exv10w36







 




    Exhibit
    10.36



 




    SECOND
    AMENDMENT

    TO THE

    FEDERAL HOME LOAN MORTGAGE CORPORATION

    LONG-TERM DISABILITY PLAN



 




    (As Restated
    and Amended January 1, 1997 and amended December, 2001)
    



 



    SECOND AMENDMENT TO THE FEDERAL HOME LOAN MORTGAGE CORPORATION
    LONG-TERM DISABILITY 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 amended December, 2001, and



 



    WHEREAS, the Corporation desires to amend the Plan to
    provide procedures for handling its receipt of cash
    and/or stock
    proceeds from the demutualization of Prudential Insurance
    Company of America (the “Demutualization Proceeds”)
    attributable to employee contributions for premiums for
    additional coverage (“Buy Up Contributions”) 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, Article II of the Plan is hereby
    amended to add a new section 2.5 as follows, effective
    January 1, 2002 to adopt the following procedures for
    handling the receipt of the Demutualization Proceeds
    attributable to employee contributions.



 



    2.5. Demutualization Proceeds. 



 



    (a) Identification of Plan Assets/Plan
    Proceeds  Upon receipt of cash
    and/or stock
    proceeds from the demutualization of Prudential Insurance
    Company of America













 






    (“Demutualization Proceeds”), that portion of the
    Demutualization Proceeds attributable to voluntary employee
    contributions
    (“Buy-Up
    Contributions”) shall be identified and considered
    “plan assets” (as such term is used in the Employee
    Retirement Income Security Act of 1974, as amended) for purposes
    of the Plan and shall hereafter be referred to as the “Plan
    Proceeds”. With respect to any Demutualization Proceeds
    received in the form of cash, Plan Proceeds shall include the
    amount of cash received multiplied by the Buy-In Fraction. With
    respect to any Demutualization Proceeds received in the form of
    stock, Plan Proceeds shall include the number of shares of stock
    received multiplied by the
    Buy-Up
    Fraction and rounded up to the next whole share.



 



    The
    “Buy-Up
    Fraction” shall mean the fraction, the numerator of which
    equals the total
    Buy-Up
    Contributions collected during the Determination Period and the
    denominator of which equals the total premiums paid with respect
    to the Policy during the Determination Period. The
    “Determination Period” shall mean the period beginning
    January 1, 1996 and ending on the December 31, 2001.



 



    (b)  Safekeeping As soon as reasonably
    possible following the identification of the Plan Proceeds, the
    Plan Proceeds and any earnings thereon shall be placed in the
    name of the Plan in an interest-bearing account (in the case of
    cash) and in a custodial account (in the case of stock).



 



    (c)  Distribution As soon as reasonably
    possible following the receipt of the Demutualization Proceeds,
    any Plan Proceeds held in the form of stock shall be sold and
    converted into cash (net of transaction costs) and the Plan
    Proceeds (and any earnings thereon) shall be distributed, per
    capita, to those employees who have, as of January 1,
    2002, made valid elections pursuant to section 2.2 of the
    Plan to make
    Buy-Up
    Contributions in the current year.



 



    IN WITNESS WHEREOF, the Corporation has caused this
    SECOND AMENDMENT TO THE FEDERAL HOME LOAN MORTGAGE CORPORATION
    LONG-TERM DISABILITY PLAN to be executed by its duly authorized
    officer, this 12th day of August, 2002.



 



    FEDERAL HOME LOAN




    MORTGAGE CORPORATION



 


			
	 	    Signature: 
	
    /s/  Michael
    W. Hager








 


			
	 	    Printed Name: 
	
    Michael W. Hager







 


		
	    Attest: 	
    /s/  Mollie
    Roy









    Assistant Secretary




    

    2








 







    Attachment
    A



 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 
	
 
	
    Buy Up

    
	
 
	
    Buy Up

    
	
 
	
    Total

    
	
 
	
 
	
 
	
 

	
 
	
 
	
    Core Lives
	
 
	
    Core Premium
	
 
	
    Lives
	
 
	
    Premium
	
 
	
    Premiums Paid
	
 
	
    %
	
 
	
    %

	
 
	
 
	
 
	
 
	
    Employer Paid
	
 
	
 
	
 
	
    Employer Paid
	
 
	
 
	
 
	
    Employer Paid
	
 
	
    Employer Paid

	 

	

    1996


	
 
	
    3279
	
 
	
    $
	
    482,855.60
	
 
	
 
	
    1703
	
 
	
    $
	
    73,385.76
	
 
	
 
	
    $
	
    556,241.36
	
 
	
 
	 
	
    87%
	 
	
 
	 
	
    13%
	 

	

    1997


	
 
	
    3305
	
 
	
    $
	
    550,300.97
	
 
	
 
	
    1732
	
 
	
    $
	
    84,119.53
	
 
	
 
	
    $
	
    634,420.50
	
 
	
 
	 
	
    87%
	 
	
 
	 
	
    13%
	 

	

    1998


	
 
	
    3261
	
 
	
    $
	
    588,735.08
	
 
	
 
	
    1733
	
 
	
    $
	
    86,767.54
	
 
	
 
	
    $
	
    675,502.62
	
 
	
 
	 
	
    87%
	 
	
 
	 
	
    13%
	 

	

    1999


	
 
	
    3710
	
 
	
    $
	
    694,009.87
	
 
	
 
	
    1945
	
 
	
    $
	
    55,408.09
	
 
	
 
	
    $
	
    749,417.96
	
 
	
 
	 
	
    93%
	 
	
 
	 
	
    7%
	 

	

    2000


	
 
	
    3666
	
 
	
    $
	
    610,144.99
	
 
	
 
	
    1835
	
 
	
    $
	
    106,652.98
	
 
	
 
	
    $
	
    716,797.97
	
 
	
 
	 
	
    85%
	 
	
 
	 
	
    15%
	 

	

    2001


	
 
	
    3861
	
 
	
    $
	
    637,667.53
	
 
	
 
	
    1907
	
 
	
    $
	
    114,365.59
	
 
	
 
	
    $
	
    752,033.12
	
 
	
 
	 
	
    85%
	 
	
 
	 
	
    15%
	 

	
 
	
 
	
 
	
 
	
    $
	
    3,563,714.04
	
 
	
 
	
 
	
 
	
    $
	
    520,699.49
	
 
	
 
	
    $
	
    4,084,413.53
	
 
	
 
	 
	
    87%
	 
	
 
	 
	
    13%
	 










    

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