Document:

exv10w30

 

    Exhibit
    10.30

	 	 	 	 	 
	
    
	
 
	
    CORPORATE POLICY
	
 
	
 

 

    Subject:
    Severance —
    Officers
    

 

    Policy
    Number:
    3-254.1
    

 

    Control
    Point:
    Director —
    Employee Relations
    

 

    Approval
    Authority:
    EVP —
    Human Resources
    

 

    Signature:
    Paul
    George [Signature on original kept by Legal]
    

 

    Summary
    of Policy

 

    This policy sets forth the eligibility requirements and amount
    of Severance Pay available to Eligible Officers.
    Defined terms are italicized. Please see Appendix A for
    definitions.

 

    I.  Under
    what circumstances is Severance Pay provided?

 

    Freddie Mac provides Severance Pay to a Severance
    Eligible Officer pursuant to the terms of this Policy. In
    addition, in the event an employee becomes a Severance
    Eligible Officer as a result of a Reduction in Force,
    Freddie Mac also provides Notice Pay, even if the
    Severance Eligible Officer does not sign an Agreement
    and Release of Claims.

 

    A Severance Eligible Officer’s employment is
    terminated as of the Separation Date. Such former
    officer’s eligibility to receive any benefit from or to
    continue participation in other plans maintained by the
    corporation is governed by the terms and provisions of those
    plans.

 

    II.  What
    procedures are followed to determine severance
    eligibility?

 

    Business-area management will submit to the Human Resources
    Division for review any proposed termination of employment
    (including any proposed voluntary separation that could result
    in Severance Pay) or proposed offer of Comparable
    Employment prior to discussing the same with the impacted
    employee. The Employee Relations Department of the Human
    Resources Division determines whether the employee is a
    Severance Eligible Officer, and interprets and applies
    this policy.

 

    Employee Relations, after consulting with business-area
    management and the Legal Division, also determines whether a job
    position to be offered to an Eligible Officer is
    Comparable Employment. Eligible Officers will be
    evaluated for Comparable Employment, if at all, based on
    criteria including (but not limited to) their historical
    performance ratings and management’s assessment of relative
    skills.

 

    After Employee Relations determines that the employee is a
    Severance Eligible Officer, business-area management
    provides Notice to the Severance Eligible Officer.
    Business-area management will give Notice in advance of
    the Separation Date, if at all, to the extent that
    advance notification is consistent with business circumstances
    or required by law.

 

	 	 	 	 	 
	
    
	
 
	
    CORPORATE POLICY
	
 
	
 

 

    Business-area management, after consulting with Employee
    Relations, also establishes the Separation Date of a
    Severance Eligible Officer. Business-area management may
    require an Eligible Officer to provide services to
    Freddie Mac up to and including the Separation Date as a
    condition of being a Severance Eligible Officer.

 

    III.  What
    is required for a Severance Eligible Officer to receive
    Severance Pay?

 

    As a condition of receiving Severance Pay, a Severance
    Eligible Officer must sign an agreement and release of
    claims. Freddie Mac has exclusive discretion to determine what
    terms will be included within the agreement and release of
    claims. Among other things, the agreement and release of claims
    may contain provisions related to the following:

 

    ü Full
    release of claims

    ü Non-participation
    in claims against Freddie Mac

    ü Notice
    of receipt of subpoenas

    ü Treatment
    of confidential information

    ü Non-competition

    ü Non-solicitation
    of Freddie Mac employees

    ü Notice
    of future employment

    ü Return
    of Freddie Mac property

    ü Non-disparagement

    ü Obligation
    to reasonably cooperate

    ü Damages
    in the event of breach

    ü Preclusion
    and/or
    restriction from future Freddie Mac employment

 

    If a Severance Eligible Officer does not receive
    two-weeks of advance Notice of
    his/her
    Separation Date from Freddie Mac, and does not execute an
    agreement and release of claims proffered by the corporation,
    then the officer will receive two weeks’ pay following
    his/her
    Separation Date in lieu of advance Notice, and
    will receive no Severance Pay.

 

    IV.  What
    is the Severance Period of a Severance Eligible
    Officer?

 

    The suggested Severance Period of a Severance Eligible
    Officer is stated in Table A. If the Severance Eligible
    Officer is entitled to receive Notice Pay, then
    his/her
    Severance Period shall be the Severance Period
    specified in the applicable Table, minus the number of days
    of Notice Pay he/she is entitled to receive. In no event
    will a Severance Eligible Officer receive less than four
    weeks of Severance Pay in addition to Notice Pay.
    Freddie Mac has discretion to vary the length of the
    Severance Period and accordingly the amount of
    Severance Pay an officer receives.

 

    If the officer has executed an written agreement with the
    company prior to receiving Notice that specifies a
    Severance Period different from what is provided below,
    then the length of the Severance Period is as specified
    in that agreement, and will be in addition to the Notice
    Pay.

 

 

    2

 

	 	 	 	 	 
	
    
	
 
	
    CORPORATE POLICY
	
 
	
 

    TABLE
    A

    Severance Period for Eligible Officers

 

	 	 	 	 
	
    Competed Service
	
 
	
 
	
    Severance Period

	

    < 1 year

	
 
	
 
	
    2 months

	

    < 2 years

	
 
	
 
	
    3 months

	

    < 3 years

	
 
	
 
	
    4 months

	

    < 4 years

	
 
	
 
	
    5 months

	

    < 5 years

	
 
	
 
	
    6 months

	

    < 6 years

	
 
	
 
	
    7 months

	

    < 7 years

	
 
	
 
	
    8 months

	

    < 8 years

	
 
	
 
	
    9 months

	

    < 9 years

	
 
	
 
	
    10 months

	

    < 10 years

	
 
	
 
	
    11 months

	

    > 10 years

	
 
	
 
	
    12 months

	
 
	
 
	
 
	
 

 

    V.  How
    does a Severance Eligible Officer receive his/her Severance
    Pay?

 

    A Severance Eligible Officer has the option of receiving
    his/her
    Severance Pay in periodic payments coinciding with
    Freddie Mac’s standard payroll procedures. Alternatively,
    the Severance Eligible Officer may receive
    his/her
    Severance Pay in a Lump Sum. If the Severance
    Eligible Officer elects periodic payments,
    he/she may
    be eligible to continue
    his/her
    participation in certain benefits plans at a reduced cost, in
    accordance with the terms of those plans.

 

    If a former officer receiving Severance Pay dies before
    receiving
    his/her
    entire Severance Pay, then Freddie Mac will pay the
    balance to the former employee’s beneficiaries entitled by
    will or applicable law to receive such benefit.

 

    VI.  When
    does a Severance Eligible Officer have to elect Lump Sum or
    Periodic Payments?

 

    A Severance Eligible Officer must elect whether to
    receive
    his/her
    Severance Pay in a Lump Sum or in periodic
    payments on or before the date on which
    he/she signs
    the required agreement and release of claims. Failure to make an
    election by this time will result in the Severance Eligible
    Officer receiving
    his/her
    Severance Pay in a Lump Sum.

 

    VII.  Restriction
    On Specified Employees.

 

    If a Severance Eligible Officer is a Specified
    Employee, then
    he/she will
    not begin receiving
    his/her
    Severance Pay until six (6) months following
    his/her
    Separation Date, consistent with Prop. Treas.
    Reg. 1.409A-3(g)(2),
    or any successor thereto. If the Severance Eligible Officer
    elected to receive
    his/her
    Severance Pay in periodic payments within the required
    election period, then
    he/she shall
    receive six months of Severance Pay in a Lump Sum
    upon the expiration of the six-month wait period, and then
    will receive the balance of
    his/her
    Severance Pay in periodic payments according to the
    company’s standard payroll procedures.

 

    VIII.  What
    happens to Severance Pay upon re-employment by Freddie
    Mac?

 

    If a former officer receiving Severance Pay is
    re-employed by Freddie Mac before the end of the Severance
    Period, the former officer will forfeit any remaining unpaid
    Severance Pay. If the former officer received
    his/her
    Severance Pay as a

 

 

    3

 

	 	 	 	 	 
	
    
	
 
	
    CORPORATE POLICY
	
 
	
 

    Lump Sum, and becomes re-employed by Freddie Mac before
    the end of the Severance Period, Freddie Mac reserves the
    right to require that some or all of the amount be repaid as a
    condition of re-employment.

 

    IX.  Where can officers find additional information
    about Freddie Mac’s severance benefits?

 

    Officers may find additional information about Freddie
    Mac’s severance benefits in Freddie Mac’s Severance
    Summary Plan Description.

 

    X.  Reservation
    of Rights

 

    Freddie Mac reserves the right to amend or terminate this Policy
    or any of its provisions at any time for any reason in its sole
    discretion without giving rise to legal liability. Nothing in
    this Policy is intended nor shall be interpreted to create a
    contract of employment or alter the at-will employment
    relationship that otherwise may exist between Freddie Mac and
    such employee, or otherwise limit the discretion of either
    Freddie Mac or such employee to terminate the employment
    relationship at any time for any reason.

 

    Effective
    Date:
    March 1,
    2008
    

 

    o New

    x Replaces
    Policy 3-254.1
    dated January 15, 2007

 

 

    4

 

	 	 	 	 	 
	
    
	
 
	
    CORPORATE POLICY
	
 
	
 

 

    Appendix A

    Definitions

 

			
	
    Comparable Employment 		
    Comparable Employment will be assessed on a
    case-by-case
    basis. Exact criteria the company will use include each of the
    following, all of which must be met for the position to be
    deemed comparable.
	 
	
		

    • The content of the job to which the employee may be
    assigned. To be comparable, the new position must require
    substantially the same skill set and technical knowledge.

	 
	
		

    • The commuting distance associated with the new
    position. To be comparable, the new position must not increase
    the commuting distance for the employee by more than
    50 miles, or increase the commuting distance for the
    employee such that the total commuting distance exceeds
    90 miles.

	 
	
		

    • To be comparable, the employee’s base salary
    must not decrease by more than 10%.

	 
	
    Eligible Officer 		
    An employee who is appointed by Freddie Mac as an officer of the
    corporation.

 

 

    5

 

	 	 	 	 	 
	
    
	
 
	
    CORPORATE POLICY
	
 
	
 

 

			
	
    Gross Misconduct 		
    The occurrence or existence of any of the following:
	 
	
		

    ü Recurrent
    or flagrant insubordination related to core job duties and
    responsibilities;

	 
	
		

    ü Stealing
    property belonging to Freddie Mac, another employee, or other
    theft in connection with employment;

	 
	
		

    ü Committing
    fraud, including computer fraud;

	 
	
		

    ü Willfully
    destroying property;

	 
	
		

    ü Inflicting
    bodily harm on another employee, threatening another employee
    with a weapon, or conviction (including any plea of nolo
    contendere) of a crime;

	 
	
		

    ü Committing
    harassment;

	 
	
		

    ü Engaging
    in discriminatory behavior;

	 
	
		

    ü Recurring
    or habitual tardiness or absenteeism which has resulted in a
    written reprimand;

	 
	
		

    ü Intentionally
    disclosing or intentionally misusing Confidential Information
    (as that term is defined in the Freddie Mac policy, Code of
    Conduct, or applicable restrictive covenant and/or
    confidentiality agreement between the employee and Freddie Mac);

	 
	
		

    ü Negligently
    disclosing or negligently misusing Confidential Information (as
    that term is defined in the Freddie Mac policy, Code of Conduct,
    or applicable restrictive covenant and/or confidentiality
    agreement between the employee and Freddie Mac) resulting in a
    significant adverse impact on Freddie Mac or on the business of
    Freddie Mac; or

	 
	
		

    ü A
    material breach of any provision of any written policy of
    Freddie Mac required by law or established to maintain
    compliance with applicable legal or regulatory requirements.

	 
	
    Loss of Confidence 		
    Determination by senior executive management in its sole
    discretion that it no longer maintains a high level of
    confidence in an Eligible Officer’s decisions,
    judgment and/or conduct.
	 
	
    Lump Sum Payment 		
    Upon a Severance Eligible Officer’s election, or if
    the Severance Eligible Officer fails to make an election,
    Freddie Mac will pay the total Severance Pay in a single
    lump sum payment. The corporation will not make such payment
    until after: (1) the Severance Eligible Officer has
    executed an agreement and release of claims acceptable to
    Freddie Mac, (2) any applicable revocation period noted in
    the agreement and release of claims has expired without the
    Severance Eligible Officer revoking the agreement and
    release of claims, and (3) (applicable only to Specified
    Employees) six months has elapsed since the Separation
    Date.
	 
	
    Notice 		
    Oral or written communication from business-area management to a
    Severance Eligible Officer about the termination of the
    officer’s employment, Separation Date, and
    expectations concerning his/her continued provision of services
    to Freddie Mac during the period between the Notice and the
    Separation Date.

 

 

    6

 

	 	 	 	 	 
	
    
	
 
	
    CORPORATE POLICY
	
 
	
 

 

			
	
    Notice Pay 		
    The dollar amount of pay based on the number of days of
    continued pay required by applicable federal and/or state law
    upon triggering events, such as group layoffs that occur within
    a legally defined period of time. Laws that would trigger
    Notice Pay include, but are not limited to, the federal
    Worker Adjustment and Retraining Notification (“WARN”)
    Act.
	 
	
    Position Elimination 		
    Loss of job due to company reorganization or job abolishment.
	 
	
    Reduction in Force 		
    An elimination of a certain minimum number of jobs that occurs
    within a defined time-period and triggers a requirement to pay
    Notice Pay. Laws that would require Notice Pay
    include (but are not limited to) the federal WARN Act.
	 
	
    Separation Date 		
    The date on which a Severance Eligible Officer’s
    employment with Freddie Mac terminates.
	 
	
    Severance Eligible Officer 		
    An Eligible Officer whose position is eliminated due to a
    Reduction in Force, job abolishment, or Loss of
    Confidence.
	 
	
		
    An Eligible Officer is not a Severance Eligible
    Officer if such employee:
	 
	
		

    ü at
    the time of Notice is classified as a temporary employee
    pursuant to
    Policy 3-221,
    Worker Classifications (as may be amended, replaced or
    redesignated from time to time);

	 
	
		

    ü is
    terminated for engaging in Gross Misconduct;

	 
	
		

    ü is
    regularly scheduled to work fewer than twenty (20) hours
    per week as of his/her receipt of Notice;

	 
	
		

    ü is
    on “Leave of Absence” status as defined in
    Policy 3-236,
    Other Excused Absences (as may be amended, replaced or
    redesignated from time to time), for thirty (30) or more
    calendar days as of his/her receipt of Notice unless
    otherwise provided by law;

	 
	
		

    ü fails
    to provide services to Freddie Mac in accordance with the
    Notice;

	 
	
		

    ü resigned
    employment as a result of a new assignment or reporting
    relationship;

	 
	
		

    ü received
    a written offer of employment from a Successor, which is an
    entity that acquires (through consolidation, reorganization,
    transfer, sublease, assignment or otherwise) all or
    substantially all of the business or assets of any business unit
    of Freddie Mac, or an entity that contracts with Freddie Mac to
    perform activities of the business unit in which the employee is
    assigned contemporaneous with the commencement of the
    contractual relationship; or

	 
	
		

    ü received
    a written offer of Comparable Employment from Freddie Mac.

	 
	
    Severance Pay 		
    The dollar amount that will be paid to a Severance Eligible
    Officer during the Severance Period, calculated using
    the Severance Eligible Officer’s base salary (which
    does not include items such as overtime, bonus and/or
    commissions) and/or actual hours of work as of the Separation
    Date.

 

 

    7

 

	 	 	 	 	 
	
    
	
 
	
    CORPORATE POLICY
	
 
	
 

 

			
	
    Severance Period 		
    The period during which Severance Pay will be provided to
    a Severance Eligible Officer. The length of the
    Severance Period is based on the Severance Eligible
    Officer’s continuous service date or, if he/she
    previously received Severance Pay from Freddie Mac, then
    on his/her latest date of hire. The Severance Period
    begins the day following the Separation Date. Freddie
    Mac has discretion to vary the length of the Severance
    Period.
	 
	
		
    Sometimes, a Severance Eligible Officer may have received
    some, but not all, of his/her Severance Pay because
    he/she became re-employed by the company before the end of the
    Severance Period. In that event, Employee Relations will
    determine his/her continuous service date for purposes of this
    policy based on his/her rehire date and on the amount of
    Severance Pay he/she previously received.
	 
	
		
    If the Severance Eligible Officer has a written agreement
    with Freddie Mac that provides for a Severance Period
    that is different than the Severance Period specified
    in Table A, then the Severance Period shall be as
    specified in the written agreement.
	 
	
    Specified Employee 		
    A Severance Eligible Officer who is identified by Freddie
    Mac in its sole discretion as of the Separation Date as a
    “specified employee” as defined in Prop. Treas.
    Reg. 1.409A-1(i),
    or any successor thereto, and whose Severance Pay is
    determined by Freddie Mac to be subject to section 409A of
    the Internal Revenue Code.

 

 

    8exv10w31

 

    Exhibit
    10.31

 

 

    FEDERAL
    HOME LOAN MORTGAGE CORPORATION

    SEVERANCE PLAN

 

 

    Restated
    and Amended Effective January 1, 1997

 

 

    FEDERAL
    HOME LOAN MORTGAGE CORPORATION

    SEVERANCE PLAN

 

    WHEREAS, the Federal Home Loan Mortgage Corporation
    (“Corporation”) has established severance policies for
    the benefit of eligible employees, and

 

    WHEREAS, the Employee Retirement Income Security Act of 1974, as
    amended (“ERISA”), requires that every “employee
    welfare benefit plan” (as defined in Section 3(1) of
    ERISA) be established and maintained pursuant to a written
    instrument, and

 

    WHEREAS, the Corporation became subject to ERISA effective with
    its first Board of Directors meeting as a private corporation on
    February 6, 1990, and

 

    WHEREAS, the aforementioned policies provide for the payment of
    severance benefits and eligibility for such benefits, and

 

    WHEREAS, the Corporation established the Federal Home Loan
    Mortgage Corporation Severance Plan on February 6,
    1990, and

 

    WHEREAS, the Corporation amended and restated the Federal Home
    Loan Mortgage Corporation Severance Plan effective
    November 1, 1991, and

 

    WHEREAS the Corporation desires to amend and restate the Federal
    Home Loan Mortgage Corporation Severance Plan effective
    January 1, 1997, principally to clarify and update the Plan
    since its last restatement,

 

    NOW, THEREFORE, the Federal Home Loan Mortgage Corporation
    Severance Plan is hereby amended and restated in its entirety as
    follows:

 

    ARTICLE I

    PURPOSE AND EFFECTIVE DATE

 

    1.1.  Purpose.  This document
    together with Corporate Policy
    No. 3-254
    and Corporate Policy
    No. 3-254.1
    (each the “Policy” and together the
    “Policies”), as the same may be from time to time
    amended, which are incorporated herein by reference, constitute
    the Federal Home Loan Mortgage Corporation Severance Plan
    (“Plan”). The purpose of the Plan is to provide
    severance benefits to certain employees who are involuntarily
    terminated.

 

    1.2.  Effective Date.  The Plan shall
    be effective as of February 6, 1990. The effective date of
    this restatement is January 1, 1997. Except as otherwise
    provided herein, a person who is not employed by the Company at
    any time after December 31, 1996 shall

    

    2

 

    be entitled to benefits, if any, under the Plan based upon the
    provisions of the Plan in effect on or prior to that date.

 

    ARTICLE II

    GENERAL PROVISIONS

 

    2.1 Plan Administration.  The Corporation
    shall be the Plan Administrator within the meaning of ERISA
    Section 3(16)(A) and shall be the “named
    fiduciary” as defined in ERISA Section 401(a)(2). The
    Plan Administrator shall have the exclusive right and
    discretionary authority to control and manage the operation and
    administration of the Plan, and to interpret the Plan’s
    provisions. The Plan Administrator’s exclusive
    responsibilities shall include (but not be limited to) the
    following: determining eligibility to participate in the Plan
    and the amount of benefits payable under the Plan (the President
    and/or CEO
    shall have the authority to determine the amount of benefits to
    be paid to officers, as described in Policy 254.1); interpreting
    the terms and provisions of the Plan and determining any and all
    questions arising under the Plan or in connection with the
    administration thereof, including the right to remedy or resolve
    possible ambiguities, inconsistencies or omissions; and making
    any finding of fact necessary or appropriate for any purpose
    under the plan. The findings of fact, determinations,
    interpretations and decisions of the Plan Administrator shall be
    conclusive and binding upon all person having or claiming to
    have any interest or right under the Plan.

 

    2.2 Source of Funds.  The Corporation
    shall pay for the costs of the severance pay to the employees
    from its general assets. No contributions from employees shall
    be permitted. This Plan shall not be funded by any trust, asset
    reserve or other pool of assets set aside by the Corporation.

 

    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 shall mean those
    individuals who are Regular Full-Time or Part-Time employees as
    defined in Corporate Policy
    No. 3-221,
    Employment Classifications Policy. The term “employee”
    as used herein shall not include individuals classified as
    (i) Co-Op, Work Study Students or Interns,
    (ii) Employment Agency Temporaries or (ii) Independent
    Contractors/ Consultants, all as defined in the Employment
    Classifications Policy. The term “employee” shall not
    include individuals who are retroactively classified as Regular
    Full-Time or Part-Time Employees with respect to such
    retroactive period of classification.

 

    2.4 Claims Procedures.  In the event that
    an employee does not receive a Plan benefit that is claimed, the
    employee shall be entitled to consideration and review as

    

    3

 

    provided in this Section 2.4. Such consideration and review
    shall be conducted in a manner designed to comply with
    Section 503 of ERISA. The Plan Administrator (or any
    designated delegate) shall act as Claims Administrator.

 

    Upon receipt of any claim for benefits the Claims Administrator
    shall be notified and shall give due consideration to the claims
    presented. If the claim is denied to any extent by the Claims
    Administrator, the Claims Administrator shall furnish the
    employee with a written notice setting forth, in a manner
    calculated to be understood by the employee, (i) the
    reasons for the denial of the claim, (ii) references to the
    Plan provisions upon which the denial is based, (iii) a
    description of any additional materials or information necessary
    to complete the claim and why such materials or information are
    needed and (iv) the provisions of this Section 2.4.

 

    The employee may request a review of a denial of severance pay
    by giving written notice to the Plan Administrator within sixty
    (60) days after receipt of notice of the claims denial. If
    the request for review is not made within sixty (60) days,
    then the employee will have waived his right to review. The
    employee may submit issues and comments in writing. In preparing
    for the appeal, the employee will be given an opportunity to
    review all pertinent documents. After consideration of the
    merits of the appeal, the Plan Administrator shall issue a final
    written decision within sixty (60) days from the date of
    receipt of the request for review. However, if the Plan
    Administrator decides in its discretion that additional time is
    necessary and so notifies the employee, then the time for
    rendering a decision shall be within one hundred twenty
    (120) days of the date of receipt of the request for review.

 

    ARTICLE III

    MISCELLANEOUS

 

    3.1 Nonassignability.  Benefits under the
    Plan are not in any way subject to the debts or other
    obligations of the persons entitled thereto and may not
    voluntarily or involuntarily be sold, transferred or assigned.

 

    3.2 No Vested Interest.  Except for the
    right to receive any benefit payable under the existing terms of
    the Plan after an eligible termination as described in the
    Policies, no person shall have any right, title or interest in
    or to the assets of the Corporation as a participant in the
    Plan. There is no vesting in, or accrual of, benefits under the
    Plan.

 

    3.3 Employment Rights.  The terms of
    employment of any employee shall not be modified or in any way
    affected hereby.

 

    3.4 Plan Descriptions.  The Summary Plan
    Descriptions for the Plan summarize the principal features of
    this Plan. However, all rights and obligations of the
    Corporation under the Plan are governed only by the terms of the
    Plan.

    

    4

 

    3.5 Availability of Documents and
    Records.  Copies of the Plan are available for
    inspection by any employee at the Corporation’s regional
    Human Resources offices or at the Benefits Unit of the Human
    Resources Department in McLean, Virginia.

 

    3.6 Amendment and Termination.  The Plan
    may be amended in whole or in part, or terminated, at any time
    and from time to time by the Corporation. No such amendment,
    however, shall affect any severance pay benefit awarded to an
    eligible employee who severs prior to the effective date of the
    amendment or termination.

 

    3.7 Duration of Benefits.  No award under
    the Plan will be extended beyond a period of time which will
    result in the Policies being considered pension plans under
    ERISA.

 

    3.8 Gender and Number.  Words in the
    masculine gender include the feminine gender and the singular
    includes the plural, unless the context otherwise indicates.

 

    3.9 Plan Year.  The Plan Year shall be the
    twelve (12) month period from January 1 to December 31.

 

    3.10 Governing Law.  The provisions of
    this Plan shall be construed, administered and enforced in
    accordance with the laws of the Commonwealth of Virginia, except
    to the extent that they are preempted by Federal law, or as
    otherwise required by ERISA.

 

    IN WITNESS WHEREOF, the Federal Home Loan Mortgage Corporation
    has caused this Plan to be executed by its duly authorized
    officer this 22nd day of December, 1997.

 

    FEDERAL HOME LOAN MORTGAGE CORPORATION

 

			
	 	    By:  
	
    /s/  Leland
    C. Brendsel

    Leland C. Brendsel

    Chief Executive Officer

 

		
	    Attest:  	
    /s/  Keith
    Earley

    Assistant Secretary

    

    5

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