Document:

EX-10.1

EXHIBIT 10.1

SEPARATION AGREEMENT

This Separation Agreement (“Agreement”) is made and entered into this 13th day of
May, 2008, by and between Anixter Inc., a Delaware corporation (“Company”), and Robert W. Grubbs,
Jr. (“Executive”). Anixter International Inc., a Delaware corporation (“Parent”), is also a party
to this Agreement, but solely for the purpose of Sections 4 and 5 hereof.

R E C I T A L S

A. Executive is currently employed by Company as its Chief Executive Officer and holds the
same office with respect to Parent pursuant to the terms of that certain Employment Agreement,
dated as of January 1, 2006 (“Employment Agreement”).

B. Executive has advised Company of his intention to retire from the Company, Parent and all
affiliates of Company or Parent effective as of June 30, 2008 (“Effective Date”).

C. Company and Parent have determined that it is in their best interests to provide for
Executive’s continued involvement as a member of the Board of Directors of Parent following his
retirement and desire to revise the provisions of certain post-employment covenants applicable to
Executive and Executive is willing to continue to serve on the Parent’s Board of Directors and to
agree to the revisions to his post-employment covenants pursuant to the terms and subject to the
conditions of this Agreement.

NOW, THEREFORE, in consideration of the foregoing premises and the promises and covenants
herein, the parties hereby agree as follows:

A G R E E M E N T

1. Termination of Employment Relationship. Executive shall voluntarily resign as the
Chief Executive Officer of Company and Parent and all other employment related positions with the
Company and Parent or any and all affiliates, and shall cease to be an officer or employee of the
Company and Parent and any and all affiliates, effective as of the close of business on the
Effective Date. Executive’s employment shall be deemed to have terminated pursuant to Section 6(a)
of the Employment Agreement. From and after the Effective Date, Executive shall not be eligible to
participate in any employee benefit plans, programs or arrangements sponsored and maintained by the
Company (other than as expressly required by COBRA or other applicable law) and shall not accrue
further benefits under the Anixter Inc. Supplemental Executive Retirement Plan from and after the
Effective Date.

2. Release. Simultaneous with the execution of this Agreement, Executive shall
execute and deliver to the Company the form of release attached as Exhibit A to the
Employment Agreement.

3. Post-Employment Covenants and Undertakings. Executive hereby acknowledges and
agrees that his obligations under Sections 7 through 11 of the Employment Agreement shall survive
the termination of his employment. Executive further agrees that:

(a) He shall continue to abide by and be subject to the restrictions provided in Section 8 of
the Employment Agreement until the later of (i) the fifth anniversary of the Termination Date or
(ii) the second anniversary of the termination of his service as a member of the Parent’s Board of
Directors (“Extended Covenant Term”); and

(b) He shall provide assistance to the Company consistent with Section 11 of the Employment
Agreement for a period of five years after the Termination Date without additional compensation;
and

(c) He will not during the Extended Covenant Term, directly or indirectly, render services, in
any capacity, including but not by way of limitation, as an employee, agent, consultant, director,
lender, or owner, to any entity whose products are currently distributed by the Company as part of
the conduct of the Business or are distributed by the Company at any time during the Extended
Covenant Term; and

(d) The provisions of Section 7 of the Employment Agreement shall continue to apply with
respect to all Proprietary Information to which he has access in his capacity as a member of the
Board of Directors.

4. Continued Board Service. Following the Effective Date, Executive agrees to
continue to serve as a member of Parent’s Board of Directors through the fifth anniversary of the
Effective Date, subject to his nomination and election to the Board of Directors following the
expiration of his current and any subsequent terms as a director. Executive shall be entitled to
receive compensation for his post-Effective Date service as a Director in accordance with the
Company’s director compensation policy as in effect from time to time.

5. Changes In Equity Rights. In consideration of the agreements and undertakings of
Executive hereunder, Parent and Executive agree that the option and restricted stock unit grant
agreements entered into by Executive and Parent under the Anixter International, Inc. 2001 Stock
Incentive Plan and the Anixter International Inc. 2006 Stock Incentive Plan listed on Exhibit
A are each hereby amended as follows:

(a) To the extent that Executive holds vested and unexercised options on the Termination Date,
notwithstanding the terms of the applicable grant agreement, Executive shall be allowed to exercise
such options at any time prior to the date such options would otherwise expire if not exercised.

(b) To the extent that Executive holds non-vested options on the Termination Date,
notwithstanding the terms of the applicable grant agreements, such options shall continue to vest
in accordance with their terms following the termination of Executive’s employment and once vested
Executive shall be allowed to exercise such options at any time prior to the date such options
would otherwise expire if not exercised.

(c) To the extent that Executive has non-vested restricted stock units on the Termination
Date, notwithstanding the terms of the applicable grant agreements, such units shall continue to
vest in accordance with their terms notwithstanding the termination of Executive’s employment and
shall be converted into shares upon vesting in accordance with the terms of the applicable grant
agreements.

(d) In the event of Executive’s Death within twenty-four (24) months of the Effective Date,
(i) Executive’s designated beneficiary, or his estate in the absence of a valid designation, shall
be allowed to exercise vested options during the shorter of the remaining option term or the twelve
months following Executive’s death and (ii) restricted stock units shall continue to convert in
accordance with their terms during the twelve month period following Executive’s death.. In the
event of Executive’s death thereafter, Executive’s designated beneficiary, or his estate in the
absence of such designation, shall be allowed to exercise such options and to receive shares of
Company common stock upon the conversion of restricted stock rights on the same terms and subject
to the same conditions as would have applied to Executive if he was not deceased.

(e) In the event that Executive engages in any conduct during the Extended Covenant Term that
constitutes a material violation of any of Sections 7, 8, 9, 10 or 11 of the Employment Agreement
or Section 3 of this Agreement, then:

(i) all unexercised options held by Executive, whether or not vested, shall terminate, be
forfeited, and cease to be exercisable by Executive;

(ii) all unconverted restricted stock units held by Executive shall terminate and shall be
forfeited and shall not convert into shares of the Company’s common stock; and

(iii) Executive shall be obligated to pay to the Company, in cash, an amount equal to the sum
of (A) the Financial Gain realized by Executive with respect to all options and restricted stock
units amended by this Agreement from and after the Effective Date and (B) the Interest Charge. For
purposes of this paragraph, the term “Financial Gain” shall mean (i) with respect to each option
exercised after the Effective Date, the difference between the fair market value of the Company’s
common stock on the exercise date and the exercise price of such option, multiplied by the gross
number of shares subject to such exercise (including shares applied to pay the exercise price and
shares applied to satisfy and tax withholding obligation) and (ii) with respect to each restricted
stock unit, the fair market value of the Company’s common stock on the date such unit vests. For
purposes of this paragraph, the term “Interest Charge” shall mean interest at the Company’s
unsecured borrowing rate as in effect from time to time on all Financial Gain computed from the
date such Financial Gain is realized (by means of the exercise of an option or the vesting of a
restricted stock unit) through the date Executive satisfies such obligation.

6. Survival. Sections 1, 8 (as modified by this Agreement), 9, 11, and 22 of the
Employment Agreement shall survive the Effective Date through the end of the Extended Covenant Term
or the period specified in such provision if longer. Sections 7, 10, 12, 13, 15, 19, and 22 of the
Employment Agreement shall survive the Effective Date indefinitely.

[intentionally left blank – next page is signature page]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first above written.

	 	 	 
	                          

	 	ANIXTER INC.
	                          

	 	                          
	                          

	 	BY: /s/ John A. Dul
	
 
	 	 
	                          

	 	ITS: V.P. – General Counsel & Secretary
	                          

	 	                          
	                          

	 	/s/ Robert W. Grubbs
	
 
	 	 
	                          

	 	ROBERT W. GRUBBS, JR.
	                          

	 	                          
	                          

	 	ANIXTER INTERNATIONAL INC.
	                          

	 	                          
	                          

	 	BY: /s/ John A. Dul
	
 
	 	 
	                          

	 	ITS: V.P. – General Counsel & Secretary
	                          

	 	                          
	                          

	 	[But solely for purposes of Sections 4 and 5 hereof]

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Exhibit A

List of Outstanding Option and Restricted Stock Unit Grants

	 	 	 	 	 	 	 	 	 	 	 
	              	 	Stock Options – Vested	 	              
	 	 	 	 	 
	              

	 	Grant Date
	 	 
	 	Number of Options
	 	              
	
 
	 	 
	 	 	 	 	 	 	 	

	              

	 	2/14/2001
	 	 
	 	 	74,820	 	 	              
	              

	 	2/21/2002
	 	 
	 	 	139,513	 	 	              
	
 
	 	 	 	 	 	 	 	 	 	

	              

	 	Total
	 	 
	 	 	214,333	 	 	              
	 

	              	 	Stock Options – Unvested	 	              
	 	 	 	 	 
	              

	 	Grant Date
	 	 
	 	Number of Options
	 	              
	
 
	 	 
	 	 	 	 	 	 	 	

	              

	 	3/1/2007
	 	 
	 	 	45,405	 	 	              
	              

	 	3/1/2008
	 	 
	 	 	14,774	 	 	              
	
 
	 	 	 	 	 	 	 	 	 	

	              

	 	Total
	 	 
	 	 	60,179	 	 	              
	 

	              	 	RSUs – Unvested	 	              
	 	 	 	 	 
	              

	 	Grant Date
	 	 
	 	Number of RSUs
	 	              
	
 
	 	 
	 	 	 	 	 	 	 	

	              

	 	3/1/2005
	 	 
	 	 	20,000	 	 	              
	              

	 	3/1/2006
	 	 
	 	 	36,293	 	 	              
	              

	 	3/1/2007
	 	 
	 	 	20,509	 	 	              
	
 
	 	 	 	 	 	 	 	 	 	

	              

	 	Total
	 	 
	 	 	76,802	 	 	              

3EX-4.1

EXHIBIT 4.1

CERTIFICATE OF DESIGNATION OF TERMS OF

8.25% NON-CUMULATIVE PREFERRED STOCK, SERIES T

CUSIP: 313586737

1. Designation, Par Value and Number of Shares.

The designation of the series of preferred stock of the Federal National Mortgage Association
(“Fannie Mae”) created by this resolution shall be “8.25% Non-Cumulative Preferred Stock, Series T”
(the “Series T Preferred Stock”), and the number of shares initially constituting the Series T
Preferred Stock is 80,000,0001, which number may be increased by the Board of Directors
of Fannie Mae, or a duly authorized committee thereof, in accordance with Section 7 below. Shares
of Series T Preferred Stock will have no par value and will have a stated value of $25 per share.
Shares of Series T Preferred Stock will have no stated maturity date, and, subject to Section 3
below, will be perpetual. The Board of Directors of Fannie Mae, or a duly authorized committee
thereof, in its sole discretion, may reduce the number of shares of Series T Preferred Stock,
provided such reduction is not below the number of shares of Series T Preferred Stock then
outstanding.

2. Dividends.

(a) Holders of record of Series T Preferred Stock (each individually a “Holder,” or
collectively the “Holders”) will be entitled to receive, ratably, when, as and if declared by the
Board of Directors, in its sole discretion out of funds legally available therefor, non-cumulative
cash dividends at a rate of 8.25% per annum of the stated value of $25 per share of Series T
Preferred Stock. Dividends on the Series T Preferred Stock shall accrue from and including May 19,
2008 (the “Issue Date”) and will be payable when, as and if declared by the Board of Directors (or
a designated committee of the Board) quarterly on March 31, June 30, September 30 and December 31
of each year (each, a “Dividend Payment Date”), commencing June 30, 2008. If a Dividend Payment
Date is not a Business Day, the related dividend (if declared) will be paid on the next succeeding
Business Day with the same force and effect as though paid on the Dividend Payment Date, without
any increase to account for the period from such Dividend Payment Date through the date of actual
payment. A “Business Day” shall mean any day other than a Saturday, Sunday, or a day on which
banking institutions in New York, New York are authorized by law to close. Dividends will be paid
to Holders on the record date fixed by the Board of Directors or a duly authorized committee
thereof, which may not be earlier than 45 days or later than 10 days prior to the applicable
Dividend Payment Date.

If declared, the initial dividend, which will be for the period from and including the Issue
Date to but excluding June 30, 2008, will be $ 0.23490 per share and will be payable on June 30,
2008.

1 Plus up to 12,000,000 additional shares pursuant to the Underwriters’
over-allotment option.

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Thereafter, if declared, quarterly dividends will be $ 0.51563 per share. The “Dividend Period”
relating to a Dividend Payment Date will be the period from and including the preceding Dividend
Payment Date (or, in the case of the initial dividend, May 19, 2008) to but excluding such Dividend
Payment Date.

Dividends payable on the Series T Preferred Stock for any period greater or less than a full
Dividend Period will be computed on the basis of a 360-day year consisting of twelve 30-day months,
with the dividend for such partial Dividend Period computed by dividing the per annum dividend rate
by 360, and multiplying that amount by the number of days in such partial Dividend Period (using
the 30 day month, 360 day year convention) and stated value of $25 per share, the product of which
shall be rounded to the fourth digit after the decimal point. (If the fifth digit to the right of
the decimal point is five or greater, the fourth digit will be rounded up by one.) Dividends
payable on the Series T Preferred Stock for each full Dividend Period will be computed by dividing
the per annum dividend rate by four, and multiplying the result by the stated value per share of
$25, the product of which shall be rounded to the fifth digit after the decimal point. (If the
sixth digit to the right of the decimal point is five or greater, the fifth digit will be rounded
up by one.) If Fannie Mae redeems the Series T Preferred Stock, the dividend that would otherwise
be payable for the then-current quarterly Dividend Period will be included in the redemption price
of the shares redeemed and will not be separately payable.

(b) No dividend (other than dividends or distributions paid in shares of, or options, warrants
or rights to subscribe for or purchase shares of, the common stock of Fannie Mae or any other stock
of Fannie Mae ranking, as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up of Fannie Mae, junior to the Series T Preferred Stock) may
be declared or paid or set apart for payment on Fannie Mae’s common stock (or on any other stock of
Fannie Mae ranking, as to the payment of dividends, junior to the Series T Preferred Stock) unless
dividends have been declared and paid or set apart (or ordered to be set apart) on the Series T
Preferred Stock for the then-current quarterly Dividend Period; provided, however, that the
foregoing dividend preference shall not be cumulative and shall not in any way create any claim or
right in favor of the Holders of Series T Preferred Stock in the event that dividends have not been
declared or paid or set apart (or ordered to be set apart) on the Series T Preferred Stock in
respect of any prior Dividend Period. If the full dividend on the Series T Preferred Stock is not
paid for any quarterly Dividend Period, the Holders of Series T Preferred Stock will have no claim
in respect of the unpaid amount so long as no dividend (other than those referred to above) is paid
on Fannie Mae’s common stock (or any other stock of Fannie Mae ranking, as to the payment of
dividends, junior to the Series T Preferred Stock) for such Dividend Period.

(c) The Board of Directors of Fannie Mae, or a duly authorized committee thereof, may, in its
discretion, choose to pay dividends on the Series T Preferred Stock without the payment of any
dividends on Fannie Mae’s common stock (or any other stock of Fannie Mae ranking, as to the payment
of dividends, junior to the Series T Preferred Stock).

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(d) No full dividends shall be declared or paid or set apart for payment on any stock of
Fannie Mae ranking, as to the payment of dividends, on a parity with the Series T Preferred Stock
for any period unless full dividends have been declared and paid or set apart for payment on the
Series T Preferred Stock for the then-current quarterly Dividend Period. When dividends are not
paid in full upon the Series T Preferred Stock and all other classes or series of stock of Fannie
Mae, if any, ranking, as to the payment of dividends, on a parity with the Series T Preferred
Stock, all dividends declared upon shares of Series T Preferred Stock and all such other stock of
Fannie Mae will be declared pro rata so that the amount of dividends declared per share of Series T
Preferred Stock and all such other stock will in all cases bear to each other the same ratio that
accrued dividends per share of Series T Preferred Stock (but without, in the case of any
non-cumulative preferred stock, accumulation of unpaid dividends for prior Dividend Periods) and
such other stock bear to each other.

(e) No dividends may be declared or paid or set apart for payment on any shares of Series T
Preferred Stock if at the same time any arrears exist or default exists in the payment of dividends
on any outstanding class or series of stock of Fannie Mae ranking, as to the payment of dividends,
prior to the Series T Preferred Stock.

(f) Holders of Series T Preferred Stock will not be entitled to any dividends, whether payable
in cash or property, other than as herein provided and will not be entitled to interest, or any sum
in lieu of interest, in respect of any dividend payment.

3. Optional Redemption.

(a) The Series T Preferred Stock shall not be redeemable prior to May 20, 2013. On or after
that date, subject to (x) the notice provisions set forth in Section 3(b) below, (y) the receipt of
any required regulatory approvals and (z) any further limitations which may be imposed by law,
Fannie Mae may redeem the Series T Preferred Stock, in whole or in part, at any time, out of funds
legally available therefor, at the redemption price of $25 per share plus an amount equal to the
amount of the dividend (whether or not declared) for the then-current quarterly Dividend Period
accrued to but excluding the date of such redemption, but without accumulation of unpaid dividends
on the Series T Preferred Stock for prior Dividend Periods. The amount of dividends per share
payable at redemption will be calculated in accordance with Section 2(a) above. If less than all
of the outstanding shares of Series T Preferred Stock are to be redeemed, Fannie Mae will select
the shares to be redeemed from the outstanding shares not previously called for redemption by lot
or pro rata (as nearly as possible) or by any other method that the Board of Directors of Fannie
Mae, or a duly authorized committee thereof, in its sole discretion deems equitable.

(b) In the event Fannie Mae shall redeem any or all of the Series T Preferred Stock as
aforesaid, Fannie Mae will give written or electronic notice of any such redemption to Holders of
Series T Preferred Stock not less than 30 days prior to the date fixed by the Board of Directors of
Fannie Mae, or duly authorized committee thereof, for such redemption.

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Each such notice will state: (1) the number of shares of Series T Preferred Stock to be redeemed
and, if fewer than all of the shares of Series T Preferred Stock held by a Holder are to be
redeemed, the number of shares to be redeemed from such Holder; (2) the redemption price; (3) the
redemption date; and (4) the place at which a Holder’s certificate(s) representing shares of Series
T Preferred Stock must be presented upon such redemption. Failure to give notice, or any defect in
the notice, to any Holder of Series T Preferred Stock shall not affect the validity of the
proceedings for the redemption of shares of any other Holder of Series T Preferred Stock being
redeemed.

(c) Notice having been given as herein provided, from and after the redemption date, dividends
on the Series T Preferred Stock called for redemption shall cease to accrue and such Series T
Preferred Stock called for redemption will no longer be deemed outstanding, and all rights of the
Holders thereof as registered holders of such shares of Series T Preferred Stock will cease. Upon
surrender in accordance with said notice of the certificate(s) representing shares of Series T
Preferred Stock so redeemed (properly endorsed or assigned for transfer, if the Board of Directors
of Fannie Mae, or a duly authorized committee thereof, shall so require and the notice shall so
state), such shares shall be redeemed by Fannie Mae at the redemption price aforesaid. Any shares
of Series T Preferred Stock that shall at any time have been redeemed shall, after such redemption,
be cancelled and not reissued. In case fewer than all the shares represented by any such
certificate are redeemed, a new certificate shall be issued representing the unredeemed shares
without cost to the Holder thereof.

(d) The Series T Preferred Stock will not be subject to any mandatory redemption, sinking fund
or other similar provisions. In addition, Holders of Series T Preferred Stock will have no right to
require redemption of any shares of Series T Preferred Stock.

4. Liquidation Rights.

(a) Upon any voluntary or involuntary dissolution, liquidation or winding up of Fannie Mae,
after payment or provision for the liabilities of Fannie Mae and the expenses of such dissolution,
liquidation or winding up, the Holders of outstanding shares of the Series T Preferred Stock will
be entitled to receive out of the assets of Fannie Mae or proceeds thereof available for
distribution to stockholders, before any payment or distribution of assets is made to holders of
Fannie Mae’s common stock (or any other stock of Fannie Mae ranking, as to the distribution of
assets upon dissolution, liquidation or winding up of Fannie Mae, junior to the Series T Preferred
Stock), the amount of $25 per share plus an amount, determined in accordance with Section 2 above,
equal to the dividend (whether or not declared) for the then-current quarterly Dividend Period
accrued to but excluding the date of such liquidation payment, but without accumulation of unpaid
dividends on the Series T Preferred Stock for prior Dividend Periods.

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(b) If the assets of Fannie Mae available for distribution in such event are insufficient to
pay in full the aggregate amount payable to Holders of Series T Preferred Stock and holders of all
other classes or series of stock of Fannie Mae, if any, ranking, as to the distribution of assets
upon dissolution, liquidation or winding up of Fannie Mae, on a parity with the Series T Preferred
Stock, the assets will be distributed to the Holders of Series T Preferred Stock and holders of all
such other stock pro rata, based on the full respective preferential amounts to which they are
entitled (but without, in the case of any non-cumulative preferred stock, accumulation of unpaid
dividends for prior Dividend Periods).

(c) Notwithstanding the foregoing, Holders of Series T Preferred Stock will not be entitled to
be paid any amount in respect of a dissolution, liquidation or winding up of Fannie Mae until
holders of any classes or series of stock of Fannie Mae ranking, as to the distribution of assets
upon dissolution, liquidation or winding up of Fannie Mae, prior to the Series T Preferred Stock
have been paid all amounts to which such classes or series are entitled.

(d) Neither the sale, lease or exchange (for cash, shares of stock, securities or other
consideration) of all or substantially all of the property and assets of Fannie Mae, nor the
merger, consolidation or combination of Fannie Mae into or with any other entity or the merger,
consolidation or combination of any other entity into or with Fannie Mae, shall be deemed to be a
dissolution, liquidation or winding up, voluntary or involuntary, for the purposes of this Section
4.

(e) After payment of the full amount of the distribution of assets upon dissolution,
liquidation or winding up of Fannie Mae to which they are entitled pursuant to paragraphs (a), (b)
and (c) of this Section 4, the Holders of Series T Preferred Stock will not be entitled to any
further participation in any distribution of assets by Fannie Mae.

5. No Conversion or Exchange Rights.

The Holders of shares of Series T Preferred Stock will not have any rights to convert such
shares into or exchange such shares for shares of any other class or classes, or of any other
series of any class or classes, of stock or obligations of Fannie Mae.

6. No Pre-Emptive Rights.

No Holder of Series T Preferred Stock shall be entitled as a matter of right to subscribe for
or purchase, or have any pre-emptive right with respect to, any part of any new or additional issue
of stock of any class whatsoever, or of securities convertible into any stock of any class
whatsoever, or any other shares, rights, options or other securities of any class whatsoever,
whether now or hereafter authorized and whether issued for cash or other consideration or by way of
dividend.

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7. Voting Rights; Amendments.

(a) Except as provided below, the Holders of Series T Preferred Stock will not be entitled to
any voting rights, either general or special.

(b) Without the consent of the Holders of Series T Preferred Stock, Fannie Mae will have the
right to amend, alter, supplement or repeal any terms of this Certificate or the Series T Preferred
Stock (1) to cure any ambiguity, or to cure, correct or supplement any provision contained in this
Certificate of Designation that may be defective or inconsistent with any other provision herein or
(2) to make any other provision with respect to matters or questions arising with respect to the
Series T Preferred Stock that is not inconsistent with the provisions of this Certificate of
Designation so long as such action does not materially and adversely affect the interests of the
Holders of Series T Preferred Stock; provided, however, that any increase in the amount of
authorized or issued Series T Preferred Stock or the creation and issuance, or an increase in the
authorized or issued amount, of any other class or series of stock of Fannie Mae, whether ranking
prior to, on a parity with or junior to the Series T Preferred Stock, as to the payment of
dividends or the distribution of assets upon dissolution, liquidation or winding up of Fannie Mae,
or otherwise, will not be deemed to materially and adversely affect the interests of the Holders of
Series T Preferred Stock.

(c) Except as set forth in paragraph (b) of this Section 7, the terms of this Certificate or
the Series T Preferred Stock may be amended, altered, supplemented, or repealed only with the
consent of the Holders of at least two-thirds of the shares of Series T Preferred Stock then
outstanding, given in person or by proxy, either in writing or at a meeting of stockholders at
which the Holders of Series T Preferred Stock shall vote separately as a class. On matters
requiring their consent, Holders of Series T Preferred Stock will be entitled to one vote per
share.

(d) The rules and procedures for calling and conducting any meeting of Holders (including,
without limitation, the fixing of a record date in connection therewith), the solicitation and use
of proxies at such a meeting, the obtaining of written consents, and any other aspect or matter
with regard to such a meeting or such consents shall be governed by any rules that the Board of
Directors of Fannie Mae, or a duly authorized committee thereof, in its discretion, may adopt from
time to time, which rules and procedures shall conform to the requirements of any national
securities exchange on which the Series T Preferred Stock are listed at the time.

8. Additional Classes or Series of Stock.

The Board of Directors of Fannie Mae, or a duly authorized committee thereof, without the
consent of the Holders of the Series T Preferred Stock, shall have the right at any time in the
future to authorize, create and issue, by resolution or resolutions, one or more additional classes
or series of stock of Fannie Mae, and to determine and fix the distinguishing characteristics and
the relative rights, preferences, privileges and other terms of the shares thereof.

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Any such class or series of stock may rank prior to, on a parity with or junior to the Series T
Preferred Stock as to the payment of dividends or the distribution of assets upon dissolution,
liquidation or winding up of Fannie Mae, or otherwise.

9. Priority.

For purposes of this Certificate of Designation, any stock of any class or series of Fannie
Mae shall be deemed to rank:

(a) Prior to the shares of Series T Preferred Stock, either as to the payment of dividends or
the distribution of assets upon dissolution, liquidation or winding up of Fannie Mae, if the
holders of such class or series shall be entitled to the receipt of dividends or of amounts
distributable upon dissolution, liquidation or winding up of Fannie Mae, as the case may be, in
preference or priority to the Holders of shares of Series T Preferred Stock.

(b) On a parity with shares of Series T Preferred Stock, either as to the payment of dividends
or the distribution of assets upon dissolution, liquidation or winding up of Fannie Mae, whether or
not the dividend rates or amounts, dividend payment dates or redemption or liquidation prices per
share, if any, be different from those of the Series T Preferred Stock, if the holders of such
class or series shall be entitled to the receipt of dividends or of amounts distributable upon
dissolution, liquidation or winding up of Fannie Mae, as the case may be, in proportion to their
respective dividend rates or amounts or liquidation prices, without preference or priority, one
over the other, as between the holders of such class or series and the Holders of shares of Series
T Preferred Stock.

(c) Junior to shares of Series T Preferred Stock, either as to the payment of dividends or the
distribution of assets upon dissolution, liquidation or winding up of Fannie Mae, if such class
shall be common stock of Fannie Mae or if the Holders of shares of Series T Preferred Stock shall
be entitled to the receipt of dividends or of amounts distributable upon dissolution, liquidation
or winding up of Fannie Mae, as the case may be, in preference or priority over the holders of such
class or series.

(d) The shares of Preferred Stock of Fannie Mae designated “5.25% Non-Cumulative Preferred
Stock, Series D” (the “Series D Preferred Stock”), “5.10% Non-Cumulative Preferred Stock, Series E”
(the “Series E Preferred Stock”), “Variable Rate Non-Cumulative Preferred Stock, Series F” (the
“Series F Preferred Stock”), “Variable Rate Non-Cumulative Preferred Stock, Series G” (the “Series
G Preferred Stock”), “5.81% Non-Cumulative Preferred Stock, Series H” (the “Series H Preferred
Stock”), “5.375% Non-Cumulative Preferred Stock, Series I” (the “Series I Preferred Stock”),
“5.125% Non-Cumulative Preferred Stock, Series L” (the “Series L Preferred Stock”), “4.75%
Non-Cumulative Preferred Stock, Series M” (the “Series M Preferred Stock”), “5.50% Non-Cumulative
Preferred Stock, Series N” (the “Series N Preferred Stock”), “Non-Cumulative Preferred Stock,
Series O” (the “Series O Preferred Stock”), “Non-Cumulative Convertible Series 2004-1 Preferred
Stock” (the “Series 2004-1 Preferred Stock”),

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“Variable Rate Non-Cumulative Preferred Stock, Series P” (the “Series P Preferred Stock”),
“6.75% Non-Cumulative Preferred Stock, Series Q” (the “Series Q Preferred Stock”), “7.625%
Non-Cumulative Preferred Stock, Series R” (the “Series R Preferred Stock”), “Fixed-to-Floating Rate
Non-Cumulative Preferred Stock, Series S” (the “Series S Preferred Stock”), and “8.75%
Non-Cumulative Mandatory Convertible Preferred Stock, Series 2008-1” (the “Series 2008-1 Preferred
Stock”) shall be deemed to rank on a parity with shares of Series T Preferred Stock as to the
payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of
Fannie Mae. Accordingly, the holders of record of Series D Preferred Stock, the holders of record
of Series E Preferred Stock, the holders of record of Series F Preferred Stock, the holders of
record of Series G Preferred Stock, the holders of record of Series H Preferred Stock, the holders
of record of Series I Preferred Stock, the holders of record of Series L Preferred Stock, the
holders of record of Series M Preferred Stock, the holders of record of Series N Preferred Stock,
the holders of record of Series 2004-1 Preferred Stock, the holders of record of Series O Preferred
Stock, the holders of record of Series P Preferred Stock, the holders of record of Series Q
Preferred Stock, the holders of record of Series R Preferred Stock, the holders of record of Series
S Preferred Stock, the holders of record of Series 2008-1 Preferred Stock and the Holders of Series
T Preferred Stock shall be entitled to the receipt of dividends and of amounts distributable upon
dissolution, liquidation or winding up of Fannie Mae, as the case may be, in proportion to their
respective dividend rates or amounts or liquidation prices, without preference or priority, one
over the other.

10. Transfer Agent, Dividend Disbursing Agent and Registrar.

Fannie Mae hereby appoints Computershare Trust Company, N.A., as its initial transfer agent,
dividend disbursing agent and registrar for the Series T Preferred Stock. Fannie Mae may at any
time designate an additional or substitute transfer agent, dividend disbursing agent and registrar
for the Series T Preferred Stock.

11. Notices.

Any notice provided or permitted by this Certificate of Designation to be made upon, or given
or furnished to, the Holders of Series T Preferred Stock by Fannie Mae shall be made by first-class
mail, postage prepaid, to the addresses of such Holders as they appear on the books and records of
Fannie Mae or by other written or electronic means to designated accounts of such Holders. Such
notice shall be deemed to have been sufficiently made upon deposit thereof in the United States
mail or electronic transmission to a designated account of the Holder. Notwithstanding anything to
the contrary contained herein, in the case of the suspension of regular mail service or by reason
of any other cause it shall be impracticable, in Fannie Mae’s judgment, to give notice by mail, or
if Fannie Mae has reason to believe other notification means would be ineffective, then such
notification may be made, in Fannie Mae’s discretion, by publication in a newspaper of general
circulation in The City of New York or by hand delivery to the addresses of Holders as they appear
on the books and records of Fannie Mae.

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Receipt and acceptance of a share or shares of the Series T Preferred Stock by or on behalf of
a Holder shall constitute the unconditional acceptance by such Holder (and all others having
beneficial ownership of such share or shares) of all of the terms and provisions of this
Certificate of Designation. No signature or other further manifestation of assent to the terms and
provisions of this Certificate of Designation shall be necessary for its operation or effect as
between Fannie Mae and the Holder (and all such others).

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