EXHIBIT 10.4.9
AMENDMENT NO. 9 TO EMPLOYMENT CONTRACT
AGREED, as of the 4th day of June 1998, between the Federal Agricultural
Mortgage Corporation (FAMC) and Xxxxxx X. Xxxxx (you), that the existing
employment contract between the parties hereto, dated June 13, 1989, as amended
by Employment Agreement Amendment No. 1 dated February 14, 1991 and Amendment to
Employment Contract dated as of June 1, 1993, Amendment No. 3 to Employment
Contract dated as of June 1, 1993, Amendment No. 4 to Employment Contract dated
as of June 1, 1994, Amendment No. 5 to Employment Contract dated as of June 1,
1995, Amendment No. 6 to Employment Contract dated as of February 8, 1996,
Amendment No. 7 to Employment Contract dated as of June 13, 1996 and Amendment
No. 8 to Employment Contract dated as of August 7, 1997 (collectively, the
Agreement), be and hereby is amended as follows:
Sections 1, 3 (a) and 7 (a) (iii) of the Agreement are replaced in their
entirety with the following new sections:
1. Term. The Term of your employment shall continue until June 1, 2001
or any earlier effective date of termination pursuant to Paragraph 7 hereof (the
"Term").
3 (a). Base Salary. You will be paid a base salary (the Base Salary)
during the Term of Two Hundred Two Thousand and Sixty Dollars ($202,060) per
year, payable in arrears on a bi-weekly basis; and
7 (a) (iii). Xxxxxx Mac may terminate your employment without "cause"
at any time. Such termination shall become effective on the earlier of June 1,
2001, or two years from the date of notice of such termination.
Section 5 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
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By: --------------------------
President
