Document:

EXHIBIT
10.2.3

 

THE FEDERAL HOME LOAN BANK OF BOSTON

THRIFT BENEFIT EQUALIZATION PLAN

(effective January 1, 2009)

 

Federal Home Loan Bank of Boston (the “Bank”) adopted
the Federal Home Loan Bank of Boston Thrift Benefit Equalization Plan (the “Plan”),
as a component of the Federal Home Loan Bank of Boston Benefit Equalization
Plan, effective January 1, 1993. 
The Nonqualified Deferred Compensation Program for the Directors of the
Bank was merged into the Plan effective on the close of business December 31,
2006, and the Plan was amended and restated to comply with Code Section 409A,
as enacted by the American Jobs Creation Act of 2004 and applicable regulations
thereunder, effective January 1, 2007 (or such earlier date as may be
required by law).  The Plan is hereby
further amended and restated to comply with final regulations issued under Code
Section 409A effective January 1, 2009; provided, however, that any
provision required to be effective on and after January 1, 2005 in order
for the Plan to comply with Code Section 409A shall become effective as of
January 1, 2005 (or such later date as shall be permitted under applicable
Code Section 409A transition rules).

 

The Plan is established and maintained by the Bank in
order to provide Eligible Executives and Directors an opportunity to defer
taxation on income and to provide Eligible Executives with the benefits which
would have been provided under the Pentegra Defined Contribution Plan for
Financial Institutions (the “Qualified Plan”) if (a) their benefits under
the Qualified Plan were not limited by certain limitations imposed by the
Internal Revenue Code applicable to the Qualified Plan, and (b) “Base
Salary” as defined in the Qualified Plan took into account amounts paid under
the Bank’s incentive compensation plan(s), as well as elective deferrals
hereunder.

 

The Plan is a governmental plan under Section 4(b) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and
is therefore exempt from coverage under ERISA. 
The Plan is unfunded and maintained primarily for the purpose of
providing deferred compensation to a select group of management or highly
compensated employees, and Bank directors, and is not intended to be qualified
under Section 401(a) of the Internal Revenue Code.

 

ARTICLE I

DEFINITIONS

 

Each word used herein not defined below that begins
with a capital letter and is defined in the Qualified Plan shall have the same
definition as the definition given to that word in the Qualified Plan.  Wherever used herein, the following terms
shall have the meanings hereinafter set forth:

 

1.1           “Account” or “Deferred Compensation Account” means
the separate account established under the Plan for each Participant, as
described in Section 5.1.

 

1.2           “Administrator” means the Committee or such
person or persons as may be appointed by the Committee to be responsible for
those functions assigned to the Administrator under the Plan.

 

 

1.3           “Affiliate” means any entity that is a
member of a “controlled group” of corporations with the Bank under Code Section 414(b) or
a trade or business under common control with the Bank under Code Section 414(c);
provided, however, that in applying Code Sections 1563(a)(1), (2) and (3) for
purposes of Code Section 414(b), the language “at least 50 percent” will
be used instead of “at least 80 percent” each place it appears, and in applying
Treasury Regulation Section 1.414(c)-2 for purposes of Code Section 414(c),
the language “at least 50 percent” will be used instead of “at least 80 percent”
each place it appears.  In addition, to
the extent that the Administrator determines that legitimate business criteria
exist to use a reduced ownership percentage to determine whether an entity is
an Affiliate for purposes of determining whether a Termination of Service has
occurred, the Administrator may designate an entity that would meet the
definition of “Affiliate” substituting 20 percent in place of 50 percent in the
preceding sentence as an Affiliate in Appendix A hereto.  Such designation shall be made by December 31,
2007 or, if later, at the time a 20 percent or more ownership interest in such
entity is acquired.

 

1.4           “Bank” means the Federal Home Loan Bank
of Boston.

 

1.5           “Base Salary” means “Salary” as defined
for purposes of the Qualified Plan.

 

1.6           “Beneficiary” means the person, persons
or trust designated by a Participant as direct or contingent beneficiary in the
manner prescribed by the Administrator. 
The Beneficiary of a Participant who has not effectively designated a
beneficiary shall be the Participant’s estate.

 

1.7           “Board of Directors” means the Board of
Directors of the Bank.

 

1.8           “Code Limitations” means the cap on
compensation taken into account by the Qualified Plan under Code Section 401(a)(17);
the limitations on Section 401(k) contributions necessary to meet the
average deferral percentage (“ADP”) test under Code Section 401(k)(3); the
limitations on employee and matching contributions necessary to meet the
average contribution percentage (“ACP”) test under Code Section 401(m);
the dollar limitations on elective deferrals under Code Section 402(g);
and the overall limitation on contributions imposed by Code Section 415(c),
as such provisions may be amended from time to time, and any similar successor
provisions of federal tax law.

 

1.9           “Committee” means the Personnel
Committee of the Board of Directors, which is authorized to administer the Plan
and to perform the functions described in Article VII.

 

1.10         “Compensation” means (a) with
respect to an Executive, Base Salary and/or Incentive Compensation, as
applicable; and (b) with respect to a Director, the meeting fees paid by
the Bank to the Director.

 

1.11         “Deferral Period” means the period
described in Section 3.3 of the Plan.

 

1.12         “Director” means a member of the Board
of Directors of the Bank, other than an Employee.

 

1.13         “Disability” means that the Participant (a) is
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 

 

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12 months; (b) is, by reason of any
medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less
than 3 months under an accident and health plan covering employees of the Bank;
or (c) has been determined to be totally disabled by the Social Security
Administration.

 

1.14         “Effective Date” means January 1,
2009.  The Plan was initially effective January 1,
1993 and was most recently restated effective January 1, 2007.  Any provision of this amendment and
restatement required to be effective on and after January 1, 2005 in order
for the Plan to comply with Code Section 409A shall become effective as of
January 1, 2005 (or such later date up to January 1, 2009 as shall be
permitted under applicable Code Section 409A transition rules).

 

1.15         “Elective Deferral” means the amount of
Compensation a Participant elects to defer pursuant to Article III of the
Plan.

 

1.16         “Eligible Executive” or “Executive” means an employee of the
Bank who is a corporate officer and who has been selected to be a Participant
in the Plan by the Committee.

 

1.17         “Hardship” means an unforeseeable
emergency that is caused by an event beyond the control of the Participant that
would result in severe financial hardship to the Participant resulting from (a) a
sudden and unexpected illness or accident of the Participant or the spouse or a
dependent of the Participant (as defined in Code Section 152(a)), (b) a
loss of the Participant’s property due to casualty (including the need to
rebuild a home following damage to a home not otherwise covered by insurance,
for example, not as a result of a natural disaster), or (c) such other
extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant, all as determined in the sole discretion
of the Administrator.  In addition, the
need to pay for medical expenses, including non-refundable deductibles, as well
as for the costs of prescription drug medication, or the need to pay for the
funeral expenses of a spouse or a dependent may also constitute a Hardship
event.  The Administrator shall determine
whether the circumstances presented by the Participant constitute an
unanticipated emergency.  Such
circumstances and the Administrator’s determination will depend on the facts of
each case, but, in any case, payment may not be made to the extent that such
hardship is or may be relieved as described in Sections 6.1.1 through 6.1.4
below.

 

1.18         “Incentive Compensation” means bonuses
under the Bank’s Executive Incentive Plan and, if applicable, any long-term
incentive compensation payable to a Participant under the Bank’s incentive
compensation plan(s).

 

1.19         “Matching Contribution” means the
amounts credited to a Participant’s Account under Article IV of the Plan
with respect to Elective Deferrals.

 

1.20         “Participant” means (a) an
Executive or former Executive who elects to participate in the Plan in
accordance with the terms and conditions of the Plan or who has an Account in
the Plan that has not been fully distributed; and (b) any Director who
elects to participate in the Plan or who has an Account in the Plan that has
not been fully distributed.

 

1.21         “Plan” means The Federal Home Loan Bank
of Boston Thrift Benefit Equalization Plan, as set forth herein or as it may be
amended or restated from time to time.

 

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1.22         “Plan Year” means the calendar year.

 

1.23         “Qualified Plan” means the Pentegra
Defined Contribution Plan for Financial Institutions, as from time to time
amended.

 

1.24         “Required Withholdings” means the
federal, state or local employment taxes, including applicable FICA taxes
required to be withheld under Section 3101 of the Code from any (a) Elective
Deferrals, (b) elective deferrals on behalf of the Participant to the
Qualified Plan, (c) contributions by the Participant to any welfare
benefit plan maintained by the Bank, and/or (d) any other compensation not
paid to the Participant in cash, and all federal, state or local income taxes
attributable thereto required to be withheld from income, and any additional
federal, state or local income or employment taxes attributable to such
withholdings.  The Administrator shall
determine Required Withholdings in its discretion.

 

1.25         “Scheduled Distribution” means a
distribution from a Participant’s Scheduled Distribution Sub-Account in
accordance with Section 6.3.

 

1.26         “Scheduled Distribution Sub-Accounts” or
“Sub-Accounts” means the
separate bookkeeping accounts established by the Administrator under Section 5.1
to record the portion(s) of a Participant’s Account subject to separate
Scheduled Distribution elections.

 

1.27         “Termination of Service” means, with
respect to an Executive, the severing of employment with the Bank and any
Affiliates, voluntarily or involuntarily, for any reason.  A Termination of Service will be deemed to
have occurred if the facts and circumstances indicate that the Bank and the
Participant reasonably anticipate that no further services will be performed
after a certain date or that the level of bona
fide services the Participant will perform for the Bank and its
Affiliates after such date (whether as an employee or as an independent
contractor) will permanently decrease to no more than 20% of the average level
of bona fide services performed
(whether as an employee or an independent contractor) over the immediately
preceding 36-month period (or the full period of services to the employer if
the Participant has been providing services to the Bank and its Affiliates less
than 36 months).  A Participant will not
be deemed to have incurred a Termination of Service while he or she is on
military leave, sick leave, or other bona
fide leave of absence (such as temporary employment by the
government) if the period of such leave does not exceed six months or such
longer period as the Participant’s right to reemployment with the Bank is
provided either by statute or by contract. 
For this purpose, a leave of absence is bona
fide only if there is a reasonable expectation that the Participant
will return to employment at the conclusion of the leave.  If the period of leave exceeds six months and
the Participant’s right to reemployment is not provided either by statute or by
contract, the Termination of Service will be deemed to occur on the first date
immediately following such six-month period. 
With respect to a Director, the term “Termination of Service” means that
the Director has ceased to be a member of the Board of Directors of the Bank,
and does not otherwise provide services (as determined under this paragraph) as
an employee or independent contractor of the Bank or any Affiliate.  Whether an individual has incurred a
Termination of Service shall be determined in accordance with the provisions of
Section 409A.

 

1.28         “Valuation Date” means the close of
business of each business day, or such other valuation date or dates
established by the Administrator.

 

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ARTICLE II

PARTICIPATION

 

2.1                                Eligibility.  Each Executive may become a Participant upon
the effective date of his or her designation as an Executive eligible for
participation in the Plan by the Board of Directors or the Committee. Each
Director may become a Participant upon his or her becoming a member of the
Board of Directors of the Bank.

 

2.2                                Participation in the Plan.  An Eligible Executive or Director may elect
to participate in the Plan for any Plan Year by delivering to the Administrator
a properly executed election at the time and in the form provided by the
Administrator, pursuant to which the Eligible Executive or Director elects to
defer receipt of a specified portion of the Compensation that would otherwise
be payable to such Executive for the Plan Year, as described in Article III
hereof.

 

2.3                                Cessation of Participation.  An Executive shall cease to be a Participant in
the Plan if (a) he or she incurs a Termination of Service for any reason, (b) he
or she remains in the service of a Bank but ceases to be an Eligible Executive
as described in Section 1.16 due to a change in employment status, except
to the extent that the Committee determines otherwise, or (c) the Plan is
terminated or otherwise amended so that the Executive ceases to be eligible for
participation; provided, however, that such individual shall continue to be a
Participant solely with respect to his or her vested Account balance until such
Account balance is distributed from the Plan. 
Such cessation of participation shall be effective upon the date of the
change in status described in clause (a) above, upon the end of the
Deferral Period for a change in status described in (b) above, or upon the
effective date of an amendment or termination of the Plan described in clause (c) above.  A Director shall cease to be a Participant in
the Plan if he or she ceases to be a member of the Board of Directors for any
reason; provided, however, that such individual shall continue to be a
Participant solely with respect to his or her vested Account balance until such
Account balance is distributed from the Plan.

 

ARTICLE III

DEFERRAL OF COMPENSATION

 

3.1                                Election to Defer.  A Participant may elect to defer receipt of a
portion of his or her Compensation for a Plan Year by delivering a properly
executed election to the Administrator within the time specified in Section 3.2.  The Participant’s election shall be in a
written form acceptable to the Administrator and shall specify:

 

3.1.1.       the whole percentage of Salary, other than Incentive
Compensation, for the Plan Year to be deferred to the Plan, which percentage
may not exceed 100%, reduced to the extent necessary to provide for any
Required Withholdings;

 

3.1.2.       the whole percentage of Incentive Compensation for the Plan
Year to be deferred to the Plan, which percentage may not exceed 100%, reduced
to the extent necessary to provide for any Required Withholdings;

 

3.1.3.       if applicable, the investment fund or funds in which the
Participant’s Elective Deferrals, and Matching Contributions attributable to
such Elective Deferrals, will be deemed to be invested pursuant to Section 5.2;

 

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3.1.4.       if applicable, the specific Scheduled Distribution Sub-Account
or Sub-Accounts into which all or a portion of such Elective Deferrals and/or
Matching Contributions will be directed, as described in Section 6.3; and

 

3.1.5.       to the extent permitted by the Administrator under Section 6.4.1,
the payment commencement date and method of distribution to apply to benefits
distributable upon the Participant’s Termination of Service.

 

An Executive who elects not to participate in the Plan
at the time he or she first becomes eligible to do so may elect to become a
Participant in any subsequent Plan Year by filing an election to defer
Compensation as described above within the time provided in Section 3.2,
provided that he or she is then eligible to participate in the Plan.

 

3.2                                Date for Filing Election.

 

3.2.1.       Except as provided below, an election to defer Compensation to
be earned in a Plan Year shall be filed by the Participant with the
Administrator as of a date established by the Administrator which is no later
than December 31 of the Plan Year preceding the year in which such
Compensation is earned.

 

3.2.2.       In the case of an individual first employed as an Executive or
becoming a Director, or first becoming eligible for this Plan (and any similar
account-based deferred compensation plan of the Bank) during a Plan Year, an
election to defer Compensation (which may include Incentive Compensation)
earned subsequent to the initial date of employment or eligibility and
subsequent to the date of such election may be filed by such Executive or
Director with the Administrator within thirty (30) days of such initial date of
service or eligibility.

 

3.2.3.       An election to defer Incentive Compensation meeting the
requirements for “performance-based” compensation under Treasury Regulation Section 1.409A-1(e) shall
be filed with the Administrator as of a date established by the Administrator
which is at least six months prior to the end of the performance period in
which such Incentive Compensation is earned, provided that (a) performance
criteria have been established in writing by not later than 90 days after the
commencement of the applicable performance period and the outcome is
substantially uncertain at the time the criteria are established, (b) the
Participant is in employment with the Bank continuously from the later of the
beginning of the performance period or the date such performance criteria are
set, and (c) the election is made before such performance-based
compensation has become readily ascertainable (i.e.,
is both calculable in amount and substantially certain to be paid).

 

3.3                                Deferral Period.  The Deferral Period for a Participant’s
Compensation earned during any Plan Year shall begin on the first day of such
Plan Year, provided that the Participant has filed an election to defer
Compensation prior thereto, as described in Section 3.2.1.  Notwithstanding the foregoing, in the case of
an individual who is first employed as an Executive or first becomes a
Director, or who first becomes eligible for participation during a Plan Year,
the Deferral Period shall begin as of the first day of the payroll period (or,
in the case of a Director, the first day of the month) beginning after the
filing of a timely election by the 

 

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Participant in such Plan Year, as described
in Section 3.2.2.  In each case,
such Deferral Period shall end on the last day of the Plan Year.

 

The Deferral Period for Incentive
Compensation meeting the requirements for “performance-based” compensation
under Treasury Regulation Section 1.409A-1(e) shall be the
performance period (which shall not be shorter than a Plan Year) to which such
Incentive Compensation relates. 
Notwithstanding the foregoing, an election to defer Incentive Compensation
shall be deemed to be an election to defer such amount (1) to the date
specified in such election, or, if earlier, (2) solely in the event of the
Participant’s Termination of Service during the Deferral Period or within 31
days after the end of the Deferral Period, to the calendar quarter following
the end of the Deferral Period for payment in an immediate lump sum (assuming
the Participant is otherwise entitled to such Incentive Compensation).

 

3.4                                Revocation or Change of Deferral Election.

 

3.4.1.       A Participant may not voluntarily revoke or amend an election
to defer Compensation under Section 3.1.1 after commencement of the
Deferral Period.  Such election shall
automatically expire at the conclusion of the applicable Deferral Period,
unless renewed within the time provided in Section 3.2.

 

3.4.2.       A Participant may not revoke or amend an election to defer
Incentive Compensation meeting the requirements for “performance-based”
compensation under Treasury Regulation Section 1.409A-1(e) after the
date which is six months prior to the end of the performance period in which
such Incentive Compensation is earned; except that an election to defer
Incentive Compensation under Section 3.2.2 may not be revoked during the
Deferral Period.

 

3.4.3.       Notwithstanding the above, if a Participant incurs a Hardship,
the Participant’s Elective Deferrals under this Plan may, upon the request of
the Participant and with the consent of the Administrator, be permanently
suspended for a period of six (6) months (the “suspension period”).  At the end of the suspension period, the
Participant’s Elective Deferrals shall automatically resume, provided that the
Participant has timely filed a deferral election under Sections 3.1 and 3.2
with respect to the Deferral Period in effect when the suspension period ends.

 

3.4.4.       If a Participant ceases to be an Eligible Executive during a
Deferral Period because of a change in his or her employment status (except for
a Termination of Service) as described in Section 2.3(b), the Participant’s
deferral election shall remain effective for the remainder of the Deferral
Period for which the election relates.

 

3.5                                Vesting of Elective Deferrals.  A Participant shall be 100% vested in the
balance of his or her Deferred Compensation Account attributable to Elective
Deferrals at all times.

 

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ARTICLE IV

BANK MATCHING CONTRIBUTIONS

 

4.1                                Matching Contributions for Eligible Executive
Participants.

 

4.1.1.       Except as provided in Section 4.1.3 below, for each Elective
Deferral credited to a Participant’s Deferred Compensation Account under Section 3.1.1,
such Participant’s Account shall also be credited with a Matching Contribution
under this Plan equal to (a) the matching contribution, if any, that would
have been credited under the terms of the Qualified Plan with respect to such
amount if contributed to the Qualified Plan, determined without regard to the
Code Limitations, minus (b) the maximum matching contribution available to
the Participant under the terms of the Qualified Plan with respect to the
period to which such Elective Deferral relates, with regard to the Code
Limitations and assuming that the Participant has made the largest elective
deferral to the Qualified Plan for such period (and preceding periods during
the Deferral Period) for which a matching contribution is available under the
Qualified Plan; provided, however, that no Matching Contribution shall be made
under Sections 4.1.1 and 4.1.2 with respect to Elective Deferrals under Section 3.1.1
exceeding 3% of Base Salary.  To the
extent that a Participant has not met applicable service requirements for
participation in matching contributions under the terms of the Qualified Plan,
clause (a) of the preceding sentence shall be applied as though the Participant
is eligible for matching contributions under the Qualified Plan; and no
reduction under clause (b) of the preceding sentence shall apply until the
Participant is actually eligible for such matching contributions.

 

4.1.2.       If, for any Plan Year beginning on or after January 1,
2007, a Participant (a) has contributed to the Qualified Plan the maximum
amount of elective deferrals permitted under the terms of the Qualified Plan
(including “catch-up” contributions, if available to the Participant and eligible
for matching contributions); but (b) was credited with an amount of
matching contributions under the Qualified Plan which is less than the amount
set forth in Section 4.1.1(b) above, then the Participant shall be
credited with an additional Matching Contribution under this Plan equal to the
amount set forth in Section 4.1.1(b) above for such Plan Year minus
the amount of matching contributions actually credited to the Participant under
the Qualified Plan for such Plan Year. 
Notwithstanding the foregoing, a Participant shall be eligible for a
Matching Contribution under this Section 4.1.2 only if he or she is an
Employee on the last day of the applicable Plan Year.

 

4.1.3.       For each Incentive Compensation Elective Deferral credited to
a Participant’s Deferred Compensation Account under Section 3.1.2, such
Participant’s Account shall also be credited with a Matching Contribution under
this Plan equal to the matching contribution, if any, that would be credited
under the Qualified Plan with respect to such amount if contributed to the
Qualified Plan, determined without regard to the Code Limitations and on the
basis that such Incentive Compensation is Salary under the Qualified Plan in
the year payable; provided, however, that no Matching Contribution shall be
made hereunder with respect to Elective Deferrals under Section 3.1.2
exceeding 3% of Incentive Compensation.

 

4.1.4.       No Matching Contribution shall be made with respect to a
participating Director.

 

4.2                                Vesting of Matching Deferrals.  A Participant shall be 100% vested in the
balance of his or her Deferred Compensation Account attributable to Matching
Deferrals at all times.

 

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ARTICLE V

INVESTMENT OF DEFERRED COMPENSATION

 

5.1                                Deferred Compensation Account.  The Administrator shall establish a Deferred
Compensation Account on the books of the Plan for each Participant, reflecting
Elective Deferrals and Matching Contributions made for the Participant’s
benefit, together with any adjustments for income, gain or loss attributable
thereto under Section 5.2, and any payments, distributions, transfers or
forfeitures therefrom.  The opening
balance of the Participant’s Deferred Compensation Account as of January 1,
2007 shall equal the balance of such Account as of the close of the preceding
business day.

 

5.2                                Time for Crediting Contributions.  Elective Deferrals to the Plan with respect
to any pay period, and Matching Contributions attributable to such Elective
Deferrals, shall normally be credited to the Participant’s Account within five (5) business
days of the date that corresponding contributions attributable to Compensation
earned in such pay period are credited under the Qualified Plan or would
otherwise be paid to the Participant; provided, however, that no adjustment of
earnings or losses shall be made with respect to Elective Deferrals or Matching
Contributions under Section 5.3 prior to the earlier of (a) the 15th business day of the calendar month following
the calendar month in which the Elective Deferral would otherwise have been
paid to the Participant but for the Participant’s deferral election, or (b) the
date such amounts are actually credited to the Participant’s Account on the
books of the Plan; provided, however, that clause (a) shall not apply to
any Matching Contribution made under Section 4.1.2 or as a result of Code
Limitation testing (such as ADP testing) normally conducted on an annual
basis.  The Administrator shall establish
on the books of the Plan one or more Sub-Accounts in each Participant’s
Deferred Compensation Account to reflect such Participant’s Scheduled
Distribution elections and such additional accounts or sub-accounts as he deems
necessary or advisable.

 

5.3                                Hypothetical Investment of Accounts.  The Deferred Compensation Account of a
Participant, including each Sub-Account thereof, shall be adjusted as of each
Valuation Date to reflect the income, gain or loss that would accrue to such
Account, if assets in the Account were invested as described in this Section 5.3.  Each Participant shall direct the
hypothetical investment of the Elective Deferrals and Matching Contributions
credited to the Plan on his or her behalf among such investment funds as are
from time to time made available by the Committee.  A Participant may, as of any Valuation Date,
change the investment allocation of future Elective Deferrals or Matching
Contributions, and may elect to transfer all or a portion of the balance of his
or her Account hypothetically invested in one investment fund to any other
investment fund or funds then available under the Plan, by directing the
Administrator in such form and at such time as the Administrator shall require.

 

The hypothetical
investment fund options available under the Plan shall be those designated by
the Committee from time to time in its discretion.  The Administrator may promulgate uniform and
nondiscriminatory rules and procedures governing investment elections
under the Plan, including rules governing how credits or debits to an
Account or Sub-Account shall be allocated among investment funds in the absence
of a valid election.

 

5.4                                Statement of Account.  A statement shall be sent to each Participant
as to the balance of his or her Deferred Compensation Account at least once
each Plan Year.  Electronic 

 

9

 

distribution (including a reminder that such
statement is available electronically) will satisfy this requirement.

 

ARTICLE VI

PAYMENT OF DEFERRED COMPENSATION

 

6.1                                Hardship Distributions.  A Participant may request that all or a
portion of his or her vested Account balance be distributed at any time by
submitting a written request to the Administrator, provided that the
Participant has incurred a Hardship, and the distribution is necessary to
alleviate such Hardship.  In determining
whether the Hardship distribution request should be approved, the Administrator
may rely on the Participant’s representation that the Hardship cannot be
alleviated:

 

6.1.1.       through reimbursement or compensation by insurance or
otherwise;

 

6.1.2.       by the Participant taking any withdrawals then available to
him or her under the terms of the Qualified Plan;

 

6.1.3.       by reasonable liquidation of the Participant’s assets,
including amounts available for withdrawal from the Qualified Plan, to the
extent such liquidation would not itself cause a severe financial hardship; or

 

6.1.4.       by cessation of his or her elective deferrals under Section 3.4.3
of this Plan or a similar deferred compensation plan to the extent available.

 

6.2                                Administration of Hardship Distributions.  The Administrator shall deem a distribution
to be necessary to alleviate a Hardship if the distribution does not exceed the
amounts necessary to satisfy the Participant’s Hardship, plus amounts necessary
to pay taxes reasonably anticipated as a result of the distribution.  The Account balance that is not distributed
pursuant to the Hardship request shall remain in the Plan.  Distributions to alleviate a Hardship will be
made as soon as administratively feasible after the Administrator has reviewed
and approved the request.  An amount to
be distributed for Hardship shall be debited from the Participant’s Deferred
Compensation Account not held in a Scheduled Distribution Sub-Account, or (if
such amount is not sufficient) from the Sub-Account(s) having the latest
scheduled distribution date.

 

6.3                                Scheduled Distribution.  A Participant may elect to receive a
Scheduled Distribution with respect to an Elective Deferral and Matching
Contributions, if applicable, at the time he or she files the applicable
deferral election under Section 3.1. 
A Participant may elect in accordance with Section 3.1.4 to direct
all or a portion of his or her Elective Deferrals and/or Matching Contributions
for the Plan Year into one or more Sub-Account(s), provided that any such
Sub-Account has a scheduled distribution date which is not earlier than twelve
(12) months after the end of the Deferral Period to which the Elective Deferral
and/or Matching Contribution relates.  The
Administrator may establish uniform and nondiscriminatory rules and
procedures governing Scheduled Distribution Sub-Accounts, including
establishing limitations on the number of Sub-Accounts available to
Participants for any Deferral Period or in the aggregate, and the minimum
length of deferral to be provided under any newly-established Sub-Account, as
the Administrator deems appropriate.

 

10

 

Except to the extent the Participant elects otherwise
in accordance with Section 6.7, any “Post-Secondary Education Subaccounts”
of the Participant as in effect under the terms of the Plan immediately prior
to January 1, 2007 shall be redesignated as Scheduled Distribution
Sub-Accounts hereunder, having the same scheduled distribution date(s) and
method of distribution.

 

To the extent permitted by the Administrator at the
time of election, such election may designate whether the elected Scheduled
Distribution date shall continue to apply notwithstanding the Participant’s
intervening retirement, death, Disability or Termination of Service.  Except as otherwise elected by a Participant
under the preceding sentence, an election of a Scheduled Distribution shall
automatically terminate upon the Participant’s retirement, death, Disability or
Termination of Service, at which time the provisions of Sections 6.4, 6.5 and
6.6 shall govern distribution of the Participant’s Account.

 

A Participant may, with the consent of the
Administrator and to the extent permitted under Code Section 409A and
regulations thereunder, elect to (a) revoke a Scheduled Distribution
(provided that the Participant’s Scheduled Distribution election would
otherwise automatically terminate upon the Participant’s Termination of Service
for any reason), in which case the balance of the applicable Sub-Account will
be restored to the Participant’s Deferred Compensation Account, or (b) extend
to a later date the date on which a Scheduled Distribution will occur, in which
case the applicable Sub-Account will be redesignated or merged with another
existing Sub-Account having the same designated distribution date.  A Participant may make an election under the
preceding sentence by filing a new election prior to his or her Termination of
Service at such time and in such form as the Administrator shall
designate.  Any election to revoke or
extend the date of a Scheduled Distribution shall not take effect until at least
twelve months after the date on which it is made and must provide for a
deferred distribution date not earlier than five years after the date such
Scheduled Distribution was otherwise scheduled to be made and not later than
the date set forth in Section 6.6.

 

A Scheduled Distribution may be made in a single lump
sum payment or in installments over two to eleven years (as described in Section 6.5.1
or 6.5.2, respectively).  If a
Participant who has elected to receive a Scheduled Distribution in installment
payments incurs a Termination of Service after payments have commenced but
before all amounts held in the Scheduled Distribution Sub-Account have been
distributed, the remaining Scheduled Distribution Account balance shall
continue be paid to the Participant over the then remaining installment period,
or if the Participant has so elected, in a single lump sum payment as soon as
practicable following the Participant’s Termination of Service.

 

6.4                                Retirement, Death or Other Separation from Service.

 

6.4.1.       Initial Distribution
Election.  A Participant
who has incurred a Termination of Service, whether by reason of retirement,
voluntary or involuntary termination, death or Disability (each a “Distribution
Event”), shall receive distribution of his or her Account (other than a
Scheduled Distribution Sub-Account having a Scheduled Distribution date prior
to the date of Termination of Service or a Scheduled Distribution Sub-Account
subject to a later Scheduled Distribution date with respect to which the
Participant has elected under Section 6.3 that no intervening Distribution
Date shall apply) in a single lump sum payment as soon as practicable following
the Termination of Service. 
Notwithstanding the foregoing, the Administrator may permit a 

 

11

 

Participant to elect a later payment
commencement date permitted under Section 6.6, or an alternate method of
distribution permitted under Section 6.5, by filing a written request with
the Administrator at the time the Participant files an initial deferral election
under Section 3.2.  To the extent
permitted under rules established by the Administrator at the time of
election, such an election may separately specify different times or available
methods of payment for different Distribution Events.

 

6.4.2.       Changes in Distribution
Election.  The
Administrator may permit a Participant to defer the commencement of his or her
distribution to a date permitted under Section 6.6, or select an
alternative method of distribution permitted under Section 6.5, after the
initial deferral election by filing a written request with the
Administrator.  Such a change election
shall not take effect until at least twelve months after the date on which it
is made and shall be effective only if (a) the election is filed with the
Administrator before the Participant’s Termination of Service; (b) the
election does not accelerate the timing or payment schedule of any
distribution; (c) the payment commencement date in the change election is
not less than five years after the date the distribution would otherwise have
commenced for the Distribution Event without regard to such election; and (d) the
Administrator approves such election. 
Except as otherwise provided in Section 6.7, a Participant’s
distribution election shall become irrevocable upon the Participant’s
Termination of Service.

 

6.4.3.       Death.  If a Participant dies before distribution of
his or her Account has commenced, the Participant’s benefit under the Plan
shall be paid to his or her Beneficiary in a single lump sum payment as soon as
practicable following the Participant’s death.

 

6.4.4.       Distribution Event.  Whether a Participant has incurred a
Distribution Event shall be determined by the Administrator in a manner
consistent with the requirements of Section 409A and regulations
thereunder.

 

6.5                                Method of Payment.

 

6.5.1.       Lump Sum Payment.  Distribution of a Participant’s Account
pursuant to Section 6.1, 6.3 or 6.4, may be made in a cash lump sum.

 

6.5.2.       Installment Distribution.  A Participant requesting distribution of an Account
pursuant to Sections 6.3 or 6.4 may, with the approval of the Administrator,
receive distribution in periodic payments in lieu of a lump sum.  Periodic payments shall be paid on a
semi-annual basis, in January and July of each year, over a period that
does not exceed twenty-two (22) installments (eleven (11) years).  Each installment payment shall be determined
by dividing the Participant’s then-current Account balance by the number of
semi-annual payments remaining to be paid. The Administrator may establish
uniform and nondiscriminatory rules and procedures governing the payment
of installment distributions, including the maximum period over which
installment distributions shall be made and the minimum amount which must be
distributed each Plan Year, as the Administrator deems appropriate consistent
with Section 409A.  The entitlement
to installment distributions is treated as the entitlement to a single payment
for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii).

 

12

 

6.5.3.       Death of Participant or
Beneficiary During Installment Distribution Period.  If a Participant who has elected installment
payments under Section 6.5.2 dies after payments have commenced but before
all amounts held in the Account have been distributed, the remaining Account
balance shall be paid to the Beneficiary or Beneficiaries designated by the
Participant over the then remaining installment period, or if the Participant
has so elected, in a single lump sum payment as soon as practicable following
the Participant’s death.  If the
designated Beneficiary dies after the Participant but before all amounts held
in the Account have been distributed, the then remaining installments shall be
distributed to the Beneficiary’s estate as provided in Section 6.5.2
(except to the extent that the Participant has designated one or more
contingent Beneficiaries).

 

6.5.4.       Limit on Distribution
Method.  Notwithstanding
the foregoing, to the extent permitted under Section 409A, if the Participant’s
aggregate Deferred Compensation Account does not exceed the dollar limitation
on elective deferrals as then in effect under Code Section 402(g) at
the time of his or her Termination of Service or earlier Distribution Event,
distribution shall be made to the Participant (or his or her Beneficiary in the
case of the Participant’s death) in a single lump-sum payment within ninety
(90) days after such Termination of Service or earlier Distribution Event.

 

6.5.5.       General Payment Rules.  A payment required to be made under any
provision of this Plan upon or as soon as practicable after a designated
payment date (e.g., date of death or
Termination of Service) shall be deemed to be made upon the date specified if
it is made within the same taxable year of the Participant (i.e., the calendar year) or, if later, by the 15th day of the third month after such designated
payment date, provided that the Participant is not permitted, directly or
indirectly, to designate the taxable year of payment.

 

6.6                                Payment Commencement Date.   A Participant may not elect a distribution
date later than (a) April 1 of the calendar year after the year in
which the Participant attains age 701⁄2, or (b) five years after the
Participant’s Termination of Service, if later.

 

6.7                                Transition Rule Election.  Pursuant to Internal Revenue Service Notice
2005-1, Q&A-19(c), as extended by Notice of Proposed Rulemaking
REG-158080-04, a Participant may, prior to December 31, 2008 or such later
date as shall be permitted by the Administrator in accordance with Code Section 409A,
modify or make new elections regarding distribution of his or her Account(s) under
Sections 6.3, 6.4 and 6.5, at such time and in such form as the Administrator
shall designate; provided, however, that no such distribution election made in
2007 may affect payments that the Participant would otherwise receive in 2007
or cause payments to be made in 2007, and that no such distribution election
made in 2008 may affect payments that the Participant would otherwise receive
in 2008 or cause payments to be made in 2008.

 

6.8                                Acceleration of Payment Date.  Notwithstanding the foregoing,  the distribution of benefits hereunder may be
accelerated, with the consent of the Administrator, under the following
circumstances:

 

13

 

6.8.1.       Compliance with Domestic
Relations Order.  To
permit payment to an individual other than the Participant as necessary to
comply with the provisions of a domestic relations order (as defined in Code Section 414(p)(1)(B));

 

6.8.2.       Conflicts of Interest.  To permit payment as necessary to comply with
the provisions of a Federal government ethics agreement or to avoid violation
of an applicable Federal, state, local or foreign ethics law or conflicts of
interest law;

 

6.8.3.       Payment of Employment
Taxes.  To permit payment
of federal employment taxes under Code Sections 3101, 3121(a) or
3121(v)(2), or to comply with any federal tax withholding provisions or
corresponding withholding provisions of applicable state, local, or foreign tax
laws as a result of the payment of federal employment taxes, and to pay the
additional income tax at source on wages attributable to the pyramiding Code Section 3401
wages and taxes; or

 

6.8.4.       Tax Event.  Upon a good faith, reasonable determination
by the Administrator, and upon advice of counsel, that the Plan fails to meet
the requirements of Code Section 409A and regulations thereunder.  Such payment may not exceed the amount
required to be included in income as a result of the failure to comply with the
requirements of Code Section 409A.

 

6.9                                Delay of Payments.  A payment otherwise required to be made under
the terms of the Plan may be delayed solely to the extent necessary under the
following circumstances, provided that payment is made as soon as possible
within the first calendar year after the reason for delay no longer applies:

 

6.9.1.       Payments Subject to the
Deduction Limitation. 
The Bank reasonably anticipates that such payment would otherwise
violate Code Section 162(m);

 

6.9.2.       Violation of Law.  The Administrator reasonably determines that
making the payment will violate Federal securities or other applicable laws; or

 

6.9.3.       Other Permitted Event.
Upon such other events and conditions as the Commissioner of Internal Revenue
shall prescribe in generally applicable guidance.

 

ARTICLE VII

ADMINISTRATION OF THE PLAN

 

7.1                                Administration by the Bank.  The Committee shall be responsible for the
general operation and administration of the Plan and for carrying out the
provisions thereof.  The Committee may
appoint such person or persons as it deems appropriate to perform all or any of
the functions of the Administrator under the terms of the Plan.  To the extent that no such person or persons
are appointed, the Committee shall serve as Administrator.

 

7.2                                General Powers of Administration.  The Committee shall have authority and
discretion to control and manage the operation and administration of the Plan,
including all rights and powers necessary or convenient to the carrying out of
its functions hereunder, whether or not such rights and powers are specifically
enumerated herein.  The Committee may, in
its discretion, delegate authority with regard to the administration of the
Plan to any individual, 

 

14

 

officer or committee in accordance with Section 7.2.7
below.  Notwithstanding any other
provision of the Plan, if an action or direction of any person to whom
authority hereunder has been delegated conflicts with an action or direction of
the Committee, then the authority of the Committee shall supersede that of the
delegate with respect to such action or direction.

 

Without limiting the
generality of the foregoing, and in addition to the other powers set forth in
this Section 7.2, the Committee or its delegate shall have the following
express authorities:

 

7.2.1.       To construe and interpret the provisions of the Plan; to
decide all questions arising thereunder, including, without limitation,
questions of eligibility for participation, eligibility for benefits, the
validity of any election or designation made under the Plan, and the amount,
manner and time of payment of any benefits hereunder; and to make factual
determinations necessary or appropriate for such decisions or determination;

 

7.2.2.       To prescribe procedures to be followed by Participants,
Beneficiaries or alternate payees in filing applications for benefits and any
other elections, designations and forms required or permitted under the Plan;

 

7.2.3.       To prepare and distribute information explaining the Plan;

 

7.2.4.       To receive from the Bank and from Participants, Beneficiaries
and alternate payees such information as shall be necessary for the proper
administration of the Plan;

 

7.2.5.       To furnish the Bank or the Board of Directors, upon request,
such reports with respect to the administration of the Plan as are reasonable
and appropriate;

 

7.2.6.       To appoint or employ advisors, including legal and actuarial
counsel (who may also be counsel to the Bank) to render advice with regard to
any responsibility of the Committee under the Plan or to assist in the
administration of the Plan;

 

7.2.7.       To designate in writing other persons to carry out a specified
part or parts of its responsibilities hereunder (including this power to
designate other persons to carry out a part of such designated responsibility).
Any such person may be removed by the Committee at any time with or without
cause;

 

7.2.8.       To rule on claims, and to determine the validity of
domestic relations orders and comply with such orders; and

 

7.2.9.       All rules, actions, interpretations and decisions of the
Committee are conclusive and binding on all persons, and shall be given the
maximum possible deference allowed by law.

 

7.3                                Rules of the Administrator.  The Administrator may adopt such rules as
it deems necessary, desirable or appropriate. When making a determination or
calculation, the Administrator shall be entitled to rely upon information
furnished by a Participant or Beneficiary, the Bank, the legal counsel of the
Bank, or such other person as it deems appropriate, and shall further be
entitled to rely conclusively upon all tables, valuations, 

 

15

 

certificates, opinions and reports furnished
by any actuary, accountant, controller, counsel or other person employed or
engaged by the Bank with respect to the Plan.

 

7.4                                Claims Procedure.  Any person who believes that he or she is
then entitled to receive a benefit under the Plan may file a claim in writing
with the Administrator.  Except to the
extent the Committee adopts an alternate procedure for the review of claims,
the procedures in this Section 7.4 shall apply.  The Administrator shall, within ninety (90)
days of the receipt of a claim, either allow or deny the claim in writing.  A denial of a claim shall be written in a
manner calculated to be understood by the claimant and shall include: (a) the
specific reason or reasons for the denial; (b) specific references to
pertinent Plan provisions on which the denial is based; (c) a description
of any additional material or information necessary for the claimant to perfect
the claim and an explanation of why such material or information is necessary;
and (d) an explanation of the Plan’s claim review procedure.  A claimant whose claim is denied (or his or
her duly authorized representative) may, within sixty (60) days after receipt
of denial of the claim: (1) submit a written request for review to the
Committee; (2) review pertinent documents; and (3) submit issues and
comments in writing.  The Administrator
shall notify the claimant of the decision of the Committee on review within
sixty (60) days of receipt of a request. 
No legal action may be commenced by a Participant or Beneficiary with
respect to a benefit under this Plan without first exhausting the Plan’s
administrative claims procedures, and any legal action with respect to a claim
that has been finally denied must be commenced no later than one year after the
date of the Plan’s final denial of such claim upon appeal.

 

ARTICLE VIII

GENERAL PROVISIONS

 

8.1                                Participant’s Rights Unsecured.  The right of any Participant to receive
future payments under the provisions of the Plan shall be an unsecured claim
against the general assets of the Bank. 
The Bank shall be under no obligation to establish any separate fund,
purchase any annuity contract, or in any other way make any special provision
or specifically earmark any funds for the payment of amounts called for under
the Plan.  If the Bank chooses to
establish such a fund, or purchase such an annuity contract or make any other
agreement to provide for such payments, that fund, contract or arrangement
shall remain part of the Bank’s general assets and no person claiming payments
under the Plan shall have any right, title or interest in or to any such fund,
contract or arrangement.

 

8.2                                Non-assignability.  None of the benefits, payments, proceeds or
claims of any Participant or Beneficiary shall be subject to any claim of any
creditor of any Participant or Beneficiary and, in particular, the same shall
not be subject to attachment or garnishment or other legal process by any
creditor of such Participant or Beneficiary, nor shall any Participant or
Beneficiary have any right to alienate, anticipate, commute, pledge, encumber
or assign any of the benefits or payments or proceeds which he or she may
expect to receive, contingently or otherwise, under the Plan. Notwithstanding
the foregoing, the Bank shall comply with the terms of a domestic relations
order applicable to a Participant’s interest in the Plan, provided that such
order does not require the payment of benefits in a manner or amount, or at a
time, inconsistent with the terms of the Plan. 
The Bank shall have no liability to any Participant or Beneficiary to
the extent that his or her benefit is reduced in accordance with the terms of a
domestic relations order that the Bank applies in good faith.

 

16

 

8.3                                Taxes. 
The Administrator shall withhold all federal, state or local taxes that
it reasonably believes are required to be withheld from any payments under the
Plan.

 

8.4                                Limitation of Participant’s Rights.  Nothing contained in the Plan shall confer
upon any person a right to be employed or to continue in the employ of the
Bank, or interfere in any way with the right of the Bank to terminate the
employment of a Participant at any time, with or without cause.

 

8.5                                Receipt and Release.  Any payment to any Participant or Beneficiary
in accordance with the provisions of the Plan shall, to the extent thereof, be
in full satisfaction of all claims against the Bank or the Plan, and the
Administrator may require such Participant or Beneficiary, as a condition
precedent to such payment, to execute a receipt and release to such effect.  If requested, such receipt and release shall
be executed by the Participant or Beneficiary no later than 90 days after the
Participant’s scheduled payment commencement date.  If any Participant or Beneficiary is
determined by the Administrator to be incompetent by reason of physical or
mental disability (including minority) to give a valid receipt and release, the
Administrator may cause the payment or payments becoming due to such person to
be made to another person for his or her benefit without responsibility on the
part of the Administrator or the Bank to follow the application of such funds.

 

8.6                                Governing Law.  The Plan shall be construed, administered,
and governed in all respects under and by the laws of the Commonwealth of
Massachusetts.  If any provision shall be
held by a court of competent jurisdiction to be invalid or unenforceable, the
remaining provisions hereof shall continue to be fully effective.

 

8.7                                Designation of Beneficiary.  A Participant may designate a Beneficiary by
so notifying the Administrator in writing, in a form acceptable to the
Administrator, at any time before the Participant’s death.  A Participant may revoke any Beneficiary
designation or designate a new Beneficiary at any time without the consent of a
beneficiary or any other person.  If no
Beneficiary is designated or no designated Beneficiary survives the
Participant, payment shall be made in a single lump sum to the Participant’s
estate.

 

8.8                                Successorship.  The Plan shall be binding upon and inure to
the benefit of the Bank and its successors and assigns, and the Participants,
and the successors, assigns, designees and estates of the Participants.  The Plan shall also be binding upon and inure
to the benefit of any successor bank or organization succeeding to
substantially all of the assets and business of the Bank, but nothing in the
Plan shall preclude the Bank from merging or consolidating into or with, or
transferring all or substantially all of its assets to, another bank which
assumes the Plan and all obligations of the Bank hereunder.  The Bank agrees that it will make appropriate
provision for the preservation of Participants’ rights under the Plan in any
agreement or plan which it may enter into to effect any such merger,
consolidation, reorganization or transfer of assets.  In such a merger, consolidation,
reorganization, or transfer of assets and assumption of Plan obligations of the
Bank, the term Bank shall refer to such other bank and the Plan shall continue
in full force and effect.

 

8.9                                Indemnification.  No Committee member shall be personally
liable by reason of any instrument executed by him or on his behalf, or action
taken by him, in his capacity as a Committee member nor for any mistake of
judgment made in good faith.  The Bank shall

 

17

 

indemnify and hold harmless the Plan and each
Committee member and each employee, officer or director of the Bank or the
Plan, to whom any duty, power, function or action in respect of the Plan may be
delegated or assigned, or from whom any information is requested for Plan
purposes, against any cost or expense (including fees of legal counsel) and
liability (including any sum paid in settlement of a claim or legal action with
the approval of the Bank) arising out of anything done or omitted to be done in
connection with the Plan, unless arising out of such person’s fraud or bad
faith.

 

8.10                          Headings and Subheadings.  Headings and subheading in this Plan are
inserted for convenience only and are not to be considered in the construction
of the provisions hereof.

 

8.11                          Amendment and Termination.  The Plan may at any time or from time to time
be amended, modified, or terminated by the Board of Directors.  No amendment, modification, or termination
shall, without the consent of a Participant, adversely affect the Participant’s
Deferred Compensation Account at that time. 
Upon termination of the Plan, the Board of Directors may elect to (a) pay
benefits hereunder as they become due as if the Plan had not terminated or (b) to
extent permitted by Code Section 409A and regulations thereunder, direct
that all payments remaining to be made under the Plan be made in a single lump
sum to Participants (or their Beneficiaries).

 

8.12                          Effective Date.  Except as otherwise provided herein, the
effective date of this Plan shall be January 1, 2009.

 

IN WITNESS WHEREOF, and pursuant
to adoption of this Plan Document by the Board of Directors of the Bank has
caused this Plan Document to be executed this 30th day of December, 2008 by:

 

 

	
  /s/ Ellen McLaughlin

  	
   

  	
  /s/ Janelle K. Authur

  
	
  Ellen McLaughlin

  	
   

  	
  Janelle K. Authur

  
	
  Senior Vice President and General Counsel

  	
   

  	
  Senior Vice President and Executive

  
	
   

  	
   

  	
  Director of Human Resources

  

 

18EXHIBIT 10.7.3

 

FEDERAL HOME LOAN BANK OF BOSTON

 

2008 DIRECTOR COMPENSATION POLICY

As Revised December 12, 2008

 

A
fee of $2,075 per meeting shall be paid to all Directors that attend all or
part of a meeting of the Board of Directors. 
A fee of $2,850 per meeting shall be paid to the vice chair of the
Board.  A fee of $3,650 per meeting shall
be paid to the chair of the Board.  This
fee shall also be provided to any person elected by the Board to serve as
chairman pro tempore or to the vice chair if the vice chair presides for an
entire meeting of the Board.  There are
nine regularly scheduled meetings in 2008.

 

A
fee of $750 per meeting shall be paid to all committee members, including ex
officio members, who attend all or any part of any meeting of a committee of
the Board.  A fee of $750 shall be paid
to any Director who attends all or part of the annual shareholders meeting.

 

A
fee of $500 per meeting shall be paid to any Director for participation in
telephonic conference calls or when participating by telephone for all or any
part of a meeting in which the Director would be entitled to receive a meeting
fee for in-person attendance at such meeting.

 

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

 

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

 

Maximum
Fees

 

Notwithstanding
the foregoing, no Director shall be paid fees in excess of $60,000 in a single
fiscal year.

 

Administrative
Matters

 

The
Personnel Committee shall annually review this policy and shall submit its
recommendation to the Board.  The Board
shall consider the recommendations of the Personnel Committee and shall approve
the policy no later than the first regularly scheduled meeting of the Board in
which the policy shall apply.  The Board
is authorized, in its sole discretion, to interpret the provisions of the
policy and to address situations not anticipated by the policy, consistent with
the requirements set forth in the regulations promulgated by the Federal
Housing Finance Agency, if any.

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