Document:

Exhibit 10.11

 

	
  

  	
  Deere &
  Company World Headquarters

  One John Deere Place, Moline, IL 61265 USA

  

 

[Date]

 

Dear

 

I
am pleased to advise you that on [Date], you were awarded
               Restricted Stock Units (RSUs) pursuant to the
John Deere Omnibus Equity and Incentive Plan (Plan). Since this letter
agreement, together with the Plan, contains the terms of your grant you should
read this letter carefully. Please note that your signature is required at the
bottom of page four.

 

RSUs
are an element of total executive compensation designed as a long-term
incentive to encourage ownership and focus on stockholder value.

 

RSUs
are common stock equivalents and represent the right to receive an equivalent
number of shares of Deere & Company (Company) $1 par common stock
(Common Stock) if and when certain vesting and retention requirements, as
detailed below, are satisfied.

 

Individual
awards are determined by the Deere & Company Board of Directors
Compensation Committee (Committee).

 

Your
RSUs are subject to the following provisions:

 

(1)         Restriction Period. Except as
provided in section (5) below, your RSUs will vest on the third
anniversary of the grant date.  Once
vested, you are required to hold your RSUs until the fifth anniversary of the
grant date (the “Settlement Date”).  The
period beginning on the grant date and third anniversary thereof is referred to
as the “Vesting Period,” and the period beginning on the grant date and ending
on the Settlement Date is referred to as the “Restriction Period.”

 

When the Restriction Period expires, you will receive a certificate for
the shares of common stock represented by your RSUs (net of any shares withheld
for taxes), and your RSUs will terminate.

 

You may not sell, transfer, gift, pledge, assign or otherwise alienate the
RSUs while they are subject to the vesting or retention restrictions. Any
attempt to do so contrary to the provisions hereof shall be null and void.

 

(2)         Deferral
Election. 
Notwithstanding section (1) above, you may irrevocably elect
to defer the delivery of shares of Common Stock that would otherwise be due by
virtue of the expiration of the Restriction Period set forth in section (1) above.  Any deferral election received after the date
that is twelve months prior to your retirement or termination of employment
shall be null and void and of no effect.

 

If such a deferral election
is made, the RSUs will be converted to shares of Common Stock upon the first
business day coincident with or next following the fifth (or later, if elected)
anniversary of the Settlement Date (the “Deferred Settlement Date”).  The latest allowable deferral date is the
tenth anniversary

 

74

 

of the Settlement Date.  The effect of making a deferral election is
that the conversion to shares of Common Stock will be deferred for five years
(or possibly up to ten years, if elected) from the date the conversion would
have occurred but for the election. 
Deferral election forms may be obtained from and returned to the
Compensation Analyst-LTI Administration, Deere & Company.

 

The actual delivery of share
certificates (net of any shares withheld for taxes) will be made to you on the
Deferred Settlement Date.  The RSUs shall
be retained by you until the Deferred Settlement Date and shall be
non-transferable prior to conversion.

 

(3)         Voting
Rights. You have no voting rights with respect to the RSUs.

 

(4)         Dividends and Other Distributions. You are
entitled to receive cash payments on the RSUs equal to any cash dividends paid
during the Restriction Period with respect to the corresponding number of
shares of Common Stock.  Dividend
equivalents shall be paid in cash at the same time as cash dividends are paid
with respect to Common Stock.  If any
stock dividends are paid in shares of Common Stock during the Restriction
Period, you will receive additional RSUs equal to the number of Common Stock
shares paid with respect to the corresponding number of shares of Common
Stock.  These additional RSUs will convert
to shares of Common Stock at the same time as the underlying RSUs to which they
relate.

 

(5)         Termination of Employment. In the event
of your retirement or disability pursuant to the John Deere Pension Plan for
Salaried Employees, the John Deere Long Term Disability Plan for Salaried
Employees, or any successor plans, or death, in each case on or before October 31,
        , a prorated number of these
RSUs will be forfeited based on the percentage determined by dividing: (i) the
number of calendar months from and including the month of retirement,
disability or death to and including October         ;
by (ii) 12.

 

If you “separate from
service” within the meaning of section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), during the Vesting Period due to retirement
pursuant to the John Deere Pension Plan for Salaried Employees or any successor
plan, then, subject to the preceding sentence, sections (6) and (7) below
and any deferral election, your unvested RSUs will continue to vest over the
Vesting Period and will be converted into shares of Common Stock on the third
anniversary of the grant date.  Subject
to any deferral election, the retention restrictions on your vested RSUs will
lapse on the first business day in the earlier of the January or July following
your separation from service at which time the vested RSUs shall be converted
to shares of Common Stock.

 

In
the event of a separation from service during the Restriction Period due to
disability or death, then, subject to the initial sentence of section (5) and
sections (6) and (7) below, any unvested RSUs will vest on the one
calendar month anniversary of the separation, at which time all RSUs shall be
converted to shares of Common Stock notwithstanding any deferral election.

 

If you separate from service due to your termination for cause, or for
any other reasons not specifically mentioned herein, all unvested RSUs
held by you at that time shall be forfeited by you.

 

Following a separation from
service due to retirement, if you die or become disabled during the Restriction
Period, then, subject to the initial sentence of

 

75

 

section (5) and sections (6) and (7) below,
any unvested RSUs will vest on the first business day in January following
your death or disability, at which time the RSUs shall be converted to shares
of Common Stock notwithstanding any deferral election.

 

The Committee may, at its sole discretion, waive any automatic
forfeiture provisions or apply new restrictions to the RSUs.  There shall be no acceleration of the lapse
of restrictions or deferral of conversions of RSUs except as would not result
in the imposition on any person of additional taxes, penalties or interest
under Section 409A of the Internal Revenue Code or by regulations of the
Secretary of the United States Treasury.

 

(6)         Non-Compete Condition. In the event
that your employment terminates during the Vesting Period of the RSUs with the
consent of the Committee or by reason of retirement or disability, your rights
to the continued vesting of the RSUs shall be subject to the conditions that
until the RSUs vest, you shall (a) not engage, either directly or
indirectly, in any manner or capacity as advisor, principal, agent, partner,
officer, director, employee, member of any association or otherwise, in any
business or activity which is at the time competitive with any business or
activity conducted by the Company and (b) be available, except in the
event of your death or incapacity, at reasonable times for consultations (which
shall not require substantial time or effort) at the request of the Company’s
management with respect to phases of the business with which you were actively
connected during employment, but such consultations shall not (except if your
place of active service was outside of the United States) be required to be
performed at any place or places outside of the United States of America or
during usual vacation periods or periods of illness or other incapacity. In the
event that either of the above conditions is not fulfilled, you shall forfeit
all rights to any unvested RSUs, held on the date of the breach of the
condition. Any determination by the Committee, which shall act upon the
recommendation of the Chairman, that you are, or have, engaged in a competitive
business or activity as aforesaid or have not been available for consultations
as aforesaid shall be conclusive.

 

(7)         Executive Incentive Compensation
Recoupment Condition. This award and prior and future Incentive
Compensation (as defined in the Policy) is subject to and conditioned on your
agreement to the terms of the Company’s Executive Incentive Compensation
Recoupment Policy, as amended from time to time, or any successor policy
thereto (the “Policy”).

 

(8)          Conformity with Plan. Your RSUs
award is issued pursuant to Section 5.1 (Other Awards) of the Plan and is
intended to conform in all respects with the Plan. Inconsistencies between this
letter and the Plan shall be resolved in accordance with the terms of the Plan.
By executing and returning the enclosed copy of this letter, you agree to be
bound by all the terms of the Plan and restrictions contained in this letter.
All definitions stated in the Plan shall be fully applicable to this letter.

 

(9)          Amendment. This
Agreement may be amended only by a writing executed by the Company and you that
specifically states that it is amending this Agreement. Notwithstanding the
foregoing, this Agreement may be amended solely by the Committee by a writing
which specifically states that it is amending this Agreement, so long as a copy
of such amendment is delivered to you, and provided that no such amendment
adversely affecting your rights hereunder may be made without your written
consent. Without limiting the foregoing, the Committee reserves the right to
change, by written notice to you, the provisions of the RSUs or this Agreement
in any way it may deem

 

76

 

necessary or advisable to carry out the purpose of the grant as a
result of any change in applicable laws or regulations or any future law,
regulation, ruling, or judicial decision, provided that any such change shall
be applicable only to RSUs which are then subject to restrictions as provided
herein.

 

(10)               Severability. If all or any
part of this Agreement or the Plan is declared by any court or governmental
authority to be unlawful or invalid, such unlawfulness or invalidity shall not
invalidate any portion of this Agreement or the Plan not declared to be
unlawful or invalid. Any part of this Agreement so declared to be unlawful or
invalid shall, if possible, be construed in a manner that will give effect to
the terms thereof to the fullest extent possible while remaining lawful and
valid.

 

(11)               No
Employment Rights. Nothing herein confers any right or obligation on
you to continue in the employ of the Company or any Subsidiary, nor shall this
document affect in any way your right or the right of the Company or any
Subsidiary, as the case may be, to terminate your employment at any time.

 

(12)               Change
of Control Events.  For
purposes of Article VII of the Plan as it applies to the RSUs awarded in
this letter, notwithstanding the definitions in Article VII, a “Change of
Control” shall have the meanings assigned to “Change in Control Events” under Section 409A
of the Internal Revenue Code and related regulations of the Secretary of the
United States Treasury.  Article VII
of the Plan shall be administered with respect to the RSUs so that it complies
in all respects with Section 409A and related regulations.

 

Please
execute this letter in the space provided to confirm your understanding and
acceptance of this letter agreement. You may make a photocopy for your records
if you wish.

 

	
   

  	
   

  	
  DEERE &
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Vice President, Human Resources

  

 

The
undersigned hereby acknowledges having read the Plan, the Policy and this
letter, and hereby agrees to be bound by all the provisions set forth in the
Plan, the Policy and this letter.

 

	
   

  	
   

  	
   

  
	
  Participant
  Name (Printed)

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
   

  

 

Return to Isabel McCarthy, Compensation Analyst-LTI Administration,
Deere & Company, One John Deere Place, Moline, IL

 

77Exhibit 10.13

 

	
  

  	
  Deere &
  Company World Headquarters

  One John Deere Place, Moline, IL 61265 USA

  

 

[Date]

 

Dear
                          :

 

I
am pleased to advise you that on [Date], you were awarded
               Performance Share Units (PSUs) pursuant to the
John Deere Omnibus Equity and Incentive Plan (Plan). Since this letter
agreement, together with the Plan, contains the terms of your grant you should
read this letter carefully. Please note that your signature is required at the
bottom of page five.

 

PSUs
are an element of total executive compensation designed as a long-term
incentive to encourage ownership and focus on stockholder value and revenue
growth.

 

PSUs
are common stock equivalents and represent the right to receive an equivalent
number of shares of Deere & Company (Company) $1 par common stock
(Common Stock) if and when certain vesting, performance and retention
requirements, as detailed below, are satisfied.

 

Individual
awards are determined by and at the discretion of the Deere & Company
Board of Directors Compensation Committee (Committee).

 

Your
PSUs are subject to the following provisions:

 

(1)         Restriction Period. Except as
provided in section (5) below, your PSUs will vest on the third
anniversary of the grant date.  The
period beginning on the grant date and ending on the third anniversary thereof
is referred to as the “Vesting Period.” 
The number of PSUs that vest will be determined based on the Company’s
performance relative to the metrics described below as determined by the
Committee.

 

Following the Vesting Period, you will receive a certificate for the
shares of common stock represented by your vested PSUs (net of any shares
withheld for taxes), and your PSUs will terminate.

 

You may not sell, transfer, gift, pledge, assign or otherwise alienate
the PSUs.  Any attempt to do so contrary
to the provisions hereof shall be null and void.

 

(2)         Performance Metrics.

 

A.           Relative
CAGR. The payout for one-half of your PSUs will be determined based on the
Company’s compounded annual growth rate of revenues (“CAGR”) during the three
year performance period from [Date] through [Date] (“Performance Period”)
relative to the CAGR for the S&P 500 Industrial Sector as it is comprised
on [Date] (“Comparator Group”). CAGR for a company will be calculated by
dividing (i) total net sales and revenues on a consolidated basis as
reported (“Revenues”) for the final year of the Performance Period by (ii) Revenues
for the year prior to the start of the Performance Period; raising the quotient
to the one-third power; then subtracting one from the result. For the Company,
Revenues for a year are 

 

78

 

based on the fiscal year ending October 31. For members of the
Comparator Group, Revenues for a year are based on the last four quarters of
data available from the Company’s independent data service as of [Date].

 

B.           Relative
TSR. The payout for one-half of your PSUs will be determined based on the
Company’s total shareholder return (“TSR”) during the three year Performance
Period relative to the TSR for the Comparator Group. TSR for a company will be
calculated by dividing (i) the sum of (A) the cumulative amount of
the company’s dividends for the Performance Period assuming same day
reinvestment into the common stock of the company on the ex-dividend date, and (B) the
closing share price of the company’s common stock for the last trading day of
the Performance Period, by (ii) the closing share price of the company’s
common stock for the last trading day prior to the start of the Performance
Period.

 

C.           Payout
Table. The number of PSUs in each tranche vested and converted to shares can
range from zero to two hundred percent of the number of PSUs granted depending
on relative performance according to the following table.  Amounts for interim points will be
interpolated.

 

	
  CAGR or TSR vs. S&P

  Industrial Sector

  	
   

  	
  Percent of PSU

  Grant Vested

  	
   

  
	
  Below 25th percentile

  	
   

  	
  0%

  	
   

  
	
  At 25th percentile

  	
   

  	
  25%

  	
   

  
	
  At 50th percentile

  	
   

  	
  100%

  	
   

  
	
  At or above 75th percentile

  	
   

  	
  200%

  	
   

  

 

S&P 500 Industrial Sector data used for determining relative final
performance will be the data available from the Company’s independent data
service as of [Date].

 

(3)         Voting Rights. You have no
voting rights with respect to the PSUs.

 

(4)         Dividends and Other Distributions. You are not
entitled to receive cash payments on the PSUs for any cash dividends paid
during the Vesting Period with respect to the Common Stock.  If any stock splits or stock dividends are
paid in shares of Common Stock during the Vesting Period, you will receive
additional PSUs equal to the number of Common Stock shares paid with respect to
the corresponding number of shares of Common Stock.  These additional PSUs will convert to shares
of Common Stock at the same time as the underlying PSUs to which they relate.

 

(5)         Termination of Employment. In the event
of your retirement or disability pursuant to the John Deere Pension Plan for
Salaried Employees, the John Deere Long Term Disability Plan for Salaried
Employees, or any successor plans, or death, in each case on or before October 31,
        , a prorated number of these
PSUs will be forfeited based on the percentage determined by dividing: (i) the
number of calendar months from and including the month of retirement,
disability or death to and including October         ;
by (ii) 12. In such event, the number of PSUs vested and converted to
shares can range from zero to two hundred percent of the number of
non-forfeited PSUs depending on relative performance according to the table in
section (2) above.

 

79

 

If you terminate employment
during the Vesting Period due to retirement or disability pursuant to the John
Deere Pension Plan for Salaried Employees, the John Deere Long-Term Disability
Plan for Salaried Employees, or any successor plans, or death, then, subject to
the preceding sentence, and sections (6) and (7) below, your unvested
PSUs will continue to vest over the Vesting Period and, depending on the
performance of the Company relative to the metrics described in section (2) above,
will be converted into shares of Common Stock on the third anniversary of the
grant date.

 

If your employment is terminated for cause, or for any other reasons
not specifically mentioned herein, all unvested PSUs held by you at that
time shall be forfeited by you.

 

Following a termination of
employment due to retirement, if you die or become disabled during the Vesting
Period, then, subject to the initial sentence of section (5) and sections (6) and
(7) below, your unvested PSUs will continue to vest over the Vesting
Period and, depending on the performance of the Company relative to the metrics
described in section (2) above, will be converted into shares of Common
Stock on the third anniversary of the grant date.

 

The Committee may, at its sole discretion, waive any automatic
forfeiture provisions or apply new restrictions to the PSUs.  There shall be no acceleration of the lapse
of restrictions except as would not result in the imposition on any person of
additional taxes, penalties or interest under Section 409A of the Internal
Revenue Code or by regulations of the Secretary of the United States Treasury.

 

(6)         Non-Compete Condition. In the event
that your employment terminates during the Vesting Period of the PSUs with the
consent of the Committee or by reason of retirement or disability, your rights
to the continued vesting of the PSUs shall be subject to the conditions that
until the Vesting Period ends, you shall (a) not engage, either directly
or indirectly, in any manner or capacity as advisor, principal, agent, partner,
officer, director, employee, member of any association or otherwise, in any
business or activity which is at the time competitive with any business or
activity conducted by the Company and (b) be available, except in the
event of your death or incapacity, at reasonable times for consultations (which
shall not require substantial time or effort) at the request of the Company’s
management with respect to phases of the business with which you were actively connected
during employment, but such consultations shall not (except if your place of
active service was outside of the United States) be required to be performed at
any place or places outside of the United States of America or during usual
vacation periods or periods of illness or other incapacity. In the event that
either of the above conditions is not fulfilled, you shall forfeit all rights
to any unvested PSUs, held on the date of the breach of the condition. Any
determination by the Committee, which shall act upon the recommendation of the
Chairman, that you are, or have, engaged in a competitive business or activity
as aforesaid or have not been available for consultations as aforesaid shall be
conclusive.

 

(7)         Executive Incentive Compensation
Recoupment Condition. This award and prior and future Incentive
Compensation (as defined in the Policy) is subject to and conditioned on your
agreement to the terms of the Company’s Executive Incentive Compensation
Recoupment Policy, as amended from time to time, or any successor policy
thereto (the “Policy”).

 

80

 

(8)         Conformity with Plan. Your PSU
award is issued pursuant to Section 5.1 (Other Awards) of the Plan and is
intended to conform in all respects with the Plan. Inconsistencies between this
letter and the Plan shall be resolved in accordance with the terms of the Plan.
By executing and returning the enclosed copy of this letter, you agree to be
bound by all the terms of the Plan and restrictions contained in this letter.
All definitions stated in the Plan shall be fully applicable to this letter.

 

(9)         Amendment. This
Agreement may be amended only by a writing executed by the Company and you that
specifically states that it is amending this Agreement. Notwithstanding the
foregoing, this Agreement may be amended solely by the Committee by a writing
which specifically states that it is amending this Agreement, so long as a copy
of such amendment is delivered to you, and provided that no such amendment
adversely affecting your rights hereunder may be made without your written
consent. Without limiting the foregoing, the Committee reserves the right to
change, by written notice to you, the provisions of the PSUs or this Agreement
in any way it may deem necessary or advisable to carry out the purpose of the
grant as a result of any change in applicable laws or regulations or any future
law, regulation, ruling, or judicial decision, provided that any such change
shall be applicable only to PSUs which are then subject to vesting as provided
herein.

 

(10)               Severability. If all or any
part of this Agreement or the Plan is declared by any court or governmental
authority to be unlawful or invalid, such unlawfulness or invalidity shall not
invalidate any portion of this Agreement or the Plan not declared to be
unlawful or invalid. Any part of this Agreement so declared to be unlawful or
invalid shall, if possible, be construed in a manner that will give effect to
the terms thereof to the fullest extent possible while remaining lawful and
valid.

 

(11)               No
Employment or Future Award Rights. Nothing herein confers any
right or obligation on you to continue in the employ of the Company or any
Subsidiary, nor shall this document affect in any way your right or the right
of the Company or any Subsidiary, as the case may be, to terminate your
employment at any time. Receipt of this award does not entitle you to any
future awards or other considerations even if the Committee decides to continue
making such awards to other employees.

 

(12)               Change
of Control Events.  For
purposes of Article VII of the Plan as it applies to the PSUs awarded in
this letter, notwithstanding the definitions in Article VII, a “Change of
Control” shall have the meanings assigned to “Change in Control Events” under Section 409A
of the Internal Revenue Code and related regulations of the Secretary of the
United States Treasury.  Article VII
of the Plan shall be administered with respect to the PSUs so that it complies
in all respects with Section 409A and related regulations. Upon a Change
of Control and a Qualifying Termination, as defined in accordance herewith,
unvested PSUs will be cashed out at target grant on the basis of the Change of
Control Price on the date of the Change of Control.

 

(13)               Consent
to Personal Data. By agreeing to the terms hereof, you agree also to
the collection, processing and transfer of your personal data to and from
banks, brokers, plan administrators and government agencies as necessary for
administration of the award.

 

81

 

Please
execute this letter in the space provided to confirm your understanding and
acceptance of this letter agreement. You may make a photocopy for your records
if you wish.

 

	
   

  	
   

  	
  DEERE &
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Vice President, Human Resources

  

 

The
undersigned hereby acknowledges having read the Plan, the Policy and this
letter, and hereby agrees to be bound by all the provisions set forth in the
Plan, the Policy and this letter.

 

	
   

  	
   

  
	
   

  	
   

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Participant
  Name (Printed)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date

  	
   

  

 

 

Return to
                                      ,
Compensation Analyst-LTI Administration, Deere & Company, One John
Deere Place, Moline, IL

 

82

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