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                                                                   EXHIBIT 10.13

                             THE RAYMOND CORPORATION

                         1970 DEFERRED COMPENSATION PLAN

                        Restated as of September 1, 1994

                        As Amended through March 24, 1997

                                 1.0 BACKGROUND

1.1      Introduction

         The Raymond Corporation 1970 Deferred Compensation Plan ("Plan")
         provides the opportunity for Outside Directors ("Director") to defer
         all or part of their fees and key employees to defer part of their
         salary and/or bonus ("Compensation") payable by The Raymond Corporation
         or its subsidiaries ("Company") to future years as part of their
         financial planning.

                             2.0 EXPLANATION OF PLAN

2.1      Effective Date

         The Plan originally was effective November 1, 1970, and has been
         subsequently amended several times. This Restated Plan will be
         effective as of September 1, 1994.

2.2      Eligibility

         The Plan is available (a) to Directors of the Company and (b) to
         officers and employees of the Company who are designated as eligible by
         the Deferred Compensation Committee described in Section 3.4
         ("Committee"). Employees who are also members of the Board of Directors
         of the Company ("Board") shall for the purposes of this Plan not be
         included in the term "Director" when used separately.

2.3      Interest in the Plan; Deferred Compensation Account

         For each eligible person who elects to defer Compensation earned during
         a year ("Participant"), separate Deferred Compensation Accounts shall
         be established for that year for each type of Compensation deferred. A
         Participant's interest in the Plan shall be the Participant's right to
         receive payments under the terms of the Plan. A Participant's payments
         from the Plan shall be based upon the value attributable to the
         Participant's Deferred Compensation Accounts, which on a particular
         date is equal to the amount credited to that Account.

2.4      Amount of Deferral

         (a)    An employee may elect to defer receipt of up to one half of his
                or her Compensation in increments of $1,000. A Director may
                elect to defer any amount or kind of Directors' fees, however
                described, without limitation.


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         (b)    Notwithstanding Section 2.4(a), Compensation shall not be
                deferred to the extent that a Participant's salary currently
                payable would be less than the Social Security wage base in
                effect for that year.

2.5      Time of Election of Deferral

         (a)    An election to defer Compensation must be made before the
                Compensation is earned. In the case of salary, bonus and
                Directors' fees, the election to defer must be made prior to the
                year in which the salary, bonus or Directors' fees will be
                earned.

        (b)     Once made, an election to defer for a particular year is
                irrevocable.

2.6      Accounts and Investments

         (a)    The right of any Participant to receive future payments under
                the provisions of the Plan shall be a contractual obligation of
                the Company but shall be subject to the claims of the creditors
                of the Company against the general assets of the Company.

         (b)    The amount of Compensation deferred will be credited to the
                Participant's Deferred Compensation Account as soon as practical
                after the Compensation would have been paid had there been no
                election to defer. At the end of each quarter the cash portion
                of the Account shall be credited with assumed interest earnings
                at the monthly average bank "prime rate" as reported in The Wall
                Street Journal for each month in the quarter, compounded
                quarterly ("Interest Fund").

2.7      Reinvestment of Income

         Income that is deemed to be earned in the Interest Fund and any cash
         dividends on deferred stock shall be deemed reinvested in the Interest
         Fund.

2.8      Payment of Deferred Compensation

         (a)    No withdrawal may be made from the Participant's Deferred
                Compensation Accounts except as provided in this Section.

         (b)    At the time the election to defer is made, the Participant shall
                choose the date on which payment of the resulting value in the
                Deferred Compensation Account is to commence, which date shall
                be either April 1 or October 1 of the year specified by the
                Participant ("Payment Commencement Date"). In the case of
                Director Participants, the Payment Commencement Date shall be no
                later than the first day of the month following the
                Participant's retirement from the Board. In the case of key
                employee Participants, the Payment Commencement Date shall be no
                later than October 1 of the year following the year during which
                the key employee becomes 65 years of age.

         (c)    At the time the election to defer is made, the Participant may
                choose to receive payments either (i) in a lump sum, or (ii) in
                up to ten annual installments (which may be payable monthly).
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                The method of paying a Deferred Compensation Account of a
                Participant shall be called the "Method of Payment." The amount
                of any payment under the Plan shall be the value attributable to
                the Deferred Compensation Account on the last day of the month
                preceding the month of the payment date, divided by the number
                of payments remaining to be made including the payment for which
                the amount is being determined.

        (d)     In the event of a Participant's death or total disability before
                the Participant has received all of the Participant's Deferred
                Compensation Accounts, the value of or shares held in the
                Accounts (excluding the amount being paid in installments
                described in the following sentence) shall be paid either (i) in
                a lump sum, or (ii) in two to ten annual installments commencing
                on the first day of April of the year following the
                Participant's death or total disability, as Participant at the
                time of deferral may elect. If Participant is receiving
                installment payments from a Deferred Compensation Account at the
                time of death or total disability, the balance in that Account
                shall be paid to Participant's designated beneficiary or to
                Participant over the installments remaining to be paid.

         (e)    A Participant may not change the Payment Commencement Date or
                Method of Payment for a Deferred Compensation Account after an
                election has been made. This shall not prevent the Participant
                from choosing a different Payment Commencement Date and/or
                Method of Payment for amounts to be deferred in subsequent
                years.

        (f)     Notwithstanding any Payment Commencement Date or Method of
                Payment selected by a Participant, if the Participant's
                employment with the Company terminates other than by reason of
                (i) retirement pursuant to a retirement plan of the Company
                including retirement from the Board pursuant to Company policy,
                (ii) the Participant's death, or (iii) the Participant's total
                disability, then payment will be made to the Participant in a
                lump sum or in the number of annual installments previously
                selected by the Participant, as the Committee in its discretion
                shall decide. In either case, the Payment Commencement Date
                shall be the first day of April or October of the year of
                termination or of the year following the year of termination,
                whichever is selected by the Committee.

        (g)     If, in the discretion of the Committee, the Participant has a
                need for funds due to an unforeseeable emergency which is caused
                by an event beyond the Participant's control and that would
                result in a financial hardship if the Participant were not
                permitted to withdraw, a payment may be made to the Participant
                from his or her Deferred Compensation Accounts at a date earlier
                than the Payment Commencement Date. A payment based upon
                financial hardship cannot exceed the amount required to meet the
                immediate financial need created by the hardship. The
                Participant requesting a hardship payment must supply the
                Committee with a statement indicating the nature of the need
                that created a financial hardship, the fact that all other
                reasonably available resources are insufficient to meet the
                need, and any other information which the Committee decides is
                necessary to evaluate whether a financial hardship exists.


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         (h)    Payments from the Plan shall be in cash except that shares
                deferred by Director Participants shall be distributed and not
                converted to cash.

         (i)    All payments made by the Company shall be subject to all taxes
                required to be withheld under applicable laws and regulations of
                any governmental authorities.

2.9      Manner of Electing Deferral and Payment Options

         (a)    In order to make any elections or choices permitted hereunder,
                the Participant must give written notice to the Committee. A
                notice electing to defer Compensation shall specify:

                (i)      the percentage or amount and type of Compensation to be
                         deferred;

                (ii)     the Method of Payment and the Method of Payment to the
                         Participant or the Participant's designated beneficiary
                         in the event of the Participant's total disability or
                         death; and

                (iii)    the Payment Commencement Date.

         (b)    Unless a longer period has been specified by a Participant, an
                election by a Participant to defer Compensation (including the
                selection of a Payment Commencement Date and Method of Payment)
                shall apply only to Compensation deferred in the calendar year
                for which the election is effective.

         (c)    Prior to the commencement of each calendar year, the Company
                will provide election forms to permit Participants to defer
                Compensation to be earned during that or other ensuing calendar
                years.

2.10     Change in Control

         Notwithstanding anything to the contrary in the Plan, no later than 30
         days after a Change in Control (as hereinafter defined), Raymond shall
         contribute assets in an amount equal to all amounts deferred under the
         Plan to a grantor trust of which Raymond shall be the grantor, and the
         Board shall not amend, suspend or discontinue any Deferred Compensation
         Account under the Plan without the express written consent of the
         affected Participants. As used in this Plan, "Change of Control" shall
         mean a change of control of the Company of a nature that would be
         required to be reported in response to Item 6(e) of Schedule 14A of
         Regulation 14A promulgated under the Securities Exchange Act of 1934 as
         in effect on the date of this Agreement or, if Item 6(e) is no longer
         in effect, any regulations issued by the Securities and Exchange
         Commission pursuant to the Securities Exchange Act of 1934 which serves
         similar purposes; provided that, without limitation, such a Change of
         Control shall be deemed to have occurred if and when:


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         (a)    any "person" (as such term is used in Sections 13(d) and
                14(d)(2) of the Securities Exchange Act of 1934) is or becomes a
                beneficial owner, directly or indirectly, of securities of the
                Company representing 25% or more of the combined voting power of
                the Company's then outstanding securities; or

         (b)    individuals who on March 24, 1997 constituted the Board
                (together with any new directors whose election by such Board,
                or whose nomination for election by the shareholders of the
                Company, was approved by a vote of a majority of the directors
                of the Company then still in office who were either directors on
                March 24, 1997 or whose election or nomination for election was
                previously so approved) cease for any reason to constitute a
                majority of the Board then in office; or

         (c)    the stockholders of the Company approve any transaction or
                series of transactions under which the Company is merged or
                consolidated with any other company, other than a merger or
                consolidation which would result in the voting securities of the
                Company outstanding immediately prior thereto continuing to
                represent (either by remaining outstanding or by being converted
                into voting securities of the surviving entity) more than 75% of
                the combined voting power of the voting securities of the
                Company or such surviving entity outstanding immediately after
                such merger or consolidation; or

         (d)    the stockholders of the Company approve a plan of complete
                liquidation of the Company or an agreement for the sale or
                disposition by the Company of all or substantially all of the
                Company's assets.

         Notwithstanding anything to the contrary in the Plan, with respect to
         any Participant who is a Director and who is not re-elected to the
         Board as the result of an actual or threatened proxy contest, Raymond
         shall contribute (no later than 30 days after the date on which such
         Participant is not re-elected to the Board) assets in an amount equal
         to all amounts deferred under the Plan by such Participant to a grantor
         trust of which Raymond shall be the grantor, and the Board shall not
         amend, suspend or discontinue the Plan in any manner that would affect
         such Participant without the express written consent of such
         Participant.

                         3.0 ADMINISTRATION OF THE PLAN

3.1      Statement of Account

         Statements setting forth the value of the Participant's Deferred
         Compensation Accounts will be sent to each Participant quarterly or
         more often as the Committee may elect.


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3.2      Assignability

         No right to receive payments hereunder may be transferred, assigned, or
         pledged by a Participant, except for transfers by will or by the laws
         of descent and distribution.

3.3      Business Days

         In the event any date specified herein falls on a Saturday, Sunday, or
         legal holiday, such date shall be deemed to refer to the next business
         day thereafter.

3.4      Administration

         This Plan shall be administered by the Administration Committee, which
         shall consist of four employees of the Company appointed by the Board.
         The Committee shall have the authority to adopt rules and regulations
         for carrying out the Plan, and interpret, construe and implement the
         provisions of the Plan. The decisions of the Committee shall be final
         and binding on the Participants.

3.5      Amendment

         This Plan may at any time and from time to time be amended or
         terminated by the Board. No amendment or termination shall, without the
         consent of a Participant, adversely affect such Participant's interest
         in the Plan.

3.6      Liability

         (a)    Except in the case of willful misconduct, no director or
                employee of the Company shall be personally liable for any act
                done or omitted to be done by such person with respect to this
                Plan.

         (b)    The Company shall indemnify, to the fullest extent permitted by
                law, members of the Committee and directors and employees of the
                Company, both past and present to whom are or were delegated
                duties, responsibilities and authority with respect to the Plan,
                against any and all claims, losses, liabilities, fines,
                penalties and expenses (including, but not limited to, all legal
                fees relating thereto), reasonably incurred by or imposed upon
                such persons, arising out of any act or omission in connection
                with the operation and administration of the Plan, other than
                willful misconduct.