Document:

Exhibit

EXHIBIT 10.4

AMEMDMENT TO EMPLOYMENT AGREEMENT
This Amendment (the “Amendment”), effective December 20, 2016 (the “Effective Date”), amends the employment agreement (the “Employment Agreement”), dated as of December 1, 2015, between Joy Global Inc., a Delaware Corporation (the “Company”), and [●] (the “Executive”).  Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Employment Agreement.
WHEREAS, the Company and the Executive wish to amend the Employment Agreement to make certain mutually agreed updates.
NOW, THEREFORE, the Employment Agreement shall be amended as follows, effective as of the Effective Date:
		
	1.
	The lead in language of Section 4 of the Employment Agreement is amended and restated in its entirety as follows:

If the Executive’s employment with the Company and its Affiliated Companies is terminated during the Employment Period (including a Termination of Employment that causes the Employment Period to end) (a “Qualifying Termination”), the Company shall pay the Executive within 30 days after the date of termination of employment (“Date of Termination”), to the extent not previously paid, the Annual Base Salary and, except with respect to a termination for “Cause” (as defined below), accrued vacation through Date of Termination. The Company shall also provide vested benefits under the written terms of the Company’s employee benefit plans (other than any severance plan) and shall have no other obligations to the Executive, except as provided below: 
		
	2.
	The following language is deleted in its entirety from Section 5:

“Terminated in Anticipation of a CIC” means, if a Change of Control occurs and if the Executive’s employment with the Company is terminated prior to the CIC Date, and if it is reasonably demonstrated by the Executive that such termination of employment (1) was at the request of a third party that has taken steps reasonably calculated to effect a Change of Control or (2) otherwise arose in connection with or anticipation of a Change of Control.
		
	3.
	Section 9 of the Employment Agreement is amended by superseding and replacing clauses (a) and (d) with the language included below, and adding clauses (e) and (f) included below:

    

(a)    This Agreement and the payments contemplated hereby to be made by the Company to the Executive are intended to be exempt from, or comply with, Section 409A of the Code (“Section 409A”), and this Agreement shall be interpreted accordingly; provided, however, that nothing in this Agreement shall be interpreted or construed to transfer any liability for any tax (including a tax or penalty due as a result of a failure to comply with Section 409A) from Executive to the Company or to any other individual or entity.
(d)    Any outplacement services are intended to be exempt from Section 409A and shall accordingly be limited to the extent described in Treas. Reg.§ 1.409A-l(b)(9)(v)(A).
(e)    Each such payment under this Agreement shall be considered to be a separate payment for purposes of Section 409A.
(f)     In no event shall the Date of Termination occur until the Executive experiences a “separation from service” within the meaning of Section 409A of the Code, and the date on which such separation from service takes place shall be the Date of Termination.  If the Executive dies following the Date of Termination and prior to the payment of the any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Executive’s estate within 30 days after the date of the Executive’s death.  All reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without limitation, that (i) in no event shall reimbursements by the Company under this Agreement be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred, provided, that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the Company is obligated to pay or provide in any given calendar year (other than medical reimbursements described in Treas. Reg. § 1.409A-3(i)(1)(iv)(B)) shall not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) the Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later than the 

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Executive’s remaining lifetime (or if longer, through the 20th anniversary of the Effective Date).
		
	4.
	Except as expressly modified herein, the Employment Agreement shall remain in full force and effect in accordance with its existing terms.

[Signature Page Follows.]

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IN WITNESS WHEREOF, the Company and the Executive have executed this Amendment as of the date first above written.

	
	
	JOY GLOBAL INC.

_____________________________________
Name:  
Title:

	

EXECUTIVE

______________________________________
Name:Exhibit

EXHIBIT 10.5

REPAYMENT AGREEMENT
This Repayment Agreement (this “Agreement”) is made and entered into as of December 15, 2016, by and between Joy Global Inc. (the “Company”) and [●] (the “Executive”).
WHEREAS, the Company has entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Komatsu America Corp., a Georgia corporation (“Parent”),  Pine Solutions Inc., a newly formed wholly owned subsidiary of Parent (“Merger Sub”), and, solely for the purposes specified therein, Komatsu Ltd., a Japanese joint stock company (the “Merger Agreement”); and
WHEREAS, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Parent; and
WHEREAS, the Company anticipates that the closing of the Merger (the “Closing”) will occur in calendar year 2017 (the date on which the Closing occurs, the “Closing Date”); and
WHEREAS, the Executive was granted an award of nonqualified stock options with respect to [●] shares of common stock of the Company, par value $1.00 per share (“Common Stock”) on December 7, 2015 (the “2015 Option Award”), pursuant to the Nonqualified Stock Option Agreement dated December 7, 2015 between the Company and the Executive (the “2015 Option Agreement”), one-third of which vested on December 7, 2016 and the remaining two-thirds of which are unvested as of the date hereof (the “Accelerated Options”) and, if outstanding immediately prior to the Closing, would be cancelled at the Closing in exchange for a cash payment in accordance with the terms of the Merger Agreement; and
[WHEREAS, the Executive was granted an award of restricted stock units with respect to [●] shares of Common Stock on December 5, 2016 (the “2016 RSU Award”),  pursuant to the Restricted Stock Unit Award Agreement dated December 5, 2016 between the Company and the Executive (the “2016 RSU Agreement”), one third of which (the “Accelerated RSUs”) would vest, subject to continued employment, on December 5, 2017 or upon an earlier qualifying termination of employment in accordance with the terms of the 2016 RSU Agreement;]
WHEREAS, subject to the terms and conditions set forth herein, the Company wishes to cause the Accelerated Options to be fully vested and exercisable effective as of the Option Vesting Date (as hereinafter defined) [and the Accelerated RSUs to be fully vested and settled effective as of the RSU Vesting Date (as hereinafter defined);]  
NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Executive and the Company hereby agree as follows:

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1.Accelerated Vesting of Options.
(a)    Vesting.  Effective as of December 15, 2016 (the “Option Vesting Date”), the Accelerated Options will vest and become exercisable in full.
(b)    Forfeiture; Repayment Obligation.  If the Executive’s employment with the Company terminates for any reason other than the Executive’s death or Disability (as defined in the Joy Global Inc. 2007 Stock Incentive Plan), then:
(i)    any Accelerated Options that remain outstanding and vested at the time of such termination of employment which would not have become vested on or prior to such termination of employment pursuant to the terms of the 2015 Option Agreement, shall be immediately forfeited; and
(ii)    with respect to any Accelerated Options exercised by the Executive prior to such termination of employment which would not have become vested on or prior to such termination of employment pursuant to the terms of the 2015 Option Agreement, the Executive shall be obligated to repay the gross amount of the income recognized by the Executive as a result of such exercise to the Company within 10 business days following the termination of Executive’s employment with the Company. 
2.    [Accelerated Vesting of RSUs.
(a)    Vesting.  Subject to receipt of prior written consent from Parent in accordance with the terms of the Merger Agreement, on or about December 20, 2016 (the “RSU Vesting Date”) the Accelerated RSUs will vest and immediately be settled in shares of Common Stock, subject to applicable tax withholding.  Notwithstanding the foregoing, the RSU Vesting Date shall not occur and the preceding provisions of this Section 2(a) shall not apply unless on or prior to the day immediately preceding the RSU Vesting Date (the “Latest Exercise Date”) the Executive has exercised all of the stock options granted to the Executive by the Company (including, without limitation the Accelerated Options) with a per-share exercise price that is less than the then closing price of Common Stock on the New York Stock Exchange on the Latest Exercise Date (the “In-the-Money Options”).
(b)    Forfeiture; Repayment Obligation.  If the Executive’s employment with the Company terminates for any reason other than the Executive’s death or Disability and the Accelerated RSUs would not have vested on or prior to such date in accordance with their terms, then the Executive shall be obligated to repay the gross amount of the income recognized by the Executive as a result of the settlement of the Accelerated RSUs to the Company within 10 business days following such termination of the Executive’s employment.] 
3.    Applicable Law.  The validity, interpretation and performance of this Agreement shall be construed and interpreted according to the laws of the State of Delaware, without regard to its conflict of law rules.

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4.    Entire Agreement; Amendments.  This Agreement constitutes the entire agreement between the Executive and the Company with regard to the subject matter hereof and supersedes any and all prior agreements, whether written or oral, between the parties regarding the accelerated vesting of the Accelerated Options, the exercise of the In-the-Money Options, [the accelerated vesting and payment of the Accelerated RSUs,] and the Executive’s repayment obligations with respect to the Accelerated Options [and Accelerated RSUs].  This Agreement may be amended or modified only with the written consent of the Executive and the Company.  No  oral  waiver,  amendment  or  modification  will  be  effective  under  any circumstances whatsoever.
5.    Notices.   All notices and other communications under this Agreement shall be in writing and shall be given by hand delivery to the other party or by facsimile, overnight courier, or registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to the Company:

Joy Global Inc.
100 East Wisconsin Avenue, Suite 2780
Milwaukee, WI  53202
Attention:  Corporate Secretary
Facsimile:  414-319-8510

If to the Executive, to the address then on file with the Company for the Executive.

6.    Counterparts.   This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
7.    Effect of the Agreement.  This Agreement constitutes an amendment to the 2015 Option Agreement [and an amendment to the 2016 RSU Agreement].  

[Signature page follows.]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused it to be executed on their behalf as of the date first above written.
	
	
	JOY GLOBAL INC.

By: _____________________________________
      Name:  
      Title:

	

EXECUTIVE

By: ______________________________________
      Name:

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