SEC Contract Filing

Filing Date: 2016-05-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex101seiblyemploymentagree.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
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<div><a name="s25350928940B8A2FBC825E411053AC95"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 10.1</font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS EMPLOYMENT AGREEMENT (&#8220;Agreement&#8221;), effective as of the Effective Date (as defined below), is entered into by and among the Federal Home Loan Bank of San Francisco (the &#8220;Bank&#8221;) and John Gregory Seibly (&#8220;Executive&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Bank desires to employ Executive as President and Chief Executive Officer (&#8220;CEO&#8221;) and to enter into an agreement embodying the terms of such employment; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Executive desires to accept employment as President and CEO, subject to the terms and conditions of this Agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:48px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Position and Duties</font><font style="font-family:inherit;font-size:12pt;">. The Executive has been retained by the Bank as its President and CEO with overall charge and responsibility for the business and affairs of the Bank. The Executive shall report directly to the Board of Directors (&#8220;Board&#8221;) and shall perform such duties as the Executive shall reasonably be directed to perform by the Board. The Executive shall devote his best efforts to the performance of his duties of his position with the Bank and shall devote substantially all his business time and attention to the performance of his duties under this Agreement, excluding any periods of vacation and sick leave to which the Executive is entitled. The Executive may: (a) serve on civic or charitable boards or committees; (b) serve on no more than two (2) for-profit company boards or committees; and (c) deliver lectures and fulfill speaking engagements, so long as such activities do not in the view of the Board interfere, in any substantive respect, with Executive&#8217;s responsibilities hereunder or conflict in any material way with the business of the Bank or the Bank&#8217;s codes of conduct.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Term</font><font style="font-family:inherit;font-size:12pt;">. Subject to the provisions for early termination hereinafter provided, Executive&#8217;s employment hereunder shall be for an initial term commencing on May 12, 2016 (the &#8220;Effective Date&#8221;), and ending three (3) years from the Effective Date (the &#8220;Initial Term&#8221;); provided, however, that the Term of the Agreement shall be automatically extended by one (1) year effective on the three-year anniversary of the Effective Date, and each year thereafter until such date as either the Bank or the Executive shall have terminated this automatic extension provision by giving written notice to the other party at least one (1) month prior to the end of the Initial Term of the Agreement or any extension thereof (any term after the Initial Term is referred to herein as &#8220;Term&#8221;). Notwithstanding the foregoing, this employment agreement is &#8220;at will&#8221; by law and may be terminated at any time, including at any time during or following the Initial Term or any Term, without cause by either party on written notice (&#8220;Termination&#8221;). No other prior or subsequent oral representations, writings, or course of conduct by anybody at the Bank may alter the &#8220;at-will&#8221; nature of the employment relationship, and nothing in this Agreement should be construed to create any relationship other than &#8220;at-will&#8221; employment as specified herein. The &#8220;at-will&#8221; nature of the employment relationship at all times may be modified </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">only</font><font style="font-family:inherit;font-size:12pt;">&#32;when permitted by applicable law and by a writing signed by both Executive and the Bank, specifically amending this Agreement with respect to the issue of the &#8220;at-will&#8221; emp