Document:

Exhibit 10.4

Ed Dumas

2006 Plan Year

REVISED

AMENDED SALARY DEFERRAL

AND MEMBERSHIP AGREEMENT

THIS SALARY
DEFERRAL AND MEMBERSHIP AGREEMENT (“Agreement”) made this 29th day of December, 2005, by and between
the Federal Home Loan Bank of Boston (the “Employer”) and Edward Dumas
(the “Member”):

WITNESSETH

WHEREAS, the Member has
been designated by the Personnel Committee of the Board of Directors of the
Federal Home Loan Bank of Boston as eligible to defer a portion of his
compensation from the Employer under the Federal Home Loan Bank of Boston
Thrift Benefit Equalization Plan (the “Thrift Benefit Equalization Plan” or the
“Plan”); and

WHEREAS, the Member
desires to make such deferrals with respect to the 2006 calendar year; and

NOW, THEREFORE, the
Employer and the Member hereby agree as follows:

1.                                       Subject
to the provisions of Article III of the Thrift Benefit Equalization Plan,
the Member shall make deferrals for the period beginning on January 1,
2006 and ending December 31, 2006. Such deferral may be discontinued only
in accordance with the provisions of Article III of the Plan regarding
financial hardship. In order to make elective deferrals for 2006, the Member
must execute an Agreement no later than December 30, 2005.

2.                                       Salary
Deferrals

(a)                                  During
the period of this Agreement, the Member directs that the Bank reduce his Base
Salary (as defined in the Thrift Benefit Equalization Plan) that would be
payable to him by the Bank during 2006 after his 401(k) contributions
under the Thrift Plan would cease due to the application of the Code
Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 %]
[up to 100%]. Such reduction, if any, shall be made ratably in each payroll
period commencing after the date of this Agreement or the date the 401(k) contributions
would cease due to the Code Limitations, if later. The Bank agrees to make such
reduction, and to credit such amount to the Member’s Account under this
Agreement.

(b)                                 The
Member understands that the reductions in his or her Base Salary as described
in this paragraph 2 will be made, if, and only if, the Member has elected to
contribute the maximum amount of 401(k) contributions under the Thrift
Plan for the calendar year as permitted by the Code Limitations.

 

(c)                                  For
purposes of this Paragraph 2, any change made to the Member’s rate of 401(k) contributions
after December 31, 2005 shall be disregarded in determining the amount of
deferral under the Thrift Benefit Equalization Plan.

3.                             The
Member elects to defer receipt of an amount equal to [ 0 %] [up to 100%]
of the sum of any regular account contributions or 401(k) account
contributions to the Thrift Plan for 2006 that would otherwise be returned to
the Member under the Thrift Plan after the end of 2006 on account of the Code
Limitations. Such reduction in compensation shall be made ratably over the
payroll periods remaining in the first calendar quarter following the date the
amount is determined.

4.                             The
Member elects to defer receipt of [ 0 %] [up to 100%] of his Incentive
Compensation otherwise payable to him in such year.

5.                             The
Member acknowledges that, by signing this Agreement, the Employer is
specifically authorized to reduce the Member’s base pay and/or incentive
compensation by the percentages or amounts specified in paragraphs 2, 3, and 4.
Any such reduction shall be made from the base pay payable to the Member,
during payroll periods, on and after the effective date of this Agreement or
the date the Member’s 401(k) contributions cease under the Thrift Plan due
to the statutory limit, if later. With respect to an election on an initial
Salary Deferral Agreement, such reduction, if any, shall apply to compensation
earned by the Member in payroll periods beginning after this Agreement is
submitted to the Committee.

6.                             All
amounts deferred under this Agreement may be held by the Employer for eventual
distribution to the Member or his beneficiary in accordance with the provisions
of the Thrift Benefit Equalization Plan. All amounts payable hereunder will be
paid by the Employer from its general assets.

7.                             The
Member elects to have the following percentages of his elective contribution
additions, incentive compensation contribution additions, and employer matching
contribution additions for 2006 credited under the Thrift Benefit Equalization
Plan to his Retirement Account and Post-Secondary Education Subaccount as
follows:

 2
 

 

 

	
  

  	
   

  	
   

  	
   

  	
  Post-Secondary

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Retirement

  	
   

  	
  Education

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account

  	
   

  	
  Subaccount

  	
   

  	
  Total

  	
   

  
	
  Elective
  Contribution Additions

  	
   

  	
  100

  	
  %

  	
  _____%

  	
   

  	
  =100%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Incentive
  Compensation Contribution Additions

  	
   

  	
  100

  	
  %

  	
  _____%

  	
   

  	
  =100%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Employer Matching
  Contribution Additions

  	
   

  	
  100

  	
  %

  	
  _____%

  	
   

  	
  =100%

  	
   

  

 

The additions credited to the Post-Secondary Education
Subaccount for 2006 shall be allocated to specific Post-Secondary Education
Subaccounts in the proportions and paid in accordance with the distribution
elections specified below. If you elect to have compensation deferred under the
Post-Secondary Education Subaccount, then you should elect a date on which you
will receive a distribution. Under the American Jobs Creation Act, payments of
compensation deferred after 2004 cannot be based upon your child entering
college.

Post-Secondary Education Subaccount
Payment Date:  __________________

8.                                       Payment
Date for Retirement Account. [Note: If this is not your initial Deferral
Agreement, complete this paragraph only if you want to change your payment
trigger event for your Retirement Account. Otherwise cross out this paragraph.]

The Member elects to have amount credited to his
Retirement Account paid in full or distributed pursuant to his election under
paragraph 9 below, as soon as practicable following the:

       þ  Valuation Date, or       o      January 1

coincident with or following the payment trigger event
checked below:

( P
)        The Member’s separation from
service from the Bank.

(    )                            The Member’s attainment of
age ____ [enter an age], which shall not be 
earlier than age 50 nor later than age 701⁄2, and shall not be fewer than
three (3) years subsequent to his current age.

(    )                            The earlier of the
Member’s separation from service from the Bank or attainment of age _____
[enter an age], which shall not be earlier than age 50 nor later than age 701⁄2,
and shall not be fewer than three (3) years subsequent to his current age.

 3
 

 

(    )                            The later of the
Member’s separation from service from the Bank or attainment of age _____
[enter an age], which shall not be earlier than age 50 nor later than age 701⁄2.

If no election is made under this paragraph, payment
will be made as soon as practicable following the Valuation Date coincident
with or following the Member’s termination of employment.

Notwithstanding the preceding, the Member understands
that in the event of his death the balance in his Account will be paid as soon
as administratively practicable to the Member’s Beneficiary on or after the
Valuation Date coincident with or next following his date of death.

9.                                  Payment Form for Retirement Account. Check
one box. [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 Member elects to have
this Retirement Account disbursed as follows:

( P )          In a cash single sum.

(    )                                 In semi-annual cash
installments over a period of [    ] years, [not to exceed ten years], payable as
of January 1 and July 1 of each calendar year.

If a Member fails to make an election under this
paragraph 9, payment will be made in a cash single sum.

10.                                 The
Member understands that any change under paragraph 8 or 9 above with respect to
deferrals prior to 2006 shall become effective at 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).

11.                            This
Agreement shall be subject to and governed by all of the terms and provisions
of the Thrift Benefit Equalization Plan, and any administrative rules and
procedures the Employer has set up for the Plan, and all elections made by a
Member will only be effective in accordance with the terms of the Plan and the
administrative rules and procedures. The duties and obligations of the
Employer under the Plan and this Agreement shall be carried out by the
Personnel Committee of the Employer’s Board of Directors.

12.                            Nothing
in this Agreement shall obligate the Employer to retain the Member in his
capacity as an officer or employee of the Employer.

 4
 

 

13.                            Subject
to the provisions of Section 3.06 of the Thrift Benefit Equalization Plan
regarding financial hardship, the deferrals specified by the Member under
paragraphs 2, 3 and 4 of this Agreement shall be irrevocable, except that
changes may be allowed as provided under regulations, revenue rulings, notices
or other guidance issued by the U.S. Department of Treasury or the Internal
Revenue Service.

14.                            The
Member acknowledges that he or his beneficiary shall be responsible for all
federal, state and local income taxes on all benefits attributable to the
Member under the Plan when they become due and payable.

15.                                 The
Member acknowledges that he has read and received a copy of the Thrift Benefit
Equalization Plan and this Agreement. This Agreement is made pursuant to the
terms and conditions of the Plan. All such provisions of the Plan, 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 provisions of the Plan, the terms of the Plan, as
applicable, shall control.

The Member further acknowledges that new legislation,
known as the American Jobs Creation Act of 2004, has recently been enacted
which contains provisions that change the longstanding rules applicable to
nonqualified deferred compensation plans, such as the Bank’s Thrift Benefit
Equalization Plan, effective for deferrals of compensation after December 31,
2004. The Member understands that significant changes will be made to the
Thrift Benefit Equalization Plan in order to be able to defer compensation
under this Agreement on a tax advantaged basis. You will be afforded another
opportunity to consider this time and form of payment for your 2005 and 2006
deferrals in connection with any changes made to the plan by the Bank in light
of IRS final regulations under Section 409A.

16.                            Subject
to the provisions of the Plan, the Board may amend or terminate the Plan or
this Agreement at any time and for any reason.

 5
 

 

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

	
  

  	
   

  	
  

  	
   

  	
  FEDERAL HOME LOAN BANK OF BOSTON

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By: 

  	
   

  	
  /s/ MICHAEL L. WILSON

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: 

  	
   

  	
  Senior EVP & COO

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ATTEST: (SEAL)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ JANELLE K. AUTHUR

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  FVP/Exec. Director of Human Resources

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MEMBER

  	
   

  	
  /s/ EDWARD B. DUMAS

  	
   

  	
   

  	
   

  	
   

  

 

 6Exhibit 10.5

William Oakley

2006 Plan Year

REVISED

AMENDED SALARY DEFERRAL

AND MEMBERSHIP AGREEMENT

THIS SALARY
DEFERRAL AND MEMBERSHIP AGREEMENT (“Agreement”) made this 30th day of December, 2005, by and between
the Federal Home Loan Bank of Boston (the “Employer”) and William L. Oakley
(the “Member”):

WITNESSETH

WHEREAS, the Member has
been designated by the Personnel Committee of the Board of Directors of the
Federal Home Loan Bank of Boston as eligible to defer a portion of his
compensation from the Employer under the Federal Home Loan Bank of Boston
Thrift Benefit Equalization Plan (the “Thrift Benefit Equalization Plan” or the
“Plan”); and

WHEREAS, the Member
desires to make such deferrals with respect to the 2006 calendar year; and

NOW, THEREFORE, the
Employer and the Member hereby agree as follows:

1.                                       Subject
to the provisions of Article III of the Thrift Benefit Equalization Plan,
the Member shall make deferrals for the period beginning on January 1,
2006 and ending December 31, 2006. Such deferral may be discontinued only
in accordance with the provisions of Article III of the Plan regarding
financial hardship. In order to make elective deferrals for 2006, the Member
must execute an Agreement no later than December 30, 2005.

2.                                       Salary
Deferrals

(a)                                  During
the period of this Agreement, the Member directs that the Bank reduce his Base
Salary (as defined in the Thrift Benefit Equalization Plan) that would be
payable to him by the Bank during 2006 after his 401(k) contributions
under the Thrift Plan would cease due to the application of the Code
Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 8 %]
[up to 100%]. Such reduction, if any, shall be made ratably in each payroll
period commencing after the date of this Agreement or the date the 401(k) contributions
would cease due to the Code Limitations, if later. The Bank agrees to make such
reduction, and to credit such amount to the Member’s Account under this
Agreement.

(b)                                 The
Member understands that the reductions in his or her Base Salary as described
in this paragraph 2 will be made, if, and only if, the Member has elected to
contribute the maximum amount of 401(k) contributions under the Thrift
Plan for the calendar year as permitted by the Code Limitations.

 

(c)                                  For
purposes of this Paragraph 2, any change made to the Member’s rate of 401(k) contributions
after December 31, 2005 shall be disregarded in determining the amount of
deferral under the Thrift Benefit Equalization Plan.

3.                             The
Member elects to defer receipt of an amount equal to [ 100 %] [up to
100%] of the sum of any regular account contributions or 401(k) account
contributions to the Thrift Plan for 2006 that would otherwise be returned to
the Member under the Thrift Plan after the end of 2006 on account of the Code
Limitations. Such reduction in compensation shall be made ratably over the
payroll periods remaining in the first calendar quarter following the date the
amount is determined.

4.                             The
Member elects to defer receipt of [ 3 %] [up to 100%] of his Incentive
Compensation otherwise payable to him in such year.

5.                             The
Member acknowledges that, by signing this Agreement, the Employer is
specifically authorized to reduce the Member’s base pay and/or incentive
compensation by the percentages or amounts specified in paragraphs 2, 3, and 4.
Any such reduction shall be made from the base pay payable to the Member,
during payroll periods, on and after the effective date of this Agreement or
the date the Member’s 401(k) contributions cease under the Thrift Plan due
to the statutory limit, if later. With respect to an election on an initial
Salary Deferral Agreement, such reduction, if any, shall apply to compensation
earned by the Member in payroll periods beginning after this Agreement is
submitted to the Committee.

6.                             All
amounts deferred under this Agreement may be held by the Employer for eventual
distribution to the Member or his beneficiary in accordance with the provisions
of the Thrift Benefit Equalization Plan. All amounts payable hereunder will be
paid by the Employer from its general assets.

7.                             The
Member elects to have the following percentages of his elective contribution
additions, incentive compensation contribution additions, and employer matching
contribution additions for 2006 credited under the Thrift Benefit Equalization
Plan to his Retirement Account and Post-Secondary Education Subaccount as
follows:

 2
 

 

 

	
  

  	
   

  	
   

  	
   

  	
  Post-Secondary

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Retirement

  	
   

  	
  Education

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account

  	
   

  	
  Subaccount

  	
   

  	
  Total

  	
   

  
	
  Elective
  Contribution Additions

  	
   

  	
  100

  	
  %

  	
  _____%

  	
   

  	
  =100%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Incentive
  Compensation Contribution Additions

  	
   

  	
  100

  	
  %

  	
  _____%

  	
   

  	
  =100%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Employer Matching
  Contribution Additions

  	
   

  	
  100

  	
  %

  	
  _____%

  	
   

  	
  =100%

  	
   

  

 

The additions credited to the Post-Secondary Education
Subaccount for 2006 shall be allocated to specific Post-Secondary Education
Subaccounts in the proportions and paid in accordance with the distribution
elections specified below. If you elect to have compensation deferred under the
Post-Secondary Education Subaccount, then you should elect a date on which you
will receive a distribution. Under the American Jobs Creation Act, payments of
compensation deferred after 2004 cannot be based upon your child entering
college.

Post-Secondary Education Subaccount
Payment Date:  __________________

8.                                       Payment
Date for Retirement Account. [Note: If this is not your initial Deferral
Agreement, complete this paragraph only if you want to change your payment
trigger event for your Retirement Account. Otherwise cross out this paragraph.]

The Member elects to have amount credited to his
Retirement Account paid in full or distributed pursuant to his election under
paragraph 9 below, as soon as practicable following the:

        þ   Valuation Date, or                     o    January 1

coincident with or following the payment trigger event
checked below:

( P
)        The Member’s separation from
service from the Bank.

(    )                            The Member’s attainment of
age ____ [enter an age], which shall not be 
earlier than age 50 nor later than age 701⁄2, and shall not be fewer than
three (3) years subsequent to his current age.

(    )                            The earlier of the
Member’s separation from service from the Bank or attainment of age _____
[enter an age], which shall not be earlier than age 50 nor later than age 701⁄2,
and shall not be fewer than three (3) years subsequent to his current age.

 3
 

 

(    )                            The later of the
Member’s separation from service from the Bank or attainment of age _____
[enter an age], which shall not be earlier than age 50 nor later than age 701⁄2.

If no election is made under this paragraph, payment
will be made as soon as practicable following the Valuation Date coincident
with or following the Member’s termination of employment.

Notwithstanding the preceding, the Member understands
that in the event of his death the balance in his Account will be paid as soon
as administratively practicable to the Member’s Beneficiary on or after the
Valuation Date coincident with or next following his date of death.

9.                                  Payment Form for Retirement Account. Check
one box. [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 Member elects to have
this Retirement Account disbursed as follows:

( P )          In a cash single sum.

(    )                                 In semi-annual cash
installments over a period of [    ]
years, [not to exceed ten years], payable as of January 1 and July 1
of each calendar year.

If a Member fails to make
an election under this paragraph 9, payment will be made in a cash single sum.

10.                                The
Member understands that any change under paragraph 8 or 9 above with respect to
deferrals prior to 2006 shall become effective at 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).

11.                                This
Agreement shall be subject to and governed by all of the terms and provisions
of the Thrift Benefit Equalization Plan, and any administrative rules and
procedures the Employer has set up for the Plan, and all elections made by a
Member will only be effective in accordance with the terms of the Plan and the
administrative rules and procedures. The duties and obligations of the
Employer under the Plan and this Agreement shall be carried out by the
Personnel Committee of the Employer’s Board of Directors.

12.                                Nothing
in this Agreement shall obligate the Employer to retain the Member in his
capacity as an officer or employee of the Employer.

 4
 

 

13.                            Subject
to the provisions of Section 3.06 of the Thrift Benefit Equalization Plan
regarding financial hardship, the deferrals specified by the Member under
paragraphs 2, 3 and 4 of this Agreement shall be irrevocable, except that
changes may be allowed as provided under regulations, revenue rulings, notices or
other guidance issued by the U.S. Department of Treasury or the Internal
Revenue Service.

14.                            The
Member acknowledges that he or his beneficiary shall be responsible for all
federal, state and local income taxes on all benefits attributable to the Member
under the Plan when they become due and payable.

15.                                 The
Member acknowledges that he has read and received a copy of the Thrift Benefit
Equalization Plan and this Agreement. This Agreement is made pursuant to the
terms and conditions of the Plan. All such provisions of the Plan, 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 provisions of the Plan, the terms of the Plan, as
applicable, shall control.

The Member further acknowledges that new legislation,
known as the American Jobs Creation Act of 2004, has recently been enacted
which contains provisions that change the longstanding rules applicable to
nonqualified deferred compensation plans, such as the Bank’s Thrift Benefit
Equalization Plan, effective for deferrals of compensation after December 31,
2004. The Member understands that significant changes will be made to the
Thrift Benefit Equalization Plan in order to be able to defer compensation
under this Agreement on a tax advantaged basis. You will be afforded another
opportunity to consider this time and form of payment for your 2005 and 2006
deferrals in connection with any changes made to the plan by the Bank in light
of IRS final regulations under Section 409A.

16.                            Subject
to the provisions of the Plan, the Board may amend or terminate the Plan or
this Agreement at any time and for any reason.

 5
 

 

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

	
  

  	
   

  	
  

  	
   

  	
  FEDERAL HOME LOAN BANK OF BOSTON

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By: 

  	
   

  	
  /s/ MICHAEL L. WILSON

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: 

  	
   

  	
  Senior EVP & COO

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ATTEST: (SEAL)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ JANELLE K. AUTHUR

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  FVP/Exec. Director of Human Resources

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MEMBER

  	
   

  	
  /s/ WILLIAM L. OAKLEY

  	
   

  	
   

  	
   

  	
   

  

 

 6

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