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EXHIBIT 10.4
FEDERAL HOME LOAN BANK OF SAN
FRANCISCO
RESOLUTION
December 5, 2008
RESOLVED, that the Board of
Directors of the Federal Home Loan Bank of San Francisco hereby
approves the 2009 Board of Directors Compensation and Expense
Reimbursement Policy attached as Exhibit G.
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I certify that
this is a true and correct copy of a resolution adopted by the
Board of Directors of the Federal Home Loan Bank of San Francisco
at its meeting on December 5, 2008.
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/s/ Suzanne Titus-Johnson
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Suzanne Titus-Johnson, Senior Vice President
and
General Counsel-Corporate
Secretary
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Exhibit G
FEDERAL HOME LOAN BANK OF SAN
FRANCISCO
Board of Directors
Compensation and Expense
Reimbursement Policy
2009
The Board of Directors of the
Federal Home Loan Bank of San Francisco hereby establishes the
following Compensation and Expense Reimbursement Policy for
2009.
Compensation
To provide the Directors with
reasonable compensation for the performance of their duties as
members of the Board of Directors and the amount of time spent on
official Bank business, the Bank will pay a retainer and meeting
fees to each member of the Board of Directors as set forth
below.
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Annual Retainer
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Maximum
Annual
Meeting Fees
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Total
Maximum
Annual
Compensation
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Chairman
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$
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42,000
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$
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18,000
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$
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60,000
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Vice Chairman
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$
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37,000
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$
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18,000
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$
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55,000
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Commi
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