Document:

JLG Industries, Inc.
 
Executive Deferred Compensation Plan  

     _________________ 

As Amended and
Restated Effective November 1, 2003 

(As Amended and
Restated Effective December 31, 2008) 

     

JLG Industries, Inc.
 
Executive Deferred Compensation Plan  

As Amended and
Restated Effective November 1, 2003 

(As Amended and
Restated Effective December 31, 2008) 

TABLE OF CONTENTS 

     

			Page
	
Section 1. 	Establishment and Purpose 	1  
	      1.1	Establishment	1 
	      1.2	Purpose	1 
	
Section 2. 	Participation by Eligible Executives 	1  
	
      2.1	Election of Benefits	1 
	      2.2	Advance Election	1 
	      2.3	Election Filing Deadline	1 
	      2.4	Irrevocable Election	2 
	      2.5	Form and Content of Election	2 
	      2.6	Form of Payment	2 
	
Section 3. 	Accounts 	2  
	
      3.1	Accounts	2 
	      3.2	Company Contributions	3 
	      3.3	Investment Return	3 
	      3.4	Treatment Under SERP	4 
	      3.5	Vesting of Accounts	4 
	
Section 4. 	Distributions of Amounts Credited Under Section 3.1 	5  
	
      4.1	Payment	5 
	      4.2	Death of Participant	5 
	      4.3	Hardship Distributions	6 
	      4.4	Effect of Distributions on Investment Return	6 
	
Section 5. 	Deferrals of Equity-Based Awards 	6  
	      5.1	Election to Defer	6 

i 

	 	 	 
	Section 6. 	Nature of Participant’s Interest in Plan 	7  
	
      6.1	No Right to Assets	7 
	      6.2	No Right to Transfer Interest	7 
	      6.3	No Employment Rights	7 
	      6.4	Withholding and Tax Liabilities	7 
	
Section 7. 	Administration, Interpretation, and Modification of Plan 	8  
	
      7.1	Plan Administrator	8 
	      7.2	Powers of Committee	8 
	      7.3	Finality of Committee Determinations	8 
	      7.4	Required Information	8 
	      7.5	Incapacity	8 
	      7.6	Amendment, Suspension, and Termination	9 
	      7.7	Power to Delegate Authority	9 
	      7.8	Headings	9 
	      7.9	Severability	9 
	      7.10	Governing Law	9 
	      7.11	Complete Statement of Plan	9 
	
Section 8. 	Definitions 	10  
	
      8.1	Gender and Number	10 
	      8.2	Definitions	10 
	
Section 9. 	Code Section 409A Grandfathering Provisions 	12  
	
      9.1	General Grandfathering Rule	12 
	      9.2	409A Grandfathered Account Balance	12 
	      9.3	Payment of 409A Grandfathered Account Balance	12 
	      9.4	409A Non-Grandfathered Account Balance	13 
	      9.5	Payment of 409A Non-Grandfathered Account upon Separation from Service	13 
	      9.6	Payment of 409A Non-Grandfathered Account upon Death	14 
	      9.7	Separation from Service	14 
	      9.8	Compliance with Internal Revenue Code Section 409A	15 
	
APPENDIX A 	16  
	
RATE OF RETURN INDICES 	16  
	
Appendix B  INTERNAL REVENUE CODE SECTION 409A TRANSITION RULE ELECTION 	17  

 

ii 

JLG INDUSTRIES, INC.
EXECUTIVE DEFERRED 
COMPENSATION PLAN 

As Amended and
Restated Effective November 1, 2003 

(As Amended Effective
December 31, 2008) 

     

Section 1.     Establishment
and Purpose. 

        1.1    Establishment.
Effective October 1, 1996, the Company established the Plan for the benefit of the
Participants. The Plan has been amended and restated effective November 1, 2003, and
effective December 31, 2008.  

        1.2    Purpose.
The Plan is an unfunded plan maintained primarily for the purpose of providing deferred
compensation to a select group of management and highly compensated employees. The Plan
permits Participants to elect to defer payment of part or all of their Compensation until
their termination of employment with the Company in accordance with the terms of the
Plan.  

Section 2.     Participation
by Eligible Executives. 

        2.1    Election
of Benefits. An Eligible Executive may become a Participant in the Plan by electing
to defer, until his termination of employment with the Company, receipt of part or all of
the Compensation to be paid to him by the Company.  

        2.2    Advance
Election. An election to defer the receipt of Compensation hereunder shall apply only
to Compensation earned after the date the Participant’s election is filed with the
Administrative Committee.  

        2.3    Election
Filing Deadline. Except as provided in the following two sentences, an election to
defer Compensation, other than Bonus Compensation, earned in a calendar year shall be
filed with the Administrative Committee before the calendar year begins, and an election
to defer Bonus Compensation earned in a Fiscal Year shall be filed with the
Administrative Committee on or before March 31 of the Fiscal Year with respect to which
the Bonus Compensation is earned. An Eligible Executive may file the requisite election
to defer Compensation earned thereafter before the expiration of 30 days from the initial
effective date of the Plan. An Eligible Executive who is newly hired or otherwise newly
eligible may file the requisite election to defer Compensation earned thereafter before
the expiration of 30 days from either (a) his initial date of employment, if the Eligible
Executive is a new hire, or (b) his initial date of eligibility, if the Eligible
Executive is newly eligible to participate in the Plan.  

	JLG Industries, Inc. 	Page 2  
	Executive Deferred Compensation Plan 
	

        2.4    Irrevocable
Election. Once filed, an election to defer Compensation shall be irrevocable and
shall remain in effect until the end of the calendar year or Fiscal Year to which it
pertains. Such election shall automatically apply to each subsequent calendar year or
Fiscal Year unless the Participant, before the beginning of the calendar year or on or
before March 31 of the Fiscal Year, revokes his prior election. In that event, he may
file a new election with the Administrative Committee before the beginning of the
calendar year or on or before March 31 of the Fiscal Year in accordance with Sections 2.3
and 2.5 hereof. An Eligible Executive who does not elect to defer Compensation in one
calendar year or Fiscal Year may elect to defer Compensation in any subsequent calendar
year or Fiscal Year, provided he remains an Eligible Executive, by electing to defer
Compensation in accordance with this Section 2.  

        2.5    Form
and Content of Election. An election to defer Compensation hereunder shall be in
writing, in a form acceptable to the Administrative Committee, and shall specify the
portion of the Participant’s Compensation to be deferred.  

        2.6    Form
of Payment. A Participant electing to defer Compensation hereunder also shall elect
as to whether such deferred Compensation shall be paid (a) in a single lump sum, or (b)
in annual installments over a period elected by the Participant, not to exceed fifteen
years. An election of form of payment hereunder shall be in writing in a form acceptable
to the Administrative Committee, and shall be effective as of the date the form is filed
with the Administrative Committee. The election on file with the Administrative Committee
on the date of the Participant’s termination of employment with the Company shall
govern the payment of all amounts deferred hereunder provided that the election has been
in effect for more than one year (365 days). If the election has not been in effect for
more than one year (365 days), the entire amount deferred hereunder shall be paid in a
single lump sum. The provisions of this Section are further restricted by Section 9.  

Section 3.     Accounts. 

        3.1    Accounts.
The Company shall maintain for bookkeeping purposes an Account in the name of each
Participant. Each Account shall have a Deferred Compensation Subaccount to which shall be
credited amounts deferred under Section 2 hereof, plus amounts as provided in Section 3.3
hereof. Each Account also shall have a Company Contribution Subaccount to which shall be
credited amounts as provided in Sections 3.2 and 3.3 hereof. Any references herein to
Compensation that is deferred pursuant to the Plan shall be deemed to include all amounts
credited to the Participant’s Deferred Compensation Subaccount and Company
Contribution Subaccount.  

	JLG Industries, Inc. 	Page 3  
	Executive Deferred Compensation Plan 
	

        3.2    Company
Contributions. As of the last day of each calendar year, the Administrative Committee
shall credit an additional amount to the Compensation that each Participant has deferred
hereunder equal to the amount, if any, that the Company would have contributed to the
Savings Plan on behalf of the Participant with respect to that year as a Matching
Contribution (as defined in Section 5.1 of the Savings Plan), if any, and a
Profit-Sharing Contribution (as defined in Section 5.2 of the Savings Plan), if any, had
the Limitations not applied to the Participant with respect to his participation in the
Savings Plan during that year; provided, however, that the Participant shall be credited
with the amount that the Company would have contributed to the Savings Plan on behalf of
the Participant with respect to the year as a Matching Contribution (as defined in
Section 5.1 of the Savings Plan) only to the extent that the amount the Participant
elected to defer for the year under Article 2 hereof is equivalent to the amount that the
Participant would have had to contribute to the Savings Plan (had he not been prevented
from doing so by the Limitations) to receive the related Matching Contribution under the
Savings Plan.  

        3.3    
Investment Return.  

            (a)       Rate
of Return Indices. The Administrative Committee shall select and           maintain
one or more rate of return indices as specified on Appendix A attached           hereto
as amended from time to time. To the extent Compensation deferred           hereunder is
allocated to one or more of the rate of return indices, the           Compensation shall
be credited with the applicable investment return (or loss)           that such
Compensation would have earned if it were invested in the specified           index.  

            (b)       Designation
of Investment Return.  

	 	        (i)                      Each
Participant shall specify in writing, at the time he completes his election
               to participate under Section 2 hereof, and in a form acceptable to the
               Administrative Committee, how any amounts to be deferred hereunder in the
future                shall be allocated among the rate of return indices specified on
Appendix A                attached hereto.  

	 	        (ii)                      The
Administrative Committee may, in its discretion and from time to time,
               permit a Participant to change any election previously made with respect
to the                allocation of amounts to be deferred hereunder in the future,
subject to such                conditions and such limitations as the Administrative
Committee may prescribe.                Any such change in election shall be in a form
acceptable to the Administrative                Committee.  

	 	        (iii)                      The
Administrative Committee may, in its discretion and from time to time,
               permit a Participant to elect to reallocate amounts from one rate of
return                index to another, subject to such conditions and such limitations
as the                Administrative Committee may prescribe; provided that a Participant
shall be                permitted, at least once per calendar month, to reallocate
amounts from one rate                of return index to another. Any such reallocation
election shall be in a form                acceptable to the Administrative Committee.  

	JLG Industries, Inc. 	Page 4  
	Executive Deferred Compensation Plan 
	

	 	        (iv)                      The
Administrative Committee may require that any election under this Section
               3.3 apply to the entire amount to which it pertains (e.g., 100% of
the                Participant’s future contributions) or to such percentage or
percentages of                that amount as the Administrative Committee may specify (e.g.,
increments                of 5%).  

	 	        (v)                      If
a Participant fails to specify a rate of return index with respect to
               Compensation deferred hereunder, the Participant shall be presumed to have
               specified that his entire Account be allocated to the index determined by
the                Administrative Committee to represent the lowest risk of principal
loss.  

            (c)       Crediting
Investment Returns. The balance credited to the           Participant’s Account
as of the last day of the prior month and allocated           to one or more rate of
return indices shall be credited with the applicable           investment return (or
loss) as of the last day of the month of crediting. All           references herein to
Compensation that is deferred pursuant to the Plan shall be           deemed to include
such deferred Compensation plus any investment return (or           loss) credited
pursuant to this Section 3.3.  

        3.4    Treatment
Under SERP. Amounts credited to a Participant’s Company Contribution Subaccount,
if any, pursuant to Section 3.2 hereof, and any investment return (or loss) credited to
such amounts pursuant to Section 3.3 hereof, shall be used to reduce monthly installments
under the SERP pursuant to Section 3.4(d) of the SERP. Amounts credited to a Participant’s
Deferred Compensation Subaccount pursuant to Section 2 hereof, and any investment return
(or loss) credited to such amounts pursuant to Section 3.3 hereof, shall not be taken
into account under Section 3.4(d) of the SERP.  

        3.5    
Vesting of Accounts. 

            (a)                 Subject
to the limitations of Section 6 hereof, balances credited to           Participants’ Deferred
Compensation Subaccounts, and balances credited to           the Company Contribution
Subaccounts of Eligible Executives who became           Participants before August 1,
1997, shall be nonforfeitable.  

	JLG Industries, Inc. 	Page 5  
	Executive Deferred Compensation Plan 
	

            (b)                 Effective
for individuals who become Participants on or after August 1, 1997,           amounts
credited to such Participants’ Company Contribution Subaccounts           pursuant
to Section 3.2 hereof shall vest in accordance with the following           vesting
schedule based on the Participants’ Years of Service (as defined in
          Section 2.1 of the Savings Plan):  

	Full Years of Service	Percentage
	
1	    0%
	2	  25%
	3	  50%
	4	100%

            (c)                 A
Participant’s Account shall become fully vested if the Participant’s
          employment terminates as a result of his retirement pursuant to the Savings
          Plan. A Participant’s Account also shall become fully vested if, while the
          Participant is still employed by the Company, (i) the Participant dies, (ii)
the           Participant becomes totally and permanently disabled, or (iii) the
Participant           had an account balance in the Plan on December 6, 2006, the date
upon which a           change in control of the Company occurred. If a Participant’s
Account is           not fully vested when his employment terminates, the non-vested
portion of his           Account shall be forfeited.  

Section 4.     Distributions
of Amounts Credited Under Section 3.1. 

        4.1    Payment.
The amount credited to a Participant’s vested Account pursuant to Section 3.1 hereof
shall be paid, or payments shall commence, as soon as practicable following the
Participant’s termination of employment with the Company. All such payments shall be
made in cash. If the Participant elects to receive his deferred Compensation in annual
installments, the amount of the first installment shall be the value of the deferred
Compensation that is subject to such election on the date as of which the installment is
paid, multiplied by a fraction, the numerator of which is one and the denominator of
which is the total number of installments. The amount of each remaining installment shall
be the value of the unpaid deferred Compensation that is subject to such election on the
date as of which the installment is paid, multiplied by a fraction, the numerator of
which is one and the denominator of which is the remaining number of installments to be
paid. The provisions of this Section are further restricted by Section 9.  

        4.2    
Death of Participant. 

            (a)       Amount
of Death Benefit. Any amount credited to a Participant’s           vested
Account under Section 3.1 hereof that is unpaid at the time of the           Participant’s
death shall be paid in a single lump sum to the Beneficiary           designated by the
Participant.  

	JLG Industries, Inc. 	Page 6  
	Executive Deferred Compensation Plan 
	

            (b)       Payment
of Death Benefits. A distribution pursuant to this Section 4.2           shall be
made to the Participant’s Beneficiary within 90 days after the
          Administrative Committee receives written notification of the Participant’s
          death, together with any additional information or documentation that the
          Administrative Committee determines to be necessary or appropriate before it
          makes the distribution.  

        4.3    Hardship
Distributions. At any time, upon the written application of the Participant, the
Administrative Committee may (i) reduce or eliminate the Participant’s future
deferrals of Compensation hereunder, or (ii) accelerate and pay in a lump sum to the
Participant all or part of the balance of the Compensation credited to the Participant’s
vested Account under Section 3.1 hereof, or both, if the Administrative Committee finds,
in its sole discretion, that the Participant has incurred or will incur a severe
financial hardship. A severe financial hardship is an unforeseeable emergency resulting
from any of the following:  

            (a)                 An
illness or accident of the Participant, his spouse or dependent (as defined           in
Code Section 152);  

            (b)                 A
loss of the Participant’s property due to casualty (including the need to
          rebuild a home following damage to a home not otherwise covered by insurance,
          for example, as a result of a natural disaster; or  

            (c)                 Other
similar extraordinary and unforeseeable circumstances arising as a result           of
events beyond the control of the Participant, as determined by the
          Administrative Committee in accordance with Treasury Regulation 1.409A-3(i)(3).  

In such circumstances, the
Administrative Committee shall reduce or eliminate the future deferrals and/or accelerate
the payment only to the extent reasonably necessary to eliminate or to avoid the severe
financial hardship. 

        4.4    Effect
of Distributions on Investment Return. If any amount credited to a Participant’s
vested Account under Section 3.1 hereof is allocated to more than one rate of return
index, any distribution of part, but not all, of such vested Account shall be debited pro
rata from any return indices to which the Participant’s vested Account is allocated
at the time of the distribution.  

Section 5.     Deferrals of
Equity-Based Awards. 

        5.1    
     Election to Defer.   No deferrals of equity-based awards are permitted under
this Plan after December 31, 2008. 

	JLG Industries, Inc. 	Page 7  
	Executive Deferred Compensation Plan 
	

Section 6.     Nature of
Participant’s Interest in Plan. 

        6.1    No
Right to Assets. Participation in the Plan does not create, in favor of any
Participant or Beneficiary, any right or lien in or against any asset of the Company.
Nothing contained in the Plan, and no action taken under its provisions, will create or
be construed to create a trust of any kind, or a fiduciary relationship, between the
Company and a Participant or any other person. The Company’s promise to pay benefits
under the Plan will at all times remain unfunded as to each Participant and Beneficiary,
whose rights under the Plan are limited to those of a general and unsecured creditor of
the Company.  

        6.2    No
Right to Transfer Interest. Rights to benefits payable under the Plan are not subject
in any manner to anticipation, alienation, sale, transfer, assignment, pledge, or
encumbrance. However, the Administrative Committee may permit a Participant or
Beneficiary to enter into a revocable arrangement to pay all or part of his benefits
under the Plan to a revocable grantor trust (a so-called “living trust”). In
addition, the Administrative Committee may recognize the right of an alternate payee
named in a domestic relations order to receive all or part of a Participant’s
benefits under the Plan, but only if (a) the domestic relations order would be a “qualified
domestic relations order” within the meaning of section 414(p) of the Code (if
section 414(p) applied to the Plan), (b) the domestic relations order does not attempt to
give the alternate payee any right to any asset of the Company, (c) the domestic
relations order does not attempt to give the alternate payee any right to receive
payments under the Plan at a time or in an amount that the Participant could not receive
under the Plan, and (d) the amount of the Participant’s benefits under the Plan are
reduced to reflect any payments made or due the alternate payee.  

        6.3    No
Employment Rights. No provisions of the Plan and no action taken by the Company, the
Board of Directors of the Company or of Oshkosh Corporation, or the Administrative
Committee will give any person any right to be retained in the employ of the Company, and
the Company specifically reserves the right and power to dismiss or discharge any
Participant.  

        6.4    Withholding
and Tax Liabilities. The amount of any withholdings required to be made by any
government or government agency will be deducted from benefits paid under the Plan to the
extent deemed necessary by the Administrative Committee. In addition, the Participant or
Beneficiary (as the case may be) will bear the cost of any taxes not withheld on benefits
provided under the Plan, regardless of whether withholding is required. The Company does
not warrant that the Plan will be effective to defer the recognition of federal, state,
or local tax with respect to any amount credited to a Participant’s Account.  

	JLG Industries, Inc. 	Page 8  
	Executive Deferred Compensation Plan 
	

Section 7.    
Administration, Interpretation, and Modification of Plan. 

        7.1    
     Plan Administrator.  The Administrative Committee will administer the Plan. 

        7.2    Powers
of Committee. The Administrative Committee’s powers include, but are not limited
to, the power to adopt rules consistent with the Plan; the power to decide all questions
relating to the interpretation of the terms and provisions of the Plan; the power to
determine the number and nature of the rate of return indices specified on Appendix A
attached hereto; the power to compute the amount of benefits that shall be payable to any
Participant or Beneficiary in accordance with the provisions of the Plan, and in the
event that the Administrative Committee determines that excessive benefits have been paid
to any person, the Administrative Committee may suspend payment of future benefits to
such person or his Beneficiary or reduce the amount of such future benefits until the
excessive benefits and any interest thereon determined by the Committee have been
recovered; and the power to resolve all other questions arising under the Plan
(including, without limitation, the power to remedy possible ambiguities,
inconsistencies, or omissions by a general rule or particular decision). The
Administrative Committee has discretionary authority to exercise each of the foregoing
powers. The Administrative Committee shall decide claims and appeals under the Plan
pursuant to the claims procedures established for the JLG Industries, Inc. Employees’ Retirement
Savings Plan.  

        7.3    Finality
of Committee Determinations. Determinations by the Administrative Committee and any
interpretation, rule, or decision adopted by the Administrative Committee under the Plan
or in carrying out or administering the Plan will be final and binding for all purposes
and upon all interested persons, their heirs, and their personal representatives.  

        7.4    Required
Information. Any person eligible to receive benefits hereunder shall furnish to the
Administrative Committee any information or proof requested by the Administrative
Committee and reasonably required for the proper administration of the Plan. Failure on
the part of any person to comply with any such request within a reasonable period of time
shall be sufficient grounds for delay in the payment of any benefits that may be due
under the Plan until such information or proof is received by the Administrative
Committee. If any person claiming benefits under the Plan makes a false statement that is
material to such person’s claim for benefits, the Administrative Committee may
offset against future payments any amount paid to such person to which such person was
not entitled under the provisions of the Plan.  

        7.5    Incapacity.
If the Administrative Committee determines that any person entitled to benefits under the
Plan is unable to care for his affairs because of illness or accident, any payment due
(unless a duly qualified guardian or other legal representative has been appointed) may
be paid for the benefit of such person to his spouse, parent, brother, sister, or other
party deemed by the Administrative Committee to have incurred expenses for such person.  

	JLG Industries, Inc. 	Page 9  
	Executive Deferred Compensation Plan 
	

        7.6    Amendment,
Suspension, and Termination. 

            (a)       Administrative
Committee. The Administrative Committee has the right to           amend, suspend, or
terminate the Plan at any time; provided that no such           amendment, suspension, or
termination of the Plan shall divest any Participant           of the balance credited to
his Account as of the effective date of such           amendment, suspension, or
termination, except to the extent that an affected           Participant consents in
writing to the amendment, suspension, or termination.           Termination of the Plan
shall not give rise to accelerated vesting of any           unvested portion of a
Participant’s Account.  

            (b)       Administrator.
The Administrative Committee delegates to the Executive           Vice President,
Corporate Administration of Oshkosh Corporation, or such           person’s
designee, responsibility for the general operation and daily           administration of
the Plan, including the right to amend Appendixes A and B of           the Plan.  

        7.7    
Power to Delegate Authority. 

            (a)       Administrative
Committee. The Administrative Committee may, in its sole           discretion,
delegate to any person or persons all or part of its authority and
          responsibility under the Plan, including, without limitation, the authority to
          amend the Plan.  

            (b)       Administrator.
The designated administrator may, in its sole discretion,           delegate to any
person or persons all or part of its authority and           responsibility under the
Plan.  

        7.8    
     Headings.  The headings used in this document are for convenience of reference
only and may not be given any weight in interpreting any provision of the Plan. 

        7.9    Severability.
If any provision of the Plan is held illegal or invalid for any reason, the illegality or
invalidity of that provision will not affect the remaining provisions of the Plan, and
the Plan will be construed and enforced as if the illegal or invalid provision had never
been included in the Plan.  

        7.10    Governing
Law. The Plan will be construed, administered, and regulated in accordance with the
laws of the Commonwealth of Pennsylvania, except to the extent that those laws are
preempted by federal law.  

        7.11    Complete
Statement of Plan. This Plan contains a complete statement of its terms. The Plan may
be amended, suspended, or terminated only in writing and then only as provided in Section
7.6. A Participant’s right to any benefit of a type provided under the Plan will be
determined solely in accordance with the terms of the Plan. No other evidence, whether
written or oral, will be taken into account in interpreting the provisions of the Plan.  

	JLG Industries, Inc. 	Page 10  
	Executive Deferred Compensation Plan 
	

Section 8.     Definitions. 

        8.1     Gender
and Number. In order to shorten and to improve the understandability of the Plan
document by eliminating the repeated usage of such phrases as “his or her” and
“Executive or Executives,” any masculine terminology herein shall also include
the feminine and neuter, and the definition of any term herein in the singular shall also
include the plural, except when otherwise indicated by the context.  

        8.2          Definitions.  The
following words and phrases as used in the Plan have the following meanings: 

	 	        “Account”
means the bookkeeping account established for each Participant under Section 3.1 hereof.
Each Account shall include a Deferred Compensation Subaccount and a Company Contribution
Subaccount. 

	 	        “Administrative
Committee” means the Human Resources Committee of the Board of
Directors of Oshkosh Corporation. However, during the two-year period ending on December
6, 2008, “Administrative Committee” means the trustee under the grantor trust
maintained by the Company in connection with the Plan. 

	 	        
“Beneficiary” means the person designated by a Participant to
receive benefits under the Plan after the Participant’s death. Such a designation
shall be in writing in a form acceptable to the Administrative Committee, and shall be
effective as of the date the form is filed with the Administrative Committee. If a
Participant dies before receiving the entire amount due to him under the Plan, and he has
failed to designate a Beneficiary or his designated Beneficiary fails to survive him, his
Beneficiary will be the person to whom he is married at the time of his death, or if he is
not married at that time, his Beneficiary will be the executor of his will or the
administrator of his estate. A Participant may revoke a prior designation of a Beneficiary
at any time before the Participant’s death by filing a new form with the
Administrative Committee. 

	 	        
“Bonus Compensation” means cash compensation awarded under the
JLG Industries, Inc. Management Incentive Plan that is also performance-based compensation
within the meaning of Code Section 409A. 

	 	        “Code”means
the Internal Revenue Code of 1986, as amended from time to time.  

	JLG Industries, Inc. 	Page 11  
	Executive Deferred Compensation Plan 
	

	 	        “Company”
means JLG Industries, Inc., and any successor to JLG Industries, Inc. Employment with the
Company includes employment with any corporation, partnership, or other organization
required to be aggregated with the Company under sections 414(b) and (c) of the Code. 

	 	        “Company
Contribution Subaccount” means the subaccount within the
Participant’s Account to which Company Contributions are credited as described in
Section 3.1 hereof. 

	 	        
“Compensation” means the base salary that Eligible Executives may
elect to defer under the Plan and includes Bonus Compensation. “Compensation”
shall not include restricted shares; options, or gain on options; stock appreciation
rights; settlement of deferred stock grants or restricted or performance stock units; or
other equity-based awards. 

	 	        “Deferred
Compensation Subaccount” means the subaccount within the
Participant’s Account to which amounts deferred under Section 2 are credited as
described in Section 3.1 hereof. 

	 	        “Effective
Date” means November 1, 2003.  

	 	        “Eligible
Executive” means an employee of the Company who is an officer of the
Company or who holds any other key position designated by the Administrative Committee in
its sole discretion; provided that, on and after December 6, 2006, when a change in
control of the Company occurred, each employee of the Company who was an Eligible
Executive immediately before the change in control shall remain an Eligible Executive as
long as the employee is employed by the Company. 

	 	        “Fiscal
Year” means the twelve-month period ending each September
30th beginning September 30, 2007. 

	 	        “Limitations” means 

	 	(a) 	the
limitations on contributions to defined contribution plans under sections
          401(k), 401(m), 402(g), and 415(c) of the Code; and  

	 	(b) 	the
limitations imposed by sections 401(a)(4), 401(a)(17), and 415(e) of the           Code
and by any other provision of the Code to the extent that such provision           limits
the amount of Pretax Contributions, Matching Contributions, and           Profit-Sharing
Contributions that otherwise would be made to the Savings Plan.  

	JLG Industries, Inc. 	Page 12  
	Executive Deferred Compensation Plan 
	

	 	        “Participant”
means an Eligible Executive who becomes a participant in the Plan in accordance with
Section 2.1 or Section 5.1 hereof and who has not been paid all Compensation deferred by
the Participant under the Plan. 

	 	        “Plan”
means the “JLG Industries, Inc. Executive Deferred Compensation Plan” as set
forth herein and as amended from time to time. 

	 	        “Savings
Plan” means the JLG Industries, Inc. Employees’ Retirement
Savings Plan effective as of January 1, 1995, and as amended from time to time. 

	 	        “Securities
Exchange Act” means the Securities Exchange Act of 1934, as amended
and in effect from time to time. 

	 	        
“SERP” means the JLG Industries, Inc. Supplemental Executive
Retirement Plan effective as of March 31, 1995, and as amended from time to time. 

Section 9.     Code Section
409A Grandfathering Provisions. 

        9.1    General
Grandfathering Rule. Accounts shall be grandfathered to the maximum extent
permitted pursuant to Code Section 409A, subject to this Section 9.  

        9.2    409A
Grandfathered Account Balance. A Participant’s 409A grandfathered Account
balance is the value of the Participant’s vested Account Balance as of December 31,
2004, which amount shall be determined in accordance with Treasury Regulation
1.409A-6(a)(3) as of each date such benefit is valued for purposes of determining the
Executive’s 409A grandfathered Account balance.  

        9.3    Payment
of 409A Grandfathered Account Balance. A Participant’s 409A grandfathered
Account balance shall be paid at such times and in such form as permitted by the terms of
the Plan as in effect on October 1, 2004, which terms and conditions shall not be
materially amended after that date as they apply to such 409A grandfathered Account
balance.  

	JLG Industries, Inc. 	Page 13  
	Executive Deferred Compensation Plan 
	

        9.4    409A
Non-Grandfathered Account Balance. Notwithstanding any other provisions of the Plan,
effective December 31, 2008, a Participant’s 409A non-grandfathered Account balance
is subject to this Section 9. A Participant’s 409A non-grandfathered Account balance
is the value of the Participant’s Account balance hereunder less the Participant’s
409A grandfathered Account balance, as of each date the Participant’s Account is
valued for purposes of determining the 409A non-grandfathered Account balance. Section
409A non-grandfathered Account balances shall be deemed to be part of an account balance
plan of deferred compensation for purposes of Code Section 409A. Plan provisions shall
provide guidance for the administration of the Plan with respect to 409A
non-grandfathered account balances to the extent they are consistent with the
requirements of this Section 9.  

        9.5    Payment
of 409A Non-Grandfathered Account upon Separation from Service. Notwithstanding any
other provisions of the Plan to the contrary, a Participant’s 409A non-grandfathered
Account balance (“Non-Grandfathered Account”) shall be paid upon Separation
from Service in (i) a single lump sum payment or (ii) in installments over two to 15
years in accordance with the following:  

        (a)                 Each
Participant shall elect the form of payment under Plan rules not later than
          December 31, 2008, which election shall be irrevocable on and after that date.
          Such election is to be made pursuant to the special transition rule election
          available for this purpose under Code Section 409A. The election will not be
          treated as a change in the form or timing of a payment, or an acceleration of
          payment, under Code Section 409A. In the absence of a valid election of a form
          of payment by a Participant pursuant to this Section, payment shall be made in
a           single lump sum.  

        (b)                 Payment
in a single lump sum payment will be made in January of the year           following the
year in which the Participant’s Separation from Service           occurs to those
Participants whose Separation from Service occurs during the           period January 1
through June 30 and in July of the year following the year in           which the
Participant’s Separation from Service occurs to those           Participants whose
Separation from Service occurs during the period July 1           through December 31.
The lump sum distribution shall be in an amount equal to           the balance of the
Participant’s Non-Grandfathered Account as of the           Valuation Date
immediately preceding the distribution date.  

        (c)                 If
payment is to be made in annual installments, the first annual payment shall           be
made, for those Participants whose Separation from Service occurs during the
          period January 1 through June 30, in January of the year following the year in
          which the Participant’s Separation from Service occurs. For those
          Participants whose Separation from Service occurs during the period from July 1
          through December 31 of a year, the first annual installment shall be made
          in July of the year following the year in which such Participant’s
          Separation from Service occurs. All subsequent installments shall be made in
          January of each year. The amount of each annual installment is determined by
          multiplying the balance of the Participant’s Non-Grandfathered Account
          subject to installment payments as of the Valuation Date immediately preceding
          the distribution date by a fraction, the numerator of which is one (1) and the
          denominator of which is the number of installments remaining, including the
          current installment. Notwithstanding the foregoing provisions of this
          subsection, if the balance of a Participant’s Account at any time is less
          than fifty thousand dollars ($50,000) during the installment payout period, the
          remaining balance shall be paid in the form of a lump sum when the next
          installment payment is otherwise due to be paid.  

	JLG Industries, Inc. 	Page 14  
	Executive Deferred Compensation Plan 
	

        9.6    Payment
of 409A Non-Grandfathered Account upon Death. Payment of any unpaid portion of a
Participant’s Non-Grandfathered Account shall be made to the Participant’s
Beneficiary within 90 days after the Administrative Committee receives written
notification of the Participant’s death, together with any additional information or
documentation that the Administrative Committee determines to be necessary or appropriate
before it makes the distribution. Payment will be in the form of a single lump sum
payment.  

        9.7    Separation
from Service. The term “Separation from Service”means, as to each
Participant, the termination of service as an independent contractor and/or as an
employee (collectively referred to herein as “service”) of such Participant
with the Company and all of its 409A affiliates or, if the Participant continues to
provide services following his or her termination of service, such later date as is
considered a separation from service from the Company and its 409A affiliates within the
meaning of Code Section 409A. Specifically, if the Participant continues to provide
services to the Company or a 409A affiliate in a capacity other than as an employee, or
other than as an independent contractor, such shift in status is not automatically a
Separation from Service. Separation from Service, for this purpose, means a termination
of service of the Participant when the Company and the Participant reasonably anticipate
that no further services will be performed by the Participant for the Company and its
409A affiliates or that the level of bona fide services the Participant will perform for
the Company and its 409A affiliates will permanently decrease to no more than 20 percent
of the average level of bona fide services performed by the Participant (whether as an
employee or independent contractor) for the Company and its 409A affiliates over the
immediately preceding 36-month period (or such lesser period of services). The Participant’s
Separation from Service shall be presumed not to occur where the level of bona fide
services performed by the Participant for the Company and its 409A affiliates continues
at a level that is 50 percent or more of the average level of bona fide services
performed by the Participant (whether as an employee or independent contractor) for the
Company and its 409A affiliates over the immediately preceding 36-month period (or such
lesser period of service). No presumption applies to a decrease in services that is more
than 20 percent but less than 50 percent, and in such event, whether the Participant has
had a Separation from Service will be determined in good faith by the Company based on
the facts and circumstances in accordance with Code Section 409A. The term “409A
affiliate” means each entity that is required to be included in the Company’s
controlled group of corporations within the meaning of Section 414(b) of the Code, or
that is under common control with the Company within the meaning of Section 414(c) of the
Code; provided, however, that the phrase “at least 50 percent” shall be used in
place of the phrase “at least 80 percent” each place it appears therein or in
the regulations thereunder.  

	JLG Industries, Inc. 	Page 15  
	Executive Deferred Compensation Plan 
	

        9.8    Compliance
with Internal Revenue Code Section 409A. The Company intends the terms of the Plan to
be in compliance with Section 409A of the Code. The Company does not guarantee the tax
treatment or tax consequences associated with any payment or benefit, including but not
limited to consequences related to Section 409A of the Code. To the maximum extent
permissible, any ambiguous terms of this Agreement shall be interpreted in a manner which
avoids a violation of Section 409A of the Code. If any amount of a Participant’s
409A non-grandfathered Account balance may be includible in income under Code Section
409A, the Administrative Committee shall, in consultation with the Participant, modify
the terms of the Plan applicable to such affected Participant’s Account in the least
restrictive manner reasonably available to comply with the provisions of Code Section
409A, taking into account any other applicable Code provisions and without diminution in
the value of the Account of the Participant or the Participant’s Beneficiary, if
applicable. In order to avoid an additional tax on payments that may be payable or
benefits that may be provided under the Plan and that constitute deferred compensation
that is not exempt from Section 409A of the Code, each Participant and Beneficiary shall
make a reasonable, good faith effort to collect any payment or benefit to which the
Participant or Beneficiary believes he or she is entitled hereunder no later than 90 days
after the latest date upon which the payment could have been made or benefit provided
under the Plan, and if the payment or benefit is not paid or provided, then the
Participant or Beneficiary shall take further enforcement measures within 180 days after
such latest date.  

		JLG INDUSTRIES, INC.
	

ATTEST:	__________________________________	BY:	__________________________________
	
TITLE:	__________________________________	TITLE:	__________________________________

	JLG Industries, Inc. 	Page 16  
	Executive Deferred Compensation Plan 
	

APPENDIX A 

RATE OF RETURN INDICES 

	JLG Industries, Inc. 	Page 17  
	Executive Deferred Compensation Plan 
	

APPENDIX B 
INTERNAL REVENUE CODE
SECTION 409A TRANSITION RULE ELECTION 

JLG INDUSTRIES, INC.
EXECUTIVE DEFERRED COMPENSATION PLAN 

        Internal
Revenue Code Section 409A. (Section 409A) requires that additions to my account in the JLG
Industries, Inc. Executive Deferred Compensation Plan (Plan) after December 31, 2004,
including net earnings on such account (my non-grandfathered account), may only be paid in
a method (lump sum or installment) that is specified in advance of when the deferred
amounts are earned. 

        Section
409A provides a transitional rule through December 31, 2008, however, which allows me to
select, on a one-time irrevocable basis, the method by which my non-grandfathered account
under the Plan (including amounts added after 2004) will be paid. This election is
referred to as the Section 409A transitional rule election. It must be made not later than
December 31, 2008. 

        Each
participant in the Plan with a non-grandfathered account is requested to make this
transitional rule election. If no election is made and filed with the Plan by December 31,
2008, the participant’s non-grandfathered account will be paid in a single lump sum
payment following separation from service, at the time specified in Section 9.5(b) of the
Plan. (Please note that balances accrued through December 31, 2004, including net earnings
attributable to those amounts (the grandfathered account balance), remain subject to the
terms of the Plan as in effect on that date, which allows changes to be made to the method
of payment under less restrictive terms.) 

SECTION 409A IRREVOCABLE
TRANSITION RULE ELECTION 

The payment method for my
non-grandfathered account balance in the Plan shall be the following: 

	 	|_| 	One
lump-sum, payable during January or July following the calendar year in           which
my separation from service (as defined in the Plan) occurs, pursuant to           Section
9.5(b) of the Plan. 

	 	|_| 	In
2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, or 15 (please circle one number)
          annual installments commencing during January or July following the calendar
          year in which my separation from service (as defined in the Plan) occurs,
          pursuant to Section 9.5(c) of the Plan, and continuing in the appropriate
number           of consecutive Januarys thereafter until fully paid. 

Receipt Acknowledged 

		
	By:______________________________	_________________________________
		Director
	

_________________________________	_________________________________
	Date	DateJLG INDUSTRIES, INC.
EXECUTIVE
SEVERANCE PLAN 

     _________________ 

As Amended and Restated
Effective October 15, 2006 

     

TABLE OF CONTENTS 

	Section 1. 	Introduction 	1  
	
         1.1.	Establishment and History	1 
	         1.2.	Effective Date 	1 
	         1.3.	Purpose 	1 
	
Section 2. 	Definitions and Construction 	2 
	
         2.1.	Definitions 	2 
	         2.2.	Gender and Number 	7 
	
Section 3. 	Participation by Eligible Executives 	8 
	
         3.1.	Generally 	8 
	         3.2.	Participation Agreement Required 	8 
	
Section 4. 	Severance Benefits 	9 
	
         4.1.	Basic Benefit	9 
	         4.2.	Gross-Up Payment	9 
	         4.3.	Medical and Life Insurance Benefits	12 
	         4.4.	SERP Benefit	12 
	         4.5.	SERP Rabbi Trust	14 
	         4.6.	Cash Bonus Award	14 
	         4.7.	Legal Expenses After a Change in Control	15 
	         4.8.	Dismissal	15 
	         4.9.	Application of Section 409A of the Code	17 
	
Section 5.	Covenants	18 
	
         5.1.	Generally	18 
	         5.2.	Noncompetition	18 
	         5.3.	Interference with Business Relations	19 
	         5.4.	Return of Property; Intellectual Property Rights	19 
	         5.5.	Proprietary and Confidential Information	20 
	
Section 6.	Release	21 
	
         6.1.	Generally	21 
	         6.2.	Time Limit for Providing Release	21 
	
Section 7.	Nature of Participant’s Interest in the Plan	22 
	
         7.1.	No Right to Assets	22 
	         7.2.	No Right to Transfer Interest	22 
	         7.3.	No Employment Rights	22 
	         7.4.	Withholding and Tax Liabilities	22 

	

	JLG Industries, Inc.	Table of Contents 
	Executive Severance Plan	October 15, 2006 

	  	  	  
	
Section 8.	Administration, Interpretation, and Modification of Plan	23 
	
         8.1.	Plan Administrator	23 
	         8.2.	Powers of the Administrator	23 
	         8.3.	Finality of Committee Determinations	23 
	         8.4.	Incapacity	23 
	         8.5.	Amendment, Suspension, and Termination	23 
	         8.6.	Power to Delegate Authority	23 
	         8.7.	Headings	23 
	         8.8.	Severability	24 
	         8.9.	Governing Law	24 
	         8.10.	Complete Statement of Plan	24 
	
Exhibit A-- 	Draft Release 	A-1 

	

	JLG Industries, Inc.	Table of Contents 
	Executive Severance Plan	October 15, 2006 

SECTION 1.
INTRODUCTION  

	1.1.  	Establishment
and History. 

	 	
The
Company first established the Plan for eligible executives on June 1, 1995. The Plan was
originally intended to replace the severance benefits that participants had under certain
individual agreements (customarily denominated a “Deferred Compensation Benefit
Agreement”) with the Company that provided for unfunded deferred compensation
benefits and certain other benefits. Since the Plan was first adopted on June 1, 1995, it
has been amended and restated several times. 

	1.2.  	Effective
Date. 

	 	(a) 	This
restatement of the Plan is effective October 15, 2006; provided, however,
               that any provision in this restatement intended to satisfy the
requirements of                Section 409A of the Code is effective January 1, 2005. Any
individual who first                becomes eligible to participate in the Plan on or
after October 15, 2006, will                participate in the Plan subject to the terms
set forth in this restatement and                the individual’s Participation
Agreement. 

	 	(b) 	Any
individual who participated in the Plan before October 15, 2006, will
               participate in the Plan subject to the terms set forth in this restatement
and                the individual’s Participation Agreement (and not subject to the
terms of                any earlier restatement or participation agreement) if the
individual executes a                new Participation Agreement in accordance with
Section 3.2. 

	 	(c) 	Any
individual who participated in the Plan before October 15, 2006, and who
               fails to execute a new Participation Agreement in accordance with Section
3.2                will continue to participate in the Plan subject to the terms set
forth in the                applicable earlier restatement of the Plan and his
Participation Agreement (and                not subject to the terms of this restatement
other than the terms of this                restatement that bring the earlier
restatement of the Plan into compliance with                Section 409A of the Code). 

	1.3.  	Purpose. 

	 	
The
Plan is an unfunded welfare plan maintained primarily for the purpose of providing
severance pay benefits to a select group of management and highly compensated employees.
The Plan is intended to avoid the adverse tax consequences of Section 409A of the Code. 

	

	JLG Industries, Inc.	Page 1 
	Executive Severance Plan	October 15, 2006 

SECTION 2. DEFINITIONS
AND CONSTRUCTION  

	2.1.  	Definitions. 

	 	
When
used in capitalized form in the Plan, the following words and phrases have the following
meanings, unless the context clearly indicates that a different meaning is intended: 

	 	(a) 	“Accounting
Firm” has the meaning provided in                Section 4.2(c)(1). 

	 	(b) 	“Administrative
Committee” means the                Administrative Committee
appointed to administer the JLG Industries, Inc.                Employees’ Retirement
Savings Plan. However, following a Change in Control,                “Administrative
Committee” means the trustee under the grantor trust                maintained by
the Company in connection with the Plan. 

	 	(c) 	“Applicable
Percentage” and                “Applicable CIC Percentage”are
the percentages                specified by the Compensation Committee with respect to
the Participant that are                reflected in the Participant’s Participation
Agreement. 

	 	(d) 	“Associate” has
the meaning assigned to that term                for purposes of Rule 12b-2 of the
General Rules and Regulations under the                Securities Exchange Act. 

	 	(e) 	“Beneficial
Owner” means the following: a Person                is deemed to be
the “Beneficial Owner” of, to “Beneficially                Own,” and
to have “Beneficial Ownership” of, any securities that: 

	 	(1) 	such
Person or any of such Person’s Securities Law Affiliates or Associates
               beneficially owns, directly or indirectly;  

	 	(2) 	such
Person or any of such Person’s Securities Law Affiliates or Associates
               has (A) the right or obligation to acquire (whether such right or
obligation is                exercisable or effective immediately or only after the
passage of time) pursuant                to any agreement, arrangement, or understanding
(whether or not in writing) or                upon the exercise of conversion rights,
exchange rights, rights, warrants or                options, or otherwise; provided that
a Person will not be deemed the                “Beneficial Owner” of, or to
“Beneficially Own,” or to have                “Beneficial Ownership” of,
securities tendered pursuant to a tender or                exchange offer made by such
Person or any of such Person’s Securities Law                Affiliates or
Associates until such tendered securities are accepted for                purchase or
exchange; or (B) the right to vote pursuant to any agreement,                arrangement,
or understanding (whether or not in writing); provided that a                Person will
not be deemed the “Beneficial Owner” of, or to                “Beneficially
Own,” or to have “Beneficial Ownership” of,                any security
under this clause (B) if the agreement, arrangement, or                understanding to
vote such security (i) arises solely from a revocable proxy                given in
response to a public proxy or consent solicitation made pursuant to,                and
in accordance with, the applicable rules and regulations of the Securities
               Exchange Act, and (ii) is not also then reported by such Person on
Schedule 13D                under the Securities Exchange Act (or any comparable or
successor report); or  

	

	JLG Industries, Inc.	Page 2 
	Executive Severance Plan	October 15, 2006 

	 	(3) 	are
beneficially owned, directly or indirectly, by any other Person (or any
               Securities Law Affiliate or Associate thereof) with which such Person or
any of                such Person’s Securities Law Affiliates or Associates has any
agreement,                arrangement, or understanding (whether or not in writing) or
with which such                Person or any of such Person’s Securities Law
Affiliates or Associates have                otherwise formed a group for the purpose of
acquiring, holding, voting (except                pursuant to a revocable proxy as
described in clause (B)(i) of paragraph (2),                above), or disposing of any
securities of the Company.  

	 	(f) 	“Beneficiary” means
the person designated in                writing by a Participant to receive all or a
portion of his Severance Benefits                under the Plan after he dies. If a
Participant fails to designate a Beneficiary                or his designated Beneficiary
fails to survive him, his Beneficiary will be the                person to whom he is
married at the time of his death, or if he is not married                at that time,
his Beneficiary will be his estate. A Participant may revoke in                writing a
prior designation of a Beneficiary at any time before the Participant
               dies. 

	 	(g) 	“Board
of Directors” means the Board of Directors                of the
Company. 

	 	(h) 	“Cause”means,
as determined by the Administrative Committee,                disloyalty, mismanagement,
abdication of job responsibility, or commission of a                felony, any one of
which results in significant injury to the business of the                Company. 

	 	(i) 	“Change
in Control”means the first to                occur of the
following events—

	 	(1) 	an
acquisition (other than directly from the Company) of securities of the
               Company by any Person, immediately after which such Person, together with
all                Securities Law Affiliates and Associates of such Person, becomes the
Beneficial                Owner of securities of the Company representing 25 percent or
more of the Voting                Power; provided that, in determining whether a Change
in Control has occurred,                the acquisition of securities of the Company in a
Non-Control Acquisition will                not constitute an acquisition that would
cause a Change in Control; or  

	 	(2) 	three
or more directors, whose election or nomination for election is not
               approved by a majority of the members of the Incumbent Board then serving
as                members of the Board of Directors, are elected within any single
12-month period                to serve on the Board of Directors; provided that an
individual whose election                or nomination for election is approved as a
result of either an actual or                threatened Election Contest or Proxy
Contest, including by reason of any                agreement intended to avoid or settle
any Election Contest or Proxy Contest,                will be deemed not to have been
approved by a majority of the Incumbent Board                for purposes of this
definition; or  

	

	JLG Industries, Inc.	Page 3 
	Executive Severance Plan	October 15, 2006 

	 	(3) 	members
of the Incumbent Board cease for any reason to constitute at least a
               majority of the Board of Directors; or  

	 	(4) 	approval
by shareholders of the Company of:  

	 	(A) 	a
merger, consolidation, or reorganization involving the Company, unless  

	 	(i) 	the
shareholders of the Company, immediately before the merger, consolidation,
               or reorganization, own, directly or indirectly immediately following such
               merger, consolidation, or reorganization, at least 75 percent of the
combined                voting power of the outstanding voting securities of the
corporation resulting                from such merger, consolidation, or reorganization
in substantially the same                proportion as their ownership of the voting
securities immediately before such                merger, consolidation, or
reorganization;  

	 	(ii) 	individuals
who were members of the Incumbent Board immediately prior to the                execution
of the agreement providing for such merger, consolidation, or
               reorganization constitute at least a majority of the board of the
directors of                the Surviving Corporation; and  

	 	(iii) 	no
Person (other than (1) the Company or any Subsidiary thereof, (2) any
               employee benefit plan (or any trust forming a part thereof) maintained by
the                Company, any Subsidiary thereof, or the Surviving Corporation, or (3)
any person                who, immediately prior to such merger, consolidation, or
reorganization, had                Beneficial Ownership of securities representing 25
percent or more of the Voting                Power) has Beneficial Ownership of
securities representing 25 percent or more of                the combined voting power of
the Surviving Corporation’s then outstanding                voting securities;  

	 	(B) 	a
complete liquidation or dissolution of the Company; or  

	 	(C) 	an
agreement for the sale or other disposition of all or substantially all of
               the assets of the Company to any Person (other than a transfer to a
Subsidiary                of the Company).  

	 	(j) 	“Code” means
the Internal Revenue Code of 1986,                as amended and in effect from time to
time. 

	 	(k) 	“Company” means
JLG Industries, Inc., and any                successor to JLG Industries, Inc. Employment
with the Company includes                employment with any corporation, partnership, or
other organization required to                be aggregated with the Company under
sections 414(b) and (c) of the Code. 

	

	JLG Industries, Inc.	Page 4 
	Executive Severance Plan	October 15, 2006 

	 	(l) 	“Company
Payments”has the meaning provided in                Section 4.2(a). 

	 	(m) 	“Compensation
Committee” means the Compensation                Committee of the
Board of Directors. 

	 	(n)	“Covered
Compensation” is the compensation                specified by the
Compensation Committee with respect to the Participant that is                reflected
in the Participant’s Participation Agreement. 

	 	(o) 	“Dismissed” has
the meaning provided in Section                4.8. 

	 	(p) 	“Effective
Date” means October 15, 2006 except                that the Effective
Date for any provision in this restatement intended to                satisfy the
requirements of Section 409A of the Code is January 1, 2005. 

	 	(q) 	“Election
Contest” means an election contest                described in Rule
14a-11 promulgated under the Securities Exchange Act. 

	 	(r) 	“Eligible
Executive” means an employee of the                Company who (1)
was covered by an agreement under a restatement of the Plan that                was in
effect prior to the Effective Date or (2) is an officer of the Company or
               holds any other key position designated by the Compensation Committee in
its                sole discretion as eligible to participate in the Plan. 

	 	(s) 	“ERISA” means
the Employee Retirement Income                Security Act of 1974, as amended and in
effect from time to time. 

	 	(t) 	“Excise
Tax” means the excise tax imposed under                section 4999
of the Code as described in Section 4.2(a). 

	 	(u) 	“Executive
Trust” means the JLG Industries, Inc.                Executive Trust. 

	 	(v) 	“Good
Reason” has the meaning provided in Section                4.8(c). 

	 	(w) 	“Gross-Up
Payment” has the meaning provided in                Section 4.2. 

	 	(x) 	“Incumbent
Board” means individuals who, as of                the close of
business on the Effective Date, are members of the Board of                Directors;
provided that, if the election, or nomination for election by the                Company’s
shareholders, of any new director was approved by a vote of at                least 75
percent of the Incumbent Board, such new director will, for purposes of
               the Plan, be considered as a member of the Incumbent Board; provided
further                that no individual will be considered a member of the Incumbent
Board if such                individual initially assumed office as a result of either an
actual or                threatened Election Contest or other actual or threatened Proxy
Contest,                including by reason of any agreement intended to avoid or settle
any Election                Contest or Proxy Contest. 

	 	(y) 	“MIP” means
the JLG Industries, Inc. Annual                Management Incentive Plan. 

	

	JLG Industries, Inc.	Page 5 
	Executive Severance Plan	October 15, 2006 

	 	(z) 	“Non-Control
Acquisition” means an acquisition by                (1) an employee
benefit plan (or a trust forming a part thereof) maintained by                (A) the
Company or (B) any of its Subsidiaries, (2) the Company or any of its
               Subsidiaries, or (3) any Person in connection with a Non-Control
Transaction. 

	 	(aa) 	“Non-Control
Transaction” means any transaction                described in
clauses 4(A)(i) through (iii) of the definition of Change in                Control.”

	 	(bb) 	“Participant” means
a member of a select group of                management or highly compensated employees
of the Company who has become a                participant in the Plan under Section 2. 

	 	(cc) 	“Participation
Agreement” has the meaning                provided in Section 3.2. 

	 	(dd) 	“Person” means
any individual, firm, corporation,                partnership, joint venture,
association, trust, or other entity. 

	 	(ee) 	“Plan” means
the JLG Industries, Inc. Executive                Severance Plan as amended and restated
effective October 15, 2006, and set forth                in this document. 

	 	(ff) 	“Proxy
Contest” means a solicitation of proxies                or consents
by or on behalf of a Person other than the Board of Directors. 

	 	(gg) 	“Section” means
a section of this Plan and any                subsections of that section. 

	 	(hh) 	“Securities
Exchange Act” means the Securities                Exchange Act of
1934, as amended and in effect from time to time. 

	 	(ii) 	“Securities
Law Affiliate” means an                “affiliate” as
defined for purposes of Rule 12b-2 of the General Rules                and Regulations
under the Securities Exchange Act. 

	 	(jj) 	“SERP” means
JLG Industries, Inc. Supplemental                Executive Retirement Plan. 

	 	(kk) 	“Severance
Benefit” has the meaning provided in                Section 4.1. 

	 	(ll) 	“Subsidiary” of
any Person means any corporation                or other entity of which at least 80
percent (or such lesser percentage as the                Administrative Committee may
determine) of the voting power of the voting equity                securities or voting
interest therein is owned, directly or indirectly, by such                Person. 

	 	(mm) 	“Surviving
Corporation” means a corporation                resulting from a
merger, consolidation, or reorganization described in paragraph                (4)(A)(i)
of the definition of “Change in Control.”

	 	(nn) 	“Voting
Power” means the voting power of all                securities of the
Company then outstanding generally entitled to vote for the                election of
directors of the Company. 

	

	JLG Industries, Inc.	Page 6 
	Executive Severance Plan	October 15, 2006 

	2.2.  	Gender
and Number. 

	 	
Words
used in the masculine gender in the Plan are intended to include the feminine and neuter
genders, where appropriate. Words used in the singular form in the Plan are intended to
include the plural form, where appropriate, and vice versa. 

	

	JLG Industries, Inc.	Page 7 
	Executive Severance Plan	October 15, 2006 

SECTION 3.
PARTICIPATION BY ELIGIBLE EXECUTIVES  

	3.1.  	Generally. 

	 	(a) 	An
Eligible Executive who has an agreement in effect on the Effective Date under
               a prior restatement of the Plan is eligible to receive a benefit subject
to the                terms of this October 15, 2006 restatement if he properly executes
a                Participation Agreement in accordance with Section 3.2. 

	 	(b) 	If
an Eligible Executive is not covered by an agreement under a prior
               restatement of the Plan on the Effective Date, the Eligible Executive will
not                become a Participant in the Plan unless the Compensation Committee
designates                him as eligible to participate in the Plan and he properly
executes a                Participation Agreement in accordance with Section 3.2. 

	3.2.  	Participation
Agreement Required. 

	 	(a) 	No
employee will be eligible to receive a benefit under this restatement of the
               Plan unless he and the Company execute a Participation Agreement
evidencing his                participation in the October 15, 2006 Plan restatement. The
executed                Participation Agreement will constitute an agreement between the
Company and the                employee that binds both of them to the terms of the Plan
and will bind their                heirs, executors, administrators, successors, and
assigns, both present and                future. 

	 	(b) 	In
the case of an employee who is eligible to participate in this restatement of
               the Plan pursuant to Section 3.1(a), the executed Participation Agreement
will                constitute the employee’s written agreement to waive all rights
he may have                under any earlier restatement of the Plan. 

	

	JLG Industries, Inc.	Page 8 
	Executive Severance Plan	October 15, 2006 

SECTION 4. SEVERANCE
BENEFITS  

	4.1.  	Basic
Benefit. 

	 	(a) 	Amount.
Subject to the timely execution of a release as provided in                     Section
6, a Participant who is Dismissed is entitled to a Severance Benefit,
                    determined as follows—

	 	(1)	Before
a Change in Control. If a Participant is Dismissed before a Change
                    in Control occurs, the Participant’s Severance Benefit will equal— 

	 	(A) 	the
Participant’s Applicable Percentage, times  

	 	(B) 	the
Participant’s Covered Compensation.  

	 	(2) 	On
or Following a Change in Control. Subject to Section 4.2(b), if the
                    Participant is Dismissed six months before or two years after a
Change in                     Control, the Participant’s Severance Benefit will equal— 

	 	(A) 	the
Participant’s Applicable CIC Percentage, times  

	 	(B) 	the
Participant’s Covered Compensation.  

	 	(b) 	Time
and Form of Payment. Except as provided in Section 4.9, the
                    Severance Benefit will be paid in the form of a lump sum on the 60th
day                     following the date the Participant is Dismissed, provided that
the requirements                     of Section 6 are satisfied. 

	 	(c) 	Death
Benefit. If the Participant dies after being Dismissed but before
                    receiving his Severance Benefit, his Severance Benefit will be paid
to his                     Beneficiary. 

	4.2.  	Gross-Up
Payment. 

	 	(a) 	Eligibility.
Except as provided in Section 4.2(b) and subject to the                     timely
execution of a release as provided in Section 6, a Participant is
                    eligible to receive a Gross-Up Payment if the Participant—

	 	(1) 	is
Dismissed in connection with a Change in Control; and  

	 	(2) 	receives
payments or benefits contingent on the Change in Control from any
                    Company-sponsored plan, program or arrangement (“Company Payments”)
                    that are “excess parachute payments” within the meaning of
section                     280G(b)(1) of the Code and are subject to the excise tax
imposed by section 4999                     of the Code (the “Excise Tax”).  

	 	(b) 	Notwithstanding
anything to the contrary in Section 4.2(a), a Participant will                     not
receive a Gross-Up Payment if the Participant’s excess parachute
                    payment is less than or equal to 310% of his “base amount” (within
the                     meaning of section 280G(b)(3) of the Code). In such an event, the
                    Participant’s Company Payments will be reduced by the smallest
amount                     necessary to ensure that the Company Payments do not exceed
three times the                     Participant’s base amount. 

	

	JLG Industries, Inc.	Page 9 
	Executive Severance Plan	October 15, 2006 

	 	(c) 	Amount. 

	 	(1)	Generally. The
amount of the Gross-Up Payment will equal an amount such                     that, after
payment by the Participant of all taxes (including any interest or
                    penalties imposed with respect to such taxes), including any Excise
Tax imposed                     upon the Gross-Up Payment, the Participant retains an
amount of the Gross-Up                     Payment equal to the Excise Tax imposed upon
the Company Payments. The                     nationally recognized firm of certified
public accountants (the “Accounting                     Firm”) used by the
Company prior to the Change in Control (or, if such                     Accounting Firm
declines to serve, a nationally recognized firm of certified                     public
accountants selected by the Company) will determine whether the Company
                    Payments will result in an excess parachute payment that is subject
to the                     Excise Tax. If the Accounting Firm determines that the Company
Payments will not                     be subject to the Excise Tax, it will, at the same
time as it makes such                     determination, furnish the Participant with an
opinion that he has substantial                     authority not to report any Excise
Tax on his/her federal, state, local income                     or other tax return. If
it is later determined pursuant to Section 4.2(c)(4)                     that the Company
Payments are subject to the Excise Tax, the Gross-Up Payment                     will
include any penalties and interest that are imposed or become due as a
                    result of the Accounting Firm’s initial determination that the
                    Company’s Payments were not subject to the Excise Tax.  

	 	(2)	Tax
Rates. For purposes of determining the amount of the Gross-Up
                    Payment, the Participant will be deemed to pay (A) federal income
taxes at the                     highest marginal rates of federal income taxation
applicable to individuals in                     the calendar year in which the Gross-Up
Payment is to be made and (B) state and                     local income taxes at the
highest marginal rates of taxation applicable to                     individuals as are
in effect in the state and locality of the Participant’s
                    residence in the calendar year in which the Gross-Up Payment is to be
made, net                     the maximum reduction in federal income taxes that can be
obtained from                     deduction of such state and local taxes, taking into
account any limitations                     applicable to individuals subject to federal
income tax at the highest marginal                     rates.  

	 	(3)	Adjustments
to Gross-Up Payments. If it is established pursuant to a                     final
determination of a court or an Internal Revenue Service proceeding or
                    written opinion of counsel that the Excise Tax is less than the
amount                     previously taken into account hereunder, the Participant will
repay the Company,                     within 30 days of his receipt of notice of such
final determination or opinion,                     the portion of the Gross-Up Payment
attributable to such reduction (plus the                     portion of the Gross-Up
Payment attributable to the Excise Tax imposed on the                     Gross-Up
Payment being repaid by the Participant if such repayment results in a
                    reduction in Excise Tax) plus any interest received by the
Participant on the                     amount of such repayment, provided that if any
such amount has been paid by the                     Participant as an Excise Tax or
other tax, he will cooperate with the Company in                     seeking a refund of
any tax overpayments, and he will not be required to make                     repayments
to the Company until the overpaid taxes and interest thereon are
                    refunded to him.  

	

	JLG Industries, Inc.	Page 10 
	Executive Severance Plan	October 15, 2006 

	 	(4) 	Additional
Gross-Up Payment. If it is established pursuant to a final
                    determination of a court or an Internal Revenue Service proceeding or
the                     written opinion of counsel that the Excise Tax exceeds the amount
taken into                     account hereunder (including by reason of any payment the
existence or amount of                     which cannot be determined at the time of the
Gross-Up Payment), the Company                     will make an additional Gross-Up
Payment in respect of such excess (including                     any tax penalties
imposed or interest due because of the underpayment) 30 days                     after
the Company’s receipt of notice of such final determination or
                    opinion; provided that the Participant notifies the Company of the
potential                     underpayment within 30 days of the Participant’s
initial receipt from the                     Internal Revenue Service of a dispute or
inquiry regarding the amount of the                     Excise Tax.  

	 	(d) 	Time
and Form of Payment. 

	 	(1) 	Generally.  

	 	(A) 	Except
as provided in Section 4.9, if the Company determines that an Excise Tax
                    will be imposed upon a Participant, the Gross-Up Payment will be paid
in a lump                     sum on the fifth day before the due date of the Excise Tax.  

	 	(B) 	Except
as provided in Section 4.9, if the Accounting Firm initially determines
                    that an Excise Tax will not be imposed upon the Company Payments and
an Excise                     Tax is subsequently imposed on the Company Payments
pursuant to Section                     4.2(c)(4), the Gross-Up Payment will be paid in a
lump sum on the 60th day after                     the Participant’s initial receipt
of notice of such final determination or                     opinion; provided that no
Gross-Up Payment will be paid under this Section                     4.2(d)(1)(B) if the
Participant does not notify the Company of the potential                     underpayment
within 30 days of the Participant’s initial receipt from the
                    Internal Revenue Service of a dispute or inquiry regarding the amount
of the                     Excise Tax.  

	 	(2)	Death
Benefit. If the Participant dies after being Dismissed but before
                    receiving any Gross-Up Payment that might be due under this Section
4.2, the                     Gross-Up Payment will be paid in a lump sum to his
Beneficiary at the time set                     forth in Section 4.2(d)(1), above.  

	

	JLG Industries, Inc.	Page 11 
	Executive Severance Plan	October 15, 2006 

	4.3.  	Medical
and Life Insurance Benefits. 

	 	
If
the Participant is Dismissed and timely executes a release as provided in Section 6, the
Company will provide the Participant with medical and life insurance benefits as
follows— 

	 	(a) 	Medical
Benefits. 

	 	(1)	Amount. The
amount of the medical benefits is equal to the amount of                     medical
benefits (if any) that the Company would have provided to the
                    Participant had the Participant continued employment with the Company
in the                     same position held by the Participant at the time of his
termination from                     employment. The Company reserves the right to
modify, amend, or terminate at any                     time, the medical benefits that
would have been provided to the Participant if                     he had continued
employment with the Company.  

	 	(2)	Time
of Payment. A Participant will continue to receive his medical
                    benefits under the Company’s medical insurance plan for a period
beginning                     on the date medical benefits otherwise would cease as a
result of the                     Participant’s having been Dismissed and continuing
for the number of months                     that bears the same proportion to twelve
months as the Participant’s                     Applicable Percentage under Section
2.1(c) of the Plan bears to 100%.  

	 	(b) 	Life
Insurance Benefits. 

	 	(1)	Amount.
The life insurance benefits provided will be the benefits (if                     any)
that the Company would have provided to the Participant had the Participant
                    continued employment with the Company in the same position held by
the                     Participant at the time of his termination from employment.  

	 	(2)	Time
of Payment. Except as provided in Section 4.9, life insurance
                    benefits will be continued under this Section 4.3(b) for a period
beginning on                     the date life insurance benefits otherwise would cease
as a result of the                     Participant’s having been Dismissed and
continuing for the number of months                     that bears the same proportion to
twelve months as the Participant’s                     Applicable Percentage under
Section 2.1(c) of the Plan bears to 100%.  

	4.4.  	SERP
Benefit

	 	
If
the Participant is Dismissed during the six month period immediately preceding or the two
year period immediately following a Change in Control, is at least age 50 as of the date
of the Change in Control, and timely executes a release as provided in Section 6, his
benefit under the Supplemental Executive Retirement Plan (the “SERP”) will be
determined and paid as follows— 

	

	JLG Industries, Inc.	Page 12 
	Executive Severance Plan	October 15, 2006 

	 	(a) 	Amount
of Benefit. 

	 	(1) 	Decreased
Early Retirement Reduction. The amount of a Participant’s           Accrued
Benefit (as defined under the SERP) will be determined in accordance           with the
terms of the SERP except Sections 3.4(a) and A.5(e) of the SERP will           not apply
to the Participant. Instead, if the Participant begins receiving his           benefit
under the SERP before age 60, his Accrued Benefit will be reduced by one           half
of one percent for each month during which benefits are scheduled to be           paid
before the first day of the month following the month in which the           Participant
reaches age 55.  

	 	(2) 	Five
Years of Service Credit. If the Participant became a participant in           the
SERP after September 5, 2000, the Participant will receive an additional           five
Years of Service for purposes of determining the Participant’s           applicable
percentage under Section 3.2 of the SERP.  

	 	(b) 	Time
and Form of Payment. Notwithstanding anything to the contrary in the           SERP,
if the Participant is Dismissed in connection with a Change in Control           that
occurs in 2006 or 2007, the Participant’s Accrued Benefit under the           SERP
will be paid at the times and in the forms specified below based on the age           of
the Participant on the date he is Dismissed: 

	 	(1) 	If
the Participant is less than age 55 as of December 31, 2006, his Vested
          Retirement Benefit (as defined under the SERP) will not be subject to Section
          409A of the Code, and he will receive his Vested Retirement Benefit in the form
          of a lump sum on the later to occur of the following dates: (1) January 1,
2007,           or (2) the 30th day after the Participant is Dismissed.  

	 	(2) 	If
the Participant is at least age 55 but less than age 60 as of December 31,
          2006, his Early Retirement Benefit (as defined under the SERP) will be divided
          into two portions, and he will be deemed to have elected to receive each
portion           in the form of a lump sum on the following dates:  

	 	(A) 	The
portion of the Participant’s Early Retirement Benefit that is           “grandfathered” within
the meaning of Section 409A of the Code is not           subject to Section 409A of the
Code and will be paid as soon as practicable but           no later than 30 days after
the Participant is Dismissed.  

	 	(B) 	The
portion of the Participant’s Early Retirement Benefit that is not grandfathered
within the meaning of Section 409A of the Code, will be           paid six months after
the Participant is Dismissed.  

	 	(3) 	If
the Participant is at least age 60 as of December 31, 2006, his Normal
          Retirement Benefit or Late Retirement Benefit (whichever is applicable) will be
          divided into two portions, and he will be deemed to have elected to receive
each           portion on the dates and in the form as follows— 

	

	JLG Industries, Inc.	Page 13 
	Executive Severance Plan	October 15, 2006 

	 	(A) 	The
portion of the Participant’s Normal Retirement Benefit or Late           Retirement
Benefit that is “grandfathered” within the meaning of           Section 409A of
the Code, is not subject to Section 409A of the Code and will be           paid in the
form of a lump sum on the 30th day after the Participant is           Dismissed.  

	 	(B) 	The
portion of the Participant’s Normal Retirement Benefit or Late           Retirement
Benefit that is not grandfathered within the meaning of           Section 409A of
the Code, will be paid six months after the date that the           Participant is
Dismissed in the form of a lump sum to the extent permitted under           Section 409A
of the Code, and if a lump sum payment is not permissible, in the           form of a
Ten-Year Certain Life Annuity.  

	4.5.  	SERP
Rabbi Trust

	 	
Notwithstanding
Section 3.2 of the JLG Industries, Inc. Executive Trust (the “Executive Trust”),
immediately preceding a Change in Control, the Company will contribute to the Executive
Trust amounts in cash or other property acceptable to the Trustee (as defined under the
Executive Trust Agreement) sufficient to fund 100% of all benefits that have accrued under
the SERP as of the Change in Control, assuming that all Participants will be Dismissed
under circumstances that entitle them to receive the maximum benefits provided under
Section 4.4, above. 

	4.6.  	Cash
Bonus Award 

	 	
If
the Participant is Dismissed, the Participant will receive a pro rated portion of the
bonus he would have been entitled to receive under the Annual Management Incentive Plan
(the “MIP”) for the fiscal year in which he is Dismissed equal to the greater of
(a) or (b), as defined below, multiplied by a fraction, the numerator of which is the
number of days in the performance year completed by the Participant as of the date he is
Dismissed and the denominator of which is 365. For this purpose, (a) and (b) will equal: 

	 	(a) 	the
amount the Participant would have received under the MIP for the fiscal year
                    in which he is Dismissed had: 

	 	(1) 	all
target objectives been achieved for the entire fiscal year,  

	 	(2) 	the
Executive otherwise satisfied all conditions for payment, and  

	 	(3) 	the
Company not exercised any negative discretion with respect to the amount of
                    any payment under the MIP.  

	 	(b) 	the
amount the Participant would have received under the MIP for the fiscal year
                    in which he is Dismissed had 

	 	(1) 	the
ratio of actual performance achieved as of the date the Participant is
                    Dismissed compared to target performance as of that date been
sustained for the                     remainder of the fiscal year,  

	

	JLG Industries, Inc.	Page 14 
	Executive Severance Plan	October 15, 2006 

	 	(2) 	the
Executive otherwise satisfied all conditions for payment, and  

	 	(3) 	the
Company not exercised any negative discretion with respect to the amount of
                    any payment under the MIP.  

	4.7.  	Legal
Expenses After a Change in Control

	 	
The
Company will pay or reimburse the Participant for reasonable legal fees (including without
limitation, any and all court costs and reasonable attorneys’ fees and expenses)
incurred by the Participant in connection with or as a result of any claim, action or
proceeding brought by the Company or the Participant following a Change in Control with
respect to or arising out of the provisions of the Plan; provided, however, that the
Company will have no obligation to pay any such legal fees, if in the case of an action
brought by the Participant, the Company is successful in establishing with the court that
the Participant’s action was frivolous or otherwise without any reasonable legal or
factual basis. The Company will also make a gross-up payment to the Participant in the
amount of any (a) excise tax imposed by section 4999 of the Code on the payment or
reimbursement for reasonable legal fees, and (b) income tax or other penalties imposed on
the gross-up payment itself. 

	4.8.  	Dismissal. 

	 	(a) 	A
Participant is Dismissed if his employment with the Company is                terminated—

	 	(1) 	for
Good Reason; or  

	 	(2) 	involuntarily
by the Company for any reason other than for Cause.  

	 	(b) 	For
purposes of this Section 4.8, if the Participant continues to be employed by
               the Company or a successor business immediately following any of the
               transactions listed below, the Participant’s employment with the
Company is                not considered terminated solely because of the occurrence of
the                transaction—

	 	(1) 	a
change in the ownership of the Company;  

	 	(2) 	all
or part of the Company is merged, consolidated, spun off, liquidated, or
               otherwise reorganized; or  

	 	(3) 	all
or part of the tangible and intangible assets of the Company are sold or
               otherwise transferred to new ownership.  

	 	(c)	Good
Reason. 

	 	(1) 	Generally.
A Participant’s employment with the Company is terminated                for Good
Reason if his termination occurs no earlier than six months before the
               Change in Control, no later than two years after the Change in Control,
and no                later than six months after any of the triggering events included
in Section                4.8(c)(2) or (3), below. A Participant’s employment with
the Company will                not be considered terminated for Good Reason if (A) a
Change in Control has not                occurred or (B) a Change in Control has occurred
but his employment terminates                (i) more than six months before a Change in
Control, (ii) more than two years                after a Change in Control, or (iii) more
than six months after any of the                triggering events included in Section
4.8(c)(2) or (3), below.  

	

	JLG Industries, Inc.	Page 15 
	Executive Severance Plan	October 15, 2006 

	 	(2) 	Triggering
Events. The occurrence of any one of the following events                without the
Participant’s consent is a triggering event for purposes of                this
Section 4.8(c)— 

	 	(A) 	a
material change in the Participant’s position with the Company that
               represents a demotion from his prior position with the Company;  

	 	(B) 	the
assignment to the Participant of material duties or responsibilities that
               are inconsistent with his status or position with the Company;  

	 	(C) 	a
material reduction in the Participant’s base salary;  

	 	(D) 	a
change in the terms of the compensation arrangements applicable to the
               Participant that represents a significant reduction in the value of such
               compensation arrangements;  

	 	(E) 	a
material increase in the participant’s responsibilities or duties without
               a commensurate increase in his base salary;  

	 	(F) 	the
imposition of any requirement that the Participant be based anywhere other
               than within 50 miles of where his principal office was located on the date
of                the Change in Control;  

	 	(G) 	a
material increase in the frequency or duration of the Participant’s
               business travel; or  

	 	(H) 	the
Company’s failure to obtain the express assumption of this Plan with
               respect to the Participant by any successor to the Company.  

	 	(3)	Special
Rule. A Participant’s employment with the Company will be                deemed
terminated for Good Reason if the Participant is the Chief Executive
               Officer of the Company immediately preceding the Change in Control and his
               employment with the Company is terminated for any reason within six months
after                the Change in Control.  

	 	(4)	Non-Triggering
Event. A Participant’s employment with the Company                will not have
terminated for Good Reason if the only changes to the                Participant’s
duties, responsibilities, or titles arise as a consequence of                the Company
ceasing to be a company with publicly-traded securities or becoming                a
subsidiary, division, unit, or other affiliate of a publicly- or privately-
               owned entity.  

	

	JLG Industries, Inc.	Page 16 
	Executive Severance Plan	October 15, 2006 

	4.9.  	Application
of Section 409A of the Code.

	 	(a) 	In
General. This Section 4.9 (1) applies only to the extent Section 409A
               of the Code applies to any benefit payable under the Plan, (2) supersedes
               any provision of the Plan or a Participation Agreement to the extent that
such                provision conflicts with this Section 4.9, (3) is intended to comply
with and                avoid the adverse tax consequences of Section 409A of the Code,
and (4) will be                interpreted, operated, and administered in a manner
consistent with this intent. 

	 	(b) 	Timing
of Benefit Payments. No amount payable under the Plan that is                subject
to Section 409A of the Code will be paid before the date that is six
               months following the Participant’s “Separation from Service,”               within
the meaning of Section 409A of the Code, or on the date of the                Participant’s
death, if earlier. For purposes of this Section 4.9, a                payment that is
required to be made on a certain date may be made as soon as                practicable
following such date, provided that the payment must be made during                the
same calendar year as the required payment date or, if later, by the 15th
               day of the third calendar month following the required payment date, or
               otherwise in accordance with Section 409A of the Code. 

	

	JLG Industries, Inc.	Page 17 
	Executive Severance Plan	October 15, 2006 

SECTION 5. COVENANTS  

	5.1.  	Generally. 

	 	
In
consideration for the benefits provided under the Plan, each Participant will agree to the
covenants set forth in this Section 5. 

	5.2.  	Noncompetition.

	 	(a) 	Prohibited
Conduct.During the period of a
                    Participant’s employment with the Company, and the period
continuing after                     the Participant’s termination of employment
(for any reason) for the number                     of months that bears the same
proportion to twelve months as the                     Participant’s Applicable
Percentage under Section 2.1(c) of the Plan bears                     to 100%, the
Participant will not, without the prior written consent of the CEO
                    (or if the Participant is the CEO, without prior written consent of
the                     Compensation Committee)—

	 	(1) 	personally
engage in Competitive Activities (as defined below); or  

	 	(2) 	work
for, own, manage, operate, control, or participate in the ownership,
                    management, operation, or control of, or provide consulting or
advisory services                     to, any individual, partnership, firm, corporation,
or institution engaged in                     Competitive Activities, or any company or
person affiliated with such person or                     entity engaged in Competitive
Activities; provided that Participant’s                     purchase or holding, for
investment purposes, of securities of a publicly-traded                     company will
not constitute “ownership” or “participation in
                    ownership” for purposes of this paragraph so long as Participant’s
                    equity interest in any such company is less than a controlling
interest;  

	 	
However,
this Section 5.2(a) will not prohibit a Participant from (1) being employed by, or
providing services to, a consulting firm, provided that he does not personally engage in
Competitive Activities or provide consulting or advisory services to any individual,
partnership, firm, corporation, or institution engaged in Competitive Activities, or any
company or person affiliated with such person or entity engaged in Competitive Activities,
or (2) engaging in the private practice of law as a sole practitioner or as a partner in
(or as an employee of or counsel to) a law firm in accordance with applicable legal and
professional standards. 

	 	(b) 	Competitive
Activities.“Competitive                Activities” means
business activities anywhere in the world relating to                products or services
of the same or similar type as the products or services                (1) which are
sold (or, pursuant to an existing business plan, will be                sold) to paying
customers of the Company, and (2) for which the Participant then                has
responsibility to plan, develop, manage, market, or oversee, or had any such
               responsibility within his most recent 24 months of employment with the
Company.                If the scope of the obligations contained in this Section 5.2 are
determined to                exceed that which may be enforceable under applicable law,
the scope of these                obligations will be reformed to provide for enforcement
to the maximum extent                permitted under applicable law. The Participant will
bear the burden of proving                the scope of the maximum enforceable
obligations under applicable law and that                the activities in which he has
engaged do not exceed such maximum enforceable                obligations. 

	

	JLG Industries, Inc.	Page 18 
	Executive Severance Plan	October 15, 2006 

	5.3.  	Interference
with Business Relations. 

	 	
During
the period of the Participant’s employment with the Company, and the period
continuing after the Participant’s termination of employment (for any reason) for the
number of months that bears the same proportion to twelve months as the Participant’s
Applicable Percentage under Section 2.1(c) of the Plan bears to 100%, Participant will
not, without the prior written consent of the CEO (or if the Participant is the CEO,
without prior written consent of the Compensation Committee)— 

	 	(a) 	recruit
or solicit any employee of the Company for employment or for retention                as
a consultant or service provider; 

	 	(b) 	hire
or participate (with another company or third party) in the process of
               hiring (other than for the Company) any person who is then an employee of
the                Company, or provide names or other information about Company employees
to any                person or business (other than the Company) under circumstances
that could lead                to the use of that information for purposes of recruiting
or hiring; 

	 	(c) 	interfere
with the relationship of the Company with any of its employees,                agents, or
representatives; 

	 	(d) 	solicit
or induce, or in any manner attempt to solicit or induce, any client,
               customer, or prospect of the Company (1) to cease being, or not to become,
a                customer of the Company or (2) to divert any business of such customer
or                prospect from the Company; or 

	 	(e) 	otherwise
interfere with, disrupt, or attempt to interfere with or disrupt, the
               relationship, contractual or otherwise, between the Company and any of its
               customers, clients, prospects, suppliers, consultants, or employees. 

	5.4.  	Return
of Property; Intellectual Property Rights. 

	 	
On
or before a Participant’s termination of employment with the Company for any reason,
the Participant will return to the Company all property owned by the Company or in which
the Company has an interest, including files, documents, data and records (whether on
paper or in tapes, disks, or other machine-readable form), office equipment, credit cards,
and employee identification cards. In addition, the Participant will acknowledge that the
Company is the rightful owner of any programs, ideas, inventions, discoveries, patented or
copyrighted material, or trademarks that the Participant may have originated or developed,
or assisted in originating or developing, during his period of employment with the
Company, where any such origination or development involved the use of Company time or
resources, or the exercise of his responsibilities for or on behalf of the Company. The
Participant will at all times, both before and after his termination, cooperate with the
Company in executing and delivering documents requested by the Company, and taking any
other actions, that are necessary or requested by the Company to assist the Company in
patenting, copyrighting, or registering any programs, ideas, inventions, discoveries,
patented or copyrighted material, or trademarks, and to vest title thereto in the Company. 

	

	JLG Industries, Inc.	Page 19 
	Executive Severance Plan	October 15, 2006 

	5.5.  	Proprietary
and Confidential Information. 

	 	
The
Participant will at all times preserve the confidentiality of all proprietary information
and trade secrets of the Company, except to the extent that disclosure of such information
is legally required. “Proprietary information” means information that has not
been disclosed to the public and that is treated as confidential within the business of
the Company, such as strategic or tactical business plans; undisclosed financial data;
ideas, processes, methods, techniques, systems, patented or copyrighted information,
models, devices, programs, computer software, or related information; documents relating
to regulatory matters and correspondence with governmental entities; undisclosed
information concerning any past, pending, or threatened legal dispute; pricing and cost
data; reports and analyses of business prospects; business transactions that are
contemplated or planned; research data; personnel information and data; identities of
users and purchasers of the Company’s products or services; and other confidential
matters pertaining to or known by the Company, including confidential information of a
third party that Participant knows or should know the Company is bound to protect. 

	

	JLG Industries, Inc.	Page 20 
	Executive Severance Plan	October 15, 2006 

SECTION 6. RELEASE  

	6.1.  	Generally. 

	 	
A
Participant will not be entitled to any benefits under this Plan unless, at the time the
Participant is Dismissed, he executes and does not subsequently revoke a release
satisfactory to the Company releasing the Company, its affiliates, shareholders,
directors, officers, employees, representatives, and agents and their successors and
assigns from any and all employment-related claims the Participant or his successors and
beneficiaries might then have against them (excluding any claims the Participant might
then have under this Plan or any employee benefit plan sponsored by the Company). The
release will be substantially in the form that is attached as Exhibit A to the Plan. 

	6.2.  	Time
Limit for Providing Release. 

	 	
A
Participant will execute and submit the release to the Company within 30 days after the
Participant is Dismissed. However, if the Participant is Dismissed in connection with an
exit incentive or other employment termination program offered to a group or class of
employees, the Participant will have 50 days after the Participant terminates employment
to execute and submit the release to the Company. 

	

	JLG Industries, Inc.	Page 21 
	Executive Severance Plan	October 15, 2006 

SECTION 7. NATURE OF
PARTICIPANT’S INTEREST IN THE PLAN  

	7.1.  	No
Right to Assets. 

	 	
Participation
in the Plan does not create, in favor of any Participant or Beneficiary, any right or lien
in or against any asset of the Company. Nothing contained in the Plan, and no action taken
under its provisions, will create or be construed to create a trust of any kind, or a
fiduciary relationship, between the Company and a Participant or any other person. The
Company’s promise to pay benefits under the Plan will at all times remain unfunded as
to each Participant and Beneficiary, whose rights under the Plan are limited to those of a
general and unsecured creditor of the Company. 

	7.2.  	No
Right to Transfer Interest. 

	 	
Rights
to benefits payable under the Plan are not subject in any manner to alienation, sale,
transfer, assignment, pledge, or encumbrance. However, the Administrative Committee may
permit a Participant or Beneficiary to enter into a revocable arrangement to pay all or
part of his benefits under the Plan to a revocable grantor trust (a so-called “living
trust”). In addition, the Administrative Committee may recognize the right of an
alternate payee named in a domestic relations order to receive all or part of a
Participant’s benefits under the Plan, but only if (a) the domestic relations order
would be a “qualified domestic relations order” within the meaning of section
414(p) of the Code (if section 414 (p) applied to the Plan), (b) the domestic relations
order does not attempt to give the alternate payee any right to any asset of the Company,
(c) the domestic relations order does not attempt to give the alternate payee any right to
receive payments under the Plan at a time or in an amount that the Participant could not
receive under the Plan, and (d) the amount of the Participant’s benefits under the
Plan are reduced to reflect any payments made or due the alternate payee. 

	7.3.  	No
Employment Rights. 

	 	
No
provisions of the Plan and no action taken by the Company, the Board of Directors, the
Compensation Committee, or the Administrative Committee will give any person any right to
be retained in the employ of the Company, and the Company specifically reserves the right
and power to dismiss or discharge any Participant. 

	7.4.  	Withholding
and Tax Liabilities. 

	 	
The
amount of any withholdings required to be made by any government or government agency will
be deducted from benefits paid under the Plan to the extent deemed necessary by the
Administrative Committee. In addition, the Participant or Beneficiary (as the case may be)
will bear the cost of any taxes not withheld on benefits provided under the Plan,
regardless of whether withholding is required. 

	

	JLG Industries, Inc.	Page 22 
	Executive Severance Plan	October 15, 2006 

SECTION 8.
ADMINISTRATION, INTERPRETATION, AND MODIFICATION OF PLAN  

	8.1.  	Plan
Administrator. 

	 	
The
Administrative Committee will administer the Plan.  

	8.2.  	Powers
of the Administrator. 

	 	
The
Administrative Committee’s powers include, but are not limited to, the power to adopt
rules consistent with the Plan; the power to decide all questions relating to the
interpretation of the terms and provisions of the Plan; and the power to resolve all other
questions arising under the Plan (including, without limitation, the power to remedy
possible ambiguities, inconsistencies, or omissions by a general rule or particular
decision). The Administrative Committee has full discretionary authority to exercise each
of the foregoing powers. 

	8.3.  	Finality
of Committee Determinations. 

	 	
Determinations
by the Administrative Committee and any interpretation, rule, or decision adopted by the
Administrative Committee under the Plan or in carrying out or administering the Plan will
be final and binding for all purposes and upon all interested persons, their heirs, and
their personal representatives. 

	8.4.  	Incapacity. 

	 	
If
the Administrative Committee determines that any person entitled to benefits under the
Plan is unable to care for his affairs because of illness or accident, any payment due
(unless a duly qualified guardian or other legal representative has been appointed) may be
paid for the benefit of such person to his spouse, parent, brother, sister, or other party
deemed by the Administrative Committee to have incurred expenses for such person. 

	8.5.  	Amendment,
Suspension, and Termination. 

	 	
The
Board of Directors has the right by written resolution to amend, suspend, or terminate the
Plan at any time. However, no amendment, suspension, or termination that reduces the
benefits to which a Participant is entitled under the Plan will apply to an employee who
already is a Participant in the Plan without his express written consent. 

	8.6.  	Power
to Delegate Authority. 

	 	
The
Board of Directors and the Administrative Committee may, in their sole discretion,
delegate to any person or persons all or part of its authority and responsibility under
the Plan, including, without limitation, the authority to amend the Plan. 

	8.7.  	Headings. 

	 	
The
headings used in this document are for convenience of reference only and may not be given
any weight in interpreting any provision of the Plan. 

	

	JLG Industries, Inc.	Page 23 
	Executive Severance Plan	October 15, 2006 

	8.8.  	Severability. 

	 	
If
any provision of the Plan is held illegal or invalid for any reason, the illegality or
invalidity of that provision will not affect the remaining provisions of the Plan, and the
Plan will be construed and enforced as if the illegal or invalid provision had never been
included in the Plan. 

	8.9.  	Governing
Law. 

	 	
The
Plan will be construed, administered, and regulated in accordance with the laws of the
Commonwealth of Pennsylvania, except to the extent that those laws are preempted by
federal law. 

	8.10.  	Complete
Statement of Plan. 

	 	
This
Plan contains a complete statement of its terms. The Plan may be amended, suspended, or
terminated only in writing and then only as provided in Section 8.5 or 8.6. A
Participant’s right to any benefit of a type provided under the Plan will be
determined solely in accordance with the terms of the Plan. No other evidence, whether
written or oral, will be taken into account in interpreting the provisions of the Plan.
Notwithstanding the preceding provisions of this Section 8.10, for purposes of determining
benefits with respect to a Participant, this Plan will be deemed to include (a) the
provisions of any Participation Agreement executed in accordance with Section 3.2, and (b)
the provisions of any other written agreement between the Company and the Participant to
the extent such other agreement explicitly provides for the incorporation of some or all
of its terms into this Plan. 

	

	JLG Industries, Inc.	Page 24 
	Executive Severance Plan	October 15, 2006 

EXHIBIT A 

DRAFT RELEASE 

In consideration of the benefits I am
entitled to receive under the JLG Industries, Inc. Executive Severance Plan (the
“Plan”), I, [employee name], on behalf of myself, and on behalf of my
heirs, successors and assigns, hereby agree to release JLG Industries, Inc. (the
“Company”), all of its past, present and future subsidiaries, affiliates,
directors, officers, employees; and all of its and their respective heirs, successors, and
assigns from any and all claims, demands, actions, and liabilities that I might otherwise
have asserted arising out of my employment with the Company, including the termination of
that employment. 

I also promise not to sue the
Company; any of its past, present and future subsidiaries, affiliates, directors,
officers, employees, agents, and representatives; or any of its or their respective heirs,
successors, and assigns based, in whole or in part, on any claims relating to my
employment with the Company or the termination of that employment. However, I am not
releasing my rights, if any, under any qualified employee retirement plan nor am I
releasing any rights or claims that may arise after the date on which I sign this Release.
Those rights, and only those rights, survive unaffected by this Release. 

I understand that as a consequence of
my signing this Release I am giving up, with respect to my employment and the termination
of that employment, any and all rights I might otherwise have under (1) the Age
Discrimination in Employment Act of 1967, as amended; (2) and all other federal, state or
municipal laws prohibiting discrimination in employment on the basis of sex, race,
national origin, religion, age, handicap or other invidious factor; and (3) any and all
theories of contract or tort law, whether based on common law or otherwise. 

I acknowledge and agree that: 

     	1.	
          The benefits I am receiving under the Plan constitute consideration over and
          above any benefits that I might be entitled to receive without executing this
          Release. 

          

     	2.	
          The Company advised me in writing to consult with an attorney prior to executing
          a copy of the Plan document and the Release. 

          

     	3.	
          I was given a period of at least 21 days within which to consider the Plan and
          the Release. 

          

     	4.	
          The Company has advised me of my statutory right to revoke my acceptance of the
          terms of the Plan and this Release at any time within seven (7) days of my
          signing of this Release. 

          

     	5.	
          I warrant and represent that my decision to accept the Plan (including this
          Release) was (a) entirely voluntary on my part; (b) not made in reliance on
          any inducement, promise or representation, whether express or implied, other
          than the inducements, representations and promises expressly set forth in the
          Plan or in the Release; and (c) did not result from any threats or other
          coercive activities to induce acceptance of the Plan or Release. 

          

In the event I decide to exercise my
right to revoke within seven (7) days of my acceptance of this Release, I warrant and
represent that I will do the following: (1) notify the Company in writing of my
intent to revoke my agreement, and (2) simultaneously return in full the
consideration received from the Company under the Plan. 

	

	JLG Industries, Inc.	Page A-1 
	Executive Severance Plan	October 15, 2006 

I further warrant and represent that
I fully understand and appreciate the consequence of my signing this Release. 

IN WITNESS WHEREOF, I hereby
acknowledge receipt of consideration and execute the foregoing agreement at___, this____
day of____________, 20_. 

	 	
_______________________________
                                                                 
          [name of employee]

	 	
Witnessed
by _______________ on this _____ day of ____________, 20_. 

	 	
_______________________________
                                                                       
          WITNESS

 

	

	JLG Industries, Inc.	Page A-2 
	Executive Severance Plan	October 15, 2006

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]