NONQUALIFIED STOCK OPTION AGREEMENT
THIS AGREEMENT is entered into as of December 7, 2009 between Joy Global Inc., a Delaware
Corporation, (the “Company”) and (the “Employee”). In consideration of the mutual promises and covenants
made in this Agreement and the mutual benefits to be derived from this Agreement, the Company and the
Employee agree as follows:
1. Grant of Stock Option .
(a) Subject to the provisions of this Agreement and to the provisions of the Joy Global Inc. 2007 Stock
Incentive Plan (as amended from time to time, the “Plan”), the Company hereby grants to the Employee as
of December 7, 2009 (the “Grant Date”) the right and option (the “Stock Option”) to purchase shares of
common stock of the Company, par value $1.00 per share (“Common Stock”), at the exercise price of
$52.81 per share. The Stock Option is a Nonqualified Stock Option. Unless earlier terminated pursuant to
the terms of this Agreement, the Stock Option shall expire on the tenth anniversary of the Grant Date.
Capitalized terms used and not defined in this Agreement have the meanings given to them in the Plan.
(b) Employee agrees to comply with the Company’s Executive Leadership Team Stock Ownership Policy,
which is attached as Exhibit 1, with respect to this Stock Option Agreement.
(c) If for any reason the Employee does not acknowledge and accept this Agreement by 5:00 p.m.
Milwaukee time on December 6, 2010, then (1) the Employee shall be considered to have declined the
grant of the Stock Option, (2) the Company’s grant of the Stock Option shall be deemed automatically
rescinded and the Stock Option shall be null and void and (3) the Employee’s acceptance of this
Agreement after such time shall have no legal effect and the Company shall not be bound by any such
2. Exercisability of the Stock Option . The Stock Option shall become vested and exercisable as follows:
one-third of the shares covered thereby (rounded up to the next whole shar