EXHIBIT 10.13
INTER-OFFICE MEMORANDUM
[AGCO AGCO Corporation
LOGO] -------------------------------------------------------------------------
TO: Xxxxxxx Xxxxxx
FROM: Xxxxxx Xxxxxxxxxxx
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/ Xxxxxx Xxxxxxxxxxx
Xxxxxx Xxxxxxxxxxx
President and CEO
