Exhibit
10.2
[Ford
Logo]
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Peter
J. Sherry, Jr.
Secretary
313/323-2130
313/248-8713
(Fax)
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One
American Road
Room
1134 WHQ
Dearborn,
Michigan 48126
September
13, 2006
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Sir
John
Bond
[Address
redacted]
Dear
Sir
John:
This
letter will confirm our discussions on the terms of your consultancy to Ford
Motor Company:
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·
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We
have agreed that you will be a consultant to Ford Motor Company and
William Clay Ford, Jr., generally spending the whole of the Tuesday
and
the morning of the Wednesday preceding each of our seven regular
Board of
Directors meetings in consultation with senior management of Ford
Motor
Credit Company and senior finance management of Ford.
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|
·
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We
will compensate you at the rate of $25,000 per day, which amount
would be
pro-rated for each Wednesday that you consult with Company management.
Accordingly, you would receive $37,500 for each Tuesday/Wednesday
that you
consult with Company management, or $262,500 per 12 month period.
Any
additional consulting and resulting compensation would have to be
specifically agreed between you and Ford. We will pay you in arrears
at
the end of each calendar quarter. Of course, we will also reimburse
you
for normal and customary travel and business expenses incurred by
you in
providing the consulting services upon submission of appropriate
documentation. As a member of the Board of Directors of Ford, you
also
will continue to receive the fees paid and other benefits provided
to
non-employee directors.
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·
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We
will provide you with office, computer and other incidental support
when
in Dearborn, Michigan.
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·
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Either
you or Ford can terminate the consulting arrangement at any time,
in your
or Ford's sole discretion, in which event Ford will pay you for consulting
services previously rendered and reimburse you for travel and business
expenses previously incurred.
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| · |
The
effective date of our agreement shall be the date of your concurrence,
below; however, the Company shall pay you in accordance with this
agreement for the time you spent consulting with Ford executives
in
connection with the July meeting of the Board of
Directors.
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·
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Your
signature, below, will also confirm your resignation from the Compensation
Committee and the Nominating and Governance Committee of the
Company.
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If
you
concur in the consulting arrangement as described above, please so indicate
by
signing and dating this letter at the space below.
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Sincerely,
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||
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/s/Peter
J. Sherry, Jr.
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||
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Peter
J. Sherry, Jr.
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Concur:
| /s/Sir John Bond | ||
| Sir John Bond | ||
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Date:
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September
13, 2006
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