Exhibit 10.15.1
AMENDMENT NO. 1 TO EMPLOYMENT CONTRACT
Agreed, as of the 3rd day of August 2004, between the Federal Agricultural
Mortgage Corporation (FAMC) and Xxxxxxx X. Xxxxxx (you), that the existing
employment contract between the parties hereto, dated as of October 31, 2003
(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 June 1, 2006 or
any earlier effective date of termination pursuant to Paragraph 7 hereof (the
"Term").
3 (a). Base Salary. As of June 1, 2004, you will be paid a base salary (the
Base Salary) during the Term of Two Hundred Thousand Dollars ($200,000) 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 June 1, 2006.
As amended hereby, the Agreement remains in full force and effect.
Federal Agricultural Mortgage Corporation Employee
By: /s/ Xxxxx X. Xxxxxxx /s/ Xxxxxxx X. Xxxxxx
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President
