EXHIBIT 10.5.2
AMENDMENT NO. 2 TO EMPLOYMENT CONTRACT
Agreed, as of the 3rd day of June 1999, between the Federal
Agricultural Mortgage Corporation (FAMC) and Xxx X. Xxxxxxx (the employee), that
the existing employment contract between the parties hereto, dated as of
September 1, 1997, as amended by Amendment No. 1 to Employment Contract dated as
of June 4, 1998 (collectively, 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,
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 Eight Thousand Three Hundred Sixty
Dollars ($208,360) 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 June 1,
2001, or two years from the date of notice of such termination.
As amended hereby, the Agreement remains in full force and effect.
Federal Agricultural Mortgage Corporation Employee
By: /s/ Xxxxx X. Xxxxxxx /s/ Xxx Xxxxxxx
___________________________________ ____________________
President
