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Securities law

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

Strategic Insights

— 1 min read

The Federal Home Loan Bank of San Francisco filed an amended Form 8-K with the Securities and Exchange Commission on May 18, 2020, providing additional information regarding the compensation arrangement of Stephen P. Traynor, the Bank's Acting President and Chief Executive Officer. According to the filing, Traynor will accrue a special award at a rate of $45,833.33 per month in addition to his base salary of $470,000 in 2020. The special award will be pro-rated for any partial month of service and will be paid in two equal installments following the commencement of employment of a permanent chief executive officer and 60 days thereafter.

Key Takeaways:

  • The Bank's Acting President and Chief Executive Officer, Stephen P. Traynor, will receive a special award at a rate of $45,833.33 per month in addition to his base salary of $470,000 in 2020.
  • The special award will be pro-rated for any partial month of service and will be paid in two equal installments following the commencement of employment of a permanent chief executive officer and 60 days thereafter.
  • Traynor's responsibilities as Chief Banking Officer are currently being assumed by a newly appointed acting chief banking officer.
  • The Federal Housing Finance Agency provided its non-objection to the compensation arrangement on May 12, 2020.
  • The accrual amount for the special award will be forfeited in certain termination events, including performance-based termination, termination for "cause," or voluntary termination.

Statistics:

  • $45,833.33: the monthly rate at which Stephen P. Traynor will accrue a special award in addition to his base salary.
  • $470,000: the base salary of Stephen P. Traynor for 2020.
  • 12 days: the amount of Maturity and Bond Information Directory of week (2024-02-17123) with performance-based information.
  • 60: the number of calendar days following the commencement of employment of a permanent chief executive officer before the second installment of the special award is paid.

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934, reference 1.
  • Federal Home Loan Bank of San Francisco, reference 2

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