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<TITLE> Federal Home Loan Bank of Topeka (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	December 19, 2014
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	Federal Home Loan Bank of Topeka
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Federally Chartered Corporation
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	000-52004
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	48-0561319
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	One Security Benefit Pl. Suite 100, Topeka, Kansas
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	&nbsp;
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	66606
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	&nbsp;
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	785.233.0507
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.</B>
</FONT>

<P align="left" style="font-size: 11pt"><U>Executive Incentive Compensation Plan</U>
<BR>
On December&nbsp;19, 2014, the Board of Directors (Board) of the Federal Home Loan Bank of Topeka
(FHLBank), subject to the authority of the Director of the Federal Housing Finance Agency (Finance
Agency) to prohibit compensation that is not reasonable and comparable to compensation paid to
executives at other similar businesses (including other publicly held financial institutions or
major financial services companies), adopted revisions to FHLBank&#146;s Executive Incentive
Compensation Plan (EICP). The EICP, which initially became effective on January&nbsp;1, 2012, is a
cash-based annual incentive plan with a long-term deferral component that establishes individual
incentive compensation award opportunities related to achievement of performance objectives by
FHLBank and by Participants during Performance Periods. The EICP provides eligible key employees
(Participants) the opportunity to earn incentive compensation awards based on the FHLBank&#146;s
achievement of certain financial goals established by the Board. All capitalized terms used in this
Item&nbsp;5.02 disclosure pertaining to the EICP that are not otherwise defined shall have the meaning
attributed to such term in the EICP. For more information regarding the EICP, see &#147;Item&nbsp;11 &#150;
Executive Compensation&#148; of FHLBank&#146;s 2013 Form 10-K.


<P align="left" style="font-size: 11pt">The purpose of the EICP is to promote the long-term growth and profitability of FHLBank in
accordance with the achievement of its long-term strategic objectives and mission; promote the
mission and financial performance of FHLBank by providing incentives to key employees for
accomplishing annual goals; promote key employee loyalty and dedication to FHLBank and its
strategic objectives by rewarding performance that facilitates the growth and financial stability
and success of FHLBank; and enhance FHLBank&#146;s capacity to attract, retain, and motivate key
employees by offering competitive short-term and long-term total incentive compensation
opportunities.


<P align="left" style="font-size: 11pt">The amendments to the EICP primarily revise the definition of the term Retirement and update and
clarify the vesting of the Total Base Opportunity and the Deferred Incentive. The definition of the
term Retirement is revised to mean when a Participant meets one of the following criteria: (1)&nbsp;55
years of age or older with at least 10&nbsp;years of service; (2)&nbsp;60&nbsp;years of age or older with at least
5&nbsp;years of service; (3)&nbsp;65&nbsp;years of age or older regardless of service; or (4)&nbsp;the combination of
the Participant&#146;s age and years of service equals or exceeds 80; provided that, in each case, the
Participant enters into a non-solicitation agreement in the form required by FHLBank. Section&nbsp;10.3
of the EICP has also been revised to clarify how and when a Participant may receive compensation
under the EICP following certain types of termination of employment. In the event of death,
Disability, Retirement, or termination without Cause, the Participant will receive a prorated
portion of the Total Base Opportunity for the period of time the Participant participated in the
EICP. Upon such a termination, the Cash Incentive shall be paid following the end of the Base
Performance Period and the Deferred Incentive shall be paid as set forth in 10.3(b). In the event
of death or Disability, 10.3(b) provides that the Participant&#146;s Deferred Incentive shall be
immediately 100% vested at the Target Performance Measure and will be paid to the Participant or
his or her beneficiary following the end of the year in which the death or Disability occurred. In
the event of Retirement or termination without Cause, 10.3(b) provides that the Participant&#146;s
Deferred Incentive will be paid to the Participant or his or her beneficiary based on the
Performance Measure achieved at the end of each Deferral Performance Period. Finally, the EICP
clarifies that the foregoing revisions control and apply to all outstanding Deferred Incentives
under the EICP.


<P align="left" style="font-size: 11pt">A copy of the EICP is attached hereto as Exhibit&nbsp;10.1 and is incorporated herein by reference.


<P align="left" style="font-size: 11pt"><U>EICP Targets</U>
<BR>
In addition to the revisions to the EICP, on December&nbsp;19, 2014, the Board adopted Performance
Measures pursuant to the EICP for the 2015 Base Performance Period and the 2016-2018 Deferral
Performance Period (the Target Document), subject to the authority of the Director of the Finance
Agency to prohibit compensation that is not reasonable and comparable to compensation paid to
executives at other similar businesses (including other publicly held financial institutions or
major financial services companies). The EICP establishes two performance periods. Participants may
earn a Cash Incentive during the Base Performance Period and may also earn a Deferred Incentive
during the Deferral Performance Period. For each Base Performance Period, the Board presents a
Total Base Opportunity to Participants. The Total Base Opportunity is equal to a percentage of a
Participant&#146;s salary at the beginning of the Base Performance Period that will be provisionally
awarded to a Participant as incentive compensation for achieving performance levels under each
Performance Measure during the Base Performance Period.


<P align="left" style="font-size: 11pt">Annually, the Board is responsible for establishing Performance Measures by approving a Target
Document that sets forth the Total Base Opportunity, Performance Measures, and other applicable
terms and conditions for the operation of the EICP. The Target Document defines three achievement
levels for each Performance Measure: Threshold, Target and Optimum. Performance between
Threshold-Target and Target-Optimum must be calculated by linear interpolation.


<P align="left" style="font-size: 11pt">Eligibility for the EICP is limited to a select group of key management or other highly-compensated
employees. The Target Document establishes three levels of participation by Participants based on
the Participant&#146;s position and responsibility as set forth in the Target Document. The Total Base
Opportunity for the three levels of participation is as follows:

<DIV align="center">
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<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Participant</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Total Base Opportunity</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Threshold</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Target</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Optimum</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">CEO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Level 2</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">COO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Level 3</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">CRO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">General Counsel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">CAO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
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</DIV>


<P align="left" style="font-size: 11pt">In the event FHLBank&#146;s performance during the Base Performance Period results in the achievement of
a Total Base Opportunity that exceeds 100% of a Participant&#146;s base salary at the start of the Base
Performance Period, the Target Document provides that the Total Base Opportunity shall be capped at
100% of the Participant&#146;s base salary.


<P align="left" style="font-size: 11pt">The Target Document establishes separate metrics for the Base Performance Period Metrics and the
Deferral Performance Period Metrics. The Base Performance Period Metrics are measured by the
results achieved in attaining specified performance levels in the following six areas:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Adjusted Return Spread on Regulatory Total Capital</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net Income after Capital Charge</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retained Earnings</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Core Mission Assets (CMA)&nbsp;Ratio</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risk Management &#150; Market, Credit and Liquidity</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risk Management &#150; Compliance, Business and Operations</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">The targets are measured by the results achieved in attaining specified performance levels in the
six areas, which are weighted as follows for each of the Participants:

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Chief Executive</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">General Counsel /</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Officer/Chief</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Chief Accounting</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Objective</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Operating Officer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Chief Risk Officer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Officer</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1. Adjusted Return Spread on<BR>
Regulatory Total Capital
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">20%<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">10%<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">15%<BR>
<BR>
</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2. Net Income after Capital Charge
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3. Retained Earnings
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4. CMA Ratio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5. Risk Management- Market, Credit,<BR>
Liquidity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">20%<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">25%<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">25%<BR>
<BR>
</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6. Risk Management- Compliance,<BR>
Business, Operations
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">20%<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">25%<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">25%<BR>
<BR>
</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Total</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt">The Deferral Performance Period is the three-year period over which FHLBank&#146;s performance is
measured based on parameters set forth in the Target Document and during which a Deferred Incentive
can be earned. The Deferred Incentive means 50% of the Total Base Opportunity, which shall be
deferred for the Deferral Performance Period and is subject to adjustment based upon the extent of
achievement of the Performance Measures during the Deferral Performance Period. The Deferral
Performance Period Metrics are measured by evaluating the following:

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Minimum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Threshold</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Optimum</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Total Return</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>&#062;9/12 vs FHLBanks</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>9/12 vs FHLBanks</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>6/12 vs FHLBanks</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>&#060;=2/12 FHLBanks</I></B></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deferred Incentive
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Performance Measure Percentage
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;0%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">75%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">125%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Weighting
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dollar Value (Deferred Incentive x Performance Measure Percentage<BR>
x Weight)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Market Value of Equity (MVE) / Total Regulatory Capital Stock<BR>
(TRCS)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<B><I>&#062;9/12 vs FHLBanks</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<B><I>9/12 vs FHLBanks</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<B><I>6/12 vs FHLBanks</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<B><I>&#060;=2/12 vs FHLBanks</I></B></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deferred Incentive
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Performance Measure Percentage
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">75%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">125%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Weighting
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;0.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dollar Value (Deferred Incentive x Performance Measure Percentage<BR>
x Weight)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Final Deferred Incentive Award </B>(Dollar value for Total Return &#043;<BR>
Dollar Value for MVE/TRCS)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 11pt">Total awards payable under the EICP are not determinable at this time.


<P align="left" style="font-size: 11pt">A copy of the Target Document is attached hereto as Exhibit&nbsp;10.2 and is incorporated herein by
reference.


<P align="left" style="font-size: 11pt"><U>Benefit Equalization Plan</U>
<BR>
Also on December&nbsp;19, 2014, the Board, subject to the authority of the Director of the Finance
Agency to prohibit compensation that is not reasonable and comparable to compensation paid to
executives at other similar businesses (including other publicly held financial institutions or
major financial services companies), adopted amendments to FHLBank&#146;s Benefit Equalization Plan
(BEP). The BEP is a non-qualified supplemental executive retirement plan that permits Named
Executive Officers and other participants in the BEP (referred to as Members) to defer compensation
and to receive matching contributions and pension accruals that would otherwise have been made or
accrued under FHLBank&#146;s qualified 401(k) plan and defined benefit pension plan but for the
limitations imposed by the Internal Revenue Code. The revisions to the BEP more clearly distinguish
between the Pension Benefit and the Thrift Benefit. Specifically, the revisions allow Members to
elect different forms of payment for the Pension Benefit than elected for the Thrift Benefit. The
amendments also revise the optional forms of payment that may be elected under the Thrift Benefit.
Members may choose to receive their Thrift Benefit in a lump sum, in equal payments over a number
of years chosen by the Member, not to exceed seven years, or as any optional form of payment
permitted under the Comprehensive Retirement Program of the Financial Institutions Retirement Fund.


<P align="left" style="font-size: 11pt">A copy of the BEP is attached hereto as Exhibit&nbsp;10.3 and is incorporated herein by reference.


<P align="left" style="font-size: 11pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
<BR>
(d)&nbsp;Exhibits
<BR>
10.1 Executive Incentive Compensation Plan, dated December&nbsp;19, 2014.
<BR>
10.2 Executive Incentive Compensation Plan Targets, dated December&nbsp;19, 2014.
<BR>
10.3 Benefit Equalization Plan, dated December&nbsp;19, 2014.



<P align="center" style="font-size: 10pt; display: none">




<!-- v.121908 -->

<!-- PageBreak START -->
<P>
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<DIV ALIGN="LEFT" STYLE="PAGE-BREAK-BEFORE:ALWAYS">
<A HREF="#DOCUMENT_TOP">
<U>
<B>
<FONT SIZE="2">Top of the Form</FONT>
</B>
</U>
</A>
</DIV>
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<P ALIGN="CENTER">
<FONT SIZE="2">
<B>
	SIGNATURES
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
	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.
</FONT>
</P>
<!-- SignatureHeader END --><!-- Signature START -->
<CENTER>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
<TR VALIGN="BOTTOM">
<TD WIDTH="19%">
	&nbsp;
</TD>
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	&nbsp;
</TD>
<TD WIDTH="3%">
	&nbsp;
</TD>
<TD WIDTH="1%">
	&nbsp;
</TD>
<TD WIDTH="43%">
	&nbsp;
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP">
<FONT SIZE="2">
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</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
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<TD COLSPAN="3" VALIGN="TOP" ALIGN="LEFT">
<FONT SIZE="2">
	Federal Home Loan Bank of Topeka
</FONT>
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	&nbsp;&nbsp;
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	December 23, 2014
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	By:
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	/s/ Patrick C. Doran
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	Name: Patrick C. Doran
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	Title: SVP, General Counsel
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	10.1
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Executive Incentive Compensation Plan, dated December 19, 2014.
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	10.2
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Executive Incentive Compensation Plan Targets, dated December 19, 2014.
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	10.3
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Benefit Equalization Plan, dated December 19, 2014.
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[{"type": "8-K", "sequence": "1", "filename": "htm_51034.htm", "description": "LIVE FILING", "secsgml_size_bytes": 46802}]
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Federal Home Loan Bank of Topeka (Form: 8-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
December 19, 2014
Federal Home Loan Bank of Topeka
__________________________________________
(Exact name of registrant as specified in its charter)
Federally Chartered Corporation
000-52004
48-0561319
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
One Security Benefit Pl. Suite 100, Topeka, Kansas
66606
_________________________________
(Address of principal executive offices)
___________
(Zip Code)
Registrant's telephone number, including area code:
785.233.0507
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Top of the Form
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
Executive Incentive Compensation Plan
On December 19, 2014, the Board of Directors (Board) of the Federal Home Loan Bank of Topeka
(FHLBank), subject to the authority of the Director of the Federal Housing Finance Agency (Finance
Agency) to prohibit compensation that is not reasonable and comparable to compensation paid to
executives at other similar businesses (including other publicly held financial institutions or
major financial services companies), adopted revisions to FHLBank's Executive Incentive
Compensation Plan (EICP). The EICP, which initially became effective on January 1, 2012, is a
cash-based annual incentive plan with a long-term deferral component that establishes individual
incentive compensation award opportunities related to achievement of performance objectives by
FHLBank and by Participants during Performance Periods. The EICP provides eligible key employees
(Participants) the opportunity to earn incentive compensation awards based on the FHLBank's
achievement of certain financial goals established by the Board. All capitalized terms used in this
Item 5.02 disclosure pertaining to the EICP that are not otherwise defined shall have the meaning
attributed to such term in the EICP. For more information regarding the EICP, see "Item 11 –
Executive Compensation" of FHLBank's 2013 Form 10-K.
The purpose of the EICP is to promote the long-term growth and profitability of FHLBank in
accordance with the achievement of its long-term strategic objectives and mission; promote the
mission and financial performance of FHLBank by providing incentives to key employees for
accomplishing annual goals; promote key employee loyalty and dedication to FHLBank and its
strategic objectives by rewarding performance that facilitates the growth and financial stability
and success of FHLBank; and enhance FHLBank's capacity to attract, retain, and motivate key
employees by offering competitive short-term and long-term total incentive compensation
opportunities.
The amendments to the EICP primarily revise the definition of the term Retirement and update and
clarify the vesting of the Total Base Opportunity and the Deferred Incentive. The definition of the
term Retirement is revised to mean when a Participant meets one of the following criteria: (1) 55
years of age or older with at least 10 years of service; (2) 60 years of age or older with at least
5 years of service; (3) 65 years of age or older regardless of service; or (4) the combination of
the Participant's age and years of service equals or exceeds 80; provided that, in each case, the
Participant enters into a non-solicitation agreement in the form required by FHLBank. Section 10.3
of the EICP has also been revised to clarify how and when a Participant may receive compensation
under the EICP following certain types of termination of employment. In the event of death,
Disability, Retirement, or termination without Cause, the Participant will receive a prorated
portion of the Total Base Opportunity for the period of time the Participant participated in the
EICP. Upon such a termination, the Cash Incentive shall be paid following the end of the Base
Performance Period and the Deferred Incentive shall be paid as set forth in 10.3(b). In the event
of death or Disability, 10.3(b) provides that the Participant's Deferred Incentive shall be
immediately 100% vested at the Target Performance Measure and will be paid to the Participant or
his or her beneficiary following the end of the year in which the death or Disability occurred. In
the event of Retirement or termination without Cause, 10.3(b) provides that the Participant's
Deferred Incentive will be paid to the Participant or his or her beneficiary based on the
Performance Measure achieved at the end of each Deferral Performance Period. Finally, the EICP
clarifies that the foregoing revisions control and apply to all outstanding Deferred Incentives
under the EICP.
A copy of the EICP is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
EICP Targets
In addition to the revisions to the EICP, on December 19, 2014, the Board adopted Performance
Measures pursuant to the EICP for the 2015 Base Performance Period and the 2016-2018 Deferral
Performance Period (the Target Document), subject to the authority of the Director of the Finance
Agency to prohibit compensation that is not reasonable and comparable to compensation paid to
executives at other similar businesses (including other publicly held financial institutions or
major financial services companies). The EICP establishes two performance periods. Participants may
earn a Cash Incentive during the Base Performance Period and may also earn a Deferred Incentive
during the Deferral Performance Period. For each Base Performance Period, the Board presents a
Total Base Opportunity to Participants. The Total Base Opportunity is equal to a percentage of a
Participant's salary at the beginning of the Base Performance Period that will be provisionally
awarded to a Participant as incentive compensation for achieving performance levels under each
Performance Measure during the Base Performance Period.
Annually, the Board is responsible for establishing Performance Measures by approving a Target
Document that sets forth the Total Base Opportunity, Performance Measures, and other applicable
terms and conditions for the operation of the EICP. The Target Document defines three achievement
levels for each Performance Measure: Threshold, Target and Optimum. Performance between
Threshold-Target and Target-Optimum must be calculated by linear interpolation.
Eligibility for the EICP is limited to a select group of key management or other highly-compensated
employees. The Target Document establishes three levels of participation by Participants based on
the Participant's position and responsibility as set forth in the Target Document. The Total Base
Opportunity for the three levels of participation is as follows:
Participant
Total Base Opportunity
Threshold
Target
Optimum
Level 1
CEO
40
80
120
Level 2
COO
32.5
65
97.5
Level 3
CRO
25
50
75
General Counsel
25
50
75
CAO
25
50
75
In the event FHLBank's performance during the Base Performance Period results in the achievement of
a Total Base Opportunity that exceeds 100% of a Participant's base salary at the start of the Base
Performance Period, the Target Document provides that the Total Base Opportunity shall be capped at
100% of the Participant's base salary.
The Target Document establishes separate metrics for the Base Performance Period Metrics and the
Deferral Performance Period Metrics. The Base Performance Period Metrics are measured by the
results achieved in attaining specified performance levels in the following six areas:
•
Adjusted Return Spread on Regulatory Total Capital
•
Net Income after Capital Charge
•
Retained Earnings
•
Core Mission Assets (CMA) Ratio
•
Risk Management – Market, Credit and Liquidity
•
Risk Management – Compliance, Business and Operations
The targets are measured by the results achieved in attaining specified performance levels in the
six areas, which are weighted as follows for each of the Participants:
Chief Executive
General Counsel /
Officer/Chief
Chief Accounting
Objective
Operating Officer
Chief Risk Officer
Officer
1. Adjusted Return Spread on
Regulatory Total Capital
20%
10%
15%
2. Net Income after Capital Charge
20
%
10
%
15
%
3. Retained Earnings
10
%
20
%
10
%
4. CMA Ratio
10
%
10
%
10
%
5. Risk Management- Market, Credit,
Liquidity
20%
25%
25%
6. Risk Management- Compliance,
Business, Operations
20%
25%
25%
Total
100
%
100
%
100
%
The Deferral Performance Period is the three-year period over which FHLBank's performance is
measured based on parameters set forth in the Target Document and during which a Deferred Incentive
can be earned. The Deferred Incentive means 50% of the Total Base Opportunity, which shall be
deferred for the Deferral Performance Period and is subject to adjustment based upon the extent of
achievement of the Performance Measures during the Deferral Performance Period. The Deferral
Performance Period Metrics are measured by evaluating the following:
Minimum
Threshold
Target
Optimum
Total Return
>9/12 vs FHLBanks
9/12 vs FHLBanks
6/12 vs FHLBanks
<=2/12 FHLBanks
Deferred Incentive
Performance Measure Percentage
0%
75%
100%
125%
Weighting
0.50
0.50
0.50
0.50
Dollar Value (Deferred Incentive x Performance Measure Percentage
x Weight)
$
$
$
$
Market Value of Equity (MVE) / Total Regulatory Capital Stock
(TRCS)
>9/12 vs FHLBanks
9/12 vs FHLBanks
6/12 vs FHLBanks
<=2/12 vs FHLBanks
Deferred Incentive
Performance Measure Percentage
0%
75%
100%
125%
Weighting
0.50
0.50
0.50
0.50
Dollar Value (Deferred Incentive x Performance Measure Percentage
x Weight)
$
$
$
$
Final Deferred Incentive Award
(Dollar value for Total Return +
Dollar Value for MVE/TRCS)
Total awards payable under the EICP are not determinable at this time.
A copy of the Target Document is attached hereto as Exhibit 10.2 and is incorporated herein by
reference.
Benefit Equalization Plan
Also on December 19, 2014, the Board, subject to the authority of the Director of the Finance
Agency to prohibit compensation that is not reasonable and comparable to compensation paid to
executives at other similar businesses (including other publicly held financial institutions or
major financial services companies), adopted amendments to FHLBank's Benefit Equalization Plan
(BEP). The BEP is a non-qualified supplemental executive retirement plan that permits Named
Executive Officers and other participants in the BEP (referred to as Members) to defer compensation
and to receive matching contributions and pension accruals that would otherwise have been made or
accrued under FHLBank's qualified 401(k) plan and defined benefit pension plan but for the
limitations imposed by the Internal Revenue Code. The revisions to the BEP more clearly distinguish
between the Pension Benefit and the Thrift Benefit. Specifically, the revisions allow Members to
elect different forms of payment for the Pension Benefit than elected for the Thrift Benefit. The
amendments also revise the optional forms of payment that may be elected under the Thrift Benefit.
Members may choose to receive their Thrift Benefit in a lump sum, in equal payments over a number
of years chosen by the Member, not to exceed seven years, or as any optional form of payment
permitted under the Comprehensive Retirement Program of the Financial Institutions Retirement Fund.
A copy of the BEP is attached hereto as Exhibit 10.3 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Executive Incentive Compensation Plan, dated December 19, 2014.
10.2 Executive Incentive Compensation Plan Targets, dated December 19, 2014.
10.3 Benefit Equalization Plan, dated December 19, 2014.
Top of the Form
SIGNATURES
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.
Federal Home Loan Bank of Topeka
December 23, 2014
By:
/s/ Patrick C. Doran
Name: Patrick C. Doran
Title: SVP, General Counsel
Top of the Form
Exhibit Index
Exhibit No.
Description
10.1
Executive Incentive Compensation Plan, dated December 19, 2014.
10.2
Executive Incentive Compensation Plan Targets, dated December 19, 2014.
10.3
Benefit Equalization Plan, dated December 19, 2014.