exv10w1






Exhibit 10.1




AGCO CORPORATION



AMENDED AND RESTATED

EXECUTIVE NONQUALIFIED PENSION PLAN



(EFFECTIVE MAY 10, 2010)




 









 







TABLE OF CONTENTS




	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	1.1 Accrual Factor
	 	 	1	 
	1.2 Accrued Benefit
	 	 	2	 
	1.3 Actuarial Equivalent
	 	 	2	 
	1.4 Administrative Committee
	 	 	2	 
	1.5 Affiliate
	 	 	2	 
	1.6 Base Salary
	 	 	2	 
	1.7 Benefit Commencement Date
	 	 	2	 
	1.8 Board
	 	 	2	 
	1.9 Change in Control
	 	 	3	 
	1.10 Code
	 	 	3	 
	1.11 Company
	 	 	3	 
	1.12 Death Benefit
	 	 	3	 
	1.13 Designated Beneficiary
	 	 	3	 
	1.14 Effective Date
	 	 	4	 
	1.15 Eligible Employee
	 	 	4	 
	1.16 Employment Commencement Date
	 	 	4	 
	1.17 ERISA
	 	 	4	 
	1.18 Final Earnings
	 	 	4	 
	1.19 Interest
	 	 	4	 
	1.20 Normal Retirement Age
	 	 	4	 
	1.21 Participant
	 	 	4	 
	1.22 Plan
	 	 	4	 
	1.24 Savings Plan Benefit
	 	 	4	 
	1.25 Separation from Service
	 	 	5	 
	1.26 Social Security Benefit
	 	 	5	 
	1.27 Trust or Trust Agreement
	 	 	5	 
	1.28 Trustee
	 	 	5	 
	1.29 Trust Fund
	 	 	5	 
	1.30 Years of Credited Service
	 	 	6	 
	 
	 	 	 	 
	ARTICLE II ELIGIBILITY
	 	 	6	 
	2.1 Selection of Participants
	 	 	6	 
	2.2 Removal from Active Participation
	 	 	6	 
	 
	 	 	 	 
	ARTICLE III BENEFITS
	 	 	6	 
	3.1 Benefit Amount
	 	 	6	 
	3.2 Payment of Benefit
	 	 	7	 
	3.3 Change in Control
	 	 	7	 
	3.4 Death Benefit
	 	 	8	 
	3.5 Special CEO Provisions
	 	 	8	 






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	 	 	Page	 
	ARTICLE IV CLAIMS
	 	 	8	 
	4.1 Claims Procedure
	 	 	8	 
	4.2 Claims Review Procedure
	 	 	9	 
	 
	 	 	 	 
	ARTICLE V SOURCE OF FUNDS TRUST
	 	 	10	 
	5.1 Source of Funds
	 	 	10	 
	5.2 Trust
	 	 	10	 
	 
	 	 	 	 
	ARTICLE VI ADMINISTRATIVE COMMITTEE
	 	 	11	 
	6.1 Action
	 	 	11	 
	6.2 Rights and Duties
	 	 	11	 
	6.3 Compensation, Indemnity and Liability
	 	 	12	 
	6.4 Taxes
	 	 	12	 
	 
	 	 	 	 
	ARTICLE VII AMENDMENT AND TERMINATION
	 	 	12	 
	7.1 Amendments
	 	 	12	 
	7.2 Termination of Plan
	 	 	12	 
	 
	 	 	 	 
	ARTICLE VIII MISCELLANEOUS
	 	 	13	 
	8.1 Taxation
	 	 	13	 
	8.2 No Employment Contract
	 	 	13	 
	8.3 Headings
	 	 	13	 
	8.4 Gender and Number
	 	 	13	 
	8.5 Assignment of Benefits
	 	 	13	 
	8.6 Legally Incompetent
	 	 	13	 
	8.7 Governing Law
	 	 	14	 
	8.8 Omnibus 409A Provision
	 	 	14	 
	 
	 	 	 	 
	SCHEDULE A PARTICIPANTS
	 	 	16	 






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AGCO CORPORATION

AMENDED AND RESTATED

EXECUTIVE NONQUALIFIED PENSION PLAN




     Effective as of May 10, 2010, AGCO Corporation, a corporation duly organized and existing
under the laws of the State of Delaware (the “Company”), hereby adopts the AGCO Corporation Amended
and Restated Executive Nonqualified Pension Plan (the “Plan”), which amends, restates and
supersedes the Amended and Restated Supplemental Executive Retirement Plan, which was last amended
and restated effective January 1, 2008.



BACKGROUND AND PURPOSE




     A. General Purpose. The primary purpose of the Plan is to provide additional
retirement income to a select group of management personnel of the Company and its affiliates that
adopt the Plan as participating companies.



     B. Type of Plan. The Plan is intended to constitute a non-qualified deferred
compensation plan that complies with the provisions of Code Section 409A and an unfunded,
nonqualified deferred compensation plan that benefits certain designated employees who are within a
select group of key management or highly compensated employees within the meaning of Title I of
ERISA.



STATEMENT OF AGREEMENT




     To establish the Plan with the purposes and goals as hereinabove described, the Company hereby
sets forth the terms and provisions as follows:



ARTICLE I

DEFINITIONS




     For purposes of the Plan, the following terms, when used with an initial capital letter, shall
have the meaning set forth below unless a different meaning plainly is required by the context.



     1.1 Accrual Factor shall mean, with respect to a Participant, the annual factor used
to determine the Participant’s Accrued Benefit, which is equal to:




     (i) three percent (3%) for each Participant who is employed as a Senior Vice President
or greater position with the Company in such year, and




     (ii) two and twenty-five one-hundredths of a percent (2.25%) for each Participant who
is employed as a Vice President or equivalent position with the Company in such year.



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     1.2 Accrued Benefit shall mean, with respect to a Participant and as of any date it is
determined, an annual amount, payable in twelve (12) equal monthly payments for fifteen (15) years
certain, which is equal to (i) the Participant’s Final Earnings, multiplied by (ii) the
Participant’s Years of Credited Service, multiplied by (iii) the Participant’s Accrual
Factor, and reduced by (iv) the Participant’s Social Security Benefit and Savings Plan
Benefit; provided, however, that the maximum Accrued Benefit attainable hereunder shall not be
greater than:



          (i) In the case of a Participant who is employed as a Senior Vice President or greater
position with the Company or any Affiliate immediately prior to his termination of employment with
the Company or any Affiliate, sixty percent (60%) of the Participant’s Final Earnings, subject to
reduction by the Participant’s Social Security Benefit and Savings Plan Benefit, and




          (ii) In the case of a Participant who is employed as a Vice President of the Company or any
Affiliate or equivalent position immediately prior to his termination of employment with the
Company or any Affiliate, forty-five percent (45%) of the Participant’s Final Earnings, subject to
reduction by the Participant’s Social Security Benefit and Savings Plan Benefit.




     1.3 Actuarial Equivalent shall mean an amount of equivalent value based on the
applicable mortality rate in effect under the 1994 Group Annuity Reserving table (94 GAR) and an
effective annual interest rate of seven percent (7%) compounded annually.



     1.4 Administrative Committee shall mean a committee appointed by the Board, which
shall act on behalf of the Company to administer the Plan. From time to time, the Board may appoint
other members of such committee in addition to, or in lieu of, the individuals holding said titles.



     1.5 Affiliate shall mean any corporation or other entity that is required to be
aggregated with the Company under Code Sections 414(b) or (c).



     1.6 Base Salary shall mean, with respect to a Participant for a calendar year, the
Participant’s regular base salary amount paid to him during such calendar year, plus any amounts of
base salary that the Participant may have elected to defer under the terms of any Code Section
401(k) or 125 plan or any nonqualified deferred compensation plan maintained by the Company or an
Affiliate, but excluding bonuses, incentive compensation, equity-based compensation, expense
reimbursements and the value of any fringe benefits.



     1.7 Benefit Commencement Date shall mean, with respect to a Participant’s Accrued
Benefit, the first day of the month coinciding with or immediately following the earliest of (a)
the Participant’s death while employed by the Company or any of its Affiliates and (b) the later of
the Participant’s Separation from Service or attainment of Normal Retirement Age.



     1.8 Board shall mean the Board of Directors of the Company.



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     1.9 Change in Control shall mean any one of the following (determined in accordance
with Code Section 409A):



          (a) The date that any one person, or more than one person acting as a group, acquires
ownership of stock of the Company that, together with stock held by such person or group,
constitutes more than fifty percent (50%) of the total fair market value or total voting power of
the stock of the Company (not including where any one person, or more than one person acting as a
group, who is considered to own more than fifty percent (50%) of the total fair market value or
total voting power of the stock of the Company, acquires additional stock).




          (b) The date that any one person, or more than one person acting as a group, acquires (or has
acquired during the twelve (12)-month period ending on the date of the most recent acquisition by
such person or persons) ownership of stock of the Company possessing thirty percent (30%) or more
of the total voting power of the stock of the Company, or a majority of the members of the Board is
replaced during any twelve (12)-month period by directors whose appointment or election is not
endorsed by a majority of the members of the Board prior to the date of the appointment or election
of such new directors.




          (c) The date that any one person, or more than one person acting as a group, acquires (or has
acquired during the twelve (12)-month period ending on the date of the most recent acquisition by
such person or persons) assets from the Company that have a total fair market value equal to or
more than forty-percent (40%) of the total fair market value of all of the assets of the Company
immediately prior to such acquisition or acquisitions unless the assets are transferred to (i) a
stockholder of the Company (immediately before the asset transfer) in exchange for or with respect
to its stock, (ii) an entity, fifty percent (50%) or more of the total value or voting power of
which is owned, directly or indirectly by the Company, (iii) a person, or more than one person
acting as a group, that owns, directly or indirectly, fifty percent (50%) or more of the total
value or voting power of all of the outstanding stock of the Company, or (iv) an entity, at least
fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly,
by a person, or more than one person acting as a group, that owns directly or indirectly, fifty
percent (50%) or more of the total value or voting power of all of the outstanding stock of the
Company.




     1.10 Code shall mean the Internal Revenue Code of 1986, as amended.



     1.11 Company shall mean AGCO Corporation, a Delaware corporation, with its principal
place of business in Duluth, Georgia.



     1.12 Death Benefit shall mean the amount payable to a deceased Participant’s
Designated Beneficiary, as determined pursuant to the terms of Section 3.4.



     1.13 Designated Beneficiary shall mean the person or persons identified by the
Participant as eligible to receive benefits under the Plan on a form acceptable to the
Administrative Committee. In the event no such written designation is made by a Participant or



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if such beneficiary shall not be living or in existence at the time for commencement of
payment under the Plan, the Participant shall be deemed to have designated his estate as such
beneficiary.




     1.14 Effective Date shall mean January 1, 2008, the date as of which this amended and
restated Plan shall be effective.



     1.15 Eligible Employee shall mean any individual who, as determined by the Board in
its sole discretion, is a member of a select group of highly compensated or key management
employees of the Company or an Affiliate.



     1.16 Employment Commencement Date shall mean, with respect to a Participant, the date
on which such Participant first performs services for the Company or an Affiliate.



     1.17 ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended.



     1.18 Final Earnings shall mean, for a Participant, the average of his Base Salary plus
annual incentive payments under the Management Compensation Plan for such calendar year actually
received for the three most recent, full calendar years ending on or immediately before the date of
the Participant’s Separation from Service with the Company and all Affiliates, or on or before the
date of Participant’s death while employed with the Company or an Affiliate or on or before the
date he is removed from active participation in the Plan pursuant to Section 2.2 hereof, as
applicable.



     1.19 Interest shall mean the prime rate of interest published in the Wall Street
Journal as of the last business day of the month compounded monthly.



     1.20 Normal Retirement Age shall mean age sixty-five (65).



     1.21 Participant shall mean any individual who has been admitted to participation in
the Plan pursuant to the provisions of Article II.



     1.22 Plan shall mean the AGCO Corporation Amended and Restated Executive Nonqualified
Pension Plan, as contained herein and all amendments hereto.



     1.23 Plan Year shall mean the twelve (12)-consecutive-month period ending on December
31 of each year.



     1.24 Savings Plan Benefit shall mean the Actuarial Equivalent of a Participant’s
accrued benefit attributable to employer matching contributions and earnings thereon under the AGCO
Corporation 401(k) Savings Plan, calculated as if such benefit was payable in the form of a single
life annuity for the Participant’s lifetime. The Participant’s Savings Plan Benefit shall also
include the Actuarial Equivalent of (i) all amounts attributable to employer contributions



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and earnings thereon credited to the Participant’s account under any nonqualified deferred
compensation plan maintained by the Company or an Affiliate, other than this Plan, and (ii) any
benefits attributable to contributions made by the Company or any Affiliate under any retirement
plan established under the laws of any foreign country (excluding any foreign retirement plan
described in Section 1.26).




     1.25 Separation from Service shall mean the date as of which a Participant dies,
retires, or otherwise terminates employment with the Company and its Affiliates. A Separation from
Service occurs where the facts and circumstances indicate that the Company or Affiliate and the
Participant reasonably anticipate that no further services will be performed after a certain date
or that the level of bona fide services the Participant would perform after such date (whether as
an employee or as an independent contractor) would permanently decrease to less than fifty percent
(50%) of the average level of bona fide services performed (whether as an employee or an
independent contractor) over the immediately preceding thirty-six (36)-month period (or the full
period of service to the Company and its Affiliates if the Participant has been providing services
to the Company or its Affiliates less than thirty-six (36) months). Whether a Separation from
Service has occurred will be determined based on the facts and circumstances and in accordance with
the guidance under Code Section 409A. The Participant will not be deemed to have incurred a
Separation from Service while the Participant is on military leave, sick leave, or other bona fide
leave of absence if the period of such leave does not exceed six months, or if longer, so long as
the Participant retains a right to reemployment with the Company and its Affiliates under an
applicable statute or by contract. For purposes hereof, a leave of absence constitutes a bona fide
leave of absence only if there is a reasonable expectation that the Participant will return to
perform services for the Company or an Affiliate. If the period of leave exceeds six months and
the Participant does not retain a right to reemployment under an applicable statute or by contract,
a Separation from Service is deemed to occur on the first date immediately following such six-month
period.



     1.26 Social Security Benefit shall mean, for a Participant, the maximum annual primary
Social Security retirement benefit amount that, under the law as in effect as of the Participant’s
Benefit Commencement Date, could be payable to him (regardless of his actual Social Security
compensation amounts) at such date. A Participant’s Social Security benefit shall also include any
retirement benefits payable to the Participant under any similar retirement program of any foreign
country.



     1.27 Trust or Trust Agreement shall mean the separate agreement or agreements between
the Company and the Trustee governing the creation of the Trust Fund, and all amendments thereto.



     1.28 Trustee shall mean the party or parties so designated from time to time pursuant
to the terms of the Trust Agreement.



     1.29 Trust Fund shall mean the total amount of cash and other property held by the
Trustee (or any nominee thereof) at any time under the Trust Agreement.



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     1.30 Years of Credited Service shall mean, with respect to a Participant, the number
of twelve (12)-month periods during which such Participant is continuously employed by the Company
or an Affiliate, commencing on the later of (A) June 20, 1990 or (B) the Participant’s Employment
Commencement Date. Years of Credited Service shall be counted in whole and partial years with any
partial year being equal to a fraction, the numerator of which is the number of full months of
employment completed in the partial year, and the denominator of which is twelve (12).
Notwithstanding the foregoing, Martin Richenhagen shall be credited with no less than five (5)
Years of Credited Service for purposes of the Plan.



ARTICLE II

ELIGIBILITY




     2.1 Selection of Participants.



     The Board, in its sole discretion, shall designate which Eligible Employees shall become
Participants in the Plan. The Administrative Committee shall set forth the name of each Participant
on Schedule A hereto. Notwithstanding anything herein to the contrary, all aspects of the selection
of Participants shall be in the sole discretion of the Board and regardless of title, duties or any
other factors, there shall be no requirement whatsoever that any individual or group of individuals
be allowed to participate herein.




	 	2.2	 	Removal from Active Participation.





     The Board may at any time remove a Participant from active participation in the Plan, such
that he shall not be credited with additional years of Credited Service and his Accrued Benefit
shall not continue to increase.



ARTICLE III

BENEFITS




     3.1 Benefit Amount.



          (a) Vesting. A Participant will be fully vested in his or her Accrued Benefit when
the Participant has attained age fifty (50) with at least ten (10) Years of Credited Service, five
(5) years of which the Participant has been a Participant in the Plan. Except as provided in
Section 3.3 or Section 3.5 below, upon a Participant’s Separation from Service for any reason
before Participant has attained age fifty (50) with at least ten (10) years of Credited Service,
five (5) years of which the Participant has been a Participant in the Plan, neither the Participant
nor his Designated Beneficiary shall be entitled to any benefit or payment under the Plan.
Notwithstanding the foregoing, Andrew H. Beck shall be entitled to be fully vested in his Accrued
Benefit when he attains the age of forty-six (46) with at least ten (10) Years of Credited Service,
five (5) years of which he has been a Participant in the Plan.




          (b) Normal Retirement Benefit. If a Participant experiences a Separation from Service
before the Participant’s death and is otherwise vested in his Accrued Benefit as set






6









 







forth in Section 3.1(a), the Participant shall be entitled to receive his Accrued Benefit.
Such benefit shall be paid in accordance with Section 3.2 below.




          (c) Death Benefit. If a Participant dies while employed by the Company or any
Affiliate and is otherwise vested in his Accrued Benefit as set forth in Section 3.1(a), the
Participant’s Designated Beneficiary, as applicable, shall be entitled to receive his Accrued
Benefit in an amount equal to the Actuarial Equivalent of his Accrued Benefit determined as of the
date of his death, adjusted to reflect commencement of the Accrued Benefit prior to his Normal
Retirement Age, if applicable. Such benefit shall be paid in accordance with Section 3.2.




          (d) Reemployment. If a Participant who separates from service and commences receipt
of his Accrued Benefit is subsequently reemployed by the Company, such Participant may be treated
as newly eligible to participate in the Plan but shall receive no credit for prior service under
the Plan and the Participant’s Accrued Benefit shall continue to be paid pursuant to the terms of
the Plan.




     3.2 Payment of Benefit.



          (a) Commencement and Timing. Except as otherwise provided in Section 3.3 below, a
Participant’s Accrued Benefit determined under Section 3.1(b) shall commence as of the later of the
beginning of the seventh (7th) month following the Participant’s Separation from Service
or the Benefit Commencement Date. Notwithstanding anything in the Plan to the contrary, during the
period between the Participant’s Benefit Commencement Date and the date on which payments begin
under this Section 3.2, the payments to which the Participant would have been entitled during such
period if payments had begun on the Benefit Commencement Date shall be accumulated and paid to the
Participant with Interest in a lump sum as of the beginning of the seventh (7th) month
after the Participant’s Separation from Service. Remaining monthly payments, if any, due under the
terms of the Plan shall be paid in the normal course after the beginning of the seventh
(7th) month after the Participant’s Separation from Service. A Participant’s Accrued
Benefit determined under Section 3.1(c) shall commence on the Participant’s Benefit Commencement
Date if such Benefit Commencement Date occurs by reason of the Participant’s death while employed
by the Company or an Affiliate.




          (b) Form of Payment of Benefit.




     Except as otherwise provided herein or in Section 3.3 below, a Participant’s Accrued Benefit
determined under Section 3.1(b) or (c) shall be an annual amount, payable in twelve (12) equal
monthly payments, for fifteen (15) years certain. Notwithstanding the foregoing, a Participant
whose Accrued Benefit was in pay status as of immediately before January 1, 2008 shall continue to
be paid in accordance with the form of payment as determined under the terms of the Plan at the
time payments began.



     3.3 Change in Control.



     In the event of a Change in Control of the Company, every Participant shall become fully
vested in the total amount of his Accrued Benefit determined as of the date the Change in



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Control occurs so long as the Participant is employed by the Company or any Affiliate at the time
of the Change in Control. If within twenty-four (24) months after a Change in Control a Participant
has a Separation from Service or dies while employed by the Company or any Affiliate, he shall be
entitled to a lump-sum payment on the first day of the seventh (7th) month following the
date the Participant has a Separation from Service or, in case of death, on the Benefit
Commencement Date, equal to (i) the Actuarial Equivalent of the Participant’s Accrued Benefit,
determined as of the date of his Separation from Service or death, adjusted to reflect the lump sum
form of payment and commencement of the Participant’s benefit prior to his Normal Retirement Age,
if applicable, plus (ii) Interest on such amount accrued from the date of the Benefit Commencement
Date until the date payment is to be made, if later than the Benefit Commencement Date. If the
Participant has a Separation from Service or dies while employed by the Company or any Affiliate
more than twenty-four (24) months after the Change in Control, the Participant shall be entitled to
receive his Accrued Benefit in accordance with Section 3.2 above. Notwithstanding anything in the
Plan to the contrary, if a Participant is receiving his Accrued Benefit as of the date a Change in
Control occurs, the remaining portion of his Accrued Benefit shall be distributed immediately in a
lump sum payment adjusted to reflect the conversion of a stream of payments for the remainder of
the fifteen (15) years certain to the Actuarial Equivalent of a lump sum form of payment.




     3.4 Death Benefit.



     In the event a Participant is entitled to an Accrued Benefit under this Plan and dies before
he has received the entirety of his Accrued Benefit under Section 3.2 or 3.3, then the
undistributed payments of the Participant’s Accrued Benefit as of the date of the Participant’s
death shall be paid to the Participant’s Designated Beneficiary in the form the Participant would
have received.



     3.5 Special CEO Provisions.



     In the event (a) Martin Richenhagen has a Separation from Service due to termination by the
Company without “Cause” (as defined in the employment agreement between Mr. Richenhagen and the
Company, as amended and restated effective as of January 1, 2008 (the “Richenhagen Employment
Agreement”)) or (b) Mr. Richenhagen has a Separation from Service for “Good Reason” (as defined in
the Richenhagen Employment Agreement) or due to nonrenewal of the Richenhagen Employment
Agreement, Mr. Richenhagen shall become fully vested in the total amount of his Accrued Benefit
determined as of the date the Separation from Service occurs.



ARTICLE IV

CLAIMS




     4.1 Claims Procedure. Claims for benefits under the Plan may be filed with the
Administrative Committee. Written or electronic notice of the disposition of a claim shall be
furnished to the claimant within ninety (90) days after the claim is filed. If additional time (up
to ninety (90) days) is required by the Administrative Committee to process the claim, written
notice shall be provided to the claimant within the initial ninety (90)-day period. In such event,



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written notice of the extension shall be furnished to the claimant within the initial thirty
(30)-day extension period. Any extension notice shall indicate the special circumstances requiring
an extension of time and the date by which the Administrative Committee expects to render a
determination.




     In the event the claim is denied in whole or in part, the notice shall set forth in language
calculated to be understood by the claimant:




	 	(i)	 	the specific reason or reasons for the denial,
	 
	 	(ii)	 	specific reference to pertinent Plan provisions on which the
denial is based,
	 
	 	(iii)	 	a description of any additional material or information
necessary for the claimant to perfect the claim and an explanation of why such
material or information is necessary, and
	 
	 	(iv)	 	a description of the Plan’s review procedures and the time
limits applicable to such procedures, including a statement of the claimant’s
right, if any, to bring a civil action under section 502(a) of the ERISA,
following an adverse benefit determination on review.





     4.2 Claims Review Procedure. Any Participant or beneficiary or beneficiaries who has
been denied a benefit by a decision of the Administrative Committee pursuant to Section 4.1 shall
be entitled to request the Administrative Committee, to give further consideration to his or her
claim by filing a written application for review with the Administrative Committee no later than
sixty (60) days after receipt of the written notification provided for in Section 4.1. The
claimant may submit written comments, documents, records, and other information relating to the
claim for benefits which will all be taken into account during the review of the claim, whether or
not such information was submitted or considered in the initial benefit determination. The
claimant shall be provided, upon request and free of charge, reasonable access to, and copies of,
all documents, records and other information relevant to the claimant’s claim for benefits.



     Upon receiving such written application for review, the Administrative Committee may schedule
a hearing for purposes of reviewing the claimant’s claim, which hearing shall take place not more
than thirty (30) days from the date on which the Administrative Committee received such written
application for review. All claimants requesting a review of the decision denying their claim for
benefits may employ counsel for purposes of the hearing.



     Written or electronic notice of the disposition of a claim shall be furnished to the claimant
within sixty (60) days after the application for review is filed. If additional time (up to sixty
(60) days) is required by the Administrative Committee to process the claim, written notice shall
be provided to the claimant within the initial sixty (60)-day period. The extension notice shall
indicate the special circumstances requiring an extension of time and the date by which the
Administrative Committee expects to render a determination.



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     In the case of an adverse determination, the decision on review shall include specific reasons
for the decision, in a manner calculated to be understood by the claimant, and specific references
to the pertinent Plan provisions on which the decision is based. The decision on review shall also
include:




	 	(i)	 	a statement that the claimant is entitled to receive, upon
request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant to the claimant’s claim for benefits,
and
	 
	 	(ii)	 	a statement describing any voluntary appeal procedures offered
by the Plan, and a statement of the claimant’s right, if any, to bring an
action under Section 502(a) of ERISA.





     Any suit or other cause of action relating to a claim for benefits under the Plan must be
brought within ninety (90) days of the adverse determination on review or such suit or cause of
action shall be forever barred.



ARTICLE V

SOURCE OF FUNDS TRUST




     5.1 Source of Funds.



     Except as provided in this Section and Section 5.2, the Company shall provide the benefits
described in the Plan from the general assets of the Company. In any event, the Company ultimately
shall have the obligation to pay all benefits due to Participants and Designated Beneficiaries
under the Plan. The Company’s obligation to pay benefits under the Plan constitutes a mere promise
of the Company to pay such benefits, and a Participant or Designated Beneficiary shall be and
remain no more than an unsecured, general creditor of the Company. As described in this Article,
the Company may establish a Trust and pay over funds from time to time to such Trust. To the extent
that funds in such Trust allocable to the benefits payable under the Plan are sufficient, the Trust
assets shall be used to pay benefits under the Plan. If such Trust assets are not sufficient to pay
all benefits due under the Plan, then the Company shall have the obligation, and the Participant or
Designated Beneficiary, who is due such benefits, shall look to the Company to provide such
benefits. The Administrative Committee shall allocate the total liability to pay benefits under the
Plan among the Participating Companies in such manner and amount as the Administrative Committee in
its sole discretion deems appropriate to reflect the benefits accrued by each Participating
Company’s employees.



     5.2 Trust.


The Company may transfer all or any portion of the funds necessary to fund benefits accrued
hereunder to the Trustee to be held and administered by the Trustee pursuant to the terms of the
Trust Agreement, except during any “restricted period” as defined in Code Section 409A(b)(3)(B)
with respect to a single-employer defined benefit plan of the Company or any Affiliate. To the
extent provided in the Trust Agreement, each transfer into the Trust Fund shall be irrevocable as
long as the Company has any liability or obligations under the Plan to pay






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benefits, such that the Trust property is in no way subject to use by the Company; provided, it is
the intent of the Company that the assets held by the Trust are and shall remain at all times
subject to the claims of the general creditors of the Company. No Participant or Designated
Beneficiary shall have any interest in the assets held by the Trust or in the general assets of the
Company other than as a general, unsecured creditor. Accordingly, the Company shall not grant a
security interest in the assets held by the Trust in favor of the Participants, Designated
Beneficiaries or any creditor. The Trust Fund and all assets thereunder, if any, shall at all
times be held in the United States. Additionally, in no event shall any such assets become
restricted to the provision of benefits under the Plan in connection with (a) a change in the
financial health of the Company, regardless of whether such assets are available to satisfy the
claims of general creditors of the Company or (b) during any “restricted period” as defined in Code
Section 409A(b)(3)(B) with respect to a single-employer defined benefit plan of the Company or any
Affiliate.




ARTICLE VI

ADMINISTRATIVE COMMITTEE




     6.1 Action.



     Action of the Administrative Committee may be taken with or without a meeting of committee
members; provided, action shall be taken only upon the vote or other affirmative expression of a
majority of the committee members qualified to vote with respect to such action. If a member of the
Administrative Committee is a Participant, he shall not participate in any decision which solely
affects his own benefit under the Plan. For purposes of administering the Plan, the Administrative
Committee shall choose a secretary who shall keep minutes of the Administrative Committee’s
proceedings and all records and documents pertaining to the administration of the Plan. The
secretary may execute any certificate or any other written direction on behalf of the
Administrative Committee.



     6.2 Rights and Duties.



     The Administrative Committee shall administer the Plan and shall have all powers necessary to
accomplish that purpose, including (but not limited to) the following:



          (a) To construe, interpret and administer the Plan;




          (b) To make determinations required by the Plan, and to maintain records regarding
Participants and Designated Beneficiaries’ benefits hereunder;




          (c) To compute and certify to the Company the amount and kinds of benefits payable to
Participants and Designated Beneficiaries and to determine the time and manner in which such
benefits are to be paid;




          (d) To authorize all disbursements by the Company pursuant to the Plan;




          (e) To maintain all the necessary records of the administration of the Plan;







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          (f) To make and publish such rules for the regulation of the Plan as are not inconsistent with
the terms hereof




          (g) To delegate to other individuals or entities from time to time the performance of any of
its duties or responsibilities hereunder;




          (h) To hire agents, accountants, actuaries, consultants and legal counsel to assist in
operating and administering the Plan.



The Administrative Committee shall have the exclusive right to construe and to interpret the Plan,
to decide all questions of eligibility for benefits and to determine the amount of such benefits,
and its decisions on such matters are final and conclusive on all parties.




     6.3 Compensation, Indemnity and Liability.



     The Administrative Committee and its members shall serve as such without bond and without
compensation for services hereunder. All expenses of the Administrative Committee shall be paid by
the Company. No member of the Administrative Committee shall be liable for any act or omission of
any other member of the Administrative Committee, nor for any act or omission on his own part,
excepting his own willful misconduct. The Company shall indemnify and hold harmless the
Administrative Committee and each member thereof against any and all expenses and liabilities,
including reasonable legal fees and expenses, arising out of his membership on the Administrative
Committee, excepting only expenses and liabilities arising out of his own willful misconduct.



     6.4 Taxes.



     A Participant’s or Designated Beneficiary’s Accrued Benefit hereunder shall be reduced by (1)
the amount necessary to pay the tax due under the Federal Insurance Contributions Act with respect
to the Accrued Benefit determined upon the Benefit Commencement Date (or such other date as is
applicable under Treasury Regulation Section 31.3121(v)(2)-1) and (2) the amount estimated to pay
the Federal and State income tax withholding liability due.



ARTICLE VII

AMENDMENT AND TERMINATION




     7.1 Amendments.



     The Board shall have the right to amend the Plan in whole or in part at any time and from time
to time. An amendment to the Plan may modify its terms in any respect whatsoever (including
freezing future benefit accruals); provided, no amendment may decrease the level of a Participant’s
benefit or adversely affect a Participant’s or Designated Beneficiary’s rights to benefits that
already have accrued. The terms of the Plan as amended as of the Effective Date are intended to
comply with this Section 7.1.



     7.2 Termination of Plan.



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     The Board shall have the right to terminate the Plan at any time for any reason. If the Plan
is terminated, each Participant’s benefit under the Plan will be frozen and will be paid under the
conditions, at the time and in the form, specified under the terms of the Plan unless earlier
payment of such benefits is permitted by Code Section 409A, in which case the Board in its
discretion may provide for such earlier payment of Participant’s Accrued Benefits, adjusted to
reflect commencement of the Accrued Benefit prior to Normal Retirement Age and, if applicable, any
lump sum form of payment. Termination of the Plan shall be binding on all Participants and
Designated Beneficiaries.



ARTICLE VIII

MISCELLANEOUS




     8.1 Taxation.



     It is the intention of the Company that the benefits payable hereunder shall not be deductible
by the Company nor taxable for federal income tax purposes to Participants and Designated
Beneficiaries until such benefits are paid by the Company, or by the Trust, as the case may be, to
such Participants and Designated Beneficiaries. When such benefits are so paid, it is the intention
of the Company that they shall be deductible by the Company under Code Section 162.



     8.2 No Employment Contract.



     Nothing herein contained is intended to be nor shall be construed as constituting a contract
arrangement between the Company and any Participant to the effect that the Participant will be
employed by the Company for any specific period of time.



     8.3 Headings.



     The headings of the various articles and sections in the Plan are solely for convenience and
shall not be relied upon in construing any provisions hereof. Any reference to a section shall
refer to a section of the Plan unless specified otherwise.



     8.4 Gender and Number.



     Use of any gender in the Plan will be deemed to include all genders when appropriate, and use
of the singular number will be deemed to include the plural when appropriate, and vice versa in
each instance.



     8.5 Assignment of Benefits.



     The right of a Participant or any other person to receive payments under the Plan shall not be
assigned, transferred, pledged or encumbered, except by will or by the laws of descent and
distribution and then only to the extent permitted under the terms of the Plan.



     8.6 Legally Incompetent.



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     The Administrative Committee, in its sole discretion, may direct that payment be made to an
incompetent or disabled person, whether because of minority or mental or physical disability, to
the guardian of such person or to the person having custody of such person, without further
liability on the part of the Administrative Committee, the Company or any Affiliate for the amount
of such payment to the person on whose account such payment is made.



     8.7 Governing Law.



     The Plan shall be construed, administered and governed in all respects in accordance with
applicable federal law and, to the extent not preempted by federal law, in accordance with the laws
of the State of Georgia. If any provisions of this instrument shall be held by a court of competent
jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be
fully effective.



     8.8 Omnibus 409A Provision.



     Notwithstanding any other provision of this Plan, it is intended that any payment provided
pursuant to or in connection with this Plan shall be provided and paid in a manner, and at such
time, and in such form, as complies with the applicable requirements of Code Section 409A to avoid
the unfavorable tax consequences provided therein for non-compliance. Notwithstanding any other
provision of this Plan, the Board is authorized to amend this Plan and/or to delay the payment of
any monies as may be determined by it to be necessary or appropriate to comply, or to evidence or
further evidence required compliance, with Code Section 409A.



     IN WITNESS WHEREOF, the Company has caused the Plan to be executed by its duly authorized
officer as of the day and year first above written.



	 	 	 	 	 	 	 

	 	 	AGCO CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 






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SCHEDULE A




PARTICIPANTS




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