Freddie Mac letterhead]
Exhibit 10.55
[Freddie
Mac letterhead]
July 24,
2007
Xxxxxxx
Xxxxxxx
00 Xxxxx Xxxxx
Xxxxxxxx Xxxxxxxxx, XX 00000
00 Xxxxx Xxxxx
Xxxxxxxx Xxxxxxxxx, XX 00000
Re: Cash
Sign-On Payment Letter Agreement
Dear Xxxx:
As additional consideration for your acceptance of Freddie
Mac’s offer of employment as set forth in your
July 24, 2007 offer letter, Freddie Mac has agreed to pay
you a cash sign-on payment in the amount of $550,000 minus
appropriate lawful deductions. You will receive this payment
within thirty (30) days of your actual start date.
You understand and agree that you are obligated to repay Freddie
Mac the full amount of this sign-on payment in the event that,
prior to the second anniversary of your actual start date:
(1) Freddie Mac terminates your employment pursuant to
Freddie Mac
Policy 3-214
(Progressive Discipline) (or any subsequent policy thereto);
(2) Freddie Mac terminates your employment due to
“Gross Misconduct” or a “Loss of Confidence”
as such terms are defined in
Policy 3-254.1
(Severance — Officers and Covered Directors) (or any
subsequent policy thereto), as applicable; or (3) you
resign from Freddie Mac.
You also understand and agree that any payment that you may be
required to make to Freddie Mac under the terms of this letter
agreement must be paid in full immediately prior to your
termination or resignation of employment. In the event that you
fail immediately prior to termination to make the requisite
reimbursement: (1) you agree and authorize Freddie Mac to
withhold any unpaid sums (or a portion thereof) from your final
paycheck and (2) you understand and agree that you will pay
any and all of Freddie Mac’s reasonable expenses, including
attorney’s fees and other costs, incurred in its obtaining
repayment and collection of any unpaid sums.
During the course of your review of your offer of employment,
including this letter agreement, you have had the opportunity to
consult with appropriate financial, legal or tax advisors about
the possible consequences arising from the terms and conditions
thereof.
Xxxxxxx Xxxxxxx
Page 2
July 24, 2007
You further understand and agree that nothing in this letter
agreement is intended nor shall be interpreted to represent a
contract of employment for a specified term or duration. As
such, in the absence of any other contract between you and
Freddie Mac to the contrary, your employment with Freddie Mac
remains at will and may be terminated at any time for any lawful
reason by the company or by you.
Please retain a copy of this letter agreement for your files. In
addition, kindly sign the enclosed copy of this letter agreement
to signify that you accept its terms, and return the signed copy
to Xxxxx X. Xxxxxxxx, Xxxxxxx Xxx, 0000 Xxxxx Xxxxxx
Xxxxx, XX X00, XxXxxx, XX 00000 at your earliest
convenience. Please note that we will not be able to process
payment of the sign-on payment until we have received your
signed copy of this letter agreement.
| By: |
/s/ Xxxx
X. Xxxxxx
|
Xxxx X. Xxxxxx
Executive Vice President, Human Resources and Corporate Services
/s/ Xxxxxxx
Xxxxxxx
Xxxxxxx Xxxxxxx
Agreed to as
of the 25th day of July, 2007.
Enclosure
