Document:

GEHL COMPANY/ THOMAS M.
RETTLER
2004
SUPPLEMENTAL
RETIREMENT BENEFIT AGREEMENT  

        THIS
AGREEMENT, made this 23rd day of August, 2004, by and between GEHL COMPANY,
West Bend, Wisconsin (hereinafter referred to as the “Company”), and Thomas
M. Rettler of Mequon, Wisconsin (hereinafter referred to as the “Employee”): 

W I T N E S S E T H:  

        WHEREAS,
the Employee is currently employed by the Company in the capacity of Vice President,
Chief Financial Officer, and in such position can contribute materially to its continued
growth and development and to its future financial success; and  

        WHEREAS,
the Company desires to insure insofar as possible that the Company will have the benefit
of the Employee’s full services and executive capacities for future years;  

        NOW,
THEREFORE, in consideration of services rendered by the Employee to the Company, it is
agreed as follows:  

        Section
1.    Definitions.     

        (a)    “Average
Monthly Compensation” means one-sixtieth (1/60th) of the           Employee’s
base salary and cash bonus from the Company for the highest five           (5) calendar
years within the last ten (10) completed calendar years           preceding the date
of the Employee’s termination of employment with the           Company. In the event
the Employee does not have five (5) calendar years of           employment, only the
number of full months from the date of hire through the           December preceding
termination of employment shall be used to determine Average           Monthly
Compensation. Cash bonus means the cash distributed to the Employee           during a
calendar year pursuant to the Company “SVA” Shareholder Value           Added
or similar incentive/bonus compensation program. Base salary and cash           bonus for
this purpose include any salary reduction deferrals pursuant to a cash           or
deferred arrangement or a cafeteria plan pursuant to Internal Revenue Code           (“Code”)
Sections 401(k) or 125.  

        (b)    “Beneficiary” means
the person, trust and/or other entity designated           by the Employee on the form
most recently filed with the Secretary of the           Company prior to the Employee’s
death. In the absence of a valid           designation, the Beneficiary shall be the
Employee’s estate.  

        (c)    “Disability
means a physical or mental condition which totally and           presumably permanently
prevents the Employee from engaging in any substantially           gainful activity as
determined in accordance with Section 4.03 of the Gehl           Company Retirement
Income Plan “B”.  

        (d)    “Vested
Percentage” means the percentage of the supplemental           retirement benefit in
Section 2 earned by the Employee, subject in any event to           the forfeiture
provision of Section 4 and the change in control provision of           Section 5. The
Vested Percentage is one hundred percent (100%) in any of the           following
circumstances:  

	 	(i)
(ii)
(iii)	after
the Employee completes five (5) years of Vesting Service;
if the
               Employee suffers a Disability; or
if
the Employee retires from the Company after attainment of age           sixty-two (62).  

In the event the Employee does not
have a Vested Percentage of one hundred percent (100%), he shall receive ten percent
(10%) vesting for each complete year of Vesting Service.  

        (e)    “Vesting
Service” means the period of the Employee’s consecutive           employment
with the Company from January 1, 1986, through the date of           termination of
employment.  

        Section
2.    Supplemental Retirement Benefits.     

        (a)    The
amount of the monthly supplemental retirement benefit shall be the           Employee’s
Vested Percentage times an amount equal to forty percent (40%)           of the Employee’s
Average Monthly Compensation.  

        (b)    The
monthly supplement shall be payable to the Employee commencing as of the           first
day of the month following the earlier to occur of:  

	 	(i)
(ii)	age
sixty-five (65); or

the
later of termination of employment from the Company or age           sixty two (62).  

The supplement shall continue to be
paid to the Employee for a period of fifteen (15) years.  

        (c)    In
the event the Employee commences receiving the supplement but dies prior to           the
end of the payment period, the remaining monthly payments in the fifteen
          (15)-year period shall be made to the Beneficiary.  

        (d)    In
the event the Employee dies after termination of employment from the Company
          but prior to the commencement of benefits pursuant to (b) above, the monthly
          supplement calculated pursuant to subsection (a) above shall be paid to the
          Beneficiary for the fifteen (15)-year period commencing as of the first day of
          the month following the later to occur of the Employee’s death or the date
          the Employee would have attained (or if applicable, did attain) age sixty-two
          (62).  

2 

        Section
3.    Pre-Retirement Death Benefit.     

        (a)    In
the event the Employee dies prior to commencement of the supplemental
          retirement benefit under Section 2(b) above and while employed by the Company,
          in lieu of any payment pursuant to Section 2 above, a pre-retirement death
          benefit shall be paid to the Beneficiary.  

        (b)    The
death benefit shall be comprised of five (5) payments, the first being due           as
of the last day of the month following the Employee’s death. Each
          succeeding payment shall be made on successive anniversaries of the first
          payment due date.  

        (c)    The
amount of each of the five (5) payments shall be forty percent (40%) of the
          Employee’s Average Monthly Compensation, annualized, as of the
          Employee’s date of death.  

        Section
4.    Non-Competition Requirement.    Employee agrees that for a period of two (2) years
after termination of active employment hereunder, the Employee shall not, except as
permitted by the Company’s prior written consent, engage in, be employed by, or in
any way advise or act for, or have any financial interest in any business which is a
competitor of the Company. The ownership of minority and non-controlling shares of any
corporation whose shares are listed on a recognized stock exchange or traded in an
over-the-counter market shall not be deemed as constituting a financial interest in such
corporation. If the Employee shall fail to comply with any of the foregoing conditions,
he shall forfeit all right to any payments pursuant to Section 2 hereof which would
otherwise be payable to him thereafter.  

        Section
5.    Change of Control.    Notwithstanding the definition of Vested Percentage in
Section 1 hereof, an Employee shall be one hundred percent (100%) vested, subject to
Section 4, in the event there is a change of control of the Company. For purposes of this
Agreement, a “change in control of the Company” occurs when:  

	 	(i) 	securities
of GEHL representing 25% or more of the combined voting power of                GEHL’s
then outstanding voting securities are acquired pursuant to a tender                offer
or an exchange offer; or  

	 	(ii) 	the
shareholders of GEHL approve a merger or consolidation of GEHL with any
               other corporation as a result of which less than fifty percent (50%) of
the                outstanding voting securities of the surviving or resulting entity are
owned by                the former shareholders of GEHL (other than a shareholder who is
an                “affiliate,” as defined under rules promulgated under the
Securities                Act of 1933, as amended, of any party to such consolidation or
merger); or  

3 

	 	(iii) 	the
 shareholders of GEHL approve the sale of  substantially  all of GEHL's assets to a
corporation  which                   is not a wholly-owned subsidiary of GEHL; or  

	 	(iv) 	any
person becomes the “beneficial owner,” as defined under rules
               promulgated under the Securities Exchange Act of 1934, as amended,
directly or                indirectly, of securities of GEHL representing twenty-five
percent (25%) or more                of the combined voting power of GEHL’s then
outstanding securities the                effect of which (as determined by the Board) is
to take over control of GEHL; or  

	 	(v) 	during
any period of two consecutive years, individuals who, at the beginning of
               such period, constituted the Board of Directors of GEHL cease, for any
reason,                to constitute at least a majority thereof, unless the election or
nomination for                election of each new director was approved by the vote of
at least two-thirds of                the directors then still in office who were
directors at the beginning of the                period.  

        Section
6.    No Rights of Employment.    Nothing herein contained shall be deemed to confer
upon the Employee any right to continue in the employ of the Company nor to interfere
with the right of the Company to terminate his employment at any time.  

        Section
7.    Employee’s Rights Non-Assignable.    Neither the Employee nor the Beneficiary
shall have the power to transfer, assign, anticipate, mortgage, or otherwise encumber in
advance any of the payments provided in this Agreement; nor shall any of said payments
nor any assets of the Company, including any insurance policies owned by the Company, be
subject to seizure for the payment of any of the recipient’s debts, judgments or
other obligations arising by operation of law or in the event of bankruptcy, insolvency
or otherwise.  

        Section
8.    Company Not Required to Fund This Agreement.    The Company is not obligated to
set aside or credit the Employee or the Beneficiary with funds to provide for the payment
of the amounts due under this Agreement, and nothing in this Agreement shall be construed
as creating a trust fund of any kind for the benefit of the Employee or the Beneficiary.  

        Section
9.    Administration.    This Agreement shall be administered by the Gehl Company
Compensation and Benefits Committee (herein referred to as the “Committee”). If
the Employee is also a Committee member, he shall abstain from any deliberations or vote
on any matter in connection with this Agreement.  

4 

        Section
10.   Successors and Assigns.    This  Agreement  shall inure to and be binding upon the
successors and assigns of the Company. 

        Section
11.   Acceleration.    In the event that payment of the benefits provided by Section 2
hereunder is accelerated in a present value payment pursuant to the Employee’s
Change in Control and Severance Agreement, all other benefits and provisions hereof shall
be deemed terminated.  

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written.  

	Attest:

		GEHL COMPANY

	/s/ M. J. Mulcahy 
		/s/ William D. Gehl 
	   		Its:  Chairman 

	

		EMPLOYEE

	/s/ Sandra C. Bodden 
		/s/ Thomas M. Rettler 
	Witness as to
(Name) 		Thomas M. Rettler 

5GEHL COMPANY
2004
EQUITY INCENTIVE PLAN  

RESTRICTED STOCK AWARD
AGREEMENT 

        THIS
AGREEMENT, made and entered into as of this ____ day of _____________, by and between
GEHL COMPANY, a Wisconsin corporation (the “Company”), and
________________________ (the “Participating Key Employee”). 

W I T N E S S E T H : 

        WHEREAS,
the Company has adopted the Gehl Company 2004 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,
one of the purposes of the Plan is to permit the granting of awards of restricted shares
of the Company’s Common Stock, $.10 par value (the “Common Stock”), to
certain key employees of the Company and its Affiliates (as defined in the Plan); and 

        WHEREAS,
the Participating Key Employee is now employed by the Company or an Affiliate of the
Company in a key capacity, and the Company desires the Participating Key Employee to
remain in such employ, and to secure or increase his or her stock ownership in the Company
in order to increase his or her incentive and personal interest in the welfare of 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.    Award
of Restricted Stock. Subject to the terms and conditions of           the Plan
and this Agreement, the Company hereby awards the Participating Key           Employee
the number of shares of Common Stock set forth on the signature page of           this
Agreement (the “Restricted Stock”).  

        2.    Restrictions. Except
as otherwise provided herein, the Restricted           Stock may not be sold, transferred
or otherwise alienated or hypothecated until           the date set forth on the
signature page of this Agreement (the “Release           Date”).  

        3.    Escrow. Certificates
for shares of Restricted Stock shall be           issued as soon as practicable in the
name of the Participating Key Employee but           shall be held in escrow by the
Company, as escrow agent. Upon issuance of such           certificates, (i) the Company
shall give the Participating Key Employee a           receipt for the Restricted Stock
held in escrow which will state that the           Company holds such Restricted Stock in
escrow for the account of the           Participating Key Employee, subject to the terms
of this Agreement, and (ii) the           Participating Key Employee shall give the
Company a stock power for such           Restricted Stock duly endorsed in blank which
will be held in escrow for use in           the event such Restricted Stock is forfeited
in whole or in part. Unless           theretofore forfeited as provided in this
Agreement, Restricted Stock shall           cease to be held in escrow and certificate(s)
for the appropriate number of           shares of the Common Stock shall be delivered to
the Participating Key Employee,           or in the case of his or her death, to his or
her Beneficiary (as hereinafter           defined) on the Release Date or upon any other
termination of the restrictions           imposed by Paragraph 2 of this Agreement.  

        4.    Transfer
After Release Date; Securities Law Restrictions. Except           as otherwise
provided herein, Restricted Stock shall become free of the           restrictions of
Paragraph 2 and be freely transferable by the Participating Key           Employee on and
after the Release Date. Shares of Restricted Stock granted           hereunder on which
the restrictions set forth in Paragraph 2 have lapsed are           referred to herein as
“Released Securities.” Notwithstanding anything           to the contrary
herein, the Participating Key Employee agrees and acknowledges           with respect to
any shares of Restricted Stock that have become Released           Securities and which
have not been registered under the Securities Act of 1933,           as amended (the
“Act”), (i) he or she will not sell or otherwise           dispose of any of
such Released Securities except pursuant to an effective           registration statement
under the Act and any applicable state securities laws,           or in a transaction
which, in the opinion of counsel for the Company, is exempt           from such
registration, and (ii) a legend will be placed on the certificates for           the
Released Securities to such effect.  

        5.    Termination
of Employment Due to Death, Disability or           Retirement. If the
Participating Key Employee’s employment           with the Company and its
Affiliates is terminated prior to the Release Date           because of the Participating
Key Employee’s death, retirement after           reaching age 65 or disability, the
restrictions of Paragraph 2 applicable to the           Restricted Stock shall terminate
and such Restricted Stock shall be free of such           restrictions and, except as
otherwise provided in Paragraph 4 hereof, freely           transferable.  

        6.    Termination
of Employment for Any Other Reason. In the event that           the Participating
Key Employee is discharged or leaves the employ of the Company           or any of its
Affiliates for any reason (other than the death or disability of           the
Participating Key Employee or the retirement of the Participating Key           Employee
as contemplated by Paragraph 5 above) prior to the Release Date, all           Restricted
Stock shall be forfeited to the Company on the date on which such           termination
of employment occurs.  

        7.    Beneficiary. 

        (a)              The
person whose name appears on the signature page hereof after the caption           “Beneficiary” or
any successor designated by the Participating Key           Employee in accordance with
the terms of this Agreement (the person who is the           Participating Key Employee’s
Beneficiary at the time of his or her death is           herein referred to as the “Beneficiary”)
shall be entitled to receive           the Restricted Stock to be released to the
Beneficiary under Paragraphs 3 and 5           as a result of the death of the
Participating Key Employee. The Participating           Key Employee may from time to
time revoke or change his or her Beneficiary           without the consent of any prior
Beneficiary by filing a new designation with           the Committee (as defined in the
Plan). 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 Participating Key Employee’s death, and in no           event shall any
designation be effective as of a date prior to such receipt.  

-2- 

        (b)              If
no such Beneficiary designation is in effect at the time of a Participating           Key
Employee’s death, or if no designated Beneficiary survives the
          Participating Key Employee or if such designation conflicts with applicable
law,           the Participating Key Employee’s estate shall be entitled to receive
the           Restricted Stock to be released from the restrictions of Paragraph 2 upon
the           death of the Participating Key Employee. If the Committee is in doubt as to
the           right of any person to receive such Restricted Stock, the Company may
retain the           Restricted Stock, without liability for any interest thereon, until
the           Committee determines the person entitled thereto, or the Company may
deliver           such Restricted Stock to any court of appropriate jurisdiction and such
delivery           shall be a complete discharge of the liability of the Company
therefor.  

        8.    Certificate
Legend. In addition to any legends placed on           certificates for Released
Securities under Paragraph 4 above, each certificate           issued for shares of
Restricted Stock shall bear the following legend:  

	 	
“The
sale or other transfer of the shares of stock represented by this certificate, whether
voluntary or by operation of law, is subject to certain restrictions set forth in the Gehl
Company 2004 Equity Incentive Plan and a Restricted Stock Award Agreement between Gehl
Company and the registered owner hereof. A copy of such Plan and such Agreement may be
obtained from the Secretary of Gehl Company.” 

When the restrictions imposed by
Paragraph 2 hereof terminate, the foregoing legend shall be removed from the certificates
representing such Released Securities. 

        9.    Voting
Rights; Dividends and Other Distributions. 

        (a)              While
shares of Restricted Stock are subject to restrictions under Paragraph 2           and
prior to any forfeiture thereof, the Participating Key Employee may exercise
          full voting rights for the shares of Restricted Stock registered in his or her
          name and held in escrow hereunder.  

        (b)              While
shares of Restricted Stock are subject to the restrictions under Paragraph           2
and prior to any forfeiture thereof, the Participating Key Employee shall be
          entitled to receive all dividends and other distributions paid with respect to
          such shares of Restricted Stock. If any such dividends or distributions are
paid           in shares of Common Stock or other equity securities of the Company, such
equity           securities shall be subject to the same restrictions as the shares of
Restricted           Stock with respect to which they were paid.  

        (c)              Subject
to the provisions of this Agreement, the Participating Key Employee           shall have,
with respect to the Restricted Stock, all other rights of holders of           Common
Stock.  

-3- 

        10.    Tax
Withholding Obligations Settled with Common Stock. If the           Participating
Key Employee does not make an election under Section 83(b) of the           Internal
Revenue Code of 1986, as amended, with respect to the Restricted Stock           awarded
hereunder, the Participating Key Employee may satisfy the Company’s
          withholding tax requirements by electing to have the Company withhold that
          number of shares of Released Securities otherwise deliverable to the
          Participating Key Employee from escrow hereunder or to deliver to the Company a
          number of shares of Common Stock, in each case, having a Fair Market Value on
          the Tax Date (as such terms are below) equal to the minimum amount required to
          be withheld as a result of the termination of the restrictions on such
          Restricted Stock. The election must be made in writing in accordance with such
          rules and regulations and in such form as the Committee may determine. The
          election must be delivered to the Company prior to the Tax Date. If the number
          of shares so determined shall include a fractional share, the Participating Key
          Employee shall deliver cash in lieu of such fractional share. As used herein:
          (y) “Tax Date” means the date on which the Participating Key Employee
          must include in his or her gross income for federal income tax purposes the
fair           market value of the Released Securities; and (z) “Fair Market Value”          means
the per share closing price on the date in question on the principal           market in
which shares of stock which are equivalent to the Restricted Stock are           then
traded or, if no sales of such stock have taken place on such date, the           closing
price on the most recent date on which selling prices were quoted.  

        11.    Adjustments. In
the event of any reclassification, subdivision or           combination of shares of
Common Stock, merger or consolidation of the Company or           sale by the Company of
all or a portion of its assets, or other event which           could, in the judgment of
the Committee, distort the implementation of the Plan           or the realization of its
objectives, the Committee may make such adjustments in           the shares of Restricted
Stock subject to this Agreement, or in the terms,           conditions or restrictions of
this Agreement as the Committee deems equitable to           the extent consistent with
the Plan.  

        12.    Powers
of Company Not Affected. The existence of the Restricted           Stock shall
not affect in any way the right or power of the Company or its           shareholders to
make or authorize any combination, subdivision or           reclassification of the
Common Stock or any reorganization, merger,           consolidation, business
combination, exchange of shares, or other change in the           Company’s capital
structure or its business, or any issue of bonds,           debentures or stock having
rights or preferences equal, superior or affecting           the Restricted Stock or the
rights thereof, or dissolution or liquidation of the           Company, or any sale or
transfer of all or any part of its assets or business,           or any other corporate
act or proceeding, whether of a similar character or           otherwise. Nothing in this
Agreement shall confer upon the Participating Key           Employee any right to
continue in the employment of the Company or any of its           Affiliates or interfere
with or limit in any way the right of the Company or any           of its Affiliates to
terminate the Participating Key Employee’s employment           at any time.  

        13.    Interpretation
by Committee. The Participating Key Employee agrees           that any dispute or
disagreement which may arise in connection with this           Agreement shall be
resolved by the Committee, in its sole discretion, and that           any interpretation
by the Committee of the terms of this Agreement or the Plan           and any
determination made by the Committee under this Agreement or the Plan may           be
made in the sole discretion of the Committee and shall be final, binding, and
          conclusive all as more fully set forth in the Plan. Any such determination need
          not be uniform and may be made differently among Participating Key Employees
          awarded Restricted Stock.  

-4- 

        14.    Change
of Control. Notwithstanding any other provision to the           contrary
contained in this Agreement, effective upon a Change of Control of the           Company
(as defined in the Plan), the restrictions imposed upon the Restricted           Stock by
Paragraph 2 of this Agreement shall immediately be deemed to have           lapsed and
the applicable Release Date shall be deemed to have occurred as of           the date of
the Change of Control of the Company with respect to such Restricted           Stock.  

        15.    Miscellaneous. 

        (a)              This
Agreement shall be governed and construed in accordance with the laws of           the
State of Wisconsin applicable to contracts made and to be performed therein
          between residents thereof.  

        (b)              This
Agreement may not be amended or modified except by the written consent of           the
parties hereto.  

        (c)              Headings
are given to the paragraphs and subparagraphs of this Agreement solely           as a
convenience to facilitate reference. Such headings shall not be deemed in           any
way material or relevant to the construction or interpretation of this
          Agreement or any provision thereof.  

        (d)              Any
notice, filing or delivery hereunder or with respect to Restricted Stock           shall
be given to the Participating Key Employee at either his or her usual work
          location or his or her home address as indicated in the records of the Company,
          and shall be given to the Committee or the Company at  

	 	
143
Water Street
West Bend, Wisconsin 53095
Attention: Corporate Secretary 

All such notices shall be given by
first class mail, postage pre-paid, or by personal delivery. 

        (e)              This
Agreement shall be binding upon and inure to the benefit of the Company and           its
successors and assigns and shall be binding upon and inure to the benefit of
          the Participating Key Employee, the Beneficiary and the personal
          representative(s) and heirs of the Participating Key Employee.  

-5- 

        IN
WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly
authorized officers and its corporate seal hereunto affixed, and the Participating Key
Employee has hereunto affixed his or her hand, all on the day and year set forth below. 

		
		GEHL COMPANY
	

          (CORPORATE SEAL)
		By:_____________________________________
	
 	Attest:___________________________________
	 	 
		PARTICIPATING KEY EMPLOYEE
	
 	________________________________________

	 	
Number
of Shares of Restricted Stock:                   
Date of Agreement:
                  
Grant Date:                   
Release Date: 

	 	
Beneficiary:
                  
Address of Beneficiary:                   
Beneficiary Tax
Identification No.: 

-6-

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