Document:

Exhibit 10.4(b)

 

	

    	
Sydling Futures Management LLC

1285 Avenue of the Americas, 13th Floor

New York, NY 10019
    

 

June 24, 2013

 

Anthony Annunziato

AAA Capital Management Advisors, LTD

1300 Post Oak Blvd

Suite 350

Houston, TX 77056

 

Re:                             AAA Energy Opportunities Fund LLC

Sydling AAA Master Fund LLC

 

Dear Mr. Annunziato:

 

The Trading Advisory Agreements (the “Agreements”) among the above named funds, Sydling Futures Management LLC and AAA Capital Management Advisors, Ltd. expire June 30, 2013.  Please accept this letter as a renewal of the Agreements and all terms for an additional twelve months to expire on June 30, 2014.

 

Please acknowledge this renewal by signing below and returning to my attention at jennifer.magro@ubs.com.

 

 

	
Best regards,
    	
 
    
	
 
    	
 
    
	
/s/ Jennifer Magro
    	
 
    
	
 
    	
 
    
	
Jennifer Magro
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
ACKNOWLEDGED BY:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ A. Anthony Annunziato
    	
 
    
	
Signature
    	
 
    
	
 
    	
 
    
	
A.Anthony Annunziato
    	
 
    
	
Print NameExhibit 10.05

 

 

2014 DIRECTOR COMPENSATION POLICY

 

Effective as of January 1, 2014

 

PURPOSE:                                The Director Compensation Policy (“Policy”) establishes meeting fees and sets forth the types of expenses that the Federal Home Loan Bank of New York (“FHLBNY”) will pay to the Board of Directors (“Board”) of the FHLBNY.  The activities referred to in this Policy are those as to which the Board believes Director attendance is necessary and appropriate and which may be compensated. The Policy has been prepared in accordance with Section 7 of the Federal Home Loan Bank Act (“Bank Act”) and the regulations of the Federal Housing Finance Agency (“FHFA”) regarding Director compensation and expenses.

 

I.                                        2014 DIRECTOR FEES

 

A.            Board Chairman

 

The maximum fee opportunity for 2014 for the Chair of the Board shall be $105,000.

 

B.            Board Vice Chairman

 

The maximum fee opportunity for 2014 for the Vice Chair of the Board shall be $90,000.

 

C.            Committee Chairs

 

The maximum fee opportunity for 2014 for a Director serving as a Committee Chair shall be $90,000; however, such Director shall not receive any additional fee opportunity if he or she serves as Chair of more than one Committee.  The Board Chair and Board Vice Chair shall not receive any additional fee opportunity for serving as a Chair of one or more Board Committees.

 

D.            Other Directors

 

The maximum fee opportunity for 2014 for Directors other than the Chair, the Vice Chair, and the Committee Chairs shall be $80,000.

 

E.             Payments and Attendance

 

Each Director shall be paid an amount equal to approximately one-ninth of such Director’s maximum fee opportunity as described above for each Board meeting attended by said Director in 2014.  Such fees are to be paid on a quarterly basis in arrears.

 

Consistent with the Bank’s Corporate Governance Policy, attendance is expected at all Board meetings (and, if on a Committee, at all meetings of such Committee).  Attendance at meetings by telephonic means shall be deemed acceptable for purposes of receiving compensation.

 

II.                                   EXPENSES

 

A.            In General

 

1.              Directors may be paid for reasonable travel, subsistence and other related expenses incurred in connection with the performance of their official duties as are payable to senior officers of the FHLBNY as specified in the FHLBNY’s current policies covering the reimbursement of travel and other business-related items.  However, under no circumstances shall Directors be paid for gift or entertainment expenses.

 

 

B.                  Board and Board Committee Meetings

 

1.               Reimbursable expenses may be paid to Directors for attendance at Board and Committee meetings as established herein.

 

C.                  Stockholders’ Meetings

 

1.               Reimbursement of reasonable expenses incurred by Directors attending FHLBNY stockholders’ meetings is permitted.

 

D.                  Industry Meetings

 

1.              Reimbursement of Independent Directors’ expenses incurred while attending industry meetings or annual conventions of trade associations on a national level is permitted provided that a specific objective has been identified and that attendance has been specifically pre-approved by the Board of Directors.  Independent Directors attending industry events on behalf of the FHLBNY should register and identify themselves as directors of the FHLBNY.

 

2.              Reimbursement of Member Directors’ expenses incurred while in attendance at industry meetings or annual conventions of trade associations on a national level is not permissible, unless such attendance is incidental to a FHLBNY Board or Committee meeting.

 

E.                   Meetings Called by the Federal Housing Finance Agency

 

1.               Reimbursement of reasonable expenses may be paid to all Directors participating in any meetings called by the FHFA.

 

F.                    Other Bank System Meetings

 

1.              Reimbursement of reasonable expenses may be paid to all Directors who are invited to attend meetings of Federal Home Loan Bank System committees (e.g., the Chair/Vice Chair Conference); Federal Home Loan Bank System director orientation meetings; and meetings of the Council of Federal Home Loan Banks and Council committees.

 

G.                  Expenses of Spouses

 

1.              Reimbursement of reasonable expenses incurred by a Director’s spouse while accompanying the Director to a meeting for which the Director’s own reasonable expenses can be reimbursed (as specified in Sections II B, C, D, E or F above) will be permitted as long as the expenses satisfy the provisions of the FHLBNY’S Business Expense and Travel Policy, Section 2.2(c), Disbursements for Spouses.

 

III.                              PROCEDURES AND ADMINISTRATIVE MATTERS

 

A.                  Directors’ requests for reimbursement should be submitted to the Office of Bank Relations within 60 days of incurring the reimbursable item(s).

 

B.                  Payment for and reimbursement of allowable business expenses of the Directors will require the approval of the Head of Bank Relations or such officers designated by the Head of Bank Relations.

 

C.                  Meetings of the Board and Committees thereof should usually be held within the district served by the FHLBNY.  Under no circumstances shall such meetings be held in any location that is not within the district without prior approval of the Board.  FHFA regulations prohibit any meetings of the Board of Directors (including committee, planning, or other business meetings) to be held outside the United States or its possessions and territories.

 

2

 

IV.                               METHODOLOGY

 

With regard to the methodology utilized to determine the amount of fee opportunity available to Bank Directors for 2014 as described herein, the Board reviewed the 2013 Director Compensation Policy, and took into consideration recommendations contained in a director compensation survey performed during 2013 by an outside compensation consulting firm.  The Board determined that a modest adjustment to the fee opportunities available to Directors was merited due to the FHLBNY’s performance over the past few years, and the fact that there had not been an adjustment to Director compensation since January 1, 2011.  The Board also noted that the increases were within the low to middle end of the ranges suggested by the consultant’s study, and that the comparators used in the study appeared to be appropriate.  The Board will endeavor to review the issue of appropriate director compensation on an annual basis.

 

3Exhibit 10.12

 

Compensatory Arrangements for Named Executive Officers

 

We are an “at will” employer and do not provide written employment agreements to any of its employees. However, employees, including NEO, receive: (a) cash compensation (i.e., base salary, and, for exempt employees, “variable” or “at risk” short-term incentive compensation); (b) retirement-related benefits (i.e., the Qualified Defined Benefit Plan; the Qualified Defined Contribution Plan; and the Nonqualified Defined Benefit Portion of the Benefit Equalization Plan (“DB BEP”)) and (c) health and welfare programs and other benefits. Other benefits, which are available to all regular employees, include medical, dental, vision care, life, business travel accident, and short and long term disability insurance, flexible spending accounts, an employee assistance program, educational development assistance, voluntary life insurance, long term care insurance, fitness club reimbursement and severance pay.

 

An additional benefit offered to all officers, age 40 or greater, or who are at Vice President rank or above, is a physical examination every 18 months.

 

The annual base salaries for the NEOs are as follows (in whole dollars):

 

	
 
    	
 
    	
2014
   (1)
    	
 
    	
2013
   (2)
    	
 
    
	
Alfred A. DelliBovi 
    	
 
    	
$
    	
827,695
    	
 
    	
$
    	
793,952
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
José R. González * 
    	
 
    	
$
    	
687,500
    	
 
    	
—
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Peter S. Leung
    	
 
    	
$
    	
514,077
    	
 
    	
$
    	
497,895
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Paul B. Héroux
    	
 
    	
$
    	
365,530
    	
 
    	
$
    	
354,024
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
John F. Edelen
    	
 
    	
$
    	
368,458
    	
 
    	
$
    	
356,860
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Kevin M. Neylan
    	
 
    	
$
    	
405,995
    	
 
    	
$
    	
375,053
    	
 
    

 

(1)           Figures represent salaries approved by our Board of Directors for the year 2014.

(2)           Figures represent salaries approved by our Board of Directors for the year 2013.

 

* As reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission on March 20, 2014, Mr. José R. González will become President and Chief Executive Officer of the Bank effective immediately upon the retirement of current President and Chief Executive Officer Alfred A. DelliBovi at the close of Bank business on April 1, 2014.  The reported figure of $687,500 represents (a) $650,000, which reflects Mr. González’ Board-approved salary as Executive Vice President from January 1, 2014 through the close of business on April 1, 2014, and (b) $ 700,000, which reflects Mr. Gonzalez’ Board-approved salary as President and Chief Executive Officer for the remainder of 2014.

 

 

The 2014 increases in the base salaries of the NEOs from 2013 were based on their 2013 performance.

 

A performance-based merit increase program exists for all employees, including NEOs that have a direct impact on base pay. Generally, employees receive merit increases on an annual basis. Such merit increases are based upon the attainment of a performance rating of “Outstanding,” “Exceeds Requirements,” or “Meets Requirements” achieved on individual performance evaluations. Merit guidelines are determined each year and distributed to managers. These guidelines establish the maximum merit increase percentage permissible for employee performance during that year. In November of 2013, the C&HR Committee determined that merit-related officer base pay increases for 2014 would be 2.5% for officers rated ‘Meets Requirements’; 3.25% for officers rated ‘Exceeds Requirements’; and 4.25% for officers rated ‘Outstanding’ for their performance in 2013.

 

More information about compensation arrangements can be found in Item 11 of the Annual Report on Form 10-K.

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