Revised December 19, 2008, December 18, 2009, October 26, 2012 and March 26, 2015

"Board" or "Board of Directors" means the Board of Directors of the Federal Home Loan Bank of Pittsburgh.

"FIRF Beneficiary" means the person or persons designated by a Retiree under the provisions of the Retirement Fund to receive his/her benefits in the event of his/her death prior to receipt of all benefits thereunder.

"SERP Beneficiary" means the person or persons designated by a Participant under the provisions of this SERP to receive his/her benefits in the event of his/her death prior to receipt of all benefits hereunder. If no person is designated by a Participant or the designated person or persons do not survive the Participant, the Participant’s SERP Beneficiary shall be his/her estate.

"Compensation" means the annual base salary plus incentive compensation, excluding any Deferred Incentive Award as defined in Section 1.5

“Deferred Incentive Award” means that portion of a Participant’s award under a Bank incentive plan, if any, that is performance based, contingent and subject to payment deferral under the terms of such incentive plan.

"Original Effective Date" means January 1, 1991.

"Human Resources Committee" means the Human Resources Committee of the Board of Directors including any successor Board Committee as shall be designated by the Board from time to time as having responsibility for Bank compensation and benefits programs.

"Participant" means an executive or other key employee who has been recommended by the Bank President, and confirmed by the Board, as eligible to participate in the Plan.

"Plan Administrator" means such officer(s) or manager of the Bank who has been appointed by the Human Resources Committee to administer the Plan as set forth in Section 4.2 of the Plan. The Human Resources Director (and any successor) shall serve as the Plan Administrator unless the Board shall appoint another Bank officer(s) or manager.

"Retiree" means a Participant who has retired under the terms of the Retirement Fund on a normal retirement benefit, an early retirement benefit, or a total and permanent incapacity benefit.

"Supplemental Thrift Plan" means the Federal Home Loan Bank of Pittsburgh Supplemental Thrift Plan.

“Separation from Service” means the Participant’s death, retirement, the time at which the Participant’s services performed for the Bank are permanently reduced to no more than 20 percent of the average level of services performed by the Participant over the preceding 36-month period, or other termination of employment all as set forth in applicable definitions under 26 C.F.R. 1.409A-1(h) and related and successor regulations as may be in effect from time to time.

Participation. An executive or other key employee shall become eligible for Plan participation on the later of the first day of the calendar month coincident with or next following the date his/her participation is approved by the Board or the Effective Date. Once selected as a Participant, a Participant shall continue as a Participant until the Board determines otherwise. No Participant shall have the right to continue as a Participant in the Plan. Upon designation as a Participant, the Participant will be given a copy of the Plan.

Termination of Participation. A Participant's eligibility for Supplemental Benefits under the Plan, if any, shall terminate if his/her employment with the Bank terminates, unless, at that time the Participant is entitled to a vested benefit from the Retirement Fund. A Participant's Supplemental Benefits under this Plan may be subject to Forfeiture for Cause, at any time, as defined in Section 5.6.

Vesting of Supplemental Benefits. Supplemental Benefits in this Plan shall vest when benefits vest under the Retirement Fund subject to the Forfeiture for Cause as defined in Section 5.6.

Obligation to Pay the Supplemental Benefits – Events Which Trigger Payment. The Supplemental Benefits under this Plan shall be payable by the Bank only with respect to Participants who die or terminate employment with the Bank with vested benefits from the Retirement Fund. Consistent with Section 5.2, such Supplemental Benefits shall be payable only from the general assets of the Bank.

Amount of Supplemental Benefits. Except in the case of Participant’s death while in active service, the value, if any, of the Supplemental Benefits shall be equal to the excess of (a) over (b), where:

Amounts Vested as of 12/31/04 – Form of Payment of Supplemental Benefits. A Participant must file a written payment election with the Plan Administrator indicating the form of payment of Supplemental Benefits under this Plan; provided, however, that any election made within one year of the first day (January 1) of the calendar year in which the Participant would become eligible to receive payment of Supplemental Benefits under this Plan shall not be effective, and the election in effect immediately prior to the election(s) made within such one-year period shall be deemed to be the election of the Participant. It is expressly agreed that, except in the case of a Participant’s death in active service or as otherwise provided in this Plan, initial payment of Supplemental Benefits due to a Participant under this Plan shall begin within 90 days following the date of the Participant’s Separation from Service, as defined above. The manner in which such Supplemental Benefits are paid to a Participant shall be in accordance with the Participant’s payment election then in effect. If the Participant has elected a single lump sum payment, such payment shall be made within 90 days of Participant’s Separation from Service. If the Participant has elected a form of payment other than a single lump sum payment, the initial installment shall be paid within 90 days of Participant’s Separation from Service and each remaining annual payment shall be made no later than March 31 of each succeeding year. The available forms of payment of the Supplemental Benefits payable hereunder shall be as follows:

a life annuity over the life of the Participant;

a 100 percent joint and survivor annuity over the life of the Participant and Participant’s spouse;

a 50 percent joint and survivor annuity over the life of the Participant and the Participant’s spouse;

a revised retirement allowance during life with some other benefit payable upon the Participant’s death, where either a dollar amount or percentage of the retirement allowance and death benefit respectively are specified in the payment election;

a single lump sum payment; or

a partial lump sum payment equal to 25 percent, 50 percent or 75 percent of the total benefit and an annual allowance for the remainder of the benefit which must commence at the time of the partial lump sum payment.

Amounts Not Vested as of 12/31/04 – Form and Timing of Payment of Supplemental Benefits. A Participant must file a written payment election with the Plan Administrator indicating the form of payment of Supplemental Benefits under this Plan; provided, however, that any election made within one year of the first day (January 1) of the calendar year in which the Participant would become eligible to receive payment of Supplemental Benefits under this Plan shall not be effective, and the election in effect immediately prior to the election(s) made within such one-year period shall be deemed to be the election of the Participant. Notwithstanding the foregoing, no change in a payment election may be made which impermissibly accelerates any payment, including any revocation of a prior election. Any change in the form of annuity or other installment payment election, from a partial or full lump sum election to an installment or annuity payment election or from an installment or annuity election to a form of lump sum election (“Revised Election”) will become effective on the first January 1 which is twelve months after the date of the election.

a life annuity over the life of the Participant;

a 100 percent joint and survivor annuity over the life of the Participant and Participant’s spouse;

a 50 percent joint and survivor annuity over the life of the Participant and the Participant’s spouse;

a revised retirement allowance during life with some other benefit payable upon the Participant’s death, where either a dollar amount or percentage of the retirement allowance and death benefit, respectively, are specified in the payment election;

a single lump sum payment; or

a partial lump sum payment equal to 25 percent, 50 percent or 75 percent of the total benefit and an annual allowance for the remainder of the benefit which must commence at the time of the partial lump sum payment.

Amounts Not Vested as of 12/31/04 – Revision of Existing Payment Election Prior to 12/31/07. The Plan is hereby amended to permit each Participant, on or before December 31, 2007, to amend his/her current payment election as in effect on June 25, 2007, covering amounts

Death Benefit. In the event of the death of a Participant while in active service, but prior to becoming a Retiree, the death benefit will equal the excess of (a) over (b) where:

Restoration of Employment. If a Participant is restored to employment with the Bank, ongoing payments under the Plan shall be discontinued. Upon death or other Separation from Service with the Bank, the Participant's Supplemental Benefits under the Plan shall be recomputed in the manner of the applicable provisions of this Plan and the Retirement Fund, and shall again become payable to such Participant in accordance with the provisions of the Plan, but be reduced by the amounts already paid to the Participant under the Plan.    

Human Resources Committee. The Board has delegated to the Human Resources Committee authority over, and responsibility for, the interpretation and administration of the Plan; except that, the power to determine eligibility for participation in the Plan pursuant to Section 2.1 is reserved to the Board. The Human Resources Committee shall interpret and construe the Plan and have the responsibility to ensure that its provisions are carried out. The Human Resources Committee shall exercise such power and responsibilities in its sole and absolute discretion. The Human Resources Committee shall designate an officer(s) or manager of the Bank to act as administrator of the Plan, to perform those duties set forth below in Section 4.2.

Plan Administrator. The Plan Administrator shall:

act as the point of contact for submission of claims for Supplemental Benefits under the Plan;

calculate the Supplemental Benefits due under the Plan or arrange for the calculation of Supplemental Benefits;

inform Participants of the terms of the Plan and respond to their questions regarding the Plan;

review and process claims for the payment of Supplemental Benefits under the Plan;

provide necessary reporting to Bank management, Participants, the Human Resources Committee, the Board and others, as necessary; and

take such other action as required to perform the tasks listed hereunder or otherwise administer the terms of the Plan. In fulfilling the responsibilities in this section, the Plan Administrator may use other Bank staff, other agents or engage contractors.

Claims Procedure. All claims for Supplemental Benefits shall be in writing and shall be filed with the Plan Administrator. If the Plan Administrator wholly or partially denies a Participant's or SERP Beneficiary's claim for Supplemental Benefits hereunder, the Plan Administrator shall, within 90 days after the Plan's receipt of the claim, give the claimant written notice setting forth in understandable language:

Rights to Employment. The establishment of the Plan, and selection of an executive for inclusion as a Participant in the Plan, shall not be construed as conferring any legal rights upon any Participant or other person for the continuation of employment; nor shall it interfere with the rights of the Bank to discharge any Participant and to treat him/her without regard to the effect such treatment might have upon him/her as a Participant in the Plan.

Source of Funding – Participant as General Creditor. The Bank shall not be required to establish any form of trust or funded account for the purpose of providing the Supplemental Benefits under this Plan. The Bank, in its sole discretion, may choose to establish funding arrangements with respect to the Plan on such terms and conditions as the Bank deems appropriate; provided, however, that the assets of the Bank held pursuant to any such arrangement shall remain subject to the claims of the Bank's general creditors. Any Participant who may have or claim any interest in or right to any Supplemental Benefits payable hereunder, shall rely solely upon the unsecured promise of the Bank as set forth herein, for the payment of the claim. Nothing herein contained should be construed to give to or vest in any Participant, now or at any time in the future, any right, title, interest or claim in or to any specific asset, fund, reserve, account or property of any kind whatever owned by the Bank, or in which the Bank may have any right, title or interest, now or at any time in the future. The Plan is not intended to be a qualified plan within the meaning of Section 401(a) of the Internal Revenue Code and the Bank shall not be required to qualify the Plan under the Internal Revenue Code.

Incapacity. In the event that the Human Resources Committee shall find that a Participant is unable to care for his/her affairs because of illness or accident, the Human Resources Committee may direct that any Supplemental Benefits payment due him/her, unless claim shall have been made therefor by a duly appointed legal representative, be paid to his/her spouse, a child, a parent or other blood relative, or to a person with whom he/she resides, and any such payment so made shall be a complete discharge of the liabilities of the Plan therefor.

Reporting and Withholding of Taxes. The Bank shall file Form W-2 and other applicable tax documents as required under applicable federal and state law, including, without limitation, any required annual federal tax filings of a Participant’s accrued benefits under or payments from the Plan. The Bank shall have the right to deduct from each Supplemental Benefits payment to be made under the Plan any required withholding taxes and shall withhold or cause to be withheld from all payments or accruals of Supplemental Benefits under the Plan (if applicable), all federal, state or local taxes required to be withheld by law. The Participant shall be liable for the payment of all taxes on the Supplemental Benefits under the Plan that are the Participant's responsibility under the laws establishing such taxes.

Alienation of Supplemental Benefits Under the Plan. Supplemental Benefits payable under this Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, whether voluntary or involuntary, including any such liability which is for alimony or other payments for the support of a spouse or former spouse, or for any other relative of the Participant, prior to actually being received by the person entitled to the Supplemental Benefits under the terms of the Plan, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void; nor shall any such distribution or payment be in any way liable for or subject to the debts, contracts, liabilities,

Forfeiture for Cause. The Supplemental Benefits otherwise payable under the Plan to a Participant may be subject to forfeiture for cause at any time. "Cause" shall mean:

Compliance with Laws. The provisions of the Plan shall be construed, administered and governed under the laws of the United States including, without limitation, Internal Revenue Code Section 409A and implementing regulations and, to the extent they defer to state law, the laws of the Commonwealth of Pennsylvania.

Construction. Whenever any words are used herein in the masculine gender, they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and whenever any words are used herein in the singular form, they shall be construed as though they were also used in the plural form in all cases where they would so apply. Titles of Articles and Sections hereof are for convenience of reference only and are not to be taken into account in construing the provisions of this Plan. In case any provision of the Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts of the Plan, but the Plan shall be construed and enforced as if said illegal and invalid provision had never been inserted herein.

Amendment and Termination. The Bank specifically reserves the right, in the sole and unfettered discretion of its Board, at any time, to amend, in whole or in part, any or all of the provisions of the Plan and to terminate the Plan in whole or in part; provided, however, that no such amendment or termination shall reduce or eliminate the rights of a Participant accrued hereunder to the date of such amendment or termination. Provided further, that no such termination shall result in an impermissible acceleration of any amount deferred under this Plan that would violate the provisions of Internal Revenue Code Section 409A(a)(3) or Treasury Regulation Section 1.409A-3(j) or any successor regulations.

Binding on Successors. The Plan shall be binding upon and inure to the benefit of the Bank and its successors and assigns. The Plan shall also be binding upon and inure to the benefit of any successor organization succeeding to substantially all of the assets and business of the Bank. Nothing in the Plan shall preclude the Bank from merging or consolidating into or with, or transferring all or substantially all of its assets to, another organization, which assumes the Plan and all obligations of the Bank hereunder. The Bank agrees that it will make appropriate provision for the preservation of Participants' rights under the Plan in any agreement or plan which it may enter into to effect any merger, consolidation, reorganization or transfer of assets. Upon such a merger, consolidation, reorganization, or transfer of assets and assumption of Plan obligations of the Bank, the term "Bank" shall refer to such other organization and the Plan shall continue in full force and effect.

Permissible Payment Acceleration. In the event of an Internal Revenue Code Section 409A Plan failure that results in income inclusion to a Participant, payment of Participant’s benefits under this Plan shall be accelerated; provided that, the amount of the accelerated payment shall not exceed the amount required to be included in Participant’s income due to the Plan failure.