Exhibit 10.4.7
AMENDMENT NO. 7 TO EMPLOYMENT CONTRACT
Agreed, as of the 3rd day of August 2004, between the Federal Agricultural
Mortgage Corporation (FAMC) and Tom D. Stenson (you), that the existing
employment contract between the parties hereto, dated as of September 1, 1997,
as amended by Amendment No. 1 to Employment Contract dated as of June 4, 1998,
Amendment No. 2 to Employment Contract dated as of June 3, 1999, Amendment No. 3
to Employment Contract dated as of June 1, 2000, Amendment No. 4 to Employment
Contract dated as of June 7, 2001 and Amendment No. 5 to Employment Contract
dated as of June 6, 2002, and Amendment No. 6 to Employment Contract dated as of
June 5, 2003 (collectively, the Agreement), be and hereby is amended as follows:
A. 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 June 1, 2008 or
any earlier effective date of termination pursuant to Paragraph 7 hereof (the
"Term").
3 (a). Base Salary. As of June 1, 2004, you will be paid a base salary (the
Base Salary) during the Term of Two Hundred Fifty-Nine Thousand Eight Hundred
Seventy-Four Dollars ($259,874) 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 June 1, 2008, or
two years from the date of notice of such termination.
B. The amendment to Section 5 of the Agreement adopted in Amendment No. 1
to Employment Contract, dated as of June 4, 1998, is hereby deleted in its
entirety and Section 5 of the Agreement shall read as it did prior to the
adoption of such amendment.
As amended hereby, the Agreement remains in full force and effect.
Federal Agricultural Mortgage Corporation Employee
By: /s/ Henry D. Edelman /s/ Tom D. Stenson
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President