Document:

Exhibit 10.6

Frank Nitkiewicz

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 Frank Nitkiewicz
(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 [ 15 %]
[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 [ 45 %] [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:

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  Post-Secondary

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Retirement

  	
   

  	
  Education

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account

  	
   

  	
  Subaccount

  	
   

  	
  Total

  	
   

  
	
  Elective
  Contribution Additions

  	
   

  	
  0

  	
  %

  	
  100

  	
  %

  	
  =100%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Incentive
  Compensation Contribution Additions

  	
   

  	
  100

  	
  %

  	
  0

  	
  %

  	
  =100%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Employer Matching
  Contribution Additions

  	
   

  	
  0

  	
  %

  	
  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:  See
attached schedule.

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:

        o   Valuation Date, or                     o      January 1

coincident with or following the payment trigger event
checked below:

(    )         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.

 

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(    )                            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:

(    )           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/ FRANK NITKIEWICZ

  	
   

  	
   

  	
   

  	
   

  

 

 6Exhibit
10.1

[Smurfit-Stone
Container Corporation Letterhead]

May 11, 2006

Mr. Steven J.
Klinger

5475 Red Bark Way

Atlanta, GA   30338

Dear Steve:

On behalf of our
Board of Directors, I am pleased to offer you the position of President and
Chief Operating Officer of Smurfit-Stone Container Corporation and its
subsidiaries. In this role, you would be responsible for all of the company’s
ongoing business operations. You would report directly to me and have your
principal office in St. Louis, Missouri, and would serve on the company’s
Executive Committee.

The terms of your
employment would be set forth in an Employment Agreement, which would contain
terms and conditions identical to those in place with the Company’s Chief
Financial Officer. The Employment Agreement would have an “evergreen” term of
two (2) years, and would also include customary protections in the event
of a change of control of the company and customary restrictive covenants
(non-competition and non-disclosure).

The Board of
Directors has authorized me to convey its intention to provide you with the
following compensation package:

·                  Base
salary of $750,000 per year;

·                  Target
award level of 100% of base salary under the company’s Management Incentive
Plan, prorated and guaranteed for 2006 ($435,000);

·                  Within
30 days of your hire date, you would be awarded 300,000 stock options under the
2004 Long-Term Incentive Plan, with three-year corporate performance targets
identical to the stock options granted to senior management in March 2006;

·                  One-time
cash signing bonus of $750,000 plus an award of 75,000 restricted stock units
under the 2004 Long-Term Incentive Plan, which would vest 100% on the third
anniversary (or earlier in the event of a change of control of the company),
but which could be deferred at your option, to replace your forfeited retention
bonuses from your current employer;

·                  Within
30 days of your hire date, you would be granted 150,000 stock options and
52,500 restricted stock units under the 2004 Long-Term Incentive Plan, which
vest 100% on the third anniversary, with a guaranteed  2007 target 
LTIP award of 75% of the award granted to me and anticipated future LTIP
awards at 75% of the award granted to me;

 

Mr. Steven J.
Klinger

Page 2

·                  Participation
in all insurance and qualified retirement plans made available to senior
management from time to time, which as you know are always subject to change.

·                  Financial
and tax planning services equal to those provided to me;

·                  Company-paid
membership in one country club of your choosing in the St. Louis area; and

·                  Payment
of all expenses in connection with your relocation to the St. Louis area, in
accordance with our customary policies and procedures.

We would provide a
company-paid apartment in the St. Louis area for up to two years, after which
time we would expect you to relocate to the St. Louis area. We are willing to
review this issue again at the conclusion of the initial two-year period based
on the circumstances at that time.

As a further
inducement for you to join Smurfit-Stone, the company would provide you with a
supplemental non-qualified pension arrangement equivalent to that set forth in
the Officer Retirement Agreement, dated April 25, 2002 between you and
Georgia-Pacific Corporation. As is customary in these arrangements, your
overall pension benefit from Smurfit-Stone would be offset by retirement
benefits received from Georgia-Pacific. We will need to have further
discussions to tailor this benefit to your personal financial situation.

The Company will
be required to promptly disclose your hiring, but will afford you the
opportunity to review and approve the press release announcing your hiring in
advance, except where, in our reasonable opinion, immediate disclosure is
required by law.

The additional
terms and conditions of your employment will be set forth in your Employment
Agreement and the other documents setting forth the benefits described above,
and this letter will supplement your Employment Agreement. Your employment
would, of course, be subject to the normal pre-employment conditions (i.e.
background check, physical examination, drug test). In order for us to begin
drafting the necessary documentation and processing your employment, I invite
you to sign the extra copy of this letter and return it to me at your earliest
convenience.

	
  

  	
   

  	
  Sincerely yours,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Smurfit-Stone Container
  Corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Patrick J. Moore

  
	
   

  	
   

  	
   

  	
   

  	
  Patrick J. Moore

  
	
   

  	
   

  	
   

  	
   

  	
  Chairman, President and

  
	
   

  	
   

  	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ACCEPTED AND
  AGREED

  	
   

  	
   

  	
   

  	
   

  
	
  THIS 11TH DAY OF
  MAY, 2006

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Steven J. Klinger

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Steven J.
  Klinger

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