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Exhibit

	
	
	EXHIBIT 10.9

SECOND AMENDMENT TO CHANGE IN CONTROL AGREEMENT 

THIS SECOND AMENDMENT TO CHANGE IN CONTROL AGREEMENT (the “Amendment”) is made and entered into as of September 30, 2015, by and between the Federal Home Loan Bank of Des Moines (“FHLBDM”), a federally chartered corporation and successor to Federal Home Loan Bank of Seattle (“FHLBS”), and Glen Simecek (“Executive”).
R E C I T A L S
WHEREAS, FHLBS and the Executive entered into that certain Change in Control Agreement dated March 17, 2014, as amended on May 14, 2015 (the “Agreement”); and
WHEREAS, the Agreement may be amended by a writing signed by FHLBDM and the Executive; and
WHEREAS, FHLBDM and the Executive desire to amend the Agreement.
NOW, THEREFORE, the Agreement is hereby amended as follows:

A G R E E M E N T
Section 1.6 of the Agreement is hereby amended and replaced in its entirety with the following:
1.6.    “Good Reason Termination” shall mean Executive’s voluntary termination of his employment with FHLBDM for one of more of the following reasons:
		
	(a)
	the assignment of ongoing duties to Executive that are materially inconsistent with Executive’s position; or

(b)    any material diminution in the Executive’s authority or responsibilities; or
		
	(c)
	a material reduction in the Executive’s base salary, bonus opportunity under applicable incentive compensation plans, or retirement plan benefits, unless such reduction is made as part of a nondiscriminatory cost reduction plan applicable to the Company’s total compensation budget; or

		
	(d)
	a material change by FHLBDM in the geographic location at which the Executive is required to perform his services; or

		
	(e)
	a material diminution in the budget over which the Executive retains authority; or

(f)    a material breach of this agreement by the FHLBDM.

If  (i) Executive provides written notice to FHLBDM of the existence of circumstances that would justify a Good Reason Termination within (A) three hundred sixty five (365) days after Executive has knowledge of the circumstances pertaining to any of items (a), (b), or (d), or (B) ninety (90) days after Executive has knowledge of the circumstances pertaining to any of items (c), (e), or (f), which notice shall specifically identify the circumstances that Executive believes justify a Good Reason Termination; (ii) FHLBDM fails to correct the circumstances within thirty (30) days after receiving such notice; and (iii) Executive resigns within fifteen (15) days after the FHLBDM fails to correct such circumstances; then Executive’s termination shall be considered to have been a Good Reason Termination for purposes of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.
FEDERAL HOME LOAN BANK OF DES MOINES
By:                        
Michael L. Wilson
President 

By:                        
Richard S.Swanson
Chief Executive Officer

EXECUTIVE
                        
Glen SimecekExhibit

	
	
	EXHIBIT 10.10

THIRD AMENDMENT TO CHANGE IN CONTROL AGREEMENT 

THIS THIRD AMENDMENT TO CHANGE IN CONTROL AGREEMENT (the “Amendment”) is made and entered into as of April 27, 2016, by and between the Federal Home Loan Bank of Des Moines (“FHLBDM”), a federally chartered corporation and successor to Federal Home Loan Bank of Seattle (“FHLBS”), and Glen Simecek (“Executive”).
R E C I T A L S
WHEREAS, FHLBS and the Executive entered into that certain Change in Control Agreement dated March 17, 2014, as amended on May 14, 2015 and September 30, 2015 (the “Agreement”); and
WHEREAS, the Agreement may be amended by a writing signed by FHLBDM and the Executive; and
WHEREAS, FHLBDM and the Executive desire to amend the Agreement.
NOW, THEREFORE, the Agreement is hereby amended as follows:

A G R E E M E N T

Section 1.6 of the Agreement is hereby amended and replaced in its entirety with the following:
1.6.    “Good Reason Termination” shall mean Executive’s voluntary termination of his employment with FHLBDM for one of more of the following reasons:
		
	(a)
	the assignment of ongoing duties to Executive that are materially inconsistent with Executive’s position; or

(b)    any material diminution in the Executive’s authority or responsibilities; or
		
	(c)
	a material reduction in the Executive’s base salary, bonus opportunity under applicable incentive compensation plans, or retirement plan benefits, unless such reduction is made as part of a nondiscriminatory cost reduction plan applicable to the Company’s total compensation budget; or

		
	(d)
	a material change by FHLBDM in the geographic location at which the Executive is required to perform his services; or

		
	(e)
	a material diminution in the budget over which the Executive retains authority; or

(f)    a material breach of this agreement by the FHLBDM.

If  (i) Executive provides written notice to FHLBDM of the existence of circumstances that would justify a Good Reason Termination within (A) seven hundred thirty (730) days after Executive has knowledge of the circumstances pertaining to any of items (a), (b), or (d), or (B) ninety (90) days after Executive has knowledge of the circumstances pertaining to any of items (c), (e), or (f), which notice shall specifically identify the circumstances that Executive believes justify a Good Reason Termination; (ii) FHLBDM fails to correct the circumstances within thirty (30) days after receiving such notice; and (iii) Executive resigns within fifteen (15) days after the FHLBDM fails to correct such circumstances; then Executive’s termination shall be considered to have been a Good Reason Termination for purposes of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.
FEDERAL HOME LOAN BANK OF DES MOINES

By:                        
Michael L. Wilson
President and CEO

EXECUTIVE
                        
Glen SimecekExhibit

	
	
	EXHIBIT 10.20

2017 DIRECTOR FEE POLICY

The Board of Directors (“Board”) of the Federal Home Loan Bank of Des Moines (“Bank”) adopts this policy governing compensation for its Chair, Vice Chair, Board Committee Chairs, and all other Member and Independent Directors serving on the Bank's Board, effective January 1, 2017.

I.     Annual Compensation

Annual compensation (“Annual Compensation”) for Bank Directors has been determined after assessing studies1 on director compensation as well as FHLBank System data. The Annual Compensation for Bank Directors for 2017 shall be as follows:
	
								
	 
	2017
	 
	2016

	Chairman of Board of Directors
	$
	129,000
	

	 
	$
	125,000
	

	Vice Chairman of Board of Directors
	$
	118,500
	

	 
	$
	115,000
	

	Chairman of Audit Committee
	$
	113,500
	

	 
	$
	110,000
	

	Chairman of all other Board Committees
	$
	108,500
	

	 
	$
	105,000
	

	All other Directors
	$
	98,000
	

	 
	$
	95,000
	

In addition to the 2017 Annual Compensation set forth above, Bank-approved expenses of a Director's spouse/guest accompanying a Director as an invited guest to a Board meeting will be treated as compensation for such Director. Individuals serving as Chair or Vice Chair of the Board shall not be entitled to Annual Compensation in excess of the amount to which they are entitled for such service due to concurrent service as Chair of a Board Committee.

II.     Expenses

The Bank shall reimburse directors and pay for necessary and reasonable travel, subsistence, and other related expenses
incurred in connection with performance of their duties in accordance with the Bank's Travel and Entertainment Policy and
Director Position Description.

III.    Limits and Controls

Performance Requirements. A Director shall receive one quarter of the Annual Compensation following the end of each calendar quarter.  If it is determined at the end of the calendar year that a Director has attended less than 75% of the meetings the Director was required to attend during such year, the Director will not receive the fourth quarter payment for such calendar year.  In the event that a Director serves on the Board for only a portion of a calendar year, or only serves as a Board Chair, Board Vice Chair, or Committee Chair for a portion of a calendar year, then the Annual Compensation to which such director is entitled for that calendar year shall be adjusted accordingly on a pro-rata basis.  

Directors are expected to attend all Board meetings and meetings of the Committees on which they serve, and to remain engaged and actively participate in all meetings. In addition to the Bank’s right to withhold fourth quarter Annual Compensation from a Director, the Board of Directors shall direct the Corporate Secretary to make any other appropriate adjustments in the payments to any Director who regularly fails to attend Board meetings or meetings of Committees on which the Director serves, or who consistently demonstrates a lack of participation in or preparation for such meetings, to ensure that no Director is paid fees that do not reflect that Director’s performance of his/her duties. To assist the Board in making such determinations, the Corporate Secretary will, on a quarterly basis and prior to payment of the most recently completed quarter’s Director fees, review the attendance of each Director during the quarter and raise any attendance issue identified with the Board Chair.  In the event the potential issue involves the Board Chair, the Corporate Secretary will raise such issue with the Board Vice Chair.

IV.    Roles and Responsibilities

The Board of Directors shall be responsible for any adjustments to the Annual Compensation. The Corporate Secretary is responsible for processing fee payments and expense reports and for remitting fees and expense reimbursements to Directors on a quarterly basis.

The Board of Directors shall review and approve this policy annually.

1    Director compensation analysis provided in May 2015 by McLagan recommended director pay in the range of $95,000 and $150,000.

Approved by the Board of Directors October 12, 2016.

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