Document:

Summary Sheet: Terms of Employment for Named Executive Officers for 2007

 EXHIBIT 10.1 
 Summary Sheet: Terms of Employment for Named Executive Officers for 2007 
 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 financial officer and other three most highly compensated executive officers as of December 31, 2006 (Dean Schultz, Steven T. Honda, Lawrence H. Parks, Stephen P. Traynor and David H. Martens) (the “named executive
officers”), are “at will” employees. Each may resign his employment at any time and the Bank may terminate his 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 2007 for the named executive officers are: Dean Schultz: $682,500; Steven T. Honda: $298,000; Lawrence H. Parks: $363,800; Stephen P. Traynor:
$296,900; and David H. Martens, $289,600. 
 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
member 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' 2007 Compensation and Expense Reimbursement

 EXHIBIT 10.4 
 Federal Home Loan Bank Of San Francisco 
 Resolution 
 January 25, 2007 
 RESOLVED, that the Board of Directors
of the Federal Home Loan Bank of San Francisco hereby approves the 2007 Board of Directors Compensation and Expense Reimbursement Policy attached as Exhibit A. 
  

	
	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 January 25,
2006.
	
	 /s/   Lisa MacMillen

	 Lisa B. MacMillen, Senior Vice President and
     Corporate Secretary

  

 Exhibit A 
 FEDERAL HOME LOAN BANK OF SAN FRANCISCO 
 BOARD OF DIRECTORS 
 COMPENSATION AND EXPENSE REIMBURSEMENT POLICY 
 2007 
 The Board of Directors of the Federal Home Loan Bank of San Francisco hereby establishes the following Compensation and Expense
Reimbursement Policy for 2007. 
 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 meeting fees to the Directors as follows:

  

						
	Meeting	  	Position	  	Meeting Fee
	 Board
	  	Chairman	  	$	4,000
	 Board
	  	Vice Chairman	  	$	3,000
	 Board
	  	Director	  	$	2,000

  

					
	Meeting	  	Position	  	 Meeting Fee
 (subject to an annual limit of $13,000)

	Board committee	  	Committee chairman, vice chairman,
or member	  	$750
	 System Directors’
 orientation or
conference
	  	Director	  	$750

 Total annual compensation for members of the Board is limited as follows:

  

				
	Position	  	Annual limit
	 Chairman
	  	$	29,944
	 Vice Chairman
	  	$	23,955
	 Director
	  	$	17,967

 A Board member may receive a fee for participation in one Board meeting by telephone. 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. Although Director participation in these activities is necessary and appropriate, they are related
to the scheduled meetings of the Board and committees and are therefore covered by the scheduled meeting compensation. 
 The President of the Bank is
authorized to interpret this Policy, as necessary, according to applicable statutory, regulatory and policy limits. 
  

 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 Board 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 (including hotel accommodations) 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.2007 Executive Incentive Plan

 EXHIBIT 10.5 
 FHLBank San Francisco 
 2007 EXECUTIVE INCENTIVE PLAN 
 PLAN PURPOSE 
 To optimize the Bank’s performance
in accomplishing Board approved goals and objectives. 
 PLAN OBJECTIVES 
 To motivate key executives to exceed Bank and individual goals and objectives which directly support the business plan and long-term strategic plan. Attract and retain outstanding executives by providing a competitive
total compensation program, including incentive award opportunity. 
 ELIGIBILITY 
 Participants are key executives whose performance has a major impact on the Bank’s success. 2007 Participants are the incumbents in the Bank’s officer
positions, including: 
  

							
	Executive Vice President	 	Senior Vice President	 		 	
	Vice President	 	Assistant 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. Employees who participate in other incentive plans are not eligible to participate in this plan. 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, WEIGHTS, AND MEASURES 
 Incentive Goals 
 The incentive goals are based on the
primary objectives set forth in the Bank’s 2007 plan. For each participant there are two Bank goals, and one to three individual goals. The individual goals directly support the Bank-wide goals. 
 The two Bank goals for 2007 are as follows: 
  

	1.	2007 Potential Dividend Spread: Dividend potential before any provision for retained earnings or accounting impacts of FAS 133 is at least 93.0 basis points
over the benchmark yield on invested capital. 

  

	2.	2007 Market Penetration: Achieve a target market penetration of wholesale borrowings and convert non-borrowing members into borrowing members. 

  

	 	-	Market penetration is divided into sub-categories of members found on the following page. [*]  

	 	-	Convert [*] non-borrowing member institutions into borrowing members. This is consistent with the Bank’s strategic objective to increase diversification of its core
credit business and maximize the value of membership among all members. 

 The Board of Directors determines whether or not to apply a
discretionary component to the incentive compensation payments representing achievements that are not necessarily measured or identified under the Plan. 
 Actual achievement of Bank goals one (1) and two (2) 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 Weights 
 The Bank and individual goals are weighted. For the Executive Vice President and Senior Vice Presidents, greater weight is given to the Bank goals, since these officers have a greater impact on total Bank performance.

 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. Incentive payments are made at the target (100%) level found in the award ranges scale on the following
page.
	Threshold (75% of target)	  	A threshold level of performance.

 The 2007 goals/discretionary pool weights and measures are: 
  

																			
	 Weights
	  	 Measures

	 2007
 Bank Goals &
 BOD
Discretion
	  	EVP	  	SVP	  	VP	  	AVP	  	  	  	 (75%)
 Threshold
	  	 (100%)
 Target
	  	 (150%)
 Exceeds
 Target
	  	 (200%)
 Far Exceeds
 Target

	 Potential
 Div. Spread
	  	28%	  	25%	  	18%	  	14%	  	 	  	 Benchmark
 + 68.0 bps
	  	 Benchmark
 + 93.0 bps
	  	 Benchmark
 + 143.0 bps
	  	 Benchmark
 + 193.0 bps

										
	 Market
 Penetration
	  	32%	  	28%	  	20%	  	16%	  	 Customer
 Segment
	  	 % of
 Wholesale
 Borrowings
	  	 % of
 Wholesale
 Borrowings
	  	 % of
 Wholesale
 Borrowings
	  	 % of
 Wholesale
 Borrowings

										
		  		  		  		  		  	[*]	  	[*]	  	[*]	  	[*]	  	[*]
										
		  		  		  		  		  		  	Average Balance	  	Average Balance	  	Average Balance	  	Average Balance
		  		  		  		  		  		  	 	  	 	  	 	  	 
										
		  		  		  		  		  	[*]	  	[*]	  	[*]	  	[*]	  	[*]
										
		  		  		  		  		  		  	Average Balance	  	Average Balance	  	Average Balance	  	Average Balance
		  		  		  		  		  		  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	[*]	  	[*]	  	[*]	  	[*]	  	[*]
	 Discretionary
	  	20%	  	17%	  	12%	  	10%	  	 	  	BOD Determines	  	BOD Determines	  	BOD Determines	  	BOD Determines
										
	 Individual
 Goals
	  	20%	  	30%	  	50%	  	60%	  		  		  		  		  	
										
	Total	  	100%	  	100%	  	100%	  	100%	  		  		  		  		  	

 Achievement levels can not exceed 250% for each market penetration goal segment or for the
participant’s individual goals. And, the aggregate achievement levels for each plan goal/objective (dividend potential, market penetration, overall bank-wide performance, and individual goals) can not exceed 200%. 
  

	
	  

	[*]	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. 

 Award Determination 
 Awards will be based on success in achieving the key business 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 percent of
achievement will be determined for each goal and objective. 
  

								
	Percent of Achievement Scale	  	 Achievement Levels

	 0% - 200%
	  	200	%	 	=	  	Far Exceeds Target
		  	150	%	 	=	  	Exceeds Target
		  	100	%	 	=	  	Target
		  	75-99	%	 	=	  	Threshold

 For each goal and objective, the percent of achievement (subject to limits) will be multiplied by the
appropriate weights. The weighted achievements will then be added to determine the total weighted achievement. The basis for award opportunity is total weighted achievement that can not exceed 200%. Performance from 75-99% (threshold level) is below
the target achievement level and therefore will result in an award less than the target award. No awards will be paid for performance between 0-74%. 
 Award Opportunity 
 The Board of Directors has the discretion to approve awards for achievement below 75% total weighted achievement.
And, the President and the Board of Directors have full discretion to modify any and all incentive payments. 
 Award Ranges as a Percent
of Base Salary 
  

									
	Total Weighted
Achievement	  	EVP	  	SVP	  	VP	  	AVP
	             200%	  	     55%	  	     50%	  	     35%	  	     20%
	      150-199%	  	40-54%	  	37-49%	  	27-34%	  	15-19%
	      100-149%	  	27-39%	  	25-36%	  	18-26%	  	10-14%
	          75-99%	  	14-26%	  	12-24%	  	  9-17%	  	     5-9%
	            0-74%	  	Award at the discretion of the Board of Directors

 Example of how award is calculated for a Vice President 
  

											
	Goal	  	 Goal
 Weight
	  	  	  	 Percent of
 Achievement
	  	  	  	Total Weighted   
Achievement   
	 2007 Potential Dividend Spread
	  	18%	  	X	  	125%	  	=	  	22.5%
	 2007 Market Penetration
	  	20%	  	X	  	175%	  	=	  	35.0%
	 Board Discretionary Award
	  	12%	  	X	  	150%	  	=	  	18.0%
	 Individual Goal(s)
	  	50%	  	X	  	145%	  	=	  	72.5%
		  	 	  		  		  		  	 
		  	100%	  		  		  		  	148.0%

  

			
		
	 Total Weighted
 Achievement
	  	 Award as a %
 of 2007 Base Salary

	148%	  	26.6%

 APPROVAL OF INCENTIVE AWARDS 
 All recommended incentive awards must be approved by the President and the Board of Directors prior to payment. Award recommendations are presented to the Board of Directors at the January 2008 Board meeting.

 PLAN ADMINISTRATION AND IMPLEMENTATION 
 The President
is responsible for overseeing the administration and interpretation of the Plan.

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