EXHIBIT 10.1


 


AMENDMENT TO SEVERANCE AGREEMENT AND GENERAL
RELEASE


 


This is a an amendment to the Severance Agreement and
General Release  by and between Michael
A. Jessee (“Mr. Jessee”)  and
Federal Home Loan Bank of Boston (“FHLBB” or “the Employer”), dated December 31,
2008 (“the Agreement”), and is made pursuant to paragraph 14 of the
Agreement.  The Agreement and the
Amendment shall be referred to as “the Amended Agreement.”


 


As a result of an order issued by the Federal Housing
Finance Agency, James B. Lockhart III, Director, on April 28, 2009
regarding the amount of severance and benefits that FHLBB is permitted to pay Mr. Jessee,
the Agreement is hereby modified as set forth below.   All other terms of the Agreement remain in
full force and effect.


 


1.               Paragraph 8(c) is hereby amended as
follows:


 


During the twelve (12)
months from May 1, 2009 through April 30, 2010 (the “severance pay
period”), FHLBB shall provide Mr. Jessee with salary continuation at his
current base rate of pay.  The severance
payments shall be paid through FHLBB’s normal payroll, minus normal deductions
for taxes.  Should Mr. Jessee die
during the severance pay period, all unpaid amounts shall be paid to his
estate.  Mr. Jessee shall not accrue
any benefits during the severance pay period.


 


2.             Paragraph
8(e) is stricken from the Agreement. 
Mr. Jessee is not eligible for a 2008 bonus and was not paid a 2008
bonus.


 


3.             In accordance with paragraph 15 of
the Agreement, Mr. Jessee has up to 21 days to consider the Amended
Agreement before executing it, although he has the right to take less time
should he choose to do so.  Mr. Jessee
also has the right to revoke the Amended Agreement within seven (7) days
after executing this Amended Agreement, the Workers Compensation Statement
(attached as Exhibit B to the Agreement), and the General Release
(attached as Exhibit C to the Agreement). Any such revocation must be in
writing and written notice shall be provided to Ellen McLaughlin, Sr. Vice
President and General Counsel, Federal Home Loan 


 

















 


Bank Boston.  The Amended Agreement, including the Workers
Compensation Statement and General Release, shall not become effective or
enforceable until the expiration of the revocation period, and no payments or
actions called for by FHLBB under the Amended Agreement shall be made until the
expiration of such revocation period.


 


4.             If any provision of this Amended
Agreement, or any portion thereof, is found to be invalid, illegal, or
unenforceable under any applicable statute, administrative order, or rule of
law, then such provision or portion therefore shall be deemed omitted, and the
validity, legality and enforceability of the remaining provisions of this
Amended Agreement shall not in any way be affected or impaired.


 


	
   

  	
   

  	
  Federal Home Loan Bank of
  Boston

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Michael A. Jessee

  	
   

  	
  /s/ Jan Miller

  
	
  Michael A. Jessee

  	
   

  	
  Jan Miller, Chairman of
  the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: April 30, 2009

  	
   

  	
  Date: April 30, 2009

  



 


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