Employment Agreement Amendment between AGCO Corporation and Stephen D. Lupton

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement confirms the terms of Stephen D. Lupton's continued employment with AGCO Corporation as Senior Vice President, Corporate Development and General Counsel, effective February 1, 2005. Lupton's foreign assignment status and related allowances will end, and he will be based permanently at AGCO's Duluth, Georgia office, with a base salary of $350,000 and eligibility for a 50% incentive award. Upon ending employment, AGCO will cover reasonable relocation expenses for Lupton and his spouse to return to the UK. Any further issues will be resolved in good faith.

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EX-10.13 3 g93649exv10w13.txt EX-10.13 EMPLOYMENT AGREEMENT WITH STEHPEN D. LUPTON EXHIBIT 10.13 INTER-OFFICE MEMORANDUM [AGCO AGCO Corporation LOGO] ------------------------------------------------------------------------- TO: Stephen Lupton FROM: Martin Richenhagen DATE: January 26, 2005 SUBJECT: Employment Agreement This memorandum will confirm the terms and understandings regarding your continued employment in the United States as Senior Vice President, Corporate Development and General Counsel. Effective 1 February 2005, your foreign assignment status and associated allowances will terminate and you will continue your employment with AGCO Corporation with a permanent base at AGCO's Corporate Offices in Duluth, Georgia, on the terms and conditions applicable to any other Duluth-based Officer of AGCO Corporation, and as set out in your Employment Agreement of 1 September 1999. Also, effective 1 February 2005, your annual base salary will be Three hundred and fifty thousand Dollars ($350,000) and you will continue to participate in the Company's Incentive Compensation Plan at a potential award rate of 50%. On cessation of your employment, the Company will repatriate you and your spouse to the UK. The Company will also reimburse your and/or pay for reasonable relocation expenses. This includes packing, insuring and transporting reasonable personal household effects and furniture to the UK, including any necessary in-transit charges, storage and insurance, but excluding automobiles. It is understood that if additional issues need to be addressed as a result of this change in your status, they will be resolved with the good faith of both parties. /s/ Martin Richenhagen Martin Richenhagen President and CEO