EX-10.13 EMPLOYMENT AGREEMENT WITH STEHPEN D. LUPTON

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