Document:

Exhibit 10.9

Earl Baucom

2006
Plan Year

INCENTIVE COMPENSATION
DEFERRAL ELECTION

AND
MEMBERSHIP AGREEMENT

THIS INCENTIVE
COMPENSATION DEFERRAL ELECTION AND MEMBERSHIP AGREEMENT (“Agreement”) is
submitted this 16th day of June, 2006, by Earl Baucom (the
“Member”):

You have been designated
by the Federal Home Loan Bank of Boston (the “Bank”) as eligible to participate
in the Federal Home Loan Bank of Boston Thrift Benefit Equalization Plan (the “Thrift
BEP” or the “Plan”).  This form contains
your elections regarding you participation in the Plan with respect to your
2006 Incentive Compensation from the Bank.

1.             Deferral Election.  Subject to the provisions of the Thrift BEP,
the Member elects to defer receipt of [3%] (not to exceed 100%) of his
or her Incentive Compensation earned in 2006 and otherwise payable to him or
her in 2007 under the Bank’s 2006 Executive Incentive Plan.  The Bank is specifically authorized to reduce
the Member’s Incentive Compensation by this percentage for credit to the Member’s
Account under the Thrift BEP.  All
amounts deferred under this Agreement will be held by the Bank as part of its
general assets in accordance with the provisions of the Thrift BEP.

2.             Allocation to Accounts.  The Member elects to have the following
percentages of his or her Incentive Compensation contribution described in
Section 1 above credited under the Thrift BEP to his or her Retirement Account
and Scheduled Distribution Accounts in the following percentages:

	
  Retirement

  Account

  	
   

  	
  Scheduled

  Distribution

  Account A

  	
   

  	
  Scheduled

  Distribution

  Account B

  	
   

  	
  Scheduled

  Distribution

  Account C

  	
   

  	
  Scheduled

  Distribution

  Account D

  	
   

  	
  Scheduled

  Distribution

  Account E

  	
   

  	
  TOTAL

  	
   

  
	
  100%

  	
   

  	
   

  	
  %

  	
   

  	
  %

  	
   

  	
  %

  	
   

  	
  %

  	
   

  	
  %

  	
  = 100

  	
  %

  
	
  Use 10% increments

  	
   

  	
  The
  Date of Distribution for a Scheduled Distribution Account

  must be after December 31, 2009

  	
   

  	
   

  
																		

 

Beginning
in 2006, Scheduled Distribution Accounts generally operate the same way as
Post-Secondary Education Subaccounts, with some modifications.  A Scheduled
Distribution Account allows you to receive that deferral as early as 3 years
after the end of the deferral year.  A
Scheduled Distribution is paid in 8 to 12 semi-annual installments at the time
you elect for the distribution.

When you set up a
Scheduled Distribution Account, you elect whether the account will
automatically terminate and be distributed when you retire, die or otherwise
separate from service, or whether the account will be distributed on the
scheduled date without regard to your intervening termination.

3.             Elections Regarding Scheduled Distribution
Accounts.

	
  Scheduled
  Distribution Account

  	
   

  	
  Date of Distribution

  (not earlier than January 1, 2010 or after your 70th birthday)

  	
   

  	
  Pay upon Retirement Under Section 4 Below

  (default option)

  	
   

  	
  Method of Distribution

  (default is 8 semi-annual installments)

  
	
  Scheduled
  Distribution Account A

  	
   

  	
   

  	
   

  	
  o

  	
   

  	
  Do NOT default to payment upon retirement

  	
   

  	
  (8 to 12) Semi-annual installments

  
	
  Scheduled
  Distribution Account B

  	
   

  	
   

  	
   

  	
  o

  	
   

  	
  Do NOT default to payment upon retirement

  	
   

  	
  (8 to 12) Semi-annual installments

  
	
  Scheduled
  Distribution Account C

  	
   

  	
   

  	
   

  	
  o

  	
   

  	
  Do NOT default to payment upon retirement

  	
   

  	
  (8 to 12) Semi-annual installments

  
	
  Scheduled
  Distribution Account D

  	
   

  	
   

  	
   

  	
  o

  	
   

  	
  Do NOT default to payment upon retirement

  	
   

  	
  (8 to 12) Semi-annual installments

  
	
  Scheduled
  Distribution Account E

  	
   

  	
   

  	
   

  	
  o

  	
   

  	
  Do NOT default to payment upon retirement

  	
   

  	
  (8 to 12) Semi-annual installments

  

 

You can change or revoke
your election of a scheduled distribution by filing an election with the Plan
Administrator at least one year before the scheduled distribution date.  If you change your scheduled distribution
election, your new scheduled distribution date has to be at least 5 years later
than the previously elected date.

4.             Payment of
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 4.] 
The Member elects to have any amount credited to his or her
Retirement Account (including matching contributions) paid as soon as
practicable following on or after the o  Valuation Date (the default option) or o 
January 1 coincident with or following (check one):

A.                                    x           The Member’s separation from service
from the Bank.

B.                                    o            The
Member’s attainment of age           [enter
an age not earlier than age 50 nor later than age 701⁄2, at least three (3) years
subsequent to current age].

C.                                    o            The
earlier of A or B above.

D.                                    o            The
later of A or B above.

If
no election is made under this paragraph, payment of the Retirement Account
will be made as soon as practicable following the Valuation Date coincident
with or following the Member’s termination of employment.  This election is effective for all amounts in
your

 2
 

Retirement
Account.  If this is a change to a prior
distribution election for your Retirement Account, you cannot accelerate
distribution into 2006.  If you change your Retirement Account
distribution election in a subsequent year after 2006, your new election may
not be effective for one year; may not accelerate the payment of your account;
and must defer distribution for at least 5 years later than the previously
elected date.

5.             Payment
Form 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 5.]  The
Member elects to have his or her Retirement Account (including matching
contributions) paid in the following form (check one):

x             In a cash single sum.

o                                         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 5, payment will be made in a cash
single sum.  This election is effective
for all amounts in your Retirement Account. 
If this is a change to a prior distribution election for your Retirement
Account, you cannot accelerate distribution into 2006.  If you change your Retirement Account
distribution election in a subsequent year after 2006, your new election may
not be effective for one year; may not accelerate the payment of your account;
and must defer distribution for at least 5 years later than the previously
elected date.

6.             Payment
of Death Benefits. 
Notwithstanding the preceding, the Member understands that, in the event
of his or her death, the balance in his or her Accounts established hereunder
will be paid as soon as administratively practicable to the Member’s
Beneficiary on or after the Valuation Date coincident with or next following
the Member’s date of death.

7.             Elections Irrevocable.  The Member understands that the elections
made under this Agreement are irrevocable and may not be changed unless
otherwise permitted under the Plan (for example, for unforeseen financial
emergency) as amended by the Bank consistent with the requirements of Section
409A of the Internal Revenue Code.

8.             Miscellaneous.  This Agreement shall be subject to and
governed by all of the terms and provisions of the Thrift BEP and any
administrative rules and procedures the Bank has set up for the Plan.  Nothing in this Agreement shall obligate the
Bank to retain the Member in his or her capacity as an officer or employee of the
Bank.  The Bank will withhold such federal,
state and local income taxes as may apply under applicable law.

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

 3
 

Equalization Plan, effective for deferrals of
compensation after December 31, 2004. 
The Member understands that significant changes may be made to the
Thrift Benefit Equalization Plan in order to be able to defer compensation
under this Agreement on a tax advantaged basis.

9.             Amendment or Termination.  Subject to the provisions of the Plan, the
Bank may amend or terminate the Plan or this Agreement at any time and for any
reason.

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

	
  

  	
   

  	
  MEMBER

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Earl W. Baucom

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print:

  	
   

  	
  Earl W. Baucom

  
					

 

 4Exhibit 10.9.1

M. Susan Elliott

2006
Plan Year

INCENTIVE COMPENSATION
DEFERRAL ELECTION

AND
MEMBERSHIP AGREEMENT

THIS INCENTIVE
COMPENSATION DEFERRAL ELECTION AND MEMBERSHIP AGREEMENT (“Agreement”) is
submitted this 14th day of June, 2006, by M. Susan Elliott
(the “Member”):

You have been designated
by the Federal Home Loan Bank of Boston (the “Bank”) as eligible to participate
in the Federal Home Loan Bank of Boston Thrift Benefit Equalization Plan (the “Thrift
BEP” or the “Plan”).  This form contains
your elections regarding you participation in the Plan with respect to your
2006 Incentive Compensation from the Bank.

1.             Deferral Election.  Subject to the provisions of the Thrift BEP,
the Member elects to defer receipt of [ 10%] (not to exceed 100%) of his
or her Incentive Compensation earned in 2006 and otherwise payable to him or
her in 2007 under the Bank’s 2006 Executive Incentive Plan.  The Bank is specifically authorized to reduce
the Member’s Incentive Compensation by this percentage for credit to the Member’s
Account under the Thrift BEP.  All
amounts deferred under this Agreement will be held by the Bank as part of its
general assets in accordance with the provisions of the Thrift BEP.

2.             Allocation to Accounts.  The Member elects to have the following
percentages of his or her Incentive Compensation contribution described in
Section 1 above credited under the Thrift BEP to his or her Retirement Account
and Scheduled Distribution Accounts in the following percentages:

	
  Retirement
  Account

  	
   

  	
  Scheduled

  Distribution

  Account A

  	
   

  	
  Scheduled

  Distribution

  Account B

  	
   

  	
  Scheduled

  Distribution

  Account C

  	
   

  	
  Scheduled

  Distribution

  Account D

  	
   

  	
  Scheduled

  Distribution

  Account E

  	
   

  	
  TOTAL

  
	
  100%

  	
   

  	
  %

  	
   

  	
  %

  	
   

  	
  %

  	
   

  	
  %

  	
   

  	
  %

  	
   

  	
  = 100%

  
	
  Use 10%

  increments

  	
   

  	
  The
  Date of Distribution for a Scheduled Distribution

  Account must be after December 31, 2009

  	
   

  	
   

  

 

Beginning
in 2006, Scheduled Distribution Accounts generally operate the same way as
Post-Secondary Education Subaccounts, with some modifications.  A Scheduled
Distribution Account allows you to receive that deferral as early as 3 years
after the end of the deferral year.  A
Scheduled Distribution is paid in 8 to 12 semi-annual installments at the time
you elect for the distribution.

When you set up a
Scheduled Distribution Account, you elect whether the account will
automatically terminate and be distributed when you retire, die or otherwise
separate from service, or whether the account will be distributed on the
scheduled date without regard to your intervening termination.

3.             Elections Regarding Scheduled Distribution
Accounts.

	
  Scheduled Distribution Account

  	
   

  	
  Date of Distribution

  (not earlier than

  January 1, 2010 or after

  your 70th birthday)

  	
   

  	
  Pay upon Retirement

  Under Section 4 Below

  (default option)

  	
   

  	
  Method of Distribution

  (default is 8 semi-annual

  installments)

  
	
  Scheduled

  Distribution Account

  A

  	
   

  	
   

  	
   

  	
  o  Do
  NOT default to

  payment upon

  retirement

  	
   

  	
  __ (8 to 12)
  Semi-annual

  installments

  
	
  Scheduled

  Distribution Account

  B

  	
   

  	
   

  	
   

  	
  o  Do
  NOT default to

  payment upon

  retirement

  	
   

  	
  __ (8 to 12) Semi-annual

  installments

  
	
  Scheduled

  Distribution Account

  C

  	
   

  	
   

  	
   

  	
  o  Do
  NOT default to

  payment upon

  retirement

  	
   

  	
  __ (8 to 12)
  Semi-annual

  installments

  
	
  Scheduled

  Distribution Account

  D

  	
   

  	
   

  	
   

  	
  o  Do
  NOT default to

  payment upon

  retirement

  	
   

  	
  __ (8 to 12)
  Semi-annual

  installments

  
	
  Scheduled

  Distribution Account

  E

  	
   

  	
   

  	
   

  	
  o  Do
  NOT default to

  payment upon

  retirement

  	
   

  	
  __ (8 to 12)
  Semi-annual

  installments

  

 

You can change or revoke
your election of a scheduled distribution by filing an election with the Plan
Administrator at least one year before the scheduled distribution date.  If you change your scheduled distribution
election, your new scheduled distribution date has to be at least 5 years later
than the previously elected date.

4.             Payment
of 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 4.]  The Member elects to have any amount credited
to his or her Retirement Account (including matching contributions) paid as
soon as practicable following on or after the o  Valuation Date (the default option) or o  January 1 coincident with or following (check
one):

A.            o            The Member’s separation from service
from the Bank.

B.                                     o            The Member’s attainment of age ____
[enter an age not earlier than age 50 nor later than age 701⁄2, at least three
(3) years subsequent to current age]. 

C.            o            The earlier of A or B above.

D.            o            The later of A or B above.

If
no election is made under this paragraph, payment of the Retirement Account
will be made as soon as practicable following the Valuation Date coincident
with or following the Member’s termination of employment.  This election is effective for all amounts in
your  

 2
 

Retirement
Account.  If this is a change to a prior
distribution election for your Retirement Account, you cannot accelerate
distribution into 2006.  If you change
your Retirement Account distribution election in a subsequent year after 2006,
your new election may not be effective for one year; may not accelerate the
payment of your account; and must defer distribution for at least 5 years later
than the previously elected date.

5.             Payment
Form 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 5.]  The Member elects to have his or her
Retirement Account (including matching contributions) paid in the following
form (check one):

o            In a cash single sum.

o                                    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 5, payment will be made in a cash
single sum.  This election is effective
for all amounts in your Retirement Account. 
If this is a change to a prior distribution election for your Retirement
Account, you cannot accelerate distribution into 2006.  If you change your Retirement Account
distribution election in a subsequent year after 2006, your new election may
not be effective for one year; may not accelerate the payment of your account;
and must defer distribution for at least 5 years later than the previously
elected date. 

6.             Payment
of Death Benefits. 
Notwithstanding the preceding, the Member understands that, in the event
of his or her death, the balance in his or her Accounts established hereunder
will be paid as soon as administratively practicable to the Member’s
Beneficiary on or after the Valuation Date coincident with or next following
the Member’s date of death.

7.             Elections Irrevocable.  The Member understands that the elections
made under this Agreement are irrevocable and may not be changed unless
otherwise permitted under the Plan (for example, for unforeseen financial
emergency) as amended by the Bank consistent with the requirements of Section
409A of the Internal Revenue Code.

8.             Miscellaneous.  This Agreement shall be subject to and governed
by all of the terms and provisions of the Thrift BEP and any administrative
rules and procedures the Bank has set up for the Plan.  Nothing in this Agreement shall obligate the
Bank to retain the Member in his or her capacity as an officer or employee of
the Bank.  The Bank will withhold such
federal, state and local income taxes as may apply under applicable law.

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 may be made to the Thrift Benefit Equalization

 3
 

Plan in order to be able to defer compensation under
this Agreement on a tax advantaged basis.

9.             Amendment or Termination.  Subject to the provisions of the Plan, the
Bank may amend or terminate the Plan or this Agreement at any time and for any
reason.

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

	
  

  	
           MEMBER

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ M. Susan Elliott

  
	
   

  	
   

  	
   

  
	
   

  	
  Print:

  	
     M. Susan Elliott

  

 

 4

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