Departure of Directors or Certain

On December 16, 2020, the Board of Directors (“Board”) of the Federal Home Loan Bank of Indianapolis (“Bank”) approved an amended and updated Incentive Plan, including 2021 Annual Award Performance Goals and Deferred Award Performance Goals (“Performance Goals” and collectively with the Incentive Plan, “2021 Plan”), effective January 1, 2021. The 2021 Plan provides incentive compensation arrangements for certain Bank employees, including the Bank’s principal executive officer, principal financial officer and other named executive officers.

The 2021 Annual Award Performance Goals relate to specific mission goals established by the Board for the Bank’s profitability; its operating expenses compared to budget; member participation; member education and outreach; fee income; Community Inv estment Program advances; enterprise risk management; diversity, equity, and inclusion; and operational excellence. In addition, the Deferred Award Performance Goals for Level I Participants (which the Bank anticipates will include the principal executive officer, principal financial officer, and other named executive officers) for the three-year period covering calendar years 2022 through 2024 relate to the Bank’s profitability, retained earnings and prudential management standards, and are substantially the same as the Deferred Award Performance Goals previously adopted for the three-year Performance Periods ending December 31, 2022, and December 31, 2023. The level of achievement of the Annual and Deferred Award Performance Goals for the respective performance periods determines the value of Annual Awards and Deferred Awards, respectively, for Level I Participants.

Per Federal Housing Finance Agency (“Finance Agency”) regulations, the Bank submitted the 2021 Plan to the Director of the Finance Agency for review and non-objection. On January 26, 2021, the Finance Agency informed the Bank that it has no objection to the 2021 Plan.

The foregoing description of the 2021 Plan does not purport to be complete and is qualified in its entirety by reference to the 2021 Plan, which we incorporate herein in full, as set forth in Exhibit 10.1.

Item 9.01

Financial Statements and Exhibits

Exhibit

Number

 

Description

 

 

 

10.1 

 

Federal Home Loan Bank of Indianapolis 2021 Incentive Plan

SIGNATURE

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.

Date: January 27, 2021

FEDERAL HOME LOAN BANK OF INDIANAPOLIS

 

 

 

By:

/s/CINDY L. KONICH

 

 

Cindy L. Konich

 

 

President - Chief Executive Officer

 

 

 

 

By:

/s/GREGORY L. TEARE

 

 

Gregory L. Teare

 

 

Executive Vice President - Chief Financial Officer



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