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LINDSAY CORPORATION
MANAGEMENT INCENTIVE PLAN (MIP)
2008
Plan Year
 Table of Contents
 1.
    
    Purpose
    
    
    12.
    
    Definitions
    
    
    13.
    
    Effective Date
    
    
    24.
    
    Eligibility for Partcipation
    
    
    25.
    
    Enrollment in the Plan
    
    
    2&36.
    
    Determination of Target Payout Levels
    
    
    3&47.
    
    Basis of Awards
    
    
    4,5,&68.
    
    Changes in Employment Status
    
    
    6&79.
    
    Administration
    
    
    710.
    
    Attachments
    
    
    8
 November, 2007
 1. Purpose
   2. Definitions
  A.
    
    Company shall mean Lindsay CorporationB.
    
    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 individuals who report directly to the
Chief Exectuive Officer (other than his personal




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assistant).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 G(50) through I(60) 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.
 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




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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 2008 are not eligible to participate in the
2008 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)
    
    
    60
    %I(55)
    
    
    45
    %H(50)
    
    
    35
    %
 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




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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 2008, 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(60)
    
    80%
    
    20%I(55)
    
    80%
    
    20%H(50)
    
    80%
    
    20%
 
 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 and operating income
resulting from the acquisition will be excluded from award payout
calculations, unless




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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 appropriateii.
    
    Examples of appropriate objectives under the Individual Performance Component include:
 
 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.
 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.




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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.
    
    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.
 C.
    
    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.
 D.
    
    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.
 E.
    
    This is not an ERISA plan. This is a bonus program.




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ATTACHMENT
A Award Calculation Guidelines
  Full Year Participation
 Individual Score:
    
    
    100Financial Performance Score:
    
    
    100.00
    %Individual Score
    
    
    100Total Incentive Plan %
    
    
    35.0
    %%Objectives toTotal 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




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