Document:

GEHL COMPANY
                           2000 EQUITY INCENTIVE PLAN

                             STOCK OPTION AGREEMENT
                           FOR NON-EMPLOYEE DIRECTORS

          THIS AGREEMENT, dated as of this _____ day of ________________,  ____,
by and between  Gehl  Company,  a Wisconsin  corporation  (the  "Company"),  and
_________________ (the "Optionee").

                              W I T N E S S E T H :

          WHEREAS,  the  Company  has  adopted  the  Gehl  Company  2000  Equity
Incentive  Plan (the  "Plan"),  the terms of which,  to the  extent  not  stated
herein, are specifically incorporated by reference in this Agreement; and

          WHEREAS,  the  Plan  authorizes  the  automatic  grant of  options  to
purchase  shares of the  Company's  Common  Stock,  $.10 par value (the  "Common
Stock"), to members of the Company's Board of Directors who are not employees of
the Company or any affiliate of the Company (a "Non-Employee Director"); and

          WHEREAS, the Optionee is now a Non-Employee  Director, and the Company
desires him to continue as a member of the  Company's  Board of Directors and to
secure or increase his stock  ownership in the Company as an added incentive for
him to continue his association with the Company.

          NOW, THEREFORE,  in consideration of the premises and of the covenants
and agreements  herein set forth, the parties hereby mutually covenant and agree
as follows:

          1.  Grant of Option.  Subject to the terms and  conditions of the Plan
and this  Agreement,  the Company  hereby  grants to the Optionee an option (the
"Option") to purchase from the Company all or any part of the  aggregate  amount
of 2,000 shares of Common Stock (the "Optioned Shares").  The Option is intended
to  constitute  a  non-qualified  stock  option  and shall not be  treated as an
incentive stock option within the meaning of Section 422 of the Internal Revenue
Code of 1986, as amended, or any successor provision thereto.

          2.  Option  Price.  The per  share  exercise  price to be paid for the
Optioned Shares shall be $_____.

<PAGE>

          3.  Exercisability  and  Termination  of  Option.  The  Option  may be
exercised by the Optionee only in accordance with the following schedule:

                                       Cumulative Percentage of Shares Subject
                                          to Option Which May be Purchased
   Elapsed Period of Time              (which number of shares shall be rounded
After Date Option is Granted              down to the nearest whole number)
----------------------------           ----------------------------------------

    Less than One (1) Year                                  0%
    One (1) Year                                       33-1/3%
    Two (2) Years                                      66-2/3%
    Three (3) Years                                       100%

Notwithstanding the foregoing schedule,  if the Optionee ceases to be a director
of  the  Company  by  reason  of  death,   disability  or  retirement  prior  to
______________,  ____, or in the event of a Change of Control of the Company (as
defined in the Plan) prior to  ______________,  ____,  the Option  shall  become
immediately  exercisable in full. The Option shall  terminate on the earlier of:
(i) _______________, ____; or (ii) twelve months after the Optionee ceases to be
a  director  of the  Company  for  any  reason,  including  as a  result  of the
Optionee's death, disability or retirement.

          4.  Manner of  Exercise  and  Payment.  Subject to the  provisions  of
Paragraph 3 hereof and the Plan, the Option may be exercised in full at any time
or in part from time to time by delivery to the  Secretary of the Company at the
Company's  principal  office in West  Bend,  Wisconsin,  of a written  notice of
exercise  specifying  the number of shares  with  respect to which the Option is
being  exercised.  The notice of exercise must be accompanied by payment in full
of the  exercise  price  of the  shares  being  purchased:  (i) in  cash  or its
equivalent; (ii) by tendering previously acquired shares of Common Stock (valued
at their "market value" as of the date of exercise,  as determined in the manner
provided in Section  6(b)(iv) of the Plan);  or (iii) by any  combination of the
means of  payment  set forth in  subparagraphs  (i) and (ii).  For  purposes  of
subparagraphs  (ii) and (iii) above,  the term  "previously  acquired  shares of
Common Stock" shall only include shares of Common Stock owned by the Optionee at
least six months prior to the exercise of the Option for which  payment is being
made and shall not in any event  include  shares of Common Stock which are being
acquired pursuant to the exercise of the Option. No shares shall be issued until
full payment therefor has been made.

          5.  Nontransferability  of  the  Option.   The  Option  shall  not  be
transferable  by the  Optionee  other  than by will or the laws of  descent  and
distribution;  provided,  however,  that the Optionee shall be entitled,  in the
manner  provided in Paragraph 6 hereof,  to designate a beneficiary  to exercise
his rights, and to receive any shares of Common Stock issuable,  with respect to
the Option upon the death of the  Optionee.  The Option may be exercised  during
the lifetime of the Optionee only by the Optionee or, if permitted by applicable
law, the Optionee's guardian or legal

                                      -2-
<PAGE>

representative.

          6.  Designation of  Beneficiary.

              (a)  The person whose name  appears on the  signature  page hereof
after the caption  "Beneficiary" or any successor  designated by the Optionee in
accordance herewith (the person who is the Optionee's beneficiary at the time of
his death herein referred to as the "Beneficiary") shall be entitled to exercise
the Option,  to the extent it is  exercisable,  after the death of the Optionee.
The Optionee may from time to time revoke or change his Beneficiary  without the
consent  of  any  prior  Beneficiary  by  filing  a  new  designation  with  the
Compensation and Benefits  Committee of the Board of Directors of the Company or
such other committee of the Board which shall have been designated to administer
the Plan (the "Committee").  The last such designation received by the Committee
shall be  controlling;  provided,  however,  that no  designation,  or change or
revocation thereof, shall be effective unless received by the Committee prior to
the Optionee's death, and in no event shall any designation be effective as of a
date prior to such receipt.

              (b)  If no such  Beneficiary  designation is in effect at the time
of the Optionee's death, or if no designated  Beneficiary  survives the Optionee
or if such  designation  conflicts  with law,  the  Optionee's  estate  shall be
entitled to exercise the Option, to the extent it is exercisable after the death
of the  Optionee.  If the Committee is in doubt as to the right of any person to
exercise the Option, the Company may refuse to recognize such exercise,  without
liability  for any  interest or  dividends  on the  Optioned  Shares,  until the
Committee  determines the person entitled to exercise the Option, or the Company
may apply to any court of appropriate jurisdiction and such application shall be
a complete discharge of the liability of the Company therefor.

          7.  Capital  Adjustments  Affecting  the Common  Stock.  The number of
Optioned Shares subject hereto and the related per share exercise price shall be
subject to adjustment in accordance with Section 4(b) of the Plan.

          8.  Transfer Restrictions.  The shares to be acquired upon exercise of
the  Option  may not be sold or  otherwise  disposed  of except  pursuant  to an
effective  registration  statement under the Securities Act of 1933, as amended,
or in a transaction which, in the opinion of counsel for the Company,  is exempt
from registration under said Act.

          9.  Status  of  Optionee.  The  Optionee  shall  have no  rights  as a
shareholder  with  respect to shares  covered  by the  Option  until the date of
issuance of stock  certificates  to the  Optionee and only after such shares are
fully paid.  The Option shall not confer upon the Optionee the right to continue
as a director of the Company.

                                      -3-
<PAGE>

          10. Interpretation by Committee. As a condition of the granting of the
Option, the Optionee agrees, for himself and his personal representatives,  that
this Agreement  shall be  interpreted by the Committee and that,  subject to the
express terms of the Plan, any  interpretation  by the Committee of the terms of
this  Agreement and any  determination  made by the  Committee  pursuant to this
Agreement shall be final, binding and conclusive.

          IN WITNESS  WHEREOF,  the  Company  has caused  this  Agreement  to be
executed by its duly authorized officers,  and the Optionee has hereunto affixed
his hand as to the day and year first above written.

                                      GEHL COMPANY

                                      By:
                                         ---------------------------------------

                                      Attest:
                                             -----------------------------------

                                                                      , Optionee
                                      --------------------------------

                                      Beneficiary:
                                                  ------------------------------

                                      Address of Beneficiary:
                                                             -------------------

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

                                      Beneficiary's Tax Identification/
                                      Social Security No.:
                                                          ----------------------

scb/options/diragre2

                                      -4-<PAGE>

                                   Exhibit 4.2

<PAGE>

                 MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST
                      SELECT 10 INDUSTRIAL PORTFOLIO 2000-3
                            REFERENCE TRUST AGREEMENT

          This Reference Trust Agreement dated May 1, 2000 between DEAN WITTER
REYNOLDS INC., as Depositor, and The Bank of New York, as Trustee, sets forth
certain provisions in full and incorporates other provisions by reference to the
document entitled "Morgan Stanley Dean Witter Select Equity Trust, Trust
Indenture and Agreement" (the "Basic Agreement") dated September 30, 1993 as
amended on December 30, 1997. Such provisions as are incorporated by reference
constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

          In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                       I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

          Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended as follows:

          A.    The first sentence of Section 2.01 is amended to add the
     following language at the end of such sentence: "and/or cash (or a letter
     of credit in lieu of cash) with instructions to the Trustee to purchase one
     or more of such Securities which cash (or cash in an amount equal to the
     face amount of the letter of credit), to the extent not used by the Trustee
     to purchase such Securities within the 90-day period following the first
     deposit of Securities in the Trust, shall be distributed to Unit Holders on
     the Distribution Date next following such 90-day period or such earlier
     date as the Depositor and the Trustee determine".

<PAGE>

                                      -2-

          B.    Section 2.03 is amended to add the following to the end of the
     first paragraph thereof. The number of Units may be increased through a
     split of the Units or decreased through a reverse split thereof, as
     directed by the Depositor, which revised number of Units shall be recorded
     by Trustee on its books.

          C.    The first sentence of Section 2.06 is amended to add the
     following language after "Securities"))": "and/or cash (or a letter of
     credit in lieu of cash) with instructions to the Trustee to purchase one or
     more Additional Securities which cash (or cash in an amount equal to the
     face amount of the letter of credit), to the extent not used by the Trustee
     to purchase such Additional Securities within the 90-day period following
     the first deposit of Securities in the Trust, shall be distributed to Unit
     Holders on the Distribution Date next following such 90-day period or such
     earlier date as the Depositor and the Trustee determine".

          D.    Article III, entitled "Administration of Trust", Section 3.01
     Initial Cost shall be amended as follows:

          Section 3.01 Initial Cost shall be amended to substitute the following
language:

          SECTION 3.01.   INITIAL COST The costs of organizing the Trust and
     sale of the Trust Units shall, to the extent of the expenses reimbursable
     to the Depositor provided below, be borne by the Unit Holders, PROVIDED,
     HOWEVER, that, to the extent all of such costs are not borne by Unit
     Holders, the amount of such costs not borne by Unit Holders shall be borne
     by the Depositor and, PROVIDED FURTHER, HOWEVER, that the liability on the
     part of the Depositor under this section shall not include any fees or
     other expenses incurred in connection with the administration of the Trust
     subsequent to the deposit referred to in Section 2.01. Upon notification
     from the Depositor that the primary offering period is concluded, the
     Trustee shall withdraw from the Account or Accounts specified in the
     Prospectus or, if no Account is therein specified, from the Principal
     Account, and pay to the Depositor the Depositor's reimbursable expenses of
     organizing the Trust and sale of the Trust Units in an amount certified to
     the Trustee by the Depositor. If the balance of the Principal Account is
     insufficient to make such withdrawal, the Trustee shall, as di-

<PAGE>

                                      -3-

     rected by the Depositor, sell Securities identified by the Depositor, or
     distribute to the Depositor Securities having a value, as determined under
     Section 4.01 as of the date of distribution, sufficient for such
     reimbursement. The reimbursement provided for in this section shall be for
     the account of the Unitholders of record at the conclusion of the primary
     offering period and shall not be reflected in the computation of the Unit
     Value prior thereto. As used herein, the Depositor's reimbursable expenses
     of organizing the Trust and sale of the Trust Units shall include the cost
     of the initial preparation and typesetting of the registration statement,
     prospectuses (including preliminary prospectuses), the indenture, and other
     documents relating to the Trust, SEC and state blue sky registration fees,
     the cost of the initial valuation of the portfolio and audit of the Trust,
     the initial fees and expenses of the Trustee, and legal and other
     out-of-pocket expenses related thereto, but not including the expenses
     incurred in the printing of preliminary prospectuses and prospectuses,
     expenses incurred in the preparation and printing of brochures and other
     advertising materials and any other selling expenses. Any cash which the
     Depositor has identified as to be used for reimbursement of expenses
     pursuant to this Section shall be reserved by the Trustee for such purpose
     and shall not be subject to distribution or, unless the Depositor otherwise
     directs, used for payment of redemptions in excess of the per-Unit amount
     allocable to Units tendered for redemption.

          E.    The third paragraph of Section 3.05 is hereby amended to add the
     following sentence after the first sentence thereof: "Depositor may direct
     the Trustee to invest the proceeds of any sale of Securities not required
     for the redemption of Units in eligible money market instruments selected
     by the Depositor which will include only negotiable certificates of deposit
     or time deposits of domestic banks which are members of the Federal Deposit
     Insurance Corporation and which have, together with their branches or
     subsidiaries, more than $2 billion in total assets, except that
     certificates of deposit or time deposits of smaller domestic banks may be
     held provided the deposit does not exceed the insurance coverage on the
     instrument (which currently is $100,000), and provided further that the
     Trust's aggregate holding of certificates of deposit or time deposits
     issued by the Trustee may not ex-

<PAGE>

                                      -4-

     ceed the insurance coverage of such obligations and U.S. Treasury notes or
     bills (which shall be held until the maturity thereof) each of which
     matures prior to the earlier of the next following Distribution Date or 90
     days after receipt, the principal thereof and interest thereon (to the
     extent such interest is not used to pay Trust expenses) to be distributed
     on the earlier of the 90th day after receipt or the next following
     Distribution Date."

          F.    The first sentence of each of Sections 3.10, 3.11 and 3.12 is
     amended to insert the following language at the beginning of such sentence,
     "Except as otherwise provided in Section 3.13,".

          G.    The following new Section 3.13 is added

          Section 3.13.   EXTRAORDINARY EVENT-SECURITY RETENTION AND VOTING. In
     the event the Trustee is notified of any action to be taken or proposed to
     be taken by holders of the securities held by the Trust in connection with
     any proposed merger, reorganization, spin-off, split-off or split-up by the
     issuer of stock or securities held in the Trust, the Trustee shall take
     such action or refrain from taking any action, as appropriate, so as to
     insure that the securities are voted as closely as possible in the same
     manner and in the same general proportion as are the securities held by
     owners other than the Trust. If stock or securities are received by the
     Trustee, with or without cash, as a result of any merger, reorganization,
     spin-off, split-off or split-up by the issuer of stock or securities held
     in the Trust, the Trustee at the direction of the Depositor may retain such
     stock or securities in the Trust. Neither the Depositor nor the Trustee
     shall be liable to any person for any action or failure to take action with
     respect to this section.

          H.    Section 1.01 is amended to add the following definition: (9)
     "Deferred Sales Charge" shall mean any deferred sales charge payable in
     accordance with the provisions of Section 3.14 hereof, as set forth in the
     prospectus for a Trust. Definitions following this definition (9) shall be
     renumbered.

          I.    Section 3.05 is hereby amended to add the following paragraph
     after the end thereof: On each Deferred Sales Charge payment date set forth
     in the prospectus for

<PAGE>

                                      -5-

     a Trust, the Trustee shall pay the account created pursuant to Section 3.14
     the amount of the Deferred Sales Charge payable on each such date as stated
     in the prospectus for a Trust. Such amount shall be withdrawn from the
     Principal Account from the amounts therein designated for such purpose.

          J.    Section 3.06B(3) shall be amended by adding the following: "and
     any Deferred Sales Charge paid".

          K.    Section 3.08 shall be amended by adding the following at the end
     thereof: "In order to pay the Deferred Sales Charge, the Trustee shall sell
     or liquidate an amount of Securities at such time and from time to time and
     in such manner as the Depositor shall direct such that the proceeds of such
     sale or liquidation shall equal the amount required to be paid to the
     Depositor pursuant to the Deferred Sales Charge program as set forth in the
     prospectus for a Trust.

          L.    Section 3.14 shall be added as follows:

          Section 3.14.  Deferred Sales Charge. If the prospectus for a Trust
     specifies a Deferred Sales Charge, the Trustee shall, on the dates
     specified in and as permitted by the prospectus, withdraw from the Income
     Account if such account is designated in the prospectus as the source of
     the payments of the Deferred Sales Charge, or to the extent funds are not
     available in that account or if such account is not so designated, from the
     Principal Account, an amount per Unit specified in the prospectus and
     credit such amount to a special, non-Trust account maintained at the
     Trustee out of which the Deferred Sales Charge will be distributed to the
     Depositor. If the Income Account is not designated as the source of the
     Deferred Sales Charge payment or if the balances in the Income and
     Principal Accounts are insufficient to make any such withdrawal, the
     Trustee shall, as directed by the Depositor, either advance funds, if so
     agreed to by the Trustee, in an amount equal to the proposed withdrawal and
     be entitled to reimbursement of such advance upon the deposit of additional
     monies in the Income Account or the Principal Account, sell Securities and
     credit the proceeds thereof to such special Depositor's account or credit
     Securities in kind to such special Depositor's Account. Such directions
     shall identify the Securities, if any, to be

<PAGE>

                                      -6-

     sold or distributed in kind and shall contain, if the Trustee is directed
     by the Depositor to sell a Security, instructions as to execution of such
     sales. If a Unit Holder redeems Units prior to full payment of the Deferred
     Sales Charge, the Trustee shall, if so provided in the prospectus, on the
     Redemption Date, withhold from the Redemption Price payment to such Unit
     Holder an amount equal to the unpaid portion of the Deferred Sales Charge
     and distribute such amount to such special Depositor's account or, if the
     Depositor shall purchase such Unit pursuant to the terms of Section 5.02
     hereof, the Depositor shall pay the Redemption Price for such Unit less the
     unpaid portion of the Deferred Sales Charge. The Depositor may at any time
     instruct the Trustee to distribute to the Depositor cash or Securities
     previously credited to the special Depositor's account.

          M.    Reference to "Dean Witter Select Equity Trust" is replaced by
     "Morgan Stanley Dean Witter Select Equity Trust".

                                      II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

          The following special terms and conditions are hereby agreed to:

          A.    The Trust is denominated Morgan Stanley Dean Witter Select
Equity Trust Select 10 Industrial Portfolio 2000-3 (the "Select 10 Trust").

          B.    The publicly traded stocks listed in Schedule A hereto are those
which, subject to the terms of this Indenture, have been or are to be deposited
in trust under this Indenture.

          C.    The term "Depositor" shall mean Dean Witter Reynolds Inc.

          D.    The aggregate number of Units referred to in Sections 2.03 and
9.01 of the Basic Agreement is 24,878 for the Select 10 Trust.

          E.    A Unit is hereby declared initially equal to 1/24,878th for the
Select 10 Trust.

<PAGE>

                                      -7-

          F.    The term "In-Kind Distribution Date" shall mean June 12, 2001.

          G.    The term "Record Dates" shall mean December 1, 2000, March 1,
2001 and July 2, 2001 and such other date as the Depositor may direct.

          H.    The term "Distribution Dates shall mean December 15, 2000,
March 15, 2001 and on or about July 10, 2001 and such other date as the
Depositor may direct.

          I.    The term "Termination Date" shall mean July 2, 2001.

          J.    The Depositor's Annual Portfolio Supervision Fee shall be a
maximum of $0.25 per 100 Units.

          K.    The Trustee's Annual Fee as defined in Section 6.04 of the
Indenture shall be $0.72 per 100 Units.

          L.    For a Unit Holder to receive an "in-kind" distribution during
the life of the Trust, such Unit Holder must tender at least 25,000 Units for
redemption. There is no minimum amount of Units that a Unit Holder must tender
in order to receive an "in-kind" distribution on the In-Kind Date or in
connection with a rollover.

          M.    The Indenture is amended to provide that the period during which
the Trustee shall liquidate the Trust Securities shall not exceed 14 business
days commencing on the first business day following the In-Kind Date.

               (Signatures and acknowledgments on separate pages)

<PAGE>

                                      -8-

          The Schedule of Portfolio Securities in the prospectus included in
this Registration Statement is hereby incorporated by reference herein as
Schedule A hereto.

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