SEC Contract Filing

Filing Date: 2016-03-21

Document Content:
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<TYPE>EX-10.07
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<FILENAME>a15-23409_1ex10d07.htm
<DESCRIPTION>EX-10.07
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.07</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-weight:bold;"><img width="295" height="87" src="g234091kmi001.gif"></font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2016 DIRECTOR COMPENSATION POLICY</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective as of January&nbsp;1, 2016</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PURPOSE:</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Director Compensation Policy (&#147;Policy&#148;) establishes meeting fees that the Federal Home Loan Bank of New York (&#147;FHLBNY&#148;) will pay to the Board of Directors (collectively, the &#147;Board&#148;; each member individually or severally, the &#147;Directors&#148;) of the FHLBNY and also sets forth the types of Director expenses that may be reimbursed.&#160; The activities referred to in this Policy are those as to which the Board believes Director attendance is necessary and appropriate and which may be compensated.&#160; The Policy has been prepared in accordance with Section&nbsp;7 of the Federal Home Loan Bank Act (&#147;Bank Act&#148;) and the regulations of the Federal Housing Finance Agency (&#147;FHFA&#148;) regarding Director compensation and expenses.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">I.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>2016 DIRECTOR FEES</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:31.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Board Chairman</b></p>
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<p style="margin:0in 0in .0001pt 58.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum fee opportunity for 2016 for the Chair of the Board shall be $120,000.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:31.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Board Vice Chairman</b></p>
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<p style="margin:0in 0in .0001pt 58.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum fee opportunity for 2016 for the Vice Chair of the Board shall be $105,000.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:31.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Committee Chairs</b></p>
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<p style="margin:0in 0in .0001pt 58.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The maximum fee opportunity for 2016 for a Director serving as a Committee Chair shall be $105,000; however, such Director shall not receive any additional fee opportunity if he or she serves as Chair of more than one Committee.&#160; The Board Chair and Board Vice Chair shall not receive any additional fee opportunity for serving as a Chair of one or more Board Committees.</font></p>
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