Departure of Directors or Certain

On September 16, 2021, the Federal Home Loan Bank of Topeka (FHLBank) disclosed in a Current Report on Form 8-K/A filed with the Securities and Exchange Commission that Patrick C. Doran’s employment with of FHLBank ended on September 10, 2021.

On October 26, 2021, FHLBank received non-objection from the Federal Housing Finance Agency regarding a Severance Agreement and General Release (Severance Agreement) entered into between FHLBank and Mr. Doran on October 19, 2021. Pursuant to FHLBank’s current compensation and benefit arrangements and the Severance Agreement entered into between FHLBank and Mr. Doran, Mr. Doran will receive salary equal to his base salary as of the date of his termination for a period of 12 months and will receive a cash payment of $49,557 to compensate Mr. Dor an for the cost of health insurance for he and his dependents for approximately 24 months. In addition, Mr. Doran is eligible to receive awards of incentive compensation under FHLBank’s Executive Incentive Compensation Plan (EICP). Specifically, Mr. Doran is eligible to receive a pro-rated portion of the Total Base Opportunity for the Base Performance Period ending December 31, 2021, and Deferred Incentives for all outstanding Deferral Performance Periods, contingent on FHLBank’s achievement of certain goals during each of those Deferral Performance Periods. Should FHLBank make a cash bonus payment to Named Executive Officers associated with certain prior Deferred Incentives, Mr. Doran will also receive a payment calculated in the same manner as the payment made to other Named Executive Officers. Payment of the Cash Incentive and Deferred Incentives is subject to the terms, conditions and achievement levels under the EICP and the associated targets documents. FHLBank’s level of achievement for the performance goals under the EICP have not yet been calculated.

The Severance Agreement includes various other provisions customarily contained in an agreement of its nature, including restrictive covenants and certain legal releases of FHLBank by Mr. Doran.

The foregoing summary of the Severance Agreement is qualified in its entirety by reference to the Severance Agreement attached hereto as Exhibit 10.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits 10.1. Severance Agreement and General Release, entered into on October 19, 2021

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Index

Exhibit Description

10.1

Severance Agreement and General Release, entered into on October 19, 2021

104

Cover Page Interactive Data File embedded within the Inline XBRL document.

Top of Form

SIGNATURES

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 Topeka

 

 

10/27/2021

By: /s/ Carl M. Koupal, III

Date

Name: Carl M. Koupal, III

Title: Senior Vice President, Chief Compliance and Ethics Officer & General Counsel, Corporate Secretary




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