AMENDMENT NO. 6 TO EMPLOYMENT CONTRACT
Exhibit
10.4.1
AMENDMENT
NO. 6 TO EMPLOYMENT CONTRACT
AGREED, as of the 2nd day of April
2009, between the Federal Agricultural Mortgage Corporation (FAMC) and Xxxxxxx
X. Xxxxx (you), that the existing employment contract between the parties
hereto, dated as of June 5, 2003, as amended through Amendment No 5. dated as of
June 5, 2008 (the Agreement), be and hereby is amended as follows:
Sections 2 and 3 (a) of the Agreement
are replaced in their entirety with the following new sections:
2. Scope of Authority and
Employment. You will report directly to the President of
Xxxxxx Mac. You will have responsibility for the treasury and
financial activities of Xxxxxx Mac under business plans submitted by management
to, and approved by, the Board of Directors of Xxxxxx Mac. You shall
be an officer of Xxxxxx Mac, with the title of Vice President – Chief Financial
Officer.
You will devote your best efforts and
substantially all your time and endeavor to your duties hereunder, and you will
not engage in any other gainful occupation without the prior written consent of
Xxxxxx Mac; provided,
however, that this provision will not be construed to prevent you from
personally, and for your own account or that of members of your immediate
family, investing or trading in real estate, stocks, bonds, securities,
commodities, or other forms of investment, so long as such investing or trading
is not in conflict with the best interests of Xxxxxx Mac. You will be
employed to perform your duties at the principal office of Xxxxxx
Mac. Notwithstanding this, it is expected that you will be required
to travel a reasonable amount of time in the performance of your duties under
this Agreement.
3
(a). Base Salary. As of
April 2, 2009, you will be paid a base salary (the Base Salary) during the Term
of Three Hundred Thousand Dollars ($300,000) per year, payable in arrears on a
bi-weekly basis.
As amended hereby, the Agreement
remains in full force and effect.
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Employee
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/s/
Xxxxxxx X. Xxxxx
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President
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