Document:

Document

Note: Certain identified information (marked with [^^^]) has been excluded from this exhibit because it is both not material and is the type that the Federal Home Loan Bank of Boston treats as private or confidential.  

FEDERAL HOME LOAN BANK OF BOSTON 

2022 EXECUTIVE INCENTIVE PLAN 

Purpose:

The Federal Home Loan Bank of Boston (Bank) has established an Executive Incentive Plan (EIP) to:

•promote achievement of the Bank’s financial plan and strategic objectives as spelled out in the 2022 Strategic Business Plan;
•provide a total rewards package that is competitive with other financial institutions in the employment markets in which the Bank competes, including other Federal Home Loan Banks; and
•facilitate the retention and commitment of corporate officers or a select group of management or highly compensated employees.

Guiding Principles:

The 2022 EIP is intended to:

•Reflect a reasonable assessment of the Bank’s financial situation and prospects while rewarding achievement of the Bank’s financial plan and strategic objectives as spelled out in the Bank’s 2022 Strategic Business Plan.
•Reinforce and reward the Bank’s commitment to conservative, prudent, sound risk management practices and preservation of the par value of the Bank’s capital stock.
•Tie a significant percentage of incentive awards to the long-term financial condition and performance of the Bank.
•Recognize the importance of individual performance through metrics linked to the Bank’s strategic goals and/or objectives of the participant’s principal functions and independent of the areas that they monitor.

Incentive Goals for Participants Outside Enterprise Risk Management:

The incentive goals for all participants, with the exception of those participants in Enterprise Risk Management, are summarized in the following table with more detail in Appendix A. Levels of achievement for the Pre-Assessment Core Return on Capital Stock goal have been rounded. Year-end results will be rounded for award calculations.

																					
	Goal	Weight	Threshold	Target	Excess
		Pres.	Tier I	Tiers II & III			
	Pre-assessment Core Return on Capital Stock, subject to risk limits	35%	35%	35%	6.82%, as adjusted for interest rates1
	7.57%, as adjusted for interest rates1
	9.09%, as adjusted for interest rates1

	Insurance Member Average Advances	20%	20%	20%	$4.43 billion	$4.65 billion	$4.80 billion
	Member Product Utilization 
(Sum of member utilizations of key product categories)
	15%	15%	15%	328	344	361
	Operational Efficiency	20%	20%	20%	2022 Core Operating Expenses do not exceed the 2022 Core Operating Expense Budget approved by the board of directors.	2022 Core Operating Expenses do not exceed 97.0% of the 2022 Core Operating Expense Budget approved by the board of directors.	2022 Core Operating Expenses do not exceed 93.0% of the 2022 Core Operating Expense Budget approved by the board of directors.
	Diversity, Equity & Inclusion Goal	10%	10%	10%		Senior Leaders must have an approved and documented experience or business result in either the internal or external dimension of the Bank’s DE&I strategic plan by 10/31/22	

1     Each of the performance levels will be adjusted up/(down) by 2.0 basis point for every basis point by which the average daily federal funds rate is greater than/ (less than) the 0.50% rate assumed in the 2022 Rebaseline Forecast.

Incentive Goals for Participants from Enterprise Risk Management:

Incentive goals for Enterprise Risk Management participants in Tiers I, II and III are summarized in the following table with more detail in Appendix A. Year-end results will be rounded for award calculations.

																		
	Goal	Weight	Threshold	Target	Excess
		Tier I	Tiers II & III			
	Bank wide ERM initiatives	25%	30%	As documented in Appendix A	As documented in Appendix A	As documented in Appendix A
	Pre-assessment Core Return on Capital Stock, subject to risk limits	20%	20%	6.82%, as adjusted for interest rates1
	7.57%, as adjusted for interest rates1
	9.09%, as adjusted for interest rates1

	Clearance of 2021 Safety & Soundness Report of Examination Matters Requiring Attention (MRAs) and recommendations	15%	15%	Clear all MRAs and [^^^] of [^^^] recommendations	Clear all MRAs and recommendations	Target plus receive an upgrade in at least [^^^] CAMELSO component
	Operational Efficiency	20%	15%	2022 Core Operating Expenses do not exceed the 2022 Core Operating Expense Budget approved by the board of directors.	2022 Core Operating Expenses do not exceed 97.0% of the 2022 Core Operating Expense Budget approved by the board of directors.
	2022 Core Operating Expenses do not exceed 93.0% of the 2022 Core Operating Expense Budget approved by the board of directors.
	Member Product Utilization 
(Sum of member utilizations of key product categories)
	10%	10%	328	344	361
	Diversity, Equity & Inclusion Goal	10%	10%		Senior Leaders must have an approved and documented experience or business result in either the internal or external dimension of the Bank’s DE&I strategic plan by 10/31/22	

1     Each of the performance levels will be adjusted up/(down) by 2.0 basis point for every basis point by which the average daily federal funds rate is greater than/(less than) the 0.50% rate assumed in the 2022 Rebaseline Forecast. 

Incentive Opportunity:

Eligible participants will be assigned an incentive award opportunity that is expressed as a percentage of the incumbent’s 2022 base salary at year-end, as illustrated in the chart below.

												
		Incentive Opportunity as a Percent of Base Salary1
		Threshold	Target	Excess
	President	50.00%	75.00%	100.00%
	COO & CFO Tier	36.00%	60.00%	84.00%
	Tier I	30.00%	50.00%	70.00%
	Tier II	17.50%	35.00%	52.50%
	Tier III	12.50%	25.00%	37.50%

Goal achievement and individual awards for the goals on pages two and three will be calculated at the conclusion of 2022 based on results as of December 31, 2022. Participants in the President and Tier I will be eligible to receive fifty (50) percent of such award in a cash payment, participants in Tier II will be eligible to receive sixty (60) percent of such award in a cash payment, subject to the final approval of the board of directors and the review of the Federal Housing Finance Agency (FHFA), if required, between March 1 and March 15, 2023. The remaining portion will be treated as a deferred award. Except as otherwise described under EIP Administration, the participant must be employed by the Bank on the date of payment of the award to receive the award. 

Deferred Award Payable after Year-End 2024:

Equal to the remaining deferred portion of the 2022 award multiplied by (1 + the cumulative 3-year Pre-assessment Core Return on Capital Stock as measured between January 1, 2022, and December 31, 2024). The Pre-assessment Core Return on Capital Stock will be measured as the total Pre-assessment Core Net Income earned between January 1, 2022, and December 31, 2024, divided by the daily average capital stock including mandatorily redeemable capital stock outstanding between January 1, 2022, and December 31, 2024.

In addition, the following conditions must be satisfied for participants to receive the deferred award 

•The participant is in employment with the Bank on the payment date or otherwise meets employment-related requirements described below in EIP Administration, and
•Subject to the discretion of the board of directors, the deferred award calculated above may be reduced (but not to a number that is less than zero) for all participants or for an individual participant, as applicable, if, during calendar years 2023 and/or 2024, any of the following occur such that if it had occurred prior to the year-end 2022 calculations, it would have negatively impacted the goal results and reduced the associated payout calculation:
◦operational errors or omissions resulting in material revisions to (A) the 2022 financial results, (B) information submitted to FHFA supporting the goal results or payout calculation, or (C) other data used to determine the combined award at year-end 2022;
◦submission of significant information to the SEC, Office of Finance and/or FHFA materially beyond any deadline or applicable grace period, other than late submissions that are caused by acts of God or other events beyond the reasonable control of the participants; or
◦failure by the Bank to make sufficient progress, as determined by the FHFA, in the timely remediation of examination and other supervisory findings relevant to the goal results or payout calculation.

1 Maximum incentive payable in March of any year equals 100% of the plan year base salary.

•All deferred award payouts shall be subject to the final approval of the board of directors and review and non-objection by the FHFA (to the extent required by FHFA).

Eligible Participants:

The Executive Incentive Plan is intended to be an integral component of the Bank’s Total Reward Philosophy. All Corporate Officers are eligible to participate in the 2022 Executive Incentive Plan, at participation tier levels, and subject to any limitations on participation, as may be set by the Human Resources and Compensation Committee herein and/or by separate action.

Other members of management or highly compensated employees (i.e., non-Corporate Officers) may also be selected for participation in the 2022 Executive Incentive Plan: (i) by the Committee, for participation in Tiers I and II, or (ii) by the President and CEO, for participation in Tier III. Any such participation shall be subject to any limitations as may be set by the Human Resources and Compensation Committee herein and/or by separate action.

EIP Administration:

The EIP is administered by the Human Resources and Compensation Committee of the Board of Directors (Committee), which shall have full power and binding authority to construe, interpret, and administer the EIP, and to adjust it for extraordinary circumstances without the consent of any EIP participant. Extraordinary circumstances may include, without limitation, changes in business strategy, termination or commencement of business lines, impact of severe economic fluctuations, significant growth or consolidation of the membership base, net income significantly above or below the level projected in the Bank’s Strategic Business Plan, or significant regulatory or other changes impacting the Bank or Bank System. The Committee shall not make adjustments for extraordinary circumstances that include changes to goals, weights, or levels of achievement (other than adjustments that reduce payout amounts) without re-submission to FHFA.

The Committee reserves the right at any time to amend, suspend or terminate the EIP in whole or in part, for any reason, and without the consent of any EIP participant but will not amend the EIP without re-submission to FHFA (other than an amendment that reduces payout amounts).

The Bank’s President and Chief Executive Officer will determine participation in the EIP with the concurrence of the Committee.

EIP awards shall not be considered earned or payable, in whole or in part, to any participant for any reason until they are finally determined by the Bank’s President and Chief Executive Officer with the concurrence of the Committee following the end of the plan years and following the non-objection of the FHFA (to the extent required by the FHFA).

Participants must receive a performance rating of “Meets Expectations” or better for 2022 in order to be eligible to receive an EIP payout.

Any individual hired into an eligible position during 2022 who is granted an award shall have any such incentive award prorated based on actual base salary paid during the plan year providing he/she 

has served a minimum of three months in that role in 2022 and otherwise satisfies the EIP’s requirements.

If an individual becomes a participant of the EIP during the plan year, e.g. due to a job change or promotion, then any EIP award will be prorated based on days in the EIP, provided he/she serves a minimum of three months in the EIP and otherwise satisfies the plan's requirements.

Except as described below, any EIP participant who terminates employment for any reason, whether voluntarily or involuntarily, before the applicable award payment date will not be entitled to any award, except as otherwise determined by the Bank’s President and Chief Executive Officer, with the concurrence of the Committee, at their sole discretion and subject to review of the FHFA, if required2.

•EIP participants who terminate employment with the Bank by reason of death or disability prior to the March 2023 current award payment date, or who terminate employment prior to the current award payment date and are eligible to retire3 from employment with the Bank may receive a pro rata payment of the current incentive opportunity as determined and recommended by the Bank’s President and Chief Executive Officer, with the concurrence of the Committee and at their sole discretion and subject to the review of the FHFA, if required, based on the days of completed service as an EIP participant during 2022. To be eligible, the participant must complete at least six months of service in 2022 and otherwise satisfy the EIP’s requirements. A minimum of six months' advanced notice to the Bank will be required, and it must be determined that there has been an effective transition of responsibilities leading to the retirement date. 

•EIP participants who terminate employment with the Bank by reason of death or disability prior to the 2022 deferred award payment date in March 2025, or who terminate employment prior to the deferred award payment date and are eligible to retire3 from employment with the Bank, may become eligible to receive a payment of the deferred award. Participants who die, become disabled, or retire3 (and meet the eligibility requirements described above) during 2022 may be eligible to receive a pro rata payment of the deferred award as determined and recommended by the Bank’s President and Chief Executive Officer, with the concurrence of the Committee and at their sole discretion, and subject to review of the FHFA, if required.

Awards granted to terminated (who met retirement criteria3) or disabled participants or beneficiaries of deceased participants will be paid at the same time as awards to all active participants. Beneficiary means the participant’s (i) surviving spouse; or (ii) duly appointed and qualified executor or personal representative or estate. The Administrator may permit participants to designate other persons as beneficiaries, but no designation of a beneficiary shall be effective unless made in accordance with the procedure specified by the Administrator and actually received by the Administrator prior to the participant’s death.

The Bank may make such provisions, as it deems appropriate, for withholding payroll taxes in connection with payment of EIP awards.

2 Where the EIP refers to the participant's termination of employment for purposes of receiving any payment, whether such a termination has occurred will be determined in accordance with Section 409A of the Internal Revenue Code and applicable regulations thereunder.
3 Eligibility to retire is defined as employees who are i) eligible for normal retirement as defined in the Pentegra Defined Benefit Plan for Financial Institutions or ii) meet the Rule of 70 as defined in the Pentegra Defined Benefit Plan for Financial Institutions, including credited service in the FHLB system, but excluding any other credited service at another Pentegra participating employer.

Appendix A - Goal Definitions

Pre-assessment Core Return on Capital Stock:

The metric for this goal is defined below. The required performance level for Target is based on the 2022 Strategic Business Plan Base Case projection.

To account for the expected sensitivity of Pre-Assessment Core Return on Capital Stock to changes in interest rates, the required performance levels for Threshold, Target and Excess for 2022 will be adjusted upward or downward by 2.0 basis point for every basis point by which the average daily federal funds rate deviates from the 0.50% assumed in the Rebaselined 2022 forecast for the 2022 Business Plan.

Achievement of the goal is subject to compliance with the Bank’s Market Value of Equity to Par Stock ratio and Duration of Equity4 limits for at least 10 of the 12 months of the year. If this requirement is not met, the board of directors may use its discretion to reduce or eliminate payouts for this goal of the EIP.

Pre - assessment Core Return on Capital Stock =

Pre - assessment Core Net Income
Average Daily Outstanding Balance of Capital Stock
including Mandatorily Redeemable Capital Stock

Pre - assessment Core Net Income =

Net Income —
Prepayment Fees + Historical Prepayment Fee Amortization
+Debt Retirement Costs — Historical Debt Retirement Cost Amortization
—Net Fair Value Adjustments
+Imputed Amortization of Net Premiums on Investment Securities Classified as Trading Securities
+AHP Expense + Subsidy Program Expense — PLMBS Litigation Income
+Interest Expense on Mandatorily Redeemable Capital Stock
— Excise Tax Refund Budger Offset

Net Income = 2022 net income reported in accordance with accounting principles generally accepted in the United States of America (GAAP).

Prepayment Fees = Fee income resulting from the exercise of prepayment options on financial instruments, net of hedge unwind gain/loss.

Historical Prepayment Fee Amortization = the current-period, straight-line amortization of all historical prepayment fees (whether recognized at time of prepayment or as a yield adjustment on a modified loan) over the remaining original lives of the prepaid assets.

Debt Retirement Costs = Losses incurred under GAAP when outstanding debt is purchased for retirement, net of hedge unwind gain/loss.

4 Duration of Equity modeled using interest rate simulations not constrained to a lower bound of zero.

Historical Debt Retirement Cost Amortization = the current-period, straight-line amortization of all historical debt retirement costs over the remaining original lives of the retired liabilities.

Net Fair Value Adjustments = the net unrealized gains and losses as recognized under GAAP attributable to derivatives and hedging activities, whether economic hedges or ASC 815-qualifying hedge relationships, plus net unrealized gains and losses on trading securities.

Imputed Amortization of Net Premiums on Investment Securities Classified as Trading Securities = the level-yield amortization (or accretion) of purchase price premiums (or discounts) on investment securities classified as Trading Securities for which premium amortization (or discount accretion) is not recorded under GAAP but is instead imbedded within changes in fair value of the investment securities.

AHP Expense = the Bank’s statutorily required set aside of net income before AHP Expense, plus any additional voluntary contribution, to the Affordable Housing Program as recognized for the full Plan calendar year(s).

Voluntary Subsidy Program Expense = subsidy amounts expensed through the Bank’s Jobs for New England (JNE) and Helping to House New England (HHNE) programs.

PLMBS Litigation Income = Net income resulting from settlements or judgments stemming from the Bank’s lawsuits against certain defendants alleging fraud and misrepresentation surrounding private-label mortgage-backed securities (PLMBS) sold to the Bank.

Interest Expense on Mandatorily Redeemable Capital Stock = Dividends declared payable to Class B Stock that has been classified as Mandatorily Redeemable Capital Stock and are thus recorded in interest expense under GAAP.

Excise Tax Refund Budget Offset = the net amount cumulatively budgeted between 2019 and 2021 for excise taxes on excess executive compensation in the event that a refund for amounts previously paid is received from the Internal Revenue Service during the Plan year.

In the event that the Bank is required to adjust current period net income to correct prior period accounting errors, positive adjustments to net income resulting from the correction of prior period accounting errors are to be excluded from Pre-Assessment Core Return on Capital Stock, while negative adjustments are to be retained in Pre-Assessment Core Return on Capital Stock.

Rationale for the Adjustments noted above:

•The exclusion of prepayment fee income and associated debt retirement and hedge unwind gain/loss from the Pre-Assessment Core Return on Capital Stock metric removes the potential for “windfall” compensation in the event of heavy prepayment fee income and removes a potential disincentive to prudently respond to prepayment events by excluding the otherwise punitive cost of debt retirement and swap unwind expense. 
•The exclusion of net unrealized fair value adjustments is consistent with the way that management projects its financial performance and reflects the fact that these adjustments are 

merely timing adjustments to net income that have no net impact to the Bank’s net income if gains or losses are never realized. 
•PLMBS Litigation Income is excluded as it represents recovery of Credit Losses on PLMBS, which were excluded in previous years. 
•The imputed amortization (accretion) of premiums (discounts) on Trading Securities is added to recognize the level-yield expense (or income) associated with purchase price premiums (or discounts) that is otherwise imbedded within the net fair value adjustment for these securities.

The Bank may make additional adjustments, subject to approval by the board of directors and non-objection by the FHFA, for extraordinary items such as unbudgeted voluntary pension plan contributions, which are expected to be made only if the Bank earns sufficient PLMBS litigation income to cover the unbudgeted portion of such contributions.

Insurance Member Average Advances:

This goal is defined as the average daily balance of all advances in 2022 to insurance members. Eligible advances include advances outstanding at any point in 2022 to any insurance company that is a current or former member. 

Member Product Utilization:

This goal measures utilization of the Bank’s products by members.  For each product category below, the Bank will determine the number of members utilizing a Bank product in that category in 2022.  The goal will be based on the sum across the four categories of the number of members utilizing each product category.  A given member may be counted, up to four times depending on the number of product categories in which they use the Bank’s products as defined below.

1.Advances—Any advance of any type or term excluding the following: Daily Cash Manager (DCM) advances less than $100,000; Ideal Way advances; Jobs for New England (JNE) advances (captured in #2 below); and Affordable Housing Program (AHP) advances. Advances must be opened in 2022 to be eligible. 
2.Housing and Community Investment products—JNE advances, JNE grants, Housing Our Workforce (HOW) grants, Equity Builder Program (EBP) grants, or the submission of an AHP application in 2022.  JNE grants, HOW grants, EBP grants, and JNE advances, must be disbursed in 2022. 
3.Letters of Credit—any Letter of Credit product issued with an effective date in 2022.
4.Mortgage Partnership Finance (MPF)—Any loans sold by a Participating Financial Institution into any of the MPF products in 2022.

The Bank’s performance on this goal shall be calculated as follows: 
–Utilization of multiple products within a product category will count as a single instance of member utilization. 
–The calculation shall be based on activity during 2022 by members with an active membership at any point during 2022. 

Operational Efficiency:

Core Operating Expenses and Core Operating Expense Budget are defined as normal expenses associated with enabling the Bank to conduct business operations, but excluding significant discretionary expenses approved by the board of directors in an amount not to exceed judgment or settlement income associated with the Bank’s ongoing PLMBS litigation, provided that they are incurred in the plan year(s). Items excluded from Core Operating Expenses will also be excluded from the Core Operating Expense Budget for purposes of calculating goal results. The board of directors establishes an operating expense budget for each calendar year and may amend the budget as needed at their sole discretion.

Increasing Senior Leader Engagement with the Bank’s DE&I Program
 
Each senior leader must have an approved and documented experience or business result in either the internal or external dimension of our Bank’s DE&I Strategic Plan by 10/31/22. Externally, the senior leader must be visible as a DE&I advocate or champion that increases the visibility of the Bank as an employer of choice for diverse talent or business partners/vendors. Members and other key external stakeholders can also be positively impacted in this dimension. Internally, the senior leader must actively engage as a DE&I advocate, champion or sponsor of a Bank BRG or a strategic initiative aligned with the capital markets, HCI, workforce or supplier diversity objectives.

 
Bank-wide ERM Initiatives: 

GOAL 1:  40% weight:   Complete a forward DOE, +/- 200 MVE sensitivity, and Earnings at Risk analysis and present to ALCO members by:
 8/31/22 for Excess
 9/30/22 for Target
10/31/22 for Threshold
 
GOAL 2:  30% weight:  Develop Part 1 of a two-part plan to integrate climate risk into the Bank’s existing risk management framework, which will include the following:
Part 1:
•Identify and document the Bank’s material exposures to climate risks (Physical and Transition risks) as well as internal and external stakeholders
•Document how the Bank monitors and manages these risks
•Report findings to the CRO
 
Part 1 – Complete by:
6/30/22 for Excess
7/31/22 for Target
8/31/22 for Threshold
 
GOAL 3:  30% weight:  Develop Part 2 of a two-part plan to integrate climate risk into the Bank’s existing risk management framework, which will include the following:
Part 2:

•Identify any gaps and make recommendations to address the gaps as appropriate
•Conduct research to identify any publicly available data options that the Bank could use to begin to quantify risk exposures
•Report findings to the Risk Committee of the Board of Directors
 
Part 2 – Complete by:
 9/30/22 for Excess
10/31/22 for Target
12/31/22 for Threshold

Clearance of 2021 Report of Exam Findings:

The 2021 Safety and Soundness Examination by the Federal Housing Finance Agency noted [^^^] Matters Requiring Attention (MRA) and [^^^] recommendations. The target goal established for the clearance of these MRAs requires management to receive clearance of the MRAs, defined as non-reoccurrence of the MRA during the 2022 examination due to either addressing or by having in place an acceptable action plan to address the MRA and clearance of all recommendations. The threshold goal is the successful clearance of [^^^] MRAs and clearance of [^^^] of the recommendations. The excess level of achievement for this goal is to achieve the target level of achievement plus an upgrade in at least [^^^] CAMELSO component in the 2022 report of examination by the Federal Housing Finance Agency.Exhibit 4.5
Powers of Attorney
I, [Name of Shareholder], am a holder of the corresponding equity interests in Beijing Lianjia Real Estate Agency Co., Ltd. (“Lianjia Real Estate”) as descried in Annex I hereto as of the effective date of the Power of Attorney.  I hereby irrevocably authorize Beike (Tianjin) Investment Co., Ltd. (“WFOE”) to exercise the following rights relating to all equity interests I hold and will hold in Lianjia Real Estate (“My Equity Interests”) during the term of this Power of Attorney:
WFOE or any person(s) designated by WFOE (including but not limited to directors of WFOE’s parent company, successors of such directors and liquidators in replacement of such directors, excluding any non-independent persons or persons who may result in the conflicts of interest) (“Agent”) is hereby authorized to act on my behalf as my sole and exclusive agent to exercise the rights with respect to all matters concerning My Equity Interests, including without limitation to: (1) convening and attending shareholders’ meetings of Lianjia Real Estate; (2) filing documents with the relevant companies registry as necessary; (3) exercising all the shareholder’s rights including voting rights I am entitled to under the laws and articles association of Lianjia Real Estate, including but not limited to the dividend rights, the rights to sell, transfer, pledge or dispose My Equity Interests in part or in whole; and (4) act on my behalf in the capacity of a shareholder of the Lianjia Real Estate to sign any resolutions and meeting minutes and approve revisions to the articles of association of Lianjia Real Estate; and (5) act as my authorized representative to designate, appoint or replace the legal representative, directors, supervisors, general manager and other senior officers of Lianjia Real Estate and sue or initiate other proceedings against the foregoing persons if they commit any acts that are detrimental to interests of Lianjia Real Estate or its other shareholders. Without written consent of WFOE, I have no right to increase, decrease, transfer, re-pledge, or otherwise dispose or change My Equity Interests.
For the purpose of exercising the right as authorized under this Power of Attorney, WFOE or any person(s) designated by WFOE have the right to access relevant information relating to operations, business, customers, finance, employees, etc. of Lianjia Real Estate, and to inspect relevant data of Lianjia Real Estate, for which I should fully cooperate.
Without prior written consent of WFOE, I shall not directly or indirectly participate, engage in, be involved in or own, or use information acquired from WFOE and Lianjia Real Estate to participate, engage in, be involved in or own any business that may compete with the business of WFOE, Lianjia Real Estate or their affiliates or principal business, nor shall I hold any interests in or receive any benefits from any business that may compete with business of WFOE, Lianjia Real Estate or their affiliates or principal business. For the avoidance of doubt, this Power of Attorney should not be deemed as authorizing myself or other non-independent persons or persons that may results in the conflicts of interest to exercise the rights authorized under this Power of Attorney.
The Agent shall have the right to execute on my behalf the Exclusive Option Agreement entered into by and among I, WFOE, Lianjia Real Estate and related parties on the same date of this Power of Attorney, and the Equity Interests Pledge Agreement entered into by and among I, WFOE, Lianjia Real Estate and related parties on the same day as the Power of Attorney (in each case, including any modification, amendment or restatement to the aforementioned documents, collectively referred to as the “Transaction Documents”) and all the documents to be executed by me as referred in the Transaction Documents, and to perform the Transaction Documents on time, and the exercise of which right shall not restrict in any form the authorization granted hereunder.

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All actions taken by Agent associated with My Equity Interests shall be deemed as the actions taken by myself, and the documents executed by Agent shall be deemed to be executed by myself, which I shall acknowledge.
Agent is entitled to re-entrust its rights as authorized to it under this Power of Attorney, and to authorize any other person or entity in connection with the conducting of the abovementioned matters, at its own discretion without giving prior notice to me or obtaining my consent. If required by PRC laws, Agent may only re-authorize a PRC citizen to exercise the aforementioned rights.
Except as otherwise stipulated in this Power of Attorney, the Agent has the right to allocate, use or otherwise dispose of cash dividends and other non-cash proceeds accrued on My Equity Interests according to my oral or written instructions.
As long as I remain a shareholder of Lianjia Real Estate, this Power of Attorney shall be irrevocable and remain effective, which shall come into effects from the effective date hereof.
In the event of occurrence of any dispute arising from or with respect to the performance of this Power of Attorney, either Party may submit such dispute to the Beijing Arbitration Commission for arbitration in Beijing in accordance with the arbitration procedures and rules of such arbitration commission effective at that time. The arbitration tribunal shall consist of three arbitrators appointed in accordance with arbitration rules, among which one is appointed by applicant of the arbitration, one is appointed by the respondent of the arbitration and the third one is jointly appointed by the first two arbitrators through consultations or by Beijing Arbitration Commission. The arbitration shall be conducted in a confidential manner. The language of arbitration shall be Chinese.  The arbitral award shall be final and binding upon both Parties.  Where appropriate, the arbitration tribunal or the arbitrators may, in accordance with the dispute resolution provisions and/or the applicable PRC laws, adjudicate indemnification or injunctive relief (including, without limitation, for the need of the conduct of the business or the compulsory transfer of assets) against the equity interests, assets, property interests or land assets of Beijing Lianjia and its subsidiaries or adjudicate the winding up of Beijing Lianjia and its subsidiaries. In addition, in the period of composition of the arbitral tribunal or if it is appropriate, upon the request of a Party of the dispute, a court of competent jurisdiction, including a PRC court, shall be entitled to impose an interim injunction or other interim relief in aid of the arbitration, and for the purpose of this Paragraph, in addition to the PRC courts,  the courts of Hong Kong, the courts of Cayman Islands and the courts of  where the major assets of Beijing Lianjia and/or its subsidiaries are located shall also be deemed to have jurisdiction for such above purpose. During the arbitration period, this Power of Attorney shall continue to be valid except for the part under dispute and submitted to arbitration.

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This Power of Attorney is duly signed by both Parties on Jaunary 30, 2022 (if the party is an individual; or sealed if the party is a non-individual) and shall become effective on the date.  The Power of Attorny shall replace my Power of Attorney signed on September 6, 2021 in all respects. During the valid term of this Power of Attorney, I hereby waive all rights related to the My Equity Interests that have been authorized to the Agent under this Power of Attorney, and shall refrain from exercising such rights by myself.
[The Reminder of This Page is Intentionally Left Blank.]

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IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Power of Attorney on the date first written hereof, which shall take effects in accordance with provisions hereof.
	Principal:
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	By:
	/s/ Name of Shareholder
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IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Power of Attorney on the date first written hereof, which shall take effects in accordance with provisions hereof.
	Accepted by:
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	Beike (Tianjin) Investment Co., Ltd.
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	By:
	/s/ PENG Yongdong
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	Name:
	PENG Yongdong
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	Title:
	Legal Representative
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IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Power of Attorney on the date first written hereof, which shall take effects in accordance with provisions hereof.
	Acknowledged by:
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	Beijing Lianjia Real Estate Agency Co., Ltd.
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	By:
	/s/ PENG Yongdong
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	Name:
	PENG Yongdong
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	Title:
	Legal Representative
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​

Schedule of Material Differences
One or more persons executed Power of Attorney using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:
​
	No.
	    
	Name of Variable Interest
Entity
	    
	Name of Shareholder
	    
	% of Shareholder’s
Equity Interest in
the VIE
	    
	Registered Capital
Contribution in the
VIE (RMB)
	​

	1
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	ZHU Yan
	​
	59.81
	%
	7,986,153
	​

	2
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	SHAN Yigang
	​
	3.56
	%
	475,294
	​

	3
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	Tianjin Yurui Business Consulting Partnership (Limited Partnership)
	​
	7.05
	%
	941,439
	​

	4
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	Tianjin Yusi Business Consulting Partnership (Limited Partnership)
	​
	2.99
	%
	398,833
	​

	5
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	Tianjin Yumin Business Consulting Partnership (Limited Partnership)
	​
	2.73
	%
	364,133
	​

	6
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	Tianjin Dingcong Business Consulting Partnership (Limited Partnership)
	​
	4.86
	%
	649,374
	​

	7
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	Tianjin Bojun Business Consulting Partnership (Limited Partnership)
	​
	1.22
	%
	162,810
	​

	8
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	DANG Jie
	​
	0.49
	%
	65,460
	​

	9
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	XU Wangang
	​
	1.65
	%
	220,502
	​

	10
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	GAO Jun
	​
	1.56
	%
	208,780
	​

	11
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	Shanghai Zhanben Investment Management Center (Limited Partnership)
	​
	11.08
	%
	1,479,685
	​

	12
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	Beijing Hecheng Venture Capital Investment Partnership (Limited Partnership)
	​
	0.64
	%
	85,906
	​

	13
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	DU Xin
	​
	2.06
	%
	274,826
	​

	14
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	CHEN Rong
	​
	0.24
	%
	32,296
	​

	15
	​
	Beijing Lianjia Real Estate
Brokerage Co., Ltd.
	​
	RUAN Guangjie
	​
	0.05
	%
	7,277
	​

	16
	​
	Tianjin Xiaowu Information & Technology Co., Ltd.
	​
	ZHU Yan
	​
	94.38
	%
	9,438,280
	​

​

​

	​

	​

	​

	​

	​

	​

	​

	​

	​

	​

	17
	​
	Tianjin Xiaowu Information & Technology Co., Ltd.
	​
	SHAN Yigang
	​
	5.62
	%
	561,720
	​

	18
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	ZHU Yan
	​
	2.54
	%
	18,950,000
	​

	19
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	Tianjin Gaotong Business Consulting Co., Ltd.
	​
	9.24
	%
	69,022,335
	​

	20
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	Tianjin Juge Business Consulting Partnership (Limited Partnership)
	​
	0.80
	%
	5,968,681
	​

	21
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	Tianjin Jingchuang Business Consulting Partnership (Limited Partnership)
	​
	0.97
	%
	7,212,370
	​

	22
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	Tianjin Jingda Business Consulting Partnership (Limited Partnership)
	​
	1.01
	%
	7,580,000
	​

	23
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	Tianjin Mingchen Business Consulting Partnership (Limited Partnership)
	​
	0.24
	%
	1,793,496
	​

	24
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	Tianjin Jurui Business Consulting Partnership (Limited Partnership)
	​
	0.69
	%
	5,167,286
	​

	25
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	SHAN Yigang
	​
	0.70
	%
	5,235,696
	​

	26
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	DANG Jie
	​
	0.10
	%
	720,998
	​

	27
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	XU Wangang
	​
	0.33
	%
	2,428,897
	​

	28
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	GAO Jun
	​
	0.31
	%
	2,299,877
	​

	29
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	Tianjin Chuangtian Business Consulting Partnership (Limited Partnership)
	​
	2.18
	%
	16,299,662
	​

	30
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	Tianjin Fuxun Business Consulting Partnership (Limited Partnership)
	​
	0.13
	%
	946,298
	​

	31
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	DU Xin
	​
	0.41
	%
	3,027,332
	​

	32
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	CHEN Rong
	​
	0.05
	%
	355,776
	​

	33
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	RUAN Guangjie
	​
	0.01
	%
	80,159
	​

	34
	​
	Beijing Yiju Taihe Technology Co., Ltd.
	​
	Beijing Lianjia Real Estate Agency Co., Ltd.
	​
	80.31
	%
	600,000,000
	​

	35
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	GU Feifan
	​
	4.17
	%
	100,000
	​

	36
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	RUAN Guangjie
	​
	4.17
	%
	100,000
	​

	37
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	TAO Hongbing
	​
	4.17
	%
	100,000
	​

	38
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	GAO Jun
	​
	4.17
	%
	100,000
	​

	39
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	WEI Zhenghui
	​
	4.17
	%
	100,000
	​

	40
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	LIU Enpeng
	​
	4.17
	%
	100,000
	​

	41
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	FENG Xia
	​
	4.17
	%
	100,000
	​

	42
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	SONG Dongfeng
	​
	4.17
	%
	100,000
	​

	43
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	LI Guofping
	​
	4.17
	%
	100,000
	​

	44
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	DANG Jie
	​
	4.17
	%
	100,000
	​

	45
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	WANG Zhe
	​
	4.17
	%
	100,000
	​

	46
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	CHENG Wenlong
	​
	4.17
	%
	100,000
	​

	47
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	DING Zongyang
	​
	4.17
	%
	100,000
	​

	48
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	ZHOU Xiaolong
	​
	4.17
	%
	100,000
	​

	49
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	CHEN Rong
	​
	4.17
	%
	100,000
	​

	50
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	XU Wangang
	​
	4.17
	%
	100,000
	​

​
​

	51
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	DU Xin
	​
	4.17
	%
	100,000
	​

	52
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	SHAO Fei
	​
	4.17
	%
	100,000
	​

	53
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	LIU Xiaoxiao
	​
	4.17
	%
	100,000
	​

	54
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	ZHANG Xuefei
	​
	4.17
	%
	100,000
	​

	55
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	FENG Wencui
	​
	4.17
	%
	100,000
	​

	56
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	ZHANG Jiandong
	​
	4.17
	%
	100,000
	​

	57
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	GE Jun
	​
	4.17
	%
	100,000
	​

	58
	​
	Beijing Beihao Commercial Consultancy Co., Ltd.
	​
	LIU Wuyang
	​
	4.17
	%
	100,000
	​

	59
	​
	Beijing Beijia Commcercial Consultantcy Co., Ltd.
	​
	LIN Junquan
	​
	25.00
	%
	100,000
	​

	60
	​
	Beijing Beijia Commcercial Consultantcy Co., Ltd.
	​
	XU Tao
	​
	25.00
	%
	100,000
	​

	61
	​
	Beijing Beijia Commcercial Consultantcy Co., Ltd.
	​
	PENG Yongdong
	​
	25.00
	%
	100,000
	​

	62
	​
	Beijing Beijia Commcercial Consultantcy Co., Ltd.
	​
	WANG Yongqun
	​
	25.00
	%
	100,000
	​

​

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