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Exhibit 10.1
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James M. Seaver
Senior Vice President & General Manager, Americas
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Martin Richenhagen
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November 8, 2005
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Memorandum of Understanding
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The following provisions confirm our discussions regarding your
Retirement and Severance Agreement with AGCO.
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1.
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Your current Employment Agreement dated
July 1999 will terminate effective March 31, 2006. It is
agreed that your duties at AGCO will end on December 31, 2005,
and this will be followed by your contractual 90-day notice period.
It is further understood that you will not be required to work that
notice period. Effective April 1, 2006, you will begin a
one-year severance period during which you will be paid your
regular base salary, provided that any such amounts will be paid no
later than March 15, 2007. Your eligibility to participate in
the Annual Incentive Compensation Program will terminate on
December 31, 2005.
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2.
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You will receive a benefit in an amount equal
to the Accrued Benefit as defined under the AGCO Corporation
Supplemental Executive Retirement Plan (deter
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