exv10w55







 




    Exhibit 10.55



 




    [Freddie
    Mac letterhead]



 




    July 24,
    2007
    



 




    Michael
    Perlman

    51 Starr Court

    Atlantic Highlands, NJ 07716
    



 




    Re:  Cash
    Sign-On Payment Letter Agreement
    



 



    Dear Mike:



 



    As additional consideration for your acceptance of Freddie
    Mac’s offer of employment as set forth in your
    July 24, 2007 offer letter, Freddie Mac has agreed to pay
    you a cash sign-on payment in the amount of $550,000 minus
    appropriate lawful deductions. You will receive this payment
    within thirty (30) days of your actual start date.



 



    You understand and agree that you are obligated to repay Freddie
    Mac the full amount of this sign-on payment in the event that,
    prior to the second anniversary of your actual start date:
    (1) Freddie Mac terminates your employment pursuant to
    Freddie Mac
    Policy 3-214
    (Progressive Discipline) (or any subsequent policy thereto);
    (2) Freddie Mac terminates your employment due to
    “Gross Misconduct” or a “Loss of Confidence”
    as such terms are defined in
    Policy 3-254.1
    (Severance — Officers and Covered Directors) (or any
    subsequent policy thereto), as applicable; or (3) you
    resign from Freddie Mac.



 



    You also understand and agree that any payment that you may be
    required to make to Freddie Mac under the terms of this letter
    agreement must be paid in full immediately prior to your
    termination or resignation of employment. In the event that you
    fail immediately prior to termination to make the requisite
    reimbursement: (1) you agree and authorize Freddie Mac to
    withhold any unpaid sums (or a portion thereof) from your final
    paycheck and (2) you understand and agree that you will pay
    any and all of Freddie Mac’s reasonable expenses, including
    attorney’s fees and other costs, incurred in its obtaining
    repayment and collection of any unpaid sums.



 



    During the course of your review of your offer of employment,
    including this letter agreement, you have had the opportunity to
    consult with appropriate financial, legal or tax advisors about
    the possible consequences arising from the terms and conditions
    thereof.













 






    Michael Perlman




    Page 2




    July 24, 2007



 



    You further understand and agree that nothing in this letter
    agreement is intended nor shall be interpreted to represent a
    contract of employment for a specified term or duration. As
    such, in the absence of any other contract between you and
    Freddie Mac to the contrary, your employment with Freddie Mac
    remains at will and may be terminated at any time for any lawful
    reason by the company or by you.



 



    Please retain a copy of this letter agreement for your files. In
    addition, kindly sign the enclosed copy of this letter agreement
    to signify that you accept its terms, and return the signed copy
    to Julie L. Peterson, Freddie Mac, 8250 Jones Branch
    Drive, MS A35, McLean, VA 22102 at your earliest
    convenience. Please note that we will not be able to process
    payment of the sign-on payment until we have received your
    signed copy of this letter agreement.



 



    FEDERAL HOME LOAN MORTGAGE CORPORATION



 


		
	    By:  	
    /s/  Paul
    G. George









    Paul G. George




    Executive Vice President, Human Resources and Corporate Services



 



    /s/  Michael
    Perlman








    Michael Perlman



 




    Agreed to as
    of the 25th day of July, 2007.
    



 




    Enclosure