AMENDMENT NO. 2 TO EMPLOYMENT CONTRACT
Exhibit
10.18.2
AMENDMENT
NO. 2 TO EMPLOYMENT CONTRACT
AGREED,
as of the 7th day of June 2007,
between the Federal Agricultural Mortgage Corporation (FAMC) and Xxxx X. Xxxxxx
(you), that the existing employment contract between the parties hereto, dated
as of June 20, 2005, as amended through Amendment No 1, 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, 2009 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 One Hundred Sixty-Eight Thousand Four
Hundred Thirty-Four Dollars ($168,434) 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, 2009, or one year from the date
of
notice of such termination.
As
amended hereby, the Agreement
remains in full force and effect.
Employee
|
|||
By:
|
/s/
Xxxxx X. Xxxxxxx
|
/s/
Xxxx X. Xxxxxx
|
|
President
|