Document:

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                                                                    Exhibit 10.2

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                              JLG INDUSTRIES, INC.

                        DIRECTORS' DEFERRED COMPENSATION
                                      PLAN

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               As Amended and Restated Effective November 1, 2003

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                    JLG INDUSTRIES, INC. DIRECTORS' DEFERRED
                                COMPENSATION PLAN

               AS AMENDED AND RESTATED EFFECTIVE NOVEMBER 1, 2003

SECTION 1.        ESTABLISHMENT AND PURPOSE

                  1.1      ESTABLISHMENT. Effective July 1, 1986, the Company
established the Plan for the benefit of the Participants. The Plan has been
amended and restated effective November 1, 2003.

                  1.2      PURPOSE. The Plan is an unfunded plan maintained
primarily for the purpose of providing deferred compensation to directors of the
Company who are not employees. The Plan permits Participants to elect to defer
payment of part or all of their Compensation until the termination of their
membership on the Board of Directors in accordance with the terms of the Plan.
The Plan also permits Participants to elect to defer Restricted Shares or the
gain on Options until termination their membership on the Board of Directors, in
accordance with the terms of the Plan. The Plan is not intended to be an equity
compensation plan within the meaning of the New York Stock Exchange shareholder
approval rules because it is intended merely to allow Eligible Directors to
defer receipt of equity compensation earned under the JLG Industries, Inc. Long
Term Incentive Plan.

SECTION 2.        PARTICIPATION BY ELIGIBLE DIRECTORS

                  2.1      ELECTION OF BENEFITS. An Eligible Director may become
a Participant in the Plan by electing to defer, until the termination of his
membership on the Board of Directors, receipt of part or all of the Compensation
to be paid to him by the Company.

                  2.2      ADVANCE ELECTION. An election to defer the receipt of
Compensation hereunder shall apply only to Compensation earned after the date
the Participant's election is filed with the Administrative Committee.

                  2.3      ELECTION FILING DEADLINE. Except as provided in the
following sentence, an election to defer Compensation earned in a calendar year
shall be filed with the Administrative Committee before the calendar year
begins. A newly appointed or otherwise newly eligible Eligible Director may file
the requisite election to defer Compensation earned thereafter before the
expiration of 30 days from either (i) his

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JLG INDUSTRIES, INC.                                                      PAGE 2
DIRECTORS' DEFERRED COMPENSATION PLAN

initial date of appointment, if the Eligible Director is a new appointment, or
(ii) his initial date of eligibility, if the Eligible Director is newly eligible
to participate in the Plan.

                  2.4      IRREVOCABLE ELECTION. Once filed, an election to
defer Compensation shall be irrevocable and shall remain in effect until the end
of the calendar year to which it pertains. Such election shall automatically
apply to each subsequent calendar year unless the Participant, before the
beginning of the calendar year, revokes his prior election. In that event, he
may file a new election with the Administrative Committee before the beginning
of the calendar year in accordance with Sections 2.3 and 2.5 hereof. An Eligible
Director who does not elect to defer Compensation in one calendar year may elect
to defer Compensation in any subsequent calendar year, provided he remains an
Eligible Director, by electing to defer Compensation in accordance with this
Section 2.

                  2.5      FORM AND CONTENT OF ELECTION. An election to defer
Compensation hereunder shall be in writing, in a form acceptable to the
Administrative Committee, and shall specify the portion of the Participant's
Compensation to be deferred.

                  2.6      FORM OF PAYMENT. A Participant electing to defer
Compensation hereunder also shall elect as to whether such deferred Compensation
shall be paid (a) in a single lump sum, or (b) in annual installments over a
period, elected by the Participant, not to exceed fifteen years. An election of
form of payment hereunder shall be in writing in a form acceptable to the
Administrative Committee, and shall be effective as of the date the form is
filed with the Administrative Committee. The election on file with the
Administrative Committee on the date the Participant's membership on the Board
of Directors of the Company terminates shall govern the payment of all amounts
deferred hereunder provided that the election has been in effect for more than
one year (365 days). If the election has not been in effect for more than one
year (365 days), the entire amount deferred hereunder shall be paid in a single
lump sum.

SECTION 3.        ACCOUNT

                  3.1      ACCOUNT. The Company shall maintain for bookkeeping
purposes an Account in the name of each Participant to which shall be credited
the amounts deferred under Section 2 hereof, plus amounts as provided in Section
3.2 hereof.

                  3.2      INVESTMENT RETURN.

                           (a)      Rate of Return Indices. The Administrative
Committee shall select and maintain one or more rate of return indices as
specified on Exhibit A attached hereto as amended from time to time. To the
extent Compensation deferred hereunder is allocated to one or more of the rate
of return indices, the Compensation shall be

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JLG INDUSTRIES, INC.                                                      PAGE 3
DIRECTORS' DEFERRED COMPENSATION PLAN

credited with the applicable investment return (or loss) that such Compensation
would have earned if it were invested in the specified index.

                           (b)      Company Stock Unit Fund.

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

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

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

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

                                    (v)      After the conversion described in
         the preceding paragraph has been performed, any cash equivalent units
         equal to a fractional

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JLG INDUSTRIES, INC.                                                      PAGE 4
DIRECTORS' DEFERRED COMPENSATION PLAN

         Share shall remain credited to a Participant's Account as cash
         equivalent units, and shall be credited with interest at the end of
         each subsequent calendar quarter until they can be converted to Company
         Stock Units as provided in paragraph (iv), above.

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

                           (c)      Designation of Investment Return.

                                    (i)      Each Participant shall specify in
         writing, at the time he completes his election to participate under
         Section 2 hereof, and in a form acceptable to the Administrative
         Committee, how any amounts to be deferred hereunder in the future shall
         be allocated among the rate of return indices specified on Exhibit A
         attached hereto and the Company Stock Fund.

                                    (ii)     The Administrative Committee may,
         in its discretion and from time to time, permit a Participant to change
         any election previously made with respect to the allocation of amounts
         to be deferred hereunder in the future, subject to such conditions and
         such limitations as the Administrative Committee may prescribe. Any
         such change in election shall be in writing and in a form acceptable to
         the Administrative Committee.

                                    (iii)    The Administrative Committee may,
         in its discretion and from time to time, permit a Participant to elect
         to reallocate amounts from one rate of return index to another, or to
         reallocate amounts from a rate of return index to the Company Stock
         Unit Fund, subject to such conditions and such limitations as the
         Administrative Committee may prescribe; provided that a Participant
         shall be permitted, at least once per calendar month, to reallocate
         amounts from one rate of return to another. Any such reallocation
         election shall be in writing and in a form acceptable to the
         Administrative Committee.

                                    (iv)     During the period commencing 6
         months after the Participant's membership on the Board terminates and
         ending 66 months after the Participant's membership on the Board
         terminates, the Participant may elect

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JLG INDUSTRIES, INC.                                                      PAGE 5
DIRECTORS' DEFERRED COMPENSATION PLAN

         to reallocate all or any portion of his Account from the Company Stock
         Unit Fund to any of the rate of return indices specified on Exhibit A.
         Except as provided in the preceding sentence, any amount that has been
         allocated to the Company Stock Unit Fund may not be reallocated to any
         rate of return index.

                                    (v)      The Administrative Committee may
         require that any election under this Section 3.2 apply to the entire
         amount to which it pertains (e.g., 100% of the Participant's future
         contributions) or to such percentage or percentages of that amount as
         the Administrative Committee may specify (e.g., increments of 5%).

                                    (vi)     If a Participant fails to specify a
         rate of return index with respect to Compensation deferred hereunder,
         the Participant shall be presumed to have specified that his entire
         Account be allocated to the index determined by the Administrative
         Committee to represent the lowest risk of principal loss.

                           (c)      Crediting Investment Returns. The balance
credited to the Participant's Account as of the last day of the prior month and
allocated to one or more rate of return indices shall be credited with the
applicable investment return (or loss) as of the last day of the month of
crediting. All references herein to Compensation that is deferred pursuant to
the Plan shall be deemed to include such deferred Compensation plus any
investment return (or loss) credited pursuant to this Section 3.2. The balance
credited to the Participant's Account as of the last day of the prior month and
allocated to the Company Stock Unit Fund shall be credited with the applicable
investment return (or loss) as provided in Section 3.2(b), above.

                  3.3      NONFORFEITABILITY OF ACCOUNTS. Subject to the
limitations of Section 6 hereof, balances credited to Participants' Accounts
shall be nonforfeitable.

SECTION 4.        DISTRIBUTIONS OF AMOUNTS CREDITED UNDER SECTION 3.1

                  4.1      PAYMENT. The amount credited to a Participant's
Account pursuant to Section 3 hereof shall be paid, or payments shall commence,
as soon as practicable following the termination of the Participant's membership
on the Board of Directors. All such payments (including payments from the
Company Stock Unit Fund) shall be made in cash. If the Participant elects to
receive his deferred Compensation in annual installments, the amount of the
first installment shall be the value of the deferred Compensation that is
subject to such election on the date as of which the installment is paid,
multiplied by a fraction, the numerator of which is one and the denominator of
which is the total number of installments. The amount of each remaining
installment shall be the value of the unpaid deferred Compensation that is
subject to such election on the date as of which the installment is paid,
multiplied by a fraction, the numerator of

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JLG INDUSTRIES, INC.                                                      PAGE 6
DIRECTORS' DEFERRED COMPENSATION PLAN

which is one and the denominator of which is the remaining number of
installments to be paid.

                  4.2      DEATH OF PARTICIPANT.

                           (a)      Amount of Death Benefit. Any amount credited
to a Participant's Account under Section 3.1 hereof that is unpaid at the time
of the Participant's death shall be paid in a single lump sum to the Beneficiary
designated by the Participant.

                           (b)      Payment of Death Benefits. A distribution
pursuant to this Section 4.2 shall be made to the Participant's Beneficiary
within 90 days after the Administrative Committee receives written notification
of the Participant's death, together with any additional information or
documentation that the Administrative Committee determines to be necessary or
appropriate before it makes the distribution.

                  4.3      HARDSHIP DISTRIBUTIONS. At any time, upon the written
application of the Participant, the Administrative Committee may (i) reduce or
eliminate the Participant's future deferrals of Compensation credited to the
Participant's Account under Section 3.1 hereunder, or (ii) accelerate and pay in
a lump sum to the Participant all or part of the balance of the Compensation
deferred hereunder, or both, if the Administrative Committee finds, in its sole
discretion, that the Participant has incurred or will incur a severe financial
hardship resulting from an accident or illness with respect to the Participant,
his spouse, or his dependent (as defined in section 152 of the Code), or other
event beyond the Participant's control. In such circumstances, the
Administrative Committee shall reduce or eliminate the future deferrals and/or
accelerate the payment only to the extent reasonably necessary to eliminate or
to avoid the severe financial hardship.

                  4.4      EFFECT OF DISTRIBUTIONS ON INVESTMENT RETURN. If any
amount credited to a Participant's Account under Section 3.1 hereof is allocated
to more than one rate of return index, or is allocated in part to the Company
Stock Unit Fund and in part to one or more rate of return indices, any
distribution of part, but not all, of such Account shall be debited pro rata
from the Company Stock Unit Fund (if applicable) and any return index to which
the Participant's Account is allocated at the time of the distribution.

SECTION 5.        DEFERRALS OF EQUITY-BASED AWARDS

                  5.1      ELECTION TO DEFER. An Eligible Director may become a
Participant in the Plan by making an irrevocable election to defer, until his
termination of membership on the Board of Directors, receipt of part or all of a
Restricted Share award, or part or all of the gain on an Option, provided that
the Administrative Committee

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JLG INDUSTRIES, INC.                                                      PAGE 7
DIRECTORS' DEFERRED COMPENSATION PLAN

accepts such election. The Administrative Committee may, in its sole discretion,
reject any deferral election tendered pursuant to this Section 5 either in its
entirety or with respect to a portion of the Restricted Share award or Option
gain covered by the election. The Administrative Committee shall notify the
Eligible Director of the extent to which the Committee has accepted the deferral
election as soon as practicable after the Committee receives the election. To
the extent that the Administrative Committee accepts an Eligible Director's
deferral election, any amount deferred pursuant to the election, and any
investment returns (or losses) on such amount, shall be credited to an Equity
Deferral Subaccount and shall be subject to this Section 5.

                  5.2      DEFERRAL OF RESTRICTED SHARES. An Eligible Director
may elect to defer part or all of a Restricted Share award by surrendering the
Restricted Shares to the Administrative Committee at least 12 months before the
Restricted Shares would otherwise vest, and receiving instead Company Stock
Units subject to any restrictions that applied to the Restricted Shares as of
the date they were surrendered. The Company Stock Units shall be credited to the
Eligible Director's Equity Deferral Subaccount and shall vest or be forfeited at
the time when the corresponding Restricted Shares would have vested or been
forfeited. The Administrative Committee may, in its sole discretion, waive the
12-month advance election requirement and permit an Eligible Director to defer
Restricted Shares with a vesting date less than 12 months after the date of the
deferral election.

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

                  5.4      DIVIDEND EQUIVALENTS. Each time a dividend is paid
with respect to Shares, an equivalent amount shall be determined with respect to
a Participant's Company Stock Units and shall be credited to the Participant's
Equity Deferral Subaccount as cash equivalent units; provided, however, that a
Participant shall receive dividend equivalent credits only to the extent, and
only under the conditions, that the

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JLG INDUSTRIES, INC.                                                      PAGE 8
DIRECTORS' DEFERRED COMPENSATION PLAN

Participant would have received dividends or dividend equivalents on the
Restricted Shares or Option Shares that were converted to Company Stock Units.
The cash equivalent units shall be credited with interest (also in the form of
cash equivalent units) as of the end of each calendar quarter at a rate equal to
the average rate of return for the quarter on the money market index specified
on Exhibit A attached hereto. Cash equivalent units credited to the
Participant's Equity Deferral Subaccount under this Section 5.4 may not be
converted to Company Stock Units or reallocated to any other rate of return
index.

                  5.5      HOLDING AND DISTRIBUTING COMPANY STOCK UNITS. Company
Stock Units credited to a Participant's Equity Deferral Subaccount under Section
5.2 or 5.3 shall be subject to Section 3.2(b)(vi), above. Company Stock Units
credited to a Participant's Equity Deferral Subaccount may not be reallocated to
any rate of return index. When the Participant's membership on the Board of
Directors terminates for any reason, any Company Stock Units credited to his
Equity Deferral Subaccount shall be converted to an equivalent number of Shares
and distributed in a single lump sum to the Participant (or to the Beneficiary
of a deceased Participant) as soon as practicable after the termination date,
and any cash equivalent units shall be distributed in a single lump sum in cash
at the same time. The Company Stock Units credited to a Participant's Equity
Deferral Subaccount may not be distributed in cash. The Company shall impose
such conditions on Shares delivered to a Participant as it may deem advisable in
order to comply with the Securities Act of 1933, as amended, the requirements of
the New York Stock Exchange or any other stock exchange or automated quotation
system upon which securities of the company is listed or traded, any state
securities laws applicable to such a transfer, any provision of the Company's
certificate of incorporation or by-laws, or any other law, regulation or binding
contract to which the Company is a party.

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").

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JLG INDUSTRIES, INC.                                                      PAGE 9
DIRECTORS' DEFERRED COMPENSATION PLAN

In addition, the Administrative Committee may recognize the right of an
alternate payee named in a domestic relations order to receive all or part of a
Participant's benefits under the Plan, but only if (a) the domestic relations
order would be a "qualified domestic relations order" within the meaning of
section 414(p) of the Code (if section 414(p) applied to the Plan), (b) the
domestic relations order does not attempt to give the alternate payee any right
to any asset of the Company, (c) the domestic relations order does not attempt
to give the alternate payee any right to receive payments under the Plan at a
time or in an amount that the Participant could not receive under the Plan, and
(d) the amount of the Participant's benefits under the Plan are reduced to
reflect any payments made or due the alternate payee.

                  6.3      NO RIGHT TO BOARD MEMBERSHIP. 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 as a member of the Board of Directors.

                  6.4      WITHHOLDING AND TAX LIABILITIES. The amount of any
withholdings required to be made by any government or government agency will be
deducted from benefits paid under the Plan to the extent deemed necessary by the
Administrative Committee. In addition, the Participant or Beneficiary (as the
case may be) will bear the cost of any taxes not withheld on benefits provided
under the Plan, regardless of whether withholding is required. The Company does
not warrant that the Plan will be effective to defer the recognition of federal,
state, or local tax with respect to any amount credited to a Participant's
Account.

SECTION 7.        ADMINISTRATION, INTERPRETATION, AND MODIFICATION OF PLAN

                  7.1      PLAN ADMINISTRATOR. The Administrative Committee will
administer the Plan.

                  7.2      POWERS OF COMMITTEE. The Administrative Committee's
powers include, but are not limited to, the power to adopt rules consistent with
the Plan; the power to decide all questions relating to the interpretation of
the terms and provisions of the Plan; the power to determine the number and
nature of the rate of return indices specified on Exhibit A attached hereto; the
power to compute the amount of benefits that shall be payable to any Participant
or Beneficiary in accordance with the provisions of the Plan, and in the event
that the Administrative Committee determines that excessive benefits have been
paid to any person, the Administrative Committee may suspend payment of future
benefits to such person or his Beneficiary or reduce the amount of such future
benefits until the excessive benefits and any interest thereon determined by the
Committee have been recovered; and the power to resolve all other questions
arising under the Plan (including, without limitation, the power to remedy

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JLG INDUSTRIES, INC.                                                     PAGE 10
DIRECTORS' DEFERRED COMPENSATION PLAN

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. The Administrative Committee shall
decide claims and appeals under the Plan pursuant to the claims procedures
established for the JLG Industries, Inc. Employees' Retirement Savings Plan.

                  7.3      FINALITY OF COMMITTEE DETERMINATIONS. Determinations
by the Administrative Committee and any interpretation, rule, or decision
adopted by the Administrative Committee under the Plan or in carrying out or
administering the Plan will be final and binding for all purposes and upon all
interested persons, their heirs, and their personal representatives.

                  7.4      REQUIRED INFORMATION. Any person eligible to receive
benefits hereunder shall furnish to the Administrative Committee any information
or proof requested by the Administrative Committee and reasonably required for
the proper administration of the Plan. Failure on the part of any person to
comply with any such request within a reasonable period of time shall be
sufficient grounds for delay in the payment of any benefits that may be due
under the Plan until such information or proof is received by the Administrative
Committee. If any person claiming benefits under the Plan makes a false
statement that is material to such person's claim for benefits, the
Administrative Committee may offset against future payments any amount paid to
such person to which such person was not entitled under the provisions of the
Plan.

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

                  7.6      AMENDMENT, SUSPENSION, AND TERMINATION.

                           (a) Board of Directors. The Board of Directors has
the right by written resolution to amend, suspend, or terminate the Plan at any
time; provided that no such amendment, suspension, or termination of the Plan
shall divest any Participant of the balance credited to his Account as of the
effective date of such amendment, suspension, or termination, except to the
extent that an affected Participant consents in writing to the amendment,
suspension, or termination.

                           (b) Administrative Committee. The Board of Directors
delegates to the Administrative Committee the right by written resolution to
amend the Plan for the limited purpose of amending Exhibit A of the Plan.

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JLG INDUSTRIES, INC.                                                     PAGE 11
DIRECTORS' DEFERRED COMPENSATION PLAN

                  7.7      POWER TO DELEGATE AUTHORITY.

                           (a) Board of Directors. The Board of Directors may,
in its sole discretion, delegate to any person or persons all or part of its
authority and responsibility under the Plan, including, without limitation, the
authority to amend the Plan.

                           (b) Administrative Committee. The Administrative
Committee may, in its sole discretion, delegate to any person or persons all or
part of its authority and responsibility under the Plan.

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

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

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

                  7.11     COMPLETE STATEMENT OF PLAN. This Plan contains a
complete statement of its terms. The Plan may be amended, suspended, or
terminated only in writing and then only as provided in Section 7.6. A
Participant's right to any benefit of a type provided under the Plan will be
determined solely in accordance with the terms of the Plan. No other evidence,
whether written or oral, will be taken into account in interpreting the
provisions of the Plan.

SECTION 8.        DEFINITIONS

                  8.1      GENDER AND NUMBER. In order to shorten and to improve
the understandability of the Plan document by eliminating the repeated usage of
such phrases as "his or her" and "Director or Directors," any masculine
terminology herein shall also include the feminine and neuter, and the
definition of any term herein in the singular shall also include the plural,
except when otherwise indicated by the context.

                  8.2      DEFINITIONS. The following words and phrases as used
in the Plan have the following meanings:

                  "ACCOUNT" means the bookkeeping account established for each
         Participant under Section 3.1 hereof. If applicable, each Account shall
         include an

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JLG INDUSTRIES, INC.                                                     PAGE 12
DIRECTORS' DEFERRED COMPENSATION PLAN

         Equity Deferral Subaccount.

                  "ADMINISTRATIVE COMMITTEE" means the Administrative Committee
         appointed to administer the Savings Plan. However, following a Change
         in Control, "Administrative Committee" means the trustee under the
         grantor trust maintained by the Company in connection with the Plan.

                  "ASSOCIATE" has the meaning assigned to that term for purposes
         of Rule 12b-2 of the General Rules and Regulations under the Securities
         Exchange Act.

                  "BENEFICIAL OWNER" means the following: a Person is deemed to
         be the "Beneficial Owner" of, to "Beneficially Own," and to have
         "Beneficial Ownership" of, any securities:

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

                           (2) which such Person or any of such Person's
                  Securities Law or Associates has (A) the right or obligation
                  to acquire (whether such right or obligation is exercisable or
                  effective immediately or only after the passage of time)
                  pursuant to any agreement, arrangement, or understanding
                  (whether or not in writing) or upon the exercise of conversion
                  rights, exchange rights, rights, warrants or options, or
                  otherwise; provided that a Person shall not be deemed the
                  "Beneficial Owner" of, or to "Beneficially Own," or to have
                  "Beneficial Ownership" of, securities tendered pursuant to a
                  tender or exchange offer made by such Person or any of such
                  Person's Securities Law or Associates until such tendered
                  securities are accepted for purchase or exchange; or (B) the
                  right to vote pursuant to any agreement, arrangement, or
                  understanding (whether or not in writing); provided that a
                  Person shall not be deemed the "Beneficial Owner" of, or to
                  "Beneficially Own," or to have "Beneficial Ownership" of, any
                  security under this clause (B) if the agreement, arrangement,
                  or understanding to vote such security (i) arises solely from
                  a revocable proxy given in response to a public proxy or
                  consent solicitation made pursuant to, and in accordance with,
                  the applicable rules and regulations of the Securities
                  Exchange Act, and (ii) is not also then reported by such
                  Person on Schedule 13D under the Securities Exchange Act (or
                  any comparable or successor report); or

                           (3) which are beneficially owned, directly or
                  indirectly, by any other Person (or any Securities Law or
                  Associate thereof) with which such Person or any of such
                  Person's Securities Law or Associates has any agreement,
                  arrangement, or understanding (whether or not in writing) or

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 13
DIRECTORS' DEFERRED COMPENSATION PLAN

                  with which such Person or any of such Person's Securities Law
                  have otherwise formed a group for the purpose of acquiring,
                  holding, voting (except pursuant to a revocable proxy as
                  described in clause (B)(i) of paragraph (2), above), or
                  disposing of any securities of the Company.

                  "BENEFICIARY" means the person designated by a Participant to
         receive benefits under the Plan after the Participant's death. Such a
         designation shall be in writing in a form acceptable to the
         Administrative Committee, and shall be effective as of the date the
         form is filed with the Administrative Committee. If a Participant dies
         before receiving the entire amount due to him under the Plan, and he
         has failed to designate a Beneficiary or his designated Beneficiary
         fails to survive him, his Beneficiary will be the person to whom he is
         married at the time of his death, or if he is not married at that time,
         his Beneficiary will be the executor of his will or the administrator
         of his estate. A Participant may revoke a prior designation of a
         Beneficiary at any time before the Participant's death by filing a new
         form with the Administrative Committee.

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

                  "CHANGE IN CONTROL" means the first to occur of the following
         events:

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

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

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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 14
DIRECTORS' DEFERRED COMPENSATION PLAN

                           (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
         from time to time.

                  "COMPANY" means JLG Industries, Inc., and any successor to JLG

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 15
DIRECTORS' DEFERRED COMPENSATION PLAN

         Industries, Inc.

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

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

                  "COMPENSATION" means the director's fees and all other amounts
         paid in cash to the director by the Company for services as a director
         that Eligible Directors may elect to defer under the Plan.
         "Compensation" shall not include Restricted Shares, Options, or gain on
         Options.

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

                  "EFFECTIVE DATE" means November 1, 2003.

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

                  "ELIGIBLE DIRECTOR" means a non-employee director of the
         Company; provided that, on and after a Change in Control, each director
         of the Company who was an Eligible Director immediately before the
         Change in Control shall remain an Eligible Director as long as the
         director is a non-employee member of the Board of Directors.

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

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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 16
DIRECTORS' DEFERRED COMPENSATION PLAN

         newspaper).

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

                  "INCUMBENT BOARD" means individuals who, as of the close of
         business on the Effective Date, are members of the Board of Directors;
         provided that, if the election, or nomination for election by the
         Company's shareholders, of any new director was approved by a vote of
         at least 75 percent of the Incumbent Board, such new director shall,
         for purposes of the Plan, be considered as a member of the Incumbent
         Board; provided further that no individual shall be considered a member
         of the Incumbent Board if such individual initially assumed office as a
         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.

                  "NON-CONTROL ACQUISITION" means an acquisition by (1) an
         employee benefit plan (or a trust forming a part thereof) maintained by
         (A) the Company or (B) any of its Subsidiaries, (2) the Company or any
         of its Subsidiaries, or (3) any Person in connection with a Non-Control
         Transaction.

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

                  "OPTION" means a non-qualified stock option granted to an
         Eligible Director under the JIG Industries, Inc. Long Term Incentive
         Plan, or any successor plan.

                  "PARTICIPANT" means an Eligible Director who becomes a
         participant in the Plan in accordance with Section 2.1 hereof and who
         has not been paid all Compensation deferred by the Participant under
         the Plan.

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

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

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

                  "RESTRICTED SHARES" means restricted shares acquired by an
         Eligible Director under the JLG Industries, Inc. Long Term Incentive
         Plan, or any

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 17
DIRECTORS' DEFERRED COMPENSATION PLAN

         successor plan.

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

                  "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.

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

                  "SUBSIDIARY" of any Person means any corporation or other
         entity of which at least 80 percent (or such lesser percentage as the
         Administrative Committee may determine) of the voting power of the
         voting equity securities or voting interest therein is owned, directly
         or indirectly, by such Person.

                  "SURVIVING CORPORATION" means a corporation resulting from a
         merger, consolidation, or reorganization described in paragraph
         (4)(A)(i) of the definition of "Change in Control."

                  "VOTING POWER" means the voting power of all securities of the
         Company then outstanding generally entitled to vote for the election of
         directors of the Company.

                                            JLG INDUSTRIES, INC.

ATTEST: ____________________                BY: _________________________

TITLE: _____________________                TITLE: ______________________

<PAGE>

                              JLG INDUSTRIES, INC.

                        DIRECTORS' DEFERRED COMPENSATION
                                      PLAN

               AS AMENDED AND RESTATED EFFECTIVE NOVEMBER 1, 2003

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                       <C>
SECTION 1. ESTABLISHMENT AND PURPOSE

     1.1.  ESTABLISHMENT............................................      1
     1.2.  PURPOSE..................................................      1

SECTION 2. PARTICIPATION BY ELIGIBLE DIRECTORS

     2.1.  ELECTION OF BENEFITS.....................................      1
     2.2.  ADVANCE ELECTION.........................................      1
     2.3.  ELECTION FILING DEADLINE.................................      1
     2.4.  IRREVOCABLE ELECTION.....................................      2
     2.5.  FORM AND CONTENT OF ELECTION.............................      2
     2.6.  FORM OF PAYMENT..........................................      2

SECTION 3.  ACCOUNT

     3.1.  ACCOUNT..................................................      2
     3.2.  INVESTMENT RETURN........................................      2
     3.3.  NONFORFEITABILITY OF ACCOUNTS............................      5

SECTION 4.  DISTRIBUTIONS OF AMOUNTS CREDITED UNDER SECTION 3.1

    4.1.  PAYMENT...................................................      5
    4.2.  DEATH OF PARTICIPANT......................................      6
    4.3.  HARDSHIP DISTRIBUTIONS....................................      6
    4.4.  EFFECT OF DISTRIBUTIONS ON INVESTMENT RETURN..............      6
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<S>                                                                      <C>
SECTION 5.  DEFERRALS OF EQUITY-BASED AWARDS

    5.1.  ELECTION TO DEFER.........................................      6
    5.2.  DEFERRAL OF RESTRICTED SHARES.............................      7
    5.3.  DEFERRAL OF OPTION GAIN...................................      7
    5.4.  DIVIDEND EQUIVALENTS......................................      7
    5.5.  HOLDING AND DISTRIBUTING COMPANY STOCK UNITS..............      8

SECTION 6.  NATURE OF PARTICIPANT'S INTEREST IN PLAN

    6.1.  NO RIGHT TO ASSETS........................................      8
    6.2.  NO RIGHT TO TRANSFER INTEREST.............................      8
    6.3.  NO RIGHT TO BOARD MEMBERSHIP..............................      9
    6.4.  WITHHOLDING AND TAX LIABILITIES...........................      9

SECTION 7.  ADMINISTRATION, INTERPRETATION, AND MODIFICATION OF PLAN

    7.1.  PLAN ADMINISTRATOR........................................      9
    7.2.  POWERS OF COMMITTEE ......................................      9
    7.3.  FINALITY OF COMMITTEE DETERMINATIONS......................     10
    7.4.  REQUIRED INFORMATION......................................     10

    7.5.  INCAPACITY  ..............................................     10
    7.6.  AMENDMENT, SUSPENSION, AND TERMINATION....................     10
    7.7.  POWER TO DELEGATE AUTHORITY...............................     11
    7.8.  HEADINGS..................................................     11
    7.9.  SEVERABILITY..............................................     11
   7.10.  GOVERNING LAW.............................................     11
   7.11.  COMPLETE STATEMENT OF PLAN................................     11

SECTION 8.  DEFINITIONS.............................................     11

     8.1. GENDER AND  NUMBER........................................     11
     8.2. DEFINITIONS...............................................     11
</TABLE>

                                      -ii-<PAGE>

                                                                    Exhibit 10.3

                              JLG INDUSTRIES, INC.

                      EXECUTIVE DEFERRED COMPENSATION PLAN

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

               As Amended and Restated Effective November 1, 2003

<PAGE>

                              JLG INDUSTRIES, INC.

                      EXECUTIVE DEFERRED COMPENSATION PLAN

               AS AMENDED AND RESTATED EFFECTIVE NOVEMBER 1, 2003

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                               PAGE
                                                                               ----
<S>                                                                            <C>
SECTION 1.      ESTABLISHMENT AND PURPOSE..................................      1

         1.1.   Establishment..............................................      1
         1.2.   Purpose....................................................      1

SECTION 2.      PARTICIPATION BY ELIGIBLE EXECUTIVES.......................      1

         2.1.   Election of Benefits.......................................      1
         2.2.   Advance Election...........................................      1
         2.3.   Election Filing Deadline...................................      1
         2.4.   Irrevocable Election.......................................      2
         2.5.   Form and Content Election..................................      2
         2.6.   Form of Payment............................................      2

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

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

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

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

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

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

                                       i

<PAGE>

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

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

         6.1.   No Right to Assets.........................................     10
         6.2.   No Right to Transfer Interest..............................     10
         6.3.   No Employment Rights.......................................     10
         6.4.   Withholding and Tax Liabilities............................     11

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

         7.1.   Plan Administrator.........................................     11
         7.2.   Powers of Committee........................................     11
         7.3.   Finality of Committee Determinations.......................     11
         7.4.   Required Information.......................................     11
         7.5.   Incapacity.................................................     12
         7.6.   Amendment, Suspension, and Termination.....................     12
         7.7.   Power to Delegate Authority................................     12
         7.8.   Headings...................................................     12
         7.9.   Severability...............................................     12
         7.10.  Governing Law..............................................     13
         7.11.  Complete Statement of Plan.................................     13

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

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

                                       ii

<PAGE>

                     JLG INDUSTRIES, INC. EXECUTIVE DEFERRED
                                COMPENSATION PLAN

               AS AMENDED AND RESTATED EFFECTIVE NOVEMBER 1, 2003

SECTION 1.        ESTABLISHMENT AND PURPOSE

                  1.1      ESTABLISHMENT. Effective October 1, 1996, the Company
established the Plan for the benefit of the Participants. The Plan has been
amended and restated effective November 1, 2003.

                  1.2      PURPOSE. The Plan is an unfunded plan maintained
primarily for the purpose of providing deferred compensation to a select group
of management and highly compensated employees. The Plan permits Participants to
elect to defer payment of part or all of their Compensation until their
termination of employment with the Company in accordance with the terms of the
Plan. The Plan also permits Participants to elect to defer Restricted Shares or
the gain on Options until their termination of employment with the Company in
accordance with the terms of the Plan. The Plan is not intended to be an equity
compensation plan within the meaning of the New York Stock Exchange shareholder
approval rules because it is intended merely to allow Eligible Employees to
defer receipt of equity compensation earned under the JLG Industries, Inc. Long
Term Incentive Plan.

SECTION 2.        PARTICIPATION BY ELIGIBLE EXECUTIVES

                  2.1      ELECTION OF BENEFITS. An Eligible Executive may
become a Participant in the Plan by electing to defer, until his termination of
employment with the Company, receipt of part or all of the Compensation to be
paid to him by the Company.

                  2.2      ADVANCE ELECTION. An election to defer the receipt of
Compensation hereunder shall apply only to Compensation earned after the date
the Participant's election is filed with the Administrative Committee.

                  2.3      ELECTION FILING DEADLINE. Except as provided in the
following two sentences, an election to defer Compensation, other than Bonus
Compensation, earned in a calendar year shall be filed with the Administrative
Committee before the calendar year begins, and an election to defer Bonus
Compensation earned in a Fiscal Year shall be filed with the Administrative
Committee on or before June 1 of the Fiscal Year with respect to which the Bonus
Compensation is earned. An Eligible Executive may file the requisite election to
defer Compensation earned thereafter before the expiration of 30 days from the
initial effective date of the Plan. An Eligible Executive who is newly hired or
otherwise newly eligible may file the requisite election to defer Compensation
earned thereafter before the expiration of 30 days from either (a) his initial
date of employment,

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 2
EXECUTIVE DEFERRED COMPENSATION PLAN

if the Eligible Executive is a new hire, or (b) his initial date of eligibility,
if the Eligible Executive is newly eligible to participate in the Plan.

                  2.4      IRREVOCABLE ELECTION. Once filed, an election to
defer Compensation shall be irrevocable and shall remain in effect until the end
of the calendar year or Fiscal Year to which it pertains. Such election shall
automatically apply to each subsequent calendar year or Fiscal Year unless the
Participant, before the beginning of the calendar year or on or before June 1 of
the Fiscal Year, revokes his prior election. In that event, he may file a new
election with the Administrative Committee before the beginning of the calendar
year or on or before June 1 of the Fiscal Year in accordance with Sections 2.3
and 2.5 hereof. An Eligible Executive who does not elect to defer Compensation
in one calendar year or Fiscal Year may elect to defer Compensation in any
subsequent calendar year or Fiscal Year, provided he remains an Eligible
Executive, by electing to defer Compensation in accordance with this Section 2.

                  2.5      FORM AND CONTENT OF ELECTION. An election to defer
Compensation hereunder shall be in writing, in a form acceptable to the
Administrative Committee, and shall specify the portion of the Participant's
Compensation to be deferred.

                  2.6      FORM OF PAYMENT. A Participant electing to defer
Compensation hereunder also shall elect as to whether such deferred Compensation
shall be paid (a) in a single lump sum, or (b) in annual installments over a
period elected by the Participant, not to exceed fifteen years. An election of
form of payment hereunder shall be in writing in a form acceptable to the
Administrative Committee, and shall be effective as of the date the form is
filed with the Administrative Committee. The election on file with the
Administrative Committee on the date of the Participant's termination of
employment with the Company shall govern the payment of all amounts deferred
hereunder provided that the election has been in effect for more than one year
(365 days). If the election has not been in effect for more than one year (365
days), the entire amount deferred hereunder shall be paid in a single lump sum.

SECTION 3.        ACCOUNTS

                  3.1      ACCOUNTS. The Company shall maintain for bookkeeping
purposes an Account in the name of each Participant. Each Account shall have a
Deferred Compensation Subaccount to which shall be credited amounts deferred
under Section 2 hereof, plus amounts as provided in Section 3.3 hereof. Each
Account also shall have a Company Contribution Subaccount to which shall be
credited amounts as provided in Sections 3.2 and 3.3 hereof. Any references
herein to Compensation that is deferred pursuant to the Plan shall be deemed to
include all amounts credited to the Participant's Deferred Compensation
Subaccount and Company Contribution Subaccount.

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 3
EXECUTIVE DEFERRED COMPENSATION PLAN

                  3.2      COMPANY CONTRIBUTIONS. As of the last day of each
calendar year, the Administrative Committee shall credit an additional amount to
the Compensation that each Participant has deferred hereunder equal to the
amount, if any, that the Company would have contributed to the Savings Plan on
behalf of the Participant with respect to that year as a Matching Contribution
(as defined in Section 5.1 of the Savings Plan), if any, and a Profit-Sharing
Contribution (as defined in Section 5.2 of the Savings Plan), if any, had the
Limitations not applied to the Participant with respect to his participation in
the Savings Plan during that year; provided, however, that the Participant shall
be credited with the amount that the Company would have contributed to the
Savings Plan on behalf of the Participant with respect to the year as a Matching
Contribution (as defined in Section 5.1 of the Savings Plan) only to the extent
that the amount the Participant elected to defer for the year under Article 2
hereof is equivalent to the amount that the Participant would have had to
contribute to the Savings Plan (had he not been prevented from doing so by the
Limitations) to receive the related Matching Contribution under the Savings
Plan.

                  3.3      INVESTMENT RETURN.

                           (a)      Rate of Return Indices. The Administrative
Committee shall select and maintain one or more rate of return indices as
specified on Exhibit A attached hereto as amended from time to time. To the
extent Compensation deferred hereunder is allocated to one or more of the rate
of return indices, the Compensation shall be credited with the applicable
investment return (or loss) that such Compensation would have earned if it were
invested in the specified index.

                           (b)      Company Stock Unit Fund.

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

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 4
EXECUTIVE DEFERRED COMPENSATION PLAN

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

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

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

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

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

                           (c)      Designation of Investment Return.

                                    (i)      An Eligible Executive who has not
         met or exceeded the Company's stock ownership guidelines for executives
         shall allocate at least

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 5
EXECUTIVE DEFERRED COMPENSATION PLAN

         50% of any Compensation deferral or Company Contribution to the Company
         Stock Unit Fund. The Administrative Committee may, in its discretion
         and from time to time, permit a Participant to allocate to the Company
         Stock Unit Fund all or any portion of any Compensation deferral under
         Section 2 or Company Contribution under Section 3.2 that is not subject
         to the mandatory allocation provision in the preceding sentence.

                                    (ii)     Each Participant shall specify in
         writing, at the time he completes his election to participate under
         Section 2 hereof, and in a form acceptable to the Administrative
         Committee, how any amounts to be deferred hereunder in the future
         (other than amounts required to be allocated to the Company Stock Unit
         Fund) shall be allocated among the rate of return indices specified on
         Exhibit A attached hereto and the Company Stock Unit Fund.

                                    (iii)    The Administrative Committee may,
         in its discretion and from time to time, permit a Participant to change
         any election previously made with respect to the allocation of amounts
         to be deferred hereunder in the future (other than amounts required to
         be allocated to the Company Stock Unit Fund), subject to such
         conditions and such limitations as the Administrative Committee may
         prescribe. Any such change in election shall be in writing and in a
         form acceptable to the Administrative Committee.

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

                                    (v)      The Administrative Committee may,
         in its discretion and from time to time, permit a Participant to elect
         to reallocate amounts from one rate of return index to another, or to
         reallocate amounts from a rate of return index to the Company Stock
         Unit Fund, subject to such conditions and such limitations as the
         Administrative Committee may prescribe; provided that a Participant
         shall be permitted, at least once per calendar month, to reallocate
         amounts from one rate of return index to another. Any such reallocation
         election shall be in writing and in a form acceptable to the
         Administrative Committee.

                                    (vi)     The Administrative Committee may
         require that any election under this Section 3.3 apply to the entire
         amount to which it pertains (e.g., 100% of the Participant's future
         contributions) or to such percentage or

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 6
EXECUTIVE DEFERRED COMPENSATION PLAN

         percentages of that amount as the Administrative Committee may specify
         (e.g., increments of 5%), excluding, for this purpose, any amount that
         is required to be allocated to the Company Stock Unit Fund.

                                    (vii)    If a Participant fails to specify a
         rate of return index with respect to Compensation deferred hereunder,
         the Participant shall be presumed to have specified that his entire
         Account (other than amounts required to be allocated to the Company
         Stock Unit Fund) be allocated to the index determined by the
         Administrative Committee to represent the lowest risk of principal
         loss.

                           (d)      Crediting Investment Returns. The balance
credited to the Participant's Account as of the last day of the prior month and
allocated to one or more rate of return indices shall be credited with the
applicable investment return (or loss) as of the last day of the month of
crediting. All references herein to Compensation that is deferred pursuant to
the Plan shall be deemed to include such deferred Compensation plus any
investment return (or loss) credited pursuant to this Section 3.3. The balance
credited to the Participant's Account as of the last day of the prior month and
allocated to the Company Stock Unit Fund shall be credited with the applicable
investment return (or loss) as provided in Section 3.3(b), above.

                  3.4      TREATMENT UNDER SERP. Amounts credited to a
Participant's Company Contribution Subaccount, if any, pursuant to Section 3.2
hereof, and any investment return (or loss) credited to such amounts pursuant to
Section 3.3 hereof, shall be used to reduce monthly installments under the SERP
pursuant to Section 3.4(d) of the SERP. Amounts credited to a Participant's
Deferred Compensation Subaccount pursuant to Section 2 hereof, and any
investment return (or loss) credited to such amounts pursuant to Section 3.3
hereof, shall not be taken into account under Section 3.4(d) of the SERP.

                  3.5      VESTING OF ACCOUNTS.

                           (a)      Subject to the limitations of Section 6
hereof, balances credited to Participants' Deferred Compensation Subaccounts,
and balances credited to the Company Contribution Subaccounts of Eligible
Executives who became Participants before August 1, 1997, shall be
nonforfeitable.

                           (b)      Effective for individuals who become
Participants on or after August 1, 1997, amounts credited to such Participants'
Company Contribution Subaccounts pursuant to Section 3.2 hereof shall vest in
accordance with the following vesting schedule based on the Participants' Years
of Service (as defined in Section 2.1 of the Savings Plan):

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 7
EXECUTIVE DEFERRED COMPENSATION PLAN

<TABLE>
<CAPTION>
Full Years of Service      Percentage
---------------------      ----------
<S>                        <C>
         1                          0%
         2                         25%
         3                         50%
         4                        100%
</TABLE>

                           (c)      A Participant's Account shall become fully
vested if the Participant's employment terminates as a result of his retirement
pursuant to the Savings Plan. A Participant's Account also shall become fully
vested if, while the Participant is still employed by the Company, (i) the
Participant dies, (ii) the Participant becomes totally and permanently disabled,
or (iii) a Change in Control occurs. If a Participant's Account is not fully
vested when his employment terminates, the non-vested portion of his Account
shall be forfeited.

SECTION 4.        DISTRIBUTIONS OF AMOUNTS CREDITED UNDER SECTION 3.1

                  4.1      PAYMENT. The amount credited to a Participant's
vested Account pursuant to Section 3.1 hereof shall be paid, or payments shall
commence, as soon as practicable following the Participant's termination of
employment with the Company. All such payments (including payments from the
Company Stock Unit Fund) shall be made in cash. If the Participant elects to
receive his deferred Compensation in annual installments, the amount of the
first installment shall be the value of the deferred Compensation that is
subject to such election on the date as of which the installment is paid,
multiplied by a fraction, the numerator of which is one and the denominator of
which is the total number of installments. The amount of each remaining
installment shall be the value of the unpaid deferred Compensation that is
subject to such election on the date as of which the installment is paid,
multiplied by a fraction, the numerator of which is one and the denominator of
which is the remaining number of installments to be paid.

                  4.2      DEATH OF PARTICIPANT.

                           (a)      Amount of Death Benefit. Any amount credited
to a Participant's vested Account under Section 3.1 hereof that is unpaid at the
time of the Participant's death shall be paid in a single lump sum to the
Beneficiary designated by the Participant.

                           (b)      Payment of Death Benefits. A distribution
pursuant to this Section 4.2 shall be made to the Participant's Beneficiary
within 90 days after the Administrative Committee receives written notification
of the Participant's death, together with any additional information or
documentation that the Administrative Committee determines to be necessary or
appropriate before it makes the distribution.

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 8
EXECUTIVE DEFERRED COMPENSATION PLAN

                  4.3      HARDSHIP DISTRIBUTIONS. At any time, upon the written
application of the Participant, the Administrative Committee may (i) reduce or
eliminate the Participant's future deferrals of Compensation hereunder, or (ii)
accelerate and pay in a lump sum to the Participant all or part of the balance
of the Compensation credited to the Participant's vested Account under Section
3.1 hereof, or both, if the Administrative Committee finds, in its sole
discretion, that the Participant has incurred or will incur a severe financial
hardship resulting from an accident or illness with respect to the Participant,
his spouse, or his dependent (as defined in section 152 of the Code), or other
event beyond the Participant's control. In such circumstances, the
Administrative Committee shall reduce or eliminate the future deferrals and/or
accelerate the payment only to the extent reasonably necessary to eliminate or
to avoid the severe financial hardship.

                  4.4      EFFECT OF DISTRIBUTIONS ON INVESTMENT RETURN. If any
amount credited to a Participant's vested Account under Section 3.1 hereof is
allocated to more than one rate of return index, or is allocated in part to the
Company Stock Unit Fund and in part to one or more rate of return indices, any
distribution of part, but not all, of such vested Account shall be debited pro
rata from the Company Stock Unit Fund (if applicable) and any return index to
which the Participant's vested Account is allocated at the time of the
distribution.

SECTION 5.        DEFERRALS OF EQUITY-BASED AWARDS

                  5.1      ELECTION TO DEFER. An Eligible Executive may become a
Participant in the Plan by making an irrevocable election to defer, until his
termination of employment with the Company, receipt of part or all of a
Restricted Share award, or part or all of the gain on an Option, provided that
the Administrative Committee accepts such election. The Administrative Committee
may, in its sole discretion, reject any deferral election tendered pursuant to
this Section 5 either in its entirety or with respect to a portion of the
Restricted Share award or Option gain covered by the election. The
Administrative Committee shall notify the Eligible Executive of the extent to
which the Committee has accepted the deferral election as soon as practicable
after the Committee receives the election. To the extent that the Administrative
Committee accepts an Eligible Executive's deferral election, any amount deferred
pursuant to the election, and any investment returns (or losses) on such amount,
shall be credited to an Equity Deferral Subaccount and shall be subject to this
Section 5.

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

<PAGE>

JLG INDUSTRIES, INC.                                                      PAGE 9
EXECUTIVE DEFERRED COMPENSATION PLAN

Shares would have vested or been forfeited. The Administrative Committee may, in
its sole discretion, waive the 12-month advance election requirement and permit
an Eligible Executive to defer Restricted Shares with a vesting date less than
12 months after the date of the deferral election.

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

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

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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 10
EXECUTIVE DEFERRED COMPENSATION PLAN

practicable after the termination date, and any cash equivalent units shall be
distributed in a single lump sum in cash at the same time. The Company Stock
Units credited to a Participant's Equity Deferral Subaccount may not be
distributed in cash. The Company shall impose such conditions on Shares
delivered to a Participant as it may deem advisable in order to comply with the
Securities Act of 1933, as amended, the requirements of the New York Stock
Exchange or any other stock exchange or automated quotation system upon which
securities of the company is listed or traded, any state securities laws
applicable to such a transfer, any provision of the Company's certificate of
incorporation or by-laws, or any other law, regulation or binding contract to
which the Company is a party.

SECTION 6.        NATURE OF PARTICIPANT'S INTEREST IN PLAN

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

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

                  6.3      NO EMPLOYMENT RIGHTS. No provisions of the Plan and
no action taken by the Company, the Board of Directors, the Compensation
Committee, or the Administrative Committee will give any person any right to be
retained in the employ of the Company, and the Company specifically reserves the
right and power to dismiss or discharge any Participant.

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 11
EXECUTIVE DEFERRED COMPENSATION PLAN

                  6.4      WITHHOLDING AND TAX LIABILITIES. The amount of any
withholdings required to be made by any government or government agency will be
deducted from benefits paid under the Plan to the extent deemed necessary by the
Administrative Committee. In addition, the Participant or Beneficiary (as the
case may be) will bear the cost of any taxes not withheld on benefits provided
under the Plan, regardless of whether withholding is required. The Company does
not warrant that the Plan will be effective to defer the recognition of federal,
state, or local tax with respect to any amount credited to a Participant's
Account.

SECTION 7.        ADMINISTRATION, INTERPRETATION, AND MODIFICATION OF PLAN

                  7.1      PLAN ADMINISTRATOR. The Administrative Committee will
administer the Plan.

                  7.2      POWERS OF COMMITTEE. The Administrative Committee's
powers include, but are not limited to, the power to adopt rules consistent with
the Plan; the power to decide all questions relating to the interpretation of
the terms and provisions of the Plan; the power to determine the number and
nature of the rate of return indices specified on Exhibit A attached hereto; the
power to compute the amount of benefits that shall be payable to any Participant
or Beneficiary in accordance with the provisions of the Plan, and in the event
that the Administrative Committee determines that excessive benefits have been
paid to any person, the Administrative Committee may suspend payment of future
benefits to such person or his Beneficiary or reduce the amount of such future
benefits until the excessive benefits and any interest thereon determined by the
Committee have been recovered; and the power to resolve all other questions
arising under the Plan (including, without limitation, the power to remedy
possible ambiguities, inconsistencies, or omissions by a general rule or
particular decision). The Administrative Committee has discretionary authority
to exercise each of the foregoing powers. The Administrative Committee shall
decide claims and appeals under the Plan pursuant to the claims procedures
established for the JLG Industries, Inc. Employees' Retirement Savings Plan.

                  7.3      FINALITY OF COMMITTEE DETERMINATIONS. Determinations
by the Administrative Committee and any interpretation, rule, or decision
adopted by the Administrative Committee under the Plan or in carrying out or
administering the Plan will be final and binding for all purposes and upon all
interested persons, their heirs, and their personal representatives.

                  7.4      REQUIRED INFORMATION. Any person eligible to receive
benefits hereunder shall furnish to the Administrative Committee any information
or proof requested by the Administrative Committee and reasonably required for
the proper administration of the Plan. Failure on the part of any person to
comply with any such request within a reasonable period of time shall be
sufficient grounds for delay in the payment of any benefits that may be due
under the Plan until such information or proof

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 12
EXECUTIVE DEFERRED COMPENSATION PLAN

is received by the Administrative Committee. If any person claiming benefits
under the Plan makes a false statement that is material to such person's claim
for benefits, the Administrative Committee may offset against future payments
any amount paid to such person to which such person was not entitled under the
provisions of the Plan.

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

                  7.6      AMENDMENT, SUSPENSION, AND TERMINATION.

                           (a)      Board of Directors. The Board of Directors
has the right by written resolution to amend, suspend, or terminate the Plan at
any time; provided that no such amendment, suspension, or termination of the
Plan shall divest any Participant of the balance credited to his Account as of
the effective date of such amendment, suspension, or termination, except to the
extent that an affected Participant consents in writing to the amendment,
suspension, or termination. Termination of the Plan shall not give rise to
accelerated vesting of any unvested portion of a Participant's Account.

                           (b)      Administrative Committee. The Board of
Directors delegates to the Administrative Committee the right by written
resolution to amend the Plan for the limited purpose of amending Exhibit A of
the Plan.

                  7.7      POWER TO DELEGATE AUTHORITY.

                           (a)      Board of Directors. The Board of Directors
may, in its sole discretion, delegate to any person or persons all or part of
its authority and responsibility under the Plan, including, without limitation,
the authority to amend the Plan.

                           (b)      Administrative Committee. The Administrative
Committee may, in its sole discretion, delegate to any person or persons all or
part of its authority and responsibility under the Plan.

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

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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 13
EXECUTIVE DEFERRED COMPENSATION PLAN

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

                  7.11     COMPLETE STATEMENT OF PLAN. This Plan contains a
complete statement of its terms. The Plan may be amended, suspended, or
terminated only in writing and then only as provided in Section 7.6. A
Participant's right to any benefit of a type provided under the Plan will be
determined solely in accordance with the terms of the Plan. No other evidence,
whether written or oral, will be taken into account in interpreting the
provisions of the Plan.

SECTION 8.        DEFINITIONS

                  8.1      GENDER AND NUMBER. In order to shorten and to improve
the understandability of the Plan document by eliminating the repeated usage of
such phrases as "his or her" and "Executive or Executives," any masculine
terminology herein shall also include the feminine and neuter, and the
definition of any term herein in the singular shall also include the plural,
except when otherwise indicated by the context.

                  8.2      DEFINITIONS. The following words and phrases as used
in the Plan have the following meanings:

                  "ACCOUNT" means the bookkeeping account established for each
         Participant under Section 3.1 hereof. Each Account shall include a
         Deferred Compensation Subaccount, a Company Contribution Subaccount,
         and (where applicable) an Equity Deferral Subaccount.

                  "ADMINISTRATIVE COMMITTEE" means the Administrative Committee
         appointed to administer the Savings Plan. However, following a Change
         in Control, "Administrative Committee" means the trustee under the
         grantor trust maintained by the Company in connection with the Plan.

                  "ASSOCIATE" has the meaning assigned to that term for purposes
         of Rule 12b-2 of the General Rules and Regulations under the Securities
         Exchange Act.

                  "BENEFICIAL OWNER" means the following: a Person is deemed to
         be the "Beneficial Owner" of, to "Beneficially Own," and to have
         "Beneficial Ownership" of, any securities:

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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 14
EXECUTIVE DEFERRED COMPENSATION PLAN

                           (2) which such Person or any of such Person's
                  Securities Law or Associates has (A) the right or obligation
                  to acquire (whether such right or obligation is exercisable or
                  effective immediately or only after the passage of time)
                  pursuant to any agreement, arrangement, or understanding
                  (whether or not in writing) or upon the exercise of conversion
                  rights, exchange rights, rights, warrants or options, or
                  otherwise; provided that a Person shall not be deemed the
                  "Beneficial Owner" of, or to "Beneficially Own," or to have
                  "Beneficial Ownership" of, securities tendered pursuant to a
                  tender or exchange offer made by such Person or any of such
                  Person's Securities Law or Associates until such tendered
                  securities are accepted for purchase or exchange; or (B) the
                  right to vote pursuant to any agreement, arrangement, or
                  understanding (whether or not in writing); provided that a
                  Person shall not be deemed the "Beneficial Owner" of, or to
                  "Beneficially Own," or to have "Beneficial Ownership" of, any
                  security under this clause (B) if the agreement, arrangement,
                  or understanding to vote such security (i) arises solely from
                  a revocable proxy given in response to a public proxy or
                  consent solicitation made pursuant to, and in accordance with,
                  the applicable rules and regulations of the Securities
                  Exchange Act, and (ii) is not also then reported by such
                  Person on Schedule 13D under the Securities Exchange Act (or
                  any comparable or successor report); or

                           (3) which are beneficially owned, directly or
                  indirectly, by any other Person (or any Securities Law or
                  Associate thereof) with which such Person or any of such
                  Person's Securities Law or Associates has any agreement,
                  arrangement, or understanding (whether or not in writing) or
                  with which such Person or any of such Person's Securities Law
                  have otherwise formed a group for the purpose of acquiring,
                  holding, voting (except pursuant to a revocable proxy as
                  described in clause (B)(i) of paragraph (2), above), or
                  disposing of any securities of the Company.

                  "BENEFICIARY" means the person designated by a Participant to
         receive benefits under the Plan after the Participant's death. Such a
         designation shall be in writing in a form acceptable to the
         Administrative Committee, and shall be effective as of the date the
         form is filed with the Administrative Committee. If a Participant dies
         before receiving the entire amount due to him under the Plan, and he
         has failed to designate a Beneficiary or his designated Beneficiary
         fails to survive him, his Beneficiary will be the person to whom he is
         married at the time of his death, or if he is not married at that time,
         his Beneficiary will be the executor of his will or the administrator
         of his estate. A Participant may revoke a prior designation of a
         Beneficiary at any time before the Participant's death by filing a new
         form with the Administrative Committee.

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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 15
EXECUTIVE DEFERRED COMPENSATION PLAN

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

                  "CHANGE IN CONTROL" means the first to occur of the following
         events:

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

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

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

                           (4) approval by shareholders of the Company of:

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

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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 16
EXECUTIVE DEFERRED COMPENSATION PLAN

                                             (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
         from time to time.

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

                  "COMPANY CONTRIBUTION SUBACCOUNT" means the subaccount within
         the Participant's Account to which Company Contributions are credited
         as described in Section 3.1 hereof.

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

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

                  "COMPENSATION" means the base salary that Eligible Executives
         may elect to defer under the Plan and includes Bonus Compensation.
         "Compensation" shall not include Restricted Shares, Options, or gain on
         Options.

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 17
EXECUTIVE DEFERRED COMPENSATION PLAN

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

                  "DEFERRED COMPENSATION SUBACCOUNT" means the subaccount within
         the Participant's Account to which amounts deferred under Section 2 are
         credited as described in Section 3.1 hereof.

                  "EFFECTIVE DATE" means November 1, 2003.

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

                  "ELIGIBLE EXECUTIVE" means an employee of the Company who is
         an officer of the Company or who holds any other key position
         designated by the Compensation Committee in its sole discretion;
         provided that, on and after a Change in Control, each employee of the
         Company who was an Eligible Executive immediately before the Change in
         Control shall remain an Eligible Executive as long as the employee is
         employed by the Company.

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

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

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

                  "INCUMBENT BOARD" means individuals who, as of the close of
         business on the Effective Date, are members of the Board of Directors;
         provided that, if the election, or nomination for election by the
         Company's shareholders, of any new

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 18
EXECUTIVE DEFERRED COMPENSATION PLAN

         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.

                  "LIMITATIONS" means

                  (a)      the limitations on contributions to defined
                           contribution plans under sections 401(k), 401(m),
                           402(g), and 415(c) of the Code; and

                  (b)      the limitations imposed by sections 401(a)(4),
                           401(a)(17), and 415(e) of the Code and by any other
                           provision of the Code to the extent that such
                           provision limits the amount of Pretax Contributions,
                           Matching Contributions, and Profit-Sharing
                           Contributions that otherwise would be made to the
                           Savings Plan.

                  "NON-CONTROL ACQUISITION" means an acquisition by (1) an
         employee benefit plan (or a trust forming a part thereof) maintained by
         (A) the Company or (B) any of its Subsidiaries, (2) the Company or any
         of its Subsidiaries, or (3) any Person in connection with a Non-Control
         Transaction.

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

                  "OPTION" means a non-qualified stock option granted to an
         Eligible Executive under the JLG Industries, Inc. Long Term Incentive
         Plan, or any successor plan.

                  "PARTICIPANT" means an Eligible Executive who becomes a
         participant in the Plan in accordance with Section 2.1 or Section 5.1
         hereof and who has not been paid all Compensation deferred by the
         Participant under the Plan.

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

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

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

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 19
EXECUTIVE DEFERRED COMPENSATION PLAN

                  "RESTRICTED SHARES" means restricted shares acquired by an
         Eligible Executive under the JLG Industries, Inc. Long Term Incentive
         Plan, or any successor plan.

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

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

                  "SECURITIES LAW AFFILIATE" means an "affiliate" as defined for
         purposes of Rule 12b-2 of the General Rules and Regulations under the
         Securities Exchange Act.

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

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

                  "SUBSIDIARY" of any Person means any corporation or other
         entity of which at least 80 percent (or such lesser percentage as the
         Administrative Committee may determine) of the voting power of the
         voting equity securities or voting interest therein is owned, directly
         or indirectly, by such Person.

                  "SURVIVING CORPORATION" means a corporation resulting from a
         merger, consolidation, or reorganization described in paragraph
         (4)(A)(i) of the definition of "Change in Control."

<PAGE>

JLG INDUSTRIES, INC.                                                     PAGE 20
EXECUTIVE DEFERRED COMPENSATION PLAN

                  "VOTING POWER" means the voting power of all securities of the
         Company then outstanding generally entitled to vote for the election of
         directors of the Company.

                                            JLG INDUSTRIES, INC.

ATTEST: ____________________                BY: _________________________

TITLE: _____________________                TITLE: ______________________

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