AGCO Corporation Non-Employee Director Compensation Policy (Effective January 1, 2009)

Contract Categories: Human Resources › Compensation Agreements
Summary

AGCO Corporation sets out compensation terms for its non-employee directors, effective January 1, 2009. Directors receive annual cash retainers, additional fees for serving as lead director or committee chair, and an annual stock grant. Retainers are paid quarterly and adjusted for changes in board or committee roles. Directors are also reimbursed for reasonable meeting expenses. The stock grant's value is based on the share price at the annual shareholder meeting. The policy outlines payment timing and adjustment procedures for director compensation.

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EX-10.24 8 g17799exv10w24.htm EX-10.24 EX-10.24
Exhibit 10.24
A G C O   C O R P O R A T I O N
DIRECTOR COMPENSATION
for
NON — EMPLOYEE DIRECTORS
(as of January 1, 2009)
         
Retainers (1)   USD
Annual Lead Director Retainer (paid only to Lead Director):
     25,000  
 
        
Annual Director Base Retainer (applies to all Directors):
     90,000  
 
        
Annual Committee Chairperson Retainer:
     10,000  
(except Audit Committee and Compensation Committee Chair)
        
 
        
Annual Audit Committee Chairperson Retainer:
     20,000  
 
        
Annual Compensation Committee Chairperson Retainer:
     15,000  
 
        
Additional Compensation
        
Annual AGCO Stock Grant Award (2)
     90,000  
In addition, the Company will reimburse directors for the reasonable out-of-pocket expense incurred in the attendance of the meeting.
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A G C O  C O R P O R A T I O N
DIRECTOR COMPENSATION
for
NON — EMPLOYEE DIRECTORS
(as of January 1, 2009)
Notes:
  1)   Payment of annual retainers are made in accordance with the following provisions:
  I)   Annual retainer are paid quarterly in four installments (for ease of calculation purposes quarters are divided into 90 days with a 360 day year).
 
  II)   Annual Retainers accrue as of the first day of each calendar quarter based on the Board and Committee Membership Roster in effect on that date.
 
  III)   Annual Retainers are paid in advance during the first month of the given calendar quarter (e.g., January for the first quarter).
 
  IV)   Changes to Board and Committee Memberships (including Chairpersons) will be reviewed and adjustments made to current quarters retainer amounts (up or down).
 
  V)   Any changes in the Retainer amounts due for the current quarter will be reflected in the ensuing quarter’s retainer payment.
  2)   Terms applicable to the Stock Grant Award are defined in the Plan Document. The stock grant equivalent to USD 90,000 is based on closing price on the day of the Annual Shareholder’s ‘meeting.
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