EXHIBIT 10.2.7
AMENDMENT NO. 7 TO EMPLOYMENT CONTRACT
AGREED, as of the 4th day of June 1998, 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 by
Employment Agreement Amendment No. 1 dated January 10, 1991, Amendment to
Employment Agreement dated as of June 1, 1993, Amendment No. 3 to Employment
Contract dated as of June 1, 1994, Amendment No. 4 to Employment Contract dated
as of February 8, 1996, Amendment No. 5 to Employment Contract dated as of June
13, 1996 and Amendment No. 6 to Employment Contract dated as of August 7, 1997
(collectively, the Agreement), be and hereby is amended as follows:
Sections 1, 4 (a) and 9 (a) (iii) of the Agreement are replaced in their
entirety with the following new sections:
1. Term. The Term of this Agreement shall continue until June 1, 2002 or
any earlier effective date of termination pursuant to Paragraph 9 hereof (the
"Term").
4 (a). Base Salary. You will be paid a base salary (the Base Salary)
during the Term of Three Hundred Eighty Thousand Dollars ($380,000) per year,
payable in arrears on a bi-weekly basis; and
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 June 1, 2002 or two years from the date of notice of such
termination.
Section 6 of the Agreement is hereby amended by deleting the second
sentence thereof and replacing it with the following sentences: "During the
first six months of each Planning Year, vacation shall accrue at the rate of
four (4) weeks per Planning Year; upon the expiration of such six-month period,
all remaining vacation rights for such Planning Year shall accrue immediately.
Vacation rights must be exercised with two months after the end of the Planning
Year or forfeited."
As amended hereby, the Agreement remains in full force and effect.
Federal Agricultural Mortgage Corporation Employee
By:-------------------------- ------------------------
Chairman of the Board
