Exhibit 10.3
Michael Wilson
2006 Plan Year
REVISED
AMENDED SALARY DEFERRAL
AND MEMBERSHIP AGREEMENT
THIS SALARY DEFERRAL AND MEMBERSHIP
AGREEMENT (“Agreement”) made this 30
th day of December , 2005, by and
between the Federal Home Loan Bank of Boston (the
“Employer”) and Michael Wilson (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 [ 5 %] [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 [ 5 %] [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 Su
