Amendment No. 4 to Employment Contract between Federal Agricultural Mortgage Corporation and Timothy L. Buzby

Summary

This amendment updates the employment contract between the Federal Agricultural Mortgage Corporation (FAMC) and Timothy L. Buzby. It extends the contract term to July 1, 2011, sets Mr. Buzby's annual base salary at $246,928 effective July 1, 2007, and clarifies that FAMC may terminate his employment without cause at any time, with termination effective either on July 1, 2011 or two years after notice is given. All other terms of the original agreement remain unchanged.

EX-10.6.4 5 ex10_64.htm EXHIBIT 10.6.4 ex10_64.htm

Exhibit 10.6.4

AMENDMENT NO. 4 TO EMPLOYMENT CONTRACT

AGREED, as of the 7th day of June 2007, between the Federal Agricultural Mortgage Corporation (FAMC) and Timothy L. Buzby (you), that the existing employment contract between the parties hereto, dated as of June 5, 2003, as amended through Amendment No 3. dated as of June 1, 2006 (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 July 1, 2011 or any earlier effective date of termination pursuant to Paragraph 7 hereof (the “Term”).

3 (a). Base Salary. As of July 1, 2007, you will be paid a base salary (the Base Salary) during the Term of Two Hundred Forty-Six Thousand Nine Hundred and Twenty-Eight Dollars ($246,928) per year, payable in arrears on a bi-weekly basis.

7 (a) (3). Farmer Mac may terminate your employment without “cause” at any time. Such termination shall become effective on the earlier of July 1, 2011, 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/ Henry D. Edelman	/s/ Timothy L. Buzby
	President