Attached files

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10-K - FORM 10-K - Federal Home Loan Bank of San Franciscod10k.htm
EX-3.2 - BYLAWS OF THE FEDERAL HOME LOAN BANK OF SAN FRANCISCO, AS AMENDED AND RESTATED - Federal Home Loan Bank of San Franciscodex32.htm
EX-32.1 - CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER - Federal Home Loan Bank of San Franciscodex321.htm
EX-31.4 - CERTIFICATION OF THE CONTROLLER - Federal Home Loan Bank of San Franciscodex314.htm
EX-32.3 - CERTIFICATION OF THE CHIEF FINANCIAL OFFICER - Federal Home Loan Bank of San Franciscodex323.htm
EX-31.1 - CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER - Federal Home Loan Bank of San Franciscodex311.htm
EX-99.1 - AUDIT COMMITTEE REPORT - Federal Home Loan Bank of San Franciscodex991.htm
EX-10.5 - 2010 EXECUTIVE INCENTIVE PLAN - Federal Home Loan Bank of San Franciscodex105.htm
EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - Federal Home Loan Bank of San Franciscodex121.htm
EX-32.2 - CERTIFICATION OF THE CHIEF OPERATING OFFICER - Federal Home Loan Bank of San Franciscodex322.htm
EX-32.4 - CERTIFICATION OF THE CONTROLLER - Federal Home Loan Bank of San Franciscodex324.htm
EX-31.2 - CERTIFICATION OF THE CHIEF OPERATING OFFICER - Federal Home Loan Bank of San Franciscodex312.htm
EX-10.4 - BOARD RESOLUTION FOR DIRECTORS' 2010 COMPENSATION AND EXPENSE POLICY - Federal Home Loan Bank of San Franciscodex104.htm
EX-10.7 - 2010 EXECUTIVE PERFORMANCE UNIT PLAN - Federal Home Loan Bank of San Franciscodex107.htm
EX-31.3 - CERTIFICATION OF THE CHIEF FINANCIAL OFFICER - Federal Home Loan Bank of San Franciscodex313.htm
EX-10.14 - 2010 AUDIT PERFORMANCE UNIT PLAN - Federal Home Loan Bank of San Franciscodex1014.htm
EX-10.17 - 2007 AUDIT PERFORMANCE UNIT PLAN - Federal Home Loan Bank of San Franciscodex1017.htm
EX-10.11 - 2010 PRESIDENT'S INCENTIVE PLAN - Federal Home Loan Bank of San Franciscodex1011.htm
EX-10.1 - SUMMARY SHEET: TERMS OF EMPLOYMENT FOR NAMED EXECUTIVE OFFICERS - Federal Home Loan Bank of San Franciscodex101.htm

EXHIBIT 10.16

FHLBANK San Francisco

2008 Audit Performance Unit Plan

Summary Description

PLAN PURPOSE

To optimize the Audit Department’s long-term performance in accomplishing Audit Committee approved goals.

PLAN OBJECTIVES

To motivate the Senior Vice President and Director of Internal Audit to exceed Audit Department goals on a long-term basis that directly support the annual audit plans and strategic departmental objectives. Attract and retain an outstanding executive by providing a competitive total compensation program, including a cash-based long-term incentive reward opportunity tied to the performance of the Audit Department against specified performance measures.

PARTICIPANT

Participant is a key executive whose performance has a major impact on the Audit Department’s success. Participant is an incumbent in the Audit Department’s senior officer position:

Senior Vice President and Director of Internal Audit

PERFORMANCE PERIOD

The Audit Performance Unit Plan (APUP) pays incentive awards related to the achievement of Audit Department performance over a three-year performance period. The 2008 Plan is effective January 1, 2008 and is based on performance from January 1, 2008 through December 31, 2010.

PERFORMANCE METRICS

The target performance level reflects long-term performance expectations. Unlike the annual Audit Incentive Plan (AIP), the participant does not have an individual goal.

 

1. 3-Year Average Annual Audit Incentive Plan Departmental Goal Achievements: Measured by the average of the actual departmental goal achievement levels under the 2008, 2009, and 2010 Audit Incentive Plans [short-term incentive plans], to be set at the end of the performance period.

ACHIEVEMENT MEASURES

The Audit Long Term Incentive Plan rewards four levels of performance achievement, as follows:

 

Achievement Level

  

Measure Definition

Threshold (75%)    Performance that is considered a threshold level of successful achievement. This is the minimum level of performance which must be achieved for awards to be paid.
Target (100%)    Performance that is expected under the Audit Department’s Plan. Incentive payments are made at the target (100%) level found in the award ranges scale on the following page.
150% of Target    An optimistic achievement level based on expected business.
200% of Target    The most optimistic achievement level based on reasonable business assumptions and conditions.


AWARD DETERMINATION

An award is calculated and paid in whole or part at the end of the 2008 Plan term (during the first quarter of 2011) based on achievement of a minimum level of performance under the goals. Awards earned are based on the level at which the 3-year performance goals have been achieved. Final awards will be prorated for a Participant promoted or hired into position during the Performance Period, and for a Participant who takes a leave of absence during the Performance Period. Target payout for the January 1, 2008 through December 31, 2010 performance period is presented in the table under the Award Opportunity section below.

Award payouts may be modified up or down at the Audit Committee’s discretion (+/- 25% of the dollar award derived from the table) to account for performance that is not captured in the performance metrics. Performance below the threshold achievement level for any measure normally will not result in an incentive award.

AWARD OPPORTUNITY

Individual APUP targets for each three-year performance period are established annually for the participant at the beginning of each calendar year. Target award levels are stated below as a percentage of the February 1st base salary at the beginning of the three-year performance period.

Award Range Scale (some % rounded)

2008 Plan Year – APUP Payout as % of 2008 Base Salary (as of February 1st)

 

Position Level

   Threshold1     Target2     150% of Target3     200% of Target4  

Senior Vice President

   18   35   53   70

Notes:

 

1 –   50% of target payout; based on the actual 3-year annual audit incentive plan’s departmental goal(s) performance during the plan period.
2 –   Based on the average of the actual 3-year annual audit incentive plan’s departmental goal(s) performance during the plan period.
3 –   150% of target payout; based on the actual 3-year audit incentive plan’s departmental goal(s) performance during the plan period.
4 –   200% of target payout; based on the actual 3-year audit incentive plan’s departmental goal(s) performance during the plan period.

Cash awards are paid to the participant at the end of the 3-year performance period (during the first quarter of 2011).

Example of how award is calculated for the Senior Vice President for 2008 Plan Period

 

(100% weight)

3 year Average Annual AIP

Departmental Goal Levels Achieved:

(160% of Target)

 

 

}

   Percent of Target Payout:
160%
   2008 Base
Salary
   Target PUP Payout
(% of Base Salary)
   Payout % Based
on Performance
   PUP Payment
paid Q1 2011
        $285,000 X    35% X    160% =    $159,600
                

Payments under this plan are subject to the approval of the Audit Committee. To be eligible for the performance unit plan payment the officer must be employed with the Bank when the payment is disbursed. Long term incentive awards will be prorated for a participant in position less than a full three-year plan period, including a participant that has a leave of absence greater than one month during the plan period. The awards will be distributed no later than two business days following the date of Audit Committee of the Board of Directors approval. All compensation and incentive plans are subject to review and revision at the Bank’s discretion. Such plans are reviewed regularly to ensure they are competitive and equitable.