AMENDMENT NO. 10 TO EMPLOYMENT CONTRACT
Exhibit
10.4.10
AMENDMENT
NO. 10 TO EMPLOYMENT CONTRACT
AGREED,
as of the 7th day of June 2007,
between the Federal Agricultural Mortgage Corporation (FAMC) and Xxx X. Xxxxxxx
(you), that the existing employment contract between the parties hereto, dated
as of September 1, 1997, as amended through Amendment No. 9 to Employment
Contract dated as of June 1, 2006 (collectively, the Agreement), be and hereby
is amended as follows:
Sections
1, 2, 3 (a), and 7 (a) (3) 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, 2011 or any earlier
effective date of termination pursuant to Paragraph 7 hereof (the
“Term”).
2. Scope
of Authority and Employment. You will report directly to the
President of Xxxxxx Mac. You will have responsibility for the
operational and business development activities of Xxxxxx Mac under business
plans submitted by management to, and approved by, the Board of Directors of
Xxxxxx Mac. You shall be an officer of Xxxxxx Mac, with the title of
Executive Vice President – Chief Operating Officer.
You
will devote your best efforts and
substantially all your time and endeavor to your duties hereunder, and you
will
not engage in any other gainful occupation without the prior written consent
of
Xxxxxx Mac; provided, however, that this provision will not be
construed to prevent you from personally, and for your own account or that
of
members of your immediate family, investing or trading in real estate, stocks,
bonds, securities, commodities, or other forms of investment, so long as such
investing or trading is not in conflict with the best interests of Xxxxxx
Mac. You will be employed to perform your duties at the principal
office of Xxxxxx Mac. Notwithstanding this, it is expected that you
will be required to travel a reasonable amount of time in the performance of
your duties under this Agreement.
3
(a). Base
Salary. As of July 1, 2007, you will be paid a base salary
(the Base Salary) during the Term of Three Hundred Twenty-One Thousand Seven
Hundred Two Dollars ($321,702) per year, payable in arrears on a bi-weekly
basis.
7
(a)
(3). Xxxxxx Mac may terminate your
employment without “cause” at any time. Such termination shall
become effective on the earlier of July 1, 2011, or two years from the date
of
notice of such termination.
As
amended hereby, the Agreement
remains in full force and effect.
Employee
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By:
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/s/
Xxxxx X. Xxxxxxx
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/s/
Xxx Xxxxxxx
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President
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