transition Election shall be
subject to the requirements of I.R.S. Notice 2006-79.
	 
	 	 	Additional Transition Election Prior to 12/31/08: Effective January 1, 2008, the Plan is
hereby amended to permit Participant, on or before December 31, 2008, to amend his/her
current payment election with respect to amounts not vested as of December 31, 2004. Such
revised payment election shall be referred to as the 2008 Transition Election. Provided
that such 2008 Transition Election does not result in a payment in 2008, such 2008
Transition Election shall become effective upon receipt by the Plan Administrator and shall
not be subject to the terms of Section 5.5. Any 2008 Transition Election shall be subject
to the requirements of I.R.S. Notice 2006-79, as modified by IRS Notice 2007-86.
	 
	5.8	 	Death Benefits. In the event of a Participant’s death prior to the payment of all amounts in
the Participant’s Account, the amount then held in the Participant’s Account shall become
payable to his/her Beneficiary in the same manner as such amount would have been paid to the
Participant had he/she not died.
	 
	5.9	 	Loans. No loans are available from the Plan.

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Article VI

Administration of the Plan

	6.1	 	Human Resources Committee. The Board has delegated to the Human Resources Committee
authority over, and responsibility for, the interpretation and administration of the Plan;
except that the power to determine eligibility for participation in the Plan pursuant to
Section 2.1 is reserved to the Board. The Human Resources Committee shall interpret and
construe the Plan and have the responsibility to ensure that its provisions are carried out.
The Human Resources Committee shall exercise such power and responsibilities in its sole and
absolute discretion. The Human Resources Committee shall designate the Plan Administrator.
	 
	6.2	 	Plan Administration. The Plan Administrator shall:

	 	(a)	 	act as the point of contact for submission of claims for benefits due under the
Plan;
	 
	 	(b)	 	calculate the benefits due under the Plan or arrange for the calculation of
benefits;
	 
	 	(c)	 	inform Participants of the terms of the Plan and respond to their questions
regarding the Plan;
	 
	 	(d)	 	review and process claims for the payment of benefits under the Plan;
	 
	 	(e)	 	provide necessary reporting to Bank management, Participants, the Human
Resources Committee, the Board, and others as necessary; and
	 
	 	(f)	 	take such other action as is required to perform the tasks listed hereunder or
otherwise administer the terms of the Plan. In fulfilling the responsibilities in this
section, the Plan Administrator may use other Bank staff, other agents or engage
contractors.

	6.3	 	Claims Procedure. All claims for benefits shall be in writing and shall be filed with the
Plan Administrator. If the Plan Administrator wholly or partially denies a Participant’s or
Beneficiary’s claim for benefits, the Plan Administrator shall, within 90 days after the
Plan’s receipt of the claim, give the claimant written notice setting forth in understandable
language:

	 	(a)	 	the specific reason(s) for the denial;
	 
	 	(b)	 	specific reference to pertinent Plan provisions on which the denial is based;
	 
	 	(c)	 	a description of any additional material or information which must be submitted
to perfect the claim, and an explanation of why such material or information is
necessary; and

12

 

	 	(d)	 	an explanation of the Plan’s review procedure.

	 	 	The claimant shall have 60 days after the day on which such written notice of denial is
handed or mailed to him/her in which to apply (in person or by authorized representative) to
the Human Resources Committee, in writing, for a full and fair review of the denial of this
claim. In connection with such review, the claimant (or this representative) shall be
afforded a reasonable opportunity to review pertinent documents and may submit issues and
comments in writing.
	 
	 	 	The Human Resources Committee shall issue its decision on review promptly and within 60 days
after the Plan’s receipt of the request for review, unless special circumstances require an
extension to not later than 120 days after receipt of the request for review. (Written
notice of any such extension shall be furnished to the claimant before the commencement of
such extension.) The decision shall be in writing and shall set forth in understandable
language specific reasons for the decision and specific references to pertinent Plan
provisions on which the decision is based.

13

 

Article VII

General Provisions

	7.1	 	Rights to Employment. The establishment of the Plan, and selection of an executive for
inclusion as a Participant in the Plan, shall not be construed as conferring any legal rights
upon any Participant or other person for the continuation of employment; nor shall it
interfere with the rights of the Bank to discharge any Participant and to treat him/her
without regard to the effect such treatment might have upon him/her as a Participant in the
Plan.
	 
	7.2	 	Source of Funding–Participant as General Creditor. The Bank has not established any form of
trust or funded account for the purpose of providing benefits under this Plan. In the event
that the Bank establishes a rabbi trust or other similar arrangement, such arrangement shall
preserve this Plan’s status under the Internal Revenue Code as an unfunded nonqualified
deferred compensation plan and the assets of the Bank held pursuant to any such arrangement
shall remain subject to the claims of the Bank’s general creditors. Any Participant who may
have or claim any interest in or right to any amount payable hereunder shall rely solely upon
the unsecured promise of the Bank, as set forth herein, for the payment of the claim. Nothing
herein contained should be construed to give to or vest in any Participant, now or at any time
in the future, any right, title, interest or claim in or to any specific asset, fund, reserve,
account or property of any kind whatever owned by the Bank, or in which the Bank may have any
right, title or interest, now or at any time in the future. The Plan is not intended to be a
qualified plan within the meaning of Section 401(a) of the Code and the Bank shall not be
required to qualify the Plan under the Code.
	 
	7.3	 	Incapacity. In the event that the Human Resources Committee shall find that a Participant is
unable to care for his/her affairs because of illness or accident, the Human Resources
Committee may direct that any payment due him/her, unless claim shall have been made therefor
by a duly appointed legal representative, be paid to his/her spouse, a child, a parent or
other blood relative, or to a person with whom he/she resides, and any such payment so made
shall be a complete discharge of the liabilities of the Plan therefor.
	 
	7.4	 	Reporting and Withholding of Taxes. The Bank shall file Form W-2 and other applicable tax
documents as required under applicable federal and state law, including, without limitation,
required annual federal tax filings of a Participant’s accrued benefits under the Plan. The
Bank shall have the right to deduct from each payment to be made under the Plan any required
withholding taxes and shall withhold or cause to be withheld from all payments or accruals of
benefits under the Plan (if applicable), all federal, state or local taxes required to be
withheld by law. The Participant shall be liable for the payment of all taxes on the benefits
under the Plan that are the Participant’s responsibility under the laws establishing such
taxes.
	 
	7.5	 	Alienation of Benefits under the Plan. Benefits payable under this Plan shall not be subject
in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge, whether voluntary or involuntary, including any such liability which
is for alimony or other payments for the support of a spouse or former spouse, or

14

 

	 	 	for any
other relative of the Participant, prior to actually being received by the person entitled
to the benefits under the terms of the Plan, and any attempt to anticipate, alienate, sell,
transfer, assign, pledge, encumber or charge the same shall be void; nor shall any such
distribution or payment be in any way liable for or subject to the debts, contracts,
liabilities, engagements or torts of any person entitled to such distribution or payment.
If any Participant or Beneficiary is adjudicated bankrupt or purports to anticipate,
alienate, sell, transfer, assign, pledge, encumber or charge any such distribution or
payment voluntarily or involuntarily, the Bank, in its discretion, may hold or cause to be
held or applied such distribution or payment or any part thereof to or for the benefit of
such Participant or Beneficiary in such manner as the Bank shall direct.
	 
	7.6	 	Forfeiture for Cause. The Bank Deferrals and the earnings on the Bank Deferrals otherwise
payable by the Plan may be subject to forfeiture for cause at any time. “Cause” shall mean:

	 	(a)	 	the perpetration by a Participant of a defalcation involving the Bank or any
affiliate;
	 
	 	(b)	 	willful, reckless or grossly negligent conduct of a Participant entailing a
substantial violation of any material provision of the laws, rules, regulations or
orders of any governmental agency applicable to the Bank or an affiliate;
	 
	 	(c)	 	the repeated and deliberate failure by a Participant to comply with reasonable
policies or directives of the Board of Directors; or
	 
	 	(d)	 	the breach by a Participant of a noncompetitive covenant or agreement with the
Bank or affiliate.

	 	 	Whether the facts in any given case amount to “Cause” shall be determined by the Board of
Directors.
	 
	7.7	 	Compliance with Laws. The provisions of the Plan shall be construed, administered and
governed under the laws of the United States including, without limitation, Internal Revenue
Code Section 409A and implementing regulations and, to the extent they defer to state law, the
laws of the Commonwealth of Pennsylvania.
	 
	7.8	 	Construction. Whenever any words are used herein in the masculine gender, they shall be
construed as though they were also used in the feminine gender in all cases where they would
so apply, and whenever any words are used herein in the singular form, they shall be construed
as though they were also used in the plural form in all cases where they would so apply.
Titles of Articles and Sections hereof are for convenience of reference only and are not to be
taken into account in construing the provisions of this Plan. In case any provision of the
Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining parts of the Plan,
but the Plan shall be construed and enforced as if said illegal and invalid provision had
never been inserted herein.

15

 

	7.9	 	Amendment and Termination. The Bank specifically reserves the right, in the sole and
unfettered discretion of its Board, at any time, to amend, in whole or in part, any or all of
the provisions of the Plan and to terminate the Plan in whole or in part; provided, however,
that no such amendment or termination shall reduce or eliminate the rights of a Participant
accrued hereunder to the date of such amendment or termination. Provided further, that no
such termination shall result in an impermissible acceleration of any amount deferred under
this Plan that would violate the provisions of Internal Revenue Code Section 409A(a)(3) or
Treasury Regulation Section 1.409A-3(j) or any successor regulations.
	 
	7.10	 	Binding on Successors. The Plan shall be binding upon and inure to the benefit of the Bank
and its successors and assigns. The Plan shall also be binding upon and inure to the benefit
of any successor organization succeeding to substantially all of the assets and business of
the Bank. Nothing in the Plan shall preclude the Bank from merging or consolidating into or
with, or transferring all or substantially all of its assets to, another organization which
assumes the Plan and all obligations of the Bank hereunder. The Bank agrees that it will make
appropriate provision for the preservation of Participants’ rights under the Plan in any
agreement or plan which it may enter into to effect any merger, consolidation, reorganization
or transfer of assets. Upon such a merger, consolidation, reorganization, or transfer of
assets and assumption of Plan obligations of the Bank, the term “Bank” shall refer to such
other organization and the Plan shall continue in full force and effect.
	 
	7.11	 	Permissible Payment Acceleration. In the event of an Internal Revenue Code Section 409A Plan
failure that results in income inclusion to a Participant, payment of Participant’s benefits
under this Plan shall be accelerated; provided that, the amount of the accelerated payment
shall not exceed the amount required to be included in Participant’s income due to the Plan
failure.

16exv10w9w2

Exhibit 10.9.2

EXECUTIVE OFFICER

SEVERANCE AGREEMENT

          This Agreement is entered into as of the ___ day of                     , 2009, by and between the FEDERAL
HOME LOAN BANK OF PITTSBURGH, a corporation organized under the laws of the United States (the
“Bank”) and Winthrop Watson                                         (the “Executive”).

          WHEREAS, the Executive is willing to accept employment with the Bank but desires assurance
that, in the event of a “Reorganization” (as defined in Section 1 below) of the Bank, he will
continue to have the responsibility and status he has earned, either with the Bank or with a
successor to the Bank; and

          WHEREAS, to induce the Executive to accept employment with the Bank, in the event the
Executive’s employment with the Bank terminates following a “Reorganization” (as defined in Section
1 below) of the Bank, such Executive shall be eligible to receive severance benefits under the
terms and conditions of this Agreement in lieu of being eligible for benefits under any Bank
severance policy.

          NOW, THEREFORE, in consideration of the promises and the mutual agreements herein contained,
the Bank and the Executive hereby agree as follows:

          1.      Definitions.

          “Bank” shall mean the Federal Home Loan Bank of Pittsburgh and any other entity within the
definition of “Bank” in Section 6(a) hereof.

          “Cause” shall mean (i) the continued failure of the Executive to perform his duties with the
Bank (other than any such failure resulting from Disability), after a demand for performance,
pursuant to a resolution of the Bank’s Board of Directors, is delivered to the Executive by the
Chair of the Board of Directors of the Bank, which specifically identifies the manner in which the
Executive has not performed his duties, (ii) the personal dishonesty, incompetence, willful
misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform
stated duties, or willful violation of any law, rule or regulation (other than routine traffic
violations or similar offenses); or (iii) the removal of the Executive by or at the direction of
the Federal Housing Finance Agency pursuant to federal laws, rules and regulations, including 12
U.S.C. §4501 et. seq. as amended or by any successor agency to the Federal Housing
Finance Agency pursuant to a similar statute.

          “Compensated Termination” shall have the meaning set forth in Section 2(a).

 

 

          “Disability” shall mean, as a result of the Executive’s incapacity due to physical or mental
illness, the Executive shall have been absent from performing his duties with the Bank for an
aggregate of six (6) months in a twelve (12) months period, and, within thirty (30) days after a
Notice of Termination is thereafter given by the Bank to the Executive, the Executive shall not
have returned to the full-time performance of the Executive’s duties.

          “Good Reason” shall mean the occurrence of any of the following events during the period
beginning with the execution of a definitive agreement regarding a Reorganization and ending twelve
(12) months after the effective date of such Reorganization:

          (i)      (1) a material diminution in the Executive’s base compensation as in
effect immediately prior to the beginning of the period or as the same may be
increased from time to time thereafter, (2) a material diminution in the
Executive’s authority, duties or responsibilities as in effect immediately prior to
the beginning of the period, or (3) a material diminution in the authority, duties
or responsibilities of the officer (as in effect immediately prior to the beginning
of the period) to whom the Executive is required to report,

          (ii)      any material breach of this Agreement by the Bank, or

          (iii)      any material change in the geographic location at which the Executive
must perform his services for the Bank;

provided, however, that prior to any termination of employment for Good Reason, the Executive must
first provide written notice to the Bank within ninety (90) days of the initial existence of the
condition, describing the existence of such condition, and the Bank shall thereafter have the right
to remedy the condition within thirty (30) days of the date the Bank received the written notice
from the Executive. If the Bank remedies the condition within such thirty (30) day cure period,
then no Good Reason shall be deemed to exist with respect to such condition. If the Bank does not
remedy the condition within such thirty (30) day cure period, then the Executive may deliver a
Notice of Termination for Good Reason at any time within sixty (60) days following the expiration
of such cure period.

          “Notice of Termination” shall mean a written notice which shall indicate those specific
termination provisions in this Agreement upon which the Bank or the Executive, as the case may be,
has relied for such termination and which sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s employment under the
provision so indicated.

          “Payment Determination Date” shall have the meaning set forth in Section 2(b).

          “Reorganization” of the Bank shall mean the occurrence at any time of any of the following
events:

2

 

          (i)      The Bank is merged or consolidated with or reorganized into or with
another bank or other entity, or another bank or other entity is merged or
consolidated into the Bank;

          (ii)      The Bank sells or transfers all, or substantially all of its business
and/or assets to another bank or other entity; or

          (iii)      The liquidation or dissolution of the Bank;

provided the term “Reorganization” shall not include any Reorganization pursuant to any federal
statute, rule, regulation or directive (including 12 U.S.C. §4501 et. seq. as
amended).

          “Release Agreement” shall mean the Bank’s standard release of claims agreement executed by the
Bank and the Executive under which the Executive releases the Bank from claims arising during the
Executive’s employment with the Bank.

          “Retirement” shall mean the planned and voluntary termination by the Executive of his
employment on or after reaching the earliest retirement age permitted by the Bank’s qualified
retirement plans.

          2.        Compensated Termination.

          (a)      Compensated Termination. If the Executive incurs a Compensated
Termination while the Executive is employed by the Bank or within twelve (12) months after
the effective date of a Reorganization of the Bank (whether the Executive is then employed
by the Bank or a successor to the Bank as a result of such Reorganization), the Executive
shall be entitled to the benefits provided in Section 4(a). For purposes of this Agreement,
a “Compensated Termination” means termination of the Executive’s employment under either of
the following circumstances:

          (i)      By the Executive for Good Reason; or

          (ii)      By the Bank, or by its successor in a Reorganization, without Cause at
any time during the period (1) beginning with the execution of a definitive
agreement regarding a Reorganization and (2) ending twelve (12) months after the
effective date of such Reorganization.

          (b)       Payment Determination Date. “Payment Determination Date,” for purposes of
determining when a payment resulting from a Compensated Termination must be made pursuant to
Section 4(a), shall mean the effective date of the termination of the Executive’s employment with
the Bank if such termination is a “Compensated Termination.”

3

 

          (c)        Non-Compensated Termination. For the avoidance of doubt, none of the following
events shall result in any payment to the Executive for a Compensated Termination under Section
4(a):

          (i)      The termination of employment by the Executive without Good Reason;

          (ii)      The termination of the Executive’s employment for Cause by the Bank or
its successor in a Reorganization;

          (iii)      The termination of the Executive’s employment Without Cause by the Bank
or its successor in a Reorganization (1) prior to the execution of a definitive
agreement regarding a Reorganization or (2) more than twelve (12) months after the
effective date of such Reorganization;

          (iv)      The termination of the Executive’s employment by the Bank or its
successor in a Reorganization for Disability;

          (v)      The death of the Executive; or

          (vi)      The Retirement of the Executive.

3.      Termination of Employment.

          (a) Termination by the Bank. The Bank may terminate the employment of the Executive
as follows:

          (i)      For Cause upon the adoption of a resolution by the affirmative vote of not
less than a majority of the entire membership of the Bank’s Board of Directors at a
meeting of the Board (after reasonable notice to the Executive and an opportunity
for the Executive, together with counsel, to be heard by the Board), finding that
in the good faith opinion of the Board the Executive was guilty of conduct set
forth in the definition of “Cause” in Section 1 hereof and specifying the
particulars thereof in detail. A vote of the Board is not required if the Executive
is removed by or at the direction of the Federal Housing Finance Agency pursuant to
federal laws, rules and regulations, including 12 U.S.C. §4501 et.
seq. as amended;

          (ii)      Without Cause;

          (iii)      Upon the Disability of the Executive; and

          (iv)      Upon the death of the Executive.

4

 

          (b) Termination by Executive. The Executive may terminate his employment with the
Bank as follows:

          (i)      For Good Reason;

          (ii)      Without Good Reason; or

          (iii)      Upon the Executive’s Retirement, in which case the Executive shall be
entitled to all benefits under any retirement plan of the Bank and other plans to
which the Executive is a party.

          (c) Preservation of Compensated Termination. The provisions of Sections 3(a) and
3(b) are included in this Agreement for clarification of the rights of termination of the
employment relationship between the Bank and the Executive, but such provisions shall not prejudice
the Executive’s right to receive payments or benefits required to be provided to the Executive if
any such termination is a “Compensated Termination.”

          (d) Notice of Termination.

          (i)      Any termination by the Bank for Disability or Cause shall be communicated
by a Notice of Termination; provided, however, that the failure by the Bank to give
notice in such circumstances shall not constitute a Compensated Termination.

          (ii)      Any termination by the Bank without Cause or by the Executive without
Good Reason shall be communicated to the other party in accordance with the general
notice provisions of this Agreement.

4.       Payment for Compensated Termination.

          (a)         In the event of a Compensated Termination, the Bank shall pay or provide the Executive the
following:

          (i)      an amount equal to 2.00 times the annualized base salary of the Executive
in the calendar year of separation from the Bank; plus

          (ii)      an amount equal to 2.00 times the payout award the Executive could have
received at target in the calendar year of separation from the Bank under the
variable incentive compensation plan; plus

          (iii)      twelve months of individualized executive outplacement services
commencing on the day of the Executive’s separation from the Bank.

The amounts provided under Sections 4(a)(i) and 4(a)(ii) above shall be distributed
to the Executive in a lump sum, with the lump sum payment being made within
forty-five (45) days of the Payment Determination

5

 

Date. The Bank shall directly pay the cost of the outplacement benefit provided for
in 4(a)(iii) above; provided, that, the Executive must submit to the Bank a valid
claim substantiating the expense within 45 days of incurring the expense. Each
reimbursement will be paid within 30 days following the Bank’s receipt of a valid
claim substantiating the expense, and in any event shall be paid no later than
March 15th of the year immediately following the year in which the
expenses were incurred.

          (b)      Notwithstanding Section 4(a), if the Bank is not in compliance with any applicable
regulatory capital or regulatory leverage requirement or if the payment would cause the Bank to
fall below applicable regulatory requirements, then such payment shall be deferred until such time
as the Bank or any successor achieves compliance with its regulatory requirement.

          (c)      After a Compensated Termination, the Executive shall continue to be covered by the Bank’s
applicable medical insurance plan consistent with the Executive’s elections then in effect
immediately prior to the Compensated Termination for a period of eighteen (18) months, subject to
the Executive’s payment of the portion of the premiums for such medical insurance equivalent to the
portion of such premiums paid by the Bank’s then active employees; provided that any insurance
premiums payable by the Bank or any successor pursuant to this Section 4 shall be payable at such
times and in such amounts as if the Executive was still an employee of the Bank, subject to any
increases in such amounts imposed by the insurance company or COBRA, and the amount of insurance
premiums required to be paid by the Bank in any other taxable year.

          (d)      The Executive shall be responsible for the payment of all federal, state and local income
taxes which may be due with respect to any payments made to the Executive pursuant to this
Agreement.

          (e) The Executive shall be required to execute the Bank’s standard Release Agreement as a
condition precedent to receiving the payments stated herein.

5.       No Obligation to Seek Further Employment; No Effect on Other Contractual Rights.

          (a)      The Executive shall not be required to seek other employment, nor shall any payment made
under this Agreement be reduced by any compensation received from other employment.

          (b)      The provisions of this Agreement, and any payment provided for hereunder, shall not reduce
any amounts otherwise payable, or in any way diminish the Executive’s existing rights, or rights
which would accrue solely as a result of the passage of time, under any plan.

6.       Successor to the Bank.

6

 

          (a)      This Agreement is binding upon the successors and assigns of the Bank. The Bank and its
successors and assigns will require any successor or assign (whether direct or indirect, in a
Reorganization, by operation of law, or otherwise) to all or substantially all of the business
and/or assets of the Bank, to enter into a written agreement in form and substance satisfactory to
the Executive, expressly, absolutely and unconditionally to assume and agree to perform this
Agreement in the same manner and to the same extent that the Bank would be required to perform it
if no such succession or assignment had taken place. In the event of a Compensated Termination, the
Bank agrees that it shall pay or shall cause such employer to pay any amounts owed to the Executive
pursuant to Section 4 hereof.

As used in this Agreement, “Bank” shall mean the Bank as hereinbefore defined and any successor or
assign to its business and/or assets as aforesaid which executes and delivers the agreement
provided for in this Section 6 or which otherwise becomes bound by all the terms and provisions of
this Agreement by operation of law. If at any time during the term of this Agreement the Executive
is employed by any corporation a majority of the voting securities of which is then owned by the
Bank, the term “Bank” shall include such employer. Whether or not another entity becomes the
successor or assign of the Bank under this Agreement, the maximum amount which the Executive may
receive from all sources under this Agreement in a Compensated Termination shall be the amounts set
forth in Section 4 hereof.

          (b)      This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal and legal representatives, executors, administrators, successors, heirs, distributees, and
legatees. If the Executive should die while any amounts are still payable to him hereunder, all
such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this
Agreement to the beneficiary designated by notice in writing executed by the Executive and filed
with the Bank, or failing such designation, to the Executive’s estate.

7.       Late Payment of Benefits. Any payment made later than the time provided for in Section
4(a) of this Agreement for whatever reason, including, without limitation, the reasons set forth in
Section 4(b), shall include interest at the Fed funds rate which shall begin to accrue on the tenth
(10th) day following the Executive’s Payment Determination Date.

8.       Employment Rights. This Agreement shall not confer upon the Executive any right to
continue in the employ of the Bank and shall not in any way affect the right of the Bank to dismiss
or otherwise terminate the Executive’s employment at any time and for any reason with or without
cause. This Agreement is not intended (i) to be an employment agreement or (ii) to define all
aspects of the employment relationship between the Bank and the Executive, including but not
limited to applicable employment or benefit policies of the Bank. To the extent there is any
conflict between the terms hereof and the terms of any employment or benefit policies of the Bank,
the terms of this Agreement shall control. Any payments or benefits to which the Executive may be

7

 

entitled under Section 4 hereof will not constitute wages for work performed by the Executive.

9.        Tax Withholding. The Bank will withhold from any amounts payable to the Executive under
this Agreement to satisfy all applicable federal, state, local or other withholding taxes. All
amounts payable under Section 4(a) are considered “wages” to be reported on Form W-2. The normal
withholding rules for wages apply. The Bank will also withhold any excise taxes owed under Code
Section 4999.

10.        Notice. For purposes of this Agreement, notices and all other communications provided
for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered
by hand, delivered by a nationally-recognized overnight courier service, or mailed by United States
registered mail, return receipt requested, postage prepaid, as follows:

8

 

If to the Bank:

Federal Home Loan Bank of Pittsburgh

601 Grant Street

Pittsburgh, PA 15219

Attention: Chair of the Board of Directors

With a copy to the President

If to the Executive:

                                        

601 Grant Street

Pittsburgh, PA 15219

or such other address as either party may have furnished to the other in writing in
accordance herewith. Any notice shall be effective upon receipt.

11.      Legal Fees and Expenses. The Bank shall pay all reasonable legal fees and expenses
which the Executive may incur as a result of the Bank’s contesting in bad faith the validity or
enforceability of this Agreement or the calculation of amounts payable hereunder with the fees and
expenses to be paid promptly by the Bank and in any event no later than March 15th of
the year immediately following the year in which such fees and expenses were incurred.

12.      Term. This Agreement shall remain in effect until terminated by the Board of Directors
of the Bank by formal resolution of the Board; provided, however, that any such termination shall
not be effective until three years after the date of such formal Board action; and provided
further, that if a definitive agreement of Reorganization is executed by the Bank during such three
year period, then any such termination shall not become effective until 12 months after the
effective date of the Reorganization (or such longer period until all payments and benefits, if
any, under this Agreement have been paid or satisfied).

13.      Arbitration.

            (a)      Disputes regarding this Agreement are subject to arbitration and shall be settled by
binding arbitration administered by the American Arbitration Association (“AAA”) in accordance with
its “Employment Arbitration Rules and Mediation Procedures” and successor rules as may be in effect
from time to time (referred to herein as the “Rules”) for individual employment agreements. The
arbitration shall be heard and determined by a panel of three (3) arbitrators, with one selected by
the Bank, one selected by the Executive and one selected by the AAA, and each such arbitrator shall
be an attorney having experience and familiarity with employment disputes. The arbitration
proceeding shall occur in the Pittsburgh, Pennsylvania metropolitan area. The costs of

9

 

arbitration for each party and the arbitrators’ fees shall be allocated in accordance with the
above-referenced AAA Rules. The arbitration and all related proceedings and discovery shall take
place pursuant to a protective order entered by the arbitrators that adequately protects the
confidential nature of the parties’ confidential information. In no event shall any arbitration
award provide a remedy beyond those permitted under this Agreement, and any award providing a
remedy beyond those permitted under this Agreement shall not be confirmed, no presumption of
validity shall attach, and such award shall be vacated.

            (b)      If within thirty (30) days after any Notice of Termination is given, the party receiving
such Notice of Termination notifies the other party that a dispute exists concerning the
Termination, the parties shall promptly proceed to arbitration as provided in (a) above.
Notwithstanding the pendency of any such dispute, the Bank shall continue to pay the Executive his
base salary and provide such other compensation and benefits, all as in effect immediately prior to
the Notice of Termination. If it is determined that the Executive is not entitled to any
compensation under Section 4 of this Agreement, the Executive shall return all cash amounts to the
Bank promptly following the date of resolution by arbitration, with interest thereon commencing as
of the date of the resolution of the dispute by arbitration at the prime rate of interest as
published by the Wall Street Journal from time to time. Any cash amounts paid to the Executive
pending the resolution of the dispute by arbitration shall offset any amounts determined to be due
to the Executive under Section 4.

14.      Miscellaneous.

            (a)      No Modification. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by the
party or parties hereto to be bound.

            (b)      No Waiver. No waiver by either party hereto at any time of any breach by the
other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.

            (c)      Entire Agreement. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either party which are not set
forth expressly in this Agreement.

            (d)      Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania (excluding conflicts of laws principles), except
to the extent such law is preempted by the laws of the United States.

            (e)      Pleadings. Section or paragraph headings contained herein are for convenience of
reference only and are not to be considered a part of this Agreement.

10

 

          (f)      Validity. The invalidity or unenforceability of any provisions of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

          (g)      Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

          IN WITNESS WHEREOF, this Agreement is executed as of the date first above written and is
effective as of the ___ day of                    , 2009.

THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES

	 	 	 	 	 	 	 
	 	 	 	 	FEDERAL HOME LOAN BANK OF
	THE EXECUTIVE:	 	 	 	PITTSBURGH:
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Chair, Board of Directors
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Chair, Human Resources Committee
	 

	 	 	 	 	 	of the Board of Directors

11

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