Document:

exv10w70

 

    Exhibit
    10.70

 

	 	 	 	 	 
	
     
	
 
	
    Memo
    
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
     To
    
	
 
	
    Date
    

	
 
	
 
	
    Gary Kain
	
 
	
    November 22, 2005

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
     
	
 
	
 

	
 
	
 
	
    From
    
	
 
	
    Subject
    

	
 
	
 
	
    Patti Cook
	
 
	
    Employment and Compensation

    Agreement,
    2006-2008

 

 

    This memorandum sets forth Freddie Mac’s agreement to
    employ you beginning January 1, 2006 and ending
    December 31, 2008, pursuant to the terms and conditions set
    forth herein (“Agreement). The Compensation and Human
    Resources Committee of Freddie Mac’s Board of Directors
    have approved the terms and conditions of your compensation
    pursuant to this Agreement.

 

    I.  Employment

 

    Subject to the termination of employment provisions set forth in
    Paragraph III, Freddie Mac agrees to employ you in a
    capacity similar (as defined in
    Paragraph III (B) to your current position for
    the period beginning January 1, 2006 and ending
    December 31, 2008 (“Term”). During the Term, you
    agree to conform your conduct to the requirements of Freddie
    Mac’s Code of Conduct and all other policies and practices
    applicable to an employee of Freddie Mac and to your assigned
    job duties and responsibilities.

 

    II.  Compensation

 

    Subject to the termination of employment provisions set forth in
    Paragraph III, Freddie Mac agrees to pay you the following:

 

         A.  Minimum
    Compensation Attributable to Performance During Calendar Year
    2005:

 

			
	 	    • 
	
    A guaranteed minimum bonus of $2,350,000 attributable to
    performance during calendar year 2005.

 

			
	 	    • 
	
    The guaranteed minimum bonus will consist of: (i) a
    supplemental payment of $250,000 pursuant to the terms of
    Paragraph II (B) of the January 1, 2001
    Employment Agreement between you and the company (“2001
    Agreement”); (ii) a short-term incentive bonus of
    $250,000 pursuant to the terms of
    Paragraph II (B) of the 2001 Agreement;
    (iii) a cash bonus of $50,000; and (iv) a supplemental
    cash bonus of not less than $1,800,000 the timing of which will
    be paid pursuant to the senior executive

 

	 	 	 
	
     
	
 
	
    Memo
    

 

 

    compensation policies and practices in affect at the time of
    payment but not later than April 30 of the calendar year
    following the performance period.

 

			
	 	    • 
	
    A supplemental award of restrictive stock units
    (“RSUs”) in the amount of $400,000, attributable to
    performance during calendar year 2005 payable pursuant to the
    senior executive compensation policies and practices in affect
    at the time of payment but not later than June 30 of the
    calendar year following the performance period.

 

    The minimum guaranteed bonus attributable to performance during
    calendar year 2005 provided by this
    Paragraph II (A) is effective upon execution of
    this Agreement.

 

         B.  Compensation
    Attributable to Performance During Calendar Years 2006 through
    2008

 

			
	 	    • 
	
    An annualized base salary of $600,000 during each of calendar
    years 2006, 2007 and 2008;

	 
	 	    • 
	
    A minimum cash bonus of $1,200,000 (and a target cash bonus of
    $2,200,000) attributable to performance during each of calendar
    years 2006, 2007 and 2008, the timing of which will be paid
    pursuant to the senior executive compensation policies and
    practices in affect at the time of payment but not later than
    April 30 of the calendar year following the performance period;
    and

	 
	 	    • 
	
    A minimum long-term incentive bonus of $1,200,000 during each of
    calendar years 2006, 2007 and 2008. Except as set forth in the
    Paragraphs III (B) and (C), all other terms and
    conditions of long-term incentive compensation granted pursuant
    to this Agreement shall conform to the senior executive equity
    compensation policies and practices in effect at the time of
    payment but not later than June 30 of the of the calendar year
    of the performance period.

 

    III.  Compensation
    In the Event of Termination of Employment

 

         A.  Freddie
    Mac Terminates For “Gross Misconduct”

 

    In the event that Freddie Mac terminates your employment because
    you engaged in “Gross Misconduct,” as such term is
    defined in Policy
    3-254.1,
    Severance-Officers (as it may be modified from time to time in
    the company’s reasonable discretion), then you will receive
    base salary through your employment termination date and Freddie
    Mac’s obligations pursuant to Paragraphs I and II
    shall be null and void and Freddie Mac shall have no further
    obligations pursuant thereto.

 

         B.  Freddie
    Mac Terminates For Any Other Reason

 

	 	 	 
	
     
	
 
	
    Memo
    

 

 

    In the event that Freddie Mac terminates your employment for any
    reason other than because you engaged in “Gross
    Misconduct” (as defined above) and subject to your
    execution of a general release and waiver of claims limited to
    the issues specifically addressed in Paragraphs A
    (1) and A (2) of the template release agreement
    provided to you on November 21,
    20051,

    then you will receive as compensation pursuant to
    Paragraph II such dollar amount as is necessary to satisfy
    Freddie Mac’s obligation to pay you $3 million each
    calendar year comprising the Term. In calculating whether
    Freddie Mac satisfied that obligation, the dollar value (as of
    the original grant date) of any long-term incentive compensation
    grant made less than twelve months prior to your employment
    termination date shall be paid to you in cash to the extent that
    such cash payment is necessary to satisfy Freddie Mac’s
    obligation for the calendar year in which such long-term
    incentive compensation grant was made. You understand and agree
    that the general waiver and release that you are required to
    execute provides no additional payment or consideration beyond
    the payment you may receive under the terms of this
    Paragraph III (B) and that such payment
    constitutes adequate consideration for your execution of and
    adherence to the terms of that general waiver and release.
    Freddie Mac will make such payment, if any, not later than ten
    (10) business days after your employment termination date.

 

    In addition, in the event that Freddie Mac terminates your
    employment for any reason other than because you engaged in
    “Gross Misconduct” (as defined above), then Freddie
    Mac will pay you the dollar value (as of the grant date) of the
    unvested portion, if any, of the supplemental award of
    restrictive stock units made pursuant to Paragraph II
    (A) and Freddie Mac will not include that dollar value in
    calculating whether it satisfied its obligation pursuant to

			
	 	    1 

	
    The general waiver and release of claims that you are required
    to execute in satisfaction of this requirement shall contain the
    following language limiting the scope of the release and waiver:

 

    Notwithstanding Paragraph A (1), nothing in this Agreement
    shall adversely affect any rights you may have: (i) to seek
    and/or
    receive either advancement or indemnification pursuant to the
    terms and conditions set forth in Freddie Mac’s Bylaws,
    including those rights set forth in Article 8 thereof, or
    reimbursement under any applicable directors and officers
    liability insurance policy (“D&O”). You agree
    that Freddie Mac’s Bylaws, D&O policy and applicable
    law govern your right to any such advancement, indemnification
    or reimbursement; or (ii) pertaining to the enforcement of
    the terms and conditions of the vesting of any stock options
    and/or
    restricted stock units granted pursuant to the November 22,
    2005 Employment and Compensation Agreement between you and
    Freddie Mac.

 

    In addition, such general waiver and release shall state that
    the consideration in exchange for you acceptance of the terms
    and obligations imposed by such release is the payment provided
    by Paragraph III B of this November 22, 2005 Agreement.

 

	 	 	 
	
     
	
 
	
    Memo
    

 

 

    Paragraph II B to pay you $3 million attributable to
    performance during any calendar year during the Term. Freddie
    Mac will make such payment, if any, not later than ten
    (10) business days after your employment termination date.

 

    In addition, any long-term incentive compensation granted
    pursuant to the terms of Paragraph II of this Agreement
    more than one year prior to the termination of employment date
    shall continue to vest pursuant to the vesting schedule set
    forth in the grant agreement subject to the disgorgement and
    forfeiture provisions of such grant agreement upon violation of
    the terms of the non-competition covenant set forth in
    Paragraph IV and also subject to your not violating the
    non-solicitation covenant set forth in Paragraph IV herein.
    In the event of a conflict between a vesting term set forth in
    this Paragraph and a vesting term otherwise set forth in the
    grant agreement, the former shall govern.

 

    You agree that from
    time-to-time
    during the Term Freddie Mac may change your job duties and
    responsibilities; provided, however, that your job duties remain
    “Comparable” to the duties and responsibilities of
    your current job position, Senior Vice-President, Mortgage
    Investment and Sourcing. For purposes of this
    Paragraph III (B), Freddie Mac will be deemed to have
    terminated your employment for any reason other than because you
    engaged in “Gross Misconduct” (as defined above) in
    the event that it assigns you to a job position where the duties
    and responsibilities of which are not “Comparable” to
    the duties and responsibilities of your current job position.
    For purposes of this Agreement, a job position will be deemed
    “Comparable” to your current position if it:
    (1) requires similar professional training, skill,
    knowledge, and experience; (2) provides you an annualized
    compensation opportunity that is substantially equivalent to the
    target (not the minimum guaranteed) compensation provided by
    this Agreement; (3) does not require you to relocate from
    the Washington DC metropolitan area; (4) your title remains
    at least that of a Senior Vice President; and (5) unless
    mutually agreed upon by you and Freddie Mac your job duties
    include investment authority or management thereof similar in
    scope to those of you current position.

 

         C.  You
    Terminate Your Employment

 

    In the event that you terminate your employment for any reason
    between January 1 and December 31 of the same calendar year,
    then notwithstanding any policies, procedures or practices to
    the contrary, Freddie Mac’s obligations to you are as
    follows:

 

			
	 	    • 
	
    For the calendar year prior to the calendar year (during the
    Term) in which you terminate employment, pay you in cash the
    difference, if any, between $3 million and the amount you
    received that was attributable to your performance during the
    calendar year prior to your termination (the dollar value as of
    the grant date of any long term incentive compensation granted
    pursuant to the terms of Paragraph II one year or more
    prior to your employment termination date shall be included, and
    the dollar value of any long-term incentive compensation granted
    pursuant to the terms of Paragraph II less than one year
    prior to your employment termination date shall be

 

	 	 	 
	
     
	
 
	
    Memo
    

 

 

    excluded, in calculating whether Freddie Mac satisfied its
    obligation to pay you $3 million attributable to
    performance during the calendar year prior to the calendar year
    in which you terminate employment);

 

			
	 	    • 
	
    For the calendar year during the Term in which you terminate
    employment, pay you base salary through your employment
    termination date; and

	 
	 	    • 
	
    For any subsequent calendar year during the Term, Freddie
    Mac’s obligations pursuant to Paragraph II shall be
    null and void and Freddie Mac shall have no further obligations
    pursuant thereto.

	 
	 	    • 
	
    Any long-term incentive compensation granted pursuant to the
    terms of Paragraph II of this Agreement more than one year
    prior to the termination of employment date shall continue to
    vest pursuant to the vesting schedule set forth in the grant
    agreement subject to: (1) the disgorgement and
    forfeiture provisions of such grant agreement upon violation of
    the terms of the non-competition covenant set forth in
    Paragraph IV; and (2) your not violating the
    non-solicitation covenant set forth in Paragraph IV herein.
    In the event of a conflict between a vesting term set forth in
    this Paragraph and a vesting term otherwise set forth in the
    grant agreement, the former (and not the latter) shall govern.

 

         D.  You
    Terminate Employment After the Term

 

    In the event that you terminate your employment for any reason
    anytime after December 31, 2008, then any long-term
    incentive compensation (inclusive of both stock options and
    RSUs) granted pursuant to the terms of Paragraph II of this
    Agreement more than one year prior to the termination date shall
    continue to vest pursuant to the vesting schedule set forth in
    the grant agreement, subject to the disgorgement and forfeiture
    provisions of such grant agreement upon violation of the terms
    of the non-competition covenant set forth in Paragraph IV
    and also subject to your not violating the non-solicitation
    covenant set forth in Paragraph IV herein. In the event of
    a conflict between a vesting term set forth in this Paragraph
    and a vesting term otherwise set forth in the grant agreement,
    the former shall govern.

 

    In addition, in the event that you terminate employment for any
    reason during calendar year 2009, Freddie Mac agrees to pay you
    for performance during calendar year 2008 in cash the
    difference, if any, between your $3 million guarantee for
    performance during such calendar year and the amount you
    received that is attributable to your performance during such
    calendar year.

 

	 	 	 
	
     
	
 
	
    Memo
    

 

 

    IV.  Non-Competition
    and Non-Solicitation

 

         A.  Non-Solicitation,
    Recruitment and Hiring

 

    During the Term of this Agreement and for a period of eighteen
    (18) months thereafter, you agree not to directly or
    indirectly (i) encourage, solicit, recruit, or hire
    (ii) attempt to encourage, solicit, recruit or hire or
    (iii) assist another in encouraging, soliciting, recruiting
    or hiring, any Freddie Mac managerial employee (including
    manager-level, Executive-level, or officer-level employee) with
    whom you worked, or any employee whom you directly or indirectly
    supervised at Freddie Mac, to leave the employee’s
    employment with Freddie Mac for purposes of employment with, or
    for the rendering of professional services to, another business
    entity. This prohibition does not apply if Freddie Mac
    has provided written notice to the employee being
    solicited, recruited or hired that
    his/her
    employment with Freddie Mac will be terminated pursuant to a
    corporate reorganization or
    reduction-in-force.
    The mere fact that a business entity at which you are employed
    hires a Freddie Mac employee with who you worked or directly or
    indirectly supervised does not in and of itself constitute a
    violation of this provision.

 

         B.  Non-Competition

 

    You agree that as a result of your employment pursuant to this
    Agreement, you will be provided access to, and you will learn,
    critically sensitive Freddie Mac confidential and proprietary
    information, the improper disclosure or use of which would
    result in substantial competitive harm to Freddie Mac. As a
    result of that and other consideration provided in this
    Agreement, you also agree that you will not begin employment
    with, or otherwise directly or indirectly provide professional
    services (including via consulting and other professional firms)
    to, the following entities (or any parents, successors,
    subsidiaries or affiliates of such entities) for the
    below-specified period following the termination of your
    employment:

 

			
	 	    (1) 
	
    Fannie Mae for twenty-four (24) months;

	 
	 	    (2) 
	
    Wells Fargo for six (6) months; or

	 
	 	    (3) 
	
    Any other mortgage originator that is among the four highest
    sellers of mortgages (as of the end of the quarter immediately
    prior to your employment termination date) for three
    (3) months.

 

    The restrictions set forth in Paragraphs IV B (2) only
    preclude your being employed in a job position or providing
    professional services that are similar to the type or nature of
    your job duties and responsibilities while employed with Freddie
    Mac or that involve access to similar business information. You
    acknowledge and agree that this covenant has unique, substantial
    and immeasurable value to Freddie Mac, that you have sufficient
    assets and skills to provide a livelihood for yourself while
    this covenant remains in force, and that this covenant will not
    interfere with your ability to work consistent with your
    experience, training and education. This

 

	 	 	 
	
     
	
 
	
    Memo
    

 

 

    non-competition covenant applies regardless of whether your
    employment is terminated by you, by Freddie Mac, or by a joint
    decision.

 

    V.  COMPENSATION
    UPON DEATH OR A QUALIFYING DISABILITY

 

         A.  Short-Term
    Disability

 

    In the event that you become disabled (as that term is defined
    in any of Freddie Mac’s short-term disability policy or
    plan (“STD”) then in effect), any income replacement
    that you receive pursuant to such policy or plan shall be deemed
    to be base salary (in the year in which you received such
    payment) for the purpose of determining whether Freddie Mac
    satisfied its base salary obligation to you pursuant to
    Paragraph II (B).

 

         B.  Long-Term
    Disability

 

    In the event that you become eligible to receive benefits
    pursuant to any Freddie Mac long-term disability plan or policy
    (“LTD”), then: (1) your employment will
    terminate; (2) Freddie Mac will pay you in cash such amount
    as is necessary to satisfy its base salary and cash bonus
    obligations to you pursuant to
    Paragraph II (B) for the calendar year in which
    your employment terminated prorated through the date you
    become eligible to receive long-term disability benefits;
    (3) all stock options (granted pursuant to the terms of
    this Agreement) will become fully exercisable and the
    restrictions on all restricted stock units (granted pursuant to
    the terms of this Agreement) will lapse and such shares will
    become fully transferable by you or your representative as of
    such; and (4) except as set forth B(1), B(2) and B(3)
    herein this Agreement is null and void and Freddie Mac shall
    have no obligation pursuant thereto.

 

         C.  Death

 

    In the event of your death before the expiration of the Term,
    then: (1) Freddie Mac will pay to your beneficiaries in the
    same proportions as designated by you for purposes of your
    guaranteed term-life insurance in cash such amount as is
    necessary to satisfy its base salary and cash bonus obligations
    to you pursuant to Paragraph II (B) for the
    calendar year of your death prorated through the date of
    your death (2) all stock options (granted pursuant to the
    terms of this Agreement) will become fully exercisable and the
    restrictions on all restricted stock units (granted pursuant to
    the terms of this Agreement) will lapse and such shares will
    become fully transferable by you or your representative as of
    such and (3) except as set forth in C(1) and C(2) herein,
    this Agreement is null and void and Freddie Mac shall have no
    obligation pursuant thereto.

 

	 	 	 
	
     
	
 
	
    Memo
    

 

 

    Nothing in Paragraphs V (A) and
    V (B) is intended nor shall be interpreted to restrict
    in any way Freddie Mac’s right to amend, terminate or
    discontinue STD, LTD and related plans or policies at any time
    in its sole discretion.

 

    VI.  OFHEO
    Approval

 

    The termination of employment benefits set forth in this
    Agreement are not effective and will not be paid unless and
    until approved by Freddie Mac’s regulator, the Office of
    Federal Housing Enterprise Oversight.

 

    VII.  Other
    Matters

 

    This Agreement sets forth the entirety of Freddie Mac’s and
    your obligation with respect to the matters set forth in
    Paragraphs I, II, III and IV and such terms
    may be modified only by approval of the Compensation and Human
    Resources Committee of the Board of Directors of Freddie Mac and
    written agreement signed by Freddie Mac’s Executive
    Vice-President of Human Resources and you.

 

    Nothing in this Agreement is intended to nor shall be construed
    to amend, modify or supercede any other term or condition of
    your employment relationship with Freddie Mac or any other prior
    written agreement except to the extent that such specific term
    or condition also is the express subject of
    Paragraphs I, II, III and IV of the
    Agreement. In the event of a conflict between a specific term
    and condition of your compensation or employment as set forth in
    this Agreement and a term and condition of your compensation or
    employment as set forth in any Freddie Mac plan, policy or
    procedure, then the terms of the former (and not the latter)
    shall govern.

 

    This Agreement will be governed by and construed in accordance
    with the laws of the Commonwealth of Virginia, without regard to
    its
    conflicts-of-laws
    provisions.

 

    During the course of your review of this Agreement, you expect
    that you have had the opportunity to receive assistance from
    appropriate advisors, including legal, tax, and financial
    advisors. You agree that, except to the extent of Freddie
    Mac’s public disclosure of the terms and conditions of this
    Agreement, you will not disclose any specific information about
    this Agreement to any person other than your attorney,
    accountant, tax advisor or members of your immediate family, and
    then only if they agree to keep such information confidential.

 

    Please return one executed copy of this Agreement to indicate
    your acceptance and agreement to be bound by its terms.

 

	 	 	 
	

    For Freddie Mac:

	
 
	
 

	
 
	
 
	
 

	

/s/  Paul G. George

11/22/05

	
 
	
    Agreed to:
    /s/  Gary
    Kain

    
Gary
    Kain

    

    Date: 11/22/05exv10w71

 

    Exhibit
    10.71

 

	 	 	 	 	 
	
      
	
 
	
    Corporate Headquarters

    8250 Jones Branch Drive

    McLean, VA 22102
	
 
	
    Tel: (703) 918-5000

    www.FreddieMac.com

    Confidential

	
 
	
 
	
 
	
 
	
 

 

    January 24, 2006

 

 

    Mr. Bob Bostrom

    1160 Pequot Avenue

    Southport, CT 06890

 

    Dear Bob:

 

    I am pleased to extend an offer to you for the position of
    Executive Vice President, General Counsel conditioned on
    satisfactory references, completing both a drug test and
    background check, and the execution of a “Restrictive
    Covenant and Confidentiality Agreement.” All of the
    executives you met with during your interviews at Freddie Mac
    are excited about the prospect of you joining our team and I am
    confident that you will be a valuable addition. For these
    reasons, I would like to offer you the compensation outlined
    below.

 

 

	 	 	 	 	 
	
 
	
 
	
 
	
 
	
 

	

    Compensation Components

	
 
	
 
	
 
	
 
	
 

	

    Total Target Cash Compensation 

	
 
	
 
	
 
	
 

	

    Base Salary

	
 
	
    $
	
    600,000
	
 

	
 
	
 
	
 
	
 
	
 

	

    Target Short Term Incentive (STI) (116% of Base
    Salary)2

	
 
	
    $
	
    700,000
	
 

	
 
	
 
	
 
	
 
	
 

	

    Total Target Cash Compensation

	
 
	
    $
	
    1,300,000
	
 

	
 
	
 
	
 
	
 
	
 

	

    Target Long-Term Incentive
    (LTI)1

	
 
	
 
	
 
	
 

	

    Target Annual LTI (133% of Base
    Salary)2

	
 
	
    $
	
    800,000
	
 

	

    Total Target Direct Compensation (Base Salary, STI, &
    LTI)

	
 
	
    $
	
    2,100,000
	
 

	
 
	
 
	
 
	
 
	
 

	

    Sign-On
    Components3,4,5

	
 
	
 
	
 
	
 

	

    Restricted Stock Units

	
 
	
    $
	
    800,000
	
 

	

    Cash

	
 
	
    $
	
    500,000
	
 

	
 
	
 
	
 
	
 
	
 

	

    Total Sign-On

	
 
	
    $
	
    1,300,000
	
 

	
 
	
 
	
 
	
 
	
 

 

    (1) Freddie Mac anticipates the 2006 annual Long-Term
    Incentive (LTI) awards will be delivered in a mix of 25% stock
    options and 75% Restricted Stock Units (RSUs). The LTI awards
    will vest at a rate of 25% each year, over four years. The
    number of RSUs and stock options awarded is based on the
    Economic Value and
    Black-Scholes
    value, respectively. All aspects of the award, including
    vesting, terms and conditions, will be consistent with the
    annual LTI awards to all other Executive Vice Presidents.

 

    Freddie Mac currently provides dividend equivalents on RSUs.
    Dividend equivalents provide the grantee the right to receive
    from the corporation a cash payment equivalent to the dividends
    declared and paid on issued and outstanding shares of common
    stock. This cash payment is made as promptly as possible after
    the payment date for such dividend or distribution.

 

    (2) Freddie Mac will guarantee that the amount of your 2006
    Short-Term Incentive award for performance year 2006, paid in
    2007, will be no less than $700,000.

 

    Freddie Mac will also guarantee that the amount of your 2006
    Long-Term Incentive award, granted in 2006, will be no less than
    $800,000. This award will be granted at the same time as other
    Executive Vice President LTI awards, which is anticipated to be
    no earlier than March 2006.

 

    (3) To provide an additional incentive to join Freddie Mac,
    we will provide an RSU sign-on award of $800,000 and a cash
    sign-on
    award of $500,000.

 

    Mr. Bob Bostrom

    January 24, 2006

    Page 2 of 2

 

    The RSU
    sign-on
    award will vest according to the same schedule as the annual LTI
    awards (25% each year, over four years). The number of RSUs
    awarded is based on the average of the high and low price (the
    Fair Market Value) of a share of Freddie Mac common stock on the
    date of the next currently scheduled Compensation and Human
    Resources Committee (CHRC) meeting following your start date.

 

    The sign-on
    cash award is subject to repayment on a monthly
    pro-rata
    basis if you terminate your employment for any reason or Freddie
    Mac terminates your employment for “Gross Misconduct”
    or any violation of standard of conduct, within the first two
    years of employment (e.g., the amount repayable is equal to
    $500,000 less approximately $20,833 for each whole month
    employed during the first two years).

 

    (4) In addition, we would like to offer you the following
    termination of employment benefit:

 

    If, during the first two years of employment, Freddie Mac
    terminates your employment for any reason other than “Gross
    Misconduct” (as defined in the officer severance policy) or
    any violation of a standard of conduct, then you will receive a
    cash payment equal to twice the sum of your 2006 annualized base
    salary and your 2006 guaranteed Short-Term Incentive award
    ($2,600,000), less $108,333 for each whole month worked during
    the first two years of employment, in addition to the amount you
    would otherwise be entitled to receive under our corporate
    severance policy.

 

    The terms of the termination of employment payment described
    above are contingent upon the approval of Freddie Mac’s
    regulator, the Office of Federal Housing Enterprise Oversight.

 

    (5) Freddie Mac will also provide you with relocation
    assistance. Relocation assistance includes
    packing/transportation of household goods, new home finding and
    current home sale assistance, a one-time payment of $10,000 to
    cover miscellaneous expenses, new home closing cost assistance,
    and tax assistance (please reference enclosed description).

 

    In light of the fact that you will need time to establish a
    permanent residence in the Washington DC metro area, we will
    provide for up to 4 months temporary living at the
    Ritz-Carlton
    Tysons Corner, which is convenient to our McLean campus.

 

    Enclosed for your review are summary descriptions of Freddie
    Mac’s comprehensive and highly competitive benefits plans,
    including health and welfare, retirement and savings, retiree
    medical benefits, income protection (disability, group term
    life, etc.), paid time off, and work/life benefits. Should you
    have any questions regarding these benefits, please do not
    hesitate to contact Scott Coolidge, Vice President of Human
    Capital Management, at
    703-918-8470.

 

    To indicate your agreement to these terms, please return an
    executed copy of this letter as well as the enclosed
    “Restrictive Covenant and Confidentiality Agreement”
    to me. Additional copies of the agreements are enclosed for your
    records.

 

    At your convenience, please give Scott or myself
    (703-918-8900)
    a call once you’ve had an opportunity to review this offer.

 

 

    Best Regards,
    

 

 

    /s/  Paul
    George

    

    Paul George

    Executive Vice President, Human Resources

 

	 	 	 	 	 
	

    Signed and Agreed to:

	
 
	
    /s/  Robert
    Bostrom

	
 
	
    1/25/06

	
 
	
 
	
    

	
 
	
    

	
 
	
 
	
    effective Feb 1, 2007
	
 
	
    Date

	

    Enclosures

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