Exhibit 10.9
(AGCO LOGO) AGCO Corporation
TO: X. Xxxxxxx
FROM: X. X. Xxxxxxx
DATE: February 3, 2004
SUBJECT: XXX XXXXXXX RESIGNATION AGREEMENT
This is to confirm that Xxx Xxxxxxx has been employed by AGCO Corporation since
October 2000 under the terms and conditions of an Employment Services Agreement.
Most recently he has served in the capacity of Executive Vice president, Chief
Operating Officer and subject to a mutual agreement with the Board of Directors,
his Employment Services Agreement will be terminated. The terms and conditions
as outlined in his Employment Services Agreement shall apply except as modified
in the following severance terms:
Termination Date: Employee agrees to waive Ninety day notice and to an
Effective Date of February 15, 2004
Vacation Benefit Employee agrees to waive any paid vacation for 2004.
2004 Incentive Bonus Employee waives any entitlement to any portion of the
2004 Incentive Bonus.
LTIP Stock Company agrees to waive any restrictions on earned
shares of stock, except those near term restrictions
limited by law for insiders, which shall be withdrawn
as soon as practical.
Automobile/Computer The employee is authorized to purchase his automobile
and or computer at the depreciated value as of February
15, 2004.
The above represents an agreement between Xxx Xxxxxxx and the Company on this
date and any other claims or rights not specifically indicated in the Employment
Services Agreement are expressly invalid.
AGREED: AGCO CORPORATION
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Xxxxxx Xxxxxxx Xxxxxx X. Xxxxxxx, Chairman
February 3, 2004 February 3, 2004
