Document:

exv10w8

CHANGE IN CONTROL AGREEMENT

THIS CHANGE IN CONTROL AGREEMENT (the “Agreement”) made as of April 7, 2008 between Specialty
Underwriters’ Alliance, Inc., a Delaware corporation, and its subsidiaries and affiliates (the
“Company”), and Daniel J. Rohan (the “Employee”).

W
I T N E S S E
T H:

WHEREAS, the Employee has had a valued association with the Company and on the date hereof is a
Vice President and the Controller of the Company; and

WHEREAS, the Employee’s expertise and service to the Company have been of an extraordinary
character and of particular importance to the Company; and

WHEREAS, the Company wishes to retain the Employee’s services and allow him to devote his undivided
attention to the affairs of the Company by providing a benefit to the Employee in the event of a
“change in control” of the Company;

NOW, THEREFORE, for the reasons set forth above, and in consideration of the mutual covenants and
promises of the parties hereto, the Company and the Employee agree as follows:

SECTION ONE

SEVERANCE BENEFITS

(A) If the Employee’s employment is terminated by the Company without Cause or the Employee
terminates his employment for Good Reason upon or within twenty-four months following the
occurrence of a Change in Control (such twenty-four-month period following the occurrence of the
Change in Control being hereinafter referred to as the “Benefit Trigger Period”), the following
benefits shall be provided to the Employee:

(i) The Company shall pay to the Employee an amount equal to the sum of (a) the Employee’s
annual base salary and (b) any unreimbursed business expenses or other amounts due to the
Employee from the Company as of the Employee’s date of termination.

(ii) All stock options, restricted stock awards or other types of equity-based compensation
then held by the Employee which were not previously vested or exercisable shall become fully
vested and/or exercisable, as of the date of such termination of employment.

In consideration of the above benefits, and as a condition of the receipt thereof, the Employee
agrees to execute a release releasing the Company and its Affiliates from all actions, claims,
demands, causes of action, obligations, damages, liabilities, expenses and controversies of any

 

 

nature, excluding those arising in connection with the enforcement of the Employee’s
indemnification rights (if any).

(B) If, within the Benefit Trigger Period, the Employee’s employment is terminated by the Company
for Cause, by the Employee without Good Reason, or because of the Employee’s death or Disability,
or if such employment is terminated for any reason following the expiration of the Benefit Trigger
Period, no benefits shall be provided to the Employee pursuant to this Agreement.

(C) For purposes of this Agreement, the following terms shall have the meanings set forth below,
unless the context clearly indicates otherwise:

(i) “Affiliate” means, with respect to any person or entity, any other person or entity who
directly or indirectly through one or more intermediaries controls, is cotnrolled by, or is
under common control with such person or entity; “control” means the power, directly or
indirectly, to direct or cause the direction of the management and policies of a person or
entity whether through ownership of voting securities, by contract or otherwise.

(ii) “Change in Control” shall mean the occurrence of any of the following:

(a) any “person” or group of “persons” (as the term “person” is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) (“Person”),
acquires (or has acquired during the twelve-month period ending on the date of the
most recent acquisition by such Person) direct or indirect beneficial ownership of
securities of the Company representing 50% or more of the combined voting power of
the then outstanding securities of the Company (provided that acquisitions by the
Executive or any existing stockholder of the Company owning more than 20% of the
combined voting power of the then outstanding securities of the Company as of the
date of this Agreement shall be ignored for this purpose);

(b) a merger or consolidation of the Company with any other corporation is
consummated, other than a merger or consolidation which resulted in all or
substantially all of the holders of the Company’s voting securities immediately
prior thereto continuing to hold at least 50% of the combined voting power of the
outstanding voting securities of the Company or of the surviving entity immediately
after such merger or consolidation;

(c) the Board of Directors of the Company approves a plan of complete liquidation of
the Company or the Company is sold or all or substantially all of the Company’s
assets are sold or disposed of other than any such sale or disposition where all or
substantially all of the holders of the Company’s voting securities immediately
prior thereto continue to hold at least 50% of the combined voting power of the
outstanding voting securities of the acquiror or transferee entity immediately after
such sale or disposition; or

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(d) individuals who, on the date following the date of the Company’s 2007 annual
meeting of stockholders, are directors (the “Incumbent Board”) cease for any reason
to constitute at least a majority of the directors; provided, however, that if the
appointment or election (or nomination for election) of any new director was
approved or recommended by a majority vote of the Incumbent Board, such new director
shall be considered a member of the Incumbent Board, unless such new director’s
initial assumption of office occurs as a result of or in connection with either an
actual or threatened election contest (as such terms are used in Rule 14a-11 of
Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended) or
other actual or threatened solicitation of proxies or consents by or on behalf of an
entity other than the Incumbent Board.

Notwithstanding the foregoing, for purposes of clause (a), a Change in Control will not be
deemed to have occurred if the power to control (directly or indirectly) the management and
policies of the Company is not transferred from a Person to another Person; and, for
purposes of clause (b), a Change in Control will not be deemed to occur if the assets of the
Company are transferred: (i) to a stockholder in exchange for his stock, (ii) to an entity
in which the Company has (directly or indirectly) more than 50% ownership, or (iii) to a
Person that has (directly or directly) more than 50% ownership of the Company with respect
to its stock outstanding, or to any entity in which such Person possesses (directly or
indirectly) more than 50% ownership.

(iii) The Employee’s employment shall be deemed to have been terminated for “Cause” if his
employment is terminated because the Employee (a) has committed an act constituting a
misdemeanor involving moral turpitude or a felony under the laws of the United States or any
state or political subdivision thereof; (b) has committed an act constituting a breach of
fiduciary duty, gross negligence or willful misconduct; (c) has engaged in conduct that
violated the Company’s then existing material internal policies or procedures and which is
detrimental to the business, reputation, character or standing of the Company or any of its
affiliates; (d) has committed an act of fraud, self dealing, conflict of interest,
dishonesty or misrepresentation; or (e) has materially breached the duties of his
employment. Notwithstanding the foregoing, termination for Cause shall occur only if the
Company shall have given written notice to the Employee specifying the nature of the breach
or behavior, and, if the termination for Cause is pursuant to clauses (b), (c) or (e) of
this subsection, the Employee fails to correct (if correctable) such breach or behavior as
soon as practicable thereafter but no later than ten days after receipt of the applicable
notice, provided that there shall be only one notice and opportunity to correct with respect
to clauses (b), (c) or (e) of this subsection.

(iv) “Disability” shall mean the Employee is incapacitated or disabled (as determined by a
physician mutually acceptable to the Company and the Employee) by accident, sickness or
otherwise so as to render him mentally or physically incapable of performing the services
requested to be performed by him for an aggregate period of 180 days or more during any
twelve month period (whether or not consecutive and after using up any accrued vacation
time).

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(v) “Good Reason” shall mean, after written notice setting forth the alleged Good Reason by
the Employee to the Company, and the expiration of a 60-day cure period, there continues to
be: (a) a material adverse change in the Employee’s title, position or responsibilities;
and/or (b) a material reduction of the Employee’s base salary.

SECTION TWO

PAYMENT LIMITATION

Notwithstanding any other provision of this Agreement to the contrary, if the benefits and payments
provided under this Agreement, either alone or together with other benefits and payments which the
Employee has the right to receive either directly or indirectly from the Company or any of its
affiliates, would constitute an excess parachute payment (the “Excess Payment”) under Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”), the Employee hereby agrees that the
benefits and payments provided under this Agreement shall be reduced (but not below zero) by the
amount necessary to prevent any such benefits and payments to the Employee from constituting an
Excess Payment; provided, however, that such reduction shall be made only if, by reason of such
reduction, the Employee’s net after-tax economic benefit shall exceed the net after-tax economic
benefit to the Employee if such reduction were not made. All determinations required to be made
under this Section Two, and the assumptions to be utilized in arriving at such determination, shall
be made by the certified public accounting firm used for auditing purposes by the Company
immediately prior to the date of the Employee’s termination of employment or, if the parties
determine that the certified public accounting firm used for auditing purposes by the Company
immediately prior to the date of termination cannot make such determination because of legal
restrictions, the parties shall agree on a different certified public accounting firm (such
certified public accounting firm is hereinafter referred to as the “Accounting Firm”), which shall
promptly provide detailed supporting calculations both to the Company and the Employee. The
Company shall pay all fees and expenses of the Accounting Firm.

SECTION THREE

RESTRICTIVE COVENANTS

(A) Non-Competition. The Employee hereby acknowledges and recognizes that during the term of
Employee’s employment with the Company (the “Employment Period”) he will be privy to trade secrets
and confidential information critical to the Company’s business and that the Company would find it
extremely difficult or impossible to replace the Employee. Accordingly, Employee agrees that, in
consideration of the premises contained herein, and the consideration to be received by the
Employee hereunder, he will not and will not permit any of his Affiliates to, except with the
Company’s prior written consent, during the Employment Period and for a period of one year after
the Employment Period (collectively the “Non-Competition Period”), engage, directly or indirectly,
whether as an employee, officer, director, consultant or otherwise, in any activity that competes
with the Company or any of its Affiliates in the business of insurance. Nothing in subsection (A)
of this Section Three shall prohibit the Employee or any of his Affiliates from owning for passive
investment purposes less than 5% of the publicly traded securities of any corporation listed on the
New York Stock Exchange or the American Stock Exchange or the NASDAQ.

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(B) Customer Non-Solicitation. During the Non-Competition Period, the Employee shall not, and
shall not permit any of his Affiliates to solicit, directly or indirectly, any person or entity
which (i) is currently a customer or party to any insurance-related contract with the Company
and/or its Affiliates, (ii) has been a customer or party to any insurance-related contract with the
Company and/or its Affiliates during the two year period immediately preceding such solicitation or
(iii) was solicited by the Company and/or its Affiliates during the two year period immediately
preceding such solicitation, provided that in the case of (B)(i) above such solicitation diverted
or attempted to divert the business of the Company and/or its Affiliates to another person or
entity or in the case of (B)(ii) and (B)(iii) above, the business solicited is business in which
the Company is currently engaged.

(C) Employee Non-Solicitation. During the Non-Competition Period, the Employee shall not, and
shall not permit any of his Affiliates to, directly or indirectly, (i) solicit for employment,
engage and/or hire, whether directly or indirectly, any person who is then employed by the Company
and/or its Affiliates or engaged by the Company and/or its Affiliates as an independent contractor
or consultant; and/or (ii) encourage or induce, whether directly or indirectly, any person who is
then employed by the Company and/or its Affiliates or engaged by the Company and/or its Affiliates
as an independent contractor or consultant to end his/her business relationship with the Company
and/or its Affiliates.

(D) Non-Disparagement of the Company. The Employee covenants that he will not, directly or
indirectly at any time during or after the Employment Period, disparage the Company or any of its
shareholders, directors, officers, employees, or agents.

(E) Non-Disparagement of the Employee. The Company covenants that it will not, directly or
indirectly at any time during or after the Employment Period, disparage the Executive.

(F) Acknowledgement. The Employee understands that the foregoing restrictions may limit his
ability to earn a livelihood in a business similar to the business of the Company, but he
nevertheless believes that he has received and will receive sufficient consideration and other
benefits as an employee of the Company and as otherwise provided hereunder to clearly justify such
restrictions which, in any event (given his education, skills and ability), the Employee does not
believe would prevent him from earning a living other than in a business which competes with the
Company.

SECTION FOUR

MODIFICATION OF AGREEMENT

No waiver or modification of this Agreement or of any covenant, condition or limitation herein
contained shall be valid unless in writing and duly executed by both parties.

SECTION FIVE

SEVERABILITY

All agreements and covenants contained herein are severable, and in the event any of them shall be
held to be invalid by any competent court, this Agreement shall be interpreted as if such invalid
agreements or covenants were not contained herein. Nothing contained in this Agreement shall be
construed so as to require the commission of any act contrary to law, and whenever there

5

 

is any conflict between any provision of this Agreement and any statute, law, ordinance, order or
regulation, contrary to which the parties hereto have no legal right to contract, the latter shall
prevail, but in such event any provision of this Agreement so affected shall be curtailed and
limited only to the extent necessary to bring it within the legal requirements.

SECTION SIX

STRICT ADHERENCE

The failure of a party to insist upon strict adherence to any term of this Agreement shall not be
considered a waiver or deprive that party of the right thereafter to insist upon strict adherence
to that term or any other term of this Agreement.

SECTION SEVEN

ASSIGNMENT

This Agreement is personal to the Employee and shall not be assignable by the Employee. The
Company may assign this Agreement to any affiliate or to any successor to all or substantially all
of the business and/or assets of the Company, whether directly or indirectly, by purchase, merger,
consolidation, acquisition of stock, or otherwise. This Agreement shall inure to the benefit of
and be binding upon the Company and its successors and assigns. However, any such assignment by
the Company shall still be subject to the Employee’s rights under subsection (a) of Section One of
this Agreement.

SECTION EIGHT

OTHER RIGHTS

This Agreement shall not affect or impair the rights or obligations of the Company or the Employee
under any employment agreement between the Company and the Employee, or, except to the extent of
the additional benefits provided under subsection (a) of Section One of this Agreement (which shall
be in addition to, and not in lieu of, any other benefits to which the Employee may be entitled),
under any written plan, contract or arrangement, or pension, profit sharing or other compensation
plan.

SECTION NINE

NOTICES

All notices, claims, certificates, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given and delivered if personally delivered or if
sent by nationally recognized overnight courier, by telecopy, or by registered or certified mail,
return receipt requested and postage prepaid, addressed, if to the Company, at Specialty
Underwriters’ Alliance, Inc., 222 South Riverside Plaza, Suite 1600, Chicago, IL 60606-5808,
Facsimile: (312) 277-1800, Attention: General Counsel with a copy to Stroock & Stroock & Lavan
LLP, 180 Maiden Lane, New York, NY 10038, Attn: William W. Rosenblatt, Esq., Facsimile:
212-806-6006, and if to the Employee, at the address set forth under the name of the Employee on
the signature page hereto, or to such other address as the party to whom notice is to be given may
have furnished to the other party or parties in writing in accordance herewith. Any such notice or
communication shall be deemed to have been received (a) in the case of personal delivery, on the
date of such delivery, (b) in the case of nationally recognized overnight courier,
on the next business day after the date when sent, (c) in the case of telecopy transmission, when

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received, and (d) in the case of mailing, on the third business day following that on which the
piece of mail containing such communication is posted. Written notice from the Company’s Board of
Directors shall constitute proper notice from the Company in all cases relating to this Agreement.

SECTION TEN

ERISA; NON-PROPERTY INTEREST

To the extent that this Agreement is considered to be a plan for purposes of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), it shall be considered an unfunded
plan maintained primarily for the purpose of providing benefits for a select group of management or
highly compensated employees, within the meaning of U.S. Department of Labor Regulations Section
2520.104-23 or Section 2520.104-24, as applicable. The Employee shall have solely the status of a
general unsecured creditor of the Company and this Agreement constitutes a mere promise by the
Company to make benefit payments in the future. Nothing herein contained shall be construed to
give to or vest in the Employee or any other person now or at any time in the future, any right,
title, interest or claim in or to any specific asset, fund, reserve, account, insurance or annuity
policy or contract or other property of any kind whatsoever owned by the Company or in which the
Company may have any right, title or interest now or at any time in the future. It is the
intention of the Company and the Employee that this Agreement be unfunded for tax purposes and for
purposes of Title I of ERISA.

SECTION ELEVEN

GOVERNING LAW

This Agreement will be governed by, and construed and enforced in accordance with, the laws of the
State of Illinois without giving effect to any principles of conflict of laws. Each party hereby
irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in
the State of Illinois, for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY

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SECTION TWELVE

COUNTERPARTS; FACSIMILE SIGNATURES, EXECUTION AND DELIVERY

This Agreement may be executed in counterparts, each of which shall be deemed an original, but both
of which together shall constitute one and the same document, and may be effective upon
transmission of a signed facsimile by one party to the other.

SECTION THIRTEEN

TAXES

(A) The payments and benefits under this Agreement may be compensation and as such may be included
in either the Employee’s W-2 earnings statements or 1099 statements. The Company may withhold from
any amounts payable under this Agreement such federal, state or local taxes as shall be required to
be withheld pursuant to any applicable law or regulation.

(B) In the event that any cash severance benefit or other benefit under this Agreement shall fail
to satisfy the distribution requirement of Section 409A(a)(2)(A) of the Code, as a result of the
application of Section 409A(a)(2)(B)(i) of the Code, then the payment of such benefits shall be
delayed to the minimum extent necessary so that such benefits are not subject to the provisions of
Section 409A(a)(1) of the Code, and any such payments or benefits will be accumulated and paid or
provided on the earliest permissible date pursuant to Section 409A(a)(2)(B)(i) of the Code. The
Board of Directors or the Compensation Committee of the Company may attach conditions to or adjust
the amounts paid pursuant to this Agreement to preserve, as closely as possible, the economic
consequences that would have applied in the absence of this subsection (B) of Section Thirteen;
provided, however, that no such condition or adjustment shall result in the payments being subject
to Section 409A(a)(1) of the Code. Awards or grants of options, restricted stock and/or other
types of equity-based compensation may contain additional provisions relating to the application of
Section 409A of the Code and to this Agreement and the payments and benefits distributed hereunder.

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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first written
above.

	 	 	 	 	 
	 	SPECIALTY UNDERWRITERS’ ALLIANCE, INC.

 	 
	 	By:  	/s/ Courtney C. Smith
 	 
	 	 	Courtney C. Smith 	 
	 	 	President & Chief Executive Officer 	 
	 
	 	HOLDER

 	 
	 	By:  	/s/ Daniel J. Rohan
 	 
	 	 	Daniel J. Rohan 	 
	 	 	 	 
	 

9EX-10.2 EXECUTIVE NON-QUALIFIED PENSION PLAN

Exhibit
10.2

 

 

 

AGCO CORPORATION

AMENDED AND RESTATED

EXECUTIVE NONQUALIFIED PENSION PLAN

 

 

 

(EFFECTIVE JANUARY 1, 2008)

 

 

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	 

i

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	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	 

ii

 

AGCO CORPORATION

AMENDED AND RESTATED

EXECUTIVE NONQUALIFIED PENSION PLAN

     Effective as of January 1, 2008, 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, 2007.

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 Incentive 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.

     (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 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.

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     (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
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

7

 

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, 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.

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     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.

     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:

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     (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 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

10

 

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;

     (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;

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     (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.

     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

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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.

     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.

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     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:  	 	 

14

 

	 	 	 	 	 

SCHEDULE A

PARTICIPANTS

15

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