exv10w32







 




    Exhibit
    10.32



 




    FIRST
    AMENDMENT

    TO THE

    FEDERAL HOME LOAN MORTGAGE CORPORATION

    SEVERANCE PLAN



 




    (As Restated
    and Amended January 1, 1997)
    



 



    FIRST AMENDMENT TO THE FEDERAL HOME LOAN MORTGAGE CORPORATION
    SEVERANCE PLAN (the “Plan”) by the FEDERAL HOME LOAN
    MORTGAGE CORPORATION (the “Corporation”), a
    corporation organized and existing under the laws of the United
    States of America.



 




    W I T N E
    S S E T H:



 



    WHEREAS, the Plan was restated effective January 1,
    1997, and



 



    WHEREAS, the Corporation desires to amend the
    Plan, and



 



    WHEREAS, section 3.6 of the Plan permits the
    Corporation to amend the Plan, and



 



    WHEREAS, the appropriate officer of the Corporation has
    been duly authorized to amend the Plan and to execute this
    amendment,



 



    NOW, THEREFORE, the Plan is hereby amended as follows,
    effective January 1, 2001:



 



    1. Section 2.3 is amended to read as follows:



 



    2.3 Eligibility and Benefits. The employees or
    classes of employees of the Corporation eligible for coverage
    under the Plan, the effective dates upon which they become
    eligible, the conditions which they must satisfy to become
    eligible to receive severance pay, the benefits payable, and
    other provisions affecting the Plan are those set forth in the
    Policies. The applicable Policy shall be determined based on the
    eligible employee’s status (including his or her job title)
    on the date of termination of employment. The term
    “employee” as used in the Plan and Policies shall mean
    any Regular Full-Time or Part-Time employee, as defined in
    Freddie Mac Policy
    No. 3-221,
    Employment Classifications Policy (as may be













 






    amended, replaced or redesignated from time to time), who is on
    the payroll of the Corporation and not paid by accounts payable,
    and whose wages from the Corporation are subject to withholding
    for the purposes of Federal income taxes and the Federal
    Insurance Contributions Act. For purposes of the Plan, Part-Time
    Employees include only those Employees who are regularly
    scheduled to work at least 20 hours per week.



 



    The term Employee shall not include:



 



    (a) individuals whom the Corporation classifies, pursuant
    to Freddie Mac Policy
    No. 3-221,
    Employment Classifications Policy (as may be amended, replaced
    or redesignated from time to time), as



 



    (i) Co-Op, Work Study Students or Interns,



 



    (ii) Employment Agency Temporaries,



 



    (iii) Independent Contractors/Consultants, or



 



    (iv) Temporary Employees



 



    (or similar classification) regardless of the individuals’
    employment status under applicable law;



 



    (b) individuals who are retroactively classified as Regular
    Full-Time or Part-Time employees with respect to such period of
    retroactive classification; and



 



    (c) Leased Employees (as defined in the FHLMC
    Employees’ Pension Plan).



 



    IN WITNESS WHEREOF, the Corporation has caused this FIRST
    AMENDMENT TO THE FEDERAL HOME LOAN MORTGAGE CORPORATION
    SEVERANCE PLAN to be executed by its duly authorized officer,
    this 31st day of December, 2001.



 



    FEDERAL HOME LOAN




    MORTGAGE CORPORATION



 


			
	 	    Signature: 
	
    /s/  C.
    E. Almer








 


			
	 	    Printed Name: 
	
    C. E. Almer







 


		
	    Attest: 	
    /s/  Mollie
    Roy









    Assistant Secretary




    

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