LINDSAY CORPORATION
MANAGEMENT INCENTIVE PLAN (MIP)
2011 Plan Year
 CEO Signature / Date




---



##### 



Table of Contents
 1. Purpose
    
    
    22. Definitions
    
    
    23. Effective Date
    
    
    24. Eligibility for Participation
    
    
    25. Enrollment in the Plan
    
    
    36. Determination of Target Payout Levels
    
    
    3&47. Basis of Awards
    
    
    4&58. Changes in Employment Status
    
    
    69. Administration
    
    
    610. Attachments
    
    
    7




---



##### 



1.
    
    Purpose
  
    
    Encourage performance consistent with the Companys business strategy.
 
    
    Focus on near-term performance results as well as progress toward the achievement of
long-term objectives.
 
    
    Strengthen the link between performance and pay by delivering awards based on
measurable corporate and individual goals.
 2.
    
    Definitions
  A.
    
    Company shall mean Lindsay Corporation.
 B.
    
    Compensation Committee shall mean the Compensation Committee of the Companys
Board of Directors.
 C.
    
    Financial Performance Component shall mean the portion of a Participants
Plan award that is based on the Companys and specific Market financial performance as
defined in Section 7B.
 D.
    
    Individual Performance Component shall mean the portion of a Participants
Plan award that is based on a Participants performance relative to individual
objectives established in accordance with Section 7C.
 E.
    
    Named Executive Officers shall mean the executives of the Company listed in
the Executive Compensation section of the Companys Proxy Statement, other executive
officers of the Company for SEC reporting purposes and any other elected officers.
 F.
    
    Participant shall mean a key employee eligible for awards under the terms
outlined in Section 4 of this Plan.
 G.
    
    Plan shall mean Lindsay Corporation Management Incentive Plan.
 3.
    
    Effective Date
  4.
    
    Eligibility for Participation
 A.
    
    Participation in the Plan is limited to individuals in positions which have
significant responsibility for and impact on the Companys corporate performance.
 B.
    
    Only the Chief Executive Officer and those employees in grades H through I are
eligible to be considered for participation in the Plan.
 C.
    
    Participation in the Plan does not guarantee or entitle any employee to
participate in any bonus plan enacted in the future. Participation in the Plan at any
target bonus level does not guarantee or entitle any employee to be eligible to
participate at any similar target bonus level in any bonus plan which may be enacted in
the future.
  - 2 -




---



##### 



5.
    
    Enrollment in the Plan
 A.
    
    Initial Enrollment
  i.
    
    Plan Participants will participate in the Plan at the standard
target percent per grade level as listed in Section 6.
 ii.
    
    The Companys Chief Executive Officer will review the participant
list and projected bonus costs of enrolled employees with the Compensation
Committee. The Compensation Committee provides final approval on the aggregate
potential cost of the Plan.
 B.
    
    Mid-year Enrollment
  i.
    
    Prior to the commencement of the recruiting or promotion process,
the hiring manager consults with Human Resources to determine the positions
eligibility for participation in the Plan and the recommended target bonus
amount.
 ii.
    
    Offer letters indicating bonus Plan participation and target
bonus award opportunities to new hires and/or promoted employees must be
reviewed by the CEO or, in the case of a Named Executive Officer, by the
Compensation Committee. Target bonus recommendations must be approved before
communication to a prospective Participant. Generally, employees hired or
promoted during the fourth quarter 2011 are not eligible to participate in the
2011 Plan.
 6.
    
    Determination of Target Payout Levels
 A.
    
    Incentive awards will be calculated as a percentage of the Participants annual
base salary received during the Plan year, provided that annual base salary increases
which are made during the first quarter of the Plan year will be treated for purposes
of calculating a Participants bonus as if they had been made at the beginning of the
Plan year. While award amounts will vary based on the range of award opportunity and
an assessment of individual performance results, the target award opportunities for
each grade level are shown below:
 Grade
    
    Target % of SalaryCEO
    
    
    60
    %I
    
    
    45
    %H
    
    
    35
    %
  - 3 -




---



##### 



i.
    
    Actual participation is subject to approval by the CEO and by the
Compensation Committee. Actual participation is based on an assessment of the
individuals position impact on the organization.
 ii.
    
    Standard target percents per grade level should be followed for
all Plan Participants.
 B.
    
    If a Participants Plan target award opportunity (Target % of Salary as set
forth above) changes due to promotion into a grade level with a higher target bonus,
the Participants bonus will be calculated based on his or her annual salary during the
Plan year and a pro-rated bonus award. The pro-rated bonus award will reflect the
portion of the Plan year spent in each grade level (e.g., seven months at 35% and five
months at 45%). In evaluating the performance of Participants who change positions
during the Plan year, consideration will be given to the length of time and results in
each position. Actual award decisions will be made by the CEO or, in the case of a
Named Executive Officer, by the Compensation Committee. Generally, fourth quarter
promotions will not result in an increase in a Participants target award opportunity.
 C.
    
    Examples of various award calculations are included with this Plan document as
Attachment A.
 D.
    
    The CEO will review and approve award recommendations for all employees other
than Named Executive Officers prior to payout. Final approval authority for all
payments (except for award payments to the Named Executive Officers) rests with the
CEO. Individual award payments for all Participants (except the Named Executive
Officers) may be adjusted at any time and for any reason at the discretion of the CEO.
 E.
    
    The Compensation Committee will determine the award payments to the Named
Executive Officers.
 F.
    
    Award payments will be calculated on an annual basis and paid in accordance
with the Companys normal payroll cycle. Payments will be made during the first
quarter following the Plan year. The payment date may be changed at any time and for
any reason at the discretion of the CEO, or in the case of a Named Executive Officer,
with approval of the Compensation Committee, but may not be later than March 15
following the end of the Plan year for which the award is paid.
 7.
    
    Basis of Awards
 A.
    
    Measurable performance objectives for each Plan Participant will be established
at the beginning of the Plan year (or at mid-year for mid-year hires or newly eligible
employees). In 2011, consideration will be given to:
 i.
    
    Financial Performance Component: Company and Market financial
performance vs. Plan performance objectives in accordance with Section 7B.
 ii.
    
    Individual Performance Component: Participants performance
relative to individual goals established in accordance with Section 7C.
 iii.
    
    Individual and Financial Performance Components will be added to
reach a Participants total bonus. The relative weighting will vary by grade in
accordance with the following schedule:
 Financial
    
    
    IndividualGrade
    
    Performance
    
    
    PerformanceCEO
    
    
    80
    %
    
    
    20
    %I
    
    
    80
    %
    
    
    20
    %H
    
    
    80
    %
    
    
    20
    %
  - 4 -




---



##### 



B.
    
    At the beginning of the Plan year, the objectives for the Financial Performance
Component are identified and approved by the Compensation Committee.
 i.
    
    Recommended award amounts may range from 0  200% of the
Financial Performance Component of the Participants target award, based on
performance.
 ii.
    
    Percentages between the threshold, intermediate, target, and
maximum award will be interpolated.
 iii.
    
    In the event of an acquisition, revenue, operating income,
expenses, fees, assets, liabilities and acquisition fees resulting from the
acquisition will be excluded from award payout calculations, unless the
Compensation Committee approves a modification to include any such items.
 C.
    
    The Individual Performance Component will be based on written objectives set
annually for Participants by their supervisors and approved by the CEO or, in the case
of a Named Executive Officer, by the Compensation Committee. Objectives will be based
on the Participants position and may be financial, operational or strategic.
 i.
    
    Objectives under the Individual Performance Component may be
linked to team-based goals, if appropriate
 ii.
    
    Examples of appropriate objectives under the Individual Performance Component include:
 
    
    Safety
 
    
    Customer Service
 
    
    Market Share
 
    
    On-time Delivery
 
    
    Cost Reduction
 
    
    Product Development
 iii.
    
    Recommended award amounts may range from 0%  200% of the target
amount under the Individual Performance Component. Recommended award amounts
will be based on an assessment of the individuals performance relative to
objectives established under the Individual Performance Component, in accordance
with the following guidelines:
 PayoutIndividual
    
    (as % of Target IndividualPerformance
    
    Performance Component)Does not meet objectives
    
    
    0
    %Meets some objectives
    
    
    50
    %Meets most objectives
    
    
    75
    %Meets all objectives
    
    
    100
    %Exceeds objectives
    
    
    150
    %Significantly exceeds objectives
    
    
    200
    %
 iv.
    
    The Payout (as % of Target Individual Performance Component)
represents the payout relative to target award for the Individual Performance
Component of the Plan.
  - 5 -




---



##### 



8.
    
    Changes in Employment Status
 A.
    
    Under most circumstances, Participants who cease to be employees of the Company
during the Plan year or after the Plan year but prior to the date of actual payment
will receive no award. Only active employees on the date that the bonus is paid will
be eligible to receive an award. Any exceptions will require the approval of the CEO,
or in the case of a Named Executive Officer, the Compensation Committee.
 B.
    
    In the event that a Participant transfers out of an eligible position into an
ineligible position within the Company, the employee may be eligible for a prorated
bonus award based upon the approval of the CEO, or in the case of a Named Executive
Officer, the Compensation Committee.
 C.
    
    In all cases awards will be calculated and paid according to the provisions in
Sections 6 and 7 of this Plan document.
 9.
    
    Administration
 A.
    
    General authority for Plan administration and responsibility for ongoing Plan
administration will rest with the Compensation Committee of the Companys Board of
Directors. The Compensation Committee has sole authority for decisions regarding
interpretation of the terms of this Plan.
 B.
    
    This plan is being adopted pursuant to and shall be subject to the terms of the
Management Incentive Umbrella Plan as approved by stockholders on January 26, 2009.
 C.
    
    The Company reserves the right to amend or change the Plan in whole or in part
at any time during the Plan year. Amendments to the Plan require the approval of the
Compensation Committee.
 D.
    
    Participation in the Plan does not constitute a contract of employment nor a
contractual agreement of payment. It shall not affect the right of the Company to
discharge, transfer, or change the position of a Participant. The Plan shall not be
construed to limit or prevent the Company from adopting or changing, from time to time,
any rules, standards or procedures affecting the Participants employment with the
Company or any Company affiliate, including those which affect bonus payouts.
 E.
    
    If any provision of this Plan is found to be illegal, invalid or unenforceable
under present or future laws, that provision shall be severed from the Plan. If such a
provision is severed, this Plan shall be construed and enforced as if the severed
provision had never been part of it and the remaining provisions of this Plan shall
remain in full force and effect and shall not be affected by the severed provisions or
by its severance from this Plan. In place of any severed provision there shall be
added automatically as part of this Plan a provision as similar in terms to the severed
provision as may be possible and be legal, valid and enforceable.
 F.
    
    This is not an ERISA plan. This is a bonus program.
  - 6 -




---



##### 



ATTACHMENT A
Award Calculation Guidelines
  Full Year Participation
 Individual Score:
    
    
    100Financial Performance Score:
    
    
    100.00
    %Individual Score
    
    
    100Total Incentive Plan %
    
    
    35.0
    %% Objectives to Total Incentive Plan Participation
    
    
    20
    %Base Salary
    
    $
    150,000Objective Performance Payout
    
    $
    10,500Financial Score
    
    
    100
    %Total Incentive Plan %
    
    
    35
    %% Financial to Total Incentive Plan Participation
    
    
    80
    %Base Salary
    
    $
    150,000Financial Performance Payout
    
    $
    42,000Incentive Amount
    
    $
    52,500Time Period (Months)
    
    
    12Proration Factor
    
    
    1Prorated Payout for Time Period
    
    $
    52,500
 Partial Year Participation
 Individual Score:
    
    
    100Financial Performance Score:
    
    
    100.00
    %Individual Score
    
    
    100Total Incentive Plan %
    
    
    35.0
    %% Objectives to Total Incentive Plan Participation
    
    
    20
    %Base Salary
    
    $
    150,000Objective Performance Payout
    
    $
    10,500Financial Score
    
    
    100
    %Total Incentive Plan %
    
    
    35
    %% Financial to Total Incentive Plan Participation
    
    
    80
    %Base Salary
    
    $
    150,000Financial Performance Payout
    
    $
    42,000Incentive Amount
    
    $
    52,500Time Period (Months)
    
    
    7Proration Factor
    
    
    0.583333Prorated Payout for Time Period
    
    $
    30,625
 Mid-Year Promotion
 Individual Score:
    
    
    100Financial Performance Score:
    
    
    100.00
    %Pre-Promotion CalculationIndividual Score
    
    
    100Total Incentive Plan %
    
    
    35.0
    %% Objectives to Total Incentive Plan Participation
    
    
    20
    %Base Salary
    
    $
    150,000Objective Performance Payout
    
    $
    10,500Financial Score
    
    
    100
    %Total Incentive Plan %
    
    
    35
    %% Financial to Total Incentive Plan Participation
    
    
    80
    %Base Salary
    
    $
    150,000Financial Performance Payout
    
    $
    42,000Incentive Amount
    
    $
    52,500Time Period (Months)
    
    
    6Proration Factor
    
    
    0.5Prorated Payout for Time Period
    
    $
    26,250Post Promotion CalculationIndividual Score
    
    
    100Total Incentive Plan %
    
    
    45.0
    %% Objectives to Total Incentive Plan Participation
    
    
    20
    %Base Salary
    
    $
    200,000Objective Performance Payout
    
    $
    18,000Financial Score
    
    
    100
    %Total Incentive Plan %
    
    
    45
    %% Financial to Total Incentive Plan Participation
    
    
    80
    %Base Salary
    
    $
    200,000Total Financial Performance Payout
    
    $
    72,000Incentive Amount
    
    $
    90,000Time Period (Months)
    
    
    6Proration Factor
    
    
    0.5Prorated Payout for Time Period
    
    $
    45,000Total Prorated Incentive Amount
    
    $
    71,250
  - 7 -




---



##### 



- 8 -