Document:

Board Resolution for Directors' 2008 Compensation & Expense Reimbursement Policy

 EXHIBIT 10.4 
  
 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 RESOLUTION 
 January 31, 2008 
  

	
	RESOLVED, that the Board of Directors of the Federal Home Loan Bank of San Francisco hereby approves the 2008 Board of Directors Compensation and Expense Reimbursement Policy attached as Exhibit
B.

  
  

	
	I certify that this is a true and correct copy of a resolution adopted by the Board of Directors of the Federal Home Loan Bank of San Francisco at its meeting on January 31,
2008.
	
	 /s/    Suzanne Titus-Johnson

	 Suzanne Titus-Johnson, Senior Vice President and General Counsel- Corporate Secretary

  

 Exhibit B 
 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 BOARD OF DIRECTORS 
 COMPENSATION AND EXPENSE REIMBURSEMENT POLICY 
 2008 
 The Board of Directors of the Federal Home Loan Bank of San Francisco hereby establishes the following Compensation and Expense
Reimbursement Policy for 2008. 
 Compensation 
 To provide the Directors with reasonable compensation for the performance of their duties as members of the Board of Directors and the amount of time spent on official Bank business, the Bank will pay meeting fees to
the Directors as follows: 
  

					
	Meeting	  	Position	  	Meeting Fee
	 Board
  
	  	Chairman	  	$4,000
	 Board
  
	  	Vice Chairman	  	$3,000
	 Board
  
	  	Director	  	$2,000

  

					
	Meeting	  	Position	  	 Meeting Fee
 (subject to an annual limit of
$13,000)

	 Board committee
  
	  	 Committee chairman, vice
chairman, or member
  
	  	$750
	 System Directors’ orientation
or
conference
  
	  	Director	  	$750

 Total annual compensation for members of the Board is limited as follows:

  

			
	Position	  	Annual limit
	 Chairman

 
	  	$31,232
	 Vice
Chairman
  
	  	$24,986
	 Director

 
	  	$18,739

 A Board member may receive a fee for participation in one Board meeting by telephone. No other fee will be
paid for participation in meetings of the Board or committees by telephone or participation in other Bank or Federal Home Loan Bank System activities. Although Director participation in these activities is necessary and appropriate, they are related
to the scheduled meetings of the Board and committees and are therefore covered by the scheduled meeting compensation. 
 The President of the Bank is
authorized to interpret this Policy, as necessary, according to applicable statutory, regulatory and policy limits. 
  

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 Expense Reimbursement 
 The Bank will reimburse Directors for necessary and reasonable travel, subsistence and other related expenses incurred in connection with the performance of their
official duties, which may include participation in meetings or activities for which no fee is paid. 
 For expense reimbursement purposes, Directors’
“official duties” include: 
  

	 	1)	Meetings of the Board and Board committees 

  

	 	2)	Meetings requested by the Federal Housing Finance Board and Federal Home Loan Bank System committees 

  

	 	3)	Meetings of the Council of Federal Home Loan Banks and its committees 

  

	 	4)	Meetings of the Bank’s Affordable Housing Advisory Council 

  

	 	5)	Events attended on behalf of the Bank when requested by the President in consultation with the Chairman 

  

	 	6)	Other events attended on behalf of the Bank with the prior approval of the EEO-Personnel-Compensation Committee of the Board. 

 Each Director is responsible for making his or her own travel arrangements (including hotel accommodations) to attend meetings for which expenses may be reimbursed.

 Expenses reimbursable for Directors are the same as the expenses reimbursable for senior officers under the Bank’s Reimbursement and Travel Expense
Policy, except that Directors may not be reimbursed for gift or entertainment expenses. 
 To be reimbursed for allowable expenses, a Director must complete
a statement itemizing the expenses within 30 days of completion of any covered trip or activity. The statement, prepared on the Director’s letterhead, must be submitted to the Bank’s Assistant Corporate Secretary and must include the
following information: 
  

	 	1)	Meeting(s) or event(s) attended, with dates and locations 

  

	 	2)	Itemization of reimbursable expenses, with supporting receipts for any expense exceeding $50.00 

  

	 	3)	Ticket receipt or e-ticket confirmation for airline travel 

  

	 	4)	To whom reimbursement should be made payable. 

 Records 
 The Bank will maintain records of (i) Directors’ attendance at meetings of the Board and Board committees;
(ii) total compensation paid; and (iii) expenses reimbursed. 
  

 2Corporate Officer Severence Policy

 EXHIBIT 10.14 
  
  
 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 CORPORATE OFFICER SEVERANCE POLICY 
  
  
  
 Restated:
February 22, 2008 

 CORPORATE OFFICER SEVERANCE POLICY1 
 ESTABLISHMENT 
 The Federal Home Loan Bank of San Francisco (the “Bank”), pursuant to the powers granted it under 12 U.S.C. Section 1432, established on January 25,
1996 a severance policy, which has been subsequently restated from time to time, for eligible Corporate Officers (the “Corporate Officer Severance Policy” or “Policy”). The Policy is restated effective February 22, 2008, as
provided herein. 
 AMENDMENT AND TERMINATION 
 The Bank
reserves the right to amend, add, modify, or terminate the Corporate Officer Severance Policy, in whole or in part, at any time it deems appropriate. Notwithstanding the foregoing, any amendments, additions, modifications or terminations of this
Policy shall be effective only to the extent such amendments, additions, modifications or terminations are permitted by Applicable Law. 
 Adoption of this
Corporate Officer Severance Policy by the Bank is not to be construed as a contract between the Bank and any of its Corporate Officers nor is it intended to create any absolute right, vested or otherwise, to any severance benefit for any Corporate
Officer. 
 POLICY 
 The purpose of the Corporate Officer
Severance Policy is to help provide protection from loss of income due to unemployment while an eligible Corporate Officer seeks other employment. Due to changing economic and business conditions, most organizations must continually evaluate their
operations and be prepared to make changes in the structure of their work forces. Similarly, the Bank’s changing business environment may require it to restructure, modify or eliminate jobs, and reduce staff from time to time. Should this
happen, affected Corporate Officers will be notified and, if eligible under the guidelines listed below, paid a severance benefit upon signing a Separation Agreement and Release. 
 This Corporate Officer Severance Policy sets forth and describes the options, benefits, and severance pay that may be provided to eligible Corporate Officers. The application of the provisions contained in this policy
shall be made on a nondiscriminatory basis without regard to race, religion, color, sex, age, marital status, ancestry, national origin, or handicap, or any other basis prohibited by law. 
 This policy is not intended for application in any situations in which the Bank continues to offer employment to affected Corporate Officers, or in any situation in
which the Corporate Officer does not suffer loss of employment. 
 ELIGIBILITY 
 A full-time or part-time Corporate Officer may be eligible for severance pay under the Policy, provided, the Corporate Officer is on the official payroll of the Bank upon the Effective Date of Separation.

  

	1	For purposes of this Corporate Officer Severance Policy, a “Corporate Officer” is defined as an officer at the level of Vice President or above. 

 

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 The Corporate Officer shall receive severance pay upon an involuntary Separation from Service from the Bank due to:

  

	 	(a)	elimination of an individual job or position; 

  

	 	(b)	elimination of one or more jobs or positions as a result of a reduction in staff or department reorganization; or 

  

	 	(c)	substantial job modification resulting in the incumbent Corporate Officer being, in the judgment of the Bank, unqualified for or unable to perform the revised job.

 In all situations in which the Bank gives the Corporate Officer more than one week notice of eligibility, the Bank may condition that
Corporate Officer’s eligibility upon his/her remaining on the job until the date the Separation from Service becomes effective, as specified by the Bank. 
 A Corporate Officer is not eligible for severance pay under this Policy in any event other than (a) through (c), above, and in particular if he or she: 
  

	 	(a)	voluntarily terminates employment with the Bank for any reason prior to the Effective Date of Separation set by the Bank; 

  

	 	(b)	is terminated for any reason other than job elimination, reduction in staff, department reorganization, or job modification as described above; 

  

	 	(c)	is terminated due to the Corporate Officer’s death or for cause (including, without limitation, gross misconduct or dereliction of duty) or for failure to meet performance
goals or objectives as determined by the Bank; 

  

	 	(d)	retires from the Bank under conditions not involving job elimination, reduction in staff, department reorganization or job modification as described above; 

 

	 	(e)	accepts any job with another employer who acquired any of the assets or operations of the Bank or with an outsourcing supplier (an outsourcing supplier is defined as an entity to
whom the Bank outsources a function performed by the Corporate Officer where the Bank agrees with such entity in the outsourcing agreement that it will offer jobs to current Corporate Officers performing that function for the Bank);

  

	 	(f)	is on a leave of absence at the time of the job elimination/staff reduction and does not return to work at the end of the approved leave period; or 

  

	 	(g)	refuses an equivalent job offer, either within the Bank or with another employer who acquired any of the assets or operations of the Bank (an equivalent job offer is defined as a
job offer for a position with a comparable level of responsibility, skill and knowledge requirements and pay). 

 For purposes of this Policy,
a “Separation from Service” means termination of a Corporate Officer’s employment as a common-law employee of the Bank or period of service as an elected, non-employee member of the board of directors of the Bank, as applicable.

 A Separation from Service will not be deemed to have occurred if a Corporate Officer continues to provide services to the Bank at an annual rate that is
fifty percent or more of the services rendered, on 

  

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average, during the immediately preceding three full years of employment with the Bank (or if employed by the Bank less than three years, such lesser
period); provided, however, that a Separation from Service will be deemed to have occurred if a Corporate Officer’s service with the Bank is reduced to an annual rate that is less than twenty percent of the services rendered, on average, during
the immediately preceding three full years of employment with the Bank (or if employed by the Bank less than three years, such lesser period). 
 In addition
to the foregoing, a Separation from Service will not be deemed to have occurred while a Corporate Officer is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so
long as the Corporate Officer’s right to reemployment with the Bank is provided either by statute or contract. If the period of leave exceeds six months and the Corporate Officer’s right to reemployment is not provided either by statute or
contract, then the Corporate Officer is deemed to have Separated from Service on the first day immediately following such six-month period. 
 The effective
date of the Separation from Service is the Corporate Officer’s last day of employment as a common law employee with the Bank as described in this section (the “Effective Date of Separation”). Any payments received after the Effective
Date of Separation are considered severance pay and not salary. 
 SEVERANCE PAY 
 At the Bank’s discretion, the Bank may either give the Corporate Officer one week notice of a Separation from Service and eligibility for severance, or pay the Corporate Officer one week of base salary in lieu of
notice. The Corporate Officer will be paid his/her final week of base salary or one week of base salary in lieu of notice, (as applicable) on the Effective Date of Separation. 
 Upon the Bank’s receipt of an executed Separation Agreement and Release which has become irrevocable in accordance with its terms and Applicable Law (but in any event not earlier than the Effective Date of
Separation), the Corporate Officer will receive severance pay in a lump sum equal to the greater of: (a) twelve weeks of his/her base salary, or (b) the sum of (i) three weeks of his/her base salary, plus (ii) three weeks of
his/her base salary for each full year of service at the Bank, and (iii) three weeks of his/her base salary prorated for each partial year of service. Notwithstanding the foregoing, the total severance pay for any Corporate Officer (excluding
the one week notice pay or pay in lieu of notice) shall not exceed twelve months base salary; provided, however, that such severance pay shall not be paid later than 2-1/2 months after the end of the calendar year in which the Effective Date of
Separation occurs. 
 Severance pay is subject to federal and state tax deductions and any other withholdings required by law. 
 RETENTION PAY 
 Retention pay may be provided within the Bank’s
discretion to specified Corporate Officers for specific assignments. The time at which the retention payment is made shall be governed by the individual agreement between the specified Corporate Officer and the Bank (the “Retention
Agreement”). Any retention pay provided by the Bank generally will not exceed 30% of the Corporate Officer’s regular earnings during the specified retention period, and shall be payable at the time and in the form as set forth in the
Retention Agreement. 
  

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 If the Corporate Officer is eligible to receive retention pay under this Policy, he/she will receive such payment from
the Bank upon the Bank’s receipt of an Separation Agreement and Release which has become irrevocable in accordance with its terms, Applicable Law and the Retention Agreement. 
 Retention pay is subject to federal and state tax deductions and any other withholdings required by law. 
 SEPARATION
AGREEMENT AND RELEASE 
 Upon a Separation from Service, the Corporate Officer must execute an agreement acknowledging the Separation from Service with
the Bank which includes an outline of the severance pay, retention pay (if applicable) and benefits package available to the Corporate Officer, and a general waiver by the Corporate Officer of any claims against the Bank in order to be eligible to
receive any benefits or payments under this Policy (the “Separation Agreement and Release”). The Corporate Officer will have a specified period of time of at least one week (the “Specified Period”) within which to sign and return
an executed version of the Separation Agreement and Release. 
 If a Corporate Officer signs the Separation Agreement and Release after the Specified
Period has expired, the Corporate Officer will receive two weeks of base salary for each full year of service, not to exceed twelve months, upon signing the Separation Agreement and Release. 
 If a Corporate Officer is unwilling to sign the Separation Agreement and Release within one month after receipt, the Corporate Officer will not receive severance pay. In
such a case, the Human Resources Department of the Bank should be notified so that any problem the Corporate Officer perceives can be discussed and, if possible, resolved. 
 BENEFITS 
 Group health and life insurance benefits will continue for one additional month after the end of the month
in which the Effective Date of Separation occurs. Under the terms of the Bank’s group health and benefit plan, the Corporate Officer may request a continuation of coverage through conversion to an individual policy (i.e., group health, life,
and dependent life insurance). Voluntary accident insurance coverage terminates at the end of the month in which the termination date occurred. All other benefits that the Corporate Officer received from the Bank during his/her employment will cease
on the Effective Date of Separation. 
 Payment for accrued and unused vacation and holiday balances will be paid in a lump sum payment on the Effective Date
of Separation and is subject to federal and state tax deductions and any other withholdings required by law. 
 Tuition assistance approved and paid by the
Bank prior to the Effective Date of Separation need not be repaid to the Bank in the event the Corporate Officer receives severance pay under this Policy. 
 OUTPLACEMENT ASSISTANCE 
 Upon a Separation from Service, the Bank may, in its sole discretion, provide to former Corporate Officers,
outplacement assistance which shall include job search assistance and counseling services (the “Outplacement Assistance”). Corporate Officers may elect not to accept these services, if offered, but the Bank will not pay cash in lieu of
Outplacement Assistance. In the event the Corporate Officer is 

  

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receiving the Outplacement Assistance, such benefit shall terminate on the earlier of (a) the one year anniversary of the Effective Date of Separation
and (b) the Corporate Officer’s acceptance of an equivalent job offer for a position that has a comparable level of responsibility, skill and knowledge requirement and salary. 
 ADMINISTRATION 
 This Policy shall be administered by the Senior Vice President, Human Resources of the Bank (the
“Administrator”). Interpretation and construction by the Bank of any provisions of the Policy shall be final. The Bank may amend or rescind all or any part or parts of this Policy at any time, and shall make at its sole discretion any and
all determinations necessary for its administration. Without limiting the generality of the foregoing, the Bank shall have the authority to determine eligibility for benefits and severance amounts. 
 Any exception to this Policy must be approved by the Bank President. 
 EMPLOYMENT RIGHTS 
 Nothing in this Policy is to be construed as a promise, implied or otherwise, of continued employment with the Bank, or
any right to continue in any position or duties. Bank management reserves the right to make any employment decision, at any time, deemed to be in the best interest of the Bank, and employment with the Bank may be terminated at any time, and for any
reason. 
 CLAIMS PROCEDURES 
 The Corporate Officer may
make a request for any Policy benefits to which the Corporate Officer believes he/she is entitled. Any such request should be in writing and should be made to the Administrator at the address below: 
 Senior Vice President, Human Resources 
 Federal Home Loan Bank of San Francisco 
 600 California Street 
 San Francisco, CA 94108 
 A Corporate Officer’s request
for Policy benefits will be considered a claim for Policy benefits, and it will be subject to a full and fair review. If the claim is wholly or partially denied, the Administrator will furnish the Corporate Officer with a written notice of such
denial. This written notice must be provided to the Corporate Officer within a reasonable period of time (generally 90 days) after the receipt of the claim by the Administrator. The written notice must contain the following information: 

 

	 	1.	the specific reason or reasons for the denial; 

  

	 	2.	specific reference to those Policy provisions on which the denial is based; 

  

	 	3.	a description of any additional information or material necessary to correct the claim and an explanation of why such material or information is necessary; and

  

	 	4.	appropriate information as to the steps to be taken if the Corporate Officer wishes to submit the claim for review. 

  

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 If notice of the denial of a claim is not furnished to the Administrator in accordance with the above procedures within a
reasonable period of time, the claim will be deemed denied. The Corporate Officer will then be permitted to proceed to the review stage. 
 If the claim has
been denied or deemed denied, and the Corporate Officer desires to submit the claim for review, the Corporate Officer must follow the Claims Review Procedure below. 
 A Corporate Officer may file a claim in writing with the Administrator upon a denial of a claim benefits. 
 THE CORPORATE OFFICER MUST FILE THE CLAIM FOR REVIEW NO LATER THAN 60 DAYS AFTER HE/SHE HAS RECEIVED WRITTEN NOTIFICATION OF THE DENIAL OF HIS/HER CLAIM FOR BENEFITS, OR IF NO WRITTEN DENIAL OF THE CLAIM WAS PROVIDED, NO LATER THAN 60 DAYS
AFTER THE DEEMED DENIAL OF THE CLAIM. 
 The Corporate Officer may review all pertinent documents relating to the denial of the claim and submit any issues
and comments, in writing, to the Administrator, using the same address as listed above. 
 The Corporate Officer’s claim for review must be given a full
and fair review. If the claim is denied, the Administrator must provide the Corporate Officer with written notice of this denial within 60 days after the Administrator’s receipt of the written claim for review. The 60-day period may be extended
when there are special circumstances that are communicated to the Corporate Officer in writing prior to the end of the 60-day period. If there is an extension, a decision will be made as soon as possible, but not later than 120 days after receipt by
the Administrator of the claim for review. 
 The Administrator’s decision on the claim for review will be communicated to the Corporate Officer in
writing and will include specific references to the pertinent Policy provisions on which the decision was based. 
 If the Administrator’s decision on
review is not furnished to the Corporate Officer within the time limitations described above, the claim will be deemed denied on review. 
 If benefits are
provided or administered by an insurance company, insurance service, or other similar organization which is subject to regulation under the insurance laws, the claims procedure relating to those benefits may provide for review. If so, that company,
service, or organization will be the entity to which claims are addressed. The Corporate Officer may contact the Administrator with respect to any questions regarding the proper person or entity to address claims. 
 If a Corporate Officer has a claim for benefits which is denied or ignored, in whole or in part, the Corporate Officer may file suit in a state or federal court.

 APPLICABLE LAWS 
 The Policy shall be governed by, and
construed according to, the laws of the United States. 
  

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