Document:

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                                                                    EXHIBIT 10.4

                                AGCO CORPORATION
                          2006 LONG-TERM INCENTIVE PLAN

                       STOCK APPRECIATION RIGHTS AGREEMENT

     THIS AGREEMENT, entered into as of the Grant Date (as defined in Section
1), by and between the Participant and AGCO Corporation (the "Company");

     WHEREAS, the Company maintains the AGCO Corporation 2006 Long-Term
Incentive Plan (the "Plan"), which is incorporated into and forms a part of this
Agreement, and the Participant has been selected by the committee administering
the Plan (the "Committee") to receive a stock appreciation right ("SAR") Award
under the Plan;

     NOW, THEREFORE, IT IS AGREED, by and between the Company and the
Participant, as follows:

     1. TERMS OF AWARD AND DEFINITIONS. The following terms used in this
Agreement shall have the meanings set forth in this Section 1:

          (a) DATE OF TERMINATION. The Participant's "Date of Termination" shall
     be the first day occurring on or after the Grant Date on which the
     Participant is neither employed by the Company or any Subsidiary, a
     director of the Company or any Subsidiary, an independent contractor
     performing services for the Company or any Subsidiary nor providing
     services as a consultant to the Company or any Subsidiary; provided that a
     termination shall not be considered to have occurred while the Participant
     is on an approved leave of absence from the Company or a Subsidiary. If, as
     a result of a sale or other transaction, a Participant who is an employee
     ceases to be an employee of the Company or any Subsidiary (and the
     Participant's employer is or becomes an entity that is separate from the
     Company or any Subsidiary), the occurrence of such transaction shall be
     treated as the Participant's Date of Termination caused by the Participant
     being discharged by the employer.

          (b) DESIGNATED BENEFICIARY. The "Designated Beneficiary" shall be the
     beneficiary or beneficiaries designated by the Participant in a writing
     filed with the Committee in such form and at such time as the Committee
     shall require.

          (c) DISABILITY. Except as otherwise provided by the Committee, the
     Participant shall be considered to have a "Disability" if he is eligible
     for disability payments under the Company's long-term disability plan.

          (d) EXERCISE PRICE. The "Exercise Price" is $____________ per SAR.

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          (e) GOOD CAUSE. With respect to any dismissal of the Participant from
     his or her employment with the Company or any Subsidiary, shall mean (i) if
     the Participant is a party to an employment agreement with the Company or
     any Subsidiary that defines "cause," "good cause" or a similar term, "Good
     Cause" shall mean such term as so defined, and (ii) otherwise (A) the
     conviction of the Participant of, or the entry of a plea of guilty, first
     offender probation before judgment, or nolo contendere by the Participant
     to, any felony; (B) fraud, misappropriation or embezzlement by the
     Participant; (C) the Participant's willful failure or gross negligence in
     the performance of his assigned duties for the Company or any Subsidiary;
     (D) the Participant's failure to follow reasonable and lawful directives of
     his supervisor or his breach of his fiduciary duty to the Company or any
     Subsidiary; (E) any act or omission of the Participant that has a
     demonstrated and material adverse impact on the Company's or any
     Subsidiary's business or reputation for honesty and fair dealing, other
     than an act or failure to act by the Participant in good faith and without
     reason to believe that such act or failure to act would adversely impact on
     the Company's or any Subsidiary's business or reputation for honesty and
     fair dealing; or (F) the breach by the Participant of any confidentiality
     or non-competition agreement in favor of the Company or any Subsidiary.

          (f) GRANT DATE. The "Grant Date" is ____________________________.

          (g) IMMEDIATE FAMILY. "Immediate Family" shall mean the Participant's
     spouse, parents, children, stepchildren, adoptive relationships, sisters,
     brothers and grandchildren and, for this purpose, shall also include the
     Participant.

          (h) PARTICIPANT. The "Participant" is __________________________.

          (i) SARS. The number of "SARs" shall be _______________. The award of
     SARs does not entitle the Participant to any rights as a shareholder of the
     Company with respect to the SARs, including accounting of the payment of
     dividends on the Company's Stock during the period prior to the exercise of
     the SARs.

          (j) RETIREMENT. "Retirement" of the Participant shall mean the
     occurrence of the Participant's Date of Termination on or after the date
     the Participant attains age 65 or such earlier date as may be approved by
     the Committee in its sole discretion.

     Except where the context clearly implies or indicates the contrary, a word,
     term, or phrase used in the Plan is similarly used in this Agreement.

     2. AWARD AND EXERCISE PRICE. This Agreement specifies the terms of the SARs
granted to the Participant and the Exercise Price per SAR as set forth in
Section 1.

     3. DATE OF EXERCISE.

          (a) Subject to the limitations of this Agreement, the SARs shall be
     exercisable according to the following schedule, with respect to each
     installment shown in the

                                       2

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     schedule on and after the Vesting Date applicable to such installment (each
     an "Installment"):

                                       3

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          (b)

<TABLE>
<CAPTION>
                                 VESTING DATE APPLICABLE TO
          INSTALLMENT                   INSTALLMENT
          -----------            --------------------------
<S>                     <C>
                         [FIRST YEAR ANNIVERSARY OF THE GRANT DATE]
                        [SECOND YEAR ANNIVERSARY OF THE GRANT DATE]
                         [THIRD YEAR ANNIVERSARY OF THE GRANT DATE]
                        [FOURTH YEAR ANNIVERSARY OF THE GRANT DATE]
</TABLE>

          (c) An Installment shall not become exercisable on the otherwise
     applicable Vesting Date if the Participant's Date of Termination (as
     defined in Section 8) occur on or before such Vesting Date. Notwithstanding
     the foregoing provisions of this Section 3, the SARs shall become
     exercisable (to the extent not then otherwise exercisable) as follows:

               (i) The SARs shall become fully exercisable upon the
          Participant's Date of Termination, if the Participant's Date of
          Termination occurs by reason of the Participant's death or Disability.

               (ii) The SARs shall become fully exercisable upon a Change in
          Control, if the Participant's Date of Termination does not occur on or
          before the Change in Control.

          (d) Otherwise, the SARs may be exercised on or after the Date of
     Termination only as to that portion of the Covered Shares as to which they
     were exercisable immediately prior to the Date of Termination, or as to
     which they became exercisable on the Date of Termination in accordance with
     this Section 3.

     4. EXPIRATION. The SARs shall not be exercisable after the Company's close
of business on the last business day that occurs prior to the Expiration Date.
The "Expiration Date" shall be earliest to occur of:

          (a) The seven-year anniversary of the Grant Date;

          (b) If the Participant's Date of Termination occurs by reason of
     death, Disability or Retirement, the one-year anniversary of such Date of
     Termination;

          (c) If the Participant's Date of Termination occurs for reasons other
     than death, Disability, Retirement, or Good Cause the 90-day anniversary of
     such Date of Termination; or

          (d) The date the Participant is dismissed from the Company for Good
     Cause.

     5. EXERCISE OF SARS. At any time at which the Participant may exercise the
SARs in accordance with the provisions of this Agreement, such SARs may be
exercised by filing a

                                       4

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written notice with the Secretary of the Company at its corporate headquarters.
The right to exercise one or more SARs shall expire in accordance with the
provisions of this Agreement. Upon the exercise of a SAR, the Participant shall
receive an amount from the Company which is equal to the excess of the Fair
Market Value of a share of Stock on the date of exercise over the Exercise Price
of one share of Stock. Such amount shall be paid to the Participant, in shares
of Stock (based on the Fair Market Value of such shares on the date of
exercise).

     6. WITHHOLDING. To the extent necessary, the Participant must satisfy his
federal, state, and local, if any, withholding taxes imposed by reason of the
exercise of the SAR either by paying to the Company the full amount of the
withholding obligation (i) in cash; (ii) by tendering shares of Stock which are
owned by the Participant prior to the date of exercise having a Fair Market
Value equal to the withholding obligation (a "Withholding Election"); (iii) by
electing, irrevocably and in writing (also a "Withholding Election"), to have
the smallest number of whole shares of Stock withheld by the Company which, when
multiplied by the Fair Market Value of the Stock as of the date the SAR is
exercised, is sufficient to satisfy the amount of withholding tax; or (iv) by
any combination of the above. Participant may make a Withholding Election only
if the following conditions are met:

          (a) The Withholding Election is made on or prior to the date on which
     the amount of tax required to be withheld is determined (the "Tax Date") by
     executing and delivering to the Company a properly completed Notice of
     Withholding Election in substantially the form attached hereto as Exhibit
     1; and

          (b) Any Withholding Election will be irrevocable; however, the
     Committee may, in its sole discretion, disapprove and give no effect to the
     Withholding Election.

     7. TRANSFERABILITY.

          (a) Except as otherwise provided in this Section 7, the SARs are not
     transferable other than as designated by the Participant by will or by the
     laws of descent and distribution, and during the Participant's life, may be
     exercised only by the Participant.

          (b) Notwithstanding the foregoing, the Participant, with the approval
     of the Committee, may transfer the SARs for no consideration to or for the
     benefit of the Participant's Immediate Family (including, without
     limitation, to a trust for the benefit of the Participant's Immediate
     Family, subject to such limits as the Committee may establish, and the
     transferee shall remain subject to all the terms and conditions applicable
     to the SARs prior to such transfer.

          (c) The foregoing right to transfer the SARs shall apply to the right
     to consent to amendments to this Agreement and, in the discretion of the
     Committee, shall also apply to the right to transfer ancillary rights
     associated with the SARs.

     8. HEIRS AND SUCCESSORS.

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          (a) This Agreement shall be binding upon, and inure to the benefit of,
     the Company and its successors and assigns, and upon any person acquiring,
     whether by merger, consolidation, purchase of assets or otherwise, all or
     substantially all of the Company's assets and business.

          (b) If any rights exercisable by the Participant or benefits
     deliverable to the Participant under this Agreement have not been exercised
     or delivered, respectively, at the time of the Participant's death, such
     rights shall be exercisable by the Designated Beneficiary, and such
     benefits shall be delivered to the Designated Beneficiary, in accordance
     with the provisions of this Agreement and the Plan.

          (c) If a deceased Participant has failed to designate a beneficiary,
     or if the Designated Beneficiary does not survive the Participant, any
     rights that would have been exercisable by the Participant and any benefits
     distributable to the Participant shall be exercised by or distributed to
     the legal representative of the estate of the Participant.

          (d) If a deceased Participant has designated a beneficiary but the
     Designated Beneficiary dies before the Designated Beneficiary's exercise of
     all rights under this Agreement or before the complete distribution of
     benefits to the Designated Beneficiary under this Agreement, then any
     rights that would have been exercisable by the Designated Beneficiary shall
     be exercised by the legal representative of the estate of the Designated
     Beneficiary, and any benefits distributable to the Designated Beneficiary
     shall be distributed to the legal representative of the estate of the
     Designated Beneficiary.

     9. ADMINISTRATION. The authority to manage and control the operation and
administration of this Agreement shall be vested in the Committee, and the
Committee shall have all powers with respect to this Agreement as it has with
respect to the Plan. Any interpretation of the Agreement by the Committee and
any decision made by it with respect to the Agreement is final and binding on
all persons.

     10. PLAN GOVERNS. Notwithstanding anything in this Agreement to the
contrary, the terms of this Agreement shall be subject to the terms of the Plan,
a copy of which may be obtained by the Participant from the office of the
Secretary of the Company; and this Agreement is subject to all interpretations,
amendments, rules and regulations promulgated by the Committee from time to time
pursuant to the Plan.

     11. NOT AN EMPLOYMENT CONTRACT. The SAR will not confer on the Participant
any right with respect to continuance of employment or other service with the
Company or any Subsidiary, nor will it interfere in any way with any right the
Company or any Subsidiary would otherwise have to terminate or modify the terms
of such Participant's employment or other service at any time.

     12. NOTICES. Any written notices provided for in this Agreement or the Plan
shall be in writing and shall be deemed sufficiently given if either hand
delivered or if sent by fax or overnight courier, or by postage paid first class
mail. Notices sent by mail shall be deemed

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received three business days after mailed but in no event later than the date of
actual receipt. Notices shall be directed, if to the Participant, at the
Participant's address indicated by the Company's records, or if to the Company,
at the Company's principal executive office.

     13. FRACTIONAL SHARES. In lieu of issuing a fraction of a share upon any
exercise of the SARs, the Company will be entitled to pay to the Participant an
amount equal to the fair market value of such fractional share.

     14. NO RIGHTS AS SHAREHOLDER. The Participant shall not have any rights of
a shareholder with respect to the shares subject to the SAR, until a stock
certificate has been duly issued following exercise of the SAR as provided
herein.

     15. AMENDMENT. This Agreement may be amended by written Agreement of the
Participant and the Company, without the consent of any other person.

     16. FORFEITURE. Notwithstanding the foregoing, if, following the Date of
Termination, Participant violates any of Participant's post-termination
obligations to the Company or any Subsidiary, including, without limitation, any
obligation not to compete with the Company or any Subsidiary (regardless of
whether such obligation is enforceable under applicable law), not to solicit
employees of the Company or any Subsidiary, to maintain the confidentiality on
information belonging to the Company or any Subsidiary, or not to disparage the
Company or any Subsidiary or any of their affiliates, immediately upon demand by
the Company the Participant shall return to the Company the proceeds from this
Award to the extent received by the Participant on or after one year prior to
Date of Termination.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in
its name and on its behalf as of the Grant Date.

                                        AGCO CORPORATION

                                        By:
                                            ------------------------------------
                                        Its:
                                             -----------------------------------

                                       7

<PAGE>

                                    EXHIBIT 1

                         NOTICE OF WITHHOLDING ELECTION
                       STOCK APPRECIATION RIGHTS AGREEMENT
                        PURSUANT TO THE AGCO CORPORATION
                          2006 LONG-TERM INCENTIVE PLAN

TO:   __________________________________

FROM: __________________________________

RE: Withholding Election

This election relates to the SAR identified in Paragraph 3 below. I hereby
certify that:

(1)  My correct name and social security number and my current address are set
     forth at the end of this document.

(2)  I am (check one, whichever is applicable).

     [ ]  the original recipient of the SAR.

     [ ]  the legal representative of the estate of the original recipient of
          the SAR.

     [ ]  the legal guardian of the original recipient of the SAR.

     [ ]  an Immediate Family Member other than the original recipient of the
          SAR.

(3)  The SAR to which this election relates was issued under the AGCO
     Corporation 2006 Long-Term Incentive Plan (the "Plan") in the name of
     ____________________________ for the value appreciation of a total of
     ____________ shares of Stock of the Company. This election relates to
     ________________ shares of Stock, the appreciation of which is payable upon
     exercise of the SAR, provided that the numbers set forth above shall be
     deemed changed as appropriate to reflect the applicable Plan provisions.

(4)  In connection with any exercise of the SAR with respect to the Stock, I
     hereby elect one or more of the following:

     [ ]  to pay cash or certified check in the amount of $_______ to be applied
          to pay federal, state, and local, if any, taxes arising from the
          exercise.

     [ ]  to pay the full federal, state, and local, if any, taxes arising from
          the exercise in cash or certified check.

                                       8

<PAGE>

     [ ]  to have certain of the shares issuable pursuant to the exercise
          withheld by the Company for the purpose of having the value of the
          shares applied to pay federal, state, and local, if any, taxes arising
          from the exercise.

     [ ]  to tender shares held by me prior to the exercise of the SAR for the
          purpose of having the value of the shares applied to pay such taxes.

     The shares to be withheld or tendered, as applicable, shall have, as of the
     Tax Date applicable to the exercise, a Fair Market Value equal to the
     minimum statutory tax withholding requirement under federal, state, and
     local law in connection with the exercise.

(5)  This Withholding Election is made no later than the Tax Date and is
     otherwise timely made pursuant to the Plan.

(6)  I understand that this Withholding Election may not be revised, amended or
     revoked by me.

(7)  The Plan has been made available to me by the Company. I have read and
     understand the Plan and I have no reason to believe that any of the
     conditions to the making of this Withholding Election have not been met.

(8)  Capitalized terms used in this Notice of Withholding Election without
     definition shall have the meanings given to them in the Plan.

Dated:
       ------------------------------   ----------------------------------------
                                        Signature

-------------------------------------   ----------------------------------------
Social Security Number                  Name (Printed)

                                        ----------------------------------------
                                        Street Address

                                        ----------------------------------------
                                        City, State, Zip Code

                                       9<PAGE>

                                                                    EXHIBIT 10.5

                                AGCO CORPORATION
                       2006 LONG-TERM STOCK INCENTIVE PLAN

                           RESTRICTED STOCK AGREEMENT

     THIS AGREEMENT, entered into as of the Grant Date (as defined in Section
1), by and between the Participant and AGCO Corporation (the "Company");

     WHEREAS, the Company maintains the AGCO Corporation 2006 Long-Term
Incentive Plan (the "Plan"), which is incorporated into and forms a part of this
Agreement, and the Participant has been granted a Restricted Stock Award under
the Plan by the Committee as part of the Participant's compensation for service
as a member of the Board of the Company;

     NOW, THEREFORE, IT IS AGREED, by and between the Company and the
Participant, as follows:

     1. TERMS OF AWARD AND DEFINITIONS. The following terms used in this
Agreement shall have the meanings set forth in this Section 1:

               (a) DESIGNATED BENEFICIARY. The "Designated Beneficiary" shall be
          the beneficiary or beneficiaries designated by the Participant in a
          writing filed with the Committee in such form and at such time as the
          Committee shall require.

               (b) GRANT DATE. The "Grant Date" is ___________ ____, 20___.

               (c) PARTICIPANT. The "Participant" is _________________________.

               (d) RESTRICTED PERIOD. The "Restricted Period" is the period
          beginning on the Grant Date and ending at 4:00 p.m. EST on third
          anniversary of the Grant Date..

               (e) RESTRICTED STOCK. The number of shares of "Restricted Stock"
          awarded under this Agreement shall be _______________ shares, which is
          the number of whole shares which, as of the Grant Date, have a value
          equivalent to $___________. Shares of "Restricted Stock" are shares of
          Stock granted under this Agreement and are subject to the terms of
          this Agreement and the Plan.

     Except where the context clearly implies or indicates the contrary, a word,
     term, or phrase used in the Plan is similarly used in this Agreement.

     2. AWARD. The Participant is hereby granted the number of shares of
Restricted Stock set forth in Section 1.

<PAGE>

     3. DIVIDENDS AND VOTING RIGHTS. The Participant shall be entitled to
receive any dividends paid with respect to shares of Restricted Stock that
become payable during the Restricted Period; provided, however, that no
dividends shall be payable to or for the benefit of the Participant with respect
to record dates occurring prior to the Grant Date. The Participant shall be
entitled to vote the shares of Restricted Stock during the Restricted Period;
provided, however, that the Participant shall not be entitled to vote the shares
with respect to record dates for such voting rights arising prior to the Grant
Date.

     4. TRANSFER OF SHARES.

               (a) At the end of the Restricted Period, the Participant shall
          own the shares subject hereto free of all restrictions otherwise
          imposed by this Agreement.

               (b) Otherwise, shares of Restricted Stock may not be sold,
          assigned, transferred, pledged or otherwise encumbered until the
          expiration of the Restricted Period or, if earlier, upon a Change in
          Control.

     5. HEIRS AND SUCCESSORS.

               (a) This Agreement shall be binding upon, and inure to the
          benefit of, the Company and its successors and assigns, and upon any
          person acquiring, whether by merger, consolidation, purchase of assets
          or otherwise, all or substantially all of the Company's assets and
          business.

               (b) If any rights exercisable by the Participant or benefits
          deliverable to the Participant under this Agreement have not been
          exercised or delivered, respectively, at the time of the Participant's
          death, such rights shall be exercisable by the Designated Beneficiary,
          and such benefits shall be delivered to the Designated Beneficiary, in
          accordance with the provisions of this Agreement and the Plan.

               (c) If a deceased Participant has failed to designate a
          beneficiary, or if the Designated Beneficiary does not survive the
          Participant, any rights that would have been exercisable by the
          Participant and any benefits distributable to the Participant shall be
          exercised by or distributed to the legal representative of the estate
          of the Participant.

               (d) If a deceased Participant has designated a beneficiary but
          the Designated Beneficiary dies before the Designated Beneficiary's
          exercise of all rights under this Agreement or before the complete
          distribution of benefits to the Designated Beneficiary under this
          Agreement, then any rights that would have been exercisable by the
          Designated Beneficiary shall be exercised by the legal representative
          of the estate of the Designated Beneficiary, and any benefits
          distributable to the Designated Beneficiary shall be distributed to
          the legal representative of the estate of the Designated Beneficiary.

                                        2

<PAGE>

     6. ADMINISTRATION. The authority to manage and control the operation and
administration of this Agreement shall be vested in the Committee, and the
Committee shall have all powers with respect to this Agreement as it has with
respect to the Plan. Any interpretation of the Agreement by the Committee and
any decision made by it with respect to the Agreement is final and binding on
all persons.

     7. PLAN GOVERNS. Notwithstanding anything in this Agreement to the
contrary, the terms of this Agreement shall be subject to the terms of the Plan,
a copy of which may be obtained by the Participant from the office of the
Secretary of the Company; and this Agreement is subject to all interpretations,
amendments, rules and regulations promulgated by the Committee from time to time
pursuant to the Plan.

     8. AMENDMENT. This Agreement may be amended by written Agreement of the
Participant and the Company, without the consent of any other person.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in
its name and on its behalf as of the Grant Date.

                                        AGCO CORPORATION

                                        By:
                                            ------------------------------------
                                        Its:
                                             -----------------------------------

                                        3

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