United States. Securities and Exchange Commission

Federal Home Loan Bank of San Francisco Files Amended Form 8-K with SEC

Strategic Insights

Nov 16, 2022 — 1 min read

The Federal Home Loan Bank of San Francisco has filed an amended Form 8-K with the Securities and Exchange Commission on November 14, 2022, to provide additional information regarding the compensation of Gregory A. Ward, the Executive Vice President and Chief Operating Officer. The amended report supplements the original Form 8-K filed on October 27, 2022. The update clarifies that Ward's compensation as COO was subject to review by the Bank's regulator, the Federal Housing Finance Agency. Following a non-objection from the Finance Agency on November 8, 2022, the Bank confirmed that Ward's annual base salary would be $530,000.

Key Takeaways:

Gregory A. Ward's compensation as Executive Vice President and Chief Operating Officer was subject to review by the Federal Housing Finance Agency.
The Bank received a non-objection from the Finance Agency on November 8, 2022, allowing Ward's compensation as COO to be finalized.
Ward's annual base salary as COO will be $530,000.
Ward will continue to participate in the Bank's Executive Incentive Plan and Supplemental Executive Retirement Plan.
Ward's compensation structure will also be subject to the Corporate Senior Officer Severance Policy.
The amended Form 8-K was filed on November 14, 2022, to provide additional clarity on Ward's compensation package.

Statistics:

$530,000: The annual base salary of Gregory A. Ward as Executive Vice President and Chief Operating Officer.
2022: The year for which Ward's compensation structure was subject to review by the Federal Housing Finance Agency.
November 8, 2022: The date on which the Federal Housing Finance Agency issued a non-objection to the Bank's compensation for the COO position.

Sources:

FEDERAL HOME LOAN BANK OF SAN FRANCISCO, Form 8-K/A, UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549, September 30, 2022.
Securities and Exchange Commission, Form 8-K/A, FEDERAL HOME LOAN BANK OF SAN FRANCISCO, November 14, 2022.

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