Document:

Employment Agreement

 Exhibit 10.10 
 FORM 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is entered into as of the 29th day of January, 2008 (the “Effective Date”) between the FEDERAL HOME LOAN BANK OF CHICAGO (the “Bank”) and [NAME OF EMPLOYEE] (the “Employee”).

 RECITALS: 
  

	A.	The Bank and the Employee wish to confirm the employment of the Employee by the Bank on the terms and conditions hereinafter set forth; and 

  

	B.	The Bank recognizes the valuable services that the Employee has rendered and desires to be assured that the Employee will continue his active participation in the business of the
Bank, subject to the terms of this Agreement, and desires to assure Employee that his employment will continue subject to the terms of this Agreement. 

 NOW, THEREFORE, in consideration of the promises and the mutual agreements contained in this Agreement, it is agreed as follows: 
 1. DEFINITIONS. 
 As used in this Agreement, unless the context otherwise requires a different meaning, the following terms
shall have the following meanings (such meanings to be equally applicable to the singular and plural forms thereof and words in the masculine gender being deemed to be feminine as may be applicable): 
 Board shall mean the Board of Directors of the Bank. 
 Cause shall mean any of the following activities by the Employee: (i) the conviction of the Employee for a felony, or a crime involving moral turpitude; (ii) the commission of any act involving
dishonesty, disloyalty or fraud with respect to the Bank or any of its members; (iii) willful and continued failure to perform material duties which are reasonably directed by the Board of Directors and/or the President which are consistent
with the terms of this Agreement and the position specified in Section 1; (iv) gross negligence or willful misconduct with respect to the Bank or any of its members; or (v) any violation of Bank policies regarding sexual harassment,
discrimination, substance abuse or the Bank’s Code of Ethics to the extent such acts would provide grounds for a termination for cause with respect to other employees; or (vi) a material breach by the Employee of a material provision of
this Agreement. 
 Disability shall mean that the Employee (a) is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months as determined under the Bank’s short- or long-term
disability program; or (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months as
determined under the Bank’s short- or long-term disability program, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering the Bank’s employees. 

 Good Reason shall mean any of the following: 
 (a) a reduction by the Bank in the Employee’s base salary other than under the conditions specified in Section 4; or 
 (b) the relocation of the Employee’s principal office assignment to a location more than fifty (50) miles from its location on the date hereof;

 (c) any material breach of this Agreement by the Bank; 
 (d) a material diminution in the Employee’s authority, duties, or responsibilities as an Employee of the Bank; or 
 (e) FOR GENE MCFERRIN ONLY: [Employee] no longer has, or is prevented from fulfilling the responsibilities of, the title and position of [EMPLOYEE TITLE]. 
 For purposes of this Agreement, Good Reason shall not be deemed to exist unless the Employee’s termination of employment for Good Reason occurs
within two (2) years following the initial existence of one of the conditions specified in clauses (a) through (e) above, the Employee provide the Bank with written notice of the existence of such condition within ninety
(90) days after the initial existence of the condition, and the Bank fails to remedy the condition within thirty (30) days after the receipt of such notice by the Bank. 
 Notwithstanding the foregoing, Good Reason will not exist if the Employee voluntarily agrees in writing to any of the changes listed above giving rise to Good Reason. 
 Retirement shall mean the planned and voluntary termination by the Employee of his employment on or after reaching the earliest retirement age
permitted by the Financial Institutions Retirement Fund. 
 Term of the Agreement means three (3) years. 
 2. DUTIES OF EMPLOYEE. 
 The Employee has been
retained by the Bank as an [EMPLOYEE TITLE]. The Employee shall devote his best efforts to the performance of his duties of his position with the Bank and shall devote substantially all of his business time and attention to the performance of his
duties under this Agreement. 
 3. TERM OF EMPLOYMENT. 
 Unless terminated earlier as provided in Section 6, the Bank’s employment of Employee under this Agreement will continue from the Effective Date for a period equal to the Term of the Agreement. 

 

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 4. COMPENSATION. 
 The Employee’s initial base salary for fiscal year [YEAR] is $[BASE SALARY] payable in accordance with Bank’s payroll payment dates. The Bank will review the performance of the Employee and the compensation
paid to the Employee according to its existing policies. If the Employee’s base salary is increased as a result of a merit increase or promotion at any time during the term of this Agreement, then such increased amount shall thereafter
constitute the Employee’s “base salary” for all purposes under this Agreement. The Bank reserves the right to reduce the compensation of its Employees when such reduction is associated with a “General Reduction” in
compensation among employees in the same job grade or employees who are similarly situated and such reduction is in response to adverse or declining economic conditions. Any such reduction shall not exceed 5% of the Employee’s base salary
amount in effect at the time of the reduction. The Employee will also be eligible for such incentive compensation plans as are adopted by the Board of Directors. 
 5. EMPLOYEE BENEFITS. 
 The Employee shall be eligible to participate in or receive benefits that are provided to employees
under the Bank’s various employee benefit plans, including applicable bonus plans, if any. The terms of those plans are set forth in the respective plan documents, and are subject to change based on the terms set forth therein. 
 6. TERMINATION. 
 The Employee’s employment under
this Agreement may be terminated under the following circumstances: 
  

	 	(a)	Death. Upon the Employee’s death, in which case Employee’s employment will terminate on the date of death; 

  

	 	 (b)
	 Disability. Upon the Employee’s Disability, in which case the Employee may be eligible for leave
under one or more of the Bank’s medical leave and/or disability plans. If the Employee’s Disability results in the Employee’s inability to perform, with or without reasonable accommodation (as defined under the Americans with
Disabilities Act), the Employee’s duties under this Agreement, after the initial ninety- (90-) day period of Disability, the Bank may give the Employee thirty (30) days’ written notice of termination of this Agreement. If the Employee
does not return to the performance of the Employee’s duties hereunder on a full-time basis by the end of the thirty day notice period, then the Bank may terminate the Employee’s employment hereunder effective on the thirty-first
(31st) day following the giving by the Bank of such written notice of termination. Although employment under the terms of this Agreement will
end, the termination of this Agreement will not affect the Employee’s employment and benefits under the Bank’s medical leave and/or disability plans, if applicable; 

  

	 	(c)	 Termination by the Bank for Cause. The Bank may terminate the Employee’s employment at any time for Cause, such termination to be effective as of
the date stated in a written notice of termination delivered to the Employee. Before 

  

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proceeding with termination under subparts (iii) through (vi) of the definition of “Cause”, the Bank will give the Employee written
notice of the grounds for termination and thirty (30) days to cure, if curable. If the Employee fails or is unable to cure, the Employee’s employment will terminate immediately; 

  

	 	(d)	Resignation by the Employee Other Than for Good Reason. The Employee may voluntarily resign his position with the Bank at any time for any reason or for no reason,
other than under circumstances constituting Good Reason, upon thirty (30) days’ prior written notice to the Bank. Such resignation will be effective as of the date stated in such written notice, unless otherwise mutually agreed by the
parties; 

  

	 	(e)	Termination by the Bank Other Than for Cause. The Bank may terminate Employee’s employment for any reason or for no reason upon sixty (60) days’ prior
written notice to Employee. Such termination will be effective as of the date stated in a written notice of termination; or 

  

	 	(f)	Termination by Employee With Good Reason. The Employee may terminate the Employee’s employment hereunder at any time for Good Reason. The Employee must give the
Bank written notice explaining the reasoning for the Employee’s determination that an event giving rise to Good Reason for termination has occurred and allow the Bank thirty (30) days to cure as further described in the definition of
“Good Reason” in Section 1. If the Bank fails to cure, the Employee’s employment under this Agreement will end on the date stated in the notice by the Employee (or such earlier date after the delivery of such notice as the Bank
may elect). 

 In no event will the termination of the Employee’s employment affect the rights and obligations of the parties set forth in
this Agreement, except as expressly set forth herein. Any termination of the Employee’s employment pursuant to this Section 6 will be deemed to be a termination of all of the Employee’s positions with the Bank. 
 7. TERMINATION PAYMENTS. 
 The Employee will be
entitled to receive the following payments upon termination of the Employee’s employment hereunder: 
  

	 	(a)	Termination Under Certain Circumstances. In the event of the termination of the Employee’s employment pursuant to any of the following provisions:

  

							
	 •     Section 6(a)
	  	[Death]	  		  	
				
	 •     Section 6(b)
	  	[Disability]	  		  	
			
	 •     Section 6(c)
	  	[By the Bank for Cause]	  	
		
	 •     Section 6(d)
	  	[By the Employee Other Than for Good Reason]

  

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 the Bank will pay to the Employee (or the Employee’s estate, as the case may be) immediately
following such termination all accrued unutilized vacation time as of such date, and as soon as practicable, but in any event within 90 days, all accrued and unpaid salary for time worked as of the date of termination. The Employee will not be
entitled to any other compensation, bonus or severance pay from the Bank; provided, however, that nothing in this Section 7(a) shall affect any vested rights which the Employee has under any pension, thrift, or other benefit plan, excluding
severance. 
  

	 	(b)	Termination Under Other Circumstances. In the event of termination of the Employee’s employment pursuant to any of the following provisions:

  

							
	 •     Section 6(e)
	  	[By the Bank Other Than for Cause]	  	
			
	 •     Section 6(f)
	  	[By the Employee for Good Reason]	  	

 the Employee will be entitled to receive the following payments and benefits: 
  

	 	(i)	pursuant to the Bank’s normal payroll schedule, all accrued and unpaid salary for time worked as of the date of termination; 

  

	 	(ii)	pursuant to the Bank’s normal payroll schedule and procedures, all accrued but unutilized vacation time as of the date of termination; 

  

	 	(iii)	salary continuation (at the base salary level in effect at the time of termination) pursuant to the Bank’s normal payroll schedule for a period of time beginning on the
date of termination and continuing for a period equal to three (3) years; 

  

	 	 (iv)
	 continued participation in any bonus plan in existence as of the date of termination, provided that all other
eligibility and performance objectives are met, as if the Employee had continued employment through December 31 of the year of termination. The bonus will be paid according to the normal payment schedule according to the plan then in effect,
but not later than March 15th of the year following the year of termination. (Employee will not be eligible for bonuses paid with respect to
any year following the year of termination); and 

  

	 	(v)	continued participation in the Bank’s employee health care benefit plans in accordance with the terms of the Bank’s then-current Severance Plan that would be
applicable to the Employee if his employment had been terminated pursuant to such plan. 

  

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	 	(c)	Taxes. The Employee shall be responsible for the payment of all federal, state, and local income and other taxes which may be due with respect to any payments made to
the Employee pursuant to this Agreement, other than any excise tax, tax penalties, or alternative federal tax assessed, which the Employee will receive from the Bank as an additional payment sufficient to provide him with the same after-tax benefits
as he would have received had such taxes not been imposed. 

 These payments are contingent upon the Employee complying with Sections 10, 11,
and 12 of this Agreement and signing a general release of all claims against the Bank in such form as the Bank shall reasonably require. The Employee will not be entitled to any other compensation, bonus, or severance pay from the Bank; provided,
however, that nothing in this Section 7(b) shall affect any vested rights which the Employee has under any pension, thrift, or other benefit plan, excluding severance. 
 8. CONFLICT OF INTEREST. 
 The Employee may not use his position, influence, knowledge of confidential
information, or the Bank’s assets for personal gain. A direct or indirect financial interest, including joint ventures in or with a competitor, supplier, vendor, customer or prospective customer without disclosure and written approval from the
Board of Directors is strictly prohibited and could be grounds for dismissal for Cause. The Employee shall at all times comply with the Bank’s Code of Ethics. 
 9. CONFIDENTIAL INFORMATION. 
 The term “Confidential Information” means: (a) financial information, including
but not limited to earnings, assets, debts, prices, fee structures, volumes of purchases or sales, or other financial data, whether relating to the Bank generally, or to particular products or services offered by the Bank; (b) customer or
member information, including but not limited to information concerning the products or services utilized or purchased by members, the names and addresses of members, terms of funding or loan agreements, or of particular transactions, or related
information about potential members; (c) marketing information, including but not limited to details about ongoing or proposed marketing programs or agreements by or on behalf of the Bank, marketing forecasts, results of marketing efforts or
information about impending transactions, and pricing strategies; (d) personnel information, including but not limited to employees’ personal or medical histories, employment agreements, commission and bonus plans, compensation or other
terms of employment, actual or proposed promotions, hiring, resignations, disciplinary actions, terminations, training methods, performance or other employee information; (e) information contained in any computer files, including, but not
limited to reports of examination issued by the Bank’s regulator, current and historical information regarding the Bank’s borrowing and other relationships with its members and other borrowers, and to the results of the Bank’s
internal ratings of its members and other borrowers, confidential information of third parties provided to the Bank under an agreement requiring the Bank to maintain the confidentiality of such information except for specified permitted uses, or
other proprietary operating software systems, and any associated passwords; (f) procedures manuals, policy manuals, sales training materials, brochures, funding agreements, license agreements, minutes of board meetings, minutes of
manager’s meetings, sales meetings; and (g) contacts, 

  

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including but not limited to any compilations of past, existing or prospective sources of business, proposals or agreements between members and the Bank, any
sales or borrowing histories or other revenue information by member or customer, status of member or customer accounts or credit, or related information about actual or prospective members or contacts. The term “Confidential Information”
does not include information that is or becomes publicly known or enters the public domain. 
 10. NON-DISCLOSURE OF CONFIDENTIAL INFORMATION.

 The Bank agrees to provide the Employee with access to Confidential Information necessary to perform the Employee’s job
with the Bank. The Employee agrees, except as specifically required in the performance of the Employee’s duties for the Bank, the Employee will not, during the course of Employee’s employment by Bank and after the Employee leaves the
employment of the Bank, directly or indirectly use, disclose or disseminate to any other person, organization or entity or otherwise employ any Confidential Information.  
 11. RETURN OF PROPERTY. 
 The Employee agrees to deliver to the Bank upon the cessation of the
Employee’s employment, and at any other time upon the Bank’s request: (a) all documents and other materials, whether made or compiled by the Employee alone or with others or made available to the Employee while employed by the Bank,
pertaining to Confidential Information or other inventions and works of Bank; (b) all Confidential Information, other inventions or any other property of Bank in the Employee’s possession, custody or control, and (c) all cellular
telephones, data storage devices, and personal digital assistants paid for or issued by the Bank. This includes Confidential Information contained on Personal Digital Assistants, mobile phones, external hard drives, USB “flash” drives,
other USB storage devices, FireWire storage devices, digital music players, digital tapes, floppy disks, CD’s, DVD’s, personal e-mail accounts (including web-based e-mail accounts such as Hotmail, gmail, or Yahoo), memory cards, Zip disks
or drives, and all other similar mediums which can be used to store electronic data. 
 12. NON-SOLICITATION OF EMPLOYEES. 
 For a period of one year after the Employee’s employment with the Bank ends, the Employee will not recruit, hire or attempt to recruit or hire,
directly or by assisting others, any employee of Bank who was employed by the Bank within six (6) months of the termination of the Employee’s employment with Bank. 
 13. FEDERAL BENEFITS RULES. 
 If any provision of this Agreement (or any award of compensation) would
cause the Employee to incur any additional tax or interest under Section 409A of the Internal Revenue Code (the “Code”) or any regulations or Treasury guidance promulgated thereunder, the Bank may reform such provision provided that
it will (i) maintain, to the maximum extent practical, the original intent of the applicable provision without violating the provisions of Section 409A of the Code and (ii) notify and consult with the Employee regarding such
amendments or modifications prior to the effective date of any change. 
  

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 14. SEVERABILITY. 
 If any provision, restriction or section in this Agreement is determined to be in violation of any law, rule or regulation or otherwise unenforceable, such determination shall not affect the validity of any
other provision, restriction or section of this Agreement, but such other provisions, restrictions or sections shall remain in full force and effect. Each provision, restriction or section of this Agreement is severable from every other provision,
restriction or section and constitutes a separate and distinct covenant. In the event that a court of competent jurisdiction determines that any provision of this Agreement is overly broad or unenforceable, the Bank and the Employee specifically
request that such court sever it or reform such provision so that it is enforceable to the maximum extent permitted by law; provided that the Bank’s obligation to pay the Termination Payments set forth in Section 7(b) are contingent upon
the Employee complying with Sections 10, 11, and 12, as written. If the Employee challenges the enforceability of Sections 10, 11, or 12, or if a court finds any of these sections to be unenforceable, the Employee will not be entitled to the
separation payments set forth in Section 7(b).  
 15. SUCCESSORS. 
 This Agreement shall be binding upon and inure to the benefit of the Bank and its successors and assigns, and the Employee, the Employee’s heirs,
executors and administrators. 
 16. ENTIRE AGREEMENT; MODIFICATION. 
 This Agreement constitutes the entire Agreement between the parties hereto, and fully supersedes any prior agreements or understandings between the parties. The parties acknowledge that they have not relied on any
representations, promises, or agreements of any kind made in connection with the decision to sign this Agreement, except for those set forth in this Agreement. This Agreement may not be altered or amended except in writing, signed by the Employee
and an authorized representative of the Bank. 
 17. CHOICE OF LAW AND VENUE. 
 The parties agree that this Agreement is to be governed by and construed under the law of the State of Illinois without regard to its conflicts of law
provisions. The parties further agree that all disputes shall be resolved exclusively in state or federal court in Cook County, Illinois. 
  

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 18. NOTICES. 
 Any notice required or permitted hereunder shall be in writing, and shall be deemed duly given when hand delivered, or when mailed, first class mail, postage prepaid, registered or certified, return receipt requested, to the addresses set
forth below: 
 Bank 
 111 E. Wacker Dr., Suite 800 
 Chicago, IL 60601 
 Attention: President and CEO 
 Employee 
 [EMPLOYEE ADDRESS] 
 [EMPLOYEE ADDRESS]

 The foregoing addresses may be changed at any time, or from time to time, by written notice given in accordance with the provisions of this section.

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the Effective Date. 
  

							
	 FEDERAL HOME LOAN BANK OF
CHICAGO
	 	EMPLOYEE
				
	By:	 	  
	 	By:	 	  

	Name:	 	[PRESIDENT]	 	Name:	 	
	Title:	 	President and CEO	 	Title:	 	

  

 9Long Term Supplemental Incentive Compensation Plan

 Exhibit 10.13.2 
 FEDERAL HOME LOAN BANK OF CHICAGO 
 LONG TERM SUPPLEMENTAL INCENTIVE COMPENSATION PLAN 

  

	I.	PURPOSE 

 The purpose of the Federal Home Loan Bank of Chicago Long
Term Supplemental Incentive Compensation Plan (the “Plan”) is to provide additional incentive for the required sustained efforts, decisions, innovation and discipline from certain Bank officers who significantly contribute to the
attainment of long-term goals of the Federal Home Loan Bank of Chicago (“Bank”), and to enhance the retention of such officers by providing such officers with a competitive compensation opportunity, which aligns their interests with those
of the Bank’s members. 
  

	II.	DEFINITIONS 

 The following terms shall have the meanings stated
below unless the context clearly indicates otherwise. 
  

	 	a.	“Code” shall mean the Internal Revenue Code of 1986, as amended, and all Regulations and pronouncements issued thereunder. 

  

	 	b.	“Change of Control” of the Bank shall mean the occurrence at any time of any of the following events: 

  

	 	(1)	any person, more than one person acting as a “group” (as defined in section 1.409A-3(i)(5) of the Regulations), acquires ownership of equity securities of the Bank that,
together with equity securities held by such person or group, constitutes more than 50% of the total voting power of the equity securities of the Bank; provided, however, that if any person or group, is considered to own more than 50% of the total
voting power of the equity securities of the Bank, the acquisition of additional equity securities by the same person or group will not be considered a Change of Control under this Agreement. An increase in the percentage of equity securities of the
Bank owned by any person or group as a result of a transaction in which the Bank acquires its own equity securities in exchange for property will be treated as an acquisition of equity securities of the Bank for purposes of this paragraph; or

  

	 	(2)	during any period of twelve (12) consecutive months, individuals who at the beginning of such period constituted the Board (together with (a) any new or replacement
directors whose election by the Board, or (b) whose nomination for election by the Bank’s shareholders, was approved by a vote of at least a majority of the directors then still in office who were either directors at the beginning of such
period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the directors then in office; or 

	 	(3)	the Bank sells or transfers 95% or more of its business and/or assets to another bank or other entity. 

  

	 	c.	“Disability” shall mean a Participant: (1) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (2) is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan
covering employees of the Bank. 

  

	 	d.	“ERISA” means the Participant Retirement Income Security Act of 1974, as amended and all Regulations and pronouncements issued thereunder. 

 

	 	e.	“Good Reason” shall mean either of the following: 

 (1) a reduction by the Bank in the Participant’s base salary, unless such reduction: (i) is associated with a “General Reduction” in compensation among employees in the same job grade or employees who are similarly
situated and such reduction is in response to adverse or declining economic conditions; and (ii) does not exceed 5% of the Participants’ base salary amount in effect at the time of the reduction; or 
 (2) the relocation of the Participant’s principal office assignment to a location more than fifty (50) miles from its location on the date
hereof. 
  

	 	f.	“Normal Retirement Age” means the date the Participant attains age sixty-five (65). 

  

	 	g.	“Participant” shall mean each employee of the Bank designated by the Committee to be eligible to participate in the Plan. 

  

	 	h.	“Performance Based Compensation” means compensation that is based on services over a period of at least twelve (12) months and which satisfies the requirements
for “performance based compensation” as such term is used in Section 409A(a)(4) of the Code. 

  

	 	i.	“Performance Period” shall mean the period of time selected to measure achievement of Performance Goals. 

  

	 	j.	“Separation from Service” shall mean the earliest date on which a Participant has incurred a “separation from service,” within the meaning of
Section 409A(a)(2) of the Code, with the Bank. For purposes of the foregoing: 

  

	 	(1)	 a Participant shall be considered to have incurred a Separation from Service with the Bank if the Participant dies, retires, or otherwise has a termination of
employment with the Bank, and except as otherwise 

  

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provided in applicable Regulations, the employment relationship shall be treated as continuing intact while the individual is on military leave, sick leave
or other bona fide leave of absence if the period of such leave does not exceed six (6) months or, if longer, so long as the individual retains a right to reemployment with the Bank under an applicable statute or by contract;

  

	 	(2)	a Participant shall not be deemed to have incurred a termination of employment unless the Participant and the Bank reasonably anticipated that the level of bona fide services the
Participant would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or
as an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the Bank if the Participant has been providing services to the Bank for less than thirty-six (36) months) of the
average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding twelve (12) month period (or the full period of services to the Bank if the Participant has been providing
services to the Bank for less than twelve (12) months); 

  

	 	(3)	for purposes of this paragraph (e), the term “Bank” shall mean the Bank and any affiliated bank, provided that in applying Section 1563(a)(1), (2), and (3) of
the Code for purposes of determining a controlled group of corporations under Section 414(b) of the Code, the language “at least fifty percent (50%)” shall be used instead of “at least eighty percent (80%)” each time it
appears in Section 1563(a)(1), (2), and (3) of the Code and in applying Treasury Regulation §1.414(c)-2 for purposes of determining trades or business (whether or not incorporated) that are under common control for purposes of
Section 414(c) of the Code, “at least fifty percent (50%)” is used instead of “at least eighty percent (80%)” each place it appears in Regulation §1.414(c)-2; and 

  

	 	(4)	where, as part of a sale or other disposition of assets by the Bank to an unrelated service recipient, a Participant would otherwise experience a Separation from Service, the seller
and the buyer may specify whether the Participant providing the services to the seller immediately before the asset purchase transaction and providing services to the buyer after and in connection with the asset purchase transaction has experienced
a Separation from Service, provided that the asset purchase transaction results from bona fide, arm’s length negotiations, all Participants providing services to the seller immediately before the asset purchase transaction and providing
services to the buyer after and in connection with the asset purchase transaction are treated consistently for purposes of applying the provisions of any nonqualified deferred compensation plan, and such treatment is specified in writing no later
than the closing date of the asset purchase transaction. 

  

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	II.	ADMINISTRATION 

 The Plan shall be administered by the Personnel and
Compensation Committee of the Board of Directors of the Bank (the “Committee”). In addition to any authority granted from time to time to the Committee by the Board of Directors of the Bank (the “Board”), the Committee shall have
the authority to: (a) prescribe, amend and rescind Plan rules, regulations and procedures consistent with the Plan; (b) approve Performance Goals and Performance Periods (with Board approval); (c) determine from time to time the
eligibility of employee of the Bank for participation in the Plan; (d) determine the number and monetary value of Performance Units to be allocated to each Participant for each Performance Period; (e) delegate from time to time the
performance of functions in connection with the administration of the Plan to such person or persons as it deems appropriate; and (f) take all other action necessary or appropriate for the administration of the Plan. All such actions by the
Committee shall also be consistent with the terms and provisions of the Plan. 
 The Committee shall operate and administer the Plan, for purposes of
applying the provisions of Section 409A of the Code, by adhering to the following rules: 
  

	 	a.	Separate Payments. Each separately identified amount to which the Participant is entitled under the Plan shall be treated as a “separate payment.”

  

	 	b.	Right to a Series of Separate Payments. To the extent permissible under Section 409A of the Code, any series of installment payments under the Plan shall be treated as a
“right to a series of separate payments.” 

  

	 	 c.
	 Short-Term Deferral Exception. Unless otherwise required to comply with Section 409A of the Code, a payment
shall not be treated as a “deferral of compensation” (as such term is described in §1.409A-1(b) of the Regulations) if the Participant actually or constructively receives such payment no later than within two and one-half (2 1/2) months after the end of the later of the taxable year of the Participant or Bank in which the payment is no longer subject
to a “substantial risk of forfeiture” (as such term is described in §1.409A-1(d) of the Regulations). 

  

	 	d.	Separation Pay Exception. Unless otherwise required to comply with Section 409A of the Code, a payment shall not be treated as a “deferral of compensation” (as
such term is described in §1.409A-1(b) of the Regulations) if such payment satisfies the following requirements: 

  

	 	(1)	the payment is being paid or provided due to the Separation from Service of the Participant, provided, however, the Separation from Service was due to “involuntary
termination” of the Participant by the Bank; 

  

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	 	(2)	the payment being paid or provided does not exceed two (2) times the lesser of: 

  

	 	(A)	the Participant’s annualized compensation from the Bank for the calendar year in which the involuntary termination of the Participant’s employment occurs; and

  

	 	(B)	the maximum dollar amount that may be taken into consideration under a qualified plan pursuant to Section 401(a)(17) of the Code for the calendar year in which the involuntary
termination of the Participant’s employment occurs; and 

  

	 	(3)	the payment is required under the Plan to be paid no later than the last day of the second calendar year following the calendar year in which the involuntary termination of the
Participant’s employment occurs. 

  

	III.	ELIGIBILITY 

 Participants in the Plan for each Performance Period
shall be those Bank officers who are recommended by the President and Chief Executive Officer, as approved by the Committee in its sole discretion. 
 Before
the beginning of each Performance Period, the Committee shall approve those Bank officers who shall be eligible to participate in the Plan for that Performance Period. The eligibility of any Participant for any Performance Period is at all times
determined in the sole discretion of the Committee and may be subject to such restrictions as the Committee may in its sole discretion from time to time determine. Restrictions on one Participant’s eligibility need not be applicable or the same
as restrictions applicable to any other Participant’s eligibility. 
  

	IV.	PERFORMANCE UNITS  

 Performance Units shall be allocated to
Participants before each Performance Period pursuant to a formula approved by the Committee. Participants who become employed during a Performance Period may have their Performance Units for such Performance Period allocated to them at the time of
employment. 
 The President & CEO of the Bank, in his discretion, shall have the authority to allocate additional Performance Units to any
Participant other than the President & CEO. The aggregate number of such discretionary Performance Units available to be allocated also shall be specified as part of the formula referred to in the first paragraph of this Section for the
applicable Performance Period. 
  

 5 

	V.	PERFORMANCE PERIODS AND GOALS 

 Each year shall begin a new
Performance Period. 
 As of the beginning of each Performance Period, the Committee, with the approval of the Board of Directors, shall establish one or
more performance goals and Performance Unit values (“Performance Goals”) consistent with the purposes of the Plan, as determined in the sole discretion of the Committee, for that Performance Period, and if appropriate, the weight to be
given to each such Performance Goal for that Performance Period. The Committee may, from time to time thereafter, make appropriate adjustments in Performance Goals to reflect major unforeseen transactions, events or circumstances which in the
Committee’s opinion alter or affect such goals or the basis or assumptions upon which such goals were determined. 
 At the beginning of each
Performance Period, the Bank’s Human Resources Department shall send a letter (“Notification Letter”) to each Participant who has been allocated Performance Units for that period. The Notification Letter shall indicate for that
Performance Period: (a) the number of granted Performance Units for that Participant; (b) the Performance Goals applicable for such Performance Period; and (c) such other information relevant to such Performance Period. 
 As soon as practicable after the end of each Performance Period, the Committee shall determine the extent to which the Performance Goals for that period were achieved.

 Notwithstanding any provision in this Article VI to the contrary, the Committee shall take all reasonable actions to qualify compensation that will be
paid upon the satisfaction of Performance Goals as Performance-Based Compensation. 
  

	VI.	VESTING 

 Except as provided below, if a Participant is actively
employed by the Bank at the end of the Performance Period he shall be vested at the end of such Performance Period in the Performance Units allocated to him for that Performance Period. 
 If a Participant dies, becomes Disabled, or incurs a Separation from Service on or after attaining his or her Normal Retirement Age before the end of a Performance Period, such Participant shall be vested at the end
of the corresponding Performance Period in the number of Performance Units he would have received had his employment with the Bank continued to the end of the Performance Period, multiplied by a fraction, the numerator of which is the number of full
months he was employed by the Bank during the Performance Period (excluding any period of Disability in excess of three months), and the denominator of which is the total number of months in the Performance Period. 
 In the event of: (i) a Change of Control; or (ii) a termination of the Participant’s employment for Good Reason, the Participant shall be fully vested in
any outstanding Performance Units. 
 The balance of a Participant’s Performance Units for any Performance Period that are not vested as provided above
shall automatically be forfeited by the Participant as of the last day of that Performance Period. 
  

 6 

 Any award or Performance Unit allocation hereunder may be reduced pro rata in the event that a Participant
(1) commences employment with the Bank during a Performance Period, or (2) is absent from the Bank (other than regular vacation) during a Performance Period whether through approved leave or otherwise, Disability, leave under the Family
and Medical Leave Act, a personal leave of absence or military leave. 
  

	VII.	BENEFITS  

  

	 	a.	Benefit Value. The benefits to a Participant under the Plan will be the cash value of Performance Units based upon the achievement of the Performance Goals as established and
determined by the Committee in which such Participant becomes vested. 

  

	 	 b.
	 Time of Payment. Except as otherwise provided for herein, payments due hereunder for vested Performance Units
will be made within two and one-half (2  1/2) months following the end of the Performance Period in which such Performance Units
vested. 

  

	 	c.	Form of Payment. A Participant will receive a distribution from the Plan in the form of a lump sum. The Committee may prescribe such rules as it deems necessary regarding the
payment of benefits. 

  

	VIII.	DESIGNATION OF BENEFICIARY  

 In the event of the death of a
Participant, all benefits to which that Participant is entitled but which are unpaid at the time of his death shall be paid to the beneficiary or beneficiaries of that Participant who are designated in writing by the Participant on a form provided
by, filed with and accepted by the Bank, or in the absence of any such designation, to the beneficiary or beneficiaries of that Participant who are entitled to receive the benefits of that Participant which are payable under the qualified defined
benefit pension plan sponsored by the Bank or its successor plan. 
  

	X.	AMENDMENT OR TERMINATION OF PLAN  

 The Bank may terminate, amend or
modify this Plan at any time and from time to time; provided however, any such termination, amendment or modification may not divest any Participant of any of his benefits under this Plan which are granted as of the date of such termination,
amendment or modification. 
  

	 	a.	 General Rule. The Bank reserves the right to terminate or amend this Plan at any time and from time to time; provided, however, that except as otherwise
provided in Section (b) of this Article X, no termination or amendment of the Plan shall accelerate the payment of benefits under the Plan in violation of Section 409A of the Code. To the extent that the Committee does not accelerate the
timing of 

  

 7 

	 	 
distributions on account of the Plan termination, payment of any remaining benefits under the Plan shall be made at the same time and in the same form as
such distribution would have been based upon the most recent effective election made by the Participant as in effect at the time of the Plan termination. 

  

	 	b.	Terminations and Liquidations Subject to Certain Conditions. To the extent otherwise permitted by Section 409A of the Code and the Regulations thereunder, the Bank may
terminate and liquidate the Plan if the following requirements are met: 

  

	 	(1)	the termination and liquidation does not occur proximate to a downturn in the financial health of the Bank; 

  

	 	(2)	the Bank terminates and liquidates all plans, agreements, methods, programs and other arrangements sponsored by the Bank that would be aggregated with any terminated and liquidated
plans, agreements, methods, programs and other arrangements under §1.409A-1(c) of the Regulations if the Participant had deferrals of compensation under such plans, agreements, methods, programs and other arrangements; 

 

	 	(3)	no payments in liquidation of the Plan are made within twelve months (12) of the date the Bank takes all necessary action to irrevocably terminate and liquidate the Plan, other
than payments that would be payable under the terms of the Plan if the action to terminate and liquidate the Plan had not been taken; 

  

	 	(4)	all payments are made within twenty-four (24) months of the date the Bank takes all necessary action to irrevocably terminate and liquidate the Plan; and

  

	 	(5)	the Bank does not adopt a new plan that would be aggregated with any terminated and liquidated plan under applicable Treasury Regulations if the same Participant was a employee in
both plans, at any time within three (3) years following the date the Bank takes all necessary action to irrevocably terminate and liquidate the Plan. 

  

	 	c.	Compliance with Code Section 409A. This Plan shall be construed in a manner consistent with the applicable requirements of Section 409A of the Code, and the
Committee, in its sole discretion and without the consent of any Participant or beneficiary may amend the provisions of the Plan if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the
applicable requirements of Section 409A of the Code. 

  

 8 

	XI.	LIMITED RESTRICTIONS ON SETTING ASIDE OR RESERVING ASSETS 

 Notwithstanding the foregoing provisions in this Plan to the contrary, if the Participant is an “applicable covered employee” (defined below), then no amounts or benefits due a Participant shall be transferred to a trust or
otherwise set aside or reserved pursuant to any other arrangement during any “restricted period” (defined below) with respect to the qualified defined benefit plan sponsored by the Bank or its successor plan. For these purposes:

  

	 	a.	Restricted Period. The term “restricted period” means (1) any period during which the qualified defined benefit plan sponsored by the Bank or its successor
plan is in “at-risk status” (as defined in Section 430(i) of the Code), (2) any period in which the sponsor of the qualified defined benefit plan is a debtor in a case under Title 11, United States Code, or similar Federal or
State law, and (3) the twelve (12) month period beginning on the date which is six (6) months before the termination date of the qualified defined benefit plan if, as of the termination date, the assets of the qualified defined
benefit plan are not sufficient for pay all benefit liabilities (within the meaning of Section 4041 of ERISA) under the qualified defined benefit plan; 

  

	 	b.	Applicable Covered Participant. The term “applicable covered participant” means any (1) covered participant of the sponsor of the qualified defined benefit
plan, (2) covered participant of any member of a controlled group that includes the sponsor of the qualified defined benefit plan, and (3) former employee who was a covered employee at the time of termination of employment with the sponsor
of the qualified defined benefit plan or any member of a controlled group that includes the plan sponsor; and 

  

	 	c.	Covered Participant. The term “covered participant” means an individual described in Section 162(m)(3) of the Code or an individual subject to the requirements
of Section 16(a) of the Securities Exchange Act of 1934. 

  

	XII.	GENERAL PROVISIONS  

  

	 	a.	No Right of Continued Employment. Nothing contained in the Plan shall give any Participant the right to be retained in the employment of the Bank or affect the right of the
Bank to dismiss any Participant. 

  

	 	b.	No Right to Continued Payments. The allocation of any Performance Units, the vesting therein or the payment of any Plan benefits for any Performance Period shall not
guarantee a Participant the right to receive any such allocation, vesting or payment for any subsequent Performance Period. 

  

	 	c.	No Right of Transfer. The interests of persons entitled to benefits under the Plan are not subject to their debts or other obligations and, except for tax withholding
requirements or as otherwise specifically provided herein, may not be voluntarily or involuntarily sold, transferred, alienated, assigned or encumbered. 

  

 9 

	 	d.	Withholding for Taxes. The Bank shall have the right to deduct from all amounts paid under this Plan any taxes required by federal, state or local law to be withheld with
respect to such payments. 

  

	 	e.	Special Compensation. Except as otherwise provided by law, benefits received under the Plan shall not be included or taken into account in determining benefits under pension,
retirement, profit sharing, group insurance, or any other benefit plan maintained by the Bank, unless so provided in such plan. Neither the Bank nor the Committee guarantee in any way the deferral of tax liability if a Participant defers the payment
of Plan benefits. 

  

	 	f.	Law to Govern. All questions pertaining to the construction, regulation, validity and effect of the provisions of the Plan shall be determined in accordance with applicable
Federal law. 

  

	 	g.	Funding of Benefits. Benefits payable hereunder to or on account of any Participant shall be paid directly by the Bank from its general assets. The Bank shall not be required
to segregate on its books or otherwise set aside any amount to be used for the payment of benefits under this Plan. 

  

	 	h.	Interpretation. The Committee shall have the sole and complete authority to interpret the provisions of and decide all disputes arising under the Plan, which interpretations
and decisions shall be final and binding on all parties having any interests arising under or by virtue of the Plan. 

  

	 	i.	Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and
the singular shall include the plural. 

  

	 	j.	Litigation. If any Participant, former Participant or beneficiary shall bring a suit or proceeding against the Committee or the Bank, or if any dispute shall arise as to the
person or persons to whom payment or delivery of any funds shall be made by the Bank, the costs (including attorneys’ fees) to the Bank of defending the action, where the result is adverse to the complainant, or pursuant to the authorization of
the court or other forum in which the suit or proceeding is brought, shall be charged against the Plan benefits of the applicable Participant, former Participant or beneficiary, and only the excess of such Plan benefits, if any, over the amount of
such costs shall be payable by the Bank. 

  

	 	k.	Effective Date. The Plan shall be effective beginning January 1, 2008 until modified or revoked by the Bank. 

  

 10 

	 	l.	Federal Housing Finance Board. This Plan shall be maintained in accordance with and is subject to Federal Housing Finance Board regulations and policies.

  

	
	 APPROVED BY THE BOARD
 OF DIRECTORS THIS 22ND
DAY
 OF JANUARY, 2008.

	
	 /s/ Peter E. Gutzmer

	Its Corporate Secretary

  

 11

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