# EDGAR Filing Document

**Accession Number:** 0001331463
**File Stem:** 0001331463-26-000055
**Filing Date:** 2026-3
**Character Count:** 53255
**Document Hash:** eae7271c2957ec38396bd907f7d8acd9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001331463-26-000055.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001331463-26-000055

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260310

**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**: 20260316

**DATE AS OF CHANGE**: 20260316

**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:** 26754855

**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-20260310

**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) March 10, 2026** 

**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. ☐

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

**<u>2026 Executive Incentive Plan</u>**

On March 10, 2026, the Federal Home Loan Bank of Boston's (the "Bank's") board of directors (the "Board") adopted the 2026 Executive Incentive Plan (the "EIP"), an incentive compensation plan for certain Bank officers, which is effective for fiscal year 2026. The Bank's principal executive officer, principal operating and financial officer, and other named executive officers are participants in the EIP.

**Named Executive Officers' Incentive Goals**

As EIP participants, each named executive officer has an incentive award opportunity calculated at the conclusion of 2026 using weighted performance goals and based on the Bank's results as of December 31, 2026.

The following table sets forth the goals and related weighting for each of the named executive officers participating in the EIP.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Goal** | **Weight** | **Threshold** | **Target** | **Excess** |
| Core Return on Equity, subject to risk limits <sup>(1) (2) (3)</sup> | 30% | 3.44% | 4.30% | 4.95% |
| Housing Supply – Affordable Housing Production <sup>(4)</sup> | 10% | 995 units | 1,171 units | 1,288 units |
| Mortgage Partnership Finance<sup>®</sup>\* Growth <sup>(5)</sup> | 15% | $442 million | $553 million | $664 million |
| Housing and Community Investment ("HCI") Program Users <sup>(6)</sup> | 10% | 184 | 245 | 306 |
| Depository Member Product Utilization<sup>(7)</sup> | 10% | 311 | 345 | 397 |
| Insurance Member Advances Utilization<sup>(8)</sup> | 10% | 149 | 166 | 182 |
| Insurance Member Advances Balance <sup>(9)</sup> | 5% | $4.365 billion | $4.850 billion | $5.214 billion |
| Operational Risk Reduction <sup>(10)</sup> | 10% | 2  | 3 | At least 4 |

---

______________________________________________________________________________

(1)"Core Return on Equity" means A divided by B. "A" is net income for fiscal year 2026 reported in accordance with accounting principles generally accepted in the United States of America adjusted for the following: (a) deducting fee income resulting from the exercise of prepayment options on financial instruments (net of gains or losses from the unwinding of hedges) less imputed amortization of historical prepayment fee income; (b) removing debt retirement costs (net of gains or losses from the unwinding of hedges) less imputed amortization of historical debt retirement costs; (c) removing net unrealized gains and losses attributable to derivatives and hedging activities and net unrealized gains and losses on trading securities; (d) adding imputed amortization of premiums and accretion of

------

discounts on investment securities classified as trading securities; (e) removing interest expense on mandatorily redeemable capital stock which represents dividends payable to holders of Class B Stock that has been classified as mandatorily redeemable capital stock; and (f) removing expenses for payments made under Bank established disaster relief programs. "B" is the sum of (a) the Bank's average daily balance of capital stock, including mandatorily redeemable capital stock, outstanding during fiscal year 2026; and (b) the Bank's average daily balance of retained earnings during fiscal year 2026.

(2)Achievement of the goal is subject to compliance with the Bank's market value of equity to par stock ratio and internal unfloored duration of equity limits for at least 10 of the 12 months of the year. If this requirement is not met, the Board may use its discretion to reduce or eliminate payouts for this goal.

(3)Each of the performance levels will be adjusted up or down by 1.0 basis point for every basis point by which the average daily federal funds rate is greater than or less than the 3.34 percent rate assumed for 2026 in an internal Bank forecast.

(4)This goal measures the number of housing units created or preserved in projects approved for funding in the Bank's 2026 Affordable Housing Program. To qualify, housing units must be affordable to households with income at or below 80% of the area median income.

(5)This goal measures MPF portfolio growth based on the change in the monthly average unpaid principal balance from December 2025 to December 2026. A loan is excluded from the calculation once it enters real estate owned status.&nbsp;&nbsp;&nbsp;&nbsp;

(6)A member user is defined as a member that enrolls (i.e., receives a commitment of funding from the HCI Program to support the member's commitment to fund a loan to its customer) one or more qualifying transactions into the Housing Our Workforce, Jobs for New England, CDFI Advance, Lift Up Homeownership, or the Equity Builder Program, sells a loan into the MPF Permanent Rate Buydown Program, or submits a completed application for the Affordable Housing Program, in 2026. The total number of member users is the sum of member users in the aforementioned HCI Programs, counted separately for each program. A given member will count only once per HCI Program.

(7)For each product category – advances, letters of credit, and Mortgage Partnership Finance<sup>®</sup> (MPF<sup>®</sup>)\*– the Bank will determine the number of members utilizing a Bank product within each product category in 2026. A given member may be counted up to three times depending on the number of product categories in which they participate.

(8)Achievement of the goal is determined by insurance company members' utilization of certain advances in 2026 with each advance type accumulating a number of points to be tabulated after year end. Daily Cash Manager Advances (i.e., overnight advances), except those for less than $100,000, receive 1 point, with each insurance company member counted only once. Advances with terms greater than 1 day but less than 30 days receive 2 points with each insurance company member counted only once. Advances with terms greater than or equal to 30 days and less than 1 year receive 3 points, with each insurance company member counted only once. Advances with terms greater than 1 year receive 4 points for each such advance opened in 2026, and there is no limit to how many times an insurance company member may be counted. For advances where the Bank holds the option to cancel, the final maturity of the advances shall be used to determine the term of the advance. For advances where the member holds the option to cancel (or floating rate advances where the member

------

can prepay without a fee on reset dates) and (a) the first call (reset) date is less than 1 year from the open date, the first call (reset) date will determine the term of the advance and the advance will count only once or (b) the first call (reset) date is one year or longer from the open date, there is no per-member limit.

(9)This goal measures the average daily balance of advances outstanding to insurance company members in 2026.

(10)This goal measures the number of risk mitigation projects, as prioritized by the Operational Risk Committee, that have been implemented in 2026.

**Named Executive Officers' Incentive Award Opportunities under the EIP**

Under the EIP, named executive officers are assigned an incentive award opportunity expressed in the following table as a percentage of the participant's 2026 base salary at December 31, 2026.

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Incentive Opportunity as a Percent of Base Salary</u>**<sup>(1)</sup> | **<u>Incentive Opportunity as a Percent of Base Salary</u>**<sup>(1)</sup> | **<u>Incentive Opportunity as a Percent of Base Salary</u>**<sup>(1)</sup> |
|  | **<u>Threshold</u>** | **<u>Target</u>** | **<u>Excess</u>** |
| President | 50.00% | 75.00% | 100.00% |
| Chief Operating Officer & Chief Financial Officer  | 36.00% | 60.00% | 84.00% |
| All Other Named Executive Officers | 30.00% | 50.00% | 70.00% |

---

_________________________________________________________________________________

(1) Maximum incentive payable in March of any year equals 100% of the plan year base salary.

Each EIP participant's goal achievement and resulting individual award will be determined based on results as of December 31, 2026. Named executive officers will be eligible to receive fifty (50) percent of such award in a cash payment no later than March 15, 2027. The remaining portion will be treated as a deferred award payable in March 2029.

Payment of the non-deferred portion of the awards based on the goals is subject to:

• the requirement that the participant be in employment with the Bank on December 31, 2026, although participants that terminate employment by reason of death or disability or who are eligible to retire prior to that date may receive a pro-rata payment of the award in certain instances as detailed in the EIP; and

• Board approval and non-objection of the Federal Housing Finance Agency, the Bank's principal regulator (the "FHFA"), if required.

*Deferred Portion of Award Payable after Year-end 2028*

The deferred award is equal to the deferred portion of the 2026 award with an interest credit based on the compounded average of daily SOFR from January 1, 2027 to December 31, 2028.

The receipt of the deferred award is subject to:

------

• the requirement that the participant be in employment with the Bank on December 31, 2028, although participants that terminate employment by reason of death or disability or who are eligible to retire prior to that date may receive payment of the award in certain instances as detailed in the EIP; and

• Board approval and review and non-objection by the FHFA, if required.

Additionally, at the discretion of the Board, deferred awards may be reduced (but not to a number that is less than zero) for all EIP participants or for an individual participant, as applicable, if, during calendar years 2027 and/or 2028, any of the following occurs such that if it had occurred prior to the year-end 2026 calculations, it would have negatively impacted the goal results and reduced the associated payout calculation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operational errors or omissions resulting in material revisions to the 2026 financial results, information submitted to the FHFA supporting the goal results or payout calculation, or other data used to determine the award at year-end 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submission of significant information to the Securities and Exchange Commission, Office of Finance (the Bank's agent for the issuing and servicing of debt), and/or the FHFA materially beyond any deadline or applicable grace period, other than late submissions that are caused by acts of God or other events beyond the reasonable control of the participants; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure by the Bank to make sufficient progress, as determined by the FHFA, in the timely remediation of examination and other supervisory findings relevant to the goal results or payout calculation.

**EIP Administration**

The EIP is administered by the Board's Human Resources and Compensation Committee (the "Compensation Committee"), which has full power and binding authority to construe, interpret, and administer the EIP, and to adjust it for extraordinary circumstances without the consent of any EIP participant. The Compensation Committee has the right at any time to amend, suspend, or terminate the EIP in whole or in part, for any reason, and without the consent of any EIP participant, but will not do so without re-submission to the FHFA (except for amendments that reduce payout amounts). Participants must receive a performance rating of "meets expectations" or better for fiscal year 2026 in order to be eligible to receive an EIP payout. Subject to certain limited exceptions in the case of termination of employment by reason of death or disability or in certain instances of retirement, an EIP participant whose employment terminates prior to the end of the plan year will not be entitled to any award, except as otherwise determined by the Bank's president/chief executive officer, with the concurrence of the Compensation Committee, in its sole discretion and subject to the review of the FHFA, if required.

*\*"Mortgage Partnership Finance," and "MPF," are registered trademarks of the Federal Home Loan Bank of Chicago.*

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

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The foregoing description of the EIP is qualified in its entirety by reference to a copy of the EIP included herein as Exhibit 10.1 to this Form 8-K.

**Item 9.01 Financial Statements and Exhibits** 

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibit Numbers:

10.1 &nbsp;&nbsp;&nbsp;&nbsp;<u>[2026 Executive Incentive Plan](exhibit-2026eipplan.htm)</u>

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

**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: | March 16, 2026 | **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

**<u>FEDERAL HOME LOAN BANK OF BOSTON</u>**

**2026 EXECUTIVE INCENTIVE PLAN** 

**Purpose:**

The Federal Home Loan Bank of Boston (Bank) has established an Executive Incentive Plan (EIP) to:

• Promote achievement of the Bank's financial plan and strategic objectives specified in the *2026 Strategic Business Plan*;

• Provide a total rewards package that is competitive with other financial institutions in the employment markets in which the Bank competes, including other Federal Home Loan Banks; and

• Facilitate the retention and commitment of those in key leadership roles.

**Guiding Principles:**

The 2026 EIP is intended to:

• Reflect the Bank's commitment to its mission of providing reliable liquidity and funding to member institutions and supporting affordable housing and community development.

• Reflect a reasonable assessment of the Bank's financial situation and prospects.

• Reinforce and reward the Bank's commitment to conservative, prudent, and sound risk management practices and preservation of the par value of the Bank's capital stock.

• For senior executives, tie a significant percentage of incentive awards to the long-term financial health and stability of the Bank.

Recognize the importance of individual performance through metrics linked to the Bank's strategic goals and/or objectives of the participant's principal functions and independent of the areas that they monitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

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**Incentive Goals for Participants:**

The incentive goals for all participants are summarized in the following table with more detail in Appendix A. Levels of achievement for the Core Return on Equity goal have been rounded. Year-end results will be rounded for award calculations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Goal** | &nbsp;&nbsp;**Non ERM**<br>**Weight** | &nbsp;&nbsp;<br>**ERM**<br>**Weight** | **Threshold** | **Target** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Excess\*** |
| Core Return on Equity, subject to risk limits\*\* | <br>30% | &nbsp;&nbsp;&nbsp;<br>20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44%, as<br>adjusted for interest rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, as<br>adjusted for interest rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, as<br>adjusted for interest rates |
| Housing and Community Development Mission (35% weight) | Housing and Community Development Mission (35% weight) | Housing and Community Development Mission (35% weight) | Housing and Community Development Mission (35% weight) | Housing and Community Development Mission (35% weight) | Housing and Community Development Mission (35% weight) |
| &nbsp;&nbsp;&nbsp;&nbsp;A.Housing Supply - Affordable Housing Production  | <br>10% | &nbsp;&nbsp;&nbsp;&nbsp;<br>0% | <br>995 units | <br>1,171 units | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>1,288 units |
| &nbsp;&nbsp;&nbsp;&nbsp;B.Mortgage Partnership Finance Growth  | <br>15% | &nbsp;&nbsp;&nbsp;<br>10% | <br>$442 million | <br>$553 million | &nbsp;&nbsp;&nbsp;&nbsp;<br>$664 million |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Housing and Community Investment Program Users | <br>10% | &nbsp;&nbsp;&nbsp;&nbsp;<br>5% | <br>184 | <br>245 | <br>306 |
| Depository Member Product Utilization | <br>10% | &nbsp;&nbsp;&nbsp;&nbsp;<br>0% | <br>311 | <br>345 | <br>397 |
| Insurance Member Advances Utilization | <br>10% | &nbsp;&nbsp;&nbsp;&nbsp;<br>0% | <br>149 | <br>166 | <br>182 |
| Insurance Member Advances Balance  | &nbsp;&nbsp;&nbsp;&nbsp;<br>5% | &nbsp;&nbsp;&nbsp;&nbsp;<br>5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average advances balance for 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average advances balance for 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average advances balance for 2026: |
| Insurance Member Advances Balance  | &nbsp;&nbsp;&nbsp;&nbsp;<br>5% | &nbsp;&nbsp;&nbsp;&nbsp;<br>5% | $4.365 billion | $4.850 billion | &nbsp;&nbsp;&nbsp;&nbsp;$5.214 billion |
| Operational Risk Reduction | &nbsp;&nbsp;&nbsp;<br>10% | &nbsp;&nbsp;&nbsp;<br>15% | &nbsp;&nbsp;&nbsp;&nbsp;Number of operational risk mitigation projects implemented: | &nbsp;&nbsp;&nbsp;&nbsp;Number of operational risk mitigation projects implemented: | &nbsp;&nbsp;&nbsp;&nbsp;Number of operational risk mitigation projects implemented: |
| Operational Risk Reduction | &nbsp;&nbsp;&nbsp;<br>10% | &nbsp;&nbsp;&nbsp;<br>15% | 2 | 3 | 4 |
| Bank-wide ERM Initiatives | 0% | &nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As documented in Appendix A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As documented in Appendix A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As documented in Appendix A |

---

\*Excess level represents a meaningful stretch in performance above the Target level.

\*\* Goal levels will be adjusted up/(down) by 1.0 basis point for every basis point by which the average daily federal funds rate is greater than/(less than) the 3.34% rate assumed in the 2026 Rebaseline Forecast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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**Incentive Opportunity:**

Eligible participants will be assigned an incentive award opportunity that is expressed as a percentage of the incumbent's 2026 base salary at year-end, as illustrated in the chart below.

---

| | | | |
|:---|:---|:---|:---|
| | **<u>Incentive Opportunity as a Percent of Base Salary</u>**<sup>1</sup> | **<u>Incentive Opportunity as a Percent of Base Salary</u>**<sup>1</sup> | **<u>Incentive Opportunity as a Percent of Base Salary</u>**<sup>1</sup> |
| | **<u>Threshold</u>** | **<u>Target</u>** | **<u>Excess</u>** |
| President | 50.0% | 75.0% | 100.0% |
| COO & CFO  | 36.0% | 60.0% | 84.0% |
| Tier I | 30.0% | 50.0% | 70.0% |
| Tier II | 17.5% | 35.0% | 52.5% |
| Tier III | 12.5% | 25.0% | 37.5% |

---

Goal achievement and individual awards for the above goals will be calculated at the conclusion of 2026 based on results as of December 31, 2026. Awards will be calculated based on interpolation of results for all goals except for the Operational Risk Reduction goal and ERM Initiatives. No award will be paid for performance less than threshold for any given goal. No incremental award will be paid for results above excess for any given goal.

The President, COO & CFO, and participants in Tier I will be eligible to receive fifty (50) percent of such award in a cash payment, and participants in Tier II will be eligible to receive sixty (60) percent of such award in a cash payment. The remaining portion of the award will be treated as a deferred award. Participants in Tier III will be eligible to receive one hundred (100) percent of the award in a cash payment with no deferred award. Except as otherwise described under EIP Administration, the participant must be employed by the Bank on December 31, 2026, in order to receive the cash portion of an award.

This plan document requires the review and approval from the board of directors and the review of the Federal Housing Finance Agency (FHFA), as required. The cash portion of the award will be deemed earned upon the conclusion of the plan year and paid shortly thereafter, but no later than March 15.

Payment of the deferred award will be made in March 2029, subject to the criteria noted below.

**Deferred Portion of Award Payable after Year-End 2028 (excludes Tier III participants):**

The EIP is intended to align participants' compensation with not only the Bank's performance in the plan year, but also the longer-term financial health and stability of the Bank. Participants are expected to maintain ongoing vigilance with respect to business results achieved in 2026 and to actively participate in any reconciliation or remediation of those 2026 results as may be warranted. As such, each earned award under the EIP includes a portion equal to the deferred portion of the 2026 award with an interest credit based on the compounded average of daily SOFR from January 1, 2027, to December 31, 2028.<sup>2</sup> In addition, to ensure continuing alignment between the Bank's longer-term financial health and stability, the following conditions must be satisfied for participants to receive the deferred award:

<sup>1</sup> Maximum incentive payable in March of any year equals 100% of the plan year base salary.

<sup>2</sup> The Federal Reserve Bank of New York provides a SOFR index that allows for a calculation of compounded averages of SOFR for a given period using the formula: SOFR Average between x and y = ((SOFR Index at y / SOFR Index at x) -1) x (360/number of calendar dates in the calculation period) where x and y are the start and end dates of the calculation period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

------

• The participant is employed by the Bank on December 31, 2028, or otherwise meets employment-related requirements described below in EIP Administration.

• Depending on the role of the EIP participant, and subject to the discretion of the board of directors, or the President & CEO, the deferred award calculated above may be reduced (but not to a number that is less than zero) for all participants or for an individual participant, as applicable, if, during calendar years 2027 and/or 2028, any of the following occur such that if it had occurred prior to the year-end 2026 calculations, it would have negatively impacted the goal results and reduced the associated payout calculation:

ooperational errors or omissions resulting in material revisions to (A) the 2026 financial results, (B) information submitted to FHFA supporting the goal results or payout calculation, or (C) other data used to determine the combined award at year-end 2026;

osubmission of significant information to the SEC, Office of Finance, or FHFA materially beyond any deadline or applicable grace period, other than late submissions that are caused by acts of God or other events beyond the reasonable control of the participants; or

ofailure by the Bank to make sufficient progress, as determined by the FHFA, in the timely remediation of examination and other supervisory findings relevant to the goal results or payout calculation.

• Depending on the role of the EIP participant, all deferred award payouts shall be subject to the final approval of the board of directors, or the President & CEO, and review and non-objection by the FHFA (to the extent required by FHFA).

**Eligible Participants:**

The Executive Incentive Plan is intended to be an integral component of the Bank's Total Reward Philosophy. Management Committee members are eligible to participate in the 2026 Executive Incentive Plan, at participation tier levels, and subject to any limitations on participation, as may be set by the Human Resources and Compensation Committee herein and/or by separate action.

Other members of senior management or highly compensated employees may also be eligible for participation in the 2026 Executive Incentive Plan. For these EIP participants, the President and CEO will approve participation, tier levels and any award paid. Any such participation shall be subject to any limitations as may be set by the Human Resources and Compensation Committee herein and/or by separate action.

**EIP Administration:**

The EIP is administered by the Human Resources and Compensation Committee of the board of directors (Committee), which shall have full power and binding authority to construe, interpret, and administer the EIP; to make determinations of attainment of goals, awards payable to each participant of Management Committee and any named executive officers determined in accordance with SEC regulations and to adjust plan awards for any relevant and unforeseen circumstances without the consent of any EIP participant. Such circumstances may include, without limitation, changes in business strategy, termination or commencement of business lines, impact of economic fluctuations, growth or consolidation of the membership base, net income above or below the level projected in the Bank's Strategic Business Plan, or regulatory or other changes impacting the Bank or the FHLBank System. The Committee shall not make adjustments for circumstances that include changes to goals, weights, or levels of achievement (other than adjustments that reduce payout amounts) without re-submission to FHFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

------

The Committee reserves the right at any time to amend, suspend or terminate the EIP in whole or in part, for any reason, and without the consent of any EIP participant but will not amend the EIP without re-submission to FHFA.

The Bank's President and Chief Executive Officer will determine an individual's eligibility for participation in the EIP for employees who are not members of the Management Committee and make recommendations for EIP eligibility to the Human Resources and Compensation Committee of the board of directors for those in Management Committee roles.

EIP awards shall not be considered earned or payable, in whole or in part, to any participant for any reason until they are finally determined by the Bank's President and Chief Executive Officer with the concurrence of the Committee for Management Committee members and other named executive officers as determined in accordance with SEC regulations, following the end of the plan year and following the non-objection of the FHFA (to the extent required by the FHFA). The Bank's President and Chief Executive Officer shall determine awards payable to all other EIP participants.

Participants must receive a performance rating of "Meets Expectations" or better for 2026 to be eligible to receive an EIP payout.

Any individual hired into an eligible position during 2026 who is granted an award shall have any such incentive award prorated based on actual base salary paid during the plan year providing he/she has served a minimum of three months in that role in 2026 and otherwise satisfies the EIP's requirements.

If an individual becomes a participant of the EIP during the plan year, e.g. due to a job change or promotion, then any EIP award will be prorated based on days in the EIP, provided he/she serves a minimum of three months in the EIP and otherwise satisfies the EIP's requirements.

Except as described below, any EIP participant who terminates employment for any reason, whether voluntarily or involuntarily, before the end of the plan year, will not be entitled to any award, except as otherwise determined by the Bank's President and Chief Executive Officer, with the concurrence of the Committee relative to those in a Management Committee role or other named executive officer as determined in accordance with the SEC regulations at their sole discretion and subject to review of the FHFA, if required.

• EIP participants who terminate employment with the Bank by reason of death or disability prior to December 31, 2026, or who terminate employment prior to such date and are eligible to retire<sup>3</sup> from employment with the Bank may receive a pro rata payment of the current incentive opportunity as determined and recommended by the Bank's President and Chief Executive Officer, with the concurrence of the Committee, if member of Management Committee or other named executive officer as determined in accordance with the SEC regulations and at their sole discretion and subject to the review of the FHFA, if required, based on the days of completed service as an EIP participant during 2026. To be eligible, the participant must complete at least six months of service in 2026 and otherwise satisfy the EIP's requirements. For participants seeking to retire, a minimum of six months' advance notice to the Bank will be required, and it must be determined that there has been an effective transition of responsibilities leading to the retirement date in order for such individuals to be eligible for a prorated award.

• EIP participants who terminate employment with the Bank by reason of death or disability prior to the 2026 deferred award payment date in March 2029, or who terminate employment prior to the deferred award payment date and are eligible to retire<sup>3</sup> from employment with the Bank, may become eligible to receive a

<sup>3</sup> An employee is eligible to retire if the employee has (i) attained the age of sixty five (65) or (ii) been employed with the Bank for at least five (5) years and reached at least age sixty (60).

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payment of the deferred award. Participants who die, become disabled, or retire<sup>3</sup> (and meet the eligibility requirements described above) during 2026 may be eligible to receive a pro rata payment of the deferred award as determined and recommended by the Bank's President and Chief Executive Officer, with the concurrence of the Committee if member of Management Committee or other named executive officer in accordance with the SEC regulations and at their sole discretion, and subject to review of the FHFA, if required.

Awards granted to eligible retired<sup>3</sup> or disabled participants or beneficiaries of deceased participants will be paid at the same time as awards to all active participants. Beneficiary means the participant's (i) surviving spouse; or (ii) duly appointed and qualified executor or personal representative or estate. The Chief Human Resources Officer may permit participants to designate other persons as beneficiaries, but no designation of a beneficiary shall be effective unless made in accordance with the procedure specified by the Administrator (CHRO) and actually received by the Administrator (CHRO) prior to the participant's death.

The Bank may make such provisions, as it deems appropriate, for withholding payroll taxes in connection with payment of EIP awards.

**Appendix A - Goal Definitions**

**Core Return on Equity:**

The metric for this goal is defined below. The required performance level for Target is based on the 2026 Strategic Business Plan Base Case projection.

To account for the expected sensitivity of Core Return on Equity to changes in interest rates, the required performance levels for Threshold, Target and Excess for 2026 will be adjusted upward or downward by 1.0 basis point for every basis point by which the average daily federal funds rate deviates from the 3.34% assumed in the Re-baselined 2026 forecast for the 2026 Business Plan.

Achievement of the goal is subject to compliance with the Bank's Market Value of Equity to Par Stock ratio and Duration of Equity<sup>4</sup> limits for at least 10 of the 12 months of the year. If this requirement is not met, the board of directors may use its discretion to reduce or eliminate payouts for this goal of the EIP.

Core Return on Equity =

Core Net Income divided by (Average daily balance of Capital Stock including Mandatorily Redeemable Capital Stock + Average daily balance of Retained Earnings)

Core Net Income = 2026 net income reported in accordance with accounting principles generally accepted in the United States of America (GAAP), adjusted for the following:

oPrepayment Fees – deduct fee income resulting from the exercise of prepayment options on financial instruments, net of hedge unwind gains and losses.

oHistorical Prepayment Fee Amortization – add the current-period, straight-line amortization of all historical prepayment fees (whether recognized at time of prepayment or as a yield adjustment on a modified loan) over the remaining original lives of the prepaid assets.

<sup>4</sup> Duration of Equity modeled using interest rate simulations not constrained to a lower bound of zero.

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oDebt Retirement Costs – remove losses incurred under GAAP when outstanding debt is purchased for retirement or the obligation is transferred to another FHLBank, net of hedge unwind gains and losses.

oHistorical Debt Retirement Cost Amortization – deduct the current-period, straight-line amortization of all historical debt retirement costs over the remaining original lives of the retired liabilities.

oNet Unrealized Fair Value Adjustments – remove net unrealized gains and losses, as recognized under GAAP, attributable to 1) derivatives and hedging activities, whether economic hedges or ASC 815-qualifying hedge relationships, and 2) trading securities.

oImputed Amortization of Net Premiums on Investment Securities Classified as Trading Securities – add the level-yield amortization (or accretion) of purchase price premiums (or discounts) on investment securities classified as Trading Securities for which premium amortization (or discount accretion) is not recorded under GAAP but is instead imbedded within changes in fair value of the investment securities.

oInterest Expense on Mandatorily Redeemable Capital Stock – remove interest expense on Mandatorily Redeemable Capital Stock, which represents dividends payable to holders of Class B Stock that has been classified as Mandatorily Redeemable Capital Stock.

oPayments for Disaster Relief Assistance – remove expenses for any payments made under the Bank's Disaster Relief program, which are assumed to be zero in the 2026 Strategic Business Plan Base Case projection.

In the event that the Bank is required to adjust current period net income to correct prior period accounting errors, positive adjustments to net income resulting from the correction of prior period accounting errors are to be excluded from Core Return on Equity, while negative adjustments are to be retained in Core Return on Equity.

Rationale for the Adjustments noted above:

oThe exclusion of prepayment fee income and associated debt retirement and hedge unwind gain/loss from the Core Return on Equity metric removes the potential for "windfall" compensation in the event of heavy prepayment fee income and removes a potential disincentive to prudently respond to prepayment events by excluding the otherwise punitive cost of debt retirement and swap unwind expense.

oThe exclusion of net unrealized fair value adjustments is consistent with the way that management projects its financial performance and reflects the fact that these adjustments are merely timing adjustments to net income that have no net impact to the Bank's net income if gains or losses are never realized.

oThe imputed amortization (accretion) of premiums (discounts) on Trading Securities is added to recognize the level-yield expense (or income) associated with purchase price premiums (or discounts) that is otherwise imbedded within the net fair value adjustment for these securities.

The Bank may make additional adjustments, subject to approval by the board of directors and non-objection by the FHFA.

**Housing and Community Development Mission Goal:** 

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(A)<u>Housing Supply – Affordable Housing Production.</u> The goal measure is the number of housing units created or preserved in projects approved for funding in the 2026 Affordable Housing Program. To qualify, housing units must be affordable to households with income at or below 80% of Area Median Income.

(B)<u>Mortgage Partnership Finance Growth</u>. This goal measures MPF portfolio growth based on the change in the monthly average unpaid principal balance from December 2025 to December 2026. Loans are excluded from the calculation once they enter Real Estate Owned (REO) status.

(C)<u>Housing and Community Investment Program Users</u>. This goal is based on the number of members utilizing the Bank's Housing and Community Investment (HCI) Programs, which include Jobs for New England, Housing Our Workforce, Lift Up Homeownership, the MPF Permanent Rate Buydown program, the CDFI Advance program, the Equity Builder Program, and the Affordable Housing Program. For the Jobs for New England, Housing Our Workforce, Lift Up Homeownership, CDFI Advance, and Equity Builder programs, a member user is defined as a member that enrolls (i.e. receives a commitment of funding from the HCI program to support the member's commitment to fund a loan to its customer) one or more qualifying transactions. For the AHP program, a member user is a member that submits a completed application for the AHP program in 2026. For the MPF Permanent Rate Buydown program, a member user is defined as a member that sells a loan into the MPF Permanent Rate Buydown program and is funded in 2026. The total number of member users is the sum of member users in the aforementioned HCI Programs, counted separately for each program. A given member may count only once per HCI program.

**Depository Member Product Utilization:**

This goal measures utilization of the Bank's products by depository members. References to "member" in this goal refer to depository members only. For each product category below, the Bank will determine the number of members utilizing a Bank product in that category in 2026. The goal measure will be the sum across the three categories of the number of members utilizing each product category. A given member may be counted up to three times depending on the number of product categories in which they were a user in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Advances—Any advance of any type or term excluding the following: Daily Cash Manager (DCM) advances less than $100,000; Ideal Way advances; JNE advances; Affordable Housing Program advances; and CDFI Advances. Advances must be opened in 2026 to be eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Letters of Credit—Any Letter of Credit product issued with an effective date in 2026 or an amendment date in 2026 that increases the amount or extends the maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Mortgage Partnership Finance (MPF)—Any loans sold by a Participating Financial Institution into any of the MPF products in 2026. The count of MPF depository users will exclude members whose use of the MPF program is in the MPF Permanent Rate Buydown program only (since those members are included in the count for the HCI Program Users goal).

The Bank's performance on this goal shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilization of multiple products within a product category will count as a single instance of member utilization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The calculation shall be based on activity during 2026 by members with an active membership at any point during 2026.

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**Insurance Member Advances Utilization:**

This goal measures utilization of the Bank's advances by insurance members. References to "member" in this goal refer to insurance members only. For each of the four categories of advances below, the Bank will determine the number of members utilizing that category in 2026 and assign points based on the definitions below. The goal achievement is tabulated by the sum of the points across the four categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Daily Cash Manager (DCM) Advances: 1 point per member usage, limited to 1 point maximum per member. (Multiple uses of overnight advances by the same member will only count once.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Advances with term greater than 1 day and less than 30 days: 2 points per member usage in 2026, limited to 2 points maximum per member. DCM Advances are excluded. (Multiple uses of these advances by the same member will only count once.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Advances with term greater than or equal to 30 days and less than 1 year: 3 points per member usage in 2026, limited to 3 points maximum per member. (Multiple uses of these advances by the same member will only count once.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Advances with term greater than or equal to 1 year: 4 points for each advance in 2026. No per-member limit on the number of eligible instances.

The Bank's performance on this goal shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any advance of any type or term with an open date in 2026 is eligible, with the exception of DCM advances under $100,000, and Ideal Way advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members may have eligible activity in each of the four categories, subject to the individual limits of each category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The calculation shall be based on activity during 2026 by members with an active membership at any point during 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For advances where the Bank holds the option to cancel, the final maturity of the advances shall be used to determine the term of the advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For advances where the member holds the option to cancel (or floating rate advances where the member can prepay the advance without a fee on reset dates) and the first call (reset) date is less than 1 year from the open date, the call (reset) date will determine the term of the advance and the advance will count only once.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For advances where the member holds the option to cancel (or floating rate advances where the member can prepay the advance without a fee on reset dates) and the first call (reset) date is one year or longer from the open date, there is no per-member limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advances with terms of 1 year or greater that are originated on the same day as part of a ladder strategy will count as one advance. A ladder strategy is defined as multiple advances of the same product type, taken by the same member on the same open date, and where all advances have terms of one year or longer and fall into the same category defined above. A ladder strategy will count once per member per open date.

**Insurance Member Advances Balance:**

This goal measures the average daily balance of advances outstanding to insurance company members in 2026. All extensions of credit including those to insurance company members are subject to the Bank's Member Credit Risk Management Framework and risk appetite.

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**Operational Risk Reduction Goal:**

The purpose of the Operational Risk Reduction goal is to identify business workflows with operational risks, including cyber risks, and develop plans to mitigate such risks through system or process improvements, including automation where appropriate. Identification of business workflows will be based on discussion with business owners regarding the likelihood of adverse events arising from human error or ineffective systems and processes, and the benefits and costs of risk mitigation. Qualifying risk mitigation plans may include projects already approved by BTG or underway, but their completion must require a substantial effort undertaken in 2026. The Threshold, Target, and Excess levels of performance require the completion of two, three, and four operational risk mitigation projects in 2026, respectively.

**Bank-wide ERM Initiatives:** 

**GOAL 1 (25% weight): Operational Risk Assessment – Implementation of recommendations from the 2025 Analysis**

During 2025 ERM performed an assessment of potential improvements to the effectiveness of the operational risk management framework across the Bank addressing first, second and third line practices, policies, procedures and reporting. This analysis resulted in 8 recommendations presented to the Management Committee and Risk Committee of the board of directors. Of these 8 recommendations, 5 will be the focus of this goal for 2026 given redundancies with other ERM goals and heavy dependence on other areas of the Bank.

Notable potential improvements identified in the 2025 assessment included the centralization of risk management data, enhancements to the risk taxonomy, increased usage of scenario analysis and opportunities to improve business and cyber resiliency as well as a clarification of roles and responsibilities of first, second and third line personnel. <br>

Excess: Execution of 4 recommendations by December 31, 2026

Target: Execution of 3 recommendations by December 31, 2026

Threshold: Execution of 2 recommendations by December 31, 2026

**GOAL 2 (25% weight): Market and Credit Risk Management Financial Modeling – Implementation of recommendations from the 2025 Analysis**

During 2025 ERM evaluated financial modeling practices across Market and Credit Risk Management with the intent of ensuring consistency in application of financial principles and methodologies, operating efficiency, system/application usage and operational resiliency. The outcome of the analysis was 5 recommendations presented to the Management Committee and Risk Committee of the board of directors which thematically included the potential integration of collateral modeling into PolyPaths, leveraging existing prepayment models for credit collateral and MPF valuations as well as ensuring overall consistency between credit and market risk on prepayment assumptions.

Excess: Execution of 3 recommendations by September 30, 2026

Target: Execution of 2 recommendations by September 30, 2026

Threshold: Execution of 2 recommendations by December 31, 2026

**GOAL 3 (25% weight): Bank-Wide ERM Training**

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Conduct a series of Risk Management educational sessions throughout the year. Sessions are open to all Bank personnel. The primary target audience is non-ERM Bank personnel in the spirit of furthering the awareness, relevance and application of effective risk management. The secondary target audience is ERM personnel with a goal of promoting cross training and pollination of potential opportunities for future coordination and efficiency between existing silos. Topical coverage areas will include all four (4) ERM pillars: Market, Credit, Model, and Compliance/Operational Risk Management. Minimum attendance is 40 employees across each topical area, measured across potentially multiple sessions covering the same topical area to count towards goal.

Excess: Completion of training for the 4 ERM pillars by August 31, 2026

Target: Completion of training for the 4 ERM pillars by October 31, 2026

Threshold: Completion of training for the 4 ERM pillars by December 31, 2026

**Goal 4 (25% weight): Risk Appetite / Capital Adequacy**

Prepare an analysis and evaluation of the Bank's risk appetite and capital adequacy based on risk appetite. The intent is to further Management's and the board of directors' understanding of the risk/reward relationship and assurance current risk metrics accurately measure capital at risk. Results should be presented to the Risk Committee of the board of directors.

Excess: Presentation completed by July 31, 2026

Target: Presentation completed by September 30, 2026

Threshold: Presentation completed by December 31, 2026

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