Freddie Mac plans for 2 top executives

MCLEAN, Va., June 16 (UPI) -- Freddie Mac Monday provided clarifying information regarding the provisions of the employment termination agreements for two of its former top employees.

The employment agreements involve Leland Brendsel, former chairman and chief executive officer, and David Glenn, former president and chief operating officer.

Mike Hager, Freddie Mac's Senior Vice President of Human Resources, said: "The options and restricted stock in question were earned by the executives during their long tenure at Freddie Mac pursuant to contracts signed in 1990.

Freddie Mac also said it has taken steps to prevent any trading in restricted stock or the exercise of options owned by either man until a review of their employment agreements is completed.

Officials said they took that action in response to direction from the Office of Federal Housing Enterprise Oversight (OFHEO) and concerns raised by the Securities and Exchange Commission.