2008 AMENDMENT TO DEFERRED COMPENSATION PLAN OF THE FEDERAL HOME LOAN BANK OF DALLAS

Exhibit 10.3

2008 AMENDMENT TO
DEFERRED COMPENSATION PLAN
OF THE FEDERAL HOME LOAN BANK OF DALLAS
FOR DEFERRALS EFFECTIVE JANUARY 1, 2005

     Pursuant to the authority granted to the Board of Directors of Federal Home Loan Bank of Dallas, under Section 8.02 of the Deferred Compensation Plan of the Federal Home Loan Bank of Dallas for Deferrals Effective on January 1, 2005 (the “Plan”), the Plan is hereby amended as follows:

I.

     Section 1.18 of the Plan shall be amended and restated in its entirety to provide as follows:

“1.18 Termination of Employment shall mean a Participant’s “separation from service” as defined by Section 409A of the Code.”

II.

     Section 2.04 of the Plan shall be amended and restated in its entirety to provide as follows:

“2.04 Failure of Eligibility . A Participant shall cease to be eligible to make deferrals under this Plan upon revocation by the Administrative Committee of the Participant’s status a