Document:

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                                                                   EXHIBIT 10.29
Allegheny Technologies
Specialty Materials That Make Our World

                              INFORMATION STATEMENT

                          FOR AWARDS GRANTED UNDER THE
                            TOTAL SHAREHOLDER RETURN
                         INCENTIVE COMPENSATION PROGRAM
                                     OF THE
                       ALLEGHENY TECHNOLOGIES INCORPORATED
                               2000 INCENTIVE PLAN

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                 This document constitutes part of a Prospectus
                  covering securities that have been registered
                        under the Securities Act of 1933.

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Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
accuracy or adequacy of this Prospectus. Any representation to the contrary is a
criminal offense.

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                                January 8, 2002

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NAME OF PROGRAM:             Allegheny Technologies Incorporated (the "Company")
                             Total Shareholder Return Incentive Compensation
                             Program ("TSRP" or the "Program").

PURPOSE:                     The primary purposes of the TSRP are to:
                             (i) reward senior executives for the overall
                             success of the Company as determined by the value
                             created for stockholders relative to peer
                             companies; and (ii) provide a means of encouraging
                             Company stock ownership by senior executives.

PERFORMANCE PERIOD:          A performance period under the TSRP is three years.
                             The initial performance period began January 1,
                             2001 and will end December 31, 2003.

GRANT FREQUENCY:             It is anticipated that a new performance period
                             will begin every year, which will create
                             overlapping performance periods.

TSRP STRUCTURE:              Each participant will be assigned a target number
                             of shares. Participants can earn from 50%
                             (at threshold) to 200% (at maximum) of their
                             target shares based on performance. Performance
                             below threshold will earn 0%.

SIZE OF AWARDS:              Target awards will be established for each
                             participant, according to the following schedule:

<TABLE>
<CAPTION>
                             -------------------------------------------------------------------------------

                             POSITION                                                     TARGET AWARDS AS
                                                                                          PERCENT OF SALARY
                             -------------------------------------------------------------------------------
<S>                                                                                      <C>
                             CEO                                                          60%
                             Segment Executives, Selected Corporate Officers              50%
                             Other Corporate Officers, Selected Business Unit Heads       40%
                             Selected Business Unit General Managers                      30%
</TABLE>

Targeted Awards will be calculated according to the following formula:

<TABLE>
<S>                        <C>
Base Salary at               x Target Opportunity   /  Average Closing Price For   = Target
Beginning of                 As a Percent of Salary    30 Trading Days Prior to      Number of
Performance Period                                     Beginning of Three-Year       Shares
                                                       Performance Period            Awarded

</TABLE>

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PERFORMANCE MEASURE:           Performance under the TSRP is calculated
                               as a function of the percentile ranking of ATI's
                               total shareholder return during the performance
                               period (TSR) versus a peer group composed of
                               Companies selected at the beginning of the
                               performance period. For the 2002 - 2004
                               performance period, the peer companies shall
                               be the companies identified in Appendix A.

                               TSR is the return that a shareholder realizes
                               through stock price appreciation and dividend
                               reinvestment on an equity instrument throughout a
                               specified period. The return for a period is
                               calculated as the stock price at the end of a
                               period plus the dividends paid during the
                               measurement period divided by the stock price at
                               the beginning of the performance period.

TSRP PAYOUTS:                  TSRP payouts are equal to:

                                   Target award
                               x   Percent of target earned from peer group
                                   percentile ranking in TSR

PERFORMANCE GOALS:             The following table shows the performance reward
                               relationships for the TSRP:

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                                       OUTCOME RELATIVE TO PEER GROUP TSR
                           -----------------------------------------------------

LEVEL OF PERFORMANCE       THREE-YEAR PERCENTILE       PERCENT OF TARGET
                           RANKING IN TSR              AWARD EARNED
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Below Threshold            Below 35th percentile          0%
Threshold                  35th  percentile              50%
Target                     50th percentile              100%
Excellent                  75th percentile              200%

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                               NOTE: Interpolation between points will be made
                               on a straight-line basis on each scale. Below the
                               35th percentile (and above the 75th percentile),
                               there will be no interpolation.

DIVIDENDS:                     No dividends will be paid on shares that are not
                               yet earned.

FORM AND TIMING OF PAYOUT:     All payouts from the TSRP will be made in
                               Company Common Stock, as soon as practicable
                               following the award calculation; however, stock
                               may be withheld in order to satisfy tax
                               withholding requirements.

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CERTAIN TERMINATIONS OF        In the event of a participant's death,
EMPLOYMENT:                    disability, or retirement (when the executive
                               is at least 55 years of age with at least five
                               years of service), pro rata awards based on the
                               number of full months worked during that
                               performance period will be calculated. Such
                               awards will be based on goal achievement over the
                               entire performance period. Awards in these
                               situations will be calculated and paid after the
                               end of the performance period.

                               Amounts paid on account of death will be paid to
                               a beneficiary designated by the participant. If
                               no beneficiary has been designated, amounts will
                               be paid to the participant's estate.

OTHER TERMINATIONS OF          In the event of a termination of employment not
EMPLOYMENT:                    constituting a disability, death or retirement
                               discussed above, the participant will forfeit any
                               right to any payout for all performance periods
                               in progress under the TSRP. For terminations
                               after the end of a performance period, however,
                               but before payout, payout will be made as though
                               the termination had not occurred.

TAX CONSIDERATIONS:            The employee must report taxable income in the
                               year in which the award is paid.

TAX WITHHOLDING:               The Company has the right to deduct any taxes or
                               statutory deductions required by law to be
                               withheld from all payments under the TSRP. See
                               "Certain Federal Income Tax Consequences" below.

CHANGE IN CAPITALIZATION:      The number and kind of shares subject to
                               outstanding awards will be appropriately adjusted
                               to reflect any stock dividend, stock split,
                               combination or exchange of shares, merger,
                               consolidation or other change in capitalization
                               with a similar substantive effect upon the TSRP
                               or the awards granted under the TSRP. The
                               Committee shall have the power and sole
                               discretion to determine the amount of the
                               adjustment to be made in each case.

CHANGE IN CONTROL:             If a Change in Control (as defined in the TSRP)
                               is deemed to have occurred, then all outstanding
                               award cycles will automatically vest and be paid
                               out (with the consent of the Committee, in cash)
                               at the target level or the actual performance
                               level (as of the Change in Control), whichever is
                               larger.

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GENERAL INFORMATION ABOUT THE INCENTIVE PLAN AND THE TSRP

The Allegheny Technologies Incorporated 2000 Incentive Plan (the "INCENTIVE
PLAN") was adopted by the Company's Board of Directors on January 31, 2000 and
was approved by the Company's stockholders on May 11, 2000. The purpose of the
Incentive Plan is to help attract and retain key employees and promote their
commitment to achieving long-term corporate objectives.

The Incentive Plan enables the Company to award various types of stock-based
compensation. The following summary covers the terms of the Incentive Plan that
relate to awards made by the Committee under the TSRP. Because it is a summary,
it may not contain all the information that could be important to you. A copy of
the complete text of the TSRP is attached to this Information Statement as
Appendix A.1 and incorporated herein by reference. At your request, the Company
will provide you with a copy of the complete text of the Incentive Plan without
charge. See "Where You Can Find More Information."

ADMINISTRATION

The Personnel and Compensation Committee of the Company's Board of Directors
administers the Incentive Plan with respect to participants in the Incentive
Plan other than persons who are subject to the provisions of Section 16 of the
Securities and Exchange Act of 1934 ("STATUTORY INSIDERS"). The Stock Incentive
Award Subcommittee of the Personnel and Compensation Committee administers the
Incentive Plan as it applies to the Company's statutory insiders. (The Stock
Incentive Award Subcommittee and the Personnel and Compensation Committee are
referred to in this Information Statement as the "COMMITTEE").

The Committee has full authority to interpret the Incentive Plan, designate
eligible participants and categories of el igible participants, set the terms
and conditions of performance awards and establish and modify administrative
rules for the Incentive Plan. In addition, the Board of Directors may exercise
any of the powers and authority of the Committee under the Incen tive Plan. The
Committee is comprised of directors who are appointed by and serve at the
pleasure of the Company's Board of Directors.

ELIGIBILITY

You are eligible to receive awards under the Incentive Plan if you are an
officer or key employee of the Company or its subsidiaries who has been
designated as a participant by the Committee in its sole discretion.

STOCK SUBJECT TO THE INCENTIVE PLAN

The Company may issue a maximum of up to 10% of its outstanding shares of Common
Stock under the Incentive Plan. The Committee may adjust this number in certain
instances. The Common Stock offered under the Incentive Plan may be either
authorized and unissued shares or issued shares that the Company has reacquired
and holds in its treasury. If for any reason an award terminates or expires, the
shares of Common Stock covered by the award will again be available for the
grant of new awards under the Incentive Plan.

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THE TOTAL SHAREHOLDER RETURN INCENTIVE COMPENSATION PROGRAM

The Committee adopted Administrative Rules under the Incentive Plan, effective
as of January 1, 2001, that establish the TSRP.

PROGRAM ELIGIBILITY

The Committee has the sole discretion to designate those executives and senior
managers who it believes most directly effect the Company's long-term success as
eligible for the Program. The Committee makes these determinations and
designations based on the recommendations of the Company's Chief Executive
Officer (the "CEO").

AWARD AGREEMENTS

The terms and conditions of an Award, as established by the Committee, are set
forth in a total shareholder return incentive compensation award agreement
between the Company and the participant who has been granted the Award. These
agreements need not contain similar provisions with respect to Awards made to
different participants or Awards made to the same participant at different
times.

Each award agreement describes:

o    The performance period for measuring the achievement of performance
     objectives, in whole or in part;

o    the performance levels for the TSRP, including the target level of
     performance, to be achieved during the performance period, and the number
     of shares of Common Stock available to the participant upon achieving the
     target level of performance (the "TARGET AWARD"); and

o    the applicable percentage of the target award that will be paid depending
     on the extent to which the target level of performance is fully or
     partially achieved or surpassed (the "PERCENT OF TARGET AWARD EARNED").

For the 2002-2004 performance period, the maximum Award, equal to 200% of your
target award, is payable if the Company's three year percentile ranking in TSR
is at or above the 75th percentile of the applicable peer group. No Award is
paid if the Company's three-year percentile ranking in TSR is below the 35th
percentile.

PAYMENT OF AWARDS

After the end of the award period, the Committee determines the number of shares
of Common Stock, if any, to be paid based on the extent to which the target
level of performance was fully or partially achieved or surpassed. All payouts
will be made as soon as practicable following the award calculation. Generally,
however, you will forfeit your right to payment of any Award under the TSRP
unless you are continuously an employee of the Company or any of its affiliates
from the date of grant of the Award to the date of payment. There are
exceptions, however, in the case of retirement, disability or death, as
described above.

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You do not have the right to vote or receive dividends on the shares or have any
other rights of a stockholder with respect to the shares, unless and until the
shares are issued to you.

NONASSIGNABILITY

Awards under the Program are not transferable other than by will or by laws of
descent and distribution. During your lifetime, Awards are payable only to you.

AMENDMENT AND TERMINATION

The Incentive Plan will remain in effect until terminated by the Board of
Directors. The Board may at any time amend or terminate the Incentive Plan or
the TSRP. Without your consent, no such action may materially impair your rights
with respect to awards previously granted to you.

MISCELLANEOUS

The Committee has the discretion to suspend the payment of an Award if it
determines that any of the following actions are necessary or desirable: any
listing or registration of the shares of Common Stock; obtaining any consent or
approval of any governmental body; or obtaining any other agreement or consent.
In that situation, the Award will be suspended until the Committee is satisfied
that the applicable action has been completed in a manner satisfactory to the
Committee.

Also, neither your selection for participation in the Program nor the execution
of an award agreement will require the Company to retain your services for any
period of time.

CERTAIN FEDERAL INCOME TAX CONSEQUENCES

This section summarizes the United States federal income tax consequences as of
the date of this Information Statement to a participant who is a United States
citizen with respect to shares of Common Stock that may be received as payment
of an Award under the Program. THE COMPANY URGES YOU TO CONSULT YOUR PERSONAL
TAX ADVISOR WITH RESPECT TO THE APPLICATION OF THE FEDERAL INCOME TAX LAWS TO
YOUR PERSONAL CIRCUMSTANCES, CHANGES IN THESE LAWS, AND THE POSSIBLE EFFECT OF
OTHER TAXES.

GENERAL INFORMATION

Payment of Awards will result in ordinary income to you in the years in which
the shares of Common Stock are paid to you. The taxable amount is the fair
market value (as defined in the Program) of the shares. If you sell the shares
you received in payment of an Award, the difference between any amount realized
on the sale and the fair market value of these shares at the time they were paid
to you will be taxed as capital gain or loss, which will be short-term or
long-term, depending on the length of time you held these shares before sale.
The holding period for determining short-term or long-term capital gains or
losses begins on the date of payment of an Award.

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TAX RATES

The Award will be treated as supplemental wages that require a minimum of 28%
federal income tax withholding. You should also bear in mind that the federal
income tax rate on capital gains from sales of property held for less than 12
months (short-term capital gains) generally is the same as your maximum ordinary
income rate (maximum marginal federal rate of 39.6%). Also, the tax rate on
capital gains from sales of capital assets held for more than 12 months
(long-term capital gains) is generally 20%. The capital gains rate applicable to
property acquired after December 31, 2000 and held for more than five years is
18%. State income taxes generally apply to the Award and the subsequent sale of
the shares, and local income taxes may also be applicable.

TAX WITHHOLDING

When payments are made to you of amounts awarded under the Program, the Company
will notify you of the amount of withholding taxes, if any, which must be paid
under federal, state or local law. The Company may, with the consent of the
Committee, arrange for payment of the withholding taxes in any one or
combination of the following ways:

o    accepting your cash payment of the amount;

o    reducing the number of shares to be issued to you under the Program by the
     whole number of shares having a fair market value (as defined in the
     Program) equal to or greater than the amount the Company is required to
     withhold.

No shares of Common Stock will be delivered to you under the Program until all
applicable taxes have been paid in full.

RESELLING SHARES

The Program and the Incentive Plan generally do not impose restrictions upon the
resale of Common Stock that you acquire under the Program. However, under
certain circumstances, the Company may refuse to issue shares in connection with
the Incentive Plan until it is satisfied that you have complied with applicable
laws.

RESELLING BY AFFILIATES

Under the federal securities laws, if you are deemed to be an "affiliate" of the
Company, you are restricted in the resale of your Common Stock (whether acquired
under the Incentive Plan or otherwise). For this purpose, an "affiliate" of the
Company is any person who controls the Company, is controlled by the Company, or
is under common control with the Company, whether directly or indirectly through
one or more intermediaries. A corporation's "affiliates" would usually include
all persons whose security holdings are substantial enough to affect the
corporation's management. Also, all statutory insiders are presumed to be
"affiliates."

In general, unless specifically registered for resale, shares owned by
affiliates can be sold only in compliance with Rule 144 of the Securities and
Exchange Commission or another applicable exemption from registration. Among
other things, Rule 144 imposes limitations on the amount of securities sold by
an affiliate in any three-month period and requires that sales be conducted
through a broker.

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SECTION 16 - RESTRICTIONS ON STATUTORY INSIDERS

In addition, if you are subject to the provisions of Section 16 of the
Securities Exchange Act - a "statutory insider" of the Company - you must comply
with the reporting and short-swing profit forfeiture provisions of that Section.
Section 16(a) contains reporting requirements applicable to statutory insiders.
Section 16(b) sets forth rules concerning short-swing profit forfeiture that may
require these persons to disgorge profits realized upon the sale and purchase or
purchase and sale of Company securities within any six-month period.

If you have any questions about the impact of Rule 144 or Section 16 on Awards
granted to you under the Program, you should contact the Company at the address
or telephone number set forth under the heading "Where You Can Find More
Information" or, if appropriate, personal legal counsel.

MISCELLANEOUS

The Incentive Plan is not a "qualified" plan within the meaning of Section
401(a) of the Internal Revenue Code and is not subject to any provisions of the
Employee Retirement Income Security Act of 1974, as amended.

WHERE YOU CAN FIND MORE INFORMATION

As required by the Securities and Exchange Commission, the Company has filed a
Registration Statement on Form S-8 relating to the Incentive Plan. The
Registration Statement incorporates by reference certain other documents that
the Company files with the Securities and Exchange Commission. Those documents
are also incorporated by reference into the prospectus relating to the Incentive
Plan that meets the requirements of Section 10(a) of the Securities Act of 1933.
This Information Statement is a part of the Section 10(a) prospectus. This means
that the Company can disclose important information to you by referring you to
the documents incorporated by reference. The information incorporated by
reference is an important part of the Section 10(a) prospectus, and information
that the Company files later with the Securities and Exchange Commission will
automatically update and supersede this information.

You may request a free copy of

o    the Incentive Plan and the Program,

o    the documents incorporated by reference into the Registration Statement and
     the Section 10(a) prospectus (other than certain exhibits),

o    all previously furnished Incentive Plan information documents that
     constitute part of the Section 10(a) prospectus, and

o    the Company's Annual Report to Stockholders for its latest fiscal year,

by writing or telephoning the Office of the Senior Vice President, Chief Legal
and Administrative Officer of the Company, at Allegheny Technologies
Incorporated, 1000 Six PPG Place, Pittsburgh, Pennsylvania 15222-5479, or (412)
394-2800 telephone, or (412) 394-2837 fax.

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APPENDIX A: LIST OF PEER COMPANIES (2002-2004 PERFORMANCE PERIOD)

AK Steel Corporation                        Oregon Steel Mills
Alcan, Inc.                                 Phelps Dodge Corporation
Alcoa Inc.                                  Precision Castparts Corporation
Brush Engineered Materials                  Quanex Corporation
Carpenter Technology Corporation            Reliance Steel and Aluminum
Commercial Metals Company                   RTI International Metals
Freeport McMoran Copper & Gold              Ryerson Tull, Inc.
Gibraltar Steel                             Special Metals Corporation
Inco Limited                                Steel Dynamics
IPSCO Steel, Inc.                           Titanium Metals Corporation
Kaiser Aluminum & Chemical Corporation      UCAR International, Inc.
KEMET Corporation                           USX - U.S. Steel
Kennametal Inc.                             Worthington Industries, Inc.
Nucor Corporation

                                      A-1
<PAGE>
APPENDIX A.1

                       ALLEGHENY TECHNOLOGIES INCORPORATED

                               2000 INCENTIVE PLAN

                          ADMINISTRATIVE RULES FOR THE

             TOTAL SHAREHOLDER RETURN INCENTIVE COMPENSATION PROGRAM

                         EFFECTIVE AS OF JANUARY 1, 2001

ARTICLE I.  ADOPTION AND PURPOSE OF THE PROGRAM

                  1.01 ADOPTION. These rules are adopted by the Personnel and
         Compensation Committee and the Stock Incentive Award Subcommittee of
         the Board of Directors as a part of the Allegheny Technologies
         Incorporated 2000 Incentive Plan (the "Plan") pursuant to the authority
         reserved in Section 3.01 of the Plan. The Total Shareholder Return
         Incentive Compensation Program (the "TSRP") shall be the guidelines for
         making certain Performance Awards or Other Stock-Based Awards under
         Article VIII of the Plan. Capitalized terms used but not defined in
         these rules shall have the same meanings as in the Plan.

                  1.02 PURPOSE. The purposes of the TSRP are (i) to assist the
         Corporation in retaining and motivating selected key management
         employees of the Corporation and its subsidiaries who will contribute
         to the success of the Corporation, (ii) to reward key management
         employees for the overall success of the Corporation as determined by
         the value created for shareholders as measured by the percentile
         performance of Corporation Common Stock relative to a peer group and
         (iii) to provide a means of encouraging key management employees to
         acquire and hold shares of Corporation Common Stock. The TSRP
         encourages key management employees to acquire and hold shares of
         Corporation Common Stock by offering them an opportunity to receive
         shares of Common Stock which, in accordance with the terms and
         conditions set forth below, will be earned only if the sum of the price
         and yield of the Common Stock measured against the sums of prices and
         yields of shares of common stock of a peer group of corporations meets
         or exceeds the performance reward relationships set at the beginning of
         an Award Period. Awards under the TSRP are intended to act as an
         incentive to participating key management employees to achieve
         long-term objectives that will inure to the benefit of all stockholders
         of the Corporation measured in terms of relative stock prices.

ARTICLE II.  DEFINITIONS

         For purposes of these rules, the capitalized terms set forth below
shall have the following meanings:

                  2.01 AWARD AGREEMENT means a written agreement between the
         Corporation and a Participant or a written acknowledgment from the
         Corporation specifically setting forth the terms and conditions of a
         TSR Target Award granted to a Participant pursuant to Article VI of
         these rules.

                                     A.1-1
<PAGE>

                  2.02 AWARD TARGETS means the percentage of a TSR Target Award
         which shall be earned for a particular TSR Performance Period at
         Threshold, Target and Excellent, respectively.

                  2.03 BOARD means the Board of Directors of the Corporation.

                  2.04 BUSINESS DAY means any day on which the New York Stock
         Exchange shall be open for trading.

                  2.05 CAUSE means a determination by the Committee that a
         Participant has engaged in conduct that is dishonest or illegal,
         involves moral turpitude or jeopardizes the Corporation's right to
         operate its business in the manner in which it is now operated.

                  2.06 CHANGE IN CONTROL means any of the events set forth
         below:

                           (a) The acquisition in one or more transactions,
         other than from the Corporation, by any individual, entity or group
         (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
         Act) of beneficial ownership (within the meaning of Rule 13d-3
         promulgated under the Exchange Act) of a number of Corporation Voting
         Securities in excess of 25% of the Corporation Voting Securities unless
         such acquisition has been approved by the Board; or

                           (b) Any election has occurred of persons to the Board
         that causes two-thirds of the Board to consist of persons other than
         (i) persons who were members of the Board on January 1, 2001 and (ii)
         persons who were nominated for election as members of the Board at a
         time when two-thirds of the Board consisted of persons who were members
         of the Board on January 1, 2001; provided, however, that any person
         nominated for election by the Board at a time when at least two-thirds
         of the members of the Board were persons described in clauses (i)
         and/or (ii) or by persons who were themselves nominated by such Board
         shall, for this purpose, be deemed to have been nominated by a Board
         composed of persons described in clause (i); or

                           (c) Approval by the stockholders of the Corporation
         of a reorganization, merger or consolidation, unless, following such
         reorganization, merger or consolidation, all or substantially all of
         the individuals and entities who were the respective beneficial owners
         of the Outstanding Stock and Corporation Voting Securities immediately
         prior to such reorganization, merger or consolidation, following such
         reorganization, merger or consolidation beneficially own, directly or
         indirectly, more than 60% of, respectively, the then outstanding shares
         of common stock and the combined voting power of the then outstanding
         voting securities entitled to vote generally in the election of
         directors or trustees, as the case may be, of the entity resulting from
         such reorganization, merger or consolidation in substantially the same
         proportion as their ownership of the Outstanding Stock and Corporation
         Voting Securities immediately prior to such reorganization, merger or
         consolidation, as the case may be; or

                           (d) Approval by the stockholders of the Corporation
         of (i) a complete liquidation or dissolution of the Corporation or (ii)
         a sale or other disposition of all or substantially all the assets of
         the Corporation.

                  2.07 COMMITTEE means the Stock Incentive Award Committee of
         the Board, in the case of individuals who are executive officers of the
         Corporation, and the Personnel and

                                     A.1-2
<PAGE>

         Compensation Committee of the Board, in the case of individuals who
         are not executive officers of the Corporation.

                  2.08 CORPORATION means Allegheny Technologies Incorporated, a
         Delaware corporation, and its successors.

                  2.09 CORPORATION VOTING SECURITIES means the combined voting
         power of all outstanding voting securities of the Corporation entitled
         to vote generally in the election of the Board.

                  2.10 DATE OF GRANT means the date as of which a TSR Target
         Award is granted in accordance with Article VI of these rules.

                  2.11 DISABILITY means any physical or mental injury or disease
         of a permanent nature which renders a Participant incapable of meeting
         the requirements of the employment performed by such Participant
         immediately prior to the commencement of such disability. The
         determination of whether a Participant is disabled shall be made by the
         Committee in its sole and absolute discretion. Notwithstanding the
         foregoing, if a Participant's employment by the Corporation or an
         applicable subsidiary terminates by reason of a disability, as defined
         in an Employment Agreement between such Participant and the Corporation
         or an applicable subsidiary, such Participant shall be deemed to be
         disabled for purposes of the TSRP.

                  2.12 EFFECTIVE DATE means January 1, 2001.

                  2.13 EXCHANGE ACT means the Securities Exchange Act of 1934,
         as amended.

                  2.14 EXCELLENT means a relative level of achievement of
         Performance Reward Criteria at which the TSR for the Corporation for a
         TSR Performance Period is at a percentile of the TSR for the Peer Group
         for that Performance Period as determined by the Committee under
         Section 6.02. Excellent shall be the highest level of performance for
         which a TSRP Reward will be paid.

                  2.15 FAIR MARKET VALUE means, as of any given date, the
         average of the closing trading price of the Common Stock on such date
         as reported on the New York Stock Exchange or, if the Common Stock is
         not then traded on the New York Stock Exchange, on such other national
         securities exchange on which the Common Stock is admitted to trade, or,
         if none, on the National Association of Securities Dealers Automated
         Quotation System if the Common Stock is admitted for quotation thereon;
         provided, however, if there were no sales reported as of such date,
         Fair Market Value shall be computed as of the last date preceding such
         date on which a sale was reported; provided, further, that if any such
         exchange or quotation system is closed on any day on which Fair Market
         Value is to be determined, Fair Market Value shall be determined as of
         the first date immediately preceding such date on which such exchange
         or quotation system was open for trading.

                  2.16 OUTSTANDING STOCK means, at any time, the issued and
         outstanding Common Stock.

                                     A.1-3
<PAGE>

                  2.17 PARTICIPANT means any key management employee selected by
         the Committee, pursuant to Section 5.01 of these rules, as eligible to
         participate under the TSRP for any one or more TSR Performance Period.

                  2.18 PEER GROUP means a group of corporations with publicly
         traded common stock listed on a national securities exchange(s) deemed
         comparable to the Corporation as the number and identity of such group
         is determined by the Committee, in its discretion, for a particular TSR
         Performance Period. In the event of bankruptcy, delisting, merger,
         spin-off or other special circumstances affecting members of the Peer
         Group during a Performance Period, the Committee shall make such
         adjustments in the Peer Group as the Committee determines appropriate
         in its discretion. The Committee may select the number and identity of
         members of the Peer Group separately for each TSR Performance Period.

                  2.19 PERFORMANCE REWARD CRITERIA means the relative standing
         of the Corporation TSR, expressed in percentiles and ranked at
         Threshold, Target and Excellent, as compared to the TSR for the Peer
         Group, in each case for a particular TSR Performance Period.

                  2.20 PERFORMANCE LEVEL means the level of actual achievement
         of Performance Reward Criteria for a particular TSR Performance Period.
         In determining final Performance Levels, the Committee shall use
         straight-line interpolation between Threshold and Target, Target and
         Excellent but there shall be no interpolation above Excellent or below
         Threshold.

                  2.21 PLAN means the Allegheny Technologies Incorporated 2000
         Incentive Plan, as the same may be amended from time to time.

                  2.22 RETIREMENT means a termination of employment with the
         Corporation and each subsidiary of the Corporation at or after (i)
         attaining age 55 and (ii) completing five years of employment with the
         Corporation and/or any subsidiary of the Corporation.

                  2.23 TARGET means a relative level of Performance Reward
         Criteria at which the Corporation TSR for a particular TSR Performance
         Period is at a percentile of TSR for the Peer Group for that TSR
         Performance Period as determined by the Committee under Section 6.02.

                  2.24 THRESHOLD means a relative level of Performance Reward
         Criteria at which the Corporation TSR for a particular TSR Performance
         Period is at a percentile of TSR for the Peer Group for that TSR
         Performance Period as determined by the Committee under Section 6.02.
         Threshold shall be the lowest level of Performance Reward Criteria for
         which a Plan Reward will be earned.

                  2.25 TSR is the percentil e ranking of the sum of stock price
         appreciation of and dividend reinvestment with respect to a share of
         Corporation Stock as compared to the comparable amount among the Peer
         Group for a particular TSR Performance Period as calculated on the Fair
         Market Value of a share of Stock as of the end of the TSR Performance
         Period plus dividends paid on a share of stock during the TSR
         Performance Period divided by the Fair Market Value of a share of Stock
         at the beginning of the TSR Performance Period using the methodology
         described in item 402(l) of Regulation S-K as promulgated under the
         Securities Act, as such act or regulation may be amended from time to
         time, or any successor to either.

                                     A.1-4
<PAGE>

                  2.26 TSRP means the Total Shareholder Return Incentive
         Compensation Program as set forth in these rules as the same may be
         amended from time to time.

                  2.27 TSR PERFORMANCE PERIOD means a three calendar year period
         beginning on the January 1st designated by the Committee and continuing
         until the third December 31st thereafter.

                  2.28 TSR REWARDS means the number of shares of Stock earned
         for a particular TSR Performance period after application of the
         Performance Level.

                  2.29 TSR TARGET AWARD means an award of an opportunity to earn
         a number of shares of Stock in a TSR Performance Period. The number of
         shares for a particular Participant shall be determined by the
         Committee for each TSR Performance Period by dividing the Participant's
         base salary at the commencement of the TSR Performance Period by the
         average Fair Market Value for the 30 Business Days preceding the first
         Business Day of that TSR Performance Period and multiplying the result
         by a decimal determined appropriate by the Committee based on the
         Participant's responsibilities and opportunity to contribute to the
         success of the Corporation.

                  2.30 STOCK means Common Stock, par value $0.10 per share, of
         the Corporation.

                  2.31 WITHHOLDING OBLIGATIONS means the amount of federal,
         state and local income and payroll taxes the Corporation determines in
         good faith must be withheld with respect to a TSR Rewards. Withholding
         Obligations may be settled by the Participant, as permitted by the
         Committee in its discretion, in shares of Stock otherwise deliverable
         under the TRSP, cash, previously owned shares of Stock or any
         combination of the foregoing.

                                     A.1-5
<PAGE>

ARTICLE III.  ADMINISTRATION

                  In addition to any power reserved to the Committee under
         Article III of the Plan, the TSRP shall be administered by the
         Committee, which shall have exclusive and final authority and
         discretion in each determination, interpretation or other action
         affecting the TSRP and its Participants. The Committee shall have the
         sole and absolute authority and discretion to interpret the TSRP, to
         modify these administrative rules for the TSRP, to select, in
         accordance with Section 5.01 of these rules, the persons who will be
         Participants hereunder, to determine all performance criteria, levels
         of awards and rewards payable, to impose such conditions and
         restrictions as it determines appropriate and to take such other
         actions and make such other determinations in connection with the TSRP
         as it may deem necessary or advisable.

ARTICLE IV.  STOCK ISSUABLE UNDER THE TSRP

                  4.01 NUMBER OF SHARES OF STOCK ISSUABLE. Subject to
         adjustments as provided in Section 11.07 of the Plan, the maximum
         number of shares of Stock available for issuance under the TSRP shall
         be 1,500,000. The Stock to be offered under the TSRP shall be
         authorized and unissued Stock, or Stock which shall have been
         reacquired by the Corporation and held in its treasury.

                  4.02 SHARES SUBJECT TO TERMINATED AWARDS. Shares of Stock
         forfeited as provided in Section 6.03 of these rules may again be
         issued under the TSRP.

ARTICLE V.  PARTICIPATION

                  5.01 DESIGNATION OF PARTICIPANTS. Participants in the TSRP
         shall be such key management employees of the Corporation or of its
         subsidiaries as the Committee, in its sole discretion, may designate as
         eligible to participate in the TSRP for any one or more TSR Performance
         Periods. No later than 90 days after the commencement of each TSR
         Performance Period during the term of the TSRP, the Committee shall
         designate the Participants who are eligible to participate in the TSRP
         during such TSR Performance Period. The Committee's designation of a
         Participant with respect to any TSR Performance Period shall not
         require the Committee to designate such person as a Participant with
         respect to any other TSR Performance Period. The Committee shall
         consider such factors as it deems pertinent in selecting Participants.
         The Committee shall promptly provide to each person selected as a
         Participant written notice of such selection.

ARTICLE VI.  GRANTS UNDER THE TSRP

                  6.01 ANNUAL DETERMINATION REGARDING TSR PERFORMANCE PERIOD. No
         later than the 60th day of each calendar year, the Committee shall
         determine whether to establish a TSR Performance Period, provided,
         however, for a TSR Performance Period established in calendar year
         2001, the Committee may make a determination under this Section 6.01 at
         any time prior to the 90th day of calendar year 2001.

                  6.02 DETERMINATION OF GRANTS, AWARDS AND PERFORMANCE CRITERIA.
         For each TSR Performance Period, the Committee shall take the following
         actions no later than the 90th day of the first calendar year of that
         TSR Performance Period:

                                     A.1-6
<PAGE>

                           (a) Identify Participants for that TSR Performance
                  Period;

                           (b) Establish the level of the TSR Target Awards for
                  each Participant;

                           (c) Set the Performance Reward Criteria in terms of
                  percentile ranking among the Peer Group for such period at
                  Threshold, Target and Excellent, respectively;

                           (d) Set the Award Targets for Threshold, Target and
                  Excellent; and

                           (e) Determine the Peer Group for that TSR Performance
                  Period.

                  6.03 TERMINATION OF EMPLOYMENT. If a Participant terminates
         employment with the Corporation and each subsidiary of the Corporation
         during a then uncompleted TSR Performance Period for reasons other than
         death, Disability or Retirement, any TSR Target Award for any then
         uncompleted TSR Performance Period shall be forfeited automatically and
         the shares represented by such TSR Target Awards shall again be
         eligible for awards under these Rules. If a Participant terminates
         employment with the Corporation and each subsidiary of the Corporation
         for reasons of death, Disability or Retirement during a then
         uncompleted TSR Performance Period, the Participant shall be entitled
         to receive a pro rata Plan Reward for each then uncompleted TSR
         Performance Period determined:

                           (a) when the TSR Rewards for all other Participants
                  in such TSR Performance Period(s) are determined;

                           (b) based on the actual level of achievement of
                  Performance Reward Criteria for that TSR Performance Period
                  and the Participant's TSR Target Award;

                           (c) pro rated by multiplying the number of shares of
                  Stock the Participant would have received if the Participant
                  completed the TSR Performance Period multiplied by a fraction,
                  the numerator of which is the number of months of such TSR
                  Performance Period completed before the Participant's
                  termination of employment and the denominator is 36; and

                           (d) certificates representing the number determined
                  above shall be delivered at the same time as all other
                  certificates for such TSR Performance Period are delivered to
                  Participants who completed the TSR Performance Period.

ARTICLE VII.  DETERMINATION OF PERFORMANCE REWARD CRITERIA AND DELIVERY OF STOCK

                  7.01 DETERMINATION OF ACTUAL ACHIEVEMENT OF PERFORMANCE REWARD
         CRITERIA. As promptly as administratively feasible but in no event
         later than the March 1st of the calendar year following last calendar
         year of each TSR Performance Period, the Committee shall determine the
         TSR of the Corporation and the average TSR of each member of the Peer
         Group and determine the Performance Level, if any, at which the
         Performance Reward Criteria have been achieved.

                  7.02 DETERMINATION OF PLAN REWARDS. Plan Rewards for a
         particular TSR Performance Period for a particular participant shall be
         the result of multiplying that

                                     A.1-7
<PAGE>

         Participant's TSR Target Award by the Performance Level for that TSR
         Performance Period determined under Section 7.01.

                  7.03 DELIVERY OF STOCK CERTIFICATES. As promptly as
         administratively feasible after the but in no event later than the
         March 15th of the calendar year following the last calendar year of a
         TSR Performance Period, the Corporation shall prepare for each
         Participant due a Plan Reward under Section 7.02 one or more stock
         certificates registered in the name(s) indicated by such Participant
         and shall deliver such certificates to the Participant promptly
         following the Participant's settlement of the Withholding Obligations
         by placing such certificates or causing such certificates to be placed
         in the U.S. mail, postage prepaid, to the address indicated by the
         Participant.

ARTICLE VIII.  MISCELLANEOUS

                  8.01 APPLICATION OF PROVISIONS OF PLAN. Except as set forth in
         these Rules, the provisions of the Plan, including, but not limited to,
         Article X, the Terms Applicable Generally to Awards Granted under the
         Plan, shall apply to these Rules and are incorporated herein as if set
         forth at length.

                  8.02 CHANGE IN CONTROL. In the event of a Change in Control,
         Plan Rewards shall be determined for all then uncompleted TSR
         Performance Periods as of the date of the Change in Control at the
         greater of (i) the Performance Level actually attained prior to the
         Change in Control and projected for the remainder of such uncompleted
         TSR Performance Periods or (ii) Target for each such uncompleted TSR
         Performance Period and certificates (or, with the consent of the
         Committee an amount in cash representing the Fair Market Value of such
         certificates) representing the Plan Rewards shall be delivered to the
         Participant as soon after the Change in Control as is administratively
         feasible.

                  8.03 SECURITIES LAWS AND SECTION 162(M) RESTRICTIONS. Any TSR
         Award denominated in Common Stock shall be subject to the requirement
         that if at any time the Committee shall determine that any listing or
         registration of the shares of Common Stock or any consent or approval
         of any governmental body or any other agreement or consent is necessary
         or desirable as a condition to the granting of a TSR Award or issuance
         of shares of Common Stock or cash in satisfaction thereof, such grant
         of an award or issuance of shares of Common Stock may not be
         consummated unless such requirement is satisfied in a manner acceptable
         to the Committee. It is intended, unless the Committee determine
         otherwise, that the TSRP comply with Rule 16b-3 as issued by the
         Securities and Exchange Commission and Section 162(m) of the Code. All
         interpretations of the TSRP relating to Statutory Insiders shall be
         consistent with that Rule 16b-3, the Exchange Act and Section 162(m) of
         the Code. In order to maintain compliance with any of Rule 16b-3, the
         Exchange Act or the Code, the Committee may adopt such other rules or
         provide restrictions on outstanding TSR Awards as it in its discretion
         shall deem necessary and such rules or restrictions shall apply to
         outstanding TSR Awards as if set forth in the respective TSR Award
         Agreements.

                  8.04 INVESTMENT REPRESENTATION. Each TSR Award Agreement may
         provide that the Participant shall deliver to the Committee upon demand
         by the Committee a written representation that the shares of Common
         Stock to be delivered are acquired by the Participant for investment
         and not for resale or with a view to the distribution thereof. Upon
         demand,

                                     A.1-8
<PAGE>

         delivery of such representation prior to the delivery of shares of
         Common Stock shall be a condition precedent to the Participant's right
         to receive such shares of Common Stock.

                  8.05 NO RIGHTS AS STOCKHOLDERS. Participants shall have no
         rights as shareholders of the Corporation prior to the actual delivery
         of shares of Common Stock. The existence of these Rules and/or any TSR
         Awards then outstanding shall not be a bar or affect in any way the
         power or authority of the Corporation or any of its then stockholders
         to take any action regarding the Corporation, its assets or its capital
         structure.

                  8.06 NON-UNIFORM DETERMINATIONS. The actions and
         determinations of the Committee need not be uniform and may be taken or
         made by the Committee selectively among employees or Participants,
         whether or not similarly situated.

                  8.07 AMENDMENT AND TERMINATION OF RULES. The Committee shall
         have complete power and authority to amend or terminate these Rules at
         any time it is deemed necessary or appropriate. No termination or
         amendment of the Rules may, without the consent of the Participant to
         whom any award shall theretofore have been granted under the TSRP,
         adversely affect the right of such individual under such award;
         provided, however, that the Committee may, in its sole discretion, make
         such provision in the Award Agreement for amendments which, in its sole
         discretion, it deems appropriate.

                                     A.1-9<PAGE>

                                                                    Exhibit 10.1
--------------------------------------------------------------------------------

                              JLG INDUSTRIES, INC.
                      EXECUTIVE DEFERRED COMPENSATION PLAN

                            -----------------------

                As Amended and Restated Effective January 1, 2002

<PAGE>

                              JLG INDUSTRIES, INC.
                      EXECUTIVE DEFERRED COMPENSATION PLAN

                As Amended and Restated Effective January 1, 2002

                                TABLE OF CONTENTS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                               PAGE

<S>      <C>      <C>                                                                          <C>
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............................................................1
         2.5.     Form and Content Election.......................................................2
         2.6.     Form of Payment.................................................................2

SECTION 3.        ACCOUNTS........................................................................2

         3.1.     Accounts........................................................................2
         3.2.     Company Contributions...........................................................2
         3.3.     Investment Return...............................................................3
         3.4.     Treatment Under SERP............................................................6
         3.5.     Vesting of Accounts.............................................................6

SECTION 4.        DISTRIBUTIONS OF AMOUNTS CREDITED UNDER SECTION 3.1.............................7

         4.1.     Payment.........................................................................7
         4.2.     Death of Participant............................................................7
         4.3.     Hardship Distributions..........................................................8
         4.4.     Effect of Distributions on Investment Return....................................8

SECTION 5.        DEFERRALS OF EQUITY-BASED AWARDS................................................8

         5.1.     Election to Defer...............................................................8
         5.2.     Deferral of Restricted Shares...................................................8
         5.3.     Deferral of Option Gain.........................................................9
         5.4.     Dividend Equivalents............................................................9
</TABLE>

                                       i
<PAGE>
<TABLE>
<S>      <C>      <C>                                                                          <C>
         5.5.     Holding and Distributing Company Stock Units....................................9

SECTION 6.        NATURE OF PARTICIPANT'S INTEREST IN PLAN.......................................10

         6.1.     No Right to Assets.............................................................10
         6.2.     No Right to Transfer Interest..................................................10
         6.3.     No Employment Rights...........................................................10
         6.4.     Withholding and Tax Liabilities................................................10

SECTION 7.        ADMINISTRATION, INTERPRETATION, AND MODIFICATION OF PLAN.......................11

         7.1.     Plan Administrator.............................................................11
         7.2.     Powers of Committee............................................................11
         7.3.     Finality of Committee Determinations...........................................11
         7.4.     Required Information...........................................................11
         7.5.     Incapacity.....................................................................11
         7.6.     Amendment, Suspension, and Termination.........................................12
         7.7.     Power to Delegate Authority....................................................12
         7.8.     Headings.......................................................................12
         7.9.     Severability...................................................................12
         7.10.    Governing Law..................................................................12
         7.11.    Complete Statement of Plan.....................................................12

SECTION 8.        DEFINITIONS....................................................................13

         8.1.     Gender and Number..............................................................13
         8.2.     Definitions....................................................................13
</TABLE>

                                       ii
<PAGE>

                     JLG INDUSTRIES, INC. EXECUTIVE DEFERRED
                                COMPENSATION PLAN

                AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2002

           ----------------------------------------------------------

SECTION 1. ESTABLISHMENT AND PURPOSE

            1.1 ESTABLISHMENT. Effective October 1, 1996, the Company
established the Plan for the benefit of the Participants.

            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. The Plan
also permits Participants to elect to defer Restricted Shares or the gain on
Options 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. 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 June 1 of the Fiscal Year with respect to
which the Bonus Compensation is earned. Notwithstanding the foregoing, (i) 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, and (ii) 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.

           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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 2
EXECUTIVE DEFERRED COMPENSATION PLAN
--------------------------------------------------------------------------------

apply to each subsequent calendar year or Fiscal Year unless the Participant,
before the beginning of the calendar year or on or before June 1 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 June 1 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.

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.

           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

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 3
EXECUTIVE DEFERRED COMPENSATION PLAN
--------------------------------------------------------------------------------

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 Exhibit 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) COMPANY STOCK UNIT FUND.

                        (i) The Administrative Committee shall maintain a
            hypothetical investment fund consisting of Company Stock Units and
            cash equivalent units. To the extent Compensation deferred hereunder
            is allocated to the Company Stock Unit Fund, the Compensation shall
            be converted to the number of Company Stock Units equal to the
            maximum number of whole Shares that could have been purchased with
            such Compensation at a price determined as follows: (A) in the case
            of Bonus Compensation, the average Fair Market Value of Shares
            during the 20 trading days preceding the date on which the Bonus
            Compensation would have been paid in the absence of a deferral
            election, and (B) in the case of all other Compensation, the Fair
            Market Value of Shares on the trading day immediately preceding the
            date on which the Compensation would have been paid in the absence
            of a deferral election. If amounts previously deferred are
            reallocated to the Company Stock Unit Fund, the reallocated amounts
            shall be converted to the number of Company Stock Units equal to the
            maximum number of whole Shares that could have been purchased with
            such amounts at a price equal to the average Fair Market Value of
            Shares during the 20 trading days preceding the date of the
            reallocation.

                        (ii) After the conversion described in the preceding
            paragraph has been performed, any deferred Compensation or
            reallocated amount equal to a fractional Share shall be credited to
            a Participant's Account as cash equivalent units.

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 4
EXECUTIVE DEFERRED COMPENSATION PLAN
--------------------------------------------------------------------------------

                        (iii) Each time a dividend is paid with respect to
            Shares, an equivalent amount shall be determined with respect to a
            Participant's Company Stock Units and shall be credited to the
            Participant's Account as cash equivalent units.

                        (iv) Amounts credited as cash equivalent units pursuant
            to the preceding two paragraphs shall be credited with interest
            (also in the form of cash equivalent units) as of the end of each
            calendar quarter at a rate equal to the average rate of return for
            the quarter on the money market index specified on Exhibit A
            attached hereto. Immediately after the quarterly interest has been
            credited, all cash equivalent units credited to a Participant's
            Account shall be converted to the number of Company Stock Units
            equal to the maximum number of whole Shares that could have been
            purchased with an equivalent amount of cash at a price equal to the
            average Fair Market Value of Shares during the 20 trading days
            preceding the conversion date.

                        (v) After the conversion described in the preceding
            paragraph has been performed, any cash equivalent units equal to a
            fractional Share shall remain credited to a Participant's Account as
            cash equivalent units, and shall be credited with interest at the
            end of each subsequent calendar quarter until they can be converted
            to Company Stock Units as provided in paragraph (iv), above.

                        (vi) After a Company Stock Unit has been credited to the
            Participant's Account, the value of the Company Stock Unit shall be
            equal to the Fair Market Value of a Share. In the event that there
            is any change in the Shares through merger, consolidation,
            reorganization, recapitalization, or otherwise; or if there is any
            dividend on the Shares, payable in Shares; or if there is a stock
            split or a combination of Shares; the Board of Directors may adjust
            the number of Company Stock Units credited to a Participant's
            Account as it deems equitable in its absolute discretion to prevent
            dilution or enlargement of the rights of the Participant; provided
            that any fractional shares resulting from such adjustments shall be
            eliminated.
<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 5
EXECUTIVE DEFERRED COMPENSATION PLAN
--------------------------------------------------------------------------------

                (c) DESIGNATION OF INVESTMENT RETURN.

                        (i) An Eligible Executive who has not met or exceeded
            the Company's stock ownership guidelines for executives shall
            allocate at least 50% of any Compensation deferral or Company
            Contribution to the Company Stock Unit Fund. The Administrative
            Committee may, in its discretion and from time to time, permit a
            Participant to allocate to the Company Stock Unit Fund all or any
            portion of any Compensation deferral under Section 2 or Company
            Contribution under Section 3.2 that is not subject to the mandatory
            allocation provision in the preceding sentence.

                        (ii) 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 (other than
            amounts required to be allocated to the Company Stock Unit Fund)
            shall be allocated among the rate of return indices specified on
            Exhibit A attached hereto and the Company Stock Unit Fund.

                        (iii) 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 (other than amounts required
            to be allocated to the Company Stock Unit Fund), subject to such
            conditions and such limitations as the Administrative Committee may
            prescribe. Any such change in election shall be in writing and in a
            form acceptable to the Administrative Committee.

                        (iv) During the period commencing 6 months after the
            Participant's employment terminates and ending 66 months after the
            Participant's employment terminates, the Participant may elect to
            reallocate all or any portion of his Account from the Company Stock
            Unit Fund to any of the rate of return indices specified on Exhibit
            A. Except as provided in the preceding sentence, any amount that has
            been allocated to the Company Stock Unit Fund may not be reallocated
            to any rate of return index, regardless of whether such amount was
            required to be allocated to the Company Stock Unit Fund or was
            allocated to the fund voluntarily.

                        (v) 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, or to reallocate
            amounts from a rate of return index to the Company Stock Unit Fund,
            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 writing and in a form acceptable
            to the Administrative Committee.

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 6
EXECUTIVE DEFERRED COMPENSATION PLAN
--------------------------------------------------------------------------------

                        (vi) 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%),
            excluding, for this purpose, any amount that is required to be
            allocated to the Company Stock Unit Fund.

                        (vii) 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 (other than amounts required to be allocated to the Company
            Stock Unit Fund) be allocated to the index determined by the
            Administrative Committee to represent the lowest risk of principal
            loss.

               (d) 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. The balance
credited to the Participant's Account as of the last day of the prior month and
allocated to the Company Stock Unit Fund shall be credited with the applicable
investment return (or loss) as provided in Section 3.3(b), above.

           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.

                (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):

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JLG INDUSTRIES, INC.                                                      PAGE 7
EXECUTIVE DEFERRED COMPENSATION PLAN
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             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) a
Change in Control occurs. 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 (including payments from the Company Stock Unit
Fund) 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.

           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.

               (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.

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JLG INDUSTRIES, INC.                                                      PAGE 8
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           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
resulting from an accident or illness with respect to the Participant, his
spouse, or his dependent (as defined in section 152 of the Code), or other event
beyond the Participant's control. 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, or is allocated in part to the Company
Stock Unit Fund and in part to one or more rate of return indices, any
distribution of part, but not all, of such vested Account shall be debited pro
rata from the Company Stock Unit Fund (if applicable) and any return index 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. An Eligible Executive may become a Participant
in the Plan by making an irrevocable election to defer, until his termination of
employment with the Company, receipt of part or all of a Restricted Share award,
or part or all of the gain on an Option, provided that the Administrative
Committee accepts such election. The Administrative Committee may, in its sole
discretion, reject any deferral election tendered pursuant to this Section 5
either in its entirety or with respect to a portion of the Restricted Share
award or Option gain covered by the election. The Administrative Committee shall
notify the Eligible Executive of the extent to which the Committee has accepted
the deferral election as soon as practicable after the Committee receives the
election. To the extent that the Administrative Committee accepts an Eligible
Executive's deferral election, any amount deferred pursuant to the election, and
any investment returns (or losses) on such amount, shall be credited to an
Equity Deferral Subaccount and shall be subject to this Section 5.

           5.2 DEFERRAL OF RESTRICTED SHARES. An Eligible Executive may elect to
defer part or all of a Restricted Share award by surrendering the Restricted
Shares to the Administrative Committee at least 12 months before the Restricted
Shares would otherwise vest, and receiving instead Company Stock Units subject
to any restrictions that applied to the Restricted Shares as of the date they
were surrendered. The Company Stock Units shall be credited to the Eligible
Executive's Equity Deferral

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JLG INDUSTRIES, INC.                                                      PAGE 9
EXECUTIVE DEFERRED COMPENSATION PLAN
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Subaccount and shall vest or be forfeited at the time when the corresponding
Restricted Shares would have vested or been forfeited. The Administrative
Committee may, in its sole discretion, waive the 12-month advance election
requirement and permit an Eligible Executive to defer Restricted Shares with a
vesting date less than 12 months after the date of the deferral election.

           5.3 DEFERRAL OF OPTION GAIN. An Eligible Executive may elect to defer
part or all of the gain on an Option exercise by submitting an irrevocable
deferral election to the Administrative Committee at least 12 months before the
Eligible Executive exercises the Option. Except as provided in the following
sentence, an Eligible Executive who has submitted a deferral election may not
exercise the Option during the 12 months following the date of the deferral
election. The Eligible Executive may exercise the Option during the 12 months
following the deferral election if (i) a Change in Control occurs, or (ii) the
Eligible Executive's employment with the Company terminates and the Option would
otherwise expire unexercised. When an Eligible Executive exercises an Option
subject to a deferral election, the Eligible Executive shall receive Company
Stock Units equal to the amount by which the Fair Market Value of the Option
Shares on the date of exercise exceeds the exercise price. The Company Stock
Units shall be credited to the Eligible Executive's Equity Deferral Subaccount
and shall be subject to any restrictions that would have applied to the Shares
the Eligible Executive would have received upon exercising the Option in the
absence of a deferral election.

           5.4 DIVIDEND EQUIVALENTS. Each time a dividend is paid with respect
to Shares, an equivalent amount shall be determined with respect to a
Participant's Company Stock Units and shall be credited to the Participant's
Equity Deferral Subaccount as cash equivalent units; provided, however, that a
Participant shall receive dividend equivalent credits only to the extent, and
only under the conditions, that the Participant would have received dividends or
dividend equivalents on the Restricted Shares or Option Shares that were
converted to Company Stock Units. The cash equivalent units shall be credited
with interest (also in the form of cash equivalent units) as of the end of each
calendar quarter at a rate equal to the average rate of return for the quarter
on the money market index specified on Exhibit A attached hereto. Cash
equivalent units credited to the Participant's Equity Deferral Subaccount under
this Section 5.4 may not be converted to Company Stock Units or reallocated to
any other rate of return index.

           5.5 HOLDING AND DISTRIBUTING COMPANY STOCK UNITS. Company Stock Units
credited to a Participant's Equity Deferral Subaccount under Section 5.2 or 5.3
shall be subject to Section 3.3(b)(vi), above. Company Stock Units credited to a
Participant's Equity Deferral Subaccount may not be reallocated to any rate of
return index. When the Participant's employment with the Company terminates for
any reason, any vested Company Stock Units credited to his Equity Deferral
Subaccount shall be converted to an equivalent number of Shares and distributed
in a single lump

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 10
EXECUTIVE DEFERRED COMPENSATION PLAN
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sum to the Participant (or to the Beneficiary of a deceased Participant) as soon
as practicable after the termination date, and any cash equivalent units shall
be distributed in a single lump sum in cash at the same time. The Company Stock
Units credited to a Participant's Equity Deferral Subaccount may not be
distributed in cash.

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
Share or other 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, 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.

           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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 11
EXECUTIVE DEFERRED COMPENSATION PLAN
--------------------------------------------------------------------------------

effective to defer the recognition of federal, state, or local tax with respect
to any amount credited to a Participant's Account.

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 Exhibit 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.

           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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 12
EXECUTIVE DEFERRED COMPENSATION PLAN
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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.

           7.6 AMENDMENT, SUSPENSION, AND TERMINATION.

               (a) BOARD OF DIRECTORS.  The Board of Directors has the right by
written resolution 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) ADMINISTRATIVE COMMITTEE.  The Board of Directors delegates
to the Administrative Committee the right by written resolution to amend the
Plan for the limited purpose of amending Exhibit A of the Plan.

           7.7 POWER TO DELEGATE AUTHORITY.

               (a) BOARD OF DIRECTORS.  The Board of Directors 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) 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.

           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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 13
EXECUTIVE DEFERRED COMPENSATION PLAN
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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.

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, a Company Contribution Subaccount,
         and (where applicable) an Equity Deferral Subaccount.

                  "ADMINISTRATIVE COMMITTEE" means the Administrative Committee
         appointed to administer the 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.

                  "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.

                  "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:

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

                           (2) which such Person or any of such Person's
                  Securities Law 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 shall not be deemed the
                  "Beneficial Owner" of, or to "Beneficially Own," or to have
                  "Beneficial Ownership" of, securities tendered pursuant

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 14
EXECUTIVE DEFERRED COMPENSATION PLAN
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                  to a tender or exchange offer made by such Person or any of
                  such Person's Securities Law 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 shall 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

                           (3) which are beneficially owned, directly or
                  indirectly, by any other Person (or any Securities Law or
                  Associate thereof) with which such Person or any of such
                  Person's Securities Law 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
                  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.

                  "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.

                  "BOARD OF DIRECTORS" means the Board of Directors of the
         Company.

                  "BONUS COMPENSATION" means cash compensation awarded under
         the JLG Industries, Inc. Management Incentive Plan.

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 15
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                  "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 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

                           (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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 16
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                                    constitute at least a majority of the board
                                    of 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).

                  "CODE" means the Internal Revenue Code of 1986, as amended
         from time to time.

                  "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.

                  "COMPANY STOCK UNIT" means a hypothetical investment unit
         whose value is equal to the Fair Market Value of one Share.

                  "COMPANY STOCK UNIT FUND" means a hypothetical investment fund
         consisting of Company Stock Units and cash equivalent units.

                  "COMPENSATION" means the base salary that Eligible Executives
         may elect to defer under the Plan and includes Bonus Compensation.

                  "COMPENSATION COMMITTEE"  means the Compensation Committee of
         the Board of Directors.

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 17
EXECUTIVE DEFERRED COMPENSATION PLAN
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                  "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 October 1, 1996.

                  "ELECTION CONTEST" means an election contest described in Rule
         14a-11 promulgated under the Securities Exchange Act.

                  "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 Compensation Committee in its sole discretion;
         provided that, on and after a Change in Control, 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.

                  "EQUITY DEFERRAL SUBACCOUNT" means the subaccount within the
         Participant's Account to which amounts deferred under Section 5 are
         credited as described in Section 5.1 hereof.

                  "FAIR MARKET VALUE" means, when used in connection with the
         Shares on a certain date, the fair market value of a Share as
         determined by the Administrative Committee, and shall be deemed equal
         to the mean of the high and low prices at which Shares are traded on
         such date (or on the next preceding day for which such information is
         ascertainable at the time of the Committee's determination) as reported
         for such date by The Wall Street Journal (or if Shares are not traded
         on such date, on the next preceding day on which Shares are traded) (or
         if Shares are traded on such date but no edition of The Wall Street
         Journal reporting such prices for such date is published, the fair
         market value shall be deemed equal to the mean of the high and low
         prices at which shares are traded on such date as reported through the
         National Association of Securities Dealers Automated Quotation System
         in any other newspaper).

                  "FISCAL YEAR" means the twelve-month period beginning August
         1st and ending on the subsequent July 31st.

                  "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 shall,
         for purposes of the Plan, be considered as a member of the Incumbent
         Board; provided further that no individual shall be considered a member
         of the Incumbent Board if such individual initially assumed office as a

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 18
EXECUTIVE DEFERRED COMPENSATION PLAN
--------------------------------------------------------------------------------

         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.

                  "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.

                  "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.

                  "NON-CONTROL TRANSACTION" means any transaction described in
         clauses (4)(A)(i) through (iii) of the definition of "Change in
         Control."

                  "OPTION" means a non-qualified stock option granted to an
         Eligible Executive under the JLG Industries, Inc. Stock Incentive 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.

                  "PERSON" means any individual, firm, corporation, partnership,
         joint venture, association, trust, or other entity.

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

                  "PROXY CONTEST" means a solicitation of proxies or consents by
         or on behalf of a Person other than the Board of Directors.

                  "RESTRICTED SHARES" means restricted shares acquired by an
         Eligible Executive under the JLG Industries, Inc. Stock Incentive Plan.

                  "SAVINGS PLAN" means the JLG Industries, Inc. Employees'
         Retirement Savings Plan effective as of January 1, 1995, and as amended
         from time to time.

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 19
EXECUTIVE DEFERRED COMPENSATION PLAN
--------------------------------------------------------------------------------

                  "SECURITIES EXCHANGE ACT" means the Securities Exchange Act of
         1934, as amended and in effect from time to time.

                  "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.

                  "SERP" means the JLG Industries, Inc. Supplemental Executive
         Retirement Plan effective as of June 1, 1995, and as amended from time
         to time.

                  "SHARES" means shares of the Company's $.20 par value common
         stock.

                  "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.

                  "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."

                  "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.

ATTEST: ________________________            BY: _______________________________

TITLE: _________________________            TITLE: ____________________________

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