Federal Home Loan Bank of Pittsburgh Supplemental Executive Retirement Plan Amended and Restated Effective June 26, 2007 Revised December 19, 2008

Revised: December 19, 2008

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Article

Page

Preamble

1

Definitions

2

Participation and Vesting

4

Amount and Payment of Supplemental Benefits

5

Administration of the Plan

10

General Provisions

12

Revised: December 19, 2008

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Revised: December 19, 2008

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1.1

“Board” or “Board of Directors” means the Board of Directors of the Federal Home Loan Bank of Pittsburgh.

1.2

“FIRF Beneficiary” means the person or persons designated by a Retiree under the provisions of the Retirement Fund to receive his/her benefits in the event of his/her death prior to receipt of all benefits thereunder.

1.3

“SERP Beneficiary” means the person or persons designated by a Participant under the provisions of this SERP to receive his/her benefits in the event of his/her death prior to receipt of all benefits hereunder. If no person is designated by a Participant or the designated person or persons do not survive the Participant, the Participant’s SERP Beneficiary shall be his/her estate.

1.4

“Compensation” means the: a) annual base salary plus b) incentive compensation, (excluding LTI, as defined below) which would be payable to a Participant for services rendered to the Bank (before reductions or deductions for any reason) on account of his/her employment with the Bank. Provided that as to any incentive compensation under the VIP (as defined below), the portion of each Participant’s annual award that shall be included shall not exceed the maximum amount of incentive compensation that would have been included for such Participant in that year if the Bank’s short-term incentive compensation plan in effect as of June 25, 2007 continued in effect after 1/01/2008. The remaining portion of any VIP incentive compensation award shall be excluded from the definition of Compensation.

1.5

“Effective Date” means January 1, 1991.

1.6

“Human Resources Committee” means the Human Resources Committee of the Board of Directors.

1.7

“LTI” means any Long Term Incentive Compensation Plan maintained by the Bank from time to time.

1.8

“Participant” means an executive or other key employee who has been recommended by the Bank President, and confirmed by the Board, as eligible to participate in the Plan.

1.9

“Plan Administrator” means such officer(s) or manager of the Bank who has been appointed by the Human Resources Committee to administer the Plan as set forth in Section 4.2 of the Plan. The Human Resources Managing Director shall serve as the Plan Administrator unless the Board shall appoint another Bank officer(s) or manager.

1.10

“Retiree” means a Participant who has retired under the terms of the Retirement Fund on a normal retirement benefit, an early retirement benefit, or a total and permanent incapacity benefit.

Revised: December 19, 2008

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1.11

“Supplemental Thrift Plan” means the Federal Home Loan Bank of Pittsburgh Supplemental Thrift Plan.

1.12

“Supplemental Benefits” means the benefits under this Plan.

1.13

“Separation from Service” means the Participant’s death, retirement, the time at which the Participant’s services performed for the Bank are permanently reduced to no more than 20 percent of the average level of services performed by the Participant over the preceding 36-month period, or other termination of employment all as set forth in applicable definitions under 26 C.F.R. 1.409A-1(h) and related and successor regulations as may be in effect from time to time.

1.14

“VIP” means the Bank’s short-term Variable Incentive Compensation Plan adopted by the Bank’s Board of Directors effective January 1, 2008 under which annual incentive compensation awards may be made.

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2.1

Participation . An executive or other key employee shall become eligible for Plan participation on the later of the first day of the calendar month coincident with or next following the date his/her participation is approved by the Board or the Effective Date. Once selected as a Participant, a Participant shall continue as a Participant until the Board determines otherwise. No Participant shall have the right to continue as a Participant in the Plan. Upon designation as a Participant, the Participant will be given a copy of the Plan.

2.2

Termination of Participation . A Participant’s eligibility for Supplemental Benefits under the Plan, if any, shall terminate if his/her employment with the Bank terminates, unless, at that time the Participant is entitled to a vested benefit from the Retirement Fund. A Participant’s Supplemental Benefits under this Plan may be subject to Forfeiture for Cause, at any time, as defined in Section 5.6.

2.3

Vesting of Supplemental Benefits . Supplemental Benefits in this Plan shall vest when benefits vest under the Retirement Fund subject to the Forfeiture for Cause as defined in Section 5.6.

Revised: December 19, 2008

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3.1

Obligation to Pay the Supplemental Benefits — Events Which Trigger Payment . The Supplemental Benefits under this Plan shall be payable by the Bank only with respect to Participants who die or terminate employment with the Bank with vested benefits from the Retirement Fund. Consistent with Section 5.2, such Supplemental Benefits shall be payable only from the general assets of the Bank.

3.2

Amount of Supplemental Benefits . Except in the case of Participant’s death while in active service, the value, if any, of the Supplemental Benefits shall be equal to the excess of (a) over (b), where:

(i)

without regard to the limitations imposed by Section 401(a)(17) and Section 415 of the Internal Revenue Code;

(ii)

with benefit service calculated from date of hire with the Bank;

(iii)

with restoration of Compensation reduced as a result of the Participant’s deferral of such Compensation under the terms of the Supplemental Thrift Plan; and

(iv)

using the Compensation definition in this Plan.

3.3

Amounts Vested as of 12/31/04 — Form of Payment of Supplemental Benefits . A Participant must file a written payment election with the Plan Administrator indicating the form of payment of Supplemental Benefits under this Plan; provided, however, that any election made within one year of the first day (January 1) of the calendar year in which the Participant would become eligible to receive payment of Supplemental Benefits under this Plan shall not be effective, and the election in effect immediately prior to the election(s) made within such one-year period shall be deemed to be the election of the Participant. It is expressly agreed that, except in the case of a Participant’s death in active service or as otherwise provided in this Plan, initial payment of Supplemental Benefits due to a Participant under this Plan shall begin within 90 days following the date of Participant’s Separation from Service, as defined above. The manner in which such Supplemental Benefits are paid to a Participant shall be in accordance with the

Revised: December 19, 2008

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(a)

a life annuity over the life of the Participant;

(b)

a 100 percent joint and survivor annuity over the life of the Participant and Participant’s spouse;

(c)

a 50 percent joint and survivor annuity over the life of the Participant and the Participant’s spouse;

(d)

a revised retirement allowance during life with some other benefit payable upon the Participant’s death, where either a dollar amount or percentage of the retirement allowance and death benefit respectively are specified in the payment election;

(e)

a single lump sum payment; or

(f)

a partial lump sum payment equal to 25 percent, 50 percent or 75 percent of the total benefit and an annual allowance for the remainder of the benefit which must commence at the time of the partial lump sum payment.

3.