Exhibit 10.2.13
AMENDMENT NO. 13 TO EMPLOYMENT CONTRACT
Agreed, as of the 3rd day of August 2004, between the Federal Agricultural
Mortgage Corporation (FAMC) and Henry D. Edelman (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,
Amendment No. 7 to Employment Contract dated as of June 4, 1998, Amendment No. 8
to Employment Contract dated as of June 3, 1999, Amendment No. 9 to Employment
Contract dated as of June 1, 2000, Amendment No. 10 to Employment Contract dated
as of June 7, 2001, Amendment No. 11 to Employment Contract dated as of June 6,
2002, and Amendment No. 12 to Employment Contract dated as of June 5, 2003
(collectively, the Agreement), be and hereby is amended as follows:
A. 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, 2009 or
any earlier effective date of termination pursuant to Paragraph 9 hereof (the
"Term").
4 (a). Base Salary. As of June 1, 2004, you will be paid a base salary (the
Base Salary) during the Term of Four Hundred Ninety-Four Thousand Eight Hundred
and Three Dollars ($494,803) per year, payable in arrears on a bi-weekly basis;
and
9 (a) (iii). Farmer Mac may terminate the employment of the Employee
without "cause" at any time. Such termination shall become effective on the
earlier of June 1, 2009 or two years from the date of notice of such
termination.
B. The amendment to Section 6 of the Agreement agreed in Amendment No. 7 to
Employment Contract, dated as of June 4, 1998, is hereby deleted in its entirety
and Section 6 of the Agreement shall read as it did prior to such amendment.
As amended hereby, the Agreement remains in full force and effect.
Federal Agricultural Mortgage Corporation Employee
By: /s/ Fred L. Dailey /s/ Henry D. Edelman
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Chairman of the Board