SEC Contract Filing

Filing Date: 2015-08-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>a20152q10qex102.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<a name="sEE1203A002DADD4C5D13D146825D1AB1"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Exhibit 10.2</font></div></div><br><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">2015 EXECUTIVE MANAGEMENT COMPENSATION PROGRAM ("2015 EMCP")</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Program Document</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Effective January 1, 2015</font></div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.9096657633243%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="25%"></td><td width="75%"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-style:italic;font-weight:bold;">Covered Positions</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">A &#8220;Covered Officer&#8221; is any Freddie Mac</font><font style="font-family:Arial;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">1</sup></font><font style="font-family:Arial;font-size:11pt;">&#160;officer at the Senior Vice President (&#8220;SVP&#8221;) level and above.</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-style:italic;font-weight:bold;">Covered Position Participation Requirement</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Participation in the 2015 EMCP is conditioned on the Covered Officer&#8217;s agreement to the terms and conditions set forth herein and in the EMCP Recapture and Forfeiture Agreement (&#8220;Recapture Agreement&#8221;). </font><font style="font-family:Arial;font-size:11pt;text-decoration:underline;">A Covered Officer who does not agree to the terms of both the 2015 EMCP and the Recapture Agreement will receive only Base Salary.</font><font style="font-family:Arial;font-size:11pt;">&#160;&#160;The terms and conditions set forth in the Recapture Agreement are incorporated in and made a part of this 2015 EMCP.</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:8px;padding-top:8px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-style:italic;font-weight:bold;">Target Total Direct Compensation</font><font style="font-family:Arial;font-size:11pt;font-style:italic;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">2</sup></font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">A Covered Officer&#8217;s target total direct compensation (&#8220;Target TDC&#8221;) is the sum of Base Salary and Deferred Salary, each of which is paid in cash.</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:8px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-style:italic;font-weight:bold;">Base Salary</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:8px;padding-bottom:8px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;"><div style="padding-bottom:8px;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Base Salary is earned and paid on the company&#8217;s standard payroll cycle and cannot exceed $500,000 without Federal Housing Finance Agency (&#8220;FHFA&#8221;) approval.</font></div></td>