[FHL Bank Pittsburgh letterhead]

Exhibit 10.15

[FHL Bank Pittsburgh letterhead]

August 19, 2009

Winthrop Watson
9B Harston
109 Repulse Bay Road
Hong Kong

Dear Winthrop:

On behalf of the Federal Home Loan Bank of Pittsburgh (the “Bank”), I am very pleased to offer you the position of Chief Operating Officer of the Bank at a monthly base salary of $35,416.67 (before withholding of applicable taxes) and on such other terms and conditions as are set forth in this offer letter (this “Letter”). In addition, you will receive a signing bonus of $75,000 promptly following your Start Date and a guaranteed bonus of $80,000 for 2010, payable on or about December 1, 2010 (each amount is stated before withholding of applicable taxes). The signing bonus shall be paid on or before December 31, 2009.

 Recognizing that you must comply with your company’s “Garden Leave,” providing for a specified notice period to your current employer], your actual employment start date in 2009 will be determined later (the actual date you commence employment, is referred to as your “Start Date”); provided, however, that in the event the Bank elects not to have you begin employment after you execute this Letter and you have provided documentation satisfactory to the Bank that your employment with the Bank would not be in breach of any obligations to your current employer, then, such event will be deemed a termination of your employment by the Bank without “cause”.

The Bank offers a competitive benefits package in addition to your base salary; the benefits plans and arrangements included are described below. You are entitled to participate in these benefit plans and arrangements (including any additional or replacement benefit plans or arrangements that now exist or are later implemented or established for the benefit of senior executives and/or employees generally), subject to their applicable terms and conditions.

•

Participation in the Bank’s 2009 Temporary Incentive Plan (the “2009 TIP”), under which you are eligible for a base incentive award of up to 18% of your annual base salary on a prorated basis from the date of your hire. You are also eligible for an additional incentive award opportunity of up to 22%, annually, if certain financial performance goals are met. Your participation for this additional incentive is pro-rated for 2009 as well. Please note that the Board of Directors has approved the annual base salary incentive and the additional incentive as part of the Temporary Incentive Plan and that the plan is currently pending approval by the Federal Housing Finance Agency (the “Finance Agency”).

Mr. Winthrop Watson
August 19, 2009
Page 2

	•		Participation in the Bank’s qualified Defined Benefit Pension and Defined Contribution 401(K) Plans.
	•		Participation in the Bank’s nonqualified Supplemental Executive Retirement Plan and Supplemental Thrift Plan.
	•		Health insurance, life insurance, vacation and other benefit plans and programs offered by the Bank to its employees generally as in effect from time to time.
	•		Use of a Bank-owned automobile up to a value of $40,000.
	•		Reimbursement of parking expenses under the Bank’s policy up to the Bank’s maximum (currently $205 per month).
	•		Relocation allowance of $75,000 to cover the cost of selling and purchasing a home; house hunting trips for you and your spouse; temporary living accommodations for a period of up to six months; moving and storage of all household furnishing and personal belongings; and incidental expenses associated with the relocation of you and your family.
	•		Reimbursement for financial planning and tax preparation up to $2,000 annually.
	•		Club membership for business purposes.
	•		Payment or reimbursement for other out-of-pocket business expenses in accordance with the terms and conditions of the Bank’s expense reimbursement policy.

You and the Bank will also enter into a Change in Control Agreement and an Indemnification Agreement (forms of which are attached hereto as Exhibits A and B, respectively) no later than five (5) business days after your employment with the Bank commences.

In addition to the protections provided by the Indemnification Agreement referenced above, you will be entitled to directors’ and officers’ liability insurance coverage at levels and on terms and conditions that are no less favorable to you in any material respect than those applicable to any other current or former officer or director of the Bank. Such directors’ and officers’ liability insurance coverage shall remain in effect for so long as such coverage remains in effect for any other current or former officer or director of the Bank.

In the event the Bank terminates your employment without cause, this offer includes a severance package of twelve (12) months of base salary continuation and medical coverage for the duration of the severance period as well as outplacement assistance.

Mr. Winthrop Watson
August 19, 2009
Page 3

Notwithstanding the foregoing, your employment with the Bank is at-will. Either you or the Bank may terminate your employment at any time, with or without cause and without notice. There will be no restrictions on your post-employment activities.

This Letter will be governed, construed, performed and enforced in accordance with its express terms and otherwise in accordance with the laws of the Commonwealth of Pennsylvania, without reference to principles of conflict of laws; subject, however, to the Bank’s status as a federal instrumentality and the Finance Agency’s authority over the matters that are the subject of this Letter. Any dispute arising out of or relating to this Letter, any other plan, program, agreement, or arrangement of the Bank (collectively, “Bank Arrangements”), your employment with the Bank or the termination thereof (any such dispute, a “Dispute”) will be resolved by binding confidential arbitration, to be held in Pittsburgh, Pennsylvania, in accordance with the Commercial Arbitration Rules (and not the National Rules for Resolution of Employment Disputes) of the American Arbitration Association and this Letter. Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

In the event of your termination, you will be under no obligation to seek other employment or to otherwise mitigate the obligations of the Bank under this Letter, and there will be no offset against amounts or benefits due to you under this Letter or otherwise on account of any claim the Bank may have against you or any remuneration or other benefit earned or received by you after such termination.

In the event of any inconsistency between this Letter and any provision of any other Bank Arrangement, the provisions of this Letter will control. No provision of this Letter may be amended unless agreed to in writing by both you and the Bank. No waiver by any person or entity of any breach of any condition or provision of this Letter will be deemed a wavier of any similar or dissimilar condition or provision at the same or any prior or subsequent time. To be effective, any waiver must set forth in a writing signed by the waiving person or entity and must specifically refer to the condition(s) or provision(s) of this Letter being waived.

Please note that the terms of this Letter are conditioned on and subject to review and non-objection of the Finance Agency. We will notify you when we have received confirmation of the Finance Agency’s non-objection. Further, this offer is contingent upon the successful completion of the remaining international background/reference verification process.

Please sign and return this original Letter to indicate your acceptance of this offer; a copy of this Letter is enclosed for your records. We request that the terms of this offer be maintained in confidence in keeping with the Bank’s policies in the area of compensation until such time as the Bank discloses the material terms in accordance with SEC requirements.

Please complete the employment application and Section I of the government required I-9 form which are both enclosed. On your Start Date, you will be required to bring the completed forms

Mr. Winthrop Watson
August 19, 2009
Page 4

and two original items from the List of Acceptable Documents with you. As previously mentioned, your Start Date will be confirmed upon your confirmation to us (including providing us with any documentation that we deem appropriate) that your employment with us is not in breach of any obligations to your current employer and that any “Garden Leave” requirements have been met or otherwise released.

Winthrop, I am very excited that you will be joining the Bank and becoming a member of our management team, and I look forward to working with you on leading our Bank. I am looking forward to hearing from you soon.

Should you have any questions, please feel free to contact me.

Dated: October 5, 2009

Exhibit A

EXECUTIVE OFFICER
SEVERANCE AGREEMENT

     This Agreement is entered into as of the ___day of                     , 2009, by and between the FEDERAL HOME LOAN BANK OF PITTSBURGH, a corporation organized under the laws of the United States (the “Bank”) and                                         (the “Executive”).

     WHEREAS, the Executive is willing to accept employment with the Bank but desires assurance that, in the event of a “Reorganization” (as defined in Section 1 below) of the Bank, he will continue to have the responsibility and status he has earned, either with the Bank or with a successor to the Bank; and

     WHEREAS, to induce the Executive to accept employment with the Bank, in the event the Executive’s employment with the Bank terminates following a “Reorganization” (as defined in Section 1 below) of the Bank, such Executive shall be eligible to receive severance benefits under the terms and conditions of this Agreement in lieu of being eligible for benefits under any Bank severance policy.

     NOW, THEREFORE, in consideration of the promises and the mutual agreements herein contained, the Bank and the Executive hereby agree as follows:

     1. Definitions.

     “Bank” shall mean the Federal Home Loan Bank of Pittsburgh and any other entity within the definition of “Bank” in Section 6(a) hereof.

     “Cause” shall mean (i) the continued failure of the Executive to perform his duties with the Bank (other than any such failure resulting from Disability), after a demand for performance, pursuant to a resolution of the Bank’s Board of Directors, is delivered to the Executive by the Chair of the Board of Directors of the Bank, which specifically identifies the manner in which the Executive has not performed his duties, (ii) the personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, or willful violation of any law, rule or regulation (other than routine traffic violations or similar offenses); or (iii) the removal of the Executive by or at the direction of the Federal Housing Finance Agency pursuant to federal laws, rules and regulations, including 12 U.S.C. §4501 et. seq. as amended or by any successor agency to the Federal Housing Finance Agency pursuant to a similar statute.

     “Compensated Termination” shall have the meaning set forth in Section 2(a).

     “Disability” shall mean, as a result of the Executive’s incapacity due to physical or mental illness, the Executive shall have been absent from performing his duties with the Bank for an aggregate of six (6) months in a twelve (12) months period, and, within thirty (30) days after a Notice of Termination is thereafter given by the Bank to the Executive, the Executive shall not have returned to the full-time performance of the Executive’s duties.

     “Good Reason” shall mean the occurrence of any of the following events during the period beginning with the execution of a definitive agreement regarding a Reorganization and ending twelve (12) months after the effective date of such Reorganization:

     (i) (1) a material diminution in the Executive’s base compensation as in effect immediately prior to the beginning of the period or as the same may be increased from time to time thereafter, (2) a material diminution in the Executive’s authority, duties or responsibilities as in effect immediately prior to the beginning of the period, or (3) a material diminution in the authority, duties or responsibilities of the officer (as in effect immediately prior to the beginning of the period) to whom the Executive is required to report,

     (ii) any material breach of this Agreement by the Bank, or

     (iii) any material change in the geographic location at which the Executive must perform his services for the Bank;

provided, however, that prior to any termination of employment for Good Reason, the Executive must first provide written notice to the Bank within ninety (90) days of the initial existence of the condition, describing the existence of such condition, and the Bank shall thereafter have the right to remedy the condition within thirty (30) days of the date the Bank received the written notice from the Executive. If the Bank remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Bank does not remedy the condition within such thirty (30) day cure period, then the Executive may deliver a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure period.

     “Notice of Termination” shall mean a written notice which shall indicate those specific termination provisions in this Agreement upon which the Bank or the Executive, as the case may be, has relied for such termination and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.

     “Payment Determination Date” shall have the meaning set forth in Section 2(b).

     “Reorganization” of the Bank shall mean the occurrence at any time of any of the following events:

     (i) The Bank is merged or consolidated with or reorganized into or with another bank or other entity, or another bank or other entity is merged or consolidated into the Bank;

     (ii) The Bank sells or transfers all, or substantially all of its business and/or assets to another bank or other entity; or

     (iii) The liquidation or dissolution of the Bank;

provided the term “Reorganization” shall not include any Reorganization pursuant to any federal statute, rule, regulation or directive (including 12 U.S.C. §4501 et. seq. as amended).

     “Release Agreement” shall mean the Bank’s standard release of claims agreement executed by the Bank and the Executive under which the Executive releases the Bank from claims arising during the Executive’s employment with the Bank.

     “Retirement” shall mean the planned and voluntary termination by the Executive of his employment on or after reaching the earliest retirement age permitted by the Bank’s qualified retirement plans.

     2. Compensated Termination.

     (a) Compensated Termination. If the Executive incurs a Compensated Termination while the Executive is employed by the Bank or within twelve (12) months after the effective date of a Reorganization of the Bank (whether the Executive is then employed by the Bank or a successor to the Bank as a result of such Reorganization), the Executive shall be entitled to the benefits provided in Section 4(a). For purposes of this Agreement, a “Compensated Termination” means termination of the Executive’s employment under either of the following circumstances:

     (i) By the Executive for Good Reason; or

     (ii) By the Bank, or by its successor in a Reorganization, without Cause at any time during the period (1) beginning with the execution of a definitive agreement regarding a Reorganization and (2) ending twelve (12) months after the effective date of such Reorganization.

     (b) Payment Determination Date. “Payment Determination Date,” for purposes of determining when a payment resulting from a Compensated Termination must be made pursuant to Section 4(a), shall mean the effective date of the termination of the Executive’s employment with the Bank if such termination is a “Compensated Termination.”

     (c) Non-Compensated Termination. For the avoidance of doubt, none of the following events shall result in any payment to the Executive for a Compensated Termination under Section 4(a):

     (i) The termination of employment by the Executive without Good Reason;

     (ii) The termination of the Executive’s employment for Cause by the Bank or its successor in a Reorganization;

     (iii) The termination of the Executive’s employment Without Cause by the Bank or its successor in a Reorganization (1) prior to the execution of a definitive agreement regarding a Reorganization or (2) more than twelve (12) months after the effective date of such Reorganization;

     (iv) The termination of the Executive’s employment by the Bank or its successor in a Reorganization for Disability;

     (v) The death of the Executive; or

     (vi) The Retirement of the Executive.

3. Termination of Employment.

     (a) Termination by the Bank. The Bank may terminate the employment of the Executive as follows:

     (i) For Cause upon the adoption of a resolution by the affirmative vote of not less than a majority of the entire membership of the Bank’s Board of Directors at a meeting of the Board (after reasonable notice to the Executive and an opportunity for the Executive, together with counsel, to be heard by the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct set forth in the definition of “Cause” in Section 1 hereof and specifying the particulars thereof in detail. A vote of the Board is not required if the Executive is removed by or at the direction of the Federal Housing Finance Agency pursuant to federal laws, rules and regulations, including 12 U.S.C. §4501 et. seq. as amended;

     (ii) Without Cause;

     (iii) Upon the Disability of the Executive; and

     (iv) Upon the death of the Executive.

     (b) Termination by Executive. The Executive may terminate his employment with the Bank as follows:

     (i) For Good Reason;

     (ii) Without Good Reason; or

     (iii) Upon the Executive’s Retirement, in which case the Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which the Executive is a party.

     (c) Preservation of Compensated Termination. The provisions of Sections 3(a) and 3(b) are included in this Agreement for clarification of the rights of termination of the employment relationship between the Bank and the Executive, but such provisions shall not prejudice the Executive’s right to receive payments or benefits required to be provided to the Executive if any such termination is a “Compensated Termination.”

     (d) Notice of Termination.

     (i) Any termination by the Bank for Disability or Cause shall be communicated by a Notice of Termination; provided, however, that the failure by the Bank to give notice in such circumstances shall not constitute a Compensated Termination.

     (ii) Any termination by the Bank without Cause or by the Executive without Good Reason shall be communicated to the other party in accordance with the general notice provisions of this Agreement.

4. Payment for Compensated Termination.

     (a) In the event of a Compensated Termination, the Bank shall pay or provide the Executive the following:

     (i) an amount equal to 2.00 times the annualized base salary of the Executive in the calendar year of separation from the Bank; plus

     (ii) an amount equal to 2.00 times the payout award the Executive could have received at target in the calendar year of separation from the Bank under the variable incentive compensation plan; plus

     (iii) twelve months of individualized executive outplacement services commencing on the day of the Executive’s separation from the Bank.

The amounts provided under Sections 4(a)(i) and 4(a)(ii) above shall be distributed to the Executive in a lump sum, with the lump sum payment being made within forty-five (45) days of the Payment Determination Date. The Bank shall directly pay the cost of the outplacement benefit provided for in 4(a)(iii) above; provided, that, the Executive must submit to the Bank a valid claim substantiating the expense within 45 days of incurring the expense. Each reimbursement will be paid within 30 days following the Bank’s receipt of a valid claim substantiating the expense, and in any event shall be paid no later than March 15^th of the year immediately following the year in which the expenses were incurred.

     (b) Notwithstanding Section 4(a), if the Bank is not in compliance with any applicable regulatory capital or regulatory leverage requirement or if the payment would cause

the Bank to fall below applicable regulatory requirements, then such payment shall be deferred until such time as the Bank or any successor achieves compliance with its regulatory requirement.

     (c) After a Compensated Termination, the Executive shall continue to be covered by the Bank’s applicable medical insurance plan consistent with the Executive’s elections then in effect immediately prior to the Compensated Termination for a period of eighteen (18) months, subject to the Executive’s payment of the portion of the premiums for such medical insurance equivalent to the portion of such premiums paid by the Bank’s then active employees; provided that any insurance premiums payable by the Bank or any successor pursuant to this Section 4 shall be payable at such times and in such amounts as if the Executive was still an employee of the Bank, subject to any increases in such amounts imposed by the insurance company or COBRA, and the amount of insurance premiums required to be paid by the Bank in any other taxable year.

     (d) The Executive shall be responsible for the payment of all federal, state and local income taxes which may be due with respect to any payments made to the Executive pursuant to this Agreement.

     (e) The Executive shall be required to execute the Bank’s standard Release Agreement as a condition precedent to receiving the payments stated herein.

5. No Obligation to Seek Further Employment; No Effect on Other Contractual Rights.

     (a) The Executive shall not be required to seek other employment, nor shall any payment made under this Agreement be reduced by any compensation received from other employment.

     (b) The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under any plan.

6. Successor to the Bank.

     (a) This Agreement is binding upon the successors and assigns of the Bank. The Bank and its successors and assigns will require any successor or assign (whether direct or indirect, in a Reorganization, by operation of law, or otherwise) to all or substantially all of the business and/or assets of the Bank, to enter into a written agreement in form and substance satisfactory to the Executive, expressly, absolutely and unconditionally to assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to perform it if no such succession or assignment had taken place. In the event of a Compensated Termination, the Bank agrees that it shall pay or shall cause such employer to pay any amounts owed to the Executive pursuant to Section 4 hereof.

     As used in this Agreement, “Bank” shall mean the Bank as hereinbefore defined and any successor or assign to its business and/or assets as aforesaid which executes and delivers the

agreement provided for in this Section 6 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. If at any time during the term of this Agreement the Executive is employed by any corporation a majority of the voting securities of which is then owned by the Bank, the term “Bank” shall include such employer. Whether or not another entity becomes the successor or assign of the Bank under this Agreement, the maximum amount which the Executive may receive from all sources under this Agreement in a Compensated Termination shall be the amounts set forth in Section 4 hereof.

     (b) This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, and legatees. If the Executive should die while any amounts are still payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the beneficiary designated by notice in writing executed by the Executive and filed with the Bank, or failing such designation, to the Executive’s estate.

7. Late Payment of Benefits. Any payment made later than the time provided for in Section 4(a) of this Agreement for whatever reason, including, without limitation, the reasons set forth in Section 4(b), shall include interest at the Fed funds rate which shall begin to accrue on the tenth (10th) day following the Executive’s Payment Determination Date.

8. Employment Rights. This Agreement shall not confer upon the Executive any right to continue in the employ of the Bank and shall not in any way affect the right of the Bank to dismiss or otherwise terminate the Executive’s employment at any time and for any reason with or without cause. This Agreement is not intended (i) to be an employment agreement or (ii) to define all aspects of the employment relationship between the Bank and the Executive, including but not limited to applicable employment or benefit policies of the Bank. To the extent there is any conflict between the terms hereof and the terms of any employment or benefit policies of the Bank, the terms of this Agreement shall control. Any payments or benefits to which the Executive may be entitled under Section 4 hereof will not constitute wages for work performed by the Executive.

9. Tax Withholding. The Bank will withhold from any amounts payable to the Executive under this Agreement to satisfy all applicable federal, state, local or other withholding taxes. All amounts payable under Section 4(a) are considered “wages” to be reported on Form W-2. The normal withholding rules for wages apply. The Bank will also withhold any excise taxes owed under Code Section 4999.

10. Notice. For purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand, delivered by a nationally-recognized overnight courier service, or mailed by United States registered mail, return receipt requested, postage prepaid, as follows:

     If to the Bank:

Federal Home Loan Bank of Pittsburgh
601 Grant Street
Pittsburgh, PA 15219
Attention: Chair of the Board of Directors

With a copy to the President

     If to the Executive:

                                        
601 Grant Street
Pittsburgh, PA 15219

or such other address as either party may have furnished to the other in writing in accordance herewith. Any notice shall be effective upon receipt.

11. Legal Fees and Expenses. The Bank shall pay all reasonable legal fees and expenses which the Executive may incur as a result of the Bank’s contesting in bad faith the validity or enforceability of this Agreement or the calculation of amounts payable hereunder with the fees and expenses to be paid promptly by the Bank and in any event no later than March 15^th of the year immediately following the year in which such fees and expenses were incurred.

12. Term. This Agreement shall remain in effect until terminated by the Board of Directors of the Bank by formal resolution of the Board; provided, however, that any such termination shall not be effective until three years after the date of such formal Board action; and provided further, that if a definitive agreement of Reorganization is executed by the Bank during such three year period, then any such termination shall not become effective until 12 months after the effective date of the Reorganization (or such longer period until all payments and benefits, if any, under this Agreement have been paid or satisfied).

13. Arbitration.

     (a) Disputes regarding this Agreement are subject to arbitration and shall be settled by binding arbitration administered by the American Arbitration Association (“AAA”) in accordance with its “Employment Arbitration Rules and Mediation Procedures” and successor rules as may be in effect from time to time (referred to herein as the “Rules”) for individual employment agreements. The arbitration shall be heard and determined by a panel of three (3) arbitrators, with one selected by the Bank, one selected by the Executive and one selected by the AAA, and each such arbitrator shall be an attorney having experience and familiarity with employment disputes. The arbitration proceeding shall occur in the Pittsburgh, Pennsylvania metropolitan area. The costs of arbitration for each party and the arbitrators’ fees shall be allocated in accordance with the above-referenced AAA Rules. The arbitration and all related proceedings and discovery shall take place pursuant to a protective order entered by the

arbitrators that adequately protects the confidential nature of the parties’ confidential information. In no event shall any arbitration award provide a remedy beyond those permitted under this Agreement, and any award providing a remedy beyond those permitted under this Agreement shall not be confirmed, no presumption of validity shall attach, and such award shall be vacated.

     (b) If within thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute exists concerning the Termination, the parties shall promptly proceed to arbitration as provided in (a) above. Notwithstanding the pendency of any such dispute, the Bank shall continue to pay the Executive his base salary and provide such other compensation and benefits, all as in effect immediately prior to the Notice of Termination. If it is determined that the Executive is not entitled to any compensation under Section 4 of this Agreement, the Executive shall return all cash amounts to the Bank promptly following the date of resolution by arbitration, with interest thereon commencing as of the date of the resolution of the dispute by arbitration at the prime rate of interest as published by the Wall Street Journal from time to time. Any cash amounts paid to the Executive pending the resolution of the dispute by arbitration shall offset any amounts determined to be due to the Executive under Section 4.

14. Miscellaneous.

     (a) No Modification. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the party or parties hereto to be bound.

     (b) No Waiver. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

     (c) Entire Agreement. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement.

     (d) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania (excluding conflicts of laws principles), except to the extent such law is preempted by the laws of the United States.

     (e) Pleadings. Section or paragraph headings contained herein are for convenience of reference only and are not to be considered a part of this Agreement.

     (f) Validity. The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

     (g) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

     IN WITNESS WHEREOF, this Agreement is executed as of the date first above written and is effective as of the ___day of                    , 2009.

THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES

				FEDERAL HOME LOAN BANK OF
THE EXECUTIVE:				PITTSBURGH:
				By:
						Chair, Board of Directors
				By:
						Chair, Human Resources Committee
						of the Board of Directors

Exhibit B

Indemnification Agreement

This Indemnification Agreement (“Agreement”) is made and entered into as of this                      day of                     , 2009 by and between                                         (“Officer”) and the Federal Home Loan Bank of Pittsburgh (“Bank”).

WHEREAS, the Board of Directors of the Bank (the “Board”) has determined that it is reasonable, prudent, and necessary for the Bank contractually to obligate itself to indemnify the Officer in order to induce the Officer to serve or continue to serve the Bank as an officer as well as to induce the Officer to serve or continue to serve to the extent applicable, as an officer, director, trustee, employee, member or agent of another corporation, partnership, joint venture, trust, council, advisory committee or other enterprise (including employee benefit plans) or other official of organizations with which the Bank may have a contractual or other relationship, free from undue concern that he will not be so indemnified; and

WHEREAS, Article VII of the Bank’s Bylaws contractually obligates the Bank to indemnify current and former officers and directors of the Bank in connection with their service for the Bank and service, as applicable, as an officer, director, trustee, member or agent of another corporation, partnership, joint venture, trust, council, advisory committee or other enterprise (including employee benefit plans) on behalf of or for the benefit of the Bank; and

WHEREAS, the Officer is willing to serve, to continue to serve, and take on additional service for, or on behalf of, the Bank on the condition that he be so indemnified as set forth herein.

NOW, THEREFORE, in consideration of the promises and the covenants in this Agreement, and intending to be legally bound, the Bank and the Officer do hereby covenant and agree as follows:

1.		Recitals. The recitals set forth above are acknowledged by the parties to this Agreement to be true and correct and are incorporated in this Agreement by this reference.
2.		Contractual Indemnification Obligations. The parties expressly agree that the Bank’s indemnification obligations to Officer as set forth in the Bank’s Bylaws are contractual and that such obligations may not be terminated or amended without the prior written consent of the Bank and the Officer.

IN WITNESS WHEREOF, and intending to be legally bound hereby the parties have executed this Agreement as of the date first above written.