Exhibit 10.7

# SHAREHOLDER AGREEMENT

THIS
SHAREHOLDER AGREEMENT(this Agreement) is made and entered into as of this
22nd day of July, 2004, by and between Gehl Company (the Company) and Manitou
BF S.A. (the Shareholder).

# RECITALS

WHEREAS,
the Company and the Shareholder have entered into a Manufacturing License, Technical
Assistance and Supply Agreement, dated as of July 22, 2004 (such Manufacturing Agreement
as renewed or extended from time to time is hereafter referred to as the
Manufacturing Agreement) and an OEM Supply Agreement, dated as of July 22,
2004 (such Supply Agreement as renewed or extended from time to time is hereafter referred
to as the Selling Agreement), pursuant to which agreements the parties thereto
have agreed to cooperate in the manufacture, distribution and sale of specified telescopic
handlers and related attachments in the United States market (the Selling Agreement and
the Manufacturing Agreement are collectively referred to herein as the Telehandler
Agreements); and

WHEREAS,
in connection with entering into the Telehandler Agreements, the Shareholder will acquire
record and beneficial ownership of 961,768 shares (the Shares) of the
Companys common stock, $.10 par value (the Common Stock); and

WHEREAS,
the parties desire to define certain terms and conditions regarding the Shareholders
investment in the Company.

# AGREEMENT

NOW,
THEREFORE, in consideration of the foregoing and the respective representations,
warranties, covenants, agreements and conditions hereinafter set forth and intending to be
legally bound hereby, the parties hereto agree as follows:

| | 1. | REPRESENTATIONS
AND WARRANTIES OF THE SHAREHOLDER
| | -- | -------------------------------------------------

The
Shareholder hereby represents and warrants to the Company as follows:

| | (a)        The
Shareholder is a corporation duly organized and validly existing under the           laws
of France.
| | -------------------------------------------------------------------------------------------------------------------

| | (b)        The
Shareholder has full legal right, power and authority to enter into and           perform
this Agreement, and the execution and delivery of this Agreement by the
          Shareholder and the consummation by the Shareholder of the transactions
          contemplated hereby have been duly authorized by all necessary corporate action
          on behalf of the Shareholder. This Agreement constitutes a legally valid and
          binding agreement of the Shareholder, enforceable in accordance with its terms.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (c)        Prior
to effecting the transactions contemplated by this Agreement, the           Shareholder
owned (either beneficially or otherwise) no shares of Common Stock.           The
Shareholder is acquiring the Shares pursuant to Section 3 of this Agreement,           as
principal, solely for investment for the Shareholders own account and           not
in conjunction with any other person, directly or indirectly, and not with a
          view to, or for offer or sale in connection with, any distribution of the
Shares           in violation of the Securities Act of 1933, as amended (the Securities
          Act), and not with a view to exercising control over the Company, merging
          or otherwise combining the Company with any other person or effecting any
change           in the corporate structure of the Company or (except as contemplated by
this           Agreement) the manner in which the Company conducts its business.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        The
Shareholder is an accredited investor as defined in Rule 501           under
the Securities Act. The Shareholder acknowledges that the Company has made
          available to the Shareholder the opportunity to obtain information respecting
          the business and financial condition of the Company and to evaluate the merits
          and risks of the investment in the Shares, including, without limitation,
          information contained in the Companys public filings with the United
          States Securities and Exchange Commission (the SEC). The
Shareholder           also acknowledges that it has had an opportunity to ask questions
of the           officers of the Company regarding the financial merits and risks of the
          investment in the Shares and, to the extent the Shareholder has taken advantage
          of such opportunity, has received satisfactory answers concerning such matters.
          The Company has made available to the Shareholder all documents and information
          that the Shareholder has requested relating to the Shares.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        The
form of Schedule 13G attached hereto as Exhibit A, to be filed by the
          Shareholder pertaining to the Company, does not contain any untrue statement of
          a material fact or omit to state any material fact necessary in order to make
          the statements made, in light of the circumstances under which they were made,
          not misleading.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        All
future amendments to the Schedule 13G filed by the Shareholder pertaining to
          the Company will not contain any untrue statement of a material fact or omit to
          state any material fact necessary in order to make the statements made, in
light           of the circumstances under which they are made, not misleading. The
Shareholder           will not engage in any fraudulent, deceptive or manipulative acts
or practices           in connection with the Common Stock.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | REPRESENTATIONS
and WARRANTIES OF THE COMPANY
| | -- | ---------------------------------------------

The
Company hereby represents and warrants to the Shareholder as follows:

| | (a)        The
Company is a corporation duly organized and validly existing under the laws           of
the State of Wisconsin.
| | -------------------------------------------------------------------------------------------------------------------------------

| | (b)        The
Company has full legal right, power and authority to enter into and perform
          this Agreement, and the execution and delivery of this Agreement by the Company
          and the consummation by the Company of the transactions contemplated hereby
have           been duly authorized by the Board of Directors of the Company,
authorization by           no other body or party being required by law. This Agreement
constitutes a           legally valid and binding agreement of the Company, enforceable
in accordance           with its terms.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (c)        As
of the date hereof, the Companys authorized capital stock consists of:
          (i) 2,000,000 shares of preferred stock (of which 250,000 shares have been
          designated as Series A preferred stock), none of which have been issued; and
          (ii) 25,000,000 shares of Common Stock of which 5,493,050 shares are issued and
          outstanding and 1,096,863 shares are reserved for issuance pursuant to options
          and other rights to acquire Common Stock.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        The
Shares have been duly authorized for issuance and sale to the Shareholder
          pursuant to this Agreement and, when issued and delivered by the Company
          pursuant to this Agreement against payment of the consideration set forth
          herein, shall be validly issued, fully paid and nonassessable (except for
          certain statutory liabilities that may be imposed by Section 180.0622(2)(b) of
          the Wisconsin Business Corporation Law for unpaid employee wages).
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | ACQUISITION
OF SHARES
| | -- | ---------------------

| | (a)        The
Shareholder hereby agrees to purchase, and the Company hereby agrees to sell           to
the Shareholder at the closing described in subsection (b) hereof (the           Closing),
the Shares. The per Share purchase price for the Shares to           be purchased by the
Shareholder at the Closing hereunder shall be $20.60.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)        The
Closing shall take place at 11:00 A.M., Central Time, on July 22, 2004. The
          Closing shall take place at the offices of the Company, 143 Water Street,
          West Bend, WI, or at such other time and place as may be agreed upon by the
          parties. At the Closing, the Company shall deliver to the Shareholder
          certificates representing the Shares and the Shareholder shall deliver to the
          Company by wire or inter- or intra-bank transfer in immediately available funds
          to the account of the Company the aggregate purchase price with respect to the
          Shares.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | LIMITATION
ON TRANSFER; RIGHT OF FIRST REFUSAL BY THE COMPANY
| | -- | -------------------------------------------------------------

| | (a)        During
the period that both of the Telehandler Agreements are in effect, the
          Shareholder shall not be permitted to effect a Transfer (as defined herein) of
          any of the Shares.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (b)        Following
the termination of one or both of the Telehandler Agreements, the           Company
shall, upon the written request of the Shareholder, use the           Companys
reasonable efforts (including, without limitation, consulting           with the Companys
financial advisor) to identify to Shareholder           prospective purchasers (each a
Prospective Purchaser) that may have           an interest in purchasing
portions of the Shares in block transactions. In the           event that the Shareholder
should decide to effect a Transfer of any of the           Shares following the
termination of one or both of the Telehandler Agreements           (whether to a
Prospective Purchaser or to any other person), the Shareholder           shall give prior
written notice to the Company of such intent to Transfer. Such           notice shall
specify (i) the number of Shares to be transferred (the           Offered
Shares), (ii) the date of the proposed Transfer (which           shall not be
less than ninety (90) days after receipt by the Company of such           notice), (iii) the
identity of the proposed transferee, (iv) the           consideration per Share to
be received upon such Transfer and the terms of           payment (such price and terms
of payment referred to collectively as the           Offering Price), (v) a
description of the nature of the           proposed Transfer and (vi) a copy of any
written documents embodying an           offer to purchase the Offered Shares. Such
written notice to the Company shall           constitute an offer to sell all the Offered
Shares to the Company at the           Offering Price. The Company shall have the option,
but not the obligation, to           purchase the Offered Shares pursuant to this Section 4(b).
To the extent           that the Offering Price consists of consideration other than cash
or promissory           notes (Other Consideration), then the value of such
Other           Consideration shall be payable in cash based on an appraised value of the
Other           Consideration determined by an independent appraiser mutually agreed to
by the           Company and the Shareholder. If the parties cannot agree on an
independent           appraiser, then each party shall promptly appoint an independent
appraiser, and           such independent appraisers shall appoint a third independent
appraiser to           perform the appraisal of the Other Consideration. The cost of
performing such           appraisal shall be shared equally by the Company and the
Shareholder. The option           in favor of the Company created hereunder shall be in
effect for a period           ninety (90) days from the date of receipt of notice by
the Company of the           pending Transfer, except to the extent that the Offering
Price includes Other           Consideration in which case such ninety (90) day
period shall be extended           through the period ending ninety (90) days after
final determination of the           cash equivalent of the Other Consideration. If the
Company elects to exercise           its option to purchase the Offered Shares, it shall
indicate such election in           writing to the Shareholder within the period of the
option created hereunder.           Thereafter, the Company shall pay to the Shareholder
the purchase price           immediately upon the Shareholder tendering to the Company,
free and clear of any           encumbrances, such share certificate or certificates
(duly endorsed for           transfer) representing the Offered Shares. Upon the lapse of
the purchase option           provided to the Company hereunder, and provided such
Transfer is otherwise           permitted under this Agreement or applicable law
(including securities laws),           the Shareholder shall be free to Transfer the
Offered Shares to the transferee           identified in the original notice to the
Company at any time during the           subsequent one (1) month period;
provided, that such Transfer is made           at a price not less than, nor at terms of
payment more beneficial to the           purchaser than, the Offering Price. The term
Transfer shall mean the           sale, exchange, pledge, transfer by
operation of law, assignment or other           disposal (whether voluntary or
involuntary) of any Shares held by the           Shareholder.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        Notwithstanding
anything to the contrary in this Section 4, following the           termination of
one or both of the Telehandler Agreements, the Shareholder shall           be entitled to
sell Shares in open market transactions effected on such primary           market or
exchange on which the Common Stock is then traded provided that all           such
transactions shall be made in accordance with the limitations set forth in           Rule
144 promulgated under the Securities Act (or any successor rule),           including,
without limitation, the limitations set forth in subsections (c),           (d), (e) and
(f) of Rule 144, regardless of whether the Shareholder is no longer           an affiliate of
the Company and regardless of whether the time           period set forth in subsection
(k) of Rule 144 has expired.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 5. | CALL
OPTION
| | -- | -----------

Following
the termination of one or both of the Telehandler Agreements, the Company shall have the
ongoing option, but not the obligation, to purchase all of the Shares then held by the
Shareholder at a price per Share equal to the average of the last sale or closing prices
of the Common Stock (on such primary stock exchange or market on which the Common Stock is
then traded) over the thirty (30) trading day period immediately preceding the date
of delivery of the Companys notice of exercise of its option. If the Company elects
to exercise such option, it shall indicate such election in writing to the Shareholder. In
the event that the Shareholder objects to such notice, the Shareholder shall so notify the
Company within ten (10) days of receipt of such notice and the Companys call notice
shall be voided and its right to provide a subsequent call notice shall be automatically
suspended for six (6) months. The Shareholder shall be entitled to provide a notice of
objection on two (2) separate occasions (which may be successive) pursuant to this Section
5. Within ten (10) days after receipt of a call notice to which the Shareholder either
does not object or is not entitled to object, the Shareholder shall tender to the Company
the certificates, free and clear of any encumbrances and duly endorsed for transfer,
representing all of the Shares then held by the Shareholder. The Company shall, within
ninety (90) days after the receipt of such certificates, pay in cash to the
Shareholder the purchase price for such Shares. In the event that the Common Stock is not
then traded on a stock exchange or market, then the Company shall be permitted to exercise
its call option by notifying the Shareholder of its intent to purchase all of the Shares
then held by the Shareholder and the parties (subject to the Shareholders right to
object to such notice as described above) shall thereafter seek to negotiate a mutually
acceptable per Share purchase price. If the parties cannot agree on a per Share purchase
price, then either the Company will be permitted to withdraw the notice of exercise of its
call option (subject to renotice in the future at the Companys sole discretion) or
the parties will by mutual agreement select an independent appraiser to determine a per
Share purchase price within a range of prices as fixed by the parties. If the Company does
not withdraw its notice and the parties cannot agree on an independent appraiser and/or a
price range, then each party shall promptly appoint an independent appraiser, and such
independent appraisers shall appoint a third independent appraiser to determine a per
Share purchase price. The cost of performing such appraisal shall be shared equally by the
Company and the Shareholder. Within ten (10) days after final determination of the per
Share purchase price by the parties or an independent appraiser, the Shareholder shall
tender to the Company the certificates, free and clear of any encumbrances and duly
endorsed for transfer, representing all of the Shares then held by the Shareholder. The
Company shall, within ninety (90) days after the receipt of such certificates, pay in
cash to the Shareholder the purchase price for such Shares.

| | 6. | STANDSTILL
| | -- | ----------

During
the period that both of the Telehandler Agreements are in effect and for a period of
seven (7) years thereafter, neither the Shareholder nor any of its Representatives
(as defined herein) (acting on behalf of the Shareholder) will, directly or indirectly,
without the prior written consent of the Company or its Board of Directors:

| | (a)        acquire,
offer to acquire, or agree to acquire, directly or indirectly, by           purchase or
otherwise, ownership (including without limitation beneficial           ownership as
defined in Rule 13d-3 under the Securities Exchange Act of           1934, as amended) of
any additional (i.e., in addition to the Shares) Voting           Securities (as defined
herein) or direct or indirect rights to acquire any           additional Voting
Securities of the Company or any subsidiary or affiliate           thereof, or of any
successor to or person in control of the Company, or any           assets of the Company
or any subsidiary, division or affiliate thereof or of any           such successor or
controlling person; provided, however, that the foregoing           shall not prohibit
the Shareholder from acquiring additional Voting Securities           of the Company as a
result of a pro rata dividend paid by the Company with           respect to the Shares;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (b)        make,
or in any way participate in, directly or indirectly, any           solicitation of
proxies to vote (as such terms are used           in the rules of the SEC),
or otherwise seek to advise or influence any person or           entity with respect to
the voting of any Voting Securities of the Company;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)        (i)
take any action to solicit, initiate or encourage any inquiries or the           making
or implementation of any proposal or offer with respect to a merger,
          acquisition, consolidation or similar transaction involving, or any purchase of
          all or any significant portion of the assets or any equity securities of, the
          Company or any subsidiary or affiliate thereof (a Company Acquisition
          Proposal), other than the transactions contemplated by this Agreement,
          (ii) agree to endorse any Company Acquisition Proposal, or (iii) engage in
          negotiations with, or disclose any nonpublic information relating to the
Company           or any subsidiary or affiliate thereof or afford access to the
properties, books           or records of the Company or any subsidiary or affiliate
thereof to, any person           that the Shareholder believes may be considering making,
or has made, a Company           Acquisition Proposal;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)        form,
join or in any way participate in a group as defined in           Section
13(d)(3) of the Securities Exchange Act of 1934, as amended, in           connection with
any of the foregoing;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)        otherwise
act, alone or in concert with others, to seek to control or influence           the
management, Board of Directors or policies of the Company;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)        disclose
any intention, plan or arrangement inconsistent with the foregoing;
| | ---------------------------------------------------------------------------------------

| | (g)        advise,
assist or encourage any other persons in connection with any of the           foregoing;
| | -----------------------------------------------------------------------------------------------------------

| | (h)        take
any action which might require the Company to make a public announcement
          regarding the possibility of an extraordinary transaction involving the Company
          or any of its securities or assets;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i)        file
any application with any regulatory authority seeking approval or authority           in
connection with any action described above; or
| | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | (j)        request
the Company, its Board of Directors or any of their Representatives,           directly
or indirectly, to amend or waive any provision of this Section 6.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Notwithstanding
the foregoing, nothing in this Section 6 shall prohibit the Representative of the
Shareholder who is elected as a director of the Company pursuant to Section 7 hereof
from fulfilling his fiduciary obligations as a member of the Companys Board of
Directors.

As
used in this Agreement, the term Representative means, as it relates to any
person, such persons affiliates (as defined in Rule 405 under the Securities Act and
its and their directors, officers, employees, agents, advisors (including, without
limitation, financial advisors, counsel and accountants), controlling persons, lenders and
investors. As used in this Agreement, the term Voting Securities means, as it
relates to any person, any securities of the person entitled to vote generally for the
election of directors or securities convertible into such securities.

| | 7. | BOARD
REPRESENTATION
| | -- | --------------------

For
so long as both of the Telehandler Agreements are in effect and the Shareholder owns all
of the Shares purchased hereunder, the Company agrees to use reasonable efforts to cause
Marcel Claude Braud to be nominated as a candidate for and to cause him to be elected by
the Companys shareholders as a director of the Company. The Companys
obligations relative to the election of Mr. Braud as a director shall become effective in
connection with the Companys 2005 Annual Meeting of Shareholders.

| | 8. | LEGENDS
AND STOP TRANSFER ORDERS
| | -- | --------------------------------

The
Shareholder understands that stop transfer instructions will be given to the
Companys transfer agent with respect to the Shares and that there will be placed on
all certificates issued to the Shareholder representing the Shares, or any substitutions
or replacements therefor, a legend stating substantially as follows:

| |  | The
securities represented by this certificate are subject to the provisions of a Shareholder
Agreement, dated as of July 22, 2004, between Gehl Company and Manitou BF S.A., and
may not be sold, transferred, assigned or otherwise disposed of except in accordance
therewith. A copy of said Shareholder Agreement is on file at the office of the Secretary
of Gehl Company.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9. | TERM
| | -- | ----

This
Agreement shall remain in effect for so long as the Shareholder shall retain any interest
in all or any portion of the Shares and for the period contemplated by Section 6 hereof.

| | 10. | MISCELLANEOUS
| | --- | -------------

| | 10.1 | Assignment;
Parties in Interest.
| | ---- | --------------------------------

| | (a)        Assignment.
The rights and obligations of the parties hereunder may not be assigned, transferred or
encumbered without the prior written consent of each other party.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (b)        Parties
in Interest. This Agreement shall be binding upon, inure to the benefit of, and be
enforceable by the respective successors and permitted assigns of the parties hereto.
Nothing contained herein shall be deemed to confer upon any other person any right or
remedy under or by reason of this Agreement.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10.2 | Governing
Law.
| | ---- | --------------

This
Agreement shall be governed and construed in accordance with the internal laws of the
State of Wisconsin, excluding any choice of law rules that may direct the application of
the laws of another jurisdiction.

| | 10.3 | Amendment
and Modification.
| | ---- | ---------------------------

This
Agreement may only be amended or modified in a writing signed by the parties hereto.

| | 10.4 | Entire
Agreement.
| | ---- | -----------------

This instrument
embodies the entire agreement between the parties hereto with respect to the subject
matter hereof, and there have been and are no agreements, representations or warranties
between the parties other than those set forth or provided for herein.

| | 10.5 | Counterparts.
| | ---- | -------------

This
Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

| | 10.6 | Headings.
| | ---- | ---------

The
headings in this Agreement are inserted for convenience only and shall not constitute a
part hereof.

| | 10.7 | Severability.
| | ---- | -------------

In
the event any court of competent jurisdiction shall deem any provision of this Agreement
to be invalid or unenforceable, then the remaining provisions of this Agreement shall
remain in full force and effect notwithstanding the invalidity or unenforceability of the
offending provision.

| | 10.8 | Specific
Performance.
| | ---- | ---------------------

The
Shareholder agrees that any violation or breach of the provisions contained in this
Agreement will result in irreparable injury to the Company for which a remedy at law would
be inadequate and that, in addition to any relief at law that may be available to the
Company for such violation or breach and regardless of any other provision contained in
this Agreement, the Company shall be entitled to such injunctive and other equitable
relief as a court may grant.

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| | 10.9 | Notices.
| | ---- | --------

All
notices, requests, demands and other communications hereunder shall be given in writing
and shall be: (a) personally delivered; (b) sent by facsimile transmission or other
electronic means of transmitting written documents; or (c) sent to the parties at
their respective addresses indicated herein by registered or certified U.S. mail, return
receipt requested and postage prepaid, or by private overnight mail courier service.

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If
personally delivered, such communication shall be deemed delivered upon actual receipt; if
electronically transmitted, such communication shall be deemed delivered the next business
day after transmission; if sent by overnight courier, such communication shall be deemed
delivered upon receipt; and if sent by U.S. mail, such communication shall be deemed
delivered as of the date of delivery indicated on the receipt issued by the relevant
postal service, or, if the addressee fails or refuses to accept delivery, as of the date
of such failure or refusal. Either party to this Agreement may change its address for the
purposes of this Agreement by giving written notice thereof to the other party.

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| | 10.10 | Mediation
Disputes.
| | ----- | -------------------

In
the event that either party hereto perceives there to be any dispute among the parties
arising out of or in connection with the negotiation, interpretation, performance or
non-performance of this Agreement or any of its terms, the party perceiving the dispute
shall first give written notice thereof (in reasonable detail) to the other pursuant to
Section 10.9 above, and to any extent that such dispute is not resolved within
thirty (30) days after the giving of such notice, during which period the parties
agree to negotiate in good faith in an effort to resolve such dispute, the dispute shall
be submitted to mediation before either party resorts to litigation of any kind. Mediation
is a voluntary dispute resolution process in which the parties to the dispute meet with an
impartial person, called a mediator, who would help to resolve the dispute informally and
confidentially. Mediators facilitate the resolution of disputes but cannot impose binding
decisions, as the parties to the dispute must agree before any settlement between them is
binding. If the need for mediation arises, the parties to the dispute shall choose a
mutually acceptable mediator and shall share the costs of the mediation services equally.
The mediator shall be a lawyer familiar with business transactions of the type
contemplated in this Agreement who shall not have been previously employed by or
affiliated with any of the parties hereto. The mediation shall occur at or reasonably
adjacent to the offices (in the U.S.) of one of the parties, and the party hosting (or
having offices most adjacent to the site of) the mediation shall bear one-half (1/2) of
the reasonable travel expenses of not more than three representatives/counsel of the other
party. If the parties cannot agree as to which of them shall host the mediation, the right
to host the mediation shall be determined by the last digit of the closing value of the
Dow Jones Industrial Average (as reflected in The Wall Street Journal) on its second
trading day following the day on which the notice of dispute is deemed given under Section
10.9 above; if such last digit is even, Shareholder shall have the right to host, and if
such digit is odd, Company shall have such right. The parties agree to participate in the
mediation process for at least sixty (60) days following the engagement of a mediator.
Notwithstanding the foregoing, the parties shall not be bound by this Section 10.10 in the
event the dispute relates to a violation of Section 6 hereof.

| | 10.11 | Consent
to Jurisdiction.
| | ----- | ------------------------

All
disputes arising under or in connection with this Agreement shall be heard exclusively in,
and each party consents to the exclusive jurisdiction and proper venue of, the United
States District Court for the Eastern District of Wisconsin, U.S.A. Each party consents to
personal and subject matter jurisdiction and venue in such court and waives and
relinquishes all right to attack the suitability or convenience of such venue or forum by
reason of their present or future domiciles, or by any other reason. Each party agrees
that all directions issued by the forum court, including all injunctions and other
decrees, will be binding and enforceable in all jurisdictions and countries.

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

| | GEHL COMPANY
| | ------------
| | By:         
| |             

| | MANITOU BF S.A.
| | ---------------
| | By:            
| |                

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