JLG Industries, Inc.
Executive Severance Plan
THIS AGREEMENT is by and between JLG Industries, Inc., a Pennsylvania corporation having its principal office at
McConnellsburg, Pennsylvania (the “Company”), and Craig E. Paylor, an individual residing at 422 West Dutch Corner Road,
McConnellsburg, PA 17233 (the “Executive”).
W I T N E S S E T H:
WHEREAS, the Executive currently participates in the JLG Industries, Inc. Executive Severance Plan (the “Plan”), as
effective June 1, 1995, November 17, 1997, or February 16, 2000; and
WHEREAS , the Company has determined that the Executive is eligible to participate in the Plan, as amended and restated
effective October 15, 2006, and the Executive desires to waive his right to any benefits under the earlier versions of the Plan and
to become a Participant in the Plan subject to the terms of this Participation Agreement and the October 15, 2006, restatement of
the Plan; and
NOW, THEREFORE , in consideration of the mutual covenants contained in the Plan document and in this Participation
Agreement, the Company and the Executive agree as follows:
1. The Executive will be a Participant in the Plan as amended and restated effective October 15, 2006.
2. The Executive’s Applicable Percentage will be 100% and his Applicable CIC Percentage will be 200%.
3. The Executive’s Covered Compensation will be the sum of the Executive’s base salary and annual cash bonus
determined as follows:
4. The Executive agrees to waive all rights he might have had under any Plan document or restatement in effect prior to
October 15, 2006, and agrees that this Participation Agreement terminates any such rights in accordance with the terms of the
prior Plan document or restatement or any previous participation agreement.
5. The Executive acknowledges receipt of a copy of the 2006 Plan restatement, a copy of which is attached hereto and
incorporated herein. Th