Document:

exv10w24

 

Exhibit 10.24

CONFIDENTIAL AND LEGALLY PRIVILEGED

 

 

 

 

EMPLOYMENT AGREEMENT

between

FEDERAL NATIONAL MORTGAGE ASSOCIATION

and

DAVID O. MAXWELL

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	A.
EMPLOYMENT TERM
	 	 	2	 
	 
	 	 	 	 
	1. Term and Duties
	 	 	2	 
	 
	 	 	 	 
	2. Annual Salary
	 	 	3	 
	 
	 	 	 	 
	3. Employee’s Rights Under Certain Plans Now or Hereafter in Effect
	 	 	3	 
	 
	 	 	 	 
	4. Termination Without Cause or Termination or Resignation Upon a Change in Control
	 	 	10	 
	 
	 	 	 	 
	5. Termination by Employee; Breach by Employee
	 	 	13	 
	 
	 	 	 	 
	6. Resignation as Board Member
	 	 	15	 
	 
	 	 	 	 
	B. DISABILITY
	 	 	16	 
	 
	 	 	 	 
	7. Disability
	 	 	16	 
	 
	 	 	 	 
	C. RETIREMENT
	 	 	17	 
	 
	 	 	 	 
	8. Retirement
	 	 	17	 
	 
	 	 	 	 
	D. DEATH
	 	 	18	 
	 
	 	 	 	 
	9. Death
	 	 	18	 
	 
	 	 	 	 
	E. Miscellaneous
	 	 	19	 
	 
	 	 	 	 
	10. Enforcement of Agreement
	 	 	19	 
	 
	 	 	 	 
	11. Assignment by Employee
	 	 	19	 
	 
	 	 	 	 
	12. Waiver
	 	 	20	 
	 
	 	 	 	 
	13. Notice
	 	 	20	 
	 
	 	 	 	 
	14. Applicable Law
	 	 	20	 
	 
	 	 	 	 
	15. Taxes
	 	 	20	 
	 
	 	 	 	 
	16. Benefit
	 	 	21	 
	 
	 	 	 	 
	17. Entire Agreement
	 	 	21	 

 

 

 

EMPLOYMENT AGREEMENT

          THIS EMPLOYMENT AGREEMENT, effective as of the 21st day of November, 1989, by and between the
FEDERAL NATIONAL MORTGAGE ASSOCIATION (the “Corporation”) and DAVID O. MAXWELL (“Employee”),

WITNESSETH THAT:

          WHEREAS, Employee has been employed by the Corporation as the Chairman of its Board of
Directors (the “Board”) and Chief Executive Officer continuously since May 21, 1981;

          WHEREAS, the terms and conditions of Employee’s employment by the Corporation are set forth
in an Employment Agreement, dated as of November 15, 1988 (the “Employment Agreement”); and

          WHEREAS, in view of the Corporation’s outstanding operating results the Corporation desires to
amend and extend the term of the Employment Agreement; and

          WHEREAS,
the terms of this Agreement were duly approved and authorized for and on behalf of the Corporation by the Board at a meeting held on November 21,
1989, at which meeting a quorum was present and voted, and the Chairman of the Compensation
Committee of the Board was authorized to finalize and enter into this Agreement with Employee on
behalf of the Corporation;

          NOW, THEREFORE, in consideration of the foregoing and of the mutual promises and covenants
herein contained, the parties hereto agree to substitute the provisions of this Agreement, in their
entirety, for the provisions of the Employment Agreement.

 

 

2

A. EMPLOYMENT TERM

	1.	 	Term and Duties

          (a) The Corporation hereby agrees to employ Employee as Chairman of the Board and
Chief Executive Officer of the Corporation, and Employee hereby agrees to serve in
such capacity, upon the terms and conditions herein contained, for a term ending on the
later of (i) January 31, 1991 and (ii) the last day of the month in which a successor
Chief Executive Officer of the Corporation is employed and assumes the duties of his
office, but not later than the last day of the month in which is held the Annual
Meeting of the Stockholders of the Corporation in 1991. As used
in this Agreement, “Employment Term” shall mean the period of time from November 21,
1989 until the later of (i) January 31, 1991 and (ii) the last day of the month in
which a successor Chief Executive Officer of the Corporation is employed and assumes
the duties of his office, plus any extension of such period pursuant to Paragraph l(c)
below or otherwise pursuant to the written agreement of the parties.

          (b) Employee shall perform such duties for the Corporation as may be determined
from time to time by the Board; provided, that such duties are reasonable and
customary for a chairman and chief executive officer and do not require Employee to
relocate his residence from Washington, D.C.

          (c) The Corporation and Employee acknowledge that the Employment Term may be
extended for an additional period by mutual written agreement.

 

 

3

	2.	 	Annual Salary

          (a) During the Employment Term, the Corporation shall continue to pay to Employee an
annual base salary of not less than $650,000, payable in equal bi-weekly installments on the same
dates the other officers of the Corporation are paid. Employee’s base annual salary payable
pursuant to this Paragraph (including any increases therein approved by the Board pursuant to this
Paragraph) is hereinafter referred to as “Employee’s Basic Compensation.”

          (b) The Corporation and Employee acknowledge that the Board shall, from time to time, review
Employee’s Basic Compensation and may increase (but in no event decrease) such payments by such
amounts as the Board deems proper. The criteria which the Board may take into consideration in
providing for any such increases are the base compensation payable to chairmen and chief executive
officers of comparable financial institutions, Employee’s ability and performance, the success
achieved by the Corporation, the total economic return to the Corporation’s shareholders,
increases in the cost of living, the relationship of the Corporation to its constituents and the
public and all such other criteria as the Board may deem relevant.

	3.	 	Employee’s Rights Under Certain
 Plans Now or Hereafter
in Effect

          (a) Executive Pension Plan. Employee and the Corporation acknowledge that Employee
previously waived any and all rights which he or his surviving spouse may have had under the

 

 

4

Deferred Compensation Contract (formerly called the “10-Year Deferred Compensation Agreement
Program”) and under the Retirement Supplement Award Plan (formerly called the “Incentive
Performance Annuity Plan”), and that the Corporation has designated Employee as a participant in
the Executive Pension Plan of the Federal National Mortgage Association (the “Executive Pension
Plan”). Notwithstanding any of the provisions of the Executive Pension Plan to the contrary, the
following provisions shall apply to Employee:

	 	(i)	 	Employee’s Pension Goal under the Executive
Pension Plan shall at all times be equal to at least 60% of his High-Three Total Compensation, as
such terms are defined in the Executive Pension Plan, and as modified by this Paragraph 3;

	 
	 	(ii)	 	Employee’s High-Three Total Compensation shall be determined by
reference to the three (3) calendar years or partial calendar years of employment,
whether or not consecutive, preceding his termination of employment for any reason
or death while employed by the Corporation during which his Total Compensation, as
defined in Subparagraph 3(a)(iii) below, was the highest;
	 
	 	(iii)	 	Employee’s “Total Compensation” means Employee’s Basic Compensation,
including amounts deferred by Employee under the Federal National Mortgage
Association Optional Deferred Compensation Plan, and any successor plan or plans
thereto, and amounts which, pursuant to the election of Employee, the

 

 

5

	 	 	 	Corporation has contributed to any cash or deferred arrangement
qualified under Section 401(k) of the Internal Revenue Code. Total
Compensation shall also include (A) 100% of any cash bonuses
awarded to Employee by the Corporation, pursuant to the terms of
the Federal National Mortgage Association Annual Incentive Plan
(the “Annual Incentive Plan”) or otherwise, with respect to the
calendar year in which it is earned and (B) 100% of the amount of
any cash paid and the fair market value on the date of delivery of
any stock transferred to Employee pursuant to the terms of the
Performance Share provisions of the Federal National Mortgage
Association Stock Compensation Plan, or any successor plan, with
respect to the calendar year in which such cash and stock is paid
and delivered; provided, however, that for purposes of the
Executive
Pension Plan 100% of any cash and stock paid and
delivered with respect to the 1988-1990 award cycle shall be deemed
to have been paid and delivered in
1990, and 100% of any cash and stock paid and delivered with
respect to the 1989-1991 award cycle shall be deemed to have been
paid and delivered in
1991. Employee’s Total Compensation shall not include any cash or
the fair market value of any stock paid to Employee pursuant to the
terms of the
Federal National Mortgage Association 1984 Stock

 

 

 6 

	 	 	 	Option Plan or the Stock Option or Restricted Stock provisions of the Federal
National Mortgage Association Stock Compensation Plan, or any successor plans;
	 
	 	(iv)	 	The Corporation acknowledges that Employee has previously satisfied the requirements for
full vesting in the benefits afforded under the Executive Pension Plan as modified by this
Paragraph 3;
	 
	 	(v)	 	At the termination of his employment for any reason, Employee shall be paid the
actuarially equivalent value of the benefits due under the Executive Pension Plan, as modified by
this Paragraph 3, in the form of a single lump cash sum determined on the basis of a joint and 100%
survivor annuity as provided in such plan and the actuarial assumptions used in funding the Federal
National Mortgage Association Retirement Plan for Employees Not Covered Under Civil Service
Retirement Law for the year ending December 31, 1981, which assumptions included an interest rate
of 6%, or such assumptions in effect on the date of Employee’s termination of employment, if more
favorable to Employee;
	 
	 	(vi)	 	If Employee dies before the commencement of payments to him under the Executive Pension
Plan, his Surviving Spouse, as such term is defined in such plan, if any, shall be paid in a
single lump cash sum an amount equal to the amount that would have

 

7

	 	 	 	been due Employee under the Executive Pension Plan, as modified by this Paragraph 3,
had he terminated employment on the day prior to his date of death;
	 
	 	(vii)	 	No actuarial
reduction based on age shall be applied against any benefits payable to Employee or
his Surviving Spouse under the Executive Pension Plan;
	 
	 	(viii)	 	Employee or his Surviving Spouse, if any, shall be paid his or her entire
benefits under the Executive Pension Plan in cash within ten (10) days after the
date of Employee’s termination of employment for any reason or death, as
applicable, regardless of the age of Employee or his Surviving Spouse at such time;
and
	 
	 	(ix)	 	No amendment of the Executive Pension Plan shall
decrease the benefits to which Employee or his Surviving Spouse, if any, would
have been entitled under such plan as in effect on the date hereof and modified by
this Paragraph 3.

          (b) Stock Options. Employee shall have the right to
exercise any vested Incentive Stock Option and any vested Non-qualified Stock Option, whenever
granted, until it expires by its terms, regardless of whether Employee is employed by the Corporation at the time of such exercise or cancellation. All stock options granted as of July 15, 1986
that shall not already be vested on January 31, 1990 shall vest on such date if Employee is still
employed by the Corporation under this Agreement on such date.

 

8

All stock options granted as of November 15, 1988 that shall not already be vested on January 31,
1991 shall vest on such date if Employee is still employed by the Corporation under this Agreement
on such date.

          (c) Annual Incentive Plan. Employee’s Maximum Potential Award as such term is
defined in the Corporation’s Annual Incentive Plan for each year during the Employment Term shall
be at least 80% of Employee’s Basic Compensation. The amount to be paid with respect to such Award
for each such year shall be determined by the extent to which any Corporate Goals, as such term
is defined in such plan, are attained. Employee’s Award to be earned in any year after 1990 in
which Employee is not employed by the Corporation under this Agreement for the full year because of
the expiration of the Employment Term, but in which he is employed for at least five (5) months of
such year, shall be paid pro rata in January of the next following year based upon the extent to
which any Corporate Goals are attained and the number of months Employee is employed by the
Corporation under this Agreement during the year in which such Award is earned.

          (d)
Restricted Stock. All shares of restricted stock granted to Employee as of July
15, 1986 and November 18, 1986 that shall not already be vested on January 31, 1990 shall vest on
such date if Employee is still employed by the Corporation under this Agreement on such date.

          (e) Performance Shares. If Employee is still employed by the Corporation under this
Agreement on the last day of the month in which is held the Annual Meeting of the Stockholders of

 

9

the
Corporation in 1990, Performance Shares granted for the 1988-1990 award cycle shall be paid in
full (rather than pro rata) in January 1991, based upon the extent to which the corporate goals
established for such award cycle are actually attained by the end of such award cycle. If Employee
is still employed by the Corporation under this Agreement on January 31, 1991, Performance Shares
granted for the 1989-1991 award cycle shall be paid pro rata in January 1992, based upon the extent
to which the corporate goals established for such award cycle are actually attained by the end of
such award cycle and the number of months Employee is employed by the Corporation under this
Agreement during such award cycle. Employee’s Performance Shares, whenever granted, shall not be
subject to deferral beyond the January following the end of the award cycle in which they are
earned.

          (f) General Rights Under Benefit Plans. The parties hereto agree that nothing
contained herein is intended to or shall be deemed to affect adversely any of Employee’s rights as
a participant under any long or short-term bonus, stock option, restricted stock or other
executive compensation plans, or under any perquisite, disability, retirement, stock purchase,
thrift and savings, health, medical, life insurance, or similar plans of the Corporation now or
hereafter in effect. Employee shall at all times during the Employment Term be entitled to
participate in all long or short-term bonus, stock option, restricted stock and other executive
compensation plans, and in all perquisite, disability, retirement, stock purchase, thrift and
savings, health, medical, life insurance, and similar plans of the Corporation which are

 

10

from time to time in effect and in which other senior officers of the Corporation are
entitled to participate. The Corporation shall pay or reimburse Employee for all reasonable travel
expenses incurred by Employee’s spouse in accompanying Employee on his trips made on behalf of the
Corporation during the Employment Term. During any period in which Employee, his spouse or other
dependents are entitled to health and medical coverage pursuant to any provision of this Agreement,
such coverage shall include the prompt payment or reimbursement of any and all medical, dental and
hospitalization expenses, even if not covered by the Corporation’s health and medical plans,
including, without limitation, the cost of a private room in any health care facility. Except as
otherwise provided in this Agreement, Employee’s participation in such plans shall be in accordance
with the provisions of such plans applicable from time to time, it being the intention of the
parties hereto that nothing in this Agreement shall decrease the rights and benefits of Employee or
his spouse or other dependents under any such plans as may be in effect from time to time. If for
any reason any benefits payable pursuant to this Agreement cannot be paid under the Corporation’s
employee benefit or executive compensation plans, such payments shall be made out of the general
assets of the Corporation.

	4.	 	Termination Without Cause or Termination
or Resignation
Upon a Change of Control

     (a) Notwithstanding any other provision hereunder, the Corporation shall have the right to
terminate Employee’s employment hereunder without cause at any time during the Employment

 

11

Term for any reason in the sole discretion of the Corporation by not less than ninety (90) days’
prior written notice to Employee. If Employee’s employment is terminated pursuant to the
immediately preceding sentence or if, within six (6) months after a Change of Control (as
hereinafter defined), Employee’s employment is terminated by the Corporation or Employee for any
reason:

	 	(i)	 	the Corporation shall immediately pay Employee the amount of
any bonus previously earned but not paid, in addition to a bonus equal to
Employee’s Maximum Potential Award under the Corporation’s Annual Incentive
Plan for the year in which such termination occurs;
	 
	 	(ii)	 	all stock options and restricted stock awards of Employee shall
be immediately vested and all performance shares shall be paid in full computed
on the assumption that 100% of the targeted level of company performance has
been met, and using the date of the termination of his employment as the
valuation date;
	 
	 	(iii)	 	Employee shall continue to participate in all employee welfare
benefit plans, including health and medical plans as modified by Paragraph 3(f)
above, and receive all perquisites until such time, if ever, as Employee shall
obtain comparable benefits from another employer;
	 
	 	(iv)	 	the Corporation shall continue to provide Employee with an
office and secretary as appropriate to his

 

12

	 	 	 	former position of Chairman of the Board and Chief Executive Officer of the
Corporation;
	 
	 	(v)	 	the Corporation shall continue to pay Employee Employee’s
Basic Compensation in effect at the time of such termination until the
expiration of the Employment Term;
	 
	 	(vi)	 	Employee shall immediately be paid all amounts due under the
Executive Pension Plan in accordance with Paragraph 3 above.

     (b) Upon any material change of Employee’s functions, duties or responsibilities which would
for any reason cause Employee’s position with the Corporation to become of lesser importance, or
if, for any reason Employee shall no longer be designated as the Chairman of the Corporation,
Employee shall have the right, upon not less than ninety (90) days’ written notice to the
Corporation given within a reasonable period of time not to exceed four calendar months after the
event giving rise to said right, to treat such event as a termination
by the Corporation of his employment pursuant to Paragraph 4 (a) above, and all of the provisions of this Agreement applicable
in such case shall then become operative.

     (c) In case of a termination pursuant to Paragraph 4 (a) or 4(b) above, Employee shall have no
obligation to seek employment and, if Employee obtains employment, no amount due hereunder shall
be offset against any amount earned pursuant to such employment .

 

13

     (d) A “Change of Control” shall have occurred if there is (i) a change in the composition of
a majority of the Board of Directors elected by shareholders within 12 months after any “person”
(as such term is used in Section 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934) is or
becomes the beneficial owner, directly or indirectly, of securities representing 25 percent or more
of the combined voting power of the then outstanding securities of the Corporation, (ii) a change
in the authority of the Corporation to carry on its business that would materially restrict the
general scope of authorized business activities, (iii) a change in the current legal or regulatory
structure, other than one sought by management, that would materially impair the Corporation’s
ability to borrow as a “federal agency” borrower, or (iv) an action by the Secretary of HUD to
reduce the ratio of the Corporation’s debt to its capital under Section 304(b) of the Charter Act
that would materially affect the Corporation’s ability to function as a profitable business.

	5.	 	Termination by Employee; Breach by Employee

     (a) Notwithstanding any other provision hereunder, Employee shall have the right to terminate
his employment by the Corporation at any time for any reason in the sole discretion of Employee by
not less than ninety (90) days’ prior written notice to the Corporation. Upon receipt of any such
written notice from Employee, the Corporation shall have the option exercisable by written notice
to Employee within thirty (30) days thereafter to designate any date prior to the expiration of the
aforesaid notice

 

 

14

period as the date on which Employee shall cease to be an officer and employee of the
Corporation, and the effective date of termination hereunder shall be any such earlier date so
designated by the Corporation.

     (b) Notwithstanding any other provision hereunder, the Corporation may terminate Employee’s
employment hereunder for “Cause” which shall mean that Employee has materially breached this
Agreement by engaging in dishonest or fraudulent actions or willful misconduct that is materially
injurious to the business of the Corporation. Notwithstanding the foregoing, Employee shall not be
deemed to have been terminated for Cause without (i) reasonable notice to Employee setting forth
the reasons for the Corporation’s intention to terminate for Cause, (ii) an opportunity for
Employee, together with his counsel, to be heard before the Board and (iii) delivery to Employee of
a notice of termination from the Board stating its good faith opinion that Employee was guilty of
conduct set forth above and specifying the particulars thereof in detail.

     (c) In case of a termination pursuant to Paragraph 5(a) or 5(b) above, Employee shall be
entitled to salary accrued to date of termination and any benefits or awards vested prior to such
date, including, without limitation, his right to receive a pension under the Executive Pension
Plan computed in accordance with Paragraph 3 above and his continuing right to exercise any vested
Incentive Stock Option and any vested Nonqualified Stock Option pursuant to Paragraph 3(b) above.
If Employee voluntarily terminates his employment with the Corporation during the Employ-

 

 

15

ment Term under circumstances in which a participant in the Federal National Mortgage Association
Retirement Plan for Employees Not Covered Under Civil Service Retirement Law, as in effect on
November 18, 1986, would be eligible for Early Retirement Income, as such term is defined in such
plan, Employee shall be entitled to all retiree benefits and perquisites to which other senior
executives of the Corporation are entitled upon retirement, and he shall continue to participate in
all health and medical plans of the Corporation, as modified by Paragraph 3(f) above, until such
time, if ever, as Employee shall obtain comparable health and medical benefits from a new employer.
The Corporation shall have no further obligations to Employee. Further, in case of a termination
by Employee pursuant to Paragraph 5(a) above (but not in any other case), Employee, for the period
ending on the first anniversary of the effective date of his termination, but in no event ending
after January 31, 1991, shall not compete with the Corporation. As used herein, “compete” shall
mean engaging directly or indirectly in any business or becoming connected directly or indirectly
with any business or firm if a substantial part of such business or the business of any such firm
involves transactions in what is commonly known and referred to as the secondary market in
residential mortgages.

6.
Resignation as Board Member

     Unless otherwise requested by the Board, at the termination of his employment for any reason,
Employee hereby agrees that he shall simultaneously submit his resignation as a member of the

 

 

16

Board in writing on or before the date he ceases to be an employee of the Corporation. If
Employee fails or neglects to submit such resignation in writing, this Paragraph 6 may be deemed by
the Corporation to constitute Employee’s written resignation as a member of the Board effective on
the same date that Employee ceases to be an employee of the Corporation. If Employee continues to
serve as a member of the Board at the request of the Board after his termination of employment,
Employee shall be entitled to all benefits provided to other Board members who are not employees of
the Corporation .

B.
DISABILITY 

7.
Disability

     (a) If during the Employment Term Employee is prevented from performing his duties
hereunder by reason of serious illness or incapacity, the Corporation shall have the right, on
sixty (60) days’ prior written notice to Employee, to terminate Employee’s employment. Upon such
termination, Employee shall be deemed to have been terminated without cause and shall be entitled
to receive all payments and benefits set forth in Paragraph 4 above subject to reductions
pursuant to Paragraphs 7(b) and 7(c) below.

     (b) Employee shall have the right in his sole discretion after the date of termination
pursuant to Paragraph 7(a) above to engage in regular employment (whether as the employee of
another or as a self-employed person) and shall have no obligation to perform services for the
Corporation. Any income received from such employment shall directly reduce the Corporation’s
obligation

 

 

17

to pay Employee’s Basic Compensation hereunder on a dollar-for-dollar basis, but not below
zero. Any welfare benefits received by Employee in consideration of such employment shall relieve
the Corporation of its obligation to provide comparable benefits hereunder.

     (c) If during the Employment Term Employee becomes entitled to and receives disability
benefits under any disability payment plan, including disability insurance, the amount of
Employee’s Basic Compensation otherwise payable by the Corporation to Employee pursuant to
Paragraph 7(a) above shall be reduced (but not below zero) by the amount of any such disability
benefits received by him, but only to the extent such benefits are attributable to payments made by
the Corporation.

C.
RETIREMENT 

8.
Retirement.

     If Employee is employed by the Corporation under this Agreement on January 31, 1990,
then whenever Employee’s employment by the Corporation terminates for any reason, Employee, in
addition to all other pension, retirement and other benefits to which Employee is entitled under
benefit plans of the Corporation and this Agreement or otherwise, shall continue to participate in
all employee welfare benefit plans of the Corporation, including health and medical plans as
modified by Paragraph 3(f) above, until such time, if ever, as Employee shall obtain comparable
benefits from a new employer; provided, however, that Employee shall be considered a retiree for
the purposes of any such plan if such

 

 

18

status would result in his obtaining greater benefits under such plan. The Corporation
shall continue to provide Employee with an office and secretary as appropriate to his former
position of Chairman of the Board and Chief Executive Officer of the Corporation, and shall
continue to pay the cost of his excess personal liability insurance, financial planning and income
tax preparation and annual physical examinations until such time, if ever, as Employee shall obtain
comparable benefits from a new employer. In addition, at the time of Employee’s retirement, the
Corporation shall provide him with a new car of a make and model comparable to that provided under
the Corporation’s guidelines for its Chief Executive Officer, as in effect at that time.

D.
DEATH

9. Death

          (a) If Employee dies during the Employment Term, in addition to the benefits set forth in
Paragraph 3(a) above, the Corporation shall pay to his surviving spouse during each of the next two
(2) years following the date of Employee’s death an amount equal to Employee’s Basic Compensation
in effect on the date of his death.

          (b) Unless Employee’s employment shall have terminated pursuant to Paragraph 5(b) above, after
Employee’s death at any time during or after the expiration of the Employment Term, the Corporation
shall continue health and medical coverage, as provided in Paragraph 3(f) above, for Employee’s
surviving spouse and other dependents, all at the Corporation’s sole expense. In addi-

 

19

tion, the Corporation shall reimburse Employee’s surviving spouse for her cost of excess
personal liability insurance and financial planning assistance, including income tax return
preparation, as provided to the Employee while employed under this Agreement for the next two (2)
years following the date of Employee’s death.

          (c) Nothing contained herein shall reduce any benefit payable to such surviving spouse under the
Executive
Pension Plan or under any other qualified or nonqualified pension or welfare plan of the
Corporation.

E. MISCELLANEOUS

10. Enforcement of Agreement

The Corporation shall reimburse Employee for all legal fees and expenses incurred by him as a
result of any termination of employment hereunder (including all such fees and expenses, if any,
incurred in contesting or disputing any such termination) or in seeking to obtain or enforce any
right or benefit provided by this Agreement.

11. Assignment by Employee

The rights and benefits of Employee and his surviving spouse under this Agreement are personal to
him and to her and no such right or benefit shall be subject to voluntary or involuntary
alienation, assignment or transfer.

 

20

12. Waiver

          Failure of either party hereto to insist upon strict compliance by the other party with any term,
covenant or condition hereof shall not be deemed a waiver of such term, covenant or condition, nor
shall any waiver or relinquishment or failure to insist upon strict compliance of any right or
power hereunder at any one time or more times be deemed a waiver or relinquishment of such right or
power at any other time or times.

13. Notice

          Any notice required or desired to be given pursuant to this Agreement shall be sufficient if in
writing sent by registered or certified mail to the addresses hereinafter set forth or to such
other address as any party hereto may designate in writing, transmitted by hand delivery or by
registered or certified mail to the other.

14. Applicable Law

          This Agreement shall be governed by the laws of the District of Columbia.

15. Taxes

          The Corporation shall deduct from all amounts paid under this Agreement all federal, state, local
and other taxes required by law to be withheld with respect to such payments.

 

21

16. Benefit

          Except as is otherwise herein expressly provided, this Agreement shall inure to the benefit of and
be binding upon the Corporation, its successors and assigns, and upon Employee, his spouse, heirs,
executors and administrators, provided, however, that the obligations of Employee hereunder shall
not be delegated.

17. Entire Agreement

          The parties hereto agree that this Agreement contains the entire understanding and agreement
between them and cannot be amended, modified or supplemented in any respect except by an agreement
in writing signed by both parties.

          IN WITNESS WHEREOF, the Corporation has caused its name to be ascribed to this Agreement by its
duly authorized representative and Employee has executed this Agreement as of the day and the year
first above written.

	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	FEDERAL NATIONAL MORTGAGE ASSOCIATION	 	 
	 	 	 	 	3900 Wisconsin Avenue, N.W.	 	 
	 	 	 	 	Washington, D.C. 20016	 	 
	 
	 	 	 	 	 	 	 	 
	[ILLEGIBLE]
 

	 	 	 	By
	 	[ILLEGIBLE]
 

Chairman of the Compensation
	 	 
	 

	 	 	 	 	 	Committee of the Board of Directors	 	 
	 
	 	 	 	 	 	 	 	 
	Witness:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Faith A. Collins	 	 	 	David O. Maxwell	 	 
	 	 	 	 	 	 	 
	 	 	 	 	DAVID O. MAXWELL	 	 
	 	 	 	 	3525 Springland Lane, N.W.	 	 
	 	 	 	 	Washington, D.C. 20008exv10w25

 

Exhibit 10.25

Contract
Number 0.286

March 28, 2001

Mr. Ken Duberstein

The Duberstein Group

2100 Pennsylvania Avenue, NW

Suite 500

Washington, DC 20037

Dear Mr. Duberstein:

This letter will confirm the terms and conditions between The Duberstein Group (“Consultant”) and
Fannie Mae pursuant to which Consultant agrees to provide services to Fannie Mae in accordance
with the terms set forth below.

1. Services and Deliverables

Consultant shall provide consulting services related to legislative and regulatory issues, and
associated matters of importance to Fannie Mae.

2. Point of Contact and Notices

Consultant’s
point of contact with Fannie Mae will be Domenic Grillo at (202) 752-4702, or other
Fannie Mae personnel assigned by a Vice President of Fannie Mae, in connection with the services
to be rendered under this Agreement.

Any notice(s) furnished pursuant to this Agreement will be made by certified mail, return receipt
requested, or delivered in person or by courier, as follows:

If to Fannie Mae, to:

FANNIE MAE

3900 Wisconsin Avenue, NW

Mail Stop 2H 4N 05

Washington, DC 20016

Attention: Toni Harris

			
	 	 	 
	Duberstein Letter Agreement
	 	1
	03/28/01	 	 

 

 

If to Consultant, to:

THE DUBERSTEIN GROUP

2100 Pennsylvania Avenue, NW

Suite 500

Washington, DC 20037

Attention: Ken Duberstein

3. Period of Performance

Consultant agrees to provide the Services hereunder from January 1, 2001 through December
31, 2001.

4. Compensation and Invoicing

Fannie Mae agrees to compensate Consultant for services rendered in a not-to-exceed contract
amount of $375,000, as well as for reasonable out-of-pocket and travel expenses billed at cost that
have been approved in advance by Fannie Mae. Invoices as to any amounts due under this Agreement
shall be provided to:

Drawer: Accounts Payable

3900 Wisconsin Avenue, NW

Washington, DC 20016-2899

Each invoice shall identify this Contract Number and shall provide a detailed description of the
Services rendered for which charges are due. Invoices shall be payable by Fannie Mae thirty (30)
days after receipt of Consultant’s invoice and required supporting documentation.

5. Representations and Warranties

Consultant hereby represents, warrants, covenants, and agrees that:

(a) the services to be provided hereunder will not be in violation of any applicable law, rule, or
regulation, and Consultant will have obtained all permits required to comply with such laws and
regulations;

(b) Consultant is duly organized and authorized to enter into this Agreement and perform all
obligations set forth in this Agreement;

			
	 	 	 
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(c) any Products or Services provided by Consultant under this Agreement will not violate or
in any way infringe upon the rights of other parties, including proprietary and non-disclosure
rights, trademark, copyright, or patent rights, and there are no existing, pending, or, to
Consultant’s best knowledge, threatened claims relating to the infringement of any patent,
copyright or other proprietary right related to the Products (as defined below); and

(d) the Services provided hereunder will conform to the highest professional standards of the
industry for similar services.

6. Ownership of Products and/or Documents

Both parties agree that any inventions, ideas, materials, reports, procedures or designs produced
or created pursuant to this Agreement, whether exclusively by Consultant or exclusively by Fannie
Mae or jointly by both, along with any modifications, improvements or derivative works relating
thereto (“Products”) will be the sole property of Fannie Mae, which will possess all ownership
rights in and to such Products and all intellectual property rights associated with such Products,
including, without limitation, patent, trademark, copyright and trade secret rights. The parties
acknowledge and agree that the Products are works made for hire under U.S. copyright laws.
Additionally, however, Consultant hereby assigns, transfers, and conveys to Fannie Mae all
ownership rights to such Products including, but not limited to, rights under copyright, patent,
and trademark law. Such Products are proprietary information, which will not be used or disclosed
by Consultant without the prior written consent of Fannie Mae.

Consultant agrees to execute applications, assignments, and other documents and to render all
other reasonable assistance requested by Fannie Mae, at Fannie Mae’s expense, to enable it to
obtain domestic and foreign registrations for the Products.

This Section 6 will survive the expiration or termination of this Agreement for any reason.

7. Confidential Information

	(a)	 	Definitions.

          (i)
Confidential Information. The term “Confidential Information” shall mean (i)
information disclosed by or on behalf of Fannie Mae relating to the ideas, plans, financial and
other information, procedures, techniques, trade secrets, formulae, proprietary programs,
technical know-how, or methods of operation of Fannie Mae or any affiliate thereof and all other
confidential information and materials that relate, refer or otherwise memorialize the plans,
policies, finances, corporate developments, training procedures, products, pricing, marketing
strategies, sales, services, procedures, intra-corporate transactions, suppliers, prospects and
customers of Fannie Mae or any affiliate thereof, (ii) other confidential, proprietary or trade
secret information disclosed by or on behalf of Fannie Mae that is identified as such at the time
of its disclosure, and (iii) all other confidential, proprietary or trade secret information
disclosed

			
	 	 	 
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by or on behalf of Fannie Mae, which a reasonable person employed in the mortgage finance
industry would recognize as such. By way of illustration, but not limitation, Confidential
Information includes all of the processes, formulae, compositions, improvements, devices,
know-how, inventions, discoveries, concepts, ideas, designs, methods, and information developed,
acquired, owned, produced, or practiced at any time by Fannie Mae or any affiliate thereof, and
any other similar information and material relating to the business of Fannie Mae or any affiliate
thereof. Confidential Information also shall include Products set forth in “Ownership of Products”
hereof. The terms of this Agreement (as well as all information regarding the negotiation of this
Agreement) shall be the Confidential Information of both parties.

(b)
Non-Disclosure and Limitation of Use of Confidential Information. Consultant agrees (i)
not to use, copy or disclose, directly or indirectly, to any third party any Confidential
Information of Fannie Mae or any affiliate thereof without the prior written consent of a duly
authorized officer of Fannie Mae, (ii) to use Confidential Information solely for the purpose of
evaluating and providing Products and Services hereunder and/or proposals to Fannie Mae, and (iii)
that Consultant will take all necessary and reasonable action by instruction, agreement or
otherwise with its subcontractors to satisfy its obligations under this Agreement with respect to
confidentiality, non-disclosure and limitation of use of Confidential Information, which actions
shall accord the Confidential Information at least the same level of protection against
unauthorized use and disclosure that Consultant customarily accords to its own information of a
similar nature. The obligations of Consultant under this Agreement with respect to
confidentiality, non-disclosure and limitation of use of Confidential Information of Fannie Mae or
any affiliate thereof and of any similar information of any third-party (as set forth in paragraph
(d) below), shall survive expiration or termination of this Agreement for any reason.

(c)
Ownership of Confidential Information. Consultant agrees (i) that all Fannie Mae
Confidential Information is and shall remain the property solely of Fannie Mae, and (ii) to deliver
to Fannie Mae, upon the earlier of Fannie Mae’s request or termination of this Agreement, all
Confidential Information and any other Fannie Mae property then in its possession or control,
directly or indirectly, in whatever form it may be.

(d)
Confidential Information of Third Parties. Consultant agrees (i) that confidential
and proprietary information of a third party is solely the property of such third party; (ii) to
observe and comply with the same non-disclosure and limitation of use restrictions that apply to
Confidential Information of Fannie Mae or any affiliate thereof with respect to confidential and
proprietary information of any third party; and (iii) to observe all other conditions of
non-disclosure and non-use of which specifically advised with respect to such third-parry confidential
and proprietary information. Confidential and proprietary information of a third
party shall include the types of information and materials as set forth herein in the definitions
of Confidential Information insofar as they relate to said third party.

(e) Exceptions. Except as specifically provided herein, Consultant shall not have any
obligation with respect to any Confidential Information or any portion thereof which Consultant can
establish: (i) is or becomes publicly available through no wrongful act of Consultant; (ii) was

			
	 	 	 
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lawfully obtained by Consultant from a third party without any obligation to maintain said
Confidential Information as proprietary or confidential; (iii) was previously known to Consultant
without any obligation to keep it confidential; or (iv) was independently developed by Consultant
without reference to any Confidential Information.

8. Conflict of Interest

Consultant represents that there is no, and will be no, conflict of interest between its
performance under this agreement and its engagement as an independent contractor by others. In the
event Consultant believes that there may be a conflict of interest, Consultant will advise Fannie
Mae immediately. Fannie Mae and Consultant will work in good faith to resolve such conflict as
expeditiously as possible.

9. Independent Contractor

Consultant and its subcontractors will at all times be and act as independent contractors
and, as such, no law, contract or other arrangement that has the effect of conferring benefits upon
officers or employees of Fannie Mae will be applicable in connection with the personal services
rendered under this Agreement.

10. No Assignments or Subcontracts

The parties agree that no assignment of rights or obligations under this Agreement to any
third party is permitted without the prior written consent of both parties. The parties agree
further that none of the Consultant’s duties or obligations under this Agreement may be
subcontracted without the prior written consent of Fannie Mae.

11. Taxation

Fannie Mae hereby represents that, under Section 309(c)(2) of the Federal National Mortgage
Association Charter Act, 12 U.S.C. 1723a(c)(2), Fannie Mae is exempt from all state and local
taxes, except certain taxes on real property owned by Fannie Mae. Fannie Mae will not be
responsible for paying any such taxes. Consultant shall not pay any such taxes on Fannie Mae’s
behalf and Fannie Mae will not be responsible for any such taxes so paid. Consultant will not bill
or charge Fannie Mae for any such taxes hereunder.

12. Termination

This Agreement will terminate on the completion of the Services, which will be on or before
the date specified in Section 3.

			
	 	 	 
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Notwithstanding any other provision of this Agreement, Fannie Mae has the right to
terminate this Agreement (i) at any time, if Fannie Mae, determines, in its absolute and sole
discretion, that the Services are being performed in a manner that is unsatisfactory to Fannie
Mae, provided Fannie Mae has given Consultant notice and reasonable opportunity to correct such
unsatisfactory performance; (ii) at any time, upon thirty (30) days’ prior written notice to
Consultant; (iii) immediately upon written notice to Consultant, in the event of any breach by
Consultant of Section 7 (Confidential and Proprietary Information).

In the event of termination of this Agreement prior to completion of the Services, Fannie Mae will
pay Consultant only for those authorized services rendered prior to termination. Consultant shall
deliver to Fannie Mae, within ten (10) days of termination, all: (1) work in progress; (ii) Fannie
Mae property; and (iii) materials containing or embodying Proprietary Information or Products.
Consultant will make or retain no partial or entire copies of any of the foregoing and will
destroy all computer files containing such data or information. The parties will continue to be
bound by those sections of this Agreement which survive termination thereof.

13. Compliance with Code of Business Conduct

In the event that Consultant and/or its employees work more than 90 days at a Fannie Mae
location during a calendar year or earn more than $100,000 in aggregate fees from Fannie Mae,
Consultant and its employees shall comply with Fannie Mae’s Code of Business Conduct. A copy of
the Code shall be provided to Consultant when and if either of these conditions is met. At that
time, Consultant shall execute the compliance certification form accompanying said Code.

14. Limitation of Liability

Except with respect to Losses (as defined in Section 15 below), neither party shall be
liable for any incidental, indirect, punitive, exemplary, or other special or consequential damages
arising under or in connection with this Agreement, the Services or the Products, whether based
upon contract, tort, breach of warranty or any other legal or equitable grounds, even if such party
has been advised of the possibility of such damages.

15. Indemnification

Consultant agrees to indemnify, hold harmless, and defend Fannie Mae, its officers,
directors, employees, and agents (each of whom is referred to as an “Indemnified Party”) against
all liability, costs, actions, suits, judgments, damages, and expenses (including reasonable
attorneys’ fees) (collectively, “Losses”) arising from or in connection with:

	(a)	 	any breach by Consultant of, or any act or omission of Consultant relating to, this
Agreement, the Services or the Products;

			
	 	 	 
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	(b)	 	the breach, unauthorized disclosure or unauthorized use by Consultant (including any of
its employees, agents and subcontractors) of any Confidential or Proprietary information of
Fannie Mae or any third party; and

	(c)	 	any injuries to persons (including death) or property caused by the acts or omissions of
Consultant or its subcontractors.

Consultant’s obligation to indemnify any Indemnified Party will survive the expiration or
termination of this Agreement for any reason. Fannie Mae may, at its option, conduct the defense
in any third party action arising as described above and Consultant agrees fully to cooperate with
such defense.

16. No Implied Waiver

No failure to contest a breach of a term, provision, or clause of this Agreement will be deemed to
waive or excuse such breach unless such waiver or consent is in writing and executed by a duly
authorized representative of each party. Any consent by any party to, or waiver of, a breach by
the other, whether express or implied, will not constitute a consent to, waiver of, or excuse for
any other different or subsequent breach.

17. Survival

The terms of Section 6 (Ownership of Products and/or Documents), Section 7 (Confidential
Information), and Section 14 (Indemnification), as well as any other provision which contemplates
performance or observance subsequent to termination or expiration of this Agreement, shall survive
termination or expiration of this Agreement for any reason and continue in full force and effect.

18. Governing Law and Severability

This Agreement will be governed by and construed in accordance with the laws of the District of
Columbia. If any part, term, or provision of this Agreement is held to be illegal or unenforceable,
the validity of the remaining portions or provisions will not be affected, and the parties shall
replace the invalid or unenforceable provision with one that most nearly reflects their original
intentions and is valid and enforceable under applicable law.

19. Jurisdiction and Venue

The parties hereto consent to the jurisdiction and venue, of the District of Columbia courts or
federal courts sitting in the District of Columbia. The parties agree further that all disputes or
controversies which may arise out of or in connection with this Agreement, its construction,

			
	 	 	 
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interpretation, effect, performance, non-performance or the consequences thereof, shall be
determined exclusively by said courts of the District of Columbia.

20. Entire Agreement

The parties agree that this Agreement, together with any modifications relating hereto, sets forth
the entire understanding between Fannie Mae and Consultant and supersedes all agreements between
them with respect to the subject matter of this Agreement. Any modification to this Agreement
must be in writing and duly signed by both parties.

If you find the foregoing satisfactory, please sign below to note your acceptance and return both
(2) originals to Toni Harris, Contract Manager, M/S 2H 4N 05, 4000 Wisconsin Avenue, NW,
Washington, DC 20016. Once signed by Fannie Mae, a fully executed Agreement will be forwarded to
you for your files.

Should you have any questions or require additional information, please contact Toni Harris, at
(202) 752-8633, fax to (202) 752-6612 or email to toni_1_harris@fanniernae.com. Questions relating
to the Services provided hereunder should be addressed to Domenic Grillo at (202) 752- 4702.

Very truly yours,

FANNIE MAE

	 	 	 	 	 
	By: /s/ Barbara B. Lang

	 	 
	 
	 	 
	Name:

	 	Barbara B. Lang
	 	 
	Title:

	 	Vice President, Corporate Services	 	 
	Date:

	 	04/19/01	 	 

AGREED TO AND ACCEPTED:

THE DUBERSTEIN GROUP

	 	 	 	 	 
	By: /s/ Michael S. Berman

	 	 
	 
	 	 
	Name:

	 	Michael S. Berman	 	 
	Title:

	 	President
	 	 
	Date:

	 	4/17/01	 	 

	 	 	 
	Duberstein Letter Agreement

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	03/28/01
	 	 

 

 

MODIFICATION TO

FANNIE MAE

LETTER AGREEMENT

Letter Agreement (“Agreement”) Number 286; Modification Number 1

	 	 	 	 	 
	FANNIE MAE

	 	and
	 	THE DUBERSTEIN GROUP INC
	 
	 	 	 	 
	3900 Wisconsin Avenue, N.W.

	 	 	 	2100 Pennsylvania Avenue, NW
	Washington, DC 20016-2899

	 	 	 	Suite 500
	 

	 	 	 	Washington, DC 20037
	 
	 	 	 	 
	Attn: Christine N. Cahn

	 	 	 	Attn: Ken Duberstein
	 
	 	 	 	 
	(hereinafter “Fannie Mae”)

	 	 	 	(hereinafter “Consultant”)

The purpose of this Modification is to extend the term of the Agreement.

I. Paragraph 3, Period of Performance, is modified as follows:

Consultant agrees to provide the Services hereunder from January 1, 2002 through December 31,
2002.

II. Paragraph 4, Compensation, is modified as follows:

Fannie Mae agrees to compensate Consultant for services rendered in 2002 in a
not-to-exceed contract amount of $375,000, as well as for reasonable out-of-pocket and travel
expenses billed at costs that have been approved in advance by Fannie Mae.

III. All remaining terms and conditions of the Contract remain unchanged.

     IN WITNESS WHEREOF, the parties hereto have executed this Modification as of the
day and year set forth below. This Modification is effective as of the Effective Date upon
execution by Fannie Mae.

Accepted by:

	 	 	 	 	 	 	 
	FANNIE MAE	 	THE DUBERSTEIN GROUP
	 
	 	 	 	 	 	 
	By: /s/ Christine N. Cahn

	 	By: /s/ Kenneth M. Duberstein

	 
	 	 

	Name:

	 	Christine N. Cahn
	 	Name:
	 	Kenneth M. Duberstein
	Title:

	 	VP, Budget and Expense Management
	 	Title:
	 	Chairman & CEO
	Date:

	 	2-3-02
	 	Date:
	 	1/25/02

 

 

MODIFICATION No. 02

TO

FANNIE MAE

LETTER AGREEMENT

Letter Agreement (“Agreement”) Number 0-286 dated March 28, 2001, by and between:

	 	 	 	 	 
	FANNIE MAE

	 	and
	 	THE DUBERSTEIN GROUP
	3900 Wisconsin Avenue, NW

	 	 	 	2100 Pennsylvania Avenue, NW,
Suite 500
	Washington, DC 20016-2899

	 	 	 	Washington, DC 20037
	Attn: Christine N. Cahn

	 	 	 	Attn: Ken Duberstein
	(hereinafter “Fannie Mae”)

	 	 	 	(hereinafter “Consultant”)

The purpose of this Modification is to add additional funding for 2003 and extend the period
of performance to this contract. The following contract terms are changed as follows:

I. Section 3. Period of Performance is modified to read as follows:

Consultant agrees to provide Services hereunder from January 1, 2003 to December 31, 2003 and
thereafter, the Agreement shall continue and remain in force unless terminated sooner as provided
herein.

II. Section 4. Compensation is modified to read as follows:

Fannie Mae agrees to compensate Consultant for Services rendered in 2003 in a not-to-exceed
contract amount of $375,000, as well as for reasonable, out-of-pocket and travel expenses billed at
costs that have been approved in advance by Fannie Mae.

III. Section 12. Termination is modified as follows:

Delete the first paragraph, “This Agreement will terminate on the completion of Services,
which will be on or before the date specified in Section 3.”

All other terms and conditions of the contract remain unchanged.

The parties acknowledge and agree that copies of executed documents received via facsimile shall be
deemed to be originals for all purposes.

     IN WITNESS WHEREOF, the parties hereto have executed this Modification as of the day and
year set forth below. This Modification is effective as of the Effective Date upon execution by
Fannie Mae.

Accepted by:

	 	 	 	 	 	 	 
	FANNIE MAE	 	THE DUBERSTEIN GROUP
	 
	 	 	 	 	 	 
	By: /s/ Christine N. Cahn

	 	By: /s/ Michael S. Berman

	 
	 	 

	Name:

	 	Christine N. Cahn
	 	Name:
	 	Michael S. Berman
	Title:

	 	Vice President, Budget and
	 	Title:
	 	President
	 

	 	     Expense Management	 	 	 	 
	Date:

	 	4-1-03
	 	Date:
	 	2/04/03

 

 

AMENDMENT No. 003

TO

FANNIE MAE

LETTER AGREEMENT # 0-0286

Letter Agreement (“Agreement”) Number 0-0286, dated March 28, 2001 by and between:

	 	 	 	 	 
	FANNIE MAE

	 	and
	 	THE DUBERSTEIN GROUP
	4000 Wisconsin Avenue, N.W.

	 	 	 	2100 Pennsylvania Ave., NW, Suite 500
	Washington, DC 20016-2899

	 	 	 	Washington, DC, 20037
	Attention: Christine N. Cahn

	 	 	 	Attention: Ken Duberstein
	(hereinafter “Fannie Mae”)

	 	 	 	(hereinafter “Contractor”)

The following contract terms and conditions are changed as follows:

	 	I.	 	Section 1, Services and Deliverables is modified to include the following:
	 
	 	 	 	Contractor shall provide Services as outlined on the Purchase Order # 3-42954, as well as
any subsequent Purchase Orders. Except as otherwise noted in the Agreement, if there are
any contradictions or inconsistencies between the Agreement and the attached Purchase
Order, the provisions of the Agreement shall control.
	 
	 	II.	 	Section 2, Point of Contact and Notices, Paragraph 1 is revised as follows:
	 
	 	 	 	Contractor’s point of contact at Fannie Mae will be identified on the Purchase Order
and any subsequent Purchase Orders.
	 
	 	III.	 	Section 3, Period of Performance is deleted in its entirety and revised as
follows:
	 
	 	 	 	The Period of Performance will be identified on the Purchase Order and any subsequent
Purchase Orders.
	 
	 	IV.	 	Section 4, Compensation and Invoicing is deleted in its entirety and revised as follows:

	 	 	 	Fannie Mae agrees to compensate Contractor for services rendered in an amount as
outlined on the Purchase Order, as well as reasonable out-of-pocket and travel expenses
billed at cost that have been approved in advance by Fannie Mae. Invoices should be sent to
the contact person identified on the Purchase Order. Each invoice shall identify the
Purchase Order Number and shall provide a detailed description of the Services rendered.
	 
	 	V.	 	Section 12, Termination, Insert as Paragraph 1 the following:
	 
	 	 	 	“This Agreement will terminate on the completion of Services, which will be on or
before the date specified in Section 3.”

Should you have any questions or require additional information, please contact Maria Haynes,
Program Manager at 202-752-6632, or fax to: 202-752-0037.

All other terms and conditions of the contract remain unchanged.

 

 

The parties acknowledge and agree that copies of the executed documents received via facsimile
shall be deemed to be originals for all purposes.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and
year setforth below. This Amendment is effective as of the date executed by Fannie Mae.

Accepted by:

	 	 	 	 	 	 	 
	FANNIE MAE	 	THE DUBERSTEIN GROUP
	 
	 	 	 	 	 	 
	By: /s/ Anne Stilwell

	 	By: /s/ Michael S. Berman

	 
	 	 

	Name:

	 	Anne Stilwell
	 	Name:
	 	Michael S. Berman
	Title:

	 	Director, Contract &
	 	Title:
	 	President
	 

	 	Procurement Services	 	 	 	 
	Date:

	 	4/27/05
	 	Date:
	 	3/9/05

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