Document:

Summary Sheet: Terms of Employment for Named Executive Officers for 2009

 EXHIBIT 10.1 
 Summary Sheet: Terms of Employment for Named Executive Officers for 2009 
 Employment Status 
 Pursuant to the Federal Home Loan Bank Act, the employees of the Federal Home Loan Bank of San Francisco (the “Bank”), including the Bank’s chief executive
officer, the chief operating officer, the chief financial officer and other current named executive officers as of December 31, 2008 (Dean Schultz, Lisa B. MacMillen, Steven T. Honda, Lawrence H. Parks, Stephen P. Traynor and David H.
Martens) (the “named executive officers”), are “at will” employees. The named executive officers may resign at any time and the Bank may terminate their employment at any time for any reason or no reason, with or without cause
and with or without notice. 
 Each of the named executive officers receives a base salary and is eligible to participate in the Bank’s executive
incentive compensation plans and comprehensive benefit programs, including both qualified and nonqualified retirement benefit plans. Base salaries for 2009 for the named executive officers are: Dean Schultz: $725,000; Lisa B. MacMillen: $466,500;
Steven T. Honda: $330,000, Lawrence H. Parks: $380,200; Stephen P. Traynor: $330,000; and David H. Martens, $330,000. 
 Senior officers, including the named
executive officers, are also eligible to receive reimbursement for financial planning, health club membership, and parking expenses incurred each year up to a maximum amount of $12,000 annually per officer. On occasion, the Bank pays for resort
activities for employees, including our named executive officers, in connection with Board meetings and other business-related meetings; and in some cases, the Bank pays the expenses for spouses accompanying employees to these meetings or other
Bank-sponsored events. The President receives use of a Bank-owned vehicle. 
 A Bank employee, including the named executive officers, may receive severance
benefits in the event that the employee’s employment is terminated because the employee’s job or position is eliminated or because the job or position is substantially modified so that the employee is no longer qualified or cannot perform
the revised job. For the named executive officers, severance under the Bank’s current policy would be equal to the greater of (i) 12 weeks of the officer’s base salary, or (ii) the sum of three weeks of the officer’s base
salary plus three weeks of the officer’s base salary for each full year of service at the Bank to a maximum of 52 weeks. The Bank’s current severance policy also provides one month of continued health and life insurance benefits and, at
the Bank’s discretion, outplacement assistance.Board Resolution for Directors' 2009 Compensation and Expense Reimbursement

 EXHIBIT 10.4 
 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 RESOLUTION 
 December 5, 2008 
 RESOLVED, that the Board of Directors
of the Federal Home Loan Bank of San Francisco hereby approves the 2009 Board of Directors Compensation and Expense Reimbursement Policy attached as Exhibit G. 
  

	
	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 December 5,
2008.
	
	 /s/ Suzanne Titus-Johnson

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

 Exhibit G 
 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 Board of Directors 
 Compensation and Expense Reimbursement Policy 
 2009 
 The Board of Directors of the Federal Home Loan Bank of San Francisco hereby establishes the following Compensation and Expense
Reimbursement Policy for 2009. 
 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 a retainer and meeting fees to each member of the
Board of Directors as set forth below. 
  

										
	 Position
	  	Annual Retainer	  	Maximum
Annual
Meeting Fees	  	Total
Maximum
Annual
Compensation
	 Chairman
	  	$	42,000	  	$	18,000	  	$	60,000
	 Vice Chairman
	  	$	37,000	  	$	18,000	  	$	55,000
	 Committee Chair
	  	$	32,000	  	$	18,000	  	$	50,000
	 Director
	  	$	27,000	  	$	18,000	  	$	45,000

 Retainers will be paid in six equal installments, after each regularly scheduled Board meeting. Additionally, each
director will receive a fee of $3,000 for attending any portion of each of the six regularly scheduled two-day Board meetings. 
 A Board member may receive
a meeting fee for participation in one regularly-scheduled Board meeting by telephone. 
 Any member of the Board of Directors who joins or leaves the Board
between retainer payments will receive pro rata compensation at the time of the next retainer payment for the number of days on the Board. 
 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. The President of the Bank is authorized to interpret this Policy, as necessary, according
to applicable statutory, regulatory and policy limits. 
  

 1 

 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 Agency 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 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. 
  

 22008 Executive Incentive Plan

 EXHIBIT 10.5 
 FHLBank San Francisco 
 2008 EXECUTIVE INCENTIVE PLAN 
 PLAN PURPOSE 
 To optimize individual and Bank
performance in accomplishing Board approved goals and objectives. 
 PLAN OBJECTIVES 
 To motivate Bank executives to exceed individual and Bank goals which support the business plan and long-term strategic plan. To attract and retain outstanding executives
by providing a competitive total compensation program, including annual incentive award opportunity. 
 ELIGIBILITY 
 Participants are Bank executives whose performance has a major impact on the Bank’s success. The 2008 participants are the incumbents in the Bank’s executive
officer positions, including: 
 Executive Vice President
                        Senior Vice President 
 Participants must be employed by the Bank when payment is disbursed to be eligible for an incentive award for the
current plan year. Participants hired, promoted, or who have a leave of absence during the plan year are eligible to participate on a pro-rata basis. Participants hired or promoted on or after October 1st will not be eligible to participate during the current plan year. 
 INCENTIVE
GOALS AND MEASURES 
 Incentive Goals 
 For each participant there are individual goals, discretionary goals and Bank goals, which are specifically weighted for each participant. The individual goals support the Bank-wide goals and objectives. The discretionary goals represent
achievements that were not necessarily measured or identified under the participant’s individual goals and assessed by the President and Chief Operating Officer for the Senior Vice Presidents, and by the President for the Chief Operating
Officer. 
 The three Bank goals’ target achievement levels for 2008 are: 
  

	1.	2008 Potential Dividend Spread Goal: Dividend potential spread is at least 123.0 basis points.  

  

	2.	2008 Market Share Goal: Achieve a target market share of wholesale borrowings and convert non-borrowing members into borrowing members. 

  

	 	•	 	 Market share is divided into member segments. [*], the 2008 “goal year” will begin on January 1, 2008 and will end on December 31, 2008, with
goal achievement based on the average daily balance of Bank credit for the full year. For the other member segments, the 2008 “goal year” will run from September 30, 2007 through September 30, 2008. 

 

	 	•	 	 Convert [*] non-borrowing members into borrowing members. 

  

	3.	2008 Community Investment Goal: Effectively execute community investment programs and initiatives. 

 An outline of the three Bank goal weights and measures are attached as an exhibit. 
  

	
	Actual achievement of Bank goals (1), (2), and (3) are subject to adjustment for changes resulting from movements in interest rates, changes in financial strategies or policies, any
significant change in Bank membership, as well as other factors determined by the Board.

  
  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portion. 

 Incentive Goal Achievement Measures 
 The plan rewards levels of goal achievement, as follows: 
  

			
	 Achievement Level
	  	 Measure Definition

	200% of target	  	The most optimistic achievement level based on reasonable business assumptions and conditions.
		
	150% of target	  	An optimistic achievement level based on expected business.
		
	Target (100%)	  	Performance that is considered a target level of successful plan achievement.
		
	Threshold (75% of target)	  	A threshold level of performance.

 Award Determination 
 Awards will be based on success in achieving individual and Bank goals. In the case of the three Bank goals and objectives, the same achievement measures apply to all participants. At yearend, accomplishments will be
assessed and a percentage of achievement will be determined for each goal and any award determination will be at the discretion of the Board. 
  

					
	 Percentage of Achievement Scale
	  	 Achievement Levels
	 	 
	0% - 200%	  	200%	 	= Far Exceeds Target
		  	150%	 	= Exceeds Target
		  	100%	 	= Target
		  	75-99%	 	= Threshold

 For each goal, the percentage of achievement will be multiplied by the applicable weights. Each weighted
achievement will then be added to determine the total weighted achievement. The basis for award opportunity is total weighted achievement. Performance from 75-99% (threshold level) is below the target achievement level and, therefore, will result in
an award less than a target award. Performance below the threshold achievement level normally will not result in an incentive award. The President and the Board of Directors have full discretion to modify any and all incentive payments. 

Incentive Award Pool 
 The Board approves an
incentive award pool at the beginning of the plan period. Portions of the pool may be allocated by the President to plan participants at the end of the plan period based upon their overall goal achievement levels. 
 APPROVAL OF INCENTIVE AWARDS 
 All recommended incentive
awards must be approved by the President and the Board of Directors prior to payment. The Board of Directors has the discretion to approve awards for achievement below 75% total weighted achievement. Award recommendations are presented to the Board
of Directors at the January 2009 Board meeting. 
 PLAN ADMINISTRATION AND IMPLEMENTATION 
 The President is responsible for overseeing the administration and interpretation of the Plan. 

 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 2008 Corporate Goals 
 Dividend Spread Goal for 2008 
  

									
	 Segment
 Weight
	 	 75% Goal
 Achievement
	 	 100% Goal
 Achievement
	 	 150% Goal
 Achievement
	 	 200% Goal
 Achievement

	40%	 	0.98%	 	1.23%	 	1.73%	 	2.23%

 Market Penetration, Volume and Conversion Goals for 2008 
  

												
	 Customer Segment
	  	Segment
Weight	 	 	75% Goal
Achievement	 	100% Goal
Achievement	 	150% Goal
Achievement	 	200% Goal
Achievement
	 [*]
	  	8	%	 	[*]	 	[*]	 	[*]	 	[*]
	 [*]
	  	8	%	 	[*]	 	[*]	 	[*]	 	[*]
	 [*]
	  	8	%	 	[*]	 	[*]	 	[*]	 	[*]
	 [*]
	  	8	%	 	[*]	 	[*]	 	[*]	 	[*]
	 [*]
	  	8	%	 	[*]	 	[*]	 	[*]	 	[*]
	 Total Member Business Goals
	  	40	%	 		 		 		 	

 Community Investment Goals for 2008 
  

												
	 	  	Segment
Weight	 	 	75% Goal
Achievement	 	100% Goal
Achievement	 	150% Goal
Achievement	 	200% Goal
Achievement
	 [*]
	  	6	%	 	[*]	 	[*]	 	[*]	 	[*]
	 [*]
	  	6	%	 	[*]	 	[*]	 	[*]	 	[*]
	 [*]
	  	8	%	 	[*]	 	[*]	 	[*]	 	[*]
	 Total Community Investment Goal
	  	20	%	 		 		 		 	

 [*] 
  

	[*]	Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the
omitted portion.

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