EXHIBIT 10.3.11
AMENDMENT NO. 11 TO EMPLOYMENT CONTRACT
Agreed, as of the 3rd day of June 1999, between the Federal
Agricultural Mortgage Corporation (FAMC) and Xxxxx X. Xxxxxxxxx (you) that the
existing employment contract between the parties hereto, dated May 11, 1989, as
amended by letter dated December 14, 1989, Employment Agreement Amendment No. 2
dated February 14, 1991, Amendment to Employment Agreement dated as of June 1,
1993, Amendment No. 4 to Employment Contract dated as of June 1, 1993, Amendment
No. 5 to Employment Contract dated as of June 1, 1994, Amendment No. 6 to
Employment Contract dated as of June 1, 1995, Amendment No. 7 to Employment
Contract dated as of February 8, 1996, Amendment No. 8 to Employment Contract
dated as of June 13, 1996, Amendment No. 9 to Employment Contract dated as of
August 7, 1997 and Amendment No. 10 to Employment Contract dated as of June 4,
1998 (collectively, the Agreement), be and hereby is amended as follows:
Sections 1, 3 (a) and 8 (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,
2002 or any earlier effective date of termination pursuant to Paragraph 8 hereof
(the "Term").
3 (a). Base Salary. You will be paid a base salary (the Base
Salary) during the Term of Two Hundred Ten Thousand Nine Hundred and Fifty-One
Dollars ($210,951) per year, payable in arrears on a bi-weekly basis; and
8 (a) (iii). Xxxxxx Mac may terminate your employment without
"cause" at any time. Such termination shall become effective on the earlier of
June 1, 2002, 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/ Xxxxx X. Xxxxxxxxx
------------------------ -------------------------
President
