EXHIBIT 10.1
AMENDMENT TO SEVERANCE
AGREEMENT AND GENERAL RELEASE
This is a an amendment to the
Severance Agreement and General Release by and between
Michael A. Jessee (“Mr. Jessee”) and Federal
Home Loan Bank of Boston (“FHLBB” or “the
Employer”), dated December 31, 2008 (“the
Agreement”), and is made pursuant to paragraph 14 of the
Agreement. The Agreement and the Amendment shall be referred
to as “the Amended Agreement.”
As a result of an order issued by
the Federal Housing Finance Agency, James B. Lockhart III,
Director, on April 28, 2009 regarding the amount of severance
and benefits that FHLBB is permitted to pay Mr. Jessee, the
Agreement is hereby modified as set forth below. All
other terms of the Agreement remain in full force and
effect.
1.
Paragraph 8(c) is hereby
amended as follows:
During the twelve (12) months from
May 1, 2009 through April 30, 2010 (the “severance
pay period”), FHLBB shall provide Mr. Jessee with salary
continuation at his current base rate of pay. The severance
payments shall be paid through FHLBB’s normal payroll, minus
normal deductions for taxes. Should Mr. Jessee die
during t
