# EDGAR Filing Document

**Accession Number:** 0001331463
**File Stem:** 0001331463-25-000209
**Filing Date:** 2025-10
**Character Count:** 23147
**Document Hash:** 1984c64c82ee62d152f52aa1ef532419
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001331463-25-000209.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001331463-25-000209

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251024

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Federal Home Loan Bank of Boston
- **CENTRAL INDEX KEY:** 0001331463
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 046002575
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51402
- **FILM NUMBER:** 251432709

**BUSINESS ADDRESS:**
- **STREET 1:** 800 BOYLSTON STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-292-9600

**MAIL ADDRESS:**
- **STREET 1:** 800 BOYLSTON STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

?xml version='1.0' encoding='ASCII'? fhlbbost-20251024

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 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) October 24, 2025** 

**FEDERAL HOME LOAN BANK OF BOSTON** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Federally chartered corporation of the United States** | **000-51402** | **04-6002575** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

**800 Boylston Street** 

**Boston, MA 02199** 

**(Address of principal executive offices, including zip code)**

**(617) 292-9600** 

**(Registrant's telephone number, including area code)** 

**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 (see General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br>   

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*The Director Compensation Policy – 2026*

On October 24, 2025, the Board approved the Director Compensation Policy - 2026 (the 2026 Director Compensation Policy), pursuant to which the Bank expects to compensate its directors for 2026, including any newly elected Directors.

<u>Summary</u>. The 2026 Director Compensation Policy provides for fees paid for attendance at board and committee meetings and retainers paid in arrears at the end of each quarter. The policy provides for maximums on total director compensation and potential reduction based on attendance and performance.

<u>Attendance Fees</u>. The following table sets forth the attendance fees.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Per Board Meeting** | **Per Committee Meeting** | **Virtual Attendance** | **Maximum Attendance Fees** |
| Chair | &nbsp;&nbsp;$13680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | &nbsp;&nbsp;$110000 |
| Vice Chair | &nbsp;&nbsp;$11830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | &nbsp;&nbsp;$94700 |
| Audit, Human Resources & Compensation, and Risk Committee Chairs | &nbsp;&nbsp;$11420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | &nbsp;&nbsp;$91400 |
| Other Committee Chairs | &nbsp;&nbsp;$10770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | &nbsp;&nbsp;$86210 |
| Other Directors | &nbsp;&nbsp;$9710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | &nbsp;&nbsp;$82000 |

---

<u>Quarterly Retainers</u>. The following table sets forth the quarterly retainers.

---

| | | |
|:---|:---|:---|
| | **Quarterly Retainer** | **Annual Retainer** |
| Chair | &nbsp;&nbsp;$13750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55000 |
| Vice Chair | &nbsp;&nbsp;$11825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47300 |
| Audit, Human Resources & Compensation, and Risk Committee Chairs | &nbsp;&nbsp;$11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45600 |
| Other Committee Chairs | &nbsp;&nbsp;$11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44000 |
| Other Directors | &nbsp;&nbsp;$10250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41000 |

---

<u>Maximum Compensation</u>. The following table sets forth maximum director compensation.

---

| | | | |
|:---|:---|:---|:---|
| | **Maximum Attendance Fees** | **Maximum Retainer** | **Total Maximum Compensation** |
| Chair | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$110000 | &nbsp;&nbsp;&nbsp;$55000 | &nbsp;&nbsp;&nbsp;&nbsp;$165000 |
| Vice Chair | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94700 | &nbsp;&nbsp;&nbsp;$47300 | &nbsp;&nbsp;&nbsp;&nbsp;$142000 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| Audit, Human Resources & Compensation, and Risk Committee Chairs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91400 | &nbsp;&nbsp;&nbsp;$45600 | &nbsp;&nbsp;&nbsp;&nbsp;$137000 |
| Other Committee Chairs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86210 | &nbsp;&nbsp;&nbsp;$44000 | &nbsp;&nbsp;&nbsp;&nbsp;$130210 |
| Other Directors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$82000 | &nbsp;&nbsp;&nbsp;$41000 | &nbsp;&nbsp;&nbsp;&nbsp;$123000 |

---

The Bank will also pay/reimburse directors for reasonable expenses related to the directors' attendance at Board meetings.

<u>Reduction in Compensation Based on Attendance and Performance</u>. The Board may vote to reduce or eliminate a director's final quarterly retainer payment if (i) the director has not attended at least 75% of all regular and special meetings of the Board and the committees on which the director served during the year, or (ii) the Board determines the director has consistently demonstrated a lack of engagement and participation in meetings attended.

The foregoing description of the 2026 Director Compensation Policy is qualified in its entirety by reference to the copy of the 2026 Director Compensation Policy included herein as Exhibit 10.1 and incorporated herein by reference.

Directors are entitled to participate in the Bank's nonqualified, unfunded deferred compensation plan, under which each Bank director has the opportunity to defer all or a portion of the amount of his or her compensation.

**Item 9.01 Financial Statements and Exhibits**

<u>Exhibit Numbers</u>:

10.1 <u>[Director Compensation Policy](exhibit101-2026directorcom.htm)[– 2026](exhibit101-2026directorcom.htm)</u>\*

104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the inline XBRL document

\* Portions of exhibit have been omitted.

**Signature(s)**

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.

---

| | | |
|:---|:---|:---|
| Date: | October 30, 2025 | **Federal Home Loan Bank of Boston** |
|  |  | <u>By:/s/ Frank Nitkiewicz</u> |
|  |  | Frank Nitkiewicz |
|  |  | Executive Vice President, Chief Operating Officer and Chief Financial Officer |

---

## Exhibit 10.1

**Note: Certain identified information (marked with [^^^]) has been excluded from this exhibit because it is both not material and is the type that the Federal Home Loan Bank of Boston treats as private or confidential.**

**<u>DIRECTOR COMPENSATION POLICY - 2026</u>**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| I. | Purpose: | 1 |
| II. | Scope: | 1 |
| III. | Policy Statement: | 1 |
|  | A. Methodology | 1 |
|  | B. Board and Committee Meeting Fees | 1 |
|  | C. Quarterly Retainer | 2 |
|  | D. Maximum Compensation | 3 |
|  | E. Reduction in Compensation based on Attendance and Performance | 3 |
| IV. | Administration: | 3 |
|  | A. Roles and Responsibilities | 3 |
|  | B. Governance | 4 |
|  | C. Exception Management/Policy Interpretations | 4 |
| V. | Applicable Laws and Regulations: | 4 |
| VI. | Related Policies; Procedures: | 4 |
| VII. | Policy History Log: | 5 |

---

Director Compensation Policy October 24, 2025

------

**Director Compensation Policy - 2026**

I.**<u>Purpose:</u>**

The purpose of this Policy is to set forth the compensation to be paid to the Board of Directors of the Federal Home Loan Bank of Boston (the "Bank") in 2026. The Travel and Public Relations Policy and Director's Addendum to the Travel and Public Relations Policy set forth the circumstances under which the Bank will reimburse Directors for certain expenses incurred while on Bank business.

The goal of the Policy is to appropriately compensate the Directors for actual attendance and participation at the meetings of the Board of Directors and the committees of the Board and also for work performed on behalf of the Board of Directors and the Bank apart from such meetings.

II.**<u>Scope:</u>**

This Policy applies to all Directors of the Bank.

III.**<u>Policy Statement:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Methodology.**

After not increasing the maximum compensation paid for any board role since the beginning of 2024, the 2026 Director compensation set forth in this Policy, which represents an increase to the maximum compensation for the Chair, Vice Chair, Audit/Human Resources and Compensation (HR & Comp)/Risk Committee Chairs, other Committee Chairs, and all other Directors, capped, in each case, to be no greater than the maximum compensation paid in the FHLBank System for such respective board roles, was determined after considering the compensation paid to directors of other Federal Home Loan Banks, a comparative compensation study conducted by a third party with expertise in the compensation of directors, and other factors, including the Bank's condition, the time and expertise required to be an effective Bank director, and the level of compensation deemed necessary and appropriate to allow the Bank to recruit and retain highly qualified directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Board and Committee Meeting Fees.**

In order to compensate Directors for their time attending meetings, each Director who attends a meeting of the Board of Directors or a Board Committee shall be paid an attendance fee, based on the responsibilities of the Director as set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Per Board** <br>**Meeting** <sup>1</sup> | **Per Committee Meeting** <sup>1</sup>  | **Virtual Attendance** <sup>2</sup> | **Maximum Attendance Fees** |
| Chair | $13680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | $110000 |
| Vice Chair | $11830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | $94700 |
| Audit/HR & Comp/Risk Committee Chairs | $11420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | $91400 |
| Other Committee Chairs | $10770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | $86210 |
| Other Directors | $9710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2960 | $1770 | $82000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Director Compensation Policy 1 October 24, 2025

------

<sup>_______________________________________________</sup>

<sup>1</sup> Applies to attendance at all or part of (i) Board and Committee meetings scheduled to be held in person (including scheduled in-person meetings that are changed to virtual or hybrid meetings by the Board's Chair) and (ii) full virtual Board and Committee meetings scheduled for February and July 2026.

<sup>2</sup> Applies to all virtual meetings other than the full virtual meetings scheduled for February and July 2026, and to &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;virtual participation at in-person meetings for which a Director would be entitled to compensation if attending in person (other than virtual attendance at scheduled in-person meetings that are changed to virtual or hybrid by the Board's Chair).

<sup>_______________________________________________</sup>

Committee meeting attendance fees apply to all committee members, including *ex officio* members, who attend all or any part of any meeting of a committee of the Board. Directors will not be compensated for attendance at a meeting of a committee on which the Director is not a member.

Fees shall be paid per meeting. For example, if a Board meeting and committee meeting occur on the same day, a separate fee shall be payable for attendance at each meeting. Additionally, in the case of multi-day meetings, a separate fee shall be payable for each day's attendance.

In the event that inclement weather prevents the occurrence of a planned meeting of the Board or one of its committees, the Directors shall be entitled to receive the applicable meeting fee called for in the Policy, minus any fees received if an in-person meeting is changed to a virtual meeting by the Board's Chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Quarterly Retainer.**

In order to compensate Directors for their time while serving as Directors outside of normal Committee and Board meetings, Directors shall receive a quarterly retainer, payable in arrears at the end of each quarter. The retainer shall compensate Directors for their time preparing for meetings, attending Advisory Council meetings, attending Bank System meetings, Board training sessions, and member events, and other activities outside of normal Board and Board Committee meetings. The amount of the quarterly retainer varies depending on the responsibilities of the Director as set forth below:

Director Compensation Policy 2 October 24, 2025

------

---

| | | |
|:---|:---|:---|
| | **Quarterly Retainer** | **Annual Retainer** |
| Chair | $13750 | &nbsp;&nbsp;&nbsp;&nbsp;$55000 |
| Vice Chair | $11825 | &nbsp;&nbsp;&nbsp;&nbsp;$47300 |
| Audit/HR & Comp/Risk Committee Chairs | $11400 | &nbsp;&nbsp;&nbsp;&nbsp;$45600 |
| Other Committee Chairs | $11000 | &nbsp;&nbsp;&nbsp;&nbsp;$44000 |
| Other Directors | $10250 | &nbsp;&nbsp;&nbsp;&nbsp;$41000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Maximum Compensation.**

The maximum director compensation for 2026 shall be as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Maximum Attendance Fees** | **Maximum Retainer** | **Total Maximum Compensation** |
| Chair | $110000 | &nbsp;&nbsp;&nbsp;&nbsp;$55000 | &nbsp;&nbsp;&nbsp;&nbsp;$165000 |
| Vice Chair | $94700 | &nbsp;&nbsp;&nbsp;&nbsp;$47300 | &nbsp;&nbsp;&nbsp;&nbsp;$142000 |
| Audit/HR & Comp/Risk Committee Chairs | $91400 | &nbsp;&nbsp;&nbsp;&nbsp;$45600 | &nbsp;&nbsp;&nbsp;&nbsp;$137000 |
| Other Committee Chairs | $86210 | &nbsp;&nbsp;&nbsp;&nbsp;$44000 | &nbsp;&nbsp;&nbsp;&nbsp;$130210 |
| Other Directors | $82000 | &nbsp;&nbsp;&nbsp;&nbsp;$41000 | &nbsp;&nbsp;&nbsp;&nbsp;$123000 |

---

The Bank will also pay/reimburse Directors for expenses related to the Directors' attendance at board meetings pursuant to the Bank's Travel and Public Relations Policy and Director's Addendum to the Travel and Public Relations Policy. The Bank will not pay for or reimburse the expenses of a Director's spouse/guest accompanying the Director to Board meetings, other than the cost of the food and beverages of a Director's spouse/guest who attends the Bank's corporate officer holiday party as an invited guest. Directors will reimburse the Bank for any such expenses incurred by the Bank either directly or via deduction from such Directors' meeting fees or retainer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Reduction in Compensation based on Attendance and Performance.**

The Board may, at its December meeting, vote to reduce or eliminate a Director's final quarterly retainer payment if (i) the Director has not attended (in person or virtually) at least 75% of all regular and special meetings of the Board and the Committees on which the Director served during the year (adjusted as appropriate for partial year of service), or (ii) the Board, in its discretion, determines that the Director has consistently demonstrated a lack of engagement and participation in meetings attended.

**IV.<u>Administration:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Roles and Responsibilities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Owner</u>. The General Counsel shall be the owner of this Policy, responsible for maintaining this Policy.

Director Compensation Policy 3 October 24, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Authorized Approver</u>. The Board of Directors of the Bank shall be authorized to approve all changes to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Governance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Re-Adoption Frequency</u>. The Governance/Government Relations Committee shall annually review this policy and shall submit its recommendation to the Board. The Board shall consider the recommendations of the Governance/Government Relations Committee and shall approve the policy no later than required to allow for submission, review and approval of the Director of the Federal Housing Finance Agency (FHFA), if required, to ensure that directors are paid timely for the first regularly scheduled meeting of the Board in which the policy shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Review Frequency</u>: The Owner of this Policy is expected to review this Policy annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Exception Management/Policy Interpretations.**

The Board is authorized, in its sole discretion, to interpret the provisions of the policy and to address situations not anticipated or covered by this policy as it determines to be appropriate, consistent with the requirements set forth in the regulations promulgated by the Federal Housing Finance Agency, if any.

**V.<u>Applicable Laws and Regulations:</u>**

The following provisions of the Federal Home Loan Bank Act and FHFA Regulations are applicable to this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12 CFR Part 1261.20 - 24<sup>3</sup>

**VI.<u>Related Policies; Procedures:</u>**

The following Bank policies cover subject matter that is related to this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Travel and Public Relations Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directors Addendum to Travel and Public Relations Policy

<sup>_______________________________________________</sup>

<sup>3</sup> [^^^]

Director Compensation Policy 4 October 24, 2025

------

**VII.<u>Policy History Log:</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Date Approved** | **Purpose** | **Author** | **Approved by** |
| 12/16/2011 | Annual Review | J. Authur | Board |
| 12/21/2012 | Annual Review and Policy reformatting into new format | J. Authur | Board |
| 12/20/2013 | Annual Review; incorporating compensation adjustments based on revised McLagan study | C. Pratt | Board |
| 10/24/2014 | Added language regarding purpose and methodology. Changed "maximum fee" provision to "maximum compensation," and added a cap on spouse/guest expenses. | C. Pratt | Board |
| 10/26/2015 | Adjusted compensation for 2016. Reduced meeting fees, eliminated spousal expenses and added retainer component, with possible reduction for poor attendance or performance. | C. Pratt | Board Chair and Governance Committee Chair, via delegation by full Board |
| 10/28/2016 | Adjusted meeting fees, retainer and maximum compensation for 2017. | C. Pratt | Board |
| 10/27/2017 | Adjusted meeting fees, retainer and maximum compensation for 2018. | C.Pratt | Board |
| 10/19/2018 | No changes in 2019 from 2018 compensation | C. Pratt | Board |
| 10/25/2019 | Adjusted maximum meeting fees, retainer and maximum compensation for 2020 | C. Pratt | Board |
| 10/30/2020 | No changes in 2021 from 2020 compensation | C. Pratt | Board |
| 10/22/2021 | No changes in 2022 from 2021 compensation | C. Pratt | Board |
| 6/24/2022 | Amended to clarify pay for meetings that are hybrid due to COVID. | C. Pratt | Board |
| 10/21/2022 | Adjusted maximum meeting fees, retainer, and compensation for 2023 | K. Walsh | Board |
| 10/20/2023 | Adjusted maximum meeting fees, retainer, and compensation for 2024; substituted virtual meetings for telephonic meetings | K. Walsh | Board |
| 10/25/2024 | Adjusted maximum meeting fees, retainer, and compensation for 2025 | K. Walsh | Board |
| 12/23/2024 | Board accepted adjusted maximum meeting fees, retainer, and compensation for 2025 | K. Walsh | Board |
| 10/24/2025 | Adjusted maximum meeting fees, retainer, and compensation for 2026 | K. Walsh | Board |

---

Director Compensation Policy 5 October 24, 2025