EXHIBIT 10.2.8
AMENDMENT NO. 8 TO EMPLOYMENT CONTRACT
Agreed, as of the 3rd day of June 1999, 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, Amendment No. 6 to Employment Contract dated as of
August 7, 1997 and Amendment No. 7 to Employment Contract dated as of June 4,
1998 (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,
2003 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 Ninety-Six Thousand Seven Hundred and
Twenty Dollars ($396,720) 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, 2003 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/ C. Xxxxxx Xxxxxxxxx /s/ Xxxxx X. Xxxxxxx
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Chairman of the Board
