AMENDMENT NO. 16 TO EMPLOYMENT CONTRACT
Exhibit
10.2.16
AMENDMENT
NO. 16 TO EMPLOYMENT CONTRACT
AGREED,
as of the 7th day of June 2007,
between the Federal Agricultural Mortgage Corporation (FAMC) and Xxxxx X.
Xxxxxxx (you), that the existing employment contract between the
parties hereto, dated May 5, 1989, as amended through Amendment No. 15
dated as of June 1, 2006 (collectively, the Agreement), be and hereby
is amended as follows:
Xxxxxxxx
0, 0 (x), 0 (x) (xxx), and 10
of the Agreement are replaced in their entirety with the following new
sections:
1. Term. The
Term of this Agreement shall continue until July 1, 2012 or any earlier
effective date of termination pursuant to Paragraph 9 hereof (the
“Term”).
4
(a).
Base
Salary. As of July 1, 2007, you will be paid a base salary
(the Base Salary) during the Term of Five Hundred Fifty-Eight Thousand Seven
Hundred Dollars ($558,700) per year, payable in arrears on a bi-weekly
basis;
9
(a)
(iii). Xxxxxx Mac may terminate the
employment of the Employee without “cause” at any time. Such
termination shall become effective on the earlier of July 1, 2012 or two years
from the date of notice of such termination;
10. Notices. Any
notice given under this Agreement will be sufficient if in writing and
either: (a) mailed postage prepaid by registered or certified mail,
return receipt requested; or (b) delivered by hand to, in the case of Xxxxxx
Mac, 0000 Xxxxxx-Xxxxx Xxxxxx, X.X., Xxxxxxxxxx, X.X. 00000, attention Vice
President – General Counsel or, in the case of the Employee, 0000 Xxxxx Xxx
Xxxxx, XxXxxx, XX 00000 (or to such other addresses as may be from
time to time designated by notice from the recipient party to the
other). Any such notice will be effective upon actual receipt or
refusal thereof.
As
amended hereby, the Agreement remains in full force and effect.
Employee | |||
By:
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/s/
Xxxx X. Xxxxxx
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/s/
Xxxxx X. Xxxxxxx
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Chairman
of the Board
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