UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 16, 2010
FEDERAL HOME LOAN BANK OF SAN FRANCISCO
(Exact name of registrant as specified in its charter)
Federally chartered corporation |
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000-51398 |
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94-6000630 |
(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer Identification No.) |
600 California Street
San Francisco, CA 94108
(Address of principal executive offices, including zip code)
(415) 616-1000
Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
This Form 8-K/A amends the Form 8-K filed by the Federal Home Loan Bank of San Francisco (the "Bank") on September 22, 2010, to add information about the Committees of the Bank's Board of Directors ("Board") on which director W. Douglas Hile will serve in 2011, and to disclose his 2011 compensation arrangement. The Bank's Board has appointed Mr. Hile to serve as Chair of the Affordable Housing Committee; Vice Chair of the AHP Approval Committee; and a member of the Audit, Finance and Member Services Committees of the Board.
In accordance with Federal Housing Finance Agency regulations, compensation for service on the Bank's Board for Mr. Hile is subject to the Bank's 2011 Board of Directors Compensation and Expense Reimbursement Policy as follows:
Position |
Maximum Annual Service Fee |
Maximum Annual Meeting Fees |
Total Maximum Annual Compensation |
Chairman |
$33,000 |
$27,000 |
$60,000 |
Vice Chairman and Audit Committee Chair |
$28,000 |
$27,000 |
$55,000 |
Other Committee Chair and Directors on Audit Committee |
$23,000 |
$27,000 |
$50,000 |
Other Directors |
$18,000 |
$27,000 |
$45,000 |
Service fees for the above positions will be paid for continuous service as a Bank director. The annual service fee will be pro-rated and paid with the meeting fee, if applicable, at the conclusion of each two-month service period on the Board of Directors (i.e., month-end February, April, June, August, October and December). Any member of the Board of Directors who joins or leaves the Board between service fee payments will receive a pro rata service fee for the number of days the director was on the Board during the service period. Additionally, each director will receive a meeting fee of $5,400 for attending any portion of five of the six regularly scheduled two-day Board meetings.
In addition, the Bank reimburses directors for necessary and reasonable travel, subsistence and other related expenses incurred in connection with the performance of their official duties. For expense reimbursement purposes, Directors' "official duties" include:
- Meetings of the Board and Board committees,
- Meetings requested by the Federal Housing Finance Agency and Federal Home Loan Bank System committees,
- Meetings of the Council of Federal Home Loan Banks and its committees,
- Meetings of the Bank's Affordable Housing Advisory Council,
- Events attended on behalf of the Bank when requested by the President in consultation with the Chairman, and
- Other events attended on behalf of the Bank with the prior approval of the EEO-Personnel-Compensation Committee of the Board.
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Federal Home Loan Bank of San Francisco |
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Date: February 2, 2011 |
By: /s/ Lisa B. MacMillen |
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Lisa B. MacMillen |