Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.15

MANAGEMENT AGREEMENT

THIS AGREEMENT (“Agreement”), by and between the Federal Home Loan Bank of Des Moines, a federally chartered
corporation (“Company”), and Edward McGreen (“Executive”) is effective as of July 10, 2007 (the “Effective
Date”). In consideration of the mutual covenants set forth herein, the Company and the Executive hereby agree as
follows:

The parties agree that Executive’s employment with the Company is “at will”, and except as provided below, in the event
of Executive’s termination of employment with the Company for any reason, the Company shall have no obligation to
Executive (except as may be provided under any employee benefit plan sponsored by the Company in which Executive was a
participant).

The Executive’s employment hereunder may be terminated by the Executive for Good Reason upon written notice. For
purposes of this Agreement, “Good Reason” shall mean (1) diminution in Executive’s title, (2) the assignment of duties
to Executive that are materially and adversely inconsistent with Executive’s position, (3) any material diminution in
Executive’s authority, responsibility or reporting lines, or (4) material reduction in Executive’s Base Salary. If (1)
Executive provides written notice to the Company of the occurrence of Good Reason fifteen days after Executive has
knowledge of the circumstances constituting Good Reason, which notice shall specifically identify the circumstances
which Executive believes constitute Good Reason, (2) the Company fails to correct the circumstances within thirty days
after receiving such notice, and (3) Executive resigns fifteen days after the Company fails to correct such
circumstances, then Executive shall be considered to have terminated employment for Good Reason for purposes of this
Agreement.

The Executive’s employment hereunder may be terminated by the Company with or without “Cause.” For purposes of this
Agreement, “Cause” shall mean that Executive:

	 	(i)	 	shall have been convicted (or pled guilty or nolo contendere) to a felony or other crime involving
moral turpitude;

	 	(ii)	 	shall have committed willful acts of misconduct that materially impair the goodwill or business of the
Company or cause material damage to its property, goodwill, or business monetarily or otherwise;

	 	(iii)	 	shall have a willful and continued failure to perform his material duties; or

	 	(iv)	 	shall have violated the Company’s policies regarding sexual harassment, discrimination, substance abuse
or the Company’s Code of Ethics to the extent such acts would provide grounds for a termination for Cause
with respect to other employees.

The following provisions describe the obligations of the company to the Executive under this Agreement upon termination
of his employment. However, except as explicitly provided in this Agreement, nothing in this Agreement shall limit or
otherwise adversely affect any rights which the Executive may have under applicable law, under any other agreement with
the Company, or under any compensation or benefit plan, program, policy or practice of the Company.

	 	a.	 	Termination by the Company for Cause, by the Executive without Good Reason, or due to Death or
Disability. If the Executive’s employment is terminated by the Company for Cause or by the Executive without
Good Reason, or due to the Executive’s death or disability, he shall be entitled to his base salary and
accrued vacation through his date of termination and all vested benefits under the terms of the Company’s
employee benefit plans, subject to the terms of such plans.

 

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	 	b.	 	Termination by the Company without Cause or by the Executive for Good Reason. In addition to the items
in (a) above, if the Executive’s employment is terminated by the Company without Cause or by the Executive
for Good Reason, he shall be entitled, upon execution of a release of claims (exclusive of claims for
indemnification or under Company benefit plans) in a form acceptable to the Company without subsequent
revocation within the period described in such release, to severance payments, in lieu of any other severance
benefits, equal to the Executive’s base salary for the full calendar year in which the date of termination
occurs plus the minimum total incentive compensation under the Company’s annual incentive compensation plan
in which the Executive participates for the calendar year in which the date of termination occurs, prorated
as of such date. The base salary amount and the minimum total incentive compensation amount shall both be
paid in a lump sum within ten (10) days of the date the release becomes effective.

In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of
the amounts payable to the Executive under any of the provisions of this Agreement. Any severance benefits payable to
the Executive shall not be subject to reduction for any compensation received from other employment.

The Company may terminate this Agreement with the Executive upon giving the Executive notice of termination at least
one year prior to the effective date of the termination.

This Agreement is executed as of the dates written below.

FEDERAL HOME LOAN BANK OF DES MOINES

By: /s/ Richard S. Swanson                                         

Richard S. Swanson, President and CEO

Date: July 10, 2007                                                        

EXECUTIVE

By: /s/ Edward McGreen                                             

Edward McGreen, Chief Capital Markets Officer

Date: July 10, 2007                                                        

 

2Filed by Bowne Pure Compliance

 

Exhibit 10.16

MANAGEMENT AGREEMENT

THIS AGREEMENT
(“Agreement”), by and between the Federal Home Loan Bank of Des
Moines, a federally chartered corporation (“Company”), and Steven
T. Schuler (“Executive”) is effective as of July 10,
2007 (the “Effective Date”). In consideration of the mutual
covenants set forth herein, the Company and the Executive hereby agree as
follows:

The parties agree that
Executive’s employment with the Company is “at will”, and
except as provided below, in the event of Executive’s termination of
employment with the Company for any reason, the Company shall have no
obligation to Executive (except as may be provided under any employee benefit
plan sponsored by the Company in which Executive was a participant).

The Executive’s employment
hereunder may be terminated by the Executive for Good Reason upon written
notice. For purposes of this Agreement, “Good Reason” shall mean
(1) diminution in Executive’s title, (2) the assignment of
duties to Executive that are materially and adversely inconsistent with
Executive’s position, (3) any material diminution in
Executive’s authority, responsibility or reporting lines, or
(4) material reduction in Executive’s Base Salary. If (1) Executive
provides written notice to the Company of the occurrence of Good Reason fifteen
days after Executive has knowledge of the circumstances constituting Good
Reason, which notice shall specifically identify the circumstances which
Executive believes constitute Good Reason, (2) the Company fails to
correct the circumstances within thirty days after receiving such notice, and
(3) Executive resigns fifteen days after the Company fails to correct such
circumstances, then Executive shall be considered to have terminated employment
for Good Reason for purposes of this Agreement.

The Executive’s employment
hereunder may be terminated by the Company with or without “Cause.”
For purposes of this Agreement, “Cause” shall mean that Executive:

	 	(i)	 	shall have been convicted (or pled guilty or nolo contendere) to a
felony or other crime involving moral turpitude;

	 	(ii)	 	shall have committed willful acts of misconduct that materially impair
the goodwill or business of the Company or cause material damage to its
property, goodwill, or business monetarily or otherwise;

	 	(iii)	 	shall have a willful and continued failure to perform his material
duties; or

	 	(iv)	 	shall have violated the Company’s policies regarding sexual
harassment, discrimination, substance abuse or the Company’s Code of
Ethics to the extent such acts would provide grounds for a termination for
Cause with respect to other employees.

The following provisions describe the
obligations of the company to the Executive under this Agreement upon
termination of his employment. However, except as explicitly provided in this
Agreement, nothing in this Agreement shall limit or otherwise adversely affect
any rights which the Executive may have under applicable law, under any other
agreement with the Company, or under any compensation or benefit plan, program,
policy or practice of the Company.

	 	a.	 	Termination by the Company for Cause, by the Executive without Good
Reason, or due to Death or Disability. If the Executive’s employment
is terminated by the Company for Cause or by the Executive without Good Reason,
or due to the Executive’s death or disability, he shall be entitled to
his base salary and accrued vacation through his date of termination and all
vested benefits under the terms of the Company’s employee benefit plans,
subject to the terms of such plans.

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	 	b.	 	Termination by the Company without Cause or by the Executive for Good
Reason. In addition to the items in (a) above, if the
Executive’s employment is terminated by the Company without Cause or by
the Executive for Good Reason, he shall be entitled, upon execution of a
release of claims (exclusive of claims for indemnification or under Company
benefit plans) in a form acceptable to the Company without subsequent
revocation within the period described in such release, to severance payments,
in lieu of any other severance benefits, equal to the Executive’s base
salary for the full calendar year in which the date of termination occurs plus
the minimum total incentive compensation under the Company’s annual
incentive compensation plan in which the Executive participates for the
calendar year in which the date of termination occurs, prorated as of such
date. The base salary amount and the minimum total incentive compensation
amount shall both be paid in a lump sum within ten (10) days of the date
the release becomes effective.

In no event shall the Executive be
obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to the Executive under any of the provisions
of this Agreement. Any severance benefits payable to the Executive shall not be
subject to reduction for any compensation received from other employment.

The Company may terminate this
Agreement with the Executive upon giving the Executive notice of termination at
least one year prior to the effective date of the termination.

This Agreement is executed as of the
dates written below.

FEDERAL HOME LOAN BANK OF DES MOINES

By: /s/ Richard S.
Swanson                                         

Richard
S. Swanson, President and CEO

Date: July 10,
2007                                                        

EXECUTIVE

By: /s/ Steven T.
Schuler                                             

Steven
T. Schuler, Chief Financial Officer

Date: July 10,
2007                                                        

2

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