Document:

Thrift Plan Benefit Equalization Plan

 Exhibit 10.12 
  
 FEDERAL HOME LOAN BANK OF SEATTLE 
  
 THRIFT PLAN BENEFIT EQUALIZATION PLAN 
  
 Effective as of 
 July 1, 1994 
  
 Amended Effective 
 January 1, 1996 

 THRIFT PLAN BENEFIT EQUALIZATION PLAN 
  
 INTRODUCTION 
  
 The adoption of this Thrift Plan Benefit Equalization Plan has been authorized by the Board of Directors of the Federal Home Loan Bank of Seattle (the
“Employer”) solely for the purpose of providing benefits to certain employees selected by the Employer, which benefits are equivalent to the matching contributions and 401(k) contributions which would have been available under the
qualified defined contribution Thrift Plan, as adopted by the Employer (the “Thrift Plan”), but for the limitations placed on benefits for such employees by Sections 401 (a) (17), 401(k) (3) (A) (ii), 401(m), 402(g) and 415 of the Internal
Revenue Code of 1986, as amended from time to time, or any successor thereto (“Code”). 
  
 This Plan is intended to provide benefits in excess of the limitations on benefits imposed by the Code for eligible employees whose benefits payable under this Plan shall be paid solely from the general assets of the
Employer and/or a grantor trust established by the Employer to pay such benefits. No benefits under this Plan shall be payable from the assets of the Thrift Plan. 
  

 -2- 

 Article 1. Definitions 
  
 When used in the Plan, the following terms shall have the following meanings: 
  
 1.01 “Account” means the record keeping account maintained hereunder to record the contributions deemed to be made
by the member and the Employer, as well as the increase or loss in value attributable to the earnings thereon, all as described hereafter. 
  
 1.02 “Actuary” means the independent consulting actuary retained by the Employer to assist the Committee in its administration of the Plan.

  
 1.03 “Beneficiary” means the beneficiary or
beneficiaries designated in accordance with Article 5 of the Plan to receive the benefit, if any, payable upon the death of a member of the Plan. 
  
 1.04 “Board of Directors” means the Board of Directors of the Employer. 
  
 1.05 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

  
 1.06 “Code Limitations” means the cap on
compensation taken into account by a plan under Code Section 401(a)(17), the limitations on 401(k) contributions necessary to meet the average deferral percentage (“ADP”) test under Code Section 401(k)(3)(A)(ii), the limitations on
employee and matching contributions necessary to meet the average contribution percentage (“ACP”) test under Code Section 401(m), the dollar limitations on elective deferrals under Code Section 402(g) and the overall limitations on
contributions and benefits imposed on qualified plans by Code Section 415, as such provisions may be amended from time to time, and any similar successor provisions of federal tax law. 
  
 1.07 “Committee” means the Thrift Plan Benefit Equalization Plan Committee appointed by the Board of Directors to
administer the Plan. 
  
 1.08 “Compensation” means, for
purposes of this Plan, an Employee’s total salary or wages from the Employer, including bonuses, before any salary reduction contributions to the Employer’s 401(k) Plan and to the Employer’s Internal Revenue Code Section 125 flexible
benefits plan, and to this Plan, but excluding any Employer contributions to this Plan, Employer contributions to any similar retirement plan, and payments by the Employer (other than Section 125 contributions) on account of medical, disability and
life insurance. 
  
 1.09 “Effective Date” means July 1,
1994. 
  
 1.10 “Employer” means the Federal Home Loan
Bank of Seattle. 
  
 1.11 “Member” means a
Highly-Compensated Employee of the Employer, as that term is defined in the Thrift Plan, who has been selected to be a Member by the Board of Directors. 
  

 -3- 

 1.12 “Plan” means the Federal Home Loan Bank of Seattle Thrift Plan Benefit Equalization Plan,
as set forth herein and as amended from time to time, plus any administrative rules and regulations adopted by the Committee. 
  
 1.13 “Plan Year” means the calendar year. 
  
 1.14 “Thrift Plan” means the qualified defined contribution Thrift Plan and trust under Sections 401(a) and 501(a) of the Code, as adopted by
the Employer. 
  

 -4- 

 Article 2. Membership 
  
 2.01 Each employee of the Employer who is selected as a Member in this Plan and who is included in the membership of the
Thrift Plan shall be enrolled as a Member of this Plan for the purposes of Article 3 on the latest of (i) the date on which he is eligible to make an elective contribution under the Thrift Plan, (ii) the date he is selected as a Member by the Board
of Directors, or (iii) the Effective Date. 
  
 2.02 If a Member is
no longer entitled to participate in the Thrift Plan and to make any contributions to the Thrift Plan, his membership in the Plan shall terminate on such date. 
  

2.03 A benefit shall be payable under the Plan to or on account of a member only upon the Member’s retirement, death or other termination of
employment with the Employer. 
  
 2.04 No employee shall have the
automatic right to be selected as a Member. Once selected as a Member the employee shall remain a member each year unless removed by action of the Board of Directors. If an employee ceases to be a Member but continues to be employed by the Employer,
he shall not be eligible to defer any further portion of his compensation under Sections 3.01, 3.02 or 3.03 until he shall again become a Member. 
  

 -5- 

 Article 3. Amount and Payment of Benefits 
  
 3.01 Annually on or before December 31, a Member may elect to defer an amount of his compensation for the next calendar
year. The amount deferred may not exceed an amount that is determined annually by the Committee in its sole discretion and that is communicated to the Member during December of the year preceding the calendar year in which the compensation is
deferred. The election shall be in writing, on a form provided by the Committee, and shall be irrevocable as to any compensation payable in the next calendar year. Any change of election with respect to future years’ Compensation must be filed
with the Committee prior to the end of the calendar year preceding the calendar year in which the change is to take effect. 
  
 Notwithstanding the previous paragraph, a new Member may elect to defer the receipt of a portion of his Compensation payable for the remainder of the
calendar year of eligibility in an amount not to exceed the amount determined by the Committee as described in the preceding paragraph. That election must be made in writing within 30 days after the Member is notified of his eligibility to
participate in this Plan, and shall be irrevocable as to any Compensation payable in the reminder of that calendar year. 
  
 The amount deferred by the Member pursuant to this Section 3.01 shall be withheld from the Member’s Compensation on a pro rata basis each month.

  
 3.02 A Member annually may make an additional irrevocable
election within the time period described in Section 3.01 to contribute an additional amount of his Compensation to the Employer’s Thrift Plan. The amount subject to such election shall be equal to the lesser of (a) the maximum amount of
additional elective contributions that could be made to the Employer’s Thrift Plan for the current calendar year on his behalf under the average deferral percentage test and subject to the limitation on elective deferrals under Internal Revenue
Code Section 402(g), or (b) his Compensation deferred under this Plan for the current calendar year. If a Member makes that election, the amount subject to the election shall be available in cash to the Member as soon as is practicable after the end
of the applicable calendar year, but in no event later than March 15 of the year following that calendar year; provided, however, that such amount shall be contributed as an elective contribution to the Employer’s Thrift Plan, if the Member has
irrevocably elected to do so, no later than December 31 of the calendar year preceding the calendar year in which the Compensation to which the salary deferral relates is earned. 
  
 3.03 For each elective contribution addition credited to a Member under Section 3.01, such Member shall also be credited
with a matching contribution addition under this Plan equal to the matching contribution, if any, that would be credited under the Thrift Plan with respect to such amount if contributed to the Thrift Plan, determined as if the provisions of the
Thrift Plan were administered without regard to the Code Limitations and determined after taking into account the employee’s actual regular account and 401(k) account elective contributions to and actual matching contributions under the Thrift
Plan. 
  

 -6- 

 Such matching contribution addition for any calendar year shall be determined after subtracting any
Member elective contribution additions that are contributed to the Employer’s Thrift Plan under Section 3.02. 
  
 3.04 The Committee shall maintain a Plan recordkeeping account on the books and records of the Employer for each Member. The elective contribution
additions and matching contribution additions of a Member under Sections 3.01 and 3.03 shall be credited to the Member’s Plan recordkeeping account as soon as reasonably practicable after the date that the compensation reduced under Section
3.01 would otherwise have been paid to such Member. In addition, the Plan recordkeeping account of a Member shall be adjusted from time to time to reflect an investment rate of return equal to the investment rate of return on the Thrift Plan funds
elected by the Member on the Member’s Change of Investment Form for this Plan. 
  
 3.05 A Member shall irrevocably elect in writing within 60 days after retirement 9F termination with the Employer to receive the Member’s Plan recordkeeping account in the form of (a) a lump sum payment as soon
as reasonably practicable after his retirement or termination with the Employer, or (b) installment payments over years after his retirement or termination with the Employer. If form of payment within such time, the Member’s Plan recordkeeping
account shall be paid in the form of installment payments over a period of five years. 
  
 3.06 If a Member dies prior to receiving the balance credited to his Plan recordkeeping account under Section 3.05 above, his beneficiary shall irrevocably elect in writing within 60 days after the Member’s death
to receive the Member’s Plan recordkeeping account in the form of (a) a lump sum payment practicable after the Member’s death, or (b) installments over a period of up to five years after the Member’s death. If the beneficiary fails to
elect a form of payment within such time, the Member’s Plan recordkeeping account shall be paid to the beneficiary in the form or installment payments over a period of five years after the Member’s death. 
  

 -7- 

 Article 4. Source and Method of Payments 
  
 4.01 All payments of benefits under the Plan shall be paid from, and shall only be a general claim upon, the general assets
of the Employer, notwithstanding that the Employer, in its discretion, may establish a bookkeeping reserve or a grantor trust (as such term is used in Sections 671 through 677 of the Code) to reflect or to aid it in meeting its obligations under the
Plan with respect to any Member or prospective member or beneficiary. No benefit whatever provided by the Plan shall be payable from the assets of the Thrift Plan. No Member shall have any right, title or interest whatever in or to any investments
which the Employer may make or any specific assets which the Employer may reserve to aid it in meeting its obligations under the Plan. 
  

 -8- 

 Article 5. Designation of Beneficiaries 
  
 5.01 The beneficiary who shall be entitled to receive the amount, if any, payable under the Plan upon a Member’s death
shall be the same as the Member has chosen for the Thrift Plan. 
  
 5.02 If no such valid beneficiary designation is in effect at the time of a Member’s death, or if no designated beneficiary survives the Member, the Member’s estate shall be deemed to have been designated his beneficiary and shall
be paid the amount, if any, payable under the Plan upon the Member’s death. If the Committee is in doubt as to the right of any person to receive such amount, the Committee may pay such amount into any court of appropriate jurisdiction and such
payment shall be a complete discharge of the liability of the Plan and the Employer therefor. 
  

 -9- 

 Article 6. Administration of the Plan 
  
 6.01 The Board of Directors has delegated to the Committee, subject to those powers which the Board has reserved as
described in Article 7 below, general authority over and responsibility for the ministerial administration of the Plan. The Committee shall, subject to the review and approval of the Human Resources Committee of the Board of Directors, interpret and
construe the Plan, make all determinations considered necessary or advisable for the administration of the Plan and any trust referred to in Article 4 above, and the calculations of the amount of benefits payable thereunder, and review claims for
benefits under the Plan. The Human Resources Committee of the Board of Directors’ interpretations and constructions of the Plan and its decisions or actions thereunder shall be binding and conclusive on all persons for all purposes. 

 
 6.02 If the Committee deems it advisable, it shall arrange for the
engagement of the Actuary, and legal counsel and certified public accountants (who may be counsel or accountants for the Employer), and other consultants, and make use of agents and clerical or other personnel, for purposes of the Plan. The
Committee may rely upon the written opinions of such Actuary, counsel, accountants, and consultants, and upon any information supplied by the Thrift Plan for purposes of Sections 3.01 and 3.02 of the Plan, and delegate to any agent or to any
subcommittee or Committee member its authority to perform any act hereunder, including without limitation those matters involving the exercise of discretion; provided, however, that such delegations shall be subject to revocation at any time at the
discretion of the Committee. The Committee shall report to the Human Resources Committee of the Board of Directors at least once each calendar year with regard to the matters for which it is responsible under the Plan. 
  
 6.03 The Committee shall consist of at least three individuals, each of whom
shall be appointed by, shall remain in office at the will of, and may be removed, with or without cause, by the Board of Directors. No Committee member shall be entitled to act on or decide any matters relating solely to such member or any of his
rights or benefits under the Plan. Any Committee member may resign at any time. A Committee member shall not receive any special compensation for serving in such capacity but shall be reimbursed for any reasonable expenses incurred in connection
therewith. No bond or other security need be required of the Committee or any member thereof in any jurisdiction. 
  
 6.04 The Committee shall elect or designate its own Chairman, establish its own procedures and the time and place for its meetings and provide for the
keeping of minutes of all meetings. Any action of the Committee may be taken upon the affirmative vote of a majority of the members at a meeting or, at the direction of its Chairman, without a meeting by mail or telephone, provided that all of the
Committee members are informed in writing of the vote. 
  
 6.05
All claims for benefits under the Plan shall be submitted in writing to the Chairman of the Committee. The Committee will make its determination regarding claims and provide written notice of the decision on each such claim with reasonable
promptness to 
  

 -10- 

 the Member or his beneficiary (the “claimant”). The claimant may request a review by the Human Resources
Committee of the Board of Directors of any decision denying the claim in whole or in part. Such request shall be made in writing and filed with the Human Resources Committee of the Board of Directors within 30 days of such denial. A request for
review shall contain all additional information which the claimant wishes the Human Resources Committee of the Board of Directors to consider. The Human Resources Committee of the Board of Directors may hold any hearing or conduct any independent
investigation which it deems desirable to render its decision and the decision on review shall be made as soon as feasible after the Human Resources Committee of the Board of Directors receipt of the request for review. Written notice of the
decision on review shall be furnished to the claimant. For all purposes under the Plan, such decisions on claims (where no review is requested) and decisions on review (where review is requested) shall be final, binding and conclusive on all
interested persons as to all matters relating to the Plan 
  
 6.06
All expenses incurred by the Committee and the Human Resources Committee of the Board of Directors in its administration of the Plan shall be paid by the Employer. 
  

 -11- 

 Article 7. Amendment and Termination 
  
 7.01 The Board of Directors may amend, suspend or terminate, in whole or in part, the Plan without the consent of the
Committee, any Member, beneficiary or other person, except that no amendment, suspension or termination shall retroactively impair or otherwise adversely affect (without consent) the rights of any Member, beneficiary or other person to benefits
under the Plan which have accrued prior to the date of such action, as determined by the Committee in its sole discretion, provided, however, that such benefits shall continue to be adjusted thereafter to reflect investment gains and losses.

  

 -12- 

 Article 8. General Provisions 
  
 8.01 The Plan shall be binding upon and inure to the benefit of the Employer and its successors and assigns and the Members,
and their successors, assigns, designees and estates. 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 Employer, but nothing in the Plan
shall preclude the Employer 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 obligation of the Employer hereunder. The Employer agrees that it
will make appropriate provision for the preservation of the Members’ 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 Employer, the term “Employer” shall refer to such other organization and the Plan shall continue in full force and effect to the extent such
successor organization has assumed the Plan. If such successor organization does not assume the Plan, the Employer remains liable for payment of Plan benefits under this Plan. 
  
 8.02 Neither the Plan nor any action taken thereunder shall be construed as giving to a Member the right to be retained in
the employ of the Employer or as affecting the right of the Employer to dismiss any Member from its employ. 
  
 8.03 The Employer shall withhold or cause to be withheld from all benefits payable under the Plan all federal, state, local or other taxes required by
applicable law to be withheld with respect to such payments. 
  
 8.04 No right or interest of a Member under the Plan may be assigned, sold, encumbered, transferred or otherwise disposed of and any attempted disposition of such right or interest shall be null and void. 
  
 8.05 If the Committee shall find that any person to whom any amount is or was
payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment, or any part therefor, due to such person or his estate (unless a prior claim therefor has been made by a duly
appointed legal representative), may, if the Committee is so inclined, be paid to such person’s spouse, adult child or other relative, an institution maintaining or having custody of such person, or any other person deemed by the Committee to
be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be in complete discharge of the liability of the Plan and the Employer therefor. 
  
 8.06 The unpaid balance of any account maintained pursuant to this Plan is an unsecured, general obligation of the Employer.
All amounts deferred hereunder remain the unrestricted assets of the Employer. Any assets purchased shall remain the sole property of the Employer subject to the claims of its general creditors and shall be available for the Employer’s use for
whatever purpose desired. No Participant hereunder shall have any right other than the unsecured promise of the Employer to pay deferred Compensation in the future. No Participant has ownership rights with respect to any asset of the Employer by
reason of his or her participation in this Plan. 
  

 -13- 

 8.07 All elections, designations, requests, notices, instructions, and other communications from a
Member, beneficiary or other person to the Committee required or permitted under the Plan shall be in such form as is prescribed from time to time by the Committee and shall be mailed by first-class mail or delivered to such location as shall be
specified by the Committee and shall be deemed to have been given and delivered only upon actual receipt thereof at such location. 
  
 8.08 The benefits payable under the Plan shall be in addition to all other benefits provided for employees of the Employer and shall not be deemed salary
or other compensation by the Employer for the purpose of computing benefits to which any employee may be entitled under any plan or arrangement of the Employer. 
  

8.09 No Committee member shall be personally liable by reason of any instrument executed by him or on his behalf, or action taken by him, in his
capacity as a Committee member nor for any mistake of judgment made in good faith, unless due to the Committee Member’s fraud, bad faith, willful misconduct or gross negligence. The Employer shall indemnify and hold harmless each Committee
member and each employee, officer or director of the Employer, to whom any duty, power, function or action in respect of the Plan may be delegated or assigned, against any cost or expense (including fees of legal counsel) and liability (including
any sum paid in settlement of a claim or legal action with the approval of the Employer) arising out of anything done or omitted to be done in connection with the Plan, unless arising out of such person’s fraud, bad faith, willful misconduct or
gross negligence. 
  
 8.10 As used in the Plan, the masculine
gender shall be deemed to refer to the feminine, and the singular person shall be deemed to refer to the plural, wherever appropriate. 
  
 8.11 The captions preceding the section of the Plan have been inserted solely as a matter of convenience and shall not in any manner define or limit the
scope or intent of any provisions of the Plan. 
  
 8.12 The Plan
shall be construed, administered and enforced according to the laws of the State of Washington in effect from time to time. Venue shall also be in the State of Washington. 
  

 -14- 

 AMENDMENT TO THE 
 FEDERAL HOME LOAN BANK OF SEATTLE 
 THRIFT PLAN BENEFIT EQUALIZATION PLAN 
  
 The Federal Home Loan Bank of Seattle Thrift Plan Benefit Equalization Plan
(the “Plan’), pursuant to Article 7 of the Plan, is hereby amended in the following respects effective November 1, 2003: 
  
 1. Section 1.08 shall be amended to read as follows: 
  
 1.08 “Compensation” means, for purposes of this Plan, an Employee’s total salary or wages
from the Employer, before any salary reduction contributions to the Employer’s 401(k) Plan, to the Employer’s Internal Revenue Code Section 125 flexible benefits plan, to the Employer’s Internal Revenue Code Section 132(f) qualified
transportation fringe benefits plan, and to this Plan, but excluding any Employer contributions to this Plan, Employer contributions to any similar retirement plan, and payments by the Employer (other than Section 125 contributions) on account of
medical, disability and life insurance. 
  
 Compensation also includes bonuses, if the Member makes a separate irrevocable deferral election to defer a percentage of a bonus within 14 days after the amount of the bonus is determined and before it is otherwise payable. 
  
 2. The last paragraph of Section 3.01 shall be amended to
read as follows: 
  
 The amount deferred by the
Member pursuant to this Section 3.01 shall be withheld from the Member’s Compensation each month in such percentages as the Member designates on an election form completed by December 31 for each month in the next calendar year. The Member may
designate different percentages for each such month, if he or she wishes. Notwithstanding the foregoing, a Member may elect to make a separate deferral election with respect to bonuses, if that irrevocable election to defer a percentage of a bonus
is made within 14 days after the amount of the bonus is determined and before it is otherwise payable. 
  
 3. Sections 3.05 and 3.06 are hereby amended to change “five years” to “ten years” wherever it is mentioned in Sections 3.05 and 3.06. 
  
 4. Section 7.01 is hereby amended to add the following language at the end of Section 7.01: 
  
 Provided, however, that effective November 1, 2003, the
Board of Directors delegates amendment authority to the Committee to adopt Plan amendments which are of an administrative nature or are required or permitted under applicable law, provided that any such amendment is reported to the Board within
2 1/2 months after the end of the Plan Year in which that amendment is adopted. 

 IN WITNESS WHEREOF, Federal Home Loan Bank off, Seattle has caused this Amendment to be executed this
31st day of December, 2003. 
  

			
	FEDERAL HOME LOAN BANK OF SEATTLE
		
	By	  	 /s/ Norman B. Rice

	Its	  	President and Chief Executive Officer

  

 -2- 

 AMENDMENT TO THE 
 FEDERAL HOME LOAN BANK OF SEATTLE 
 THRIFT PLAN BENEFIT EQUALIZATION PLAN 
  
 The Federal Home Loan Bank of Seattle Thrift Plan Benefit Equalization Plan
(the “Plan”), pursuant to Article 7 of the Plan, is hereby amended in the following respect effective January 1, 2005: 
  
 Section 3.03 shall be amended to add the following sentence at the end of that Section: 
  
 Notwithstanding the foregoing, Members will not be credited with a matching contribution addition under this Plan for
calendar year 2005, so that any elective contribution addition credited to a Member under Section 3.01 for calendar year 2005 will not receive any matching contribution addition under this Plan for that year. 
  
 IN WITNESS WHEREOF, Federal Home Loan Bank of Seattle has caused this
Amendment to be executed this 31st day of December, 2004. 
  

			
	FEDERAL HOME LOAN BANK OF SEATTLE
		
	By	  	 /s/ Karen Aliabadi

	Its	  	Human Resource Director SVPDeferred Compensation Plan for the Board of Directors

 Exhibit 10.13 
  
 FEDERAL HOME LOAN BANK OF SEATTLE 
  
 DEFERRED COMPENSATION PLAN FOR 
 THE BOARD OF DIRECTORS 
  
 Effective as of 
 March 21, 1997 
  
 Amended Effective as of 
 January 1, 2004 

 DEFERRED COMPENSATION PLAN FOR 
 THE BOARD OF DIRECTORS 
  
 INTRODUCTION 
  
 The adoption of this
Deferred Compensation Plan for Directors of the Federal Home Loan Bank of Seattle has been authorized by the Board of Directors of the Federal Home Loan Bank of Seattle. 
  
 This Plan will permit the Directors to defer all or a certain portion of their Director’s Fees earned in any calendar year. 

 
 Any Director’s Fees deferred under this Plan shall be paid solely from the general
assets of the Bank at the time and in the manner provided in this Plan. 
  
 Article 1. Definitions 
  
 When used in the Plan, the following
terms shall have the following meanings: 
  
 1.01
“Account” means the record-keeping account maintained hereunder on the books and records of the Bank to record the Director’s Fees deferred by Directors, as well as the increase in value attributable to interest earned thereon,
all as described hereafter. 
  
 1.02 “Bank” means
the Federal Home Loan Bank of Seattle. 
  
 1.03
“Beneficiary” means the beneficiary or beneficiaries designated in accordance with Article 5 of the Plan to receive the benefit, if any, payable upon the death of a Member. 
  
 1.04 “Board of Directors” means the Board of Directors of the Bank. 
  
 1.05 “Code” means the Internal Revenue Code of 1986, as
amended from time to time, or any successor thereto. 
  
 1.06
“Director’s Fees” means any fees earned by a Director of the Federal Home Loan Bank of Seattle. 
  
 1.07 “Effective Date” of this amended and restated Plan is January 1, 2004. The Plan’s original Effective Date was March 21, 1997.

  
 1.08 “Member” means a Director of the Federal
Home Loan Bank of Seattle. 
  
 1.09 “Plan
Administrator” means the Bank’s Vice President of Corporate Relations, who will administer the Plan. 

 1.10 “Plan” means the Federal Home Loan Bank of Seattle Deferred Compensation Plan for
Directors, as set forth herein and as amended from time to time, plus any administrative rules and regulations adopted by the Committee. 
  
 1.11 “Plan Year” means the calendar year. 
  
 Article 2. Membership 
  
 2.01 Each Member who participates in this Plan shall be enrolled as a Member of this Plan for the purposes of Article 3 on the later of (i) the
date of the first Board of Directors meeting after his or her election or appointment to the Board of Directors, or (ii) the first day of the calendar month coinciding with or following March 21, 1997. 
  
 2.02 On the first day a Director is no longer a member of the Board of
Directors, his membership in the Plan shall terminate. 
  
 Article 3. Payment of Deferred Fees and Interest 
  
 3.01 Annually during the month of December, a Member may irrevocably elect in writing on an Adoption Agreement provided by the Plan Administrator to defer an amount equal to all or a portion of his or her Director’s Fees that
would otherwise be payable in the following Plan Year. 
  
 Notwithstanding the
previous paragraph, a Member who first becomes a Member on a date after January 1 of a Plan Year may elect to defer receipt of all or a portion of his or her Director’s Fees that would otherwise be payable in the reminder of the initial Plan
Year of eligibility. That election must be made in writing within thirty (30) days after the Member becomes a Member, and shall be irrevocable as to any Director’s Fees payable in the remainder of that Plan Year. 
  
 A Member’s Adoption Agreement for the prior Plan Year shall continue to be followed for
the subsequent Plan Year, unless the Member changes or terminates that Adoption Agreement in the month of December with respect to that subsequent Plan Year. 
  
 3.02 A Member’s deferred Director’s Fees shall be credited to his Account. As of the first day of each calendar month, the Plan
Administrator shall credit to each Member’s Account interest on the average daily balance of such Account during the immediately preceding calendar month, using the actual number of days in the calendar month, at the average 5 year CMT rate for
the preceding month as set forth in the Federal Reserve Statistical Release H.15. 
  
 3.03 A Member’s Account shall be 100% vested and nonforfeitable at all times and shall become payable to the Member upon the expiration of the deferral period irrevocably elected by the Member in the
Member’s initial Adoption Agreement. A Member’s initial Adoption Agreement may provide that the Member’s deferral period will end on a specified date or the date he ceases to be a Member. 
  
 Any deferral election to a specified future distribution date must be for at least two Plan
Years, so that the earliest specified future distribution date that a Member may elect will be January 1 following two Plan Years of deferral (counting the Member’s initial Plan Year of eligibility if he or she first becomes a Member on a date
after January 1 of a Plan Year). 
  

 3 

 Notwithstanding the foregoing, a Member or former Member may make a one-time irrevocable election at least two years
prior to the specified future distribution date he or she originally elected, to change the specified future distribution date on which payments will commence, provided that election changes the specified future distribution date to a date that is
not earlier than January 1 following two Plan Years of deferral, counting the Plan Year in which the one-time irrevocable election to change the specified future distribution date is made (for example, if the one-time irrevocable election to change
the specified future distribution date is made in 2004, that specified future distribution date may be no earlier than January 1, 2006). 
  
 A Member or former Member shall irrevocably elect, within sixty (60) days after the date his or her deferral period ends, to receive his or her Plan Account in a lump sum
payment or a specified number of annual installments not to exceed ten (10) years, beginning as soon as reasonably practicable after the Member or former Member makes such election. If the Member or former Member makes no election within such 60-day
period, his or her Plan Account shall be paid in ten (10) annual installment payments beginning as soon as reasonably practicable after the expiration of that 60-day period. 
  
 3.04 If a Member dies prior to the commencement of payments from his or her Plan Account, the Member’s
Beneficiary shall irrevocably elect, within sixty (60) days after the date of the Member’s death, to receive the Member’s Plan Account in a lump sum payment or a specified number of annual installments not to exceed ten (10) years,
beginning as soon as reasonably practicable after the Beneficiary makes that election. If the Beneficiary makes no election within that 60-day period, the Member’s Plan Account will be paid to the Beneficiary in ten (10) annual installments,
beginning as soon as reasonably practicable after the expiration of that 60-day period. If a Member dies after payments to the Member have already commenced and the Member had elected installment payments, the Member’s Beneficiary shall receive
the remaining annual installment payments that would otherwise have been paid to the Member. This Paragraph 3.04 also applies to former Members who still have a Plan Account balance at the time of their death. 
  
 3.05 In the event of a Hardship, the Member’s election to defer
all or a portion of his or her Director’s Fees may be revoked, or the Member may withdraw all or part of his or her deferred Director’s Fees and any interest thereon. Provided, that the amount received by the Member as a result of the
revocation or the amount withdrawn shall be limited to the amount necessary to meet the Hardship. 
  
 “Hardship” means a severe financial setback of the Member resulting from a sudden and unexpected illness or accident of the Member or a dependent of the Member, loss of the Member’s property due to
casualty, or other similar extraordinary and unforeseeable circumstances, arising from events beyond the Member’s control. Whether circumstances constitute such a Hardship depends on the facts of each case as determined by the Plan
Administrator in his or her discretion. Payment may not be made if the Hardship may be relieved: 
  
 (a) Through reimbursement or compensation by insurance or otherwise; 
  

 4 

 (b) By liquidation of the Member’s assets, to the extent that liquidation itself would not cause
severe financial hardship; or 
  
 (c) By cessation of the
Member’s deferrals of Director’s Fees under the Plan. 
  
 This Paragraph
3.05 also applies to former Members who incur a Hardship and who still have a Plan Account balance. 
  
 Article 4. Source and Method of Payments 
  
 4.01 All payments of benefits under the Plan shall be paid from, and shall only be a general claim upon, the general assets of the Bank,
notwithstanding that the Bank in its discretion, may establish a bookkeeping reserve or a grantor trust (as such term is used in Sections 671 through 677 of the Code) to reflect or to aid it in meeting its obligations under the Plan with respect to
any Member or prospective member or beneficiary. No Member shall have any right, title or interest whatever in or to any investments which the Bank may make or any specific assets which the Bank may reserve to aid it in meeting its obligations under
the Plan. 
  
 Article 5. Designation of Beneficiaries

  
 5.01 The Beneficiary is the individual designated
by the Member on a Beneficiary Designation Form provided by the Plan Administrator, who shall be entitled to receive the balance of a Member’s Account upon a Member’s death at the time and in the form of payment described in Paragraph 3.04
of this Plan. 
  
 5.02 If no valid Beneficiary designation
is in effect at the time of a Member’s death, or if no designated Beneficiary survives the Member, the Member’s estate shall be deemed to have been designated his Beneficiary and shall be paid the balance of the Member’s Account upon
the Member’s death at the time and in the form of payment described in Paragraph 3.04 of the Plan. If the Plan Administrator is in doubt as to the right of any person to receive such amount, the Plan Administrator may pay such amount into any
court of appropriate jurisdiction and such payment shall be a complete discharge of the liability of the Plan and the Bank. 
  
 Article 6. Administration of the Plan 
  
 6.01 The Board of Directors has delegated to the Plan Administrator, subject to those powers which the Board has reserved as described in Article 7
below, general authority over and responsibility for the administration of the Plan. The Plan Administrator shall interpret and construe the Plan, make all determinations considered necessary or advisable for the administration of the Plan, and the
calculations of the amounts payable thereunder, and review claims under the Plan. The Plan Administrator’s interpretations and constructions of the Plan and his or her decisions or actions thereunder shall be binding and conclusive on all
persons for all purposes. 
  

 5 

 6.02 If the Plan Administrator deems it advisable, it shall arrange for the engagement of an
actuary, legal counsel and/or certified public accountants (who may be counsel or accountants for the Bank), and other consultants, and make use of agents and clerical or other personnel, for purposes of the Plan. The Plan Administrator may rely
upon the written opinions of such actuary, counsel, accountants, and consultants, and upon any information supplied for purposes of Sections 3.02 and 3.03 of the Plan, and delegate to any agent its authority to perform any act hereunder, including
without limitation those matters involving the exercise of discretion; provided, however, that such delegations shall be subject to revocation at any time at the discretion of the Plan Administrator. The Plan Administrator shall report to the Board
of Directors at least once each calendar year with regard to the matters for which it is responsible under the Plan. 
  
 6.03 The Plan Administrator shall not receive any special compensation for serving in such capacity but shall be reimbursed for any reasonable
expenses incurred in connection therewith. No bond or other security need be required of the Plan Administrator or any member thereof in any jurisdiction. 
  
 6.04 The Plan Administrator shall establish its own procedures and the time and place for its meetings and provide for the keeping of minutes of
all meetings. 
  
 6.05 All claims under the Plan shall be
submitted in writing to the Plan Administrator, which will make its determination regarding claims and provide written notice of the decision on each such claim with reasonable promptness to the Member or his beneficiary (the “claimant”).
The claimant may request a review by the Plan Administrator of any decision denying the claim in whole or in part. Such request shall be made in writing and filed with the Plan Administrator within 30 days of such denial. A request for review shall
contain all additional information which the claimant wishes the Plan Administrator to consider. The Plan Administrator may hold any hearing or conduct any independent investigation which it deems desirable to render its decision and the decision on
review shall be made as soon as feasible after its receipt of the request for review. Written notice of the decision on review shall be furnished to the claimant. For all purposes under the Plan, such decisions on claims (where no review is
requested) and decisions on review (where review is requested) shall be final, binding and conclusive on all interested persons as to all matters relating to the Plan. 
  
 6.06 All expenses incurred by the Plan Administrator in its administration of the Plan shall be paid by the Bank.

  
 Article 7. Amendment and Termination 
  
 7.01 The Board of Directors may amend, suspend or terminate, in whole
or in part, the Plan without the consent of the Plan Administrator, any Member, beneficiary or other person, except that no amendment, suspension or termination shall retroactively impair or otherwise adversely affect (without consent) the rights of
any Member, beneficiary or other person to the Member’s Account under the Plan which has accrued prior to the date of such action, as determined by the Plan Administrator in its sole discretion, provided, however, that such Account shall
continue to be adjusted thereafter to reflect interest earned. 
  

 6 

 Article 8. General Provisions 
  
 8.01 The Plan shall be binding upon and inure to the benefit of the Bank and its successors and assigns and the
Members, and their successors, assigns, designees and estates. 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, but 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 the Members’ 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 to the extent such successor organization has
assumed the Plan. If such successor organization does not assume the Plan, the Bank remains liable for payment of Plan benefits under this Plan. 
  
 8.02 No right or interest of a Member under the Plan may be assigned, sold, encumbered, transferred or otherwise disposed of and any attempted
disposition of such right or interest shall be null and void. 
  
 8.03 If the Plan Administrator shall find that any person to whom any amount is or was payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment, or any part
thereof, due to such person or his estate (unless a prior claim thereof has been made by a duly appointed legal representative), may, if the Plan Administrator is so inclined, be paid to such person’s spouse, adult child or other relative, an
institution maintaining or having custody of such person, or any other person deemed by the Plan Administrator to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be in complete discharge of the
liability of the Plan and the Bank thereof. 
  
 8.04 The
unpaid balance of any Account maintained pursuant to this Plan is an unsecured, general obligation of the Bank. All amounts deferred hereunder remain the unrestricted assets of the Bank. Any assets purchased shall remain the sole property of the
Bank subject to the claims of its general creditors and shall be available for the Bank’s use for whatever purpose desired. No participant hereunder shall have any right other than the unsecured promise of the Bank to pay deferred
Director’s Fees in the future. No Member has ownership rights with respect to any asset of the Bank by reason of his or her participation in this Plan. A Member will receive a statement of his Account twice each year. 
  
 8.05 All elections, designations, requests, notices, instructions, and
other communications from a Member, beneficiary or other person to the Plan Administrator required or permitted under the Plan shall be in such form as is prescribed from time to time by the Plan Administrator and shall be mailed by first-class mail
or delivered to such location as shall be specified by the Plan Administrator and shall be deemed to have been given and delivered only upon actual receipt thereof at such location. 
  

 7 

 8.06 The Plan Administrator shall not be personally liable by reason of any instrument executed by
him or on his behalf, or action taken by him, in his capacity as Plan Administrator nor for any mistake of judgment made in good faith, unless due to the Plan Administrator’s fraud, bad faith or willful misconduct. The Bank shall indemnify and
hold harmless the Plan Administrator and each employee, officer or director of the Bank, to whom any duty, power, function or action in respect of the Plan may be delegated or assigned, against any cost or expense (including fees of legal counsel)
and liability (including any sum paid in settlement of a claim or legal action with the approval of the Bank) arising out of anything done or omitted to be done in connection with the Plan, unless arising out of such person’s gross negligence,
fraud, bad faith or willful misconduct. 
  
 8.07 As used in
the Plan, the masculine gender shall be deemed to refer to the feminine, and the singular person shall be deemed to refer to the plural, wherever appropriate. 
  

8.08 The captions preceding the section of the Plan have been inserted solely as a matter of convenience and shall not in any manner define or
limit the scope or intent of any provisions of the Plan. 
  
 8.09 The Plan shall be construed, administered and enforced according to the laws of the State of Washington in effect from time to time. Venue shall also be in the State of Washington. 
  
 This amended and restated Deferred Compensation Plan for the Board of
Directors has been duly executed by the Bank’s authorized representative this 11th day of July, 2004, to be effective as of January 1, 2004. 
  

			
	FEDERAL HOME LOAN BANK OF SEATTLE
		
	 By:
	 	 /s/ Michael P. Radway

	 	 	Chairman of the Board of Directors

  

	
	Attest:
	
	 /s/ Jane P. Ramsay

	Corporate Secretary

  

 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}]]