Document:

OSHKOSH CORPORATION
2004
INCENTIVE STOCK AND AWARDS PLAN  
(as amended through September ~, 2008)  

         1.       
          Purposes, History and Effective Date. 

         (a)       
          Purpose. The Oshkosh Corporation 2004 Incentive Stock and Awards Plan has
          two complementary purposes: (i) to attract and retain outstanding individuals to
          serve as officers, directors, employees and consultants and (ii) to increase
          shareholder value. The Plan will provide participants incentives to increase
          shareholder value by offering the opportunity to acquire shares of the
          Company’s common stock, receive monetary payments based on the value of
          such common stock, or receive other incentive compensation, on the potentially
          favorable terms that this Plan provides. 

         (b)       
          History. Prior to the effective date of this Plan, the Company had in
          effect the 1990 Plan, which was originally effective April 9, 1990. Upon
          shareholder approval of this Plan, the 1990 Plan will terminate and no new
          awards will be granted under the 1990 Plan, although awards granted under such
          plan and still outstanding will continue to be subject to all terms and
          conditions of such plan. 

         (c)       
          Effective Date. This Plan will become effective, and Awards may be
          granted under this Plan, on and after the Effective Date. This Plan will
          terminate as provided in Section 13. 

         2.       
          Definitions. Capitalized terms used in this Plan have the following
          meanings: 

         (a)       
          “1990 Plan” means the Oshkosh Corporation 1990 Incentive Stock Plan,
          as amended. 

         (b)       
          “Affiliate” has the meaning ascribed to such term in Rule 12b-2
          promulgated under the Exchange Act or any successor rule or regulation thereto. 

         (c)       
          “Award” means a grant of Options, Stock Appreciation Rights,
          Performance Shares, Performance Units, Restricted Stock or an Incentive Award.
          Any Award granted under this Plan shall be provided or made in such manner and
          at such time as complies with the applicable requirements of Code Section 409A
          to avoid a plan failure described in Code Section 409A(a)(1), including without
          limitation deferring payment to a specified employee or until a specified
          distribution event, as provided in Code Section 409A(a)(2). 

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

         (e)       
          “Cause” means, except as otherwise determined by the Committee upon
          the grant of an Award, (i) conviction of a felony or a plea of no contest to a
          felony, (ii) willful misconduct that is materially and demonstrably detrimental
          to the Company or an Affiliate, (iii) willful refusal to perform requested
          duties consistent with a Participant’s office, position or status with the
          Company or an Affiliate (other than as a result of physical or mental
          disability) or (iv) other conduct or inaction that the Committee determines in
          its discretion constitutes Cause, except that, with respect to clauses (ii),
          (iii) and (iv), Cause shall be determined by a majority of the Committee at a
          meeting held after reasonable notice to the Participant and including an
          opportunity for the Participant and his or her counsel to be heard, and the
          Committee shall not have the right to determine that Cause exists pursuant to
          clause (iv) following the occurrence of a Change of Control. All determinations
          of the Committee as to Cause shall be final. 

         (f)       
          “Change of Control” means the occurrence of any one of the following
          events: 

          		    (i)       
               any Person (other than (A) the Company or any of its subsidiaries, (B) a trustee
               or other fiduciary holding securities under any employee benefit plan of the
               Company or any of its subsidiaries, (C) an underwriter temporarily holding
               securities pursuant to an offering of such securities, or (D) a corporation
               owned, directly or indirectly, by the shareholders of the Company in
               substantially the same proportions as their ownership of stock in the Company
               (individually, an “Excluded Person” and collectively, “Excluded
               Persons”)) is or becomes the “Beneficial Owner” (as such term is
               defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
               securities of the Company (not including in the securities beneficially owned by
               such Person any securities acquired directly from the Company or its Affiliates
               after the Effective Date, pursuant to express authorization by the Board that
               refers to this exception) representing 25 percent or more of (1) the combined
               voting power of the Company’s then outstanding voting securities or (2) the
               then outstanding shares of common stock of the Company; or 

               

          		    (ii)       
               the following individuals cease for any reason to constitute a majority of the
               number of Directors then serving: individuals who, on the Effective Date,
               constituted the Board and any new Director (other than a Director whose initial
               assumption of office is in connection with an actual or threatened election
               contest, including but not limited to a consent solicitation, relating to the
               election of directors of the Company) whose appointment or election by the Board
               or nomination for election by the Company’s shareholders was approved by a
               vote of at least two-thirds (2/3) of the Directors then still in office who
               either were Directors on the Effective Date or whose appointment, election or
               nomination for election was previously so approved; or 

               

          		    (iii)       
               consummation of a merger, consolidation or share exchange of the Company with
               any other corporation or issuance of voting securities of the Company in
               connection with a merger, consolidation or share exchange of the Company (or any
               direct or indirect subsidiary of the Company), other than (A) a merger,
               consolidation or share exchange that would result in the voting securities of
               the Company outstanding immediately prior to such merger, consolidation or share
               exchange continuing to represent (either by remaining outstanding or by being
               converted into voting securities of the surviving entity or any parent thereof)
               at least 50 percent of the combined voting power of the voting securities of the
               Company or such surviving entity or any parent thereof outstanding immediately
               after such merger, consolidation or share exchange, or (B) a merger,
               consolidation or share exchange effected to implement a recapitalization of the
               Company (or similar transaction) in which no Person (other than an Excluded
               Person) is or becomes the Beneficial Owner, directly or indirectly, of
               securities of the Company (not including in the securities beneficially owned by
               such Person any securities acquired directly from the Company or its Affiliates
               after the Effective Date, pursuant to express authorization by the Board that
               refers to this exception) representing 25 percent or more of (1) the combined
               voting power of the Company’s then outstanding voting securities or (2) the
               then outstanding shares of common stock of the Company; or 

               

2 

          		    (iv)       
               (A) the shareholders of the Company approve a plan of complete liquidation or
               dissolution of the Company or (B) the consummation of a sale or disposition by
               the Company of all or substantially all of the Company’s assets (in one
               transaction or a series of related transactions within any period of twenty-four
               (24) consecutive months), other than a sale or disposition by the Company of all
               or substantially all of the Company’s assets to an entity at least 75
               percent of the combined voting power of the voting securities of which are owned
               by Persons in substantially the same proportions as their ownership of the
               Company immediately prior to such sale. 

               

Notwithstanding the foregoing, no
“Change of Control” shall be deemed to have occurred if there is consummated any
transaction or series of integrated transactions immediately following which the record
holders of the common stock of the Company immediately prior to such transaction or series
of transactions continue to have substantially the same proportionate ownership in an
entity that owns all or substantially all of the assets of the Company immediately
following such transaction or series of transactions. 

         (g)       
          “Change of Control Price” means the highest of the following: (i) the
          Fair Market Value of a Share, as determined on the date of the Change of
          Control; (ii) the highest price per Share paid in the Change of Control
          transaction; or (iii) the Fair Market Value of a Share, calculated on the date
          of surrender of the relevant Award in accordance with Section 15(c), but this
          clause (iii) shall not apply if in the Change of Control transaction, or
          pursuant to an agreement to which the Company is a party governing the Change of
          Control transaction, all of the Shares are purchased for and/or converted into
          the right to receive a current payment of cash and no other securities or other
          property. 

         (h)       
          “Code” means the Internal Revenue Code of 1986, as amended. Any
          reference to a specific provision of the Code includes any successor provision
          and the regulations promulgated under such provision. 

         (i)       
          “Committee” means the Human Resources Committee of the Board (or a
          successor committee with the same or similar authority). 

         (j)       
          “Company” means Oshkosh Corporation, a Wisconsin corporation, or any
          successor thereto. 

         (k)       
          “Director” means a member of the Board, and “Non-Employee
          Director” means a Director who is not also an employee of the Company or
          its Subsidiaries. 

         (l)       
          “Disability” has the meaning ascribed to the terms “total
          disability” or “totally disabled” in the Oshkosh Corporation Long
          Term Disability Program for Salaried Employees (or any successor plan thereto). 

         (m)       
          “Effective Date” means the date the Company’s shareholders
          approve this Plan. 

         (n)       
          “Exchange Act” means the Securities Exchange Act of 1934, as amended.
          Any reference to a specific provision of the Exchange Act includes any successor
          provision and the regulations and rules promulgated under such provision. 

         (o)       
          “Fair Market Value” means, per Share on a particular date, the last
          sales price on such date on the national securities exchange on which the Stock
          is then traded, as reported in The Wall Street Journal, or if no sales of Stock
          occur on the date in question, on the last preceding date on which there was a
          sale on such exchange. If the Shares are not listed on a national securities
          exchange, but are traded in an over-the-counter market, the last sales price
          (or, if there is no last sales price reported, the average of the closing bid
          and asked prices) for the Shares on the particular date, or on the last
          preceding date on which there was a sale of Shares on that market, will be used.
          If the Shares are neither listed on a national securities exchange nor traded in
          an over-the-counter market, the price determined by the Committee, in its
          discretion, will be used. 

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         (p)       
          “Incentive Award” means the right to receive a cash payment to the
          extent Performance Goals are achieved, and shall include “Annual Incentive
          Awards” as described in Section 10 and “Long-Term Incentive
          Awards” as described in Section 11. 

         (q)       
          “Option” means the right to purchase Shares at a stated price for a
          specified period of time. 

         (r)       
          “Participant” means an individual selected by the Committee to receive
          an Award. 

         (s)       
          “Performance Goals” means any goals the Committee establishes that
          relate to one or more of the following with respect to the Company or any one or
          more Subsidiaries, Affiliates or other business units: net sales; cost of sales;
          gross income; operating income; earnings before interest and taxes; earnings
          before interest, taxes, depreciation and amortization; income from continuing
          operations; net income; basic earnings per share; diluted earnings per share;
          cash flow; net cash provided by operating activities; net cash provided by
          operating activities less net cash used in investing activities; ratio of debt
          to debt plus equity; return on shareholder equity; return on invested capital;
          return on average total capital employed; return on net assets employed before
          interest and taxes; operating working capital; average accounts receivable
          (calculated by taking the average of accounts receivable at the end of each
          month); average inventories (calculated by taking the average of inventories at
          the end of each month); and economic value added. As to each Performance Goal,
          the relevant measurement of performance shall be computed in accordance with
          generally accepted accounting principles, but, unless otherwise determined by
          the Committee, will exclude the effects of (i) extraordinary, unusual and/or
          non-recurring items of gain or loss, (ii) gains or losses on the disposition of
          a business, (iii) changes in tax or accounting regulations or laws, and (iv)
          mergers or acquisitions, that in each case the Company identifies in its audited
          financial statements, including footnotes, or the Management’s Discussion
          and Analysis section of the Company’s annual report. In the case of Awards
          that the Committee determines will not be considered “performance-based
          compensation” under Code Section 162(m), the Committee may establish other
          Performance Goals not listed in this Plan. 

         (t)       
          “Performance Shares” means the right to receive Shares to the extent
          Performance Goals are achieved. 

         (u)       
          “Performance Units” means the right to receive cash and/or Shares
          valued in relation to a unit that has a designated dollar value or the value of
          which is equal to the Fair Market Value of one or more Shares, to the extent
          Performance Goals are achieved. 

         (v)       
          “Person” has the meaning given in Section 3(a)(9) of the Exchange Act,
          as modified and used in Sections 13(d) and 14(d) thereof. 

         (w)       
          “Plan” means this Oshkosh Corporation 2004 Incentive Stock and Awards
          Plan, as may be amended from time to time. 

4 

         (x)       
          “Restricted Stock” means Shares that are subject to a risk of
          forfeiture and/or restrictions on transfer, which may lapse upon the achievement
          or partial achievement of Performance Goals and/or upon the completion of a
          period of service. 

         (y)       
          “Retirement” has the meaning assigned to such term in the defined
          benefit pension plan of the Company. 

         (z)       
          “Rule 16b-3” means Rule 16b-3 as promulgated by the United States
          Securities and Exchange Commission under the Exchange Act. 

         (aa)       
          “Section 16 Participants” means Participants who are subject to the
          provisions of Section 16 of the Exchange Act. 

         (bb)       
          “Share” means a share of Stock. 

         (cc)       
          “Stock” means the Common Stock of the Company, par value of one cent
          ($.01) per share. 

         (dd)       
          “Stock Appreciation Right” or “SAR” means the right of a
          Participant to receive cash, and/or Shares with a Fair Market Value, equal to
          the appreciation of the Fair Market Value of a Share during a specified period
          of time. 

         (ee)       
          “Subsidiary” means any corporation, limited liability company or other
          limited liability entity in an unbroken chain of entities beginning with the
          Company if each of the entities (other than the last entities in the chain) owns
          the stock or equity interest possessing more than fifty percent (50%) of the
          total combined voting power of all classes of stock or other equity interests in
          one of the other entities in the chain. 

         3.       
          Administration. 

         (a)       
          Committee Administration. In addition to the authority specifically
          granted to the Committee in this Plan, the Committee has full discretionary
          authority to administer this Plan, including but not limited to the authority to
          (i) interpret the provisions of this Plan, (ii) prescribe, amend and rescind
          rules and regulations relating to this Plan, (iii) correct any defect, supply
          any omission, or reconcile any inconsistency in any Award or agreement covering
          an Award in the manner and to the extent it deems desirable to carry this Plan
          into effect and (iv) make all other determinations necessary or advisable for
          the administration of this Plan. A majority of the members of the Committee will
          constitute a quorum, and a majority of the Committee’s members must make
          all determinations of the Committee. The Committee may make any determination
          under this Plan without notice or meeting of the Committee by a writing that a
          majority of the Committee members have signed. All Committee determinations are
          final and binding. 

         (b)       
          Delegation to Other Committees or Officers. To the extent applicable law
          permits, the Board may delegate to another committee of the Board or to one or
          more officers of the Company any or all of the authority and responsibility of
          the Committee. However, no such delegation is permitted with respect to Awards
          made to Section 16 Participants at the time any such delegated authority or
          responsibility is exercised. The Board also may delegate to another committee of
          the Board consisting entirely of Non-Employee Directors any or all of the
          authority and responsibility of the Committee with respect to individuals who
          are Section 16 Participants. If the Board has made such a delegation, then all
          references to the Committee in this Plan include such other committee or one or
          more officers to the extent of such delegation. 

5 

         (c)       
          Indemnification. The Company will indemnify and hold harmless each member
          of the Committee, and each officer or member of any other committee to whom a
          delegation under Section 3(b) has been made, as to any act done, or
          determination made, with respect to this Plan or any Award to the maximum extent
          that the law and the Company’s by-laws permit. 

         4.       
          Eligibility. The Committee may designate any of the following as a
          Participant from time to time: any officer or other employee of the Company or
          its Affiliates, an individual that the Company or an Affiliate has engaged to
          become an officer or employee, a consultant who provides services to the Company
          or its Affiliates, or a Director, including a Non-Employee Director. The
          Committee’s designation of a Participant in any year will not require the
          Committee to designate such person to receive an Award in any other year. 

         5.       
          Types of Awards. Subject to the terms of this Plan, the Committee may
          grant any type of Award to any Participant it selects, but only employees of the
          Company or a Subsidiary may receive grants of incentive stock options. Awards
          may be granted alone or in addition to, in tandem with, or in substitution for
          any other Award (or any other award granted under another plan of the Company or
          any Affiliate). 

         6.       
          Shares Reserved under this Plan. 

         (a)       
          Plan Reserve. Subject to adjustment as provided in Section 15, an
          aggregate of 4,417,300 Shares (as adjusted to reflect the two-for-one Stock
          split effected on August 26, 2005), plus the number of Shares described in
          Section 6(c), are reserved for issuance under this Plan. The number of Shares
          reserved for issuance under this Plan shall be reduced only by the number of
          Shares delivered in payment or settlement of Awards. Notwithstanding the
          foregoing, the Company may issue only 4,417,300 Shares (as adjusted to reflect
          the two-for-one Stock split effected on August 26, 2005)upon the exercise of
          incentive stock options. 

         (b)       
          Replenishment of Shares Under this Plan. If an Award lapses, expires,
          terminates or is cancelled without the issuance of Shares under the Award, or if
          Shares are forfeited under an Award, then the Shares subject to such Award may
          again be used for new Awards under this Plan under Section 6(a), including
          issuance as incentive stock options. If Shares are issued under any Award and
          the Company subsequently reacquires them pursuant to rights reserved upon the
          issuance of the Shares, or if previously owned Shares are delivered to the
          Company in payment of the exercise price of an Award, then such Shares may again
          be used for new Awards under this Plan under Section 6(a), but such Shares may
          not be issued pursuant to incentive stock options. 

         (c)       
          Addition of Shares from Predecessor Plan. After the Effective Date, if
          any Shares subject to awards granted under the 1990 Plan would again become
          available for new grants under the terms of such plan if such plan were still in
          effect, then those Shares will be available for the purpose of granting Awards
          under this Plan, thereby increasing the number of Shares available for issuance
          under this Plan as determined under the first sentence of Section 6(a). Any such
          Shares will not be available for future awards under the terms of the 1990 Plan. 

         (d)       
          Participant Limitations. Subject to adjustment as provided in Section 15,
          no Participant may be granted Awards that could result in such Participant: 

6 

          		    (i)       
               receiving Options for, and/or Stock Appreciation Rights with respect to, more
               than 3,500,000 Shares (as adjusted to reflect the two-for-one Stock split
               effected on August 26, 2005) during any period of five consecutive fiscal years
               of the Company; 

               

          		    (ii)       
               receiving Awards of Restricted Stock relating to more than 1,000,000 Shares (as
               adjusted to reflect the two-for-one Stock split effected on August 26,
               2005)during any period of five consecutive fiscal years of the Company; 

               

          		    (iii)       
               receiving Awards of Performance Shares, and/or Awards of Performance Units the
               value of which is based on the Fair Market Value of Shares, for more than
               400,000 Shares (as adjusted to reflect the two-for-one Stock split effected on
               August 26, 2005) during any period of two consecutive fiscal years of the
               Company, or for more than 600,000 Shares (as adjusted to reflect the two-for-one
               Stock split effected on August 26, 2005) during any period of three consecutive
               fiscal years of the Company; 

               

          		    (iv)       
               receiving an Annual Incentive Award in respect of any single fiscal year of the
               Company of more than $4,000,000; or 

               

          		    (v)       
               receiving a Long-Term Incentive Award, and/or Awards of Performance Units the
               value of which is not based on the Fair Market Value of Shares, of more than
               $8,000,000 in respect of any period of two consecutive fiscal years of the
               Company, or of more than $12,000,000 in respect of any period of three
               consecutive fiscal years of the Company. 

               

In all cases, determinations under
this Section 6(d) should be made in a manner that is consistent with the exemption for
performance-based compensation that Code Section 162(m) provides. 

         7.       
          Options. Subject to the terms of this Plan, the Committee will determine
          all terms and conditions of each Option, including but not limited to: (i)
          whether the Option is an “incentive stock option” which meets the
          requirements of Code Section 422, or a “nonqualified stock option”
          which does not meet the requirements of Code Section 422; (ii) the number of
          Shares subject to the Option; (iii) the exercise price, which may never be less
          than the Fair Market Value of the Shares subject to the Option as determined on
          the date of grant; (iv) the terms and conditions of exercise; and (v) the term,
          except that an incentive stock option must terminate no later than 10 years
          after the date of grant and a nonqualified stock option must terminate no later
          than 10 years and 1 month after the date of grant. In all other respects, the
          terms of any incentive stock option should comply with the provisions of Code
          section 422 except to the extent the Committee determines otherwise. Except to
          the extent the Committee determines otherwise, a Participant may exercise an
          Option in whole or part after the right to exercise the Option has accrued,
          provided that any partial exercise must be for one hundred (100) Shares or
          multiples thereof. Except as the Committee may otherwise provide, an Option
          shall expire at the earliest of 10 years and 1 month from the date of grant (or
          10 years from the date of grant if the Option is an incentive stock option),
          three (3) months after termination of the Participant’s employment or
          service for reasons other than death, Disability, Retirement or Cause, one (1)
          year after termination of the Participant’s employment or service as a
          result of death, Disability or Retirement or immediately upon termination of the
          Participant’s employment or service for Cause. 

7 

         8.       
          Stock Appreciation Rights. Subject to the terms of this Plan, the
          Committee will determine all terms and conditions of each SAR, including but not
          limited to: (a) whether the SAR is granted independently of an Option or relates
          to an Option; (b) the number of Shares to which the SAR relates; (c) the grant
          price, provided that the grant price shall never be less than the Fair Market
          Value of the Shares subject to the SAR as determined on the date of grant; (d)
          the terms and conditions of exercise or maturity; (e) the term, provided that an
          SAR must terminate no later than 10 years and 1 month after the date of grant;
          and (f) whether the SAR will be settled in cash, Shares or a combination
          thereof. If an SAR is granted in relation to an Option, then unless otherwise
          determined by the Committee, the SAR shall be exercisable or shall mature at the
          same time or times, on the same conditions and to the extent and in the
          proportion, that the related Option is exercisable and may be exercised or
          mature for all or part of the Shares subject to the related Option. Upon
          exercise of any number of SAR, the number of Shares subject to the related
          Option shall be reduced accordingly and such Option may not be exercised with
          respect to that number of Shares. The exercise of any number of Options that
          relate to an SAR shall likewise result in an equivalent reduction in the number
          of Shares covered by the related SAR. 

         9.       
          Performance and Stock Awards. Subject to the terms of this Plan, the
          Committee will determine all terms and conditions of each award of Restricted
          Stock, Performance Shares or Performance Units, including but not limited to:
          (a) the number of Shares and/or units to which such Award relates; (b) whether,
          as a condition for the Participant to realize all or a portion of the benefit
          provided under the Award, one or more Performance Goals must be achieved during
          such period as the Committee specifies; (c) whether the restrictions imposed on
          Restricted Stock are accelerated, and all or a portion of the Performance Goals
          subject to an Award are deemed achieved, upon a Participant’s death,
          Disability or Retirement; (d) with respect to Performance Units, whether to
          measure the value of each unit in relation to a designated dollar value or the
          Fair Market Value of one or more Shares; and (e) with respect to Performance
          Units, whether to settle such Awards in cash, in Shares, or in a combination of
          cash and Shares. 

         10.       
          Annual Incentive Awards. Subject to the terms of this Plan, the Committee
          will determine all terms and conditions of an Annual Incentive Award, including
          but not limited to the Performance Goals, performance period, the potential
          amount payable, and the timing of payment, subject to the following: (a) the
          Committee must require that payment of all or any portion of the amount subject
          to the Annual Incentive Award is contingent on the achievement or partial
          achievement of one or more Performance Goals during the period the Committee
          specifies, although the Committee may specify that all or a portion of the
          Performance Goals subject to an Award are deemed achieved upon a
          Participant’s death, Disability or Retirement; and (b) the performance
          period must relate to a period of at least one fiscal year of the Company except
          that, if the Award is made at the time of commencement of employment with the
          Company or on the occasion of a promotion, then the Award may relate to a period
          shorter than one fiscal year. 

         11.       
          Long-Term Incentive Awards. Subject to the terms of this Plan, the
          Committee will determine all terms and conditions of a Long-Term Incentive
          Award, including but not limited to the Performance Goals, performance period,
          the potential amount payable, and the timing of payment, subject to the
          following: (a) the Committee must require that payment of all or any portion of
          the amount subject to the Long-Term Incentive Award is contingent on the
          achievement or partial achievement of one or more Performance Goals during the
          period the Committee specifies, although the Committee may specify that all or a
          portion of the Performance Goals subject to an Award are deemed achieved upon a
          Participant’s death, Disability or Retirement; and (b) the performance
          period must relate to a period of more than one fiscal year of the Company
          except that, if the Award is made at the time of commencement of employment with
          the Company or on the occasion of a promotion, then the Award may relate to a
          shorter period. 

8 

         12.       
          Transferability. Awards are not transferable other than by will or
          the laws of descent and distribution, unless and to the extent the Committee
          allows a Participant to: (a) designate in writing a beneficiary to exercise the
          Award after the Participant’s death; or (b) transfer an Award. 

         13.       
          Termination and Amendment of Plan; Amendment, Modification or Cancellation of
          Awards. 

         (a)       
          Term of Plan. Unless the Board earlier terminates this Plan pursuant to
          Section 13(b), this Plan will terminate when all Shares reserved for issuance
          have been issued. If the term of this Plan extends beyond 10 years from the
          Effective Date, no incentive stock options may be granted after such time unless
          the shareholders of the Company have approved an extension of this Plan for
          incentive stock option purposes. 

         (b)       
          Termination and Amendment. The Board or the Committee may amend, alter,
          suspend, discontinue or terminate this Plan at any time, subject to the
          following limitations: 

          		    (i)       
               the Board must approve any amendment of this Plan to the extent the Company
               determines such approval is required by: (A) action of the Board, (B) applicable
               corporate law or (C) any other applicable law; 

               

          		    (ii)       
               shareholders must approve any amendment of this Plan to the extent the Company
               determines such approval is required by: (A) Section 16 of the Exchange Act, (B)
               the Code, (C) the listing requirements of any principal securities exchange or
               market on which the Shares are then traded or (D) any other applicable law; and 

               

          		    (iii)       
               shareholders must approve any of the following Plan amendments: (A) an amendment
               to materially increase any number of Shares specified in Section 6(a) or 6(d)
               (except as permitted by Section 15); or (B) an amendment to the provisions of
               Section 13(e). 

               

         (c)       
          Amendment, Modification or Cancellation of Awards. Except as provided in
          Section 13(e) and subject to the requirements of this Plan, the Committee may
          modify or amend any Award or waive any restrictions or conditions applicable to
          any Award or the exercise of the Award, and the terms and conditions applicable
          to any Awards may at any time be amended, modified or canceled by mutual
          agreement between the Committee and the Participant or any other person(s) as
          may then have an interest in the Award, so long as any amendment or modification
          does not increase the number of Shares issuable under this Plan (except as
          permitted by Section 15), but the Committee need not obtain Participant (or
          other interested party) consent for the cancellation of an Award pursuant to the
          provisions of Section 15(a) or the modification of an Award to the extent deemed
          necessary to comply with any applicable law or the listing requirements of any
          principal securities exchange or market on which the Shares are then traded, or
          to preserve favorable accounting treatment of any Award for the Company. 

         (d)       
          Survival of Authority and Awards. Notwithstanding the foregoing, the
          authority of the Board and the Committee under this Section 13 will extend
          beyond the date of this Plan’s termination. In addition, termination of
          this Plan will not affect the rights of Participants with respect to Awards
          previously granted to them, and all unexpired Awards will continue in force and
          effect after termination of this Plan except as they may lapse or be terminated
          by their own terms and conditions. 

9 

         (e)       
          Repricing Prohibited. Notwithstanding anything in this Plan to the
          contrary, and except for the adjustments provided in Section 15, neither the
          Committee nor any other person may decrease the exercise price for any
          outstanding Option after the date of grant nor allow a Participant to surrender
          an outstanding Option to the Company as consideration for the grant of a new
          Option with a lower exercise price.   

         (f)       
          Foreign Participation. To assure the viability of Awards granted to
          Participants employed in foreign countries, the Committee may provide for such
          special terms as it may consider necessary or appropriate to accommodate
          differences in local law, tax policy or custom. Moreover, the Committee may
          approve such supplements to, or amendments, restatements or alternative versions
          of, this Plan as it determines is necessary or appropriate for such purposes.
          Any such amendment, restatement or alternative versions that the Committee
          approves for purposes of using this Plan in a foreign country will not affect
          the terms of this Plan for any other country. In addition, all such supplements,
          amendments, restatements or alternative versions must comply with the provisions
          of Section 13(b)(ii). 

         14.       
          Taxes. The Company is entitled to withhold the amount of any tax
          attributable to any amount payable or Shares deliverable under this Plan after
          giving the person entitled to receive such amount or Shares notice as far in
          advance as practicable, and the Company may defer making payment or delivery if
          any such tax may be pending unless and until indemnified to its satisfaction. If
          Shares are deliverable upon exercise or payment of an Award, the Committee may
          permit a Participant to satisfy all or a portion of the federal, state and local
          withholding tax obligations arising in connection with such Award by electing to
          (a) have the Company withhold Shares otherwise issuable under the Award, (b)
          tender back Shares received in connection with such Award or (c) deliver other
          previously owned Shares, in each case having a Fair Market Value equal to the
          amount to be withheld. However, the amount to be withheld may not exceed the
          total minimum federal, state and local tax withholding obligations associated
          with the transaction. The election must be made on or before the date as of
          which the amount of tax to be withheld is determined and otherwise as the
          Committee requires. 

         15.       
          Adjustment Provisions; Change of Control. 

10 

         (a)       
          Adjustment of Shares. If (i) the Company shall at any time be involved in
          a merger or other transaction in which the Shares are changed or exchanged; or
          (ii) the Company shall subdivide or combine the Shares or the Company shall
          declare a dividend payable in Shares, other securities (other than any
          associated preferred stock purchase rights issued pursuant to that certain
          Rights Agreement, dated February 1, 1999, between the Company and ComputerShare
          Investor Services, LLC, as successor rights agent, or similar stock purchase
          rights that the Company might authorize and issue in the future) or other
          property; or (iii) the Company shall effect a cash dividend the amount of which
          exceeds 10% of the trading price of the Shares at the time the dividend is
          declared, or the Company shall effect any other dividend or other distribution
          on the Shares in the form of cash, or a repurchase of Shares, that the Board
          determines by resolution is special or extraordinary in nature or that is in
          connection with a transaction that the Company characterizes publicly as a
          recapitalization or reorganization involving the Shares; or (iv) any other event
          shall occur which, in the case of this clause (iv), in the judgment of the
          Committee necessitates an adjustment to prevent dilution or enlargement of the
          benefits or potential benefits intended to be made available under this Plan,
          then, subject to Participants’ rights under Section 15(c), the Committee
          shall, in such manner as it may deem equitable, adjust any or all of (A) the
          number and type of Shares subject to this Plan (including the number and type of
          Shares described in Sections 6(a) and 6(d)) and which may after the event be
          made the subject of Awards under this Plan, (B) the number and type of Shares
          subject to outstanding Awards, and (C) the grant, purchase, or exercise price
          with respect to any Award. In any such case, the Committee may also (or in lieu
          of the foregoing) make provision for a cash payment to the holder of an
          outstanding Award in exchange for the cancellation of all or a portion of the
          Award (without the consent of the holder of an Award) in an amount determined by
          the Committee effective at such time as the Committee specifies (which may be
          the time such transaction or event is effective), but if such transaction or
          event constitutes a Change of Control, then (1) such payment shall be at least
          as favorable to the holder as the greatest amount the holder could have received
          in respect of such Award under Section 15(c), and (2) from and after the Change
          of Control, the Committee may make such a provision only if the Committee
          determines that doing so is necessary to substitute, for each Share then subject
          to an Award, the number and kind of shares of stock, other securities, cash or
          other property to which holders of Stock are or will be entitled in respect of
          each Share pursuant to the transaction or event in accordance with the last
          sentence of this Section 15(a). However, in each case, with respect to Awards of
          incentive stock options, no such adjustment may be authorized to the extent that
          such authority would cause this Plan to violate Code Section 422(b). Further,
          the number of Shares subject to any Award payable or denominated in Shares must
          always be a whole number. In any event, Options previously granted to
          Non-Employee Directors at the time of any event described in this Section 15(a)
          are subject to only such adjustments as are necessary to maintain the relative
          proportionate interest the Options represented immediately prior to any such
          event and to preserve, without exceeding, the value of such Options. Without
          limitation, subject to Participants’ rights under Section 15(c), in the
          event of any such merger or similar transaction, subdivision or combination of
          Shares, dividend or other event described above, whether or not constituting a
          Change of Control (other than any such transaction in which the Company is the
          continuing corporation and in which the outstanding Stock is not being converted
          into or exchanged for different securities, cash or other property, or any
          combination thereof), the Committee shall substitute, on an equitable basis as
          the Committee determines, for each Share then subject to an Award, the number
          and kind of shares of stock, other securities, cash or other property to which
          holders of Stock are or will be entitled in respect of each Share pursuant to
          the transaction. Notwithstanding the foregoing, if the Company shall subdivide
          the Shares or the Company shall declare a dividend payable in Shares, if no
          action is taken by the Board or the Committee, adjustments contemplated by this
          Section 15(a) that are proportionate shall nevertheless automatically be made as
          of the date of such subdivision of the Shares or dividend in Shares. 

         (b)       
          Issuance or Assumption. Notwithstanding any other provision of this Plan,
          and without affecting the number of Shares otherwise reserved or available under
          this Plan, in connection with any merger, consolidation, acquisition of property
          or stock, or reorganization, the Committee may authorize the issuance or
          assumption of awards under this Plan upon such terms and conditions as it may
          deem appropriate. 

         (c)       
          Change of Control. Except to the extent the Committee provides a result
          more favorable to holders of Awards (either in an award agreement or at the time
          of a Change of Control), in the event of a Change of Control: 

11 

          		    (i)       
               each holder of an Option or SAR (A) shall have the right at any time thereafter
               to exercise the Option or SAR in full whether or not the Option or SAR was
               theretofore exercisable; and (B) shall have the right, exercisable by written
               notice to the Company within 60 days after the Change of Control, to receive, in
               exchange for the surrender of the Option or SAR, an amount of cash equal to the
               excess of the Fair Market Value of the Shares covered by the Option or SAR that
               is so surrendered on the date of surrender of the Option or SAR over the
               purchase or grant price of such Shares under the Award; 

               

          		    (ii)       
               Restricted Stock that is not then vested shall vest upon the date of the Change
               of Control and each holder of such Restricted Stock shall have the right,
               exercisable by written notice to the Company within 60 days after the Change of
               Control, to receive, in exchange for the surrender of such Restricted Stock, an
               amount of cash equal to the Change of Control Price of such Restricted Stock; 

               

          		    (iii)       
               each holder of a Performance Share and/or Performance Unit for which the
               performance period has not expired shall have the right, exercisable by written
               notice to the Company within 60 days after the Change of Control, to receive, in
               exchange for the surrender of the Performance Share and/or Performance Unit, an
               amount of cash equal to the product of the value of the Performance Share and/or
               Performance Unit and a fraction the numerator of which is the number of whole
               months that have elapsed from the beginning of the performance period to which
               the Award is subject to the date of the Change of Control and the denominator of
               which is the number of whole months in the performance period; 

               

          		    (iv)       
               each holder of a Performance Share and/or Performance Unit that has been earned
               but not yet paid shall receive an amount of cash equal to the value of the
               Performance Share and/or Performance Unit; and 

               

          		    (v)       
               all Annual and Long-Term Incentive Awards that are earned but not yet paid shall
               be paid, and all Annual and Long-Term Incentive Awards that are not yet earned
               shall be deemed to have been earned pro rata, as if the Performance Goals are
               attained as of the effective date of the Change of Control, by taking the
               product of (A) the Participant’s target award opportunity for the period to
               which the Award is subject, and (B) a fraction, the numerator of which is the
               number of whole months that have elapsed from the beginning of the performance
               period to which the Award is subject to the date of the Change of Control and
               the denominator of which is the number of whole months in the performance
               period. 

               

For purposes of this Section 15, the
“value” of a Performance Share shall be equal to, and the “value” of a
Performance Unit the value of which is equal to the Fair Market Value of one or more
Shares shall be based on, the Change of Control Price. 

Except as otherwise expressly
provided in any agreement between a Participant and the Company (including where any such
agreement makes reference to corresponding provisions of the 1990 Plan rather than this
Plan), if the receipt of any payment by a Participant under the circumstances described
above would result in the payment by the Participant of any excise tax provided for in
Section 280G and Section 4999 of the Code, then the amount of such payment shall be
reduced to the extent required to prevent the imposition of such excise tax. 

    16.        Miscellaneous. 

         (a)       
          Other Terms and Conditions. The grant of any Award may also be subject to
          other provisions (whether or not applicable to the Award granted to any other
          Participant) as the Committee determines appropriate, including, without
          limitation, provisions for: 

12 

          		    (i)       
               one or more means to enable Participants to defer the delivery of Shares or
               recognition of taxable income relating to Awards or cash payments derived from
               the Awards on such terms and conditions as the Committee determines, including,
               by way of example, the form and manner of the deferral election, the treatment
               of dividends paid on the Shares during the deferral period or a means for
               providing a return to a Participant on amounts deferred, and the permitted
               distribution dates or events (provided that no such deferral means may result in
               an increase in the number of Shares issuable under this Plan); 

               

          		    (ii)       
               the payment of the purchase price of Options by delivery of cash or other Shares
               or other securities of the Company (including by attestation) having a then Fair
               Market Value equal to the purchase price of such Shares, or by delivery
               (including by fax) to the Company or its designated agent of an executed
               irrevocable option exercise form together with irrevocable instructions to a
               broker-dealer to sell or margin a sufficient portion of the Shares and deliver
               the sale or margin loan proceeds directly to the Company to pay for the exercise
               price; 

               

          		    (iii)       
               except in connection with the grant of Awards providing Options or SARs, for
               which Awards this subsection is not applicable, provisions giving the
               Participant the right to receive dividend payments or dividend equivalent
               payments with respect to the Shares subject to the Award (both before and after
               the Shares subject to the Award are earned, vested or acquired), which payments
               may be either made currently or credited to a nonqualified deferred compensation
               account for the Participant which complies with the applicable requirements of
               Code Section 409A, provides for the deferral of payment of such amounts to a
               specified employee or until a specified event described in Code Section
               409A(a)(2), and may be settled in cash or Shares, as the Committee determines; 

               

          		    (iv)       
               restrictions on resale or other disposition of Shares; and 

               

          		    (v)       
               compliance with federal or state securities laws and stock exchange
               requirements. 

               

         (b)       
          Employment and Service. The issuance of an Award shall not confer upon a
          Participant any right with respect to continued employment or service with the
          Company or any Affiliate, or the right to continue as a Director. Unless
          determined otherwise by the Committee, for purposes of the Plan and all Awards,
          the following rules shall apply: 

          		    (i)       
               a Participant who transfers employment between the Corporation and its
               Subsidiaries, or between Subsidiaries, will not be considered to have terminated
               employment; 

               

          		    (ii)       
               a Participant who ceases to be a Non-Employee Director because he or she becomes
               an employee of the Company or a Subsidiary shall not be considered to have
               ceased service as a Director with respect to any Award until such
               Participant’s termination of employment with the Company and its
               Subsidiaries; 

               

          		    (iii)       
               a Participant who ceases to be employed by the Company or a Subsidiary and
               immediately thereafter becomes a Non-Employee Director, a non-employee director
               of a Subsidiary, or a consultant to the Company or any Subsidiary shall not be
               considered to have terminated employment until such Participant’s service
               as a director of, or consultant to, the Company and its Subsidiaries has ceased;
               and 

               

13 

          		    (iv)       
               a Participant employed by a Subsidiary will be considered to have terminated
               employment when such entity ceases to be a Subsidiary. 

               

         (c)       
          No Fractional Shares. No fractional Shares or other securities may be
          issued or delivered pursuant to this Plan, and the Committee may determine
          whether cash, other securities or other property will be paid or transferred in
          lieu of any fractional Shares or other securities, or whether such fractional
          Shares or other securities or any rights to fractional Shares or other
          securities will be canceled, terminated or otherwise eliminated. 

         (d)       
          Unfunded Plan. This Plan is unfunded and does not create, and should not
          be construed to create, a trust or separate fund with respect to this
          Plan’s benefits. This Plan does not establish any fiduciary relationship
          between the Company and any Participant or other person. To the extent any
          person holds any rights by virtue of an Award granted under this Plan, such
          rights are no greater than the rights of the Company’s general unsecured
          creditors. 

         (e)       
          Requirements of Law and Securities Exchange. The granting of Awards and
          the issuance of Shares in connection with an Award are subject to all applicable
          laws, rules and regulations and to such approvals by any governmental agencies
          or national securities exchanges as may be required. Notwithstanding any other
          provision of this Plan or any award agreement, the Company has no liability to
          deliver any Shares under this Plan or make any payment unless such delivery or
          payment would comply with all applicable laws and the applicable requirements of
          any securities exchange or similar entity, and unless and until the Participant
          has taken all actions required by the Company in connection therewith. The
          Company may impose such restrictions on any Shares issued under the Plan as the
          Company determines necessary or desirable to comply with all applicable laws,
          rules and regulations or the requirements of any national securities exchanges.
          Notwithstanding any other provision hereof or document pertaining to Awards
          hereunder, the Plan shall be so construed, interpreted, and administered to meet
          the applicable requirements of Code Section 409A to avoid a plan failure
          described in Code Section 409A(a)(1). 

         (f)       
          Governing Law. This Plan, and all agreements under this Plan, will be
          construed in accordance with and governed by the laws of the State of Wisconsin,
          without reference to any conflict of law principles. Any legal action or
          proceeding with respect to this Plan, any Award or any award agreement, or for
          recognition and enforcement of any judgment in respect of this Plan, any Award
          or any award agreement, may only be heard only in a “bench” trial, and
          any party to such action or proceeding shall agree to waive its right to a jury
          trial. 

         (g)       
          Limitations on Actions. Any legal action or proceeding with respect to
          this Plan, any Award or any award agreement must be brought within one year (365
          days) after the day the complaining party first knew or should have known of the
          events giving rise to the complaint. 

         (h)       
          Construction. Whenever any words are used herein in the masculine, they
          shall be construed as though they were used in the feminine in all cases where
          they would so apply; and wherever any words are used in the singular or plural,
          they shall be construed as though they were used in the plural or singular, as
          the case may be, in all cases where they would so apply. Title of sections are
          for general information only, and this Plan is not to be construed with
          reference to such titles. 

         (i)       
          Severability. If any provision of this Plan or any award agreement or any
          Award (i) is or becomes or is deemed to be invalid, illegal or unenforceable in
          any jurisdiction, or as to any person or Award, or (ii) would disqualify this
          Plan, any award agreement or any Award under any law the Committee deems
          applicable, then such provision should be construed or deemed amended to conform
          to applicable laws, or if it cannot be so construed or deemed amended without,
          in the determination of the Committee, materially altering the intent of this
          Plan, award agreement or Award, then such provision should be stricken as to
          such jurisdiction, person or Award, and the remainder of this Plan, such award
          agreement and such Award will remain in full force and effect. 

14JLG Industries, Inc.
Supplemental
Executive Retirement Plan 

Effective September 6,
2000 

(As Amended Effective
December 31, 2008) 

     

JLG Industries, Inc.
Supplemental
Executive Retirement Plan 

TABLE OF CONTENTS 

     

			Page
	
Section 1.	Establishment and Purpose of the Plan	1 
	         1.1.	Establishment	1 
	         1.2.	Purpose	1 
	
Section 2. 	Participation by Eligible Executives 	1  
	         2.1.	Eligible Executives on Effective Date	1 
	         2.2.	Eligible Executives After Effective Date	1 
	         2.3.	Written Proof of Participation Required	1 
	
Section 3. 	Accrued Benefit 	2  
	         3.1.	Method of Determining Accrued Benefit	2 
	         3.2.	Applicable Percentage	2 
	         3.3.	Final Average Compensation	2 
	         3.4.	Required Reductions	3 
	
Section 4. 	Retirement Benefits 	4  
	         4.1.	Normal Retirement Benefit	4 
	         4.2.	Late Retirement Benefit	4 
	         4.3.	Early Retirement Benefit	5 
	         4.4.	Vested Retirement Benefit	5 
	         4.5.	Disability Retirement Benefit	5 
	         4.6.	Joint & Survivor Annuity Option	5 
	         4.7.	Lump Sum Option	6 
	
Section 5. 	Preretirement Death Benefits 	6  
	         5.1.	Lump Sum Benefit	6 
	         5.2.	Annuity Options Available to Spouse Beneficiaries	6 
	
Section 6. 	Nature of Participant’s Interest in Plan 	7  
	         6.1.	No Right to Assets	7 
	         6.2.	No Right to Transfer Interest	7 
	         6.3.	No Employment Rights	7 
	         6.4.	Withholding and Tax Liabilities	7 
	
Section 7. 	Administration, Interpretation, and Modification of Plan 	8  
	         7.1.	Plan Administrator	8 
	         7.2.	Powers of Committee	8 
	         7.3.	Finality of Committee Determinations	8 
	         7.4.	Incapacity	8 

i 

			 
	         7.5.	Amendment, Suspension, and Termination	8 
	         7.6.	Power to Delegate Board Authority	8 
	         7.7.	Headings	8 
	         7.8.	Severability	9 
	         7.9.	Governing Law	9 
	         7.10.	Complete Statement of Plan	9 
	
Section 8. 	Terms Used in the Plan 	9  
	         8.1.	Gender and Number	9 
	         8.2.	Definitions	9 
	
Section 9. 	Code Section 409A Grandfathering Provisions 	17  
	         9.1.	General Grandfathering Rule	17 
	         9.2.	409A Grandfathered Benefit Amount	17 
	         9.3.	Payment of Grandfathered Benefit Amount	18 
	         9.4.	409A Non-Grandfathered Benefit Amount	18 
	         9.5.	Compliance with Internal Revenue Code Section 409A	21 
	
APPENDIX A 	Accrued Benefit of Participants Before September 6, 2000 	22  
	         A.1.	Introduction	22 
	         A.2.	Definitions	22 
	         A.3.	Applicable Percentage	22 
	         A.4.	Final Average Compensation	22 
	         A.5.	Required Reductions	23 

 

ii 

JLG Industries, Inc.
Supplemental Executive
Retirement Plan 

Effective September 6,
2000 

(As Amended Effective
December 31, 2008) 

Section 1.     Establishment
and Purpose of the Plan. 

        1.1.    Establishment.
Effective June 1, 1995, the Company established           the Plan for the benefit of the
Participants and, in the case of Participants           described in Section 2.1, for the
purpose of replacing their benefits under the           Prior Plan.  

        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 provides supplemental retirement           income to Participants in
excess of their employer-provided benefits under           certain other plans and
arrangements up to the maximum benefit specified in the           Plan. The Plan also
provides supplemental survivor’s income to           Participant’s
Beneficiaries.  

Section 2.     Participation
by Eligible Executives. 

                  2.1.    Eligible
Executives on Effective Date. An employee who is an           Eligible Executive on
the Effective Date will become a Participant in the Plan           beginning on the
Effective Date if he agrees in writing to waive all rights he           may have under
the Prior Plan.  

                  2.2.    Eligible
Executives After Effective Date. No new Participants           shall be admitted to
the Plan after December 31, 2008. An employee who first           becomes an Eligible
Executive after the Effective Date will not become a           Participant in the Plan
unless the Compensation Committee, in its sole           discretion, permits him to do
so. If the Compensation Committee does permit him           to participate in the Plan,
the Eligible Executive will become a Participant in           the Plan on the date
specified by the Compensation Committee in its sole           discretion.  

                  2.3.    Written
Proof of Participation Required. No employee will become           a Participant in
the Plan unless he and the Company execute a copy of the Plan           document
recognizing his participation in the Plan. The executed copy will           constitute an
agreement between the Company and the employee that binds both of           them to the
terms of the Plan. Their agreement will be binding on their heirs,           executors,
administrators, successors, and assigns, both present and future. The           executed
copy must be signed on the Company’s behalf by an authorized           officer
(other than the employee) and by the employee on his own behalf. In the           case of
an employee who becomes a Participant under Section 2.1, the executed           copy will
also constitute his written agreement to waive all rights he may have           under the
Prior Plan.  

	JLG Industries, Inc.	Page 2 
	Supplemental Executive Retirement Plan

Section 3. Accrued
Benefit. 

        3.1.    
Method of Determining Accrued Benefit. 

	 	        (a)                      If
an individual first became a Participant on or after September 6, 2000, his
               Accrued Benefit shall be determined as provided in this Section 3. The
               Participant’s Accrued Benefit under the Plan shall be a monthly
benefit                equal to the Applicable Percentage of his Final Average
Compensation, payable in                the form of a Ten-Year Certain Life Annuity
beginning on his Normal Retirement                Date, and reduced in accordance with
Section 3.4.  

	 	        (b)                      The
Accrued Benefit of an individual who first became a Participant before
               September 6, 2000, shall be determined as provided in Appendix A of the
Plan.  

                  3.2.    Applicable
Percentage. A Participant’s Applicable           Percentage is the percentage
specified by the Compensation Committee with           respect to the Participant for
purposes of the Plan, as reflected in the written           agreement between the Company
and the Participant executed in accordance with           Section 2.3, multiplied by the
service fraction described in the following           sentence. Unless a different
service fraction is specified in the written           agreement between the Company and
the Participant, the numerator of the service           fraction is the Participant’s
Years of Service (not exceeding 20) when his           employment with the Company
terminates, and the denominator of the service           fraction is 20.  

                  3.3.    Final
Average Compensation. A Participant’s Final Average           Compensation is
one-twelfth the average of his Annual Compensation for the 2           consecutive or
nonconsecutive calendar years during which the average of his           Annual
Compensation is the highest. The Annual Compensation of a Participant for           a
calendar year is the amount of the Participant’s base salary for the
          calendar year and the amount of any cash bonus paid to him in the calendar
year,           each including (i) amounts that are contributed, at the election of a
          Participant, on behalf of the Participant to a cafeteria plan or a cash or
          deferred arrangement and not included in the Participant’s gross income
for           federal income tax purposes by reason of section 125, 132(f), or 402(e)(3)
of           the Code and (ii) compensation deferred under the JLG Industries, Inc.
Executive           Deferred Compensation Plan (or any successor thereto). Annual
Compensation           earned more than 10 years before the year in which the Participant’s
          employment with the Company terminates is ignored. Annual Compensation does not
          include any amount realized as a result of the grant, modification, or exercise
          of a stock option or stock appreciation right; lapse of restriction on
          restricted property; or settlement of deferred stock grants or restricted stock
          or performance units.  

	JLG Industries, Inc.	Page 3 
	Supplemental Executive Retirement Plan

                  3.4.    Required
Reductions. The monthly installments otherwise included           in a Participant’s
Accrued Benefit will be reduced as follows:  

	 	        (a)                      First,
if the Participant elects to begin receiving benefits before his Normal
               Retirement Date, his Accrued Benefit will be reduced by one half of one
percent                for each month during which benefits are scheduled to be paid
before his Normal                Retirement Date.  

	 	        (b)                      Second,
each monthly installment will be reduced by the monthly amount of a
               benefit that is the Actuarial Equivalent of all employer-provided benefits
the                Participant has received, is receiving, or is expected to receive
under any                defined benefit plan (other than this Plan) maintained by the
Company or any                entity that would be aggregated with the Company under
section 414(b) or (c) of                the Code. The amount of the Participant’s
employer-provided benefits under                other defined benefit plans will be
determined as of the Participant’s                Benefit Starting Date.
Employer-provided benefits provided to an alternate payee                under a domestic
relations order will be treated as if they were provided to the
               Participant.  

	 	        (c)                      Third,
each monthly installment will be further reduced by the monthly amount of
               a benefit that is the Actuarial Equivalent of all employer-provided
account                balances accumulated on the Participant’s behalf under any
defined                contribution plan maintained by the Company or any entity that
would be                aggregated with the Company under section 414(b) or (c) of the
Code.                Employer-provided account balances do not include any portion of an
account                balance attributable to salary reduction contributions made by the
Participant,                regardless of whether the contributions are made on a pre-tax
or an after-tax                basis. Account balances will be determined as of 30 days
before the                Participant’s Benefit Starting Date. Distributions
previously made from the                Participant’s accounts will be taken into
account, plus interest from the                date of distribution. Employer-provided
account balances provided to an                alternate payee under a domestic relations
order will be treated as if they were                provided to the Participant.  

	 	        (d)                      Fourth,
each monthly installment will be further reduced by the monthly amount                of
a benefit that is the Actuarial Equivalent of the Participant’s Company
               Contribution Subaccount (within the meaning of the JLG Industries, Inc.
               Executive Deferred Compensation Plan), if any, and any investment return
(or                loss) credited to such subaccount pursuant to section 3.3 of such
plan. The                balance in the Participant’s subaccount will be determined
as of 30 days                before the Participant’s Benefit Starting Date.
Previous distributions                attributable to the Participant’s accounts
will be taken into account, plus                interest from the date of distribution.  

	JLG Industries, Inc.	Page 4 
	Supplemental Executive Retirement Plan

	 	        (e)                      Fifth,
after the preceding reductions have been made, each monthly installment
               that is scheduled to be made after the Participant reaches Social Security
               Retirement Age will be further reduced by one-half the monthly amount of
the                federal Social Security old-age benefit he is entitled to begin
receiving on his                Social Security Retirement Age.  

	 	        (f)                      Sixth,
after the preceding reductions have been made, the resulting monthly
               installment will be further reduced by multiplying it by the Participant’s
               Vested Percentage. The Vested Percentage is 100 percent in the case of a
               Participant with 5 or more Years of Service, and zero percent in the case
of a                Participant with less than 5 Years of Service. A Participant is
deemed to have                completed 5 Years of Service if he dies or becomes
Disabled, or if a Change in                Control occurs, before his Benefit Starting
Date.  

	 	        (g)                      Seventh,
after the preceding reductions have been made, each monthly installment
               made during a month for which the Participant receives benefits under a
               long-term disability plan maintained by the Company will be further
reduced by                the amount of the employer-provided long-term disability
benefit he receives for                that month.  

Section 4.     Retirement
Benefits. 

                  4.1.    Normal
Retirement Benefit. A Participant who retires from           service with the Company
on his Normal Retirement Date is entitled to a Normal           Retirement Benefit.
Unless he elects otherwise, he will receive his Normal           Retirement Benefit in
the form of a Ten-Year Certain Life Annuity beginning on           his Normal Retirement
Date. The monthly installments made under his Normal           Retirement Benefit will be
the same as the monthly installments under his           Accrued Benefit.  

                  4.2.    Late
Retirement Benefit. A Participant who retires from service           with the Company
after his Normal Retirement Date is entitled to a Late           Retirement Benefit.
Unless he elects otherwise, he will receive his Late           Retirement Benefit in the
form of a Ten-Year Certain Life Annuity beginning on           the first day of the month
after he retires from service with the Company. The           monthly installments made
under his Late Retirement Benefit will be the same as           the monthly installments
under his Accrued Benefit (except that the Applicable           Percentage shall be
determined taking into account his Years of Service through           his retirement
date), beginning with the monthly installment for the month that           includes his
Late Retirement Date. However, he will not receive any monthly           installments
that would have been made under his Accrued Benefit before his Late           Retirement
Date, and no adjustment will be made in his Late Retirement Benefit           to reflect
the loss of these installments. For purposes of calculating the Final           Average
Compensation of a Participant entitled to a Late Retirement Benefit,           Annual
Compensation paid after the Participant’s Normal Retirement Date           will be
taken into account.  

	JLG Industries, Inc.	Page 5 
	Supplemental Executive Retirement Plan

                  4.3.    Early
Retirement Benefit. A Participant who retires from service           with the Company
on or after age 55 but before his Normal Retirement Date is           entitled to an
Early Retirement Benefit. Unless he elects otherwise, he will           receive his Early
Retirement Benefit in the form of a Ten-Year Certain Life           Annuity beginning on
his Normal Retirement Date. The monthly installments made           under his Early
Retirement Benefit will be the same as the monthly installments           under his
Accrued Benefit. However, he may elect to begin receiving his Early           Retirement
Benefit on the first day of any month before his Normal Retirement           Date and on
or after the date he retires from service with the Company.  

                  4.4.    Vested
Retirement Benefit. A Participant whose employment with           the Company
terminates for any reason before age 55 following a Change in           Control is
entitled to a Vested Retirement Benefit. Unless he elects otherwise,           he will
receive his Vested Retirement Benefit in the form of a Ten-Year Certain           Life
Annuity beginning on his Normal Retirement Date. The monthly installments           made
under his Vested Retirement Benefit will be the same as the monthly
          installments under his Accrued Benefit. However, he may elect to begin
receiving           his Vested Retirement Benefit on the first day of any month before
his Normal           Retirement Date and on or after age 55. A Participant whose
employment with the           Company terminates for any reason other than death or
Disability before age 55           and before a Change in Control is not entitled to a
Retirement Benefit  

                  4.5.    Disability
Retirement Benefit. A Participant who becomes           Disabled before his
employment with the Company terminates and before he           satisfies the requirements
for another Retirement Benefit under this Section 4           is entitled to a Disability
Retirement Benefit. Unless he elects otherwise, he           will receive his Disability
Retirement Benefit in the form of a Ten-Year Certain           Life Annuity beginning on
his Normal Retirement Date. The monthly installments           made under his Disability
Retirement Benefit will be the same as the monthly           installments under his
Accrued Benefit. However, he may elect to begin receiving           his Disability
Retirement Benefit on the first day of any month before his           Normal Retirement
Date and on or after age 55.  

                  4.6.    Joint
& Survivor Annuity Option. A Participant may elect to           receive his
Retirement Benefit in the form of a Ten-Year Certain Joint &          Survivor
Annuity rather than a Ten-Year Certain Life Annuity. The Ten-Year           Certain Joint
& Survivor Annuity may begin on the first day of any month on           which the
Participant is entitled to begin receiving his Retirement Benefit and           will be
the Actuarial Equivalent of the Retirement Benefit that would have been           payable
to him in the form of a Ten-Year Certain Life Annuity beginning on that           day.
Any election under this Section 4.6 must be made before the           Participant’s
Benefit Starting Date and may not be changed or revoked after           that date.  

                  4.7.    Lump
Sum Option. Alternatively, a Participant may elect to           receive his
Retirement Benefit in the form of a lump sum rather than a Ten-Year           Certain
Life Annuity. The lump sum may be paid on the first day of any month on           which
the Participant is entitled to begin receiving his Retirement Benefit and           will
equal the Actuarial Present Value of the Retirement Benefit that would have
          been payable to him in the form of a Ten-Year Certain Life Annuity beginning on
          that day. Any election under this Section 4.7 must be made before the
          Participant’s Benefit Starting Date and may not be changed or revoked
after           that date.  

	JLG Industries, Inc.	Page 6 
	Supplemental Executive Retirement Plan

Section 5.     Preretirement
Death Benefits. 

                  5.1.    Lump
Sum Benefit. If a Participant dies before his Benefit           Starting Date, his
Beneficiary is entitled to a Preretirement Death Benefit,           even if the
Participant has not satisfied the requirements for a Retirement           Benefit under
Section 4 at the time of his death. Except as provided in Section           5.2, the
Preretirement Death Benefit will be paid as soon as administratively           feasible
after the Participant’s death in the form of a lump sum equal to           the
Actuarial Present Value of the first 120 monthly installments that would           have
been paid to the Participant under a Ten-Year Certain Life Annuity that           began
on the earliest date after his death on which he could have elected to           begin
receiving benefits under Section 4, had he not died.  

                  5.2.    Annuity
Options Available to Spouse Beneficiaries. In lieu of           the lump sum
described in Section 5.1, a Beneficiary who is married to the           Participant at
the time of his death may elect to receive the Preretirement           Death Benefit in
the form of either a Single Life Annuity Or a Ten-Year Certain           Fixed Annuity.
The Beneficiary may elect to begin receiving the Single Life           Annuity or
Ten-Year Certain Fixed Annuity on any date after the           Participant’s death
on which the Participant could have elected to begin           receiving benefits under
Section 4, had he not died. Any election under this           Section 5.2 must be made
before the Beneficiary’s Benefit Starting Date and           may not be changed or
revoked after that date.  

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

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

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

	JLG Industries, Inc.	Page 7 
	Supplemental Executive Retirement Plan

                  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.  

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

	JLG Industries, Inc.	Page 8 
	Supplemental Executive Retirement Plan

                  7.5.    Amendment,
Suspension, and Termination. The Board of Directors           has the right by
written resolution to amend, suspend, or terminate the Plan at           any time.
However, no amendment, suspension, or termination will apply to an           employee who
already is a Participant in the Plan without his express written           consent.  

                  7.6.    Power
to Delegate Board Authority. 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.  

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

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

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

                  7.10.    Complete
Statement of Plan. This Plan supersedes the Prior Plan           with respect to the
Participants. 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 7.5. A Participant’s right to any benefit           of a type
provided under the Plan will be determined solely in accordance with           the terms
of the Plan. No other evidence, whether written or oral, will be taken           into
account in interpreting the provisions of the Plan. Notwithstanding the
          preceding provisions of this Section 7.10, for purposes of determining benefits
          with respect to a Participant, this Plan will be deemed to include (a) the
          provisions of the written agreement between the Company and the Participant
          executed in accordance with Section 2.3, and (b) the provisions of any other
          written agreement between the Company and the Participant to the extent such
          other agreement explicitly provides for the incorporation of some or all of its
          terms into this Plan.  

Section 8.     Terms Used in
the Plan. 

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

	JLG Industries, Inc.	Page 9 
	Supplemental Executive Retirement Plan

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

	 	        “Accrued
Benefit” means the benefit described in Section 3 or Appendix A,
whichever is applicable. 

	 	        “Actuarial
Equivalent” means the following: an amount or benefit is the
“Actuarial Equivalent” of, or is “Actuarially Equivalent” to, another
amount or benefit as of a specified date, if the Actuarial Present Value as of the
specified date of the first amount or benefit equals the Actuarial Present Value as of the
specified date of the second amount or benefit, when calculated using the same actuarial
assumptions. Actuarial Equivalence under Section 3A will be determined as of the
Participant’s Benefit Starting Date, and the resulting benefit will be expressed in
the form of a Ten-Year Certain Life Annuity beginning on the Participant’s Benefit
Starting Date. Actuarial Equivalence under Section 4.6 will be determined as of the
Participant’s Benefit Starting Date, and the resulting benefit will be expressed in
the form of a Ten-Year Certain Joint & Survivor Annuity beginning on the
Participant’s Benefit Starting Date. Actuarial Equivalence under the definition of
“Single Life Annuity” in this Section 8.2 will be determined as of the
Beneficiary’s Benefit Starting Date, and the resulting benefit will be expressed in
the form of a Single Life Annuity beginning on the Beneficiary’s Benefit Starting
Date. 

	 	        “Actuarial
Present Value” means the value as of a specified date of an amount or
a series of amounts due before or thereafter, where each amount is multiplied by the
probability that the condition or conditions on which payment of the amount is contingent
will be satisfied, and where each amount so multiplied is then increased (if due before)
or discounted (if due thereafter) according to an assumed rate of interest to reflect the
time value of money. Unless the Plan specifies otherwise, the mortality table and interest
rate used to calculate the Actuarial Present Value of an amount or series of amounts will
be the mortality table and interest rate in effect under section 417(e)(3)(A)(ii) of the
Code 90 days before the Participant’s Benefit Starting Date. 

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

	 	        “Annual
Compensation” has the meaning assigned to that term in Section 3.3 or
Appendix A, whichever is applicable. 

	 	        “Applicable
Percentage” has the meaning assigned to that term in Section 3.2 or
Appendix A, whichever is applicable. 

	JLG Industries, Inc.	Page 10 
	Supplemental Executive Retirement 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 Affiliates or
               Associates beneficially owns, directly or indirectly;  

	 	        (2)                      which
such Person or any of such Person’s Securities Law Affiliates or
               Associates has (A) the right or obligation to acquire (whether such right
or                obligation is exercisable or effective immediately or only after the
passage of                time) pursuant to any agreement, arrangement, or understanding
(whether or not                in writing) or upon the exercise of conversion rights,
exchange rights, rights,                warrants or options, or otherwise; provided that
a Person shall not be deemed                the “Beneficial Owner” of, or to
“Beneficially Own,’”               or to have “Beneficial Ownership” of,
securities tendered pursuant to                a tender or exchange offer made by such
Person or any of such Person’s                Securities Law Affiliates or
Associates until such tendered securities are                accepted for purchase or
exchange; or (B) the right to vote pursuant to any                agreement, arrangement,
or understanding (whether or not in writing); provided                that a Person 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 Affiliate or Associate thereof) with which such Person
or any                of such Person’s Securities Law Affiliates or Associates has
any agreement,                arrangement, or understanding (whether or not in writing)
or with which such                Person or any of such Person’s Securities Law
Affiliates 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 in writing by a Participant to receive benefits under the Plan
after the Participant’s death. If a Participant dies before his Benefit Starting Date
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. If a Participant who has elected a Ten-Year
Certain Life Annuity dies on or after his Benefit Starting Date and he has failed to
designate a Beneficiary or his 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, the Actuarial Present Value of the payments (if any) to be made after his death will
be paid in an immediate lump sum to the executor of his will or the administrator of his
estate. A Participant may revoke in writing a prior designation of a Beneficiary at any
time before the earlier of the Participant’s death or his Benefit Starting Date. In
addition, a Participant may revoke in writing a prior designation of a Beneficiary under a
Ten-Year Certain Life Annuity at any time before the Participant’s death. A
Beneficiary under a Ten-Year Certain Life Annuity or a Ten-Year Certain Fixed Annuity may
designate in writing a person to receive any benefits due under the Plan after the
Beneficiary’s death (a “Beneficiary’s Beneficiary”). The Beneficiary
may revoke this designation in writing at any time before his death. 

	JLG Industries, Inc.	Page 11 
	Supplemental Executive Retirement Plan

	 	        “Benefit
Starting Date” means the date on which a Participant or Beneficiary is
scheduled to begin receiving benefits under the Plan. 

	 	        “Board
of Directors” means the Board of Directors of the Company.  

	 	        “Change
in Control” means the first to occur of the following events:  

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

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

	JLG Industries, Inc.	Page 12 
	Supplemental Executive Retirement Plan

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

	 	        (4)                      approval
by shareholders of the Company of:  

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

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

	 	        (ii)        individuals
who were members of the Incumbent Board immediately prior to the           execution of
the agreement providing for such merger, consolidation, or           reorganization
constitute at least a majority of the board of 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 and in effect from time to time.  

	JLG Industries, Inc.	Page 13 
	Supplemental Executive Retirement Plan

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

	 	        “Compensation
Committee” means the Compensation Committee of the Board of
Directors.  

	 	        “Disability
Retirement Benefit” means the benefit described in Section 4.5.  

	 	        “Disabled”
means entitled to receive benefits under a long-term disability plan maintained by the
Company. 

	 	        “Early
Retirement Benefit” means the benefit described in Section 4.3.  

	 	        “Effective
Date” means June 1, 1995.  

	 	        “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. 

	 	        “Final
Average Compensation” has the meaning assigned to that term in Section
3.3 or Appendix A, whichever is applicable. 

	 	        “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 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. 

	 	        “Late
Retirement Benefit” means the benefit described in Section 4.2.  

	 	        “Late
Retirement Date” means the first day of the month following the month
in which a Participant retires from service with the Company, if he retires from service
with the Company after his Normal Retirement Date. 

	JLG Industries, Inc.	Page 14 
	Supplemental Executive Retirement 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.” 

	 	        “Normal
Retirement Benefit” means the benefit described in Section 4.1.  

	 	        “Normal
Retirement Date” means the first day of the month following the month
in which a Participant reaches age 62, unless a Change in Control occurs, in which case
Normal Retirement Date means the first day of the month following the month in which the
Participant reaches age 60. In the case of a Participant who dies before reaching his
Normal Retirement Date, Normal Retirement Date means the day on which the Participant
would have reached his Normal Retirement Date had he not died. 

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

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

	 	        “Plan”
means the JLG Industries, Inc. Supplemental Executive Retirement Plan as set forth in this
document. 

	 	        “Preretirement
Death Benefit” means the benefit described in Section 5.1.  

	 	        “Prior
Plan” means an individual agreement (customarily denominated a
“Deferred Compensation Benefit Agreement”) between the Company and the employee
that provides for unfunded deferred compensation benefits and certain other benefits
specified in the agreement. 

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

	 	        “Retirement
Benefit” means a Normal Retirement Benefit, a Late Retirement Benefit,
an Early Retirement Benefit, a Vested Retirement Benefit, or a Disability Retirement
Benefit. 

	 	        “Section”
means a section of this Plan. For example, a reference to Section 2 includes a reference
to Sections 2.1 through 2.3, while a reference to Section 2.1 is intended as a reference
to Section 2.1 only. 

	JLG Industries, Inc.	Page 15 
	Supplemental Executive Retirement 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. 

	 	        “Single
Life Annuity” means an annuity payable in equal monthly installments
to a Beneficiary, beginning with the calendar month in which the Beneficiary’s
Benefit Starting Date occurs and ending with the calendar month in which the Beneficiary
dies. The Single Life Annuity payable to a Beneficiary will be the Actuarial Equivalent of
the Preretirement Death Benefit that the Beneficiary could have elected to receive in the
form of a Ten-Year Certain Fixed Annuity beginning on the same day. 

	 	        “Social
Security Retirement Age” means the earliest age at which the
Participant is entitled to begin receiving federal Social Security old-age benefits. In
the case of a Participant who dies before reaching his Social Security Retirement Date,
Social Security Retirement Date means the day on which the Participant would have reached
his Social Security Retirement Date had he not died. 

	 	        “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.” 

	 	        “Ten-Year
Certain Fixed Annuity” means an annuity payable in 120 monthly
installments that are equal to the first 120 monthly installments that would have been
paid to the Participant (had he not died) under a Ten-Year Certain Life Annuity that began
on the Beneficiary’s Benefit Starting Date. The 120 monthly installments will be paid
to the Beneficiary, unless the Beneficiary dies before all 120 monthly installments have
been paid, in which case the Actuarial Present Value of the remaining installments will be
paid to the Beneficiary’s Beneficiary in an immediate lump sum. 

	 	        “Ten-Year
Certain Joint & Survivor Annuity” means an annuity payable in
equal monthly installments to the Participant, beginning with the calendar month in which
his Benefit Starting Date occurs and ending with the calendar month in which he dies, and
thereafter in equal monthly installments of the same or a lesser amount to his surviving
Beneficiary (if any), beginning with the calendar month following the calendar month in
which he dies and ending with the calendar month in which the Beneficiary dies, provided
that if the Participant and his Beneficiary both die before the end of the 120-month
period that begins on the Participants Benefit Starting Date, the Actuarial Present Value
of the additional monthly installments that would have been paid to the last to survive of
the Participant and his Beneficiary (had the last survivor not died until the end of the
120-month period) will be paid in an immediate lump sum to the executor of the last
survivor’s will or the administrator of the last survivor’s estate. At the time
he elects a Ten-Year Certain Joint & Survivor Annuity, the Participant must designate
a named natural person as his Beneficiary and must specify whether the monthly amount
payable to the Beneficiary will be 50 or 100 percent of the monthly amount payable to him
under the Ten-Year Certain Joint & Survivor Annuity. After his Benefit Starting Date,
the terms of his election may not be changed or revoked. 

	JLG Industries, Inc.	Page 16 
	Supplemental Executive Retirement Plan

	 	        “Ten-Year
Certain Life Annuity” means an annuity payable in monthly installments
to the Participant, beginning with the calendar month in which his Benefit Starting Date
occurs and ending with the calendar month in which he dies, provided that if he dies
before the end of the 120-month period that begins on his Benefit Starting Date, the
monthly installments will be continued to his Beneficiary, beginning with the calendar
month following the calendar month in which the Participant dies and ending with the
calendar month in which the 120-month period ends. Except as required under Section 3.4(e)
and (f), the monthly installments payable under a Ten-Year Certain Life Annuity will be
equal in amount. 

	 	        “Year
of Service” has the meaning assigned to that term under the JLG
Industries, Inc. Employees’ Retirement Savings Plan. To the extent the Company awards
any additional service credit under the JLG Industries, Inc. Employees’ Retirement
Savings Plan beyond the service required to be credited for vesting purposes under the
savings plan, the additional service shall count as Years of Service under this Plan only
to the extent expressly provided in a written resolution of the Board of Directors. 

	 	        “Vested
Retirement Benefit” means the benefit described in Section 4.4.  

	 	        “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. 

Section 9.     Code Section
409A Grandfathering Provisions. 

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

	JLG Industries, Inc.	Page 17 
	Supplemental Executive Retirement Plan

                  9.2.    409A
Grandfathered Benefit Amount. A Participant’s 409A           grandfathered
benefit amount is the Actuarial Present Value of the           Participant’s vested
Accrued Benefit, as described in Section 3 or Appendix           A, whichever is
applicable, as of December 31, 2004, which amount shall be           determined in
accordance with Treasury Regulation 1.409A-6(a)(3) as of each date           such benefit
is valued for purposes of determining the Executive’s 409A           grandfathered
benefit amount. The Actuarial Present Value of the required           reductions
described in Section 3.4 or Appendix A, as applicable, shall also be           determined
as of December 31, 2004, and other applicable valuation dates, for           purposes of
this determination. For purposes of calculating the Actuarial           Present Value of
the Participant’s 409A grandfathered benefit amount,           actuarial assumptions
used shall be the same as those used to determine           Actuarial Present Value under
the Plan, treating each valuation date as a           Benefit Starting Date for purposes
of that definition.  

                  9.3.    Payment
of Grandfathered Benefit Amount. The Retirement Benefits           attributable to a
Participant’s 409A grandfathered benefit amount shall be           paid at such
times and in such form as permitted by the terms of the Plan as in           effect on
October 1, 2004, which terms and conditions shall not be materially           amended
after that date.  

                  9.4.    409A
Non-Grandfathered Benefit Amount. A Participant’s 409A
          non-grandfathered benefit amount is the Actuarial Present Value of the
          Participant’s Accrued Benefit hereunder less the Participant’s 409A
          grandfathered benefit amount, as of each date such benefit is valued for
          purposes of determining the non-grandfathered amount, determined in the same
          manner and with the same actuarial assumptions that are used in the calculation
          of the 409A grandfathered benefit amount. Notwithstanding any other provisions
          of the Plan to the contrary, the Retirement Benefits attributable to a
          Participant’s 409A non-grandfathered benefit amount           (“Non-Grandfathered
Retirement Benefits”) shall be paid in accordance           with the following terms
and conditions:  

	 	        (a)                      Non-Grandfathered
Retirement Benefits shall be deemed to be part of a nonaccount                balance
plan of deferred compensation for purposes of Code Section 409A
               requirements.  

	 	        (b)                      Non-Grandfathered
Retirement Benefits shall be payable commencing at the                following times and
in the indicated form of payment:  

	JLG Industries, Inc.	Page 18 
	Supplemental Executive Retirement Plan

	

	Distribution Event
	Timing of Payment of
Non-
Grandfathered Retirement 
Benefits
	Form of Payment of Non-
Grandfathered
Retirement 
Benefits

	Separation from Service with	Payment of benefits commences on the	Payment is to be in one of the
	entitlement to Non-Grandfathered	first day of the seventh month	following forms of annuity payment:
	Retirement Benefits; age 55 is	following the month in which the	Ten-Year Certain Fixed
	attained before or after Separation	Separation from Service requirement	Ten-Year Certain Joint and
	from Service.	has been met or, if later, age 55 is	Survivor
		attained.	Ten-Year Certain Life
			Participant shall select the form of
			annuity under Plan rules. Each
			annuity shall be of Actuarial
			Equivalent value as to the other
			forms and meet the requirements of
			Code Section 409A and Treasury
			Regulation 1.409A-2(b)(2)(ii).
	

	Death before Benefit Starting Date	Section 5.1, Lump Sum Benefit,	Payment is to be in the form of a
		governs payment of the Participant’s	single lump sum payment to the
		preretirement death benefit	Participant’s Beneficiary.
		attributable to the Participant’s
		Non-Grandfathered Retirement
		Benefits, but a Beneficiary who is
		the surviving spouse of the
		Participant is not entitled to make
		an annuity election under Section
		5.2 with respect to such amount.
	

	 	        (c)                      Plan
provisions shall provide guidance for the administration of the Plan with
               respect to Non-Grandfathered Retirement Benefits to the extent they are
               consistent with the requirements of this Section 9.  

	JLG Industries, Inc.	Page 19 
	Supplemental Executive Retirement Plan

	 	        (d)                      The
term “Separation from Service” means, as to each Participant, the
               termination of employment of such Participant with the Company and all of
its                409A affiliates or, if the Participant continues to provide services
following                his or her termination of employment, such later date as is
considered a                separation from service from the Company and its 409A
affiliates within the                meaning of Code Section 409A. Specifically, if the
Participant continues to                provide services to the Company or a 409A
affiliate in a capacity other than as                an employee, such shift in status is
not automatically a Separation from                Service. Termination of employment,
for this purpose, means a termination of                employment of the Participant
when the Company and the Participant reasonably                anticipate that no further
services will be performed by the Participant for the                Company and its 409A
affiliates or that the level of bona fide services the                Participant will
perform as an employee of the Company and its 409A affiliates                will
permanently decrease to no more than 20 percent of the average level of
               bona fide services performed by the Participant (whether as an employee or
               independent contractor) for the Company and its 409A affiliates over the
               immediately preceding 36-month period (or such lesser period of services).
The                Participant’s termination of employment shall be presumed not to
occur                where the level of bona fide services performed by the Participant
for the                Company and its 409A affiliates continues at a level that is 50
percent or more                of the average level of bona fide services performed by
the Participant (whether                as an employee or independent contractor) for the
Company and its 409A                affiliates over the immediately preceding 36-month
period (or such lesser period                of service). No presumption applies to a
decrease in services that is more than                20 percent but less than 50
percent, and in such event, whether the Participant                has had a termination
of employment will be determined in good faith by the                Company based on the
facts and circumstances in accordance with Code Section                409A.
Notwithstanding the foregoing, if the Participant takes a leave of absence
               for purposes of military leave, sick leave or other bona fide leave of
absence,                then the Participant will not be deemed to have incurred a
Separation from                Service for the first six months of the leave of absence
or, if longer, for so                long as the Participant’s right to reemployment
is provided either by                statute or by contract; provided that if the leave
of absence is due to a                medically determinable physical or mental
impairment that can be expected to                result in death or last for a
continuous period of not less than six months,                where such impairment
causes the Participant to be unable to perform the duties                of his or her
position of employment or any substantially similar position of
               employment, the leave may be extended for up to 29 months without causing
a                termination of employment. The term “409A affiliate” means
each entity                that is required to be included in the Company’s
controlled group of                corporations within the meaning of Section 414(b) of
the Code, or that is under                common control with the Company within the
meaning of Section 414(c) of the                Code; provided, however, that the phrase
“at least 50 percent” shall                be used in place of the phrase “at
least 80 percent” each place it                appears therein or in the regulations
thereunder.  

	JLG Industries, Inc.	Page 20 
	Supplemental Executive Retirement Plan

	 	        (e)                      Within
thirty (30) days after the Participant has incurred a Separation from
               Service with entitlement to Non-Grandfathered Retirement Benefits and
attained                at least age fifty-five (55), the Administrative Committee shall
provide to the                Participant an Annuity Election Form that includes periodic
payment values for                such benefit to be paid over the available periods, to
the extent applicable.                The Participant may request alternative annuity
calculations based on other                appropriate assumptions or joint annuitants at
any time after receiving the                Annuity Election Form and before payments of
the annuity commence. The completed                Annuity Election Form, together with
any required proof of birth dates requested                by the Administrative
Committee, must be filed with the Committee not later than                two (2) weeks
prior to the annuity payment commencement date in order to be                effective.
If a complete and timely Annuity Election Form is not filed with the
               Administrative Committee, then periodic annuity payments shall be made for
the                life expectancy of the Participant on a Ten-Year Certain and Life
basis. The                form of annuity payment may not be changed after annuity
payments have                commenced.  

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

		JLG INDUSTRIES, INC.
	

Attest:	__________________________________	By:	__________________________________
	
Title:	__________________________________	Title:	__________________________________

	JLG Industries, Inc.	Page 21 
	Supplemental Executive Retirement Plan

APPENDIX A 

Accrued Benefit of
Participants Before September 6, 2000 

                  A.1.    Introduction.
The Plan was amended effective September 6, 2000,           to change the formula for
determining the Accrued Benefit of individuals who           first became Participants on
or after September 6, 2000. The Accrued Benefit of           individuals who first became
Participants before September 6, 2000 (“Prior           Participants”)
continues to be determined under the formula in effect           before the amendment.
This Appendix A describes the method of determining the           Accrued Benefit of
Prior Participants. Except as provided in Appendix A, Prior           Participants remain
subject to the regular provisions of the Plan, as amended           from time to time.  

                  A.2.    Definitions.
A Prior Participant’s Accrued Benefit under           the Plan is a monthly benefit
equal to the Applicable Percentage of his Final           Average Compensation, payable
in the form of a Ten-Year Certain Life Annuity           beginning on his Normal
Retirement Date, and reduced in accordance with Section           A.5. Actuarial
Equivalence under Section A.5 will be determined as of the Prior           Participant’s
Normal Retirement Date, and the resulting benefit will be           expressed in the form
of a Ten-Year Certain Life Annuity beginning on the Prior           Participant’s
Normal Retirement Date.  

                  A.3.    Applicable
Percentage. A Prior Participant’s Applicable           Percentage is the
percentage specified by the Compensation Committee with           respect to the Prior
Participant for purposes of the Plan and reflected in the           written agreement
between the Company and the Prior Participant executed in           accordance with
Section 2.3.  

                  A.4.    Final
Average Compensation. A Prior Participant’s Final           Average Compensation
is one-twelfth the average of his Annual Compensation for           the 2 consecutive or
nonconsecutive calendar years during which the average of           his Annual
Compensation is the highest. The Annual Compensation of a Prior           Participant for
a calendar year is the amount of the Prior Participant’s           base salary for
the calendar year and the amount of any cash bonus paid to him           in the calendar
year, each including (i) amounts that are contributed, at the           election of a
Prior Participant, on behalf of the Prior Participant to a           cafeteria plan or a
cash or deferred arrangement and not included in the Prior           Participant’s
gross income for federal income tax purposes by reason of           section 125 or
402(e)(3) of the Code and (ii) compensation deferred under the           JLG Industries,
Inc. Executive Deferred Compensation Plan (or any successor           thereto). Annual
Compensation earned more than 10 years before the year in which           the Prior
Participant’s employment with the Company terminates is ignored.           Annual
Compensation does not include any amount realized as a result of the           grant,
modification, or exercise of a stock option.  

	JLG Industries, Inc.	Page 22 
	Supplemental Executive Retirement Plan

                  A.5.    Required
Reductions. The monthly installments otherwise included           in a Prior
Participant’s Accrued Benefit will be reduced as follows:  

	 	        (a)                      First,
each monthly installment will be reduced by the monthly amount of a
               benefit that is the Actuarial Equivalent of all employer-provided benefits
the                Prior Participant has received, is receiving, or is expected to
receive under                any defined benefit plan (other than this Plan), regardless
of whether the                defined benefit plan is maintained by the Company or
another employer, including                an unrelated employer. Employer-provided
benefits provided to an alternate payee                under a domestic relations order
will be treated as if they were provided to the                Prior Participant.  

	 	        (b)                      Second,
each monthly installment will be further reduced by the monthly amount                of
a benefit that is the Actuarial Equivalent of all employer-provided account
               balances accumulated on the Prior Participant’s behalf under any
defined                contribution plan, regardless of whether the defined contribution
plan is                maintained by the Company or another employer, including an
unrelated employer.                Employer-provided account balances do not include any
portion of an account                balance attributable to salary reduction
contributions made by the Prior                Participant, regardless of whether the
contributions are made on a pre-tax or an                after-tax basis. Account
balances will be determined as of 30 days before the                Prior Participant’s
Benefit Starting Date. Distributions previously made                from the Prior
Participant’s accounts will be taken into account, plus                interest from
the date of distribution. Employer-provided account balances                provided to
an alternate payee under a domestic relations order will be treated                as if
they were provided to the Prior Participant.  

	 	        (c)                      Third,
each monthly installment will be further reduced by the monthly amount of
               a benefit that is the Actuarial Equivalent of the Prior Participant’s
               Company Contribution Subaccount (within the meaning of the JLG Industries,
Inc.                Executive Deferred Compensation Plan), if any, and any investment
return (or                loss) credited to such subaccount pursuant to section 3.3 of
such plan. The                balance in the Prior Participant’s subaccount will be
determined as of 30                days before the Prior Participant’s Benefit
Starting Date. Previous                distributions attributable to the Prior Participant’s
accounts will be                taken into account, plus interest from the date of
distribution.  

	 	        (d)                      Fourth,
after the preceding reductions have been made, each monthly installment
               that is scheduled to be made after the Prior Participant reaches Social
Security                Retirement Age will be further reduced by one-half the monthly
amount of the                federal Social Security old-age benefit he is entitled to
begin receiving on his                Social Security Retirement Age.  

	JLG Industries, Inc.	Page 23 
	Supplemental Executive Retirement Plan

	 	        (e)                      Fifth,
if the Prior Participant elects to begin receiving benefits before his
               Normal Retirement Date, the monthly installment resulting after the
preceding                reductions have been made will be further reduced by one-half of
one percent for                each month during which benefits are scheduled to be paid
before his Normal                Retirement Date.  

	 	        (f)                      Sixth,
after the preceding reductions have been made, the resulting monthly
               installment will be further reduced by multiplying it by the Prior
               Participant’s Vested Percentage. The Vested Percentage is 100 percent
in                the case of a Prior Participant with 5 or more Years of Service, 75
percent in                the case of a Prior Participant with 4 but less than 5 Years of
Service, 50                percent in the case of a Prior Participant with 3 but less
than 4 Years of                Service, 25 percent in the case of a Prior Participant
with 2 but less than 3                Years of Service, and zero percent in the case of a
Prior Participant with less                than 2 Years of Service. A Prior Participant
is deemed to have completed 5 Years                of Service if he dies or becomes
Disabled, or if a Change in Control occurs,                before his Benefit Starting
Date.  

	 	        (g)                      Seventh,
after the preceding reductions have been made, each monthly installment
               made during a month for which the Prior Participant receives benefits
under a                long-term disability plan maintained by the Company will be
further reduced by                the amount of the employer provided long-term
disability benefit he receives for                that month.

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