Document:

Exhibit 10.1.1

DEFERRAL
AGREEMENT

THIS DEFERRAL AND
MEMBERSHIP AGREEMENT (“Agreement”) made this 12th day of December, 2005, by and
between the Federal Home Loan Bank of Boston (the “Bank”) and Robert F.
Verdonck (the “Director”):

WITNESSETH:

WHEREAS, the Bank
maintains the Nonqualified Deferred Compensation Program for the Directors of
the Federal Home Loan Bank of Boston (the “Program”); and

WHEREAS, the
undersigned Director desires to make deferrals under the Program with respect
to the 2006 calendar year;

NOW, THEREFORE,
the Bank and the Director hereby agree as follows:

1.                                       Subject
to the provisions of the Program, the Director irrevocably elects to defer the
receipt of [ 50 %] [$__________] of each installment of the fees that
would otherwise be payable to him/her during the period this Agreement is in
effect.

2.                                       The
Director acknowledges that, by signing this Agreement, the Bank is specifically
authorized to reduce the Director’s fees by the percentage or amount specified
in Paragraph 1 above and any such reduction shall be made from amounts payable
to the Director on and after the effective date of this Agreement.

3.                                       All
amounts deferred under this Agreement shall be held by the Bank for eventual
distribution to the Director or his/her Beneficiary in accordance with the
provisions of the Program. All amounts payable under the Program will be paid
by the Bank from its general assets.

 

4.                                      [Note:  If this is not your initial deferral
agreement, complete this paragraph only if you want to change your payment
trigger event. Otherwise, cross out this paragraph.]

The Director
elects to have all previous and future deferrals and earnings thereon credited
to his/her Account distributed pursuant to his/her election under paragraph 5
below, as soon as practicable following the

o
Last day of calendar quarter, or           o January 1

coincident with or next following the payment trigger
event checked below:

o               The
Director’s retirement as a director of the Bank.

o               The
Director’s attainment of age _____ [enter an age], which shall not be earlier
than age 55 nor later than age 701⁄2, and shall not be fewer than three (3) years
subsequent to his/her current age.

o               The
earlier of the Director’s retirement as a director of the Bank or
attainment of age _____ [enter an age], which shall not be earlier than age 55
nor later than age 701⁄2, and shall not be fewer than three (3) years
subsequent to his/her current age.

o               The
later of the Director’s retirement as a director of the Bank or attainment of
age _____ [enter an age], which shall not be earlier than age 55 nor later than
age 701⁄2.

o               The
5th o,
10th o,
15th o,
or 20th o
anniversary of his/her initial participation in the Program, as elected by the
Director.

 2
 

 

If no election is
made under this paragraph, payment will commence as soon as practicable
following the last day of the calendar quarter coincident with or following the
Director’s retirement as a director of the Bank.

5.                                      [Note:  If this is not your initial deferral
agreement, complete this paragraph only if you want to change your form of
payment. Otherwise, cross out this paragraph.]

The Director elects to
have all previous and future deferrals and earnings thereon credited to his/her
Account distributed as follows:

o               In
a single sum.

o               In
semi-annual installments over a period of ____ years [not to exceed twenty
years], payable as of January 1 and July 1 of each year.

o               In
annual installments over a period of ____ years [not to exceed twenty years],
payable as of January 1 of each year.

If a Director fails to
make an election under this Paragraph 6, payment will be made in a single sum.

6.                                       The
Director understands that any change will not take effect until such time as
may be allowed under the Program as amended by the Bank consistent with the
requirements of Section 409A of the Internal Revenue Code and IRS
regulations and guidance (including IRS Notice 2005-1).

 3
 

 

7.                                      [Note: If this is not your initial deferral agreement, complete
this paragraph only if you want to change primary beneficiaries,
contingent beneficiaries or the timing of payments to beneficiaries. Any change
to the timing of the payment to the beneficiaries will not be effective for one
year.]

In the event of the
Director’s death before receipt of any or all sums payable to the Director
under the Program, any remaining sums shall be distributed to:

Primary
Beneficiary:

	
  Name

  	
   

  	
  Relationship

  	
   

  	
  Social Security No.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

or, if none of the
above survives the Director, to:

Contingent
Beneficiary:

	
  Name

  	
   

  	
  Relationship

  	
   

  	
  Social Security No.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

The beneficiary
shall receive the amounts payable as soon as practicable following the death of
the Director:

o          In a single sum

o          In five annual installments

o          In ten annual installments

o          In twenty annual installments

 4
 

 

I understand that
if I do not name a beneficiary or if the beneficiary designated does not
survive me, payment shall be made in a single sum to my estate.

The above
beneficiary designation supersedes any previous beneficiary designation made
under the Program and will remain in force until the Director requests a change
in accordance with the provisions of the Program.

If more than one
beneficiary is designated to receive the distribution, all amounts due shall be
distributed in equal shares to the surviving beneficiaries.

8.                                       This
Agreement shall be subject to and governed by all of the terms and provisions
of the Program, as applicable.

9.                                       The
deferral specified by the Director under Paragraph 1 of this Agreement shall be
irrevocable.

10.                                 The
Director acknowledges that s/he or his/her beneficiary shall be responsible for
all federal, state and local income taxes on all benefits attributable to the
Director under the Program when they become due and payable.

11.                                 The
Director acknowledges that s/he has read and received a copy of the Program and
this Agreement. This Agreement is made pursuant to the terms and conditions of
the Program. All such provisions of the Program, including the terms defined
therein, are incorporated herein and are expressly made a part of this
Agreement by reference. To the extent that any provision of this Agreement
conflicts with any provision of the Program, the terms of the Program, as
applicable, shall control.

12.                                 Subject
to the provisions of the Program, the Bank may amend or terminate the Program
or this Agreement at any time and for any reason.

 5
 

 

13.                                 Deferral
elections made under this Agreement shall be effective as of the first day of
the first calendar year following the date this Agreement is filed with the
Bank, except that deferral elections made by Directors hired during a calendar
year shall be effective as of the first day of the month following the date the
completed Agreement is filed with the Bank for fees earned thereafter provided
this Agreement is filed within 30 days of the date such person became a
Director.

IN WITNESS
WHEREOF, the Bank, by its duly authorized officers, and the Director have
executed this Agreement on the day and year first above written.

	
  

  	
   

  	
  FEDERAL HOME
  LOAN BANK OF BOSTON

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Frank Nitkiewicz

  
	
   

  	
   

  	
  Title: 

  	
  Executive Vice President/Chief Financial Officer

  

 

	
  ATTEST: (SEAL)

  
	
   

  
	
  By:

  	
   

  	
  /s/ Ellen McLaughlin

  
	
  Title:

  	
   

  	
  Senior VP and General Counsel

  

 

	
  

  	
   

  	
  DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Robert F. Verdonck

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Social Security No.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date of Birth

  

 

 6Exhibit 10.1.2

DEFERRAL
AGREEMENT

THIS DEFERRAL AND
MEMBERSHIP AGREEMENT (“Agreement”) made this 20th day of December, 2005, by and
between the Federal Home Loan Bank of Boston (the “Bank”) and Peter F.
Crosby (the “Director”):

WITNESSETH:

WHEREAS, the Bank
maintains the Nonqualified Deferred Compensation Program for the Directors of
the Federal Home Loan Bank of Boston (the “Program”); and

WHEREAS, the
undersigned Director desires to make deferrals under the Program with respect
to the 2006 calendar year;

NOW, THEREFORE,
the Bank and the Director hereby agree as follows:

1.                                       Subject
to the provisions of the Program, the Director irrevocably elects to defer the
receipt of [ 100 %] [$__________] of each installment of the fees that
would otherwise be payable to him/her during the period this Agreement is in
effect.

2.                                       The
Director acknowledges that, by signing this Agreement, the Bank is specifically
authorized to reduce the Director’s fees by the percentage or amount specified
in Paragraph 1 above and any such reduction shall be made from amounts payable
to the Director on and after the effective date of this Agreement.

3.                                       All
amounts deferred under this Agreement shall be held by the Bank for eventual
distribution to the Director or his/her Beneficiary in accordance with the
provisions of the Program. All amounts payable under the Program will be paid
by the Bank from its general assets.

 

4.                                      [Note:  If this is not your initial deferral
agreement, complete this paragraph only if you want to change your payment trigger
event. Otherwise, cross out this paragraph.]

The Director
elects to have all previous and future deferrals and earnings thereon credited
to his/her Account distributed pursuant to his/her election under paragraph 5
below, as soon as practicable following the

o Last
day of calendar quarter, or           x January 1

coincident with or next following the payment trigger
event checked below:

o               The
Director’s retirement as a director of the Bank.

o               The
Director’s attainment of age _____ [enter an age], which shall not be earlier
than age 55 nor later than age 701⁄2, and shall not be fewer than three (3) years
subsequent to his/her current age.

o               The
earlier of the Director’s retirement as a director of the Bank or
attainment of age _____ [enter an age], which shall not be earlier than age 55
nor later than age 701⁄2, and shall not be fewer than three (3) years
subsequent to his/her current age.

x             The
later of the Director’s retirement as a director of the Bank or attainment of
age 65 [enter an age], which shall not be earlier than age 55 nor later than
age 701⁄2.

o               The
5th o, 10th o,
15th o, or 20th o
anniversary of his/her initial participation in the Program, as elected by the
Director.

 2
 

 

If no election is
made under this paragraph, payment will commence as soon as practicable
following the last day of the calendar quarter coincident with or following the
Director’s retirement as a director of the Bank.

5.                                      [Note:  If this is not your initial deferral
agreement, complete this paragraph only if you want to change your form of
payment. Otherwise, cross out this paragraph.]

The Director elects to
have all previous and future deferrals and earnings thereon credited to his/her
Account distributed as follows:

o               In
a single sum.

o               In
semi-annual installments over a period of ____ years [not to exceed twenty
years], payable as of January 1 and July 1 of each year.

o               In
annual installments over a period of ____ years [not to exceed twenty years],
payable as of January 1 of each year.

If a Director fails to
make an election under this Paragraph 6, payment will be made in a single sum.

6.                                       The
Director understands that any change will not take effect until such time as
may be allowed under the Program as amended by the Bank consistent with the
requirements of Section 409A of the Internal Revenue Code and IRS
regulations and guidance (including IRS Notice 2005-1).

 3
 

 

7.                                       [Note: If this is not your initial deferral agreement, complete
this paragraph only if you want to change primary beneficiaries,
contingent beneficiaries or the timing of payments to beneficiaries. Any change
to the timing of the payment to the beneficiaries will not be effective for one
year.]

In the event of the
Director’s death before receipt of any or all sums payable to the Director
under the Program, any remaining sums shall be distributed to:

Primary
Beneficiary:

	
  Name

  	
   

  	
  Relationship

  	
   

  	
  Social Security No.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

or, if none of the
above survives the Director, to:

Contingent
Beneficiary:

	
  Name

  	
   

  	
  Relationship

  	
   

  	
  Social Security No.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

The beneficiary
shall receive the amounts payable as soon as practicable following the death of
the Director:

o          In a single sum

o          In five annual installments

o          In ten annual installments

o          In twenty annual installments

 4
 

 

I understand that
if I do not name a beneficiary or if the beneficiary designated does not
survive me, payment shall be made in a single sum to my estate.

The above
beneficiary designation supersedes any previous beneficiary designation made
under the Program and will remain in force until the Director requests a change
in accordance with the provisions of the Program.

If more than one
beneficiary is designated to receive the distribution, all amounts due shall be
distributed in equal shares to the surviving beneficiaries.

8.                                       This
Agreement shall be subject to and governed by all of the terms and provisions
of the Program, as applicable.

9.                                       The
deferral specified by the Director under Paragraph 1 of this Agreement shall be
irrevocable.

10.                                 The
Director acknowledges that s/he or his/her beneficiary shall be responsible for
all federal, state and local income taxes on all benefits attributable to the
Director under the Program when they become due and payable.

11.                                 The
Director acknowledges that s/he has read and received a copy of the Program and
this Agreement. This Agreement is made pursuant to the terms and conditions of
the Program. All such provisions of the Program, including the terms defined
therein, are incorporated herein and are expressly made a part of this
Agreement by reference. To the extent that any provision of this Agreement
conflicts with any provision of the Program, the terms of the Program, as
applicable, shall control.

12.                                 Subject
to the provisions of the Program, the Bank may amend or terminate the Program
or this Agreement at any time and for any reason.

 5
 

 

13.                                 Deferral
elections made under this Agreement shall be effective as of the first day of
the first calendar year following the date this Agreement is filed with the
Bank, except that deferral elections made by Directors hired during a calendar
year shall be effective as of the first day of the month following the date the
completed Agreement is filed with the Bank for fees earned thereafter provided
this Agreement is filed within 30 days of the date such person became a
Director.

IN WITNESS
WHEREOF, the Bank, by its duly authorized officers, and the Director have
executed this Agreement on the day and year first above written.

	
  

  	
   

  	
  FEDERAL HOME
  LOAN BANK OF BOSTON

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Frank Nitkiewicz

  
	
   

  	
   

  	
  Title: 

  	
  Executive Vice President/Chief Financial Officer

  

 

	
  ATTEST: (SEAL)

  
	
   

  
	
  By:

  	
   

  	
  /s/ Ellen McLaughlin

  
	
  Title:

  	
   

  	
  Senior VP and General Counsel

  

 

	
  

  	
   

  	
  DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Peter F. Crosby

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Social Security No.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date of Birth

  

 

 6

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