AMENDMENT NO. 4 TO EMPLOYMENT CONTRACT
Exhibit
10.6.4
AMENDMENT
NO. 4 TO EMPLOYMENT CONTRACT
AGREED,
as of the 7th day of June 2007,
between the Federal Agricultural Mortgage Corporation (FAMC) and Xxxxxxx X.
Xxxxx (you), that the existing employment contract between the parties hereto,
dated as of June 5, 2003, as amended through Amendment No 3. dated as of June
1,
2006 (the Agreement), be and hereby is amended as follows:
Sections
1, 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”).
3
(a). Base
Salary. As of July 1, 2007, you will be paid a base salary
(the Base Salary) during the Term of Two Hundred Forty-Six Thousand Nine Hundred
and Twenty-Eight Dollars ($246,928) 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/
Xxxxxxx X. Xxxxx
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President
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