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<SEC-DOCUMENT>0000897101-05-002714.txt : 20051227
<SEC-HEADER>0000897101-05-002714.hdr.sgml : 20051226
<ACCEPTANCE-DATETIME>20051227092957
ACCESSION NUMBER:		0000897101-05-002714
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060206
FILED AS OF DATE:		20051227
DATE AS OF CHANGE:		20051227
EFFECTIVENESS DATE:		20051227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINDSAY MANUFACTURING CO
		CENTRAL INDEX KEY:			0000836157
		STANDARD INDUSTRIAL CLASSIFICATION:	FARM MACHINERY & EQUIPMENT [3523]
		IRS NUMBER:				470554096
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13419
		FILM NUMBER:		051286159

	BUSINESS ADDRESS:	
		STREET 1:		2707 NORTH 108TH STREET STE 102
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68644
		BUSINESS PHONE:		4024282131

	MAIL ADDRESS:	
		STREET 1:		2707 NORTH 108TH STREET STE 102
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68644
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>lindsay055228s2_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Lindsay Manufacturing Co., Schedule 14A, dated February 6, 2006</TITLE>
</HEAD>
<BODY>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="4">SCHEDULE 14A
INFORMATION<BR> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">Proxy Statement Pursuant to Section 14(a)<BR>
of the Securities Exchange Act of 1934<BR>
(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;) </FONT> </P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Filed by the Registrant:&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="WingDings" SIZE="2">x </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Filed by a Party other than the Registrant:&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="WingDings" SIZE="2">o </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="WingDings" SIZE="2">o </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Preliminary Proxy Statement  </FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="WingDings" SIZE="2">o </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Confidential, for Use of the Commission Only (as permitted by
          Rule&nbsp;14a-6(e)(2)) </FONT></TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="WingDings" SIZE="2">x </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Definitive Proxy Statement </FONT></TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="WingDings" SIZE="2">o </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Definitive Additional Materials </FONT></TD>
</TR>
</TABLE>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="WingDings" SIZE="2">o </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Center Underline" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindsay
Manufacturing Co.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
(Name of Registrant as Specified in its Charter) </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER><FONT SIZE="2">_________________<BR>
(Name of Person(s) Filing Proxy Statement if other than the Registrant) </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Payment of Filing Fee (Check the
appropriate box): </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="WingDings" SIZE="2">x </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No fee required. </FONT></TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="WingDings" SIZE="2">o </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fee computed on table below per
Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title
of each class of securities to which transaction applies:<U></U> </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aggregate
number of securities to which transaction applies:<U></U> </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Per
unit price or other underlying value of transaction computed pursuant to
                    Exchange Act Rule 0-11 (set forth the amount on which the filing fee
is calculated and state how it was determined): </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed
maximum aggregate value of transaction:<U></U> </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total
fee paid: </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="WingDings" SIZE="2">o </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="WingDings" SIZE="2">o </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule
          0-11(a)(2) and identify the filing for which the offsetting fee was paid
          previously. Identify the previous filing by registration statement number, or
          the Form or Schedule and the date of its filing. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount
Previously Paid:<U></U> </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form,
Schedule or Registration Statement No.:<U></U> </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filing
Party:<U></U> </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
Filed:<U></U> </FONT></TD>
</TR>
</TABLE>
<BR>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></P>
<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
<!-- MARKER PAGE="sheet: 2; page: 2" -->
<BR>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>LINDSAY MANUFACTURING
CO. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>February 6, 2006 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Annual Meeting of Stockholders of Lindsay Manufacturing Co. (the&nbsp;&#147;Company&#148;)
will be held at the Company&#146;s corporate office, 2707 North 108<SUP>th</SUP> Street,
Suite 102, Omaha, Nebraska, on Monday, February 6, 2006, at 8:30&nbsp;a.m., Central
Standard Time, for the following purposes: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;               To
elect two (2) directors who shall have terms ending in 2009.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;               To
approve the Lindsay Manufacturing Co. 2006 Long-Term Incentive Plan.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;               To
ratify the appointment of KPMG LLP as the independent auditor for the Company
               for the fiscal year ending August&nbsp;31, 2006.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;               To
transact such other business as may properly come before the meeting or any
               adjournment or adjournments thereof.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed
herewith is a Proxy Statement setting forth information with respect to the election of
directors, approval of the 2006 Long-Term Incentive Plan and the ratification of the
appointment of independent auditors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
stockholders holding shares of Common Stock of record at the close of business on December
12, 2005 are entitled to notice of, and to vote, at the meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders,
whether or not they expect to be present at the Annual Meeting, are requested to sign and
date the enclosed proxy which is solicited on behalf of the Board of Directors and return
it promptly in the envelope enclosed for that purpose. Any person giving a proxy has the
power to revoke it at any time, and stockholders who are present at the Annual Meeting may
withdraw their proxies and vote in person. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=40% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By Order of the Board of Directors</FONT></TD></TR>
<tr><td>&nbsp;</td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ DAVID B. DOWNING</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><HR COLOR="Black" size=1 width=75%></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David B. Downing, Secretary</FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Omaha, Nebraska<BR>
December 20, 2005 </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>IMPORTANT: THE PROMPT RETURN OF
PROXIES WILL SAVE THE COMPANY THE EXPENSE OF FURTHER SOLICITATION FOR PROXIES TO ENSURE
A QUORUM AT THE ANNUAL MEETING.</B> </FONT> </P>





<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></P>
<!-- MARKER FORMAT-SHEET="Page Break" FSL="Workstation" -->
<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
<!-- MARKER PAGE="sheet: 2; page: 2" -->
<BR>





<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Lindsay Manufacturing Co.</B><BR>
2707 North 108th Street, Suite 102<BR>
Omaha, Nebraska 68164 </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PROXY STATEMENT</B><BR>
for<BR><BR>
<B>ANNUAL MEETING OF STOCKHOLDERS</B><BR>
of<BR>
<B>COMMON STOCK</B> </FONT> </p>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy Statement is furnished in connection with the solicitation of proxies for use at the
Annual Meeting of Stockholders of Lindsay Manufacturing Co. (the &#147;Company&#148;) to
be held on Monday, February 6, 2006 at the time and place and for the purposes set forth
in the accompanying Notice of Annual Meeting of Stockholders. The principal executive
offices of the Company are at 2707 North 108th Street, Suite 102, Omaha, Nebraska 68164.
This Proxy Statement and the proxy cards are first being mailed to stockholders on or
about December 27, 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
holders of Common Stock of record at the close of business on December 12, 2005 are
entitled to vote at the Annual Meeting. At the record date, there were
11,520,483&nbsp;shares of Common Stock which were issued and outstanding. Each share of
Common Stock is entitled to one vote upon each matter to be voted on at the Annual
Meeting. Stockholders do not have the right to cumulate votes in the election of
directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying proxy is solicited on behalf of the Board of Directors of the Company and is
revocable at any time before it is exercised by written notice of termination given to the
Secretary of the Company or by filing with him a later-dated proxy. Furthermore,
stockholders who are present at the Annual Meeting may withdraw their proxies and vote in
person. All shares of the Company&#146;s Common Stock represented by properly executed and
unrevoked proxies will be voted by the Board of Directors of the Company in accordance
with the directions given therein. Where no instructions are indicated, proxies will be
voted &#147;FOR&#148; each of the proposals set forth in this Proxy Statement for
consideration at the Annual Meeting. Shares of Common Stock entitled to vote and
represented by properly executed, returned and unrevoked proxies will be considered
present at the meeting for purposes of determining a quorum, including shares with respect
to which votes are withheld, abstentions are cast or there are broker nonvotes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Voting Securities and Beneficial Ownership<BR>
Thereof by Principal Stockholders,<BR>
Directors and Officers </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth, as of December 12, 2005, the beneficial ownership of the
Company&#146;s Common Stock by each director, by each nominee to become a director, by
each of the executive officers named in the Summary Compensation Table, and by all present
executive officers and directors of the Company as a group. The shares beneficially owned
by executive officers and directors of the Company include approximately 1.7% of the total
shares outstanding on the record date and entitled to vote at the Annual Meeting. The
Board of Directors believes that all of these shares will be present at the Annual Meeting
and will be voted &#147;FOR&#148; each proposal being considered at the Annual Meeting. In
addition, executive officers and directors are deemed to beneficially own shares which
they may acquire upon the exercise of vested stock options or options that will vest
within 60&nbsp;days of the record date. These shares are not outstanding and may not be
voted at the Annual Meeting. The following table also sets forth the beneficial ownership
of the Company&#146;s Common Stock by each other person believed by the Company to
beneficially own more than 5% of the outstanding shares of the Company&#146;s Common
Stock: </FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></P>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></B> </FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Number of Shares<BR>
<U>Beneficially Owned<SUP>(1)</SUP></u></B></FONT> </TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Percent<BR>
<U>of Class</u></B></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</table>

<TABLE CELLPADDING="4" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TD WIDTH=71% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Directors and Executive Officers</B> </FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>&nbsp;</SUP> </FONT></TD>
     <TD WIDTH=14% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Howard G. Buffett, Director</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48,319&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Michael N. Christodolou, Director and Chairman of the Board</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,744&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Larry H. Cunningham, Director</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,436&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>J. David McIntosh, Director</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23,224&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Michael C. Nahl, Director</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,137&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>William F. Welsh II, Director</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,324&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard W. Parod, Director, President and Chief Executive<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Officer</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>331,100&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;2.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David B. Downing, Chief Financial Officer, Treasury, Secretary, <BR>
Vice President&#151;Finance</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*<BR><BR></FONT></TD></TR>

<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Matthew T. Cahill, Vice President&#151;Manufacturing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,000&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dirk A. Lenie, Vice President of Marketing</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,100&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert S. Snoozy, Vice President of Domestic Sales</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>101,904&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All current executive officers and directors as a group<BR>
&nbsp;&nbsp;(14 persons)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>792,960&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;6.5</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT colspan=4><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Other Stockholders</B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">TCW Asset Management Co. <SUP>(3)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,530,209&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(10)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.3</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">T. Rowe Price Associates, Inc. <SUP>(4)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,407,050&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(10)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.2</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">NWQ Investment Management Company, LLC <SUP>(5)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,233,189&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(10)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Third Avenue Management LLC <SUp>(6)</SUp> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,111,000&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(10)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;9.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Barclays Global Investors, N.A. <SUP>(7)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>692,217&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(10)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;6.0</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Gary D. Parker <SUP>(8)</SUP> </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>658,041&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(10)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;5.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bruce C. Karsk, Former Executive Vice President and <BR>
Treasurer <SUP>(9)</SUP></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>148,453&nbsp;<BR><BR></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(10)</SUP><BR><BR> </FONT> </TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;1.3<BR><BR></FONT></TD></TR>
</TABLE>


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<TR VALIGN=TOP>
<TD colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_____________________________ </FONT></TD></tr>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Represents less than 1% of the outstanding Common Stock of the Company.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each
stockholder has sole voting and investment power over the shares he
               beneficially owns, and all such shares are owned directly by the
individual or                their spouse unless otherwise indicated.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Includes
35,434, 40,498, 30,374, 18,224, 11,137, 26,324, 327,000, 1,500, 25,000,
               25,000, 30,000 and 601,991 shares which may be acquired currently or
within                60&nbsp;days of December 12, 2005 pursuant to the exercise of
options by                Messrs.&nbsp;Buffett, Christodolou, Cunningham, McIntosh, Nahl,
Welsh, Parod,                Downing, Cahill, Lenie and Snoozy and the current executive
officers and                directors as a group, respectively.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>865
South Figueroa Street, Los Angeles, California 90017.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100
E. Pratt Street, Baltimore, Maryland 21202.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(5)</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2049
Century Park East, Los Angeles, California 90067.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(6)</sup>  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>622
Third Avenue, New York, New York 10017.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(7)</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45
Fremont Street, San Francisco, California 94105.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(8)</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6272
Country Club Drive, Columbus, Nebraska 68601. Mr. Parker is a former
               Chairman and Chief Executive Officer of the Company. Excludes 45,566
shares held                by Joanne E. Parker, spouse, for which Mr.&nbsp;Parker
disclaims beneficial                ownership.  </FONT></TD>
</TR>
</TABLE>
<BR>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(9)</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>301 South Happy Hollow Boulevard, Omaha, Nebraska 68132. Bruce C. Karsk
               retired as Executive Vice President and Treasurer of the Company effective
               August 31, 2005. </FONT></TD>
               </TR>
               </TABLE>
<BR>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(10)</SUP> </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=97%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based on Schedules 13D, 13F and 13G reports filed with the Securities and
               Exchange Commission with respect to the Company&#146;s Common Stock. Mr.
               Parker&#146;s beneficial ownership is based on his Schedule 13G dated February
               25, 2005. Mr. Karsk&#146;s beneficial ownership is based on his most recent Form
               4 filing, updated by option forfeitures and exercises occurring after his
               retirement from the Company. All other beneficial ownership information for the
               Other Stockholders is based on Schedules 13F dated as of September 30, 2005. </FONT></TD>
               </TR>
               </TABLE>
               <BR>


<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section 16(a) Beneficial Ownership<BR>
Reporting Compliance </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rules of the Securities and Exchange Commission require the Company to disclose the
identity of directors and executive officers and of beneficial owners of more than 10% of
the Company&#146;s Common Stock who did not file on a timely basis reports required by
Section 16 of the Securities Exchange Act of 1934. Based solely on review of copies of
those reports received by us, or written representations from reporting persons, the
Company believes that all directors, executive officers and 10% beneficial owners complied
with all filing requirements applicable to them during Fiscal 2005, except for late Form 4
Statements of Changes in Beneficial Ownership due September 7, 2004, filed September 13,
2004 for the following independent directors: Howard Buffett, Michael Christodolou, Larry
Cunningham, David McIntosh, Michael Nahl and William Welsh; Form 4 Statement of Changes in
Beneficial Ownership due February 25, 2005, filed February 28, 2005 for the Company&#146;s
Vice President-Engineering, Charles Meis; and Form 4 Statement of Changes in Beneficial
Ownership due August 17, 2005, filed November 8, 2005 for the Company&#146;s Corporate
Controller, Timothy Paymal. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION OF DIRECTORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors, upon recommendation made by the Corporate Governance and Nominating
Committee, has nominated Larry H. Cunningham and Richard W. Parod to serve as directors
for additional three-year terms. Messrs. Cunningham and Parod have each expressed an
intention to serve, if elected, and the Board of Directors knows of no reason why either
of them might be unavailable to continue to serve, if elected. If either Messrs.
Cunningham or Parod is unable to serve, the shares represented by all valid proxies will
be voted for the election of such substitute nominee as the Corporate Governance and
Nomination Committee may recommend to the Board of Directors. There are no arrangements or
understandings between Messrs. Cunningham or Parod and any other person pursuant to which
they were nominated to serve on the Board of Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
election of a director requires the affirmative vote of a plurality of the shares present
in person or represented by proxy at the meeting and entitled to vote. Consequently, votes
withheld and broker nonvotes with respect to the election of the director will have no
impact on the election of the director. Proxies submitted pursuant to this solicitation
will be voted, unless specified otherwise, for the election of Messrs.&nbsp;Cunningham and
Parod. <B>THE BOARD OF DIRECTORS RECOMMENDS THAT STOCKHOLDERS VOTE &#147;FOR&#148; THE
ELECTION OF MESSRS.&nbsp;CUNNINGHAM AND PAROD.</B> </FONT></P>


<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Board of Directors and
Committees </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information regarding the directors of the Company. The
Board of Directors has determined that each of Messrs.&nbsp;Christodolou (Chairman),
McIntosh, Cunningham, Buffett, Welsh and Nahl are independent directors of the Company
under the listing standards adopted by the New York Stock Exchange. All members of the
Board of Directors have held the positions with the companies (or their predecessors) set
forth under &#147;Principal Occupation&#148; for at least five years, unless otherwise
indicated. </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name</FONT><HR WIDTH=55% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Age</FONT><HR WIDTH=55% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Principal<BR>
Occupation</FONT><HR WIDTH=55% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Director<BR>
Since</FONT><HR WIDTH=35% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Term To<BR>
Expire</FONT><HR WIDTH=35% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=center colspan=5><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NOMINEES</B> </FONT>
</TD></TR>
<tr><td>&nbsp;</td></tr>

<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD nowrap WIDTH="11%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Larry H. Cunningham</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61</FONT></TD>
     <TD WIDTH="29%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Retired Senior Vice President, Corporate</FONT></TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2000</FONT></TD>
     <TD WIDTH="25%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Affairs for Archer Daniels Midland</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Company <SUP>(1)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<tr><td>&nbsp;</td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard W. Parod</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>52</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President and Chief Executive Officer of</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2000</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Lindsay Manufacturing Co. <SUP>(2)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr><td>&nbsp;</td></tr>

<TR VALIGN=Bottom>
     <TD ALIGN=center colspan=5><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>DIRECTORS CONTINUING IN OFFICE</B> </FONT>
</TD></TR>
<tr><td>&nbsp;</td></tr>

<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Howard G. Buffett</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>President of BioImages and President of</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1995</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2007</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Buffett Farms <SUP>(3)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr><td>&nbsp;</td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>William F. Welsh II</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>64</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Retired Chairman of Election Systems &amp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2001</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2007</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Software, Inc. <SUP>(4)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr><td>&nbsp;</td></tr>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Michael C. Nahl</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>63</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive Vice President and Chief</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2007</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Financial Officer of Albany International</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Corp. <SUP>(5)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr><td>&nbsp;</td></tr>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Michael N. Christodolou</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Founder and Manager of Inwood Capital</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1999</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Management, L.L.C. <SUP>(6)</SUP> </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<tr><td>&nbsp;</td></tr>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>J. David McIntosh</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>62</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Retired Executive Vice President of The</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2002</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2008</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Toro Company <SUP>(7)</SUP> </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>




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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>______________________________<BR>
<SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;
          Prior to joining Archer Daniels Midland Company in 1993, Mr. Cunningham was
          employed by A.E. Staley Manufacturing Company from 1965 to 1990. Mr. Cunningham
          has served on the Board of Trustees for Millikin University and the James
          Millikin Trust. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)&nbsp;&nbsp;&nbsp;&nbsp;
          </SUP>Prior to joining the Company in April of 2000, Mr. Parod was the Vice
          President and General Manager of Toro Irrigation, a division of The Toro
          Company, from 1997 to March 2000. From 1993 to 1997, he was an executive officer
          of James Hardie Irrigation, serving as President from 1994 to 1997. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)&nbsp;&nbsp;&nbsp;&nbsp;
          </SUP>From 1996 to 2001, Mr. Buffett served as Chairman of the Board of
          Directors of The GSI Group. Mr.&nbsp;Buffett was Corporate Vice President,
          Assistant to the Chairman and director of Archer Daniels Midland Company from
          1992 to 1995 and a County Commissioner of Douglas County, Nebraska from 1989 to
          1992. Mr.&nbsp;Buffett is also a director of Berkshire Hathaway, Inc. and
          ConAgra Foods, Inc. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;
          From 1995 to 2002, Mr. Welsh was President and Chief Executive Officer of
          Election Systems &amp; Software, Inc. From 2000 to 2003, Mr. Welsh served as
          Chairman of Election Systems &amp; Software. Mr. Welsh remains as a director of
          Election Systems &amp; Software and is also Chairman and a director of
          Ballantyne of Omaha, Inc as well as a member of its compensation committee. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(5)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;
          Mr. Nahl joined Albany International Corp. in 1981 as Group Vice President,
          Corporate, served as Senior Vice President and Chief Financial Officer from 1983
          to 2005 and was appointed to his current position in 2005. Mr. Nahl is a
          director of GrafTech International Ltd. and serves on the Regional Advisory
          Board of JP Morgan Chase &amp; Co. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(6)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;
          Mr. Christodolou founded Inwood Capital Management, L.L.C. in May 2000. From
          1993 to 1999, Mr. Christodolou was Director of Equity Investments of Barbnet
          Investment Co. (formerly known as Thomas M. Taylor &amp;&nbsp;Co.), an
          investment consulting firm providing services to various entities associated
          with certain members of the Bass Family of Fort Worth, Texas.
          Mr.&nbsp;Christodolou joined Thomas M. Taylor&nbsp;&amp; Co. in 1988 as an
          investment analyst. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(7)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;
          Mr. McIntosh served as Group Vice President of Professional and International
          Business Divisions of The Toro Company from 1996 until August 1998 when he was
          appointed Executive Vice President. Mr. McIntosh had been employed by The Toro
          Company for 26 years prior to retiring on January 31, 2002. Mr. McIntosh
          currently serves on the Board of Directors for Health Tech Solutions, Inc., the
          Johnson Institute Foundation and is Chairman of StylePointe, LLC. </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5 </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
regarding executive officers of the Company is found in the Company&#146;s Annual Report
which has been supplied with this Proxy Statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors operates pursuant to the provisions of the Company&#146;s certificate
of incorporation and bylaws as well as a set of Corporate Governance Principles which
address a number of items, including the qualifications for serving as a director, the
responsibilities of directors and board committees and the compensation of directors. The
Company has adopted a Code of Ethical Conduct that applies to the Chief Executive Officer,
Chief Financial Officer and Corporate Controller, as required by Section 406 of the
Sarbanes Oxley Act of 2002. Additionally, the Board has revised its Code of Business
Conduct and Ethics for all persons associated with the Company, including its directors,
officers and employees, to comply with the listing standards adopted by the New York Stock
Exchange. Both of these codes and the Company&#146;s Corporate Governance Principles are
available on the Company&#146;s website at <U>http://www.lindsaymanufacturing.com</U> and
are available in print to any stockholder who submits a request in writing to the
Secretary of the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors conducts its business through meetings and actions taken by written
consent in lieu of meetings. During the fiscal year ended August&nbsp;31, 2005, the Board
of Directors held seven meetings. Each director attended at least 88% of the aggregate
meetings of the Board of Directors and of the committees of the Board of Directors on
which he served during fiscal 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s non-management directors normally meet in executive session at each
regularly scheduled Board meeting. The Chairman of the Board, currently Mr. Christodolou,
an independent outside director, is the presiding director at each executive session of
the Board of Directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has established an Audit Committee, a Compensation Committee and a
Corporate Governance and Nominating Committee. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Audit
Committee</I></B><I></I>. The primary purpose of the Audit Committee is to assist the
Board of Directors in the oversight of (i) the integrity of the Company&#146;s financial
statements, (ii) the Company&#146;s compliance with legal and regulatory requirements,
(iii) the independent auditor&#146;s qualifications and independence, and (iv) the
performance of the Company&#146;s internal audit function. The Audit Committee is
responsible for selecting, compensating and evaluating the Company&#146;s independent
auditor. Specific functions performed by the Audit Committee include reviewing
periodically with independent auditors the performance of the services for which they are
engaged, reviewing the scope of the annual audit and its results, reviewing the
Company&#146;s annual financial statements and quarterly financial statements with
management and the independent auditor, reviewing the scope and results of the
Company&#146;s internal auditing function, and reviewing the adequacy of the
Company&#146;s internal accounting controls with management and auditors. The Audit
Committee operates under a written charter adopted by the Board of Directors which is
available on the Company&#146;s website at <U>http://www.lindsaymanufacturing.com</U> and
is available in print to any stockholder who submits a request in writing to the Secretary
of the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee is comprised of Directors Welsh (Chairman), Christodolou, McIntosh and
Nahl, each of whom has been determined to be independent by the Board of Directors under
the rules of the Securities and Exchange Commission and under the listing standards
adopted by the New York Stock Exchange. In addition, the Board of Directors has determined
that each of Messrs. Christodolou, Nahl and Welsh qualify as &#147;audit committee
financial experts&#148; under the rules of the Securities and Exchange Commission. The
Audit Committee held ten meetings during fiscal 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compensation
Committee</I></B><I></I>. The Compensation Committee reviews and approves the
Company&#146;s compensation policies, benefit plans, employment agreements, salary levels,
bonus payments, and awards pursuant to the Company&#146;s management incentive plans for
its officers. It also reviews compensation for directors and recommends changes to the
Board. The Compensation Committee is specifically responsible for determining the
compensation of the Company&#146;s Chief Executive Officer and conducts an annual
performance evaluation of the Chief Executive Officer. The Compensation Committee operates
under a written charter adopted by the Board of Directors which is available on the
Company&#146;s website at <U>http://www.lindsaymanufacturing.com</U> and is available in
print to any stockholder who submits a request in writing to the Secretary of the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee is comprised of Directors&nbsp;Cunningham (Chairman), Christodolou,
McIntosh and Welsh, each of whom has been determined to be independent by the Board of
Directors under the listing standards adopted by the New York Stock Exchange. The
Committee held five meetings during fiscal 2005. </FONT></P>
<BR>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6 </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Corporate
Governance and Nominating Committee</I></B><I></I>. The Corporate Governance and
Nominating Committee is responsible for making recommendations to the Board of Directors
of persons to serve as directors of the Company and as chairmen and members of committees
of the Board of Directors and for reviewing and recommending changes in the general
Corporate Governance Principles of the Company. It also oversees the annual evaluation by
the Board of Directors to determine whether the Board and its committees are functioning
effectively. The Corporate Governance and Nominating Committee operates under a written
charter adopted by the Board of Directors which is available on the Company&#146;s website
at <U>http://www.lindsaymanufacturing.com</U> and is available in print to any stockholder
who submits a request in writing to the Secretary of the Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporate Governance and Nominating Committee identifies nominees to serve as director of
the Company primarily through suggestions made by directors, management and stockholders.
The Corporate Governance and Nominating Committee will consider director nominees for next
year&#146;s annual meeting recommended by stockholders which are submitted in writing,
complete with biographical and business experience information regarding the nominee, to
the Secretary of the Company by August 25, 2006. Candidates for directors are evaluated
based on their independence, character, judgment, diversity of experience, financial or
business acumen, ability to represent and act on behalf of all stockholders, and the needs
of the Board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporate Governance and Nominating Committee is comprised of Directors Christodolou
(Chairman), Buffett, Cunningham and Welsh, each of whom has been determined to be
independent by the Board of Directors under the listing standards adopted by the New York
Stock Exchange. The Committee held one meeting during fiscal 2005. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation of Directors </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
who are not employees of the Company are paid $24,000 annually, plus $1,200 per day for
attending meetings (including teleconference meetings of four hours or more) of the Board
of Directors and $600 per day for other teleconference meetings of the Board of Directors
or for attending any separate meetings of committees of the Board of Directors. In
addition, if the Chairman is a non-employee director, he or she is paid $12,000 per year
for serving in that capacity. The Chairman of the Audit Committee is paid $8,000 per year
for serving as such Chairman. The Chairman of the Compensation Committee is paid $4,000
per year for serving as such Chairman. Directors are reimbursed for expenses they incur in
attending meetings. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to fiscal 2006, on September&nbsp;3 of each year each continuing non-employee director was
automatically awarded a nonqualified stock option to purchase 5,062&nbsp;shares of Common
Stock under the Company&#146;s 2001 Amended and Restated Long-Term Incentive Plan (the
&#147;2001 Plan&#148;). Accordingly on September 3, 2004 (fiscal 2005), each of
Messrs.&nbsp;Buffett, Christodolou, Cunningham, McIntosh, Nahl and Welsh received options
to purchase 5,062 shares of Common Stock at an exercise price of $25.35 per share. In all
cases, the exercise price for options granted to non-employee directors under the 2001
Plan is equal to the closing price of the Common Stock on the date of the grant. Options
granted to non-employee directors vest 20% per year over a five-year period under the 2001
Plan. Unvested options terminate upon any expiration, forfeiture or any failure to
exercise such award as further described in the 2001 Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
automatic awards of options were made under the 2001 Plan on September 3, 2005 (fiscal
2006). However, the Board of Directors has approved, contingent upon stockholder approval
of the proposed 2006 Long-Term Incentive Plan (the&nbsp;&#147;2006 Plan&#148;) described
under &#147;Adoption of 2006 Long-Term Incentive Plan&#148; herein, that each non-employee
director shall receive an annual grant of restricted stock units with an award value of
$35,000 with the first award being made on the date of the Annual Meeting. The number of
restricted stock units to be awarded is based on the closing price of the Company&#146;s
Common Stock on the grant date, and the restricted stock units are payable in shares of
Common Stock under the 2006 Plan. The restricted stock units vest on November 1 following
the date of grant, or earlier upon a change in control of the Company or termination of
service of a director due to death or total and permanent disability. Non-employee
directors shall receive this annual award on each subsequent annual meeting date unless
the Compensation Committee recommends and the Board of Directors approves a change in the
amount or form of long-term incentive compensation for directors. </FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7 </FONT></P>
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<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
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<BR>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation of
Executive Officers </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth information regarding the annual and long-term compensation
awarded to, earned by, or paid by the Company and its subsidiaries to the Chief Executive
Officer and the other four highest paid executive officers of the Company for services
rendered during the three fiscal years ended August&nbsp;31, 2005, 2004 and 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Summary Compensation Table</B> </FONT> </P>






<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH NOWRAP COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Long-Term Compensation</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Annual Compensation</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Awards</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Payouts</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>





<TR VALIGN=Bottom>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
(a)</font></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(b)</font></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(c)</font></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(d)</font></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(e)</font></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(f)</font></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(g)</font></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(h)</font></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(i)</font></TH></TR>


<TR VALIGN=Bottom>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1><BR>
Name and Principal<BR>
Position</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Year</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Salary<BR>($)</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Bonus<BR>
($)</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Other Annual<BR>
Compensation<SUP>(1)</SUP><BR>
($)</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE>
</TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Restricted<BR>Stock<BR>Award(s)<BR>($)</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
Securities<BR>
Underlying<BR>
Options/<BR>
SARs<BR>
(#)
</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE="1">LTIP<BR>
Payouts<SUP>(2)</SUP><BR>
($)</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE>
</TH>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE="1">All Other<BR>
Compensation<SUP>(3)</SUP><BR>
($)</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE>
</TH></TR>
<TR><TD>&nbsp;</TD></TR>

<TR VALIGN="BOTTOM" BGCOLOR="#D6F3E8">
     <TD WIDTH="20%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard W. Parod</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>362,250&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43,035&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,500&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD WIDTH="10%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,388&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#D6F3E8">
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;President and Chief</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>345,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,604&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,936&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#D6F3E8">
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Executive Officer</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>328,860&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>205,997&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>45,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,834&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David B. Downing</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>210,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,729&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44,474&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,891&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Vice President &#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Finance, Secretary,</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Treasurer and Chief</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Financial Officer</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#D6F3E8">
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bruce C. Karsk</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>205,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12,915&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,960&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#D6F3E8">
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Former Executive Vice</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>197,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9,239&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,820&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#D6F3E8">
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;President, Secretary</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>191,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>69,658&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,741&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#D6F3E8">
     <TD ALIGN="LEFT" WIDTH="20%" COLSPAN=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;and Treasurer</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dirk A. Lenie</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>160,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,528&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,750&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,742&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Vice President &#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>150,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,550&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,091&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Marketing</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>145,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>51,867&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,111&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom BGCOLOR="#D6F3E8">
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Matthew T. Cahill</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>155,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,393&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,750&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,455&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#D6F3E8">
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Vice President &#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>147,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,057&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,072&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#D6F3E8">
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Manufacturing</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,372&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6,898&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert S. Snoozy</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>153,900&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,096&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,750&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,319&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Vice President &#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>148,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,360&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,378&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Domestic Sales</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2003</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>143,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>53,153&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,424&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">____________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>(1)
</SUP>The amount reported for Mr. Downing for fiscal 2005 consists of $44,474 of moving
expenses and associated employment taxes related to the nondeductible portion of moving
expenses. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>(2)
</SUP>The Company does not have a long-term incentive plan as defined in Item 402 of
Regulation S-K under the Securities Exchange Act of 1934, as amended. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>(3)
</SUP>These amounts for fiscal 2005 consist of defined contributions and matching
contributions for calendar year 2005 to the Company's defined contribution
profit-sharing and 401(k) plan of $4,605, $6,067, $5,032, and $3,396 for Messrs. Parod,
Downing, Karsk, Lenie, Cahill, and Snoozy respectively, and of fiscal 2005 premiums
for supplemental life and disability insurance (and, in the case of Mr. Karsk, the
value of split-dollar supplemental term life insurance) of $2,136, $824, $6,560, $1,131,
$776 and $1,276 for Messrs. Parod, Downing, Karsk, Lenie, Cahill and Snoozy,
respectively. </FONT> </P>
<BR>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8 </FONT></P>
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<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
<!-- MARKER PAGE="sheet: 2; page: 2" -->
<BR>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Option/SAR Grants in
Last Fiscal Year </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information relating to options granted during fiscal
2005 to executive officers of the Company whose compensation is reported in the Summary
Compensation Table.  All options were issued under the Company's 2001 Amended and
Restated Long-Term Incentive Plan. </FONT></P>



<TABLE CELLPADDING=4 CELLSPACING=0 BORDER=0 WIDTH=100%>

<TR VALIGN=Bottom>
     <TH COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</font></TH>
     <TH WIDTH="6%" ALIGN="CENTER" NOWRAP colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Potential Realized<BR>
Value at Assumed<BR>
Annual Rates of Stock<BR>
Price<BR>
Appreciation for<BR>
Option Term<SUP>(2)</SUP> </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>


<TR VALIGN=Bottom>
     <TH NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(a)</FONT></TH>
     <TH WIDTH="14%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(b)</FONT></TH>
     <TH WIDTH="14%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(c)</FONT></TH>
     <TH WIDTH="12%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(d)</FONT></TH>
     <TH WIDTH="24%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(e)</FONT></TH>
     <TH WIDTH="12%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(f)</FONT></TH>
     <TH WIDTH="12%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(g)</FONT></TH></TR>


<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Name</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH WIDTH="14%" ALIGN="CENTER" NOWRAP> <FONT FACE="Times New Roman, Times, Serif" SIZE="1">Number of<BR>
Securities<BR>
Underlying<BR>
Options/SARs<BR>
Granted<BR>
(#)<SUP>(1)</SUP> </FONT>
<HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH WIDTH="14%" ALIGN="CENTER" nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>      %<BR>
                                                                                         of Total<BR>
                                                                                       Options/SARs<BR>
                                                                                        Granted to<BR>
                                                                                       Employees in<BR>
                                                                                       Fiscal Year
</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH WIDTH="12%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1> Exercise or<BR>
                                                                                       Base Price<BR>
                                                                                           ($/Sh)

</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH WIDTH="24%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1> Expiration<BR>
                                                                                          Date


</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH WIDTH="12%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 5%($)


</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH WIDTH="12%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10%($)</FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>


<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD WIDTH="12%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard W. Parod</FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,500&nbsp;</FONT></TD>
     <TD WIDTH="14%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.8%</FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.29&nbsp;</FONT></TD>
     <TD WIDTH="24%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 15, 2015</FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$343,707&nbsp;</FONT></TD>
     <TD WIDTH="12%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$871,020&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David B. Downing</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,000&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.2%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.29&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="24%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 15, 2015</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$229,138&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$580,680&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bruce C. Karsk</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="24%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dirk A. Lenie</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,750&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.8%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.29&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="24%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 15, 2015</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$57,284&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$145,170&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Matthew T. Cahill</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,750&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.8%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.29&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="24%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 15, 2015</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$57,284&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$145,170&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert S. Snoozy</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,750&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="14%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.8%</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$24.29&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="24%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 15, 2015</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$57,284&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="12%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$145,170&nbsp;</FONT></TD></TR>
<TR>
     <TD></TD>
     <TD WIDTH="14%" ALIGN="CENTER" NOWRAP></TD>
     <TD WIDTH="14%" ALIGN="CENTER"></TD>
     <TD WIDTH="12%" ALIGN="CENTER" NOWRAP></TD>
     <TD WIDTH="24%" ALIGN="CENTER" NOWRAP></TD>
     <TD WIDTH="12%" ALIGN="CENTER" NOWRAP></TD>
     <TD WIDTH="12%" ALIGN="CENTER" NOWRAP></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(1) </SUP>The exercise price of all
options granted during fiscal 2005 is equal to the fair market value of the Company's
Common Stock on the date of grant. Each option expires ten years from the date of
grant. No stock appreciation rights (SARs) were granted during fiscal 2005. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(2) </SUP>The dollar amounts set forth
under these columns are the result of calculations of assumed annual rates of Common
Stock price appreciation from the respective dates of the grant to the respective
expiration dates of the options of 5% and 10%. These assumptions are not intended to
forecast future price appreciation of the Company's Common Stock. The Company's stock
price may increase or decrease in value over the time period set forth above. </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Aggregated Option/SAR Exercises in
Last Fiscal Year and FY-End Option/SAR Values</B> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information concerning options exercised during fiscal
2005, the number of unexercised options and the value of unexercised options at the end
of fiscal 2005 for the executive officers of the Company whose compensation is reported
in the Summary Compensation Table. </FONT></P>




<TABLE CELLPADDING=4 CELLSPACING=0 BORDER=0 WIDTH=100%>

<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(a)</FONT></TH>
     <TH WIDTH="18%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(b)</FONT></TH>
     <TH WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(c)</FONT></TH>
     <TH WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(d)</FONT></TH>
     <TH WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(e)</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Name</FONT></TH>
     <TH WIDTH="18%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Shares Acquired<BR>
on Exercise(#)</FONT></TH>
     <TH WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Value Realized<BR>
($)</FONT></TH>
     <TH WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Number of<BR>
Securities<BR>
Underlying<BR>
Unexercised<BR>
Options/SARs at<BR>
Fiscal Year End(#)<BR>
Exercisable/<BR>
Unexercisable</FONT></TH>
     <TH WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Value of<BR>
Unexercised<BR>
In-the-Money<BR>
Options/SARs at<BR>
Fiscal Year<BR>
End($)<SUP>(1)</SUP><BR>
Exercisable/<BR>
Unexercisable </FONT></TH></TR>

<TR>
     <TD><HR NOSHADE COLOR=#000000 SIZE=1 width=95%></TD>
     <TD><HR NOSHADE COLOR=#000000 SIZE=1 width=95%></TD>
     <TD><HR NOSHADE COLOR=#000000 SIZE=1 width=95%></TD>
     <TD><HR NOSHADE COLOR=#000000 SIZE=1 width=95%></TD>
     <TD><HR NOSHADE COLOR=#000000 SIZE=1 width=95%></TD></TR>
<TR><TD>&nbsp;</TD></TR>


<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard W. Parod</FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>327,000 / 135,500</FONT></TD>
     <TD WIDTH="18%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$3,458,040 / $689,785</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David B. Downing</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,500 / 21,000</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$900 / $18,750</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bruce C. Karsk</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15,000 / 0</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$55,740 / $0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dirk A. Lenie</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,000 / 21,250</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$123,740 / $50,398</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Matthew T. Cahill</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,000 / 21,250</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$123,740 / $50,398</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert S. Snoozy</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13,500&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$195,610&nbsp;</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,000 / 18,749</FONT></TD>
     <TD ALIGN="CENTER" WIDTH="18%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$130,646 / $33,374</FONT></TD></TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;
          Based on the difference between the closing sale price of the Common Stock on
          August&nbsp;31, 2005 and the related option exercise price. </FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9 </FONT></P>
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<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
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<BR>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employment Agreement </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company entered into an employment agreement with Richard Parod, its President and Chief
Executive Officer, effective April 5, 2000, as amended on May 2, 2003 and December 22,
2004 (the&nbsp;&#147;Agreement&#148;). The term of the Agreement runs through April 5,
2007. Under the Agreement, Mr.&nbsp;Parod receives a base salary, subject to annual review
and adjustment by the Compensation Committee of the Board of Directors, and is entitled to
an annual incentive bonus with a target of 60% of his annual salary and an actual payout
of 0% to 120% of his annual salary based on individual and/or Company performance. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the terms of his employment agreement, Mr.&nbsp;Parod was granted a total of 350,000
non-qualified stock options in April 2000. The exercise price of these options is $14.00
per share, which was equal to the fair market value of the Company&#146;s Common Stock on
the date of grant. Options for 300,000 shares granted to Mr.&nbsp;Parod are currently
exercisable, and the remaining 50,000 options will become exercisable on April 5, 2009.
All of Mr.&nbsp;Parod&#146;s options will vest immediately in the event of (a) a
dissolution or liquidation of the Company, (b)&nbsp;a sale of substantially all the assets
of the Company, (c)&nbsp;a merger or other combination involving the Company after which
the owners of the Company immediately prior to such merger or combination own less than
50% of the outstanding shares of the Company, or (d)&nbsp;the acquisition of more than 50%
of the Company&#146;s Common Stock by any person through a tender offer or otherwise. The
options granted to Mr. Parod expire on April 5, 2010. </FONT></P>


<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10 </FONT></P>
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<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
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<BR>





<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Report of the
Compensation Committee<BR>on Executive Compensation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
report is not deemed to be &#147;soliciting material&#148; or to be &#147;filed&#148; with
the Securities and Exchange Commission (the &#147;SEC&#148;) or subject to the SEC&#146;s
proxy rules or to the liabilities of Section&nbsp;18 of the Securities Exchange Act of
1934 (the &#147;1934 Act&#148;), and the report shall not be deemed to be incorporated by
reference into any prior or subsequent filing by the Company under the Securities Act of
1933 or the 1934 Act.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee of the Board of Directors is comprised of Larry H. Cunningham (as
Chairman), Michael N. Christodolou, J. David McIntosh and William F. Welsh II, each of
whom is an independent director of the Company under the rules adopted by the New York
Stock Exchange. The Compensation Committee is responsible for setting policies with
respect to compensation of the Company&#146;s executive officers. It periodically retains
an independent outside compensation consulting firm, Mercer Human Resource Consulting, to
assist and advise it on particular matters. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Executive
Officer Compensation</I></B>.&nbsp;&nbsp;The Compensation Committee endeavors to implement an
executive compensation program that is effective in attracting, retaining and motivating
the executive officers upon whom the Company relies to develop and implement its business
strategy. The overall goal of the Company&#146;s compensation program is to maximize
stockholder value. Accordingly, an important component of our compensation philosophy is
to closely align the financial interests of the Company&#146;s executive officers with
those of the stockholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
fiscal 2005, the Company utilized a compensation package that provided its executive
officers with a base salary, benefits and opportunities to receive performance bonuses as
well as grants of stock options, under our existing incentive plans. Base salaries were
established based on the executive officers&#146; prior salary and our view of the base
salary levels and increases for executive officers with comparable positions and
responsibilities in similar companies. The remaining portion of each executive
officer&#146;s fiscal 2005 compensation was directly related to the success of the
Company. This was accomplished in two ways. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First,
for fiscal 2005, the Company continued to use a management incentive plan
(the&nbsp;&#147;Incentive Plan&#148;) that directly correlates employee bonuses to the
achievement of both corporate and individual performance objectives. The Compensation
Committee originally engaged the predecessor of Mercer Human Resource Consulting to assist
it in the development of the Incentive Plan. The Compensation Committee is responsible for
approving objectives and otherwise administering the implementation of the Incentive Plan
with respect to the executive officers. Under the Incentive Plan, a target bonus of 60% of
base salary was established for the Chief Executive Officer, and a target bonus of 35% of
base salary was established for the other Named Executive Officers. Achievement of
corporate objectives relating to specific financial measures account for 80% of the total
potential bonus paid to Named Executive Officers under the Incentive Plan. Individual
performance objectives, tailored to each officer&#146;s area of responsibility, account
for the remaining 20% of the total potential bonus for Named Executive Officers under the
Incentive Plan. Measurable performance objectives were established for each Named
Executive Officer. Minimum &#147;threshold&#148; objectives levels must be achieved under
the corporate and the individual component in order for any bonus to be earned under that
component. Conversely, up to 200% of the target bonus amount may be paid if target
objectives are significantly exceeded. The corporate objectives for fiscal 2005 included
corporate operating income (COI) goals for all executive officers and, in addition,
individual market financial performance (MFP) goals for certain executive officers. During
fiscal 2005, the minimum &#147;threshold&#148; COI objective level was not achieved, so
that no bonus was earned under this financial measure by any executive officer. However,
one executive officer earned a bonus under his MFP objective at 88% of his target bonus
amount for this component. Bonuses were paid to executive officers under the individual
component ranging between 90% and 107% of the target bonus amount for this component. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second,
believing that significant ownership of Company stock serves to align management&#146;s
interest with that of the Company&#146;s stockholders, executive officers who, in our
opinion, have contributed and will contribute to the growth, development and financial
success of the Company were awarded stock options under the 2001 Plan. In order to
motivate our executives to increase stockholder value, the exercise price of all stock
options granted in fiscal 2005 was equal to market value of our Common Stock on the
respective grant dates. Accordingly, these options will only have value to our executive
officers if our stockholders also benefit from increasing share prices. In order to
motivate the Company&#146;s executives to make a long-term commitment to the Company,
stock options may not be exercised until they vest. All stock options granted in fiscal
2005 vest ratably over a five-year period. Until vested, these options are subject to
forfeiture provisions if an executive officer leaves the Company. Stock</FONT></P>



<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11 </FONT></P>
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<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>options were generally granted to
executive officers in fiscal 2005, with some exceptions, at one-half of their stock
options in fiscal 2004, because the Compensation Committee planned to change the time for
making long-term incentive grants in fiscal 2006 and the future from the third or fourth
quarter to the first quarter of each fiscal year.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Discussion
of 2005 Compensation for the Chief Executive Officer</I></B>.&nbsp;&nbsp;As described above,
the Compensation Committee is responsible for establishing total compensation for all
executive officers, including Richard Parod, the Company&#146;s Chief Executive Officer.
After considering various factors, including Mr. Parod&#146;s performance as Chief
Executive Officer during fiscal 2005 and the increases in salary levels generally for
chief executive officers of public manufacturing companies, the Compensation Committee
determined to increase Mr. Parod&#146;s base salary by approximately 4-1/2% to $378,550,
effective as of the beginning of fiscal 2006. During fiscal 2005, Mr. Parod participated
in the Incentive Plan. He earned no bonus under the corporate component for fiscal 2005,
since the minimum &#147;threshold&#148; COI objective level was not achieved, and this was
the only corporate objective which applied to him. He achieved most of his target
objectives under the individual component of the Incentive Plan and earned a bonus of 99%
of the target bonus amount for this component, which resulted in a bonus for fiscal 2005
of $43,035, which was equal to approximately 12% of his base salary. Mr. Parod received a
stock option award for 22,500 shares of Company common stock during fiscal 2005. The
Compensation Committee determined that this grant represented one-half of a median market
level award, based on survey data previously provided by Mercer Human Resource Consulting
for long-term incentive awards to chief executive officers of similarly-sized durable
manufacturing companies. Mr. Parod&#146;s stock option grant in fiscal 2005 was reduced
for the same reason which generally applied to other executive officers, relating to the
anticipated change in timing for making future long-term incentive grants from the third
or fourth quarter to the first quarter of each fiscal year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compliance
With Section&nbsp;162(m) of the Internal Revenue Code</I></B>.&nbsp;&nbsp;The current tax law
imposes an annual, individual limit of $1&nbsp;million on the deductibility of the
Company&#146;s compensation payments to the chief executive officer and to the four most
highly compensated executive officers other than the chief executive officer. Specified
compensation is excluded for this purpose, including performance-based compensation,
provided that certain conditions are satisfied. The Committee has determined to preserve,
to the maximum extent practicable, the deductibility of all compensation payments to the
Company&#146;s executive officers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compensation
Committee Interlocks and Insider Participation</I></B>.&nbsp;&nbsp;During fiscal&nbsp;2005
there were no compensation committee interlocks and no insider participation in
compensation decisions that were required to be reported under the rules and regulations
of the Securities Exchange Act of 1934. </FONT></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=60%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Larry H. Cunningham, Chairman<BR>Michael N. Christodolou<BR>J. David McIntosh<BR>
William F. Welsh II</FONT></TD>
</TR>
</TABLE>
<BR>




<BR><BR><BR><BR><BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 </FONT></P>
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<BR>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Report of the Audit
Committee </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
following report of the audit committee of Lindsay Manufacturing Co.
(the&nbsp;&#147;Company&#148;) shall not be deemed to be &#147;soliciting material&#148;
or to be &#147;filed&#148; with the Securities and Exchange Commission, nor shall this
report be incorporated by reference into any filing made by the Company under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee is comprised of William F. Welsh II (as Chairman), Michael N.
Christodolou, J.&nbsp;David McIntosh and Michael C. Nahl, each of whom is an independent
director of the Company under the rules adopted by Securities and Exchange Commission and
the New York Stock Exchange. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s management is responsible for the preparation of the Company&#146;s
financial statements and for maintaining an adequate system of internal controls and
processes for that purpose. KPMG LLP (&#147;KPMG&#148;) acts as the Company&#146;s
independent auditors and they are responsible for conducting an independent audit of the
Company&#146;s annual financial statements in accordance with generally accepted auditing
standards and issuing a report on the results of their audit. The Audit Committee is
responsible for providing independent, objective oversight of both of these processes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has reviewed and discussed the audited financial statements for the year
ended August 31, 2005 with management of the Company and with representatives of KPMG. Our
discussions with KPMG also included the matters required by Statement on Auditing Standard
No.&nbsp;61 (Communications with Audit Committees). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Audit Committee reviewed the independence of KPMG. We have discussed
KPMG&#146;s independence with them and have received written disclosures and a letter from
KPMG regarding their independence as required by Independence Standards Board Standards
No.&nbsp;1. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the reviews and discussions described above, the Audit Committee has recommended to the
full board of directors that the audited financial statements of the Company for the year
ended August&nbsp;31, 2005 be included in the Company&#146;s annual report on Form 10-K to
be filed with the Securities and Exchange Commission. </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=60%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
William F. Welsh II, Chairman<BR>Michael N. Christodolou<BR>J. David McIntosh<BR>
Michael C. Nahl</FONT></TD>
</TR>
</TABLE>
<BR>




<BR><BR><BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13 </FONT></P>
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<BR>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STOCK PERFORMANCE GRAPH </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This
stock performance graph is not deemed to be &#147;soliciting material&#148; or
&#147;filed&#148; with the Securities and Exchange Commission (the &#147;SEC&#148;) or
subject to the SEC&#146;s proxy rules or to the liabilities of Section&nbsp;18 of the
Securities Exchange Act of 1934 (the &#147;1934&nbsp;Act&#148;), and this stock
performance graph shall not be deemed to be incorporated by reference into any prior or
subsequent filing by the Company under the Securities Act of 1933 or the 1934&nbsp;Act.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following stock performance graph is a comparison of the Cumulative Total Return on the
Company&#146;s Common Stock over the five-year period ending August&nbsp;31, 2005, with
the Cumulative Total Return on the S&amp;P Smallcap 600 Index and the S&amp;P
Construction, Farm Machinery and Heavy Truck Index. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" -->
<P align=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3"><B>COMPARISON OF 5 YEAR CUMULATIVE
TOTAL RETURN*</B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="1">AMONG LINDSAY MANUFACTURING CO., THE S &amp; P
SMALLCAP 600 INDEX<BR>AND THE S &amp; P SMALLCAP 600 CONSTRUCTION, FARM MACHINERY AND HEAVY
TRUCK INDEX</FONT></P>



<DIV ALIGN=CENTER><IMG SRC="year_return.gif"></DIV>



<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER">
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1">
* $100 invested on 8/31/00 in stock or index-including reinvestment of dividends. Fiscal year ending August 31.<BR><BR>
Copyright &copy; 2002, Standard &amp; Poor's, a division of The McGraw-Hill Companies, Inc. All rights reserved.<BR>
www.researchdatagroup.com/S&amp;P.htm</FONT></TD></TR>
</TABLE>
<BR><BR><BR><BR>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN="2" ALIGN="LEFT" WIDTH="44%" STYLE="font-weight:bold;"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Source:  Standard &amp; Poor&#146;s</FONT></TH><TH></TH>
     <TH COLSPAN=4><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Base  year = 100:</FONT></TH><TH></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8/31/00</FONT></TH></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" ALIGN="RIGHT">
     <TH COLSPAN="2" ALIGN="CENTER" WIDTH="44%" STYLE="font-weight:bold;"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Company Name</U> </FONT></TH><TH></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Aug-00</U> </FONT></TH><TH></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Aug-01</U> </FONT></TH><TH></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Aug-02</U> </FONT></TH><TH></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Aug-03</U> </FONT></TH><TH></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Aug-04</U> </FONT></TH><TH></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>Aug-05</U> </FONT></TH></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD WIDTH="44%" ALIGN="LEFT" STYLE="font-weight:bold;"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>LINDSAY MANUFACTURING CO</B> </FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.00</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>104.28</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120.83</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>123.66</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>140.87</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>144.22</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN="LEFT" WIDTH="44%" STYLE="font-weight:bold;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S&amp;P SMALLCAP 600 INDEX</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.54</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.96</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111.61</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>128.19</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>162.15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD ALIGN="LEFT" WIDTH="44%" STYLE="font-weight:bold;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S&amp;P CONSTRUCTION, FARM MACHINERY</FONT></TD><TD COLSPAN=19 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD ALIGN="LEFT" WIDTH="44%" STYLE="font-weight:bold;"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AND HEAVY TRUCK INDEX</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>111.56</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120.24</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>156.61</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>213.03</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>306.83</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


<BR><BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14 </FONT></P>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPROVAL OF 2006
LONG-TERM INCENTIVE PLAN </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General Information </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
recommendation of the Compensation Committee, the Board of Directors adopted the Lindsay
Manufacturing Co. 2006 Long-Term Incentive Plan (the &#147;2006 Plan&#148;) on December
12, 2005, subject to approval by the stockholders of the Company. The Board of Directors
believes that the 2006 Plan will advance the long-term success of the Company by
encouraging stock ownership among key employees and members of the Board who are not
employees (&#147;Nonemployee Directors&#148;). The 2006 Plan is also intended to provide
compensation that will be tax deductible by the Company without regard to the limitations
of Section&nbsp;162(m) of the Internal Revenue Code (the &#147;Code&#148;). The
Compensation Committee retained Mercer Human Resource Consulting to assist it in the
development of the 2006 Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2006 Plan is intended to replace the Company&#146;s 2001 Long-Term Incentive Plan (the
&#147;2001 Plan&#148;). If approved by stockholders, the 2006 Plan will become effective
on February 6, 2006, and no further grants will be made under the 2001 Plan after that
date. If the 2006 Plan is not approved by stockholders, the Company will continue to make
grants under the 2001 Plan in accordance with the terms of that plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the 2006 Plan requires the affirmative vote of the holders of a majority of the shares
present in person or represented by proxy at the meeting and entitled to vote. Abstentions
will have the same effect as a vote against approval of the 2006 Plan. Broker nonvotes
will not be considered shares entitled to vote with respect to approval of the 2006 Plan
and will not be counted as votes for or against the approval of the 2006 Plan. <B>THE
BOARD RECOMMENDS A VOTE &#147;FOR&#148; APPROVAL OF THE 2006 LONG-TERM INCENTIVE PLAN.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the terms of the 2006 Plan. This summary is not a complete
description of all provisions of the 2006 Plan, and is subject to the actual terms of the
2006 Plan. A copy of the 2006 Plan is attached hereto as Exhibit A to this Proxy
Statement. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Administration </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2006 Plan will be administered by the Compensation Committee of the Board of Directors
(the&nbsp;&#147;Committee&#148;). The 2006 Plan provides the Committee flexibility to
design compensatory awards that are responsive to the Company&#146;s needs. Subject to the
terms of the 2006 Plan, the Committee has the discretion to determine the terms of each
award, including which award, if any, may be subject to a &#147;change of control&#148; of
the Company, as such term is defined in the 2006 Plan. Awards under the 2006 Plan made to
Nonemployee Directors will be approved by the Board upon recommendation by the Committee.
The Committee may delegate to one or more officers of the Company the authority to grant
awards to participants who are not directors or executive officers of the Company. The
Committee must fix the total number of shares or performance units that may be subject to
grants made under this delegation. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Awards and Eligibility </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards
under the 2006 Plan may be in the form of stock options; stock appreciation rights;
restricted shares; deferred shares (restricted stock units); performance shares or
performance units. Awards of stock appreciation rights, deferred shares (restricted stock
units), and performance shares may also provide for payments of dividend equivalents in
cash or additional shares on a current, deferred or contingent basis with respect to any
or all dividends or other distributions paid by the Company. However, the Company has not
previously granted, and does not presently intend to grant, dividend equivalents on any
awards with respect to regular quarterly dividends paid by the Company. The Company has
previously granted, and intends to grant in the future, special cash dividend equivalents
which will be payable on deferred shares (restricted stock units) if the Company ever pays
a special dividend (other than regular quarterly dividends). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
employees of the Company and its subsidiaries and the Nonemployee Directors are eligible
to receive awards under the 2006 Plan. Based on its historic compensation practices, the
Company expects that a range of 50&nbsp;to&nbsp;80 employees and all six Nonemployee
Directors will annually receive awards under the 2006 Plan. The benefits or amounts that
may be received by or allocated to employee participants under the 2006 Plan will be
determined at the discretion of the Committee and are not presently determinable. The
Board of Directors has, however, approved, contingent upon stockholder approval of the
2006 Plan, that each Nonemployee Director shall </FONT></P>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15 </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>receive an annual grant of
restricted stock units with an award value of $35,000 with the first award being made on
the date of the Annual Meeting. The number of restricted stock units to be awarded is
based on the closing price of the Company&#146;s Common Stock on the grant date, and the
restricted stock units are payable in shares of Common Stock under the 2006 Plan. The
restricted stock units vest on November 1 following the date of grant, or earlier upon a
change in control of the Company or termination of service of a Nonemployee Director due
to death or total and permanent disability. Nonemployee Directors shall receive this
annual award on each subsequent annual meeting date unless the Compensation Committee
recommends and the Board of Directors approves a change in the amount or form of
long-term incentive compensation for Nonemployee Directors.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shares Available for
Issuance </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
maximum number of shares as to which stock awards may be granted under the 2006 Plan is
750,000 shares. Stock awards other than stock options will be counted against the 2006
Plan maximum in a 2 to 1 ratio. This reserved share amount is subject to adjustments by
the Committee as provided in the 2006 Plan for stock splits, stock dividends,
recapitalizations and other similar transactions or events. Shares of common stock issued
under the 2006 Plan may be shares of original issuance, shares held in Treasury or shares
that have been reacquired by the Company. Any awards of shares under the 2001 Plan which
is made after the record date will reduce the number of shares available for awards under
the 2006 Plan using the 2 for 1 reduction ratio described above. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Limitations on Grants </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
participant may receive awards during any rolling 36-month period representing more than
350,000 shares of common stock or more than 5,000,000 performance units. In no event will
the number of shares of common stock issued under the 2006 Plan upon the exercise of
incentive stock options exceed 750,000 shares. These limits are subject to adjustments by
the Committee as provided in the 2006 Plan for stock splits, stock dividends,
recapitalizations and other similar transactions or events. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Expired, Forfeited or
Unexercised Awards </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any stock option granted under the 2006 Plan expires, is forfeited or becomes
unexercisable without having been exercised or fully paid, such unexercised shares subject
thereto will be available for future awards under the 2006 Plan. If any stock option that
was outstanding on the record date under the Company&#146;s 2001 Plan, the Company&#146;s
Amended and Restated 1991 Long-Term Incentive Plan or the stock options granted to Richard
W. Parod on March 8, 2000 under the terms of his employment agreement expires unexercised,
is forfeited or becomes unexercisable for any reason, the shares subject thereto shall be
available for award under the 2006 Plan. If any restricted shares or other awards made in
shares under the 2006 Plan that reduce the number of shares available for future awards
using the 2 for 1 share reduction ratio are forfeited, such shares shall be restored for
future awards under the 2006 Plan on a 2 for 1 share increase basis. Finally, if any
restricted stock units granted under the 2001 Plan are forfeited, the shares which are
forfeited shall be added to the number of shares which are available for awards under the
2006 Plan using a 2 for 1 share increase basis. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Options </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
options entitle the optionee to purchase shares of common stock at a price equal to or
greater than the fair market value on the date of grant. Options may be either incentive
stock options or nonqualified stock options, provided that only employees may be granted
incentive stock options. The option may specify that the option price is payable
(i)&nbsp;in cash, (ii)&nbsp;by the transfer to the Company of unrestricted stock,
(iii)&nbsp;with any other legal consideration the Committee may deem appropriate or
(iv)&nbsp;any combination of the foregoing. No stock option may be exercised more than
10&nbsp;years from the date of grant. Each grant may specify a period of continuous
employment or service with the Company or any subsidiary that is necessary before the
stock option or any portion thereof will become exercisable and may provide for the
earlier exercise of the option in the event of a change in control of the Company or
similar event. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stock Appreciation Rights </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
appreciation rights represent the right to receive an amount, determined by the Committee
and expressed as a percentage not exceeding 100%, of the difference between the &#147;base
price&#148; established for such rights and the fair market value of the Company&#146;s
common stock on the date the rights are exercised. The base price must </FONT></P>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16 </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>not be less than the fair market
value of the common stock on the date the right is granted. The grant may
specify that the amount payable upon exercise of the stock appreciation right
may be paid by the Company (i)&nbsp;in cash, (ii)&nbsp;in shares of the
Company&#146;s common stock or (iii)&nbsp;any combination of the foregoing. Any
grant may specify a waiting period or periods before the stock appreciation
rights may become exercisable and permissible dates or periods on or during
which the stock appreciation rights shall be exercisable, and may specify that
the stock appreciation rights may be exercised only in the event of a change in
control of the Company or similar event. The Committee may grant
&#147;tandem&#148; stock appreciation rights in connection with an option or
&#147;free-standing&#148; stock appreciation rights unrelated to an option. No
stock appreciation right may be exercised more than ten years from the grant
date, and each grant of a free-standing stock appreciation right must specify
the period of continuous employment or service that is necessary before the
free-standing stock appreciation right or installments thereof may be
exercisable. A tandem stock appreciation right may be exercised only upon
surrender of the related option, which must be exercisable and in-the-money, for
cancellation. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restricted Shares </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
award of restricted shares involves the immediate transfer by the Company to a participant
of ownership of a specific number of shares of common stock in return for the performance
of services. The transfer may be made without additional consideration from the
participant. The participant is entitled immediately to voting, dividend and other
ownership rights in such shares, subject to the discretion of the Committee. Restricted
shares must be subject to a &#147;substantial risk of forfeiture&#148; within the meaning
of Code Section&nbsp;83 for a period to be determined by the Committee on the grant date,
and any grant may provide for the earlier termination of such risk of forfeiture in the
event of a change in control of the Company or similar event. The Committee may specify
performance objectives that must be achieved for the restrictions to lapse. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Deferred Shares
(Restricted Stock Units) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
award of deferred shares (restricted stock units) granted under the 2006 Plan represents
the right to receive a specific number of shares at the end of a specified deferral
period. Any grant of deferred shares (restricted stock units) may be further conditioned
upon the attainment of performance objectives. The grant may provide for the early
termination of the deferral period in the event of a change in control of the Company or
similar event. During the deferral period, the participant is not entitled to vote or
receive dividends on the shares subject to the award, but the Committee may provide for
the payment of dividend equivalents on a current or deferred basis. The grant of deferred
shares (restricted stock units) may be made without any consideration from the participant
other than the performance of future services. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Performance Shares and
Units </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
performance share is a bookkeeping entry that records the equivalent of one share of
common stock, and a performance unit is a bookkeeping entry that records the equivalent of
$1.00. Each grant will specify one or more performance objectives to be met within a
specified period (the &#147;performance period&#148;), which may be subject to earlier
termination in the event of a change in control of the Company or a similar event. If by
the end of the performance period the participant has achieved the specified performance
objectives, the participant will be deemed to have fully earned the performance shares or
performance units. If the participant has not achieved the level of acceptable
achievement, the participant may be deemed to have partly earned the performance shares or
performance units in accordance with a predetermined formula. To the extent earned, the
performance shares or performance units will be paid to the participant at the time and in
the manner specified in the grant or determined by the Committee in cash, shares of the
Company&#146;s common stock or any combination thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section 162(m) Exemption </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code
Section&nbsp;162(m) prevents a publicly held corporation from claiming income tax
deductions for compensation in excess of $1,000,000 paid to certain senior executives.
Compensation is exempt from this limitation if it is &#147;qualified performance-based
compensation.&#148; Stock options and stock appreciation rights are two examples of
performance-based compensation. Other types of awards, such as restricted stock, deferred
shares and performance shares, that are granted pursuant to pre-established objective
performance formulas, may also qualify as performance-based compensation, so long as
certain requirements are met, including the prior approval by stockholders of the material
terms of the 2006 Plan. By approving the 2006 Plan, the stockholders will be approving,
among other things, (i)&nbsp;the eligibility requirements for participation in the 2006
Plan; (ii) the </font></p>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17 </FONT></P>
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<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>performance objectives upon which
the grant or vesting of awards may be based; and (iii) the maximum amount of
compensation, payable in shares of common stock or cash, that may be granted to an
eligible participant in any rolling 36-month period.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Performance Objectives </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2006 Plan provides that grants of performance shares, performance units or, when
determined by the Committee, options, deferred shares, restricted stock or other
stock-based awards may be made based upon &#147;performance objectives.&#148; Performance
objectives applicable to awards that are intended to be exempt from the limitations of
Code Section&nbsp;162(m) are limited to specified levels of or increases in the
Company&#146;s or subsidiary&#146;s return on equity, diluted earnings per share, total
earnings, earnings growth, return on capital, return on assets, earnings before interest
and taxes, sales, sales growth, gross margin return on investment, increase in the fair
market value of the Company&#146;s common stock, share price (including but not limited
to, growth measures and total stockholder return), operating income or profit, net
earnings, cash flow (including, but not limited to, operating cash flow and free cash
flow), cash flow return on investment (which equals net cash flow divided by total
capital), inventory turns, financial return ratios, total return to stockholders, market
share, earnings measures/ratios, economic value added, balance sheet measurements such as
receivable turnover, internal rate of return, increase in net present value or expense
targets, working capital measurements (such as average working capital divided by sales),
customer or dealer satisfaction surveys and productivity. Performance objectives may be
described in terms of Company-wide objectives or objectives that are related to the
performance of the individual participant or the subsidiary, division, department or
function within the Company or subsidiary in which the participant is employed.
Performance criteria may be measured on an absolute or relative basis. Relative
performance may be measured by a group of peer companies or by a financial market index.
Any performance objectives may provide for adjustments to exclude the impact of any
significant acquisitions or dispositions of businesses by the Company, one-time
non-operating charges, or accounting changes (including the early adoption of any
accounting change mandated by any governing body, organization or authority). Except in
the case of an award intended to be exempt from the limitations of Code
Section&nbsp;162(m), if the Committee determines that a change in the business,
operations, corporate structure or capital structure of the Company, or the manner in
which it conducts its business, or other events or circumstances render the performance
objectives unsuitable, the Committee may modify the performance objectives or the related
minimum acceptable level of achievement, in whole or in part, as the Committee deems
appropriate and equitable. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Transferability of Awards </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided below, no award under the 2006 Plan may be transferred by a participant other
than upon death by will or the laws of descent and distribution or designation of a
beneficiary in a form acceptable to the Committee, and stock options and stock
appreciation rights may be exercised during the participant&#146;s lifetime only by the
participant or, in the event of the participant&#146;s legal incapacity, the guardian or
legal representative acting on behalf of the participant. The Committee may expressly
provide in an award agreement (other than an incentive stock option) that the participant
may transfer the award to a spouse or lineal descendant, a trust for the exclusive benefit
of such family members, a partnership or other entity in which all the beneficial owners
are such family members, or any other entity affiliated with the participant that the
Committee may approve. Additionally, any award made under the 2006 Plan may be transferred
as necessary to fulfill any domestic relations order as defined in Code Section
414(p)(1)(B). </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Termination </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2006 Plan will terminate on the tenth anniversary of the date it is approved by
stockholders, and no award will be granted under the plan after that date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plan Amendment </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2006 Plan may be amended by the Board of Directors, but without further approval by the
stockholders of the Company no such amendment may increase the limitations set forth in
the 2006 Plan on the number of shares that may be issued under the 2006 Plan or any of the
limitations on awards to individual participants. The Board may condition any amendment on
the approval of the stockholders if such approval is necessary or deemed advisable with
respect to the applicable listing or other requirements of a national securities exchange
or other applicable laws, policies or regulations. </FONT></P>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18 </FONT></P>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tax Consequences </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a brief summary of certain of the federal income tax consequences of certain
transactions under the 2006 Plan. This summary is not intended to be exhaustive and does
not describe state or local tax consequences. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, an optionee will not recognize income at the time a nonqualified stock option is
granted. At the time of exercise, the optionee will recognize ordinary income in an amount
equal to the difference between the option price paid for the shares and the fair market
value of the shares on the date of exercise. At the time of sale of shares acquired
pursuant to the exercise of a nonqualified stock option, any appreciation (or
depreciation) in the value of the shares after the date of exercise generally will be
treated as capital gain (or loss). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
optionee generally will not recognize income upon the grant or exercise of an incentive
stock option. If shares issued to an optionee upon the exercise of an incentive stock
option are not disposed of in a disqualifying disposition within two years after the date
of grant or within one year after the transfer of the shares to the optionee, then upon
the sale of the shares any amount realized in excess of the option price generally will be
taxed to the optionee as long-term capital gain and any loss sustained will be a long-term
capital loss. If shares acquired upon the exercise of an incentive stock option are
disposed of prior to the expiration of either holding period described above, the optionee
generally will recognize ordinary income in the year of disposition in an amount equal to
any excess of the fair market value of the shares at the time of exercise (or, if less,
the amount realized on the disposition of the shares) over the option price paid for the
shares. Any further gain (or loss) realized by the optionee generally will be taxed as
short-term or long-term capital gain (or loss) depending on the holding period. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to certain exceptions for death or disability, if an optionee exercises an incentive stock
option more than three months after termination of employment, the exercise of the option
will be taxed as the exercise of a nonqualified stock option. In addition, if an optionee
is subject to federal &#147;alternative minimum tax,&#148; the exercise of an incentive
stock option will be treated essentially the same as a nonqualified stock option for
purposes of the alternative minimum tax. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
recipient of restricted stock generally will be subject to tax at ordinary income rates on
the fair market value of the restricted stock (reduced by any amount paid by the
recipient) at such time as the shares are no longer subject to a risk of forfeiture or
restrictions on transfer for purposes of Code Section&nbsp;83. However, a recipient who so
elects under Code Section&nbsp;83(b) within 30&nbsp;days of the date of transfer of the
restricted stock will recognize ordinary income on the date of transfer of the shares
equal to the excess of the fair market value of the restricted stock (determined without
regard to the risk of forfeiture or restrictions on transfer) over any purchase price paid
for the shares. If a Section&nbsp;83(b) election has not been made, any dividends received
with respect to restricted stock that are subject at that time to a risk of forfeiture or
restrictions on transfer generally will be treated as compensation that is taxable as
ordinary income to the recipient. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
recipient of deferred shares (restricted stock units) generally will not recognize income
until shares are transferred to the recipient at the end of the deferral period and are no
longer subject to a substantial risk of forfeiture or restrictions on transfer for
purposes of Code Section&nbsp;83. At that time, the participant will recognize ordinary
income equal to the fair market value of the shares, reduced by any amount paid by the
recipient. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
participant generally will not recognize income upon the grant of performance shares or
performance units. Upon payment, with respect to performance shares or performance units,
the participant generally will recognize as ordinary income an amount equal to the amount
of cash received and the fair market value of any unrestricted stock received. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that a participant recognizes ordinary income in the circumstances described
above, the Company or subsidiary for which the participant performs services will be
entitled to a corresponding deduction, provided that, among other things, the income meets
the test of reasonableness, is an ordinary and necessary business expense, is not an
&#147;excess parachute payment&#148; within the meaning of Code Section&nbsp;280G and is
not disallowed by the $1,000,000 limitation on certain executive compensation under Code
Section&nbsp;162(m). </FONT></P>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19 </FONT></P>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New Plan Benefits </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors adopted the 2006 Plan on December 12, 2005, subject to approval by the
stockholders of the Company. The Board of Directors, at the recommendation of the
Committee, also approved the grant of deferred shares (restricted stock units) with a
value of $35,000 to each non-employee Director contingent upon approval of the 2006 Plan
by the Company&#146;s stockholders. The Company intends to grant deferred shares
(restricted stock units) with an annual award value of $35,000 on the date of each future
Annual Meeting of Stockholders to the Company&#146;s non-employee Directors unless the
Committee recommends and the Board of Directors approves changes in the amount or form of
long-term incentive compensation for such non-employee Directors. The remaining awards
that may be made under the 2006 Plan to our executive officers and other employees are
subject to the discretion of the Committee, the Board of Directors and/or management and
are therefore not determinable at this time with respect to the type, amount or timing of
such awards. </FONT></P>
<BR>


<TABLE WIDTH="600" BORDER="1" CELLSPACING="0" CELLPADDING="5" ALIGN="CENTER">
                        <tr><td colspan="3"><div align="center"><font size="2"><strong>NEW PLAN BENEFITS<br>
<br></strong></font></div></td></tr>
<tr><td colspan="3"><div align="center">
<strong><font size="2">Lindsay Manufacturing 2006 Long-Term Incentive Plan<br><br>
</font></strong></div></td></tr>
<tr><TD WIDTH="33%"><div align="center">
<font size="2"><strong>Name and Position</strong></font></div>
<HR WIDTH="55%" SIZE="1" COLOR="Black"></td>
<TD WIDTH="33%"><div align="center"><font size="2"><strong>Dollar Value<sup>(1)</sup></strong></font></div>
<HR WIDTH="55%" SIZE="1" COLOR="Black"></td>
<TD WIDTH="33%"><div align="center"><font size="2"><strong>Number of Units<SUP>(2)</SUP></strong></font></div>
<HR WIDTH="55%" SIZE="1" COLOR="Black"></td></tr>
<tr>
<td width="33%"><div align="left"><font size="2">Non-Employee Director Group<br>(6 persons)<br><br></font></div></td>
<td width="33%"><div align="center"><font size="2">$210,000<br><br><br></font></div></td>
<td width="33%"><div align="center"><font size="2">11,088<br><br><br></font></div></td></tr>
<tr>
<td colspan="3"><font size="2">
<sup>(1)</sup>&nbsp;&nbsp;Upon approval of the 2006 Plan, each non-employee Director will receive deferred shares (restricted stock units) of the Company&#146;s common stock with a value of $35,000.<br>
<br></font></td></tr>
<tr><td colspan="3"><font size="2"><sup>(2)</sup>&nbsp;&nbsp;The number of deferred shares (restricted stock units) is an estimate only and based on the fair market value of a share of the Company&#146;s common stock on December 12, 2005, which was $18.94. The actual number of units to be awarded will be determined on the date of the Annual Meeting of Stockholders of the Company upon approval of the 2006 Plan.</font></td>
</tr></table>



<BR><BR><BR><BR><BR><BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT></P>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity Compensation Plan
Information </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following equity compensation plan information summarizes plans and securities approved
and not approved by security holders as of August 31, 2005: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 ALIGN=Center WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Plan category</FONT></TH><TH></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(a)<BR>
Number of securities to be issued upon exercise of outstanding options, warrants, and rights</FONT></TH><TH></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(b)<BR>
Weighted-average exercise price of outstanding options, warrants, and
rights</FONT></TH><TH></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(c)<BR>
Number of securities remaining available for future issuance under equity
compensation plans (excluding securities reflected in column (a))
(1)</FONT></TH></TR>

<TR>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity compensation plans</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH="15%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approved by security holders <SUP>(2)</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>836,731</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> $22.76</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>263,672</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity compensation plans not</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>approved by security holders <SUP>(3)</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>350,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> $14.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,186,731</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> $20.94</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>263,672</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=3></TD><TD></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP>&nbsp;
          The Company&#146;s 2001 Amended and Restated Long-Term Incentive Plan
          (the &#147;2001 Plan&#148;) allows for the issuance of up to 180,000
          restricted shares or restricted stock units (not subject to the exercise of an
          option, warrant or right). As of August&nbsp;31, 2005, 180,000 restricted shares
          or restricted stock units were available for issuance under the 2001 Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)&nbsp;
          </SUP>Plans approved by stockholders include the Company&#146;s Amended and
          Restated 1991 Long-Term Incentive Plan and the 2001 Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)&nbsp;
          </SUP>Consists of options issued to Richard W. Parod pursuant to his employment
          agreement, which was not approved by stockholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
the end of fiscal 2005 and through the record date, the Company has granted employees of
the Company stock options to acquire 45,000 shares of Common Stock and 37,466 restricted
stock units payable in shares of Common Stock under the 2001 Plan, which is currently the
only plan under which new grants may be made of awards providing for the future issuance
of Common Stock. All restricted stock units issued to date have dividend equivalent rights
only with respect to special dividends and do not participate in the Company&#146;s
regular quarterly dividend. As of the record date, there were 184,806 shares available for
grant under the 2001 Plan (of which 142,534 shares were available for issuance as
restricted shares or restricted stock units) and 1,269,197 shares underlying outstanding
awards under all plans (of which 37,466 are restricted stock units). As of the record
date, the weighted average exercise price of outstanding stock options was $19.26 and the
weighted average term was 6.2&nbsp;years. The restricted stock units granted to employees
since the end of fiscal 2005 vest in three equal annual installments beginning on
November&nbsp;1, 2006. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the 2006 Plan is approved by stockholders, no further grants will be made under the 2001
Plan, and any awards of shares made under the 2001 Plan after the record date will reduce
the number of shares available for awards under the 2006 Plan using the 2 for 1 reduction
ratio described above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stock Repurchases </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
time to time, the Company&#146;s Board of Directors has authorized management to
repurchase shares of the Company&#146;s common stock. Under this share repurchase plan,
management has existing authorization to repurchase up to 881,139 shares. Since 1989, the
Company has repurchased 6,048,448 shares, of which 324,379 shares were repurchased since
the beginning of fiscal 2005. In the future, the Company may repurchase shares to be used
for awards under the 2006 Plan, but any shares which are repurchased will not increase the
number of shares which are available for awards under the 2006 Plan. </FONT></P>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21 </FONT></P>
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<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
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<BR>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RATIFICATION OF
APPOINTMENT OF INDEPENDENT AUDITOR </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KPMG&nbsp;LLP,
the Company&#146;s independent auditor since 2001, has been appointed by the Audit
Committee as the independent auditor for the Company and its subsidiaries for the fiscal
year ending August&nbsp;31, 2006. This appointment is being presented to the stockholders
for ratification. The ratification of the appointment of the independent auditor requires
the affirmative vote of the holders of a majority of the shares present in person or
represented by proxy at the meeting and entitled to vote. Abstentions will have the same
effect as a vote against ratification. Broker nonvotes will not be considered shares
entitled to vote with respect to ratification of the appointment and will not be counted
as votes for or against the ratification. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE
BOARD OF DIRECTORS RECOMMENDS THAT STOCKHOLDERS VOTE &#147;FOR&#148; THE RATIFICATION OF
THE APPOINTMENT OF KPMG&nbsp;LLP AS THE COMPANY&#146;S INDEPENDENT AUDITOR FOR THE FISCAL
YEAR ENDING AUGUST&nbsp;31, 2006.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of KPMG&nbsp;LLP are expected to be present at the Annual Meeting and will be provided an
opportunity to make a statement and to respond to appropriate inquiries from stockholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Accounting Fees and
Services </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the aggregate fees for professional services rendered by KPMG
for each of the last two fiscal years: </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" WIDTH="60%">
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Category of Fee</FONT></TH><TH></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Fiscal 2005</FONT></TH><TH></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Fiscal 2004</FONT></TH></TR>
<TR>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#000000 SIZE=1></TD><TD></TD></TR>
<TR><TD WIDTH="33%">&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD WIDTH=20% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Audit Fees </B><SUP>(1)</SUP> </FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> $615,000</FONT></TD>
        <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2> $185,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Audit-Related Fees </B><SUP>(2)</SUP> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  $17,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  $35,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="BOTTOM" BGCOLOR="#d6f3e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Tax Fees </B><SUP>(3)</SUP> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  $94,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  $60,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>All Other Fees</B> </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>       $0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN="CENTER" WIDTH="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>       $0</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)&nbsp;
          </SUP>Audit fees consist of the audit of the Company&#146;s 2005 and 2004 annual
          financial statements, review of the Company&#146;s quarterly financial
          statements during 2005 and 2004. In 2005, audit fees also included the audit of
          management&#146;s assessment of the effectiveness of the Company&#146;s internal
          controls over financial reporting and the audit of the effectiveness of the
          Company&#146;s internal control over financial reporting, both relating to
          Sarbanes-Oxley. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)&nbsp;
          </SUP> Audit-related fees were for audits of the Company&#146;s employee benefit
          plans, and financial due diligence of acquisition targets. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)&nbsp;
          </SUP> Tax fees were for tax compliance, including an analysis of the
          Company&#146;s transfer pricing compliance. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Audit Committee Charter, the Audit Committee in fiscal 2005 implemented
pre-approval policies and procedures consistent with the rules adopted by the Securities
and Exchange Commission. Approximately 5% ($3,906) of the total 2005 Tax Fees were
approved by the Audit Committee pursuant to the de minimis exception to the SEC&#146;s
pre-approval requirement. The Audit Committee has determined that the services listed
above do not adversely affect KPMG&#146;s independence in providing audit services. </FONT></P>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22 </FONT></P>
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<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
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<BR>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SUBMISSION OF
STOCKHOLDER PROPOSALS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder
proposals submitted for presentation at the Annual Meeting must be received by the
Secretary of the Company at its home office no later than January 7, 2006. Such proposals
must set forth (i)&nbsp;a brief description of the business desired to be brought before
the annual meeting and the reason for conducting such business at the annual meeting,
(ii)&nbsp;the name and address of the stockholder proposing such business, (iii)&nbsp;the
class and number of shares of the Company&#146;s Common Stock beneficially owned by such
stockholder and (iv)&nbsp;any material interest of such stockholder in such business.
Nominations for directors may be submitted by stockholders by delivery of such nominations
in writing to the Secretary of the Company by January 7, 2006. Only stockholders of record
as of December 12, 2005 are entitled to bring business before the Annual Meeting or make
nominations for directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to be included in the Company&#146;s proxy statement and form of proxy relating to
its next annual meeting, stockholder proposals must be submitted by August 25, 2006 to the
Secretary of the Company at its principal executive offices. The inclusion of any such
proposal in such proxy material shall be subject to the requirements of the proxy rules
adopted under the Securities Exchange Act of 1934, as amended. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER MATTERS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
does not intend to bring before the Annual Meeting any matters other than those disclosed
in the Notice of Annual Meeting of Stockholders, and it does not know of any business
which persons, other than the management, intend to present at the meeting. The enclosed
proxy for the Annual Meeting confers discretionary authority on the Board of Directors to
vote on any matter properly presented for consideration at the Annual Meeting if the
Company did not receive written notice of the matter on or before November 14, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will bear the cost of soliciting proxies. To the extent necessary, proxies may be
solicited by directors, officers and employees of the Company in person, by telephone or
through other forms of communication, but such persons will not receive any additional
compensation for such solicitation. The Company will reimburse brokerage firms, banks and
other custodians, nominees and fiduciaries for reasonable expenses incurred by them in
sending proxy materials to the beneficial owners of the Company&#146;s shares. In addition
to solicitation by mail, the Company will supply banks, brokers, dealers and other
custodian nominees and fiduciaries with proxy materials to enable them to send a copy of
such materials by mail to each beneficial owner of shares of the Company&#146;s Common
Stock which they hold of record and will, upon request, reimburse them for their
reasonable expenses in so doing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
may communicate with the Chairman of the Board of Directors, the Chairman of the Audit,
Compensation or Corporate Governance and Nominating Committee, or any individual Director
by sending a letter to the attention of the appropriate person (which may be marked as
confidential) addressed to the Secretary of the Company. All communications received by
the Secretary will be forwarded to the appropriate Board member. In addition, it is the
policy of the Board of Directors that the Company&#146;s Directors shall attend, and will
generally be available to discuss stockholder concerns at, the Annual Meeting of
Stockholders, whenever possible. All Board members attended last year&#146;s annual
meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Annual Report, including the Form 10-K and financial statements filed by
the Company with the Securities and Exchange Commission, is being mailed, together with
this Proxy Statement, to all stockholders entitled to vote at the Annual Meeting. The
Company has incorporated portions of its Annual Report into this Proxy Statement as
indicated herein. However, the Annual Report is not to be considered part of this proxy
solicitation material. </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="90%">
<TR><TD colspan="2"></TD>
<TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By Order of the Board of Directors</FONT></TD></TR>
<TR><TD colspan="4">&nbsp;</TD></TR>
<TR VALIGN=TOP><TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;<BIG>D</BIG>AVID <BIG>B</BIG>. <BIG>D</BIG>OWNING
</FONT><HR NOSHADE="NOSHADE" COLOR="BLACK" SIZE="1"></TD></TR>
<TR><TD colspan="3"></TD><TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>David B. Downing, Secretary<BR><BR></FONT></TD></TR>
<TR><TD colspan="3">&nbsp;</TD><TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Omaha, Nebraska<BR>December 20, 2005</FONT></TD></TR>
</TABLE>
<BR>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23 </FONT></P>
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<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
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<BR>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>EXHIBIT A</U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LINDSAY MANUFACTURING
CO.<BR>2006 LONG-TERM INCENTIVE PLAN  </FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Effective February 6,
2006) </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><I>Purpose</I></B>.&nbsp;&nbsp;The purpose of Lindsay Manufacturing Co. 2006
          Long-Term Incentive Plan (the &#147;Plan&#148;) is to attract and retain
          employees and directors for Lindsay Manufacturing Co. and its subsidiaries and
          to provide such persons with incentives and rewards for superior performance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><I>Definitions</I></B>.&nbsp;&nbsp;As used in this Plan, the following terms
          shall be defined as set forth below: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&#147;<I>Award</I>&#148;</B> means any Options, Stock Appreciation Rights, Restricted
Shares, Deferred Shares (Restricted Stock Units), Performance Shares or Performance Units
granted under the Plan.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&#147;<I>Award
Agreement</I>&#148;</B> means an agreement, certificate, resolution or other form of
writing or other evidence approved by the Committee which sets forth the terms and
conditions of an Award. An Award Agreement may be in an electronic medium, may be limited
to a notation on the Company&#146;s books and records and, if approved by the Committee,
need not be signed by a representative of the Company or a Participant.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>&#147;<I>Base Price</I>&#148;</B> means the price to be used as the basis for
determining the Spread upon the exercise of a Freestanding Stock Appreciation Right.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Board</I>&#148;</B> means the Board of Directors of the Company. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Code</I>&#148;</B> means the Internal Revenue Code of 1986, as amended from time to time. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Committee</I>&#148;</B> means the committee of the Board described in Section 4. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Company</I>&#148;</B> means Lindsay Manufacturing Co., a Delaware corporation, or any successor
corporation. </FONT>
</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Deferral Period</I>&#148;</B> means the period of time during which Deferred
Shares (Restricted Stock Units) are subject to deferral limitations under Section 8.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Deferred Shares</I>&#148;</B> or <B>&#147;Restricted Stock Units&#148;</B> means
an Award pursuant to Section 8 of the right to receive Shares at the end of a specified
Deferral Period.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Employee</I>&#148;</B> means any person, including an officer, employed by the Company or a
Subsidiary. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Fair Market Value</I>&#148;</B> means the fair market value of the Shares as
determined by the Committee from time to time. Unless otherwise determined by the
Committee, the fair market value shall be the closing price for the Shares reported on a
consolidated basis on the New York Stock Exchange on the relevant date or, if there were
no sales on such date, the closing price on the nearest preceding date on which sales
occurred.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Freestanding Stock Appreciation
Right</I>&#148;</B> means a Stock Appreciation Right granted pursuant to Section 6 that
is not granted in tandem with an Option or similar right.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Grant Date</I>&#148;</B> means the date specified by the Committee on which a
grant of an Award shall become effective, which shall not be earlier than the date on
which the Committee takes action with respect thereto.  </FONT>
</TD>
</TR>
</TABLE>
<BR>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24 </FONT></P>
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<BR><HR SIZE=3 COLOR=GRAY NOSHADE>
<!-- MARKER PAGE="sheet: 2; page: 2" -->
<BR>



<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Incentive Stock Option</I>&#148;</B> means any Option that is intended to
qualify as an &#147;incentive stock option&#148; under Code Section 422 or any successor
provision.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>"<I>Nonemployee Director</I>&#148;</B> means a member of the Board who is not an Employee. </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Nonqualified Stock Option</I>&#148;</B> means an Option that is not intended to qualify as an
Incentive Stock Option. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Option</I>&#148;</B> means any option to purchase Shares granted under Section 5. </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Optionee</I>&#148;</B> means the person so designated in an agreement evidencing an outstanding
Option. </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Option Price</I>&#148;</B> means the purchase price payable upon the exercise of an Option. </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Participant</I>&#148;</B> means an
Employee or Nonemployee Director who is selected by the Committee to receive benefits
under this Plan, provided that only Employees shall be eligible to receive grants of
Incentive Stock Options.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Performance Objectives</I>&#148;</B> means
the performance objectives established pursuant to this Plan for Participants who have
received Awards. Performance Objectives may be described in terms of Company-wide
objectives or objectives that are related to the performance of the individual
Participant or the Subsidiary, division, department or function within the Company or
Subsidiary in which the Participant is employed. Performance Objectives may be measured
on an absolute or relative basis. Relative performance may be measured by a group of peer
companies or by a financial market index. Any Performance Objectives applicable to a
Qualified Performance&#150;Based Award shall be limited to specified levels of or
increases in the Company&#146;s or Subsidiary&#146;s return on equity, diluted earnings
per share, total earnings, earnings growth, return on capital, return on assets, earnings
before interest and taxes, sales, sales growth, gross margin return on investment,
increase in the fair market value of the Shares, share price (including but not limited
to, growth measures and total stockholder return), operating income or profit, net
earnings, cash flow (including, but not limited to, operating cash flow and free cash
flow), cash flow return on investment (which equals net cash flow divided by total
capital), inventory turns, financial return ratios, total return to shareholders, market
share, earnings measures/ratios, economic value added (EVA), balance sheet measurements
such as receivable turnover, internal rate of return, increase in net present value or
expense targets, working capital measurements (such as average working capital divided by
sales), customer or dealer satisfaction surveys and productivity. Any Performance
Objectives may provide for adjustments to exclude the impact of any significant
acquisitions or dispositions of businesses by the Company, one-time non-operating
charges, or accounting changes (including the early adoption of any accounting change
mandated by any governing body, organization or authority). Except in the case of a
Qualified Performance&#150;Based Award, if the Committee determines that a change in the
business, operations, corporate structure or capital structure of the Company, or the
manner in which it conducts its business, or other events or circumstances render the
Performance Objectives unsuitable, the Committee may modify such Performance Objectives
or the related minimum acceptable level of achievement, in whole or in part, as the
Committee deems appropriate and equitable.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Performance Period</I>&#148;</B> means
a period of time established under Section 9 within which the Performance Objectives
relating to Performance Shares, Performance Units, Deferred Shares (Restricted Stock
Units) or Restricted Shares are to be achieved.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Performance Share</I>&#148;</B> means
a bookkeeping entry that records the equivalent of one Share awarded pursuant to Section
9.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Performance Unit</I>&#148;</B> means a bookkeeping entry that records a unit
equivalent to $1.00 awarded pursuant to Section 9.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Predecessor Plan</I>&#148;</B> means the Lindsay Manufacturing Co. 2001 Long-Term Incentive Plan. </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Qualified Performance&#150;Based Award</I>&#148;</B> means an Award or
portion of an Award that is intended to satisfy the requirements for &#147;qualified
performance&#150;based compensation&#148; under Code Section 162(m). The Committee shall
designate any Qualified Performance&#150;Based Award as such at the time of grant.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Restricted Shares</I>&#148;</B> means Shares granted under Section 7 subject
to a substantial risk of forfeiture.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Shares</I>&#148;</B> means shares of the Common Stock of the Company, $1.00
par value, or any security into which Shares may be converted by reason of any
transaction or event of the type referred to in Section 11.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Spread</I>&#148;</B> means, in the case of a Freestanding Stock Appreciation
Right, the amount by which the Fair Market Value on the date when any such right is
exercised exceeds the Base Price specified in such right or, in the case of a Tandem
Stock Appreciation Right, the amount by which the Fair Market Value on the date when any
such right is exercised exceeds the Option Price specified in the related Option.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Stock Appreciation Right</I>&#148;</B> means a right granted under Section 6,
including a Freestanding Stock Appreciation Right or a Tandem Stock Appreciation Right.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Subsidiary</I>&#148;</B> means a corporation or other entity in which the
Company has a direct or indirect ownership or other equity interest, provided that for
purposes of determining whether any person may be a Participant for purposes of any grant
of Incentive Stock Options, &#147;<B><I>Subsidiary</I></B><I></I>&#148; means any
corporation (within the meaning of the Code) in which the Company owns or controls
directly or indirectly more than 50 percent of the total combined voting power
represented by all classes of stock issued by such corporation at the time of such grant.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;<I>Tandem Stock Appreciation Right</I>&#148;</B> means a Stock Appreciation
Right granted pursuant to Section 6 that is granted in tandem with an Option or any
similar right granted under any other plan of the Company.  </FONT>
</TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Shares Available Under the Plan.</I></B> </FONT> </P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Reserved Shares</I></B>.&nbsp;&nbsp;Subject
to adjustments as provided in Sections 3.5 and 11, the maximum number of Shares that may
be (i) issued or transferred upon the exercise of Options or Stock Appreciation Rights,
(ii) awarded as Restricted Shares and released from substantial risk of forfeiture, (iii)
issued or transferred in payment of Deferred Shares (Restricted Stock Units) or
Performance Shares, or (iv) issued or transferred in payment of dividend equivalents paid
with respect to Awards, shall not in the aggregate exceed 750,000 Shares. Such Shares may
be Shares of original issuance, Shares held in Treasury, or Shares that have been
reacquired by the Company.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Reduction Ratio</I></B>.&nbsp;&nbsp;For
purposes of Section 3.1, the number of Shares available for issuance under the Plan shall
be reduced by two (2) Shares for each Share issued and transferred in settlement of an
Award other than an Option and one (1) Share for each Share issued and transferred upon
exercise of an Option. For purposes of Section 3.1, shares which are withheld from Awards
to satisfy withholding taxes shall be treated as having been issued or transferred, and
Shares which are tendered as payment of the Option Price shall not be added back as
additional Shares available for issuance under the Plan.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>ISO Maximum</I></B>.&nbsp;&nbsp;In no event shall the number of Shares issued upon the
exercise of Incentive Stock Options exceed 750,000 Shares, subject to adjustment as
provided in Section 11.  </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Maximum Awards</I></B>.&nbsp;&nbsp;No Participant may receive Awards representing more
than 350,000 Shares in any rolling 36-month period, subject to adjustment as provided in
Section 11. In addition, the maximum number of Performance Units that may be granted to a
Participant in any rolling 36-month period is 5,000,000.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Expired, Forfeited and Unexercised Awards</I></B>.&nbsp;&nbsp;If any Option granted
under this Plan expires, is forfeited or becomes unexercisable for any reason without
having been exercised or paid in full, the Shares subject thereto which were not
exercised shall be available for future Awards under the Plan. Likewise, if any stock
option that was outstanding on December 12, 2005 under the Company&#146;s Predecessor
Plan or Amended and Restated 1991 Long-Term Incentive Plan or the stock options for
350,000 shares granted to Richard W. Parod on March 8, 2000 expires, is forfeited or
becomes unexercisable for any reason, the shares subject thereto which were not exercised
shall be added to the number of Shares which are available for Awards under Section 3.1.
If any Restricted Shares or other Awards made in Shares under this Plan that reduce the
number of Shares available for future Awards using a 2 for 1 share reduction ratio under
Section 3.2 are forfeited, such shares shall be restored for future Awards under this
Plan on a 2 for 1 share increase basis. Likewise, if any restricted stock units granted
under the Predecessor Plan are forfeited, the Shares which are forfeited shall be added
to the number of shares which are available for Awards under Section 3.1 using a 2 for 1
share increase basis.  </FONT>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Plan Administration</I></B>. </FONT> </P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Board Committee Administration</I></B>.
&nbsp;This Plan shall be administered by the Compensation Committee appointed by the Board from
among its members, provided that the full Board may at any time act as the Committee. The
interpretation and construction by the Committee of any provision of this Plan or of any
Award Agreement and any determination by the Committee pursuant to any provision of this
Plan or any such agreement, notification or document shall be final and conclusive. No
member of the Committee shall be liable to any person for any such action taken or
determination made in good faith. It is intended that the Compensation Committee will
consist solely of persons who, at the time of their appointment, each qualified as a
&#147;<B><I>Non-Employee Director</I></B><I></I>&#148; under Rule 16b-3(b)(3)(i)
promulgated under the Securities Exchange Act of 1934 and, to the extent that relief from
the limitation of Code Section 162(m) is sought, as an &#147;<B><I>Outside </I></B><I></I><B><I>Director</I></B><I></I>&#148; under
Section 1.162-27(e)(3)(i) of the Treasury Regulations issued under Code Section 162(m).  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Committee Delegation</I></B>.&nbsp;&nbsp;The Committee may delegate to one or more
officers of the Company the authority to grant Awards to Participants who arc not
directors or executive officers of the Company, provided that the Committee shall have
fixed the total number of Shares or Performance Units subject to such grants. Any such
delegation shall be subject to the limitations of Section 157(c) of the Delaware General
Corporation Law.  </FONT>
</TD>
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</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Awards to Non-Employee Directors</I></B>.&nbsp;&nbsp;Notwithstanding any other
provision of this Plan to the contrary, all Awards to Non-Employee Directors must be
authorized by the full Board pursuant to recommendations made by the Compensation
Committee.  </FONT>
</TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Options</I></B>.&nbsp;
The Committee may from time to time authorize  grants to Participants of Options
to purchase Shares upon such terms and conditions as the Committee may determine
in accordance with the following provisions: </FONT></P>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Number of Shares</I></B>.&nbsp;&nbsp;Each grant shall specify the number of Shares to which it
pertains. </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Option Price</I></B>.&nbsp;&nbsp;Each grant shall specify an Option Price per Share, which shall be
equal to or greater than the Fair Market Value per Share on the Grant Date. </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consideration</I></B>.&nbsp;&nbsp;Each grant shall specify the form of consideration to
be paid in satisfaction of the Option Price and the manner of payment of such
consideration, which may include (i) cash in the form of currency or check or other cash
equivalent acceptable to the Company, (ii)  </FONT>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27 </FONT></P>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>nonforfeitable,
unrestricted Shares owned by the Optionee which have a value at the time of exercise that
is equal to the Option Price, (iii) any other legal consideration that the Committee may
deem appropriate, including without limitation any form of consideration authorized under
Section 5.4, on such basis as the Committee may determine in accordance with this Plan,
or (iv) any combination of the foregoing.  </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment of Option Price in Shares</I></B>.&nbsp;&nbsp;On
or after the Grant Date of any Option other than an Incentive Stock Option, the Committee
may determine that payment of the Option Price may also be made in whole or in part in
the form of Restricted Shares or other Shares that are subject to risk of forfeiture or
restrictions on transfer. Unless otherwise determined by the Committee, whenever any
Option Price is paid in whole or in part by means of any of the forms of consideration
specified in this Section 5.4, the Shares received by the Optionee upon the exercise of
the Options shall be subject to the same risks of forfeiture or restrictions on transfer
as those that applied to the consideration surrendered by the Optionee, provided that
such risks of forfeiture and restrictions on transfer shall apply only to the same number
of Shares received by the Optionee as applied to the forfeitable or restricted Shares
surrendered by the Optionee.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cashless Exercise</I></B>.&nbsp;&nbsp;To
the extent permitted by applicable law, the Option Price and any applicable statutory
minimum withholding taxes may be paid from the proceeds of sale through a bank or broker
on the date of exercise of some or all of the Shares to which the exercise relates.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Performance&#150;Based Options</I></B>.&nbsp;&nbsp;Any
grant of an Option may specify Performance Objectives that must be achieved as a
condition to exercise of the Option.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Vesting</I></B>.&nbsp;&nbsp;Each Option
grant may specify a period of continuous employment of the Optionee by the Company or any
Subsidiary (or, in the case of a Nonemployee Director, service on the Board) that is
necessary before the Options or installments thereof shall become exercisable, and any
grant may provide for the earlier exercise of such rights in the event of a change in
control of the Company or other similar transaction or event.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>ISO Dollar Limitation</I></B>.&nbsp;&nbsp;Options
granted under this Plan may be Incentive Stock Options, Nonqualified Stock Options or a
combination of the foregoing, provided that only Nonqualified Stock Options may be
granted to Nonemployee Directors. Each grant shall specify whether (or the extent to
which) the Option is an Incentive Stock Option or a Nonqualified Stock Option.
Notwithstanding any such designation, to the extent that the aggregate Fair Market Value
of the Shares with respect to which Options designated as Incentive Stock Options are
exercisable for the first time by an Optionee during any calendar year (under all plans
of the Company) exceeds $100,000, such Options shall be treated as Nonqualified Stock
Options.  </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exercise Period</I></B>.&nbsp;&nbsp;No Option granted under this Plan may be exercised more than ten
years from the Grant Date. </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Award Agreement</I></B>.&nbsp;&nbsp;Each grant shall be evidenced by an Award Agreement containing such
terms and provisions as the Committee may determine consistent with this Plan. </FONT>
</TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Stock
Appreciation  Rights</I></B>.&nbsp;&nbsp;The Committee may also authorize grants to
Participants of Stock  Appreciation  Rights. A Stock  Appreciation  Right is the
right of the  Participant to receive from the Company an amount,  which shall be
determined  by the  Committee  and  shall  be  expressed  as a  percentage  (not
exceeding  100 percent) of the Spread at the time of the exercise of such right.
Any grant of Stock Appreciation  Rights under this Plan shall be upon such terms
and  conditions as the Committee may determine in accordance  with the following
provisions: </FONT></P>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment in Cash or Shares</I></B>.&nbsp;&nbsp;Any grant may specify that the amount
payable upon the exercise of a Stock Appreciation Right will be paid by the Company in
cash, Shares or any combination thereof or may grant to the Participant or reserve to the
Committee the right to elect among those alternatives.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Maximum SAR Payment</I></B>.&nbsp;&nbsp;Any grant may specify that the amount payable
upon the exercise of a Stock Appreciation Right shall not exceed a maximum specified by
the Committee on the Grant Date.  </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exercise Period</I></B>.&nbsp;&nbsp;Any grant may specify (i) a waiting period or
periods before Stock Appreciation Rights shall become exercisable and (ii) permissible
dates or periods on or during which Stock Appreciation Rights shall be exercisable.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Change in Control</I></B>.&nbsp;&nbsp;Any grant may specify that a Stock Appreciation
Right may be exercised only in the event of a change in control of the Company or other
similar transaction or event.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividend Equivalents</I></B>.&nbsp;&nbsp;On or after the Grant Date of any Stock
Appreciation Rights, the Committee may provide for the payment to the Participant of
dividend equivalents thereon in cash or Shares on a current, deferred or contingent basis
with respect to any or all dividends or other distributions paid by the Company.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Award Agreement</I></B>.&nbsp;&nbsp;Each grant shall be evidenced by an Award Agreement
which shall describe the subject Stock Appreciation Rights, identify any related Options,
state that the Stock Appreciation Rights are subject to all of the terms and conditions
of this Plan and contain such other terms and provisions as the Committee may determine
consistent with this Plan.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tandem Stock Appreciation Rights</I></B>.&nbsp;&nbsp;Each grant of a Tandem Stock
Appreciation Right shall provide that such Tandem Stock Appreciation Right may be
exercised only (i) at a time when the related Option (or any similar right granted under
any other plan of the Company) is also exercisable and the Spread is positive and (ii) by
surrender of the related Option (or such other right) for cancellation.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exercise Period</I></B>.&nbsp;&nbsp;No Stock Appreciation Right granted under this Plan may be
exercised more than ten years from the Grant Date. </FONT>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Freestanding Stock Appreciation Rights</I></B>.&nbsp;&nbsp;Regarding Freestanding Stock Appreciation
Rights only: </FONT>
</TD>
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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each grant shall  specify in respect
of each  Freestanding  Stock  Appreciation  Right a Base Price per Share,  which
shall be equal to or  greater  than the Fair  Market  Value on the  Grant  Date;
</FONT>
</TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successive grants may be made to the same Participant  regardless of whether any
Freestanding  Stock  Appreciation  Rights previously granted to such Participant
remain unexercised; and </FONT>
</TD>
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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each grant shall specify the period or periods of  continuous  employment of the
Participant by the Company or any  Subsidiary  (or, in the case of a Nonemployee
Director, service on the Board) that are necessary before the Freestanding Stock
Appreciation Rights or installments  thereof shall become  exercisable,  and any
grant may  provide  for the  earlier  exercise  of such rights in the event of a
change in control of the Company or other similar transaction or event. </FONT>
</TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Restricted
Shares</I></B>.&nbsp;&nbsp;The Committee may also authorize  grants to Participants
of  Restricted  Shares  upon such  terms and  conditions  as the  Committee  may
determine in accordance with the following provisions: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transfer of Shares</I></B>.&nbsp;&nbsp;Each grant shall constitute an immediate
transfer of the ownership of Shares to the Participant in consideration of the
performance of services, subject to the substantial risk of forfeiture and restrictions
on transfer hereinafter referred to.  </FONT>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consideration</I></B>.&nbsp;&nbsp;Each grant may be made without additional
consideration from the Participant or in consideration of a payment by the Participant
that is less than the Fair Market Value on the Grant Date.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Substantial Risk of Forfeiture</I></B>.&nbsp;&nbsp;Each grant shall provide that the
Restricted Shares covered thereby shall be subject to a &#147;substantial risk of
forfeiture&#148; within the meaning of Code Section 83 for a period to be determined by
the Committee on the Grant Date, and any grant or sale may provide for the earlier
termination of such risk of forfeiture in the event of a change in control of the Company
or other similar transaction or event.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividend, Voting and Other Ownership Rights</I></B>.&nbsp;&nbsp;Unless otherwise
determined by the Committee, an award of Restricted Shares shall entitle the Participant
to dividend, voting and other ownership rights during the period for which such
substantial risk of forfeiture is to continue.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Restrictions on Transfer</I></B>.&nbsp;&nbsp;Each grant shall provide that, during the
period for which such substantial risk of forfeiture is to continue, the transferability
of the Restricted Shares shall be prohibited or restricted in the manner and to the
extent prescribed by the Committee on the Grant Date. Such restrictions may include,
without limitation, rights of repurchase or first refusal in the Company or provisions
subjecting the Restricted Shares to a continuing substantial risk of forfeiture in the
hands of any transferee.  </FONT>
</TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Performance&#150;Based Restricted Shares</I></B>.&nbsp;&nbsp;Any grant or the vesting
thereof may be further conditioned upon the attainment of Performance Objectives
established by the Committee in accordance with the applicable provisions of Section 9
regarding Performance Shares and Performance Units.  </FONT>
</TD>
</TR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividends</I></B>.&nbsp;&nbsp;Any grant may require that any or all dividends or other
distributions paid on the Restricted Shares during the period of such restrictions be
automatically sequestered and paid on a deferred basis when the restrictions lapse or
reinvested on an immediate or deferred basis in additional Shares, which may be subject
to the same restrictions as the underlying Award or such other restrictions as the
Committee may determine.  </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Award Agreements</I></B>.&nbsp;&nbsp;Each grant shall be evidenced by an Award
Agreement containing such terms and provisions as the Committee may determine consistent
with this Plan. Unless otherwise directed by the Committee, all certificates representing
Restricted Shares, together with a stock power that shall be endorsed in blank by the
Participant with respect to such Shares, shall be held in custody by the Company until
all restrictions thereon lapse.  </FONT>
</TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deferred
Shares  (Restricted  Stock  Units)</I></B>.&nbsp;&nbsp;The Committee may authorize
grants of Deferred Shares  (Restricted  Stock Units) to  Participants  upon such
terms and  conditions as the  Committee  may  determine in  accordance  with the
following provisions: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deferred Compensation</I></B>.&nbsp;&nbsp;Each grant shall constitute the agreement by
the Company to issue or transfer Shares to the Participant in the future in consideration
of the performance of services, subject to the fulfillment during the Deferral Period of
such conditions as the Committee may specify.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consideration</I></B>.&nbsp;&nbsp;Each grant may be made without additional
consideration from the Participant or in consideration of a payment by the Participant
that is less than the Fair Market Value on the Grant Date.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deferral Period</I></B>.&nbsp;&nbsp;Each grant shall provide that the Deferred Shares
(Restricted Stock Units) covered thereby shall be subject to a Deferral Period, which
shall be fixed by the Committee on the Grant Date, and any grant or sale may provide for
the earlier termination of such period in the event of a change in control of the Company
or other similar transaction or event.  </FONT>
</TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30 </FONT></P>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividend Equivalents and Other Ownership Rights</I></B>.&nbsp;&nbsp;During the Deferral
Period, the Participant shall not have any right to transfer any rights under the subject
Award, shall not have any rights of ownership in the Deferred Shares and shall not have
any right to vote such shares, but the Committee may on or after the Grant Date authorize
the payment of dividend equivalents on such shares in cash or additional Shares on a
current, deferred or contingent basis with respect to any or all dividends or other
distributions paid by the Company.  </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Performance Objectives</I></B>.&nbsp;&nbsp;Any grant or the vesting thereof may be
further conditioned upon the attainment of Performance Objectives established by the
Committee in accordance with the applicable provisions of Section 9 regarding Performance
Shares and Performance Units.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Award Agreement</I></B>.&nbsp;&nbsp;Each grant shall be evidenced by an Award Agreement
containing such terms and provisions as the Committee may determine consistent with this
Plan.  </FONT>
</TD>
</TR>
</TABLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Performance
Shares and  Performance  Units</I></B>.&nbsp;&nbsp;The Committee may also authorize
grants of Performance  Shares and Performance  Units, which shall become payable
to the  Participant  upon the achievement of specified  Performance  Objectives,
upon such terms and conditions as the Committee may determine in accordance with
the following provisions: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Number of Performance Shares or Units</I></B>.&nbsp;&nbsp;Each grant shall specify the
number of Performance Shares or Performance Units to which it pertains, which may be
subject to adjustment to reflect changes in compensation or other factors.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Performance Period</I></B>.&nbsp;&nbsp;The Performance Period with respect to each
Performance Share or Performance Unit shall be determined by the Committee and set forth
in the Award Agreement and may be subject to earlier termination in the event of a change
in control of the Company or other similar transaction or event.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Performance Objectives</I></B>.&nbsp;&nbsp;Each grant shall specify the Performance Objectives that
are to be achieved by the Participant. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Threshold Performance Objectives</I></B>.&nbsp;&nbsp;Each grant may specify in respect
of the specified Performance Objectives a minimum acceptable level of achievement below
which no payment will be made and may set forth a formula for determining the amount of
any payment to be made if performance is at or above such minimum acceptable level but
falls short of the maximum achievement of the specified Performance Objectives.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment of Performance Shares and Units</I></B>.&nbsp;&nbsp;Each grant shall specify
the time and manner of payment of Performance Shares or Performance Units that shall have
been earned, and any grant may specify that any such amount will be paid by the Company
in cash, Shares or any combination thereof or may grant to the Participant or reserve to
the Committee the right to elect among those alternatives.  </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Maximum Payment</I></B>.&nbsp;&nbsp;Any grant of Performance Shares may specify that
the amount payable with respect thereto may not exceed a maximum specified by the
Committee on the Grant Date. Any grant of Performance Units may specify that the amount
payable, or the number of Shares issued, with respect thereto may not exceed maximums
specified by the Committee on the Grant Date.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividend Equivalents</I></B>.&nbsp;&nbsp;Any grant of Performance Shares may provide
for the payment to the Participant of dividend equivalents thereon in cash or additional
Shares on a current, deferred or contingent basis with respect to any or all dividends or
other distributions paid by the Company.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Adjustment of Performance Objectives</I></B>.&nbsp;&nbsp;If provided in the terms of
the grant, the Committee may adjust Performance Objectives and the related minimum
acceptable level of achievement if, in the sole judgment of the Committee, events or
transactions have occurred after the  </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Grant
Date that are unrelated to the performance of the Participant and result in distortion of
the Performance Objectives or the related minimum acceptable level of achievement.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Award Agreement</I></B>.&nbsp;&nbsp;Each grant shall be evidenced by an Award Agreement
which shall state that the Performance Shares or Performance Units are subject to all of
the terms and conditions of this Plan and such other terms and provisions as the
Committee may determine consistent with this Plan.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transferability</I></B>. </FONT> </P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transfer Restrictions</I></B>.&nbsp;&nbsp;Except as provided in Sections 10.2 and 10.4,
no Award granted under this Plan shall be transferable by a Participant other than upon
death by will or the laws of descent and distribution or designation of a beneficiary in
a form acceptable to the Committee, and Options and Stock Appreciation Rights shall be
exercisable during a Participant&#146;s lifetime only by the Participant or, in the event
of the Participant&#146;s legal incapacity, by his guardian or legal representative
acting in a fiduciary capacity on behalf of the Participant under state law. Any attempt
to transfer an Award in violation of this Plan shall render such Award null and void.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Limited Transfer Rights</I></B>.&nbsp;&nbsp;The Committee may expressly provide in an
Award Agreement (or an amendment to an Award Agreement) that a Participant may transfer
such Award (other than an Incentive Stock Option), in whole or in part, to a spouse or
lineal descendant (a &#147;<B><I>Family Member</I></B><I></I>&#148;), a trust for the
exclusive benefit of Family Members, a partnership or other entity in which all the
beneficial owners are Family Members, or any other entity affiliated with the Participant
that may be approved by the Committee. Subsequent transfers of Awards shall be prohibited
except in accordance with this Section 10.2. All terms and conditions of the Award,
including provisions relating to the termination of the Participant&#146;s employment or
service with the Company or a Subsidiary, shall continue to apply following a transfer
made in accordance with this Section 10.2.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Restrictions on Transfer</I></B>.&nbsp;&nbsp;Any Award made under this Plan may provide
that all or any part of the Shares that are (i) to be issued or transferred by the
Company upon the exercise of Options or Stock Appreciation Rights, upon the termination
of the Deferral Period applicable to Deferred Shares (Restricted Stock Units) or upon
payment under any grant of Performance Shares or Performance Units, or (ii) no longer
subject to the substantial risk of forfeiture and restrictions on transfer referred to in
Section 7, shall be subject to further restrictions upon transfer.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Domestic Relations Orders</I></B>.&nbsp;&nbsp;Notwithstanding the foregoing provisions of this
Section 10, any Award made under this Plan may be transferred as necessary to fulfill any
domestic relations order as defined in Code Section 414(p)(1)(B).  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Adjustments</I></B>.&nbsp;
The Committee may make or provide for such adjustments in the (a) number of
Shares covered by outstanding Options, Stock Appreciation Rights, Deferred
Shares (Restricted Stock Units), Restricted Shares and Performance Shares
granted hereunder, (b) prices per share applicable to such Options and Stock
Appreciation Rights, and (c) kind of shares covered thereby (including shares of
another issuer), as the Committee in its sole discretion may in good faith
determine to be equitably required in order to prevent dilution or enlargement
of the rights of Participants that otherwise would result from (x) any stock
dividend, stock split, combination or exchange of Shares, recapitalization or
other change in the capital structure of the Company, (y) any merger,
consolidation, spin&#150;off, spin&#150;out, split&#150;off, split&#150;up,
reorganization, partial or complete liquidation or other distribution of assets
(other than a normal cash dividend), issuance of rights or warrants to purchase
securities or (z) any other corporate transaction or event having an effect
similar to any of the foregoing. Moreover, in the event of any such transaction
or event, the Committee may provide in substitution for any or all outstanding
Awards under this Plan such alternative consideration as it may in good faith
determine to be equitable under the circumstances and may require in connection
therewith the cancellation or surrender of all Awards so replaced. The Committee
may also make or provide for such adjustments in each of the limitations
specified in Section 3 as the Committee in its sole discretion may in good faith
determine to be appropriate in order to reflect any transaction or event
described in this Section 11. </FONT></P>



<BR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Change in Control</I></B>.&nbsp;&nbsp;The Committee shall also be authorized to
determine and specify in any Award Agreement provisions which shall apply upon a change
in control of the Company and for such purposes to define a change in control of the
Company. Unless otherwise defined in an Award Agreement, a &#147;<B><I>Change in Control</I></B><I></I>&#148; of
the Company for purposes of Awards made under this Plan shall mean any of the following
events: (a) a dissolution or liquidation of the Company, (b) a sale of substantially all
of the assets of the Company, (c) a merger or combination involving the Company after
which the owners of Common Stock of the Company immediately prior to the merger or
combination own less than 50% of the outstanding shares of common stock of the surviving
corporation, or (d) the acquisition of more than 50% of the outstanding shares of Common
Stock of the Company, whether by tender offer or otherwise, by any &#147;<B><I>person</I></B><I></I>&#148; (as
such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934)
other than a trustee or other fiduciary holding securities under an employee benefit plan
of the Company. The decision of the Committee as to whether a Change in Control has
occurred shall be conclusive and binding.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cash-Out</I></B>.&nbsp;&nbsp;In connection with any change in control, the Committee,
without the consent of Participants, may determine that (i) any or all outstanding
Options or Stock Appreciation Rights shall be automatically exercised and cashed out in
exchange for a cash payment for such Options and Stock Appreciation Rights which may not
exceed the Spread between the Option Price or Base Price and Fair Market Value on the
date of exercise, and (ii) any or all other outstanding Awards shall be cashed out in
exchange for such consideration as the Committee may in good faith determine to be
equitable under the circumstances.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Fractional
Shares</I></B>.&nbsp;&nbsp;The Company shall not be required to issue any fractional
Shares pursuant to this Plan. The Committee may provide for the elimination of
fractions or for the settlement thereof in cash. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Withholding
Taxes</I></B>.&nbsp;&nbsp;To the extent that the Company is required to withhold
federal, state, local or foreign taxes in connection with any payment made or
benefit realized by a Participant or other person under this Plan, it shall be a
condition to the receipt of such payment or the realization of such benefit that
the Participant or such other person make arrangements satisfactory to the
Company for payment of all such taxes required to be withheld. At the discretion
of the Committee, such arrangements may include relinquishment of a portion of
such benefit. The Fair Market Value of any Shares withheld or tendered to
satisfy any such tax withholding obligations shall not exceed the amount
determined by the applicable minimum statutory tax withholding rates.
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Certain
Terminations of Employment, Hardship and Approved Leaves of
Absence</I></B>.&nbsp;&nbsp;Notwithstanding any other provision of this Plan to the
contrary, in the event of termination of employment by reason of death,
disability, normal retirement, early retirement with the consent of the Company
or leave of absence approved by the Company, or in the event of hardship or
other special circumstances, of a Participant who holds an Option or Stock
Appreciation Right that is not immediately and fully exercisable, any Restricted
Shares as to which the substantial risk of forfeiture or the prohibition or
restriction on transfer has not lapsed, any Deferred Shares (Restricted Stock
Units) as to which the Deferral Period is not complete, any Performance Shares
or Performance Units that have not been fully earned, or any Shares that are
subject to any transfer restriction pursuant to Section 10.3, the Committee may
in its sole discretion take any action that it deems to be equitable under the
circumstances or in the best interests of the Company, including, without
limitation, waiving or modifying any limitation or requirement with respect to
any Award under this Plan. However, any such actions taken by the Committee must
comply with the provisions of Section 21 and the requirements of Code Section
409A. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Foreign
Participants</I></B>.&nbsp;&nbsp;In order to facilitate the making of any grant or
combination of grants under this Plan, the Committee may provide for such
special terms for Awards to Participants who are foreign nationals, or who are
employed by or perform services for the Company or any Subsidiary outside of the
United States of America, as the Committee may consider necessary or appropriate
to accommodate differences in local law, tax policy or custom. Moreover, the
Committee may approve such supplements to, or amendments, restatements or
alternative versions of, this Plan as it may consider necessary or appropriate
for such purposes without thereby affecting the terms of this Plan as in effect
for any other purpose, provided that no such supplements, amendments,
restatements or alternative versions shall include any provisions that are
inconsistent with the terms of this Plan, as then in effect, unless this Plan
could have been amended to eliminate such inconsistency without further approval
by the stockholders of the Company. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Amendments
and Other Matters</I></B>.  </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Plan Amendments</I></B>.&nbsp;&nbsp;This Plan may be amended from time to time by the
Board, but no such amendment shall increase any of the limitations specified in Section
3, other than to reflect an adjustment made in accordance with Section 11, without the
further approval of the stockholders of the Company. The Board may condition any
amendment on the approval of the stockholders of the Company if such approval is
necessary or deemed advisable with respect to the applicable listing or other
requirements of a national securities exchange or other applicable laws, policies or
regulations.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Award Deferrals</I></B>.&nbsp;&nbsp;The Committee may permit Participants to elect to
defer the issuance of Shares or the settlement of Awards in cash under the Plan pursuant
to such rules, procedures or programs as it may establish for purposes of this Plan. In
the case of an award of Restricted Shares, the deferral may be effected by the Participant&#146;s
agreement to forego or exchange his of her award of Restricted Shares and receive an
award of Deferred Shares (Restricted Stock Units). The Committee also may provide that
deferred settlements include the payment or crediting of interest on the deferral
amounts, or the payment or crediting of dividend equivalents where the deferral amounts
are denominated in Shares. However, any Award deferrals which the Committee permits must
comply with the provisions of Section 21 and the requirements of Code Section 409A.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Conditional Awards</I></B>.&nbsp;&nbsp;The Committee may condition the grant of any
award or combination of Awards under the Plan on the surrender or deferral by the
Participant of his or her right to receive a cash bonus or other compensation otherwise
payable by the Company or any Subsidiary to the Participant, provided that any such grant
must comply with the provisions of Section 21 and the requirements of Code Section 409A.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Repricing Prohibited</I></B>.&nbsp;&nbsp;The Committee shall not reprice any
outstanding Option, directly or indirectly, without the approval of the stockholders of
the Company, provided that nothing herein shall prevent the Committee from taking any
action provided for in Section 11. For this purpose, repricing of an Option shall include
(i) reducing the exercise price of an Option or (ii) cancelling or settling for cash or
other consideration an outstanding Option and granting a replacement Option at a lower
exercise price, within six months before or after the cancellation.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>No Employment Right</I></B>.&nbsp;&nbsp;This Plan shall not confer upon any Participant
any right with respect to continuance of employment or other service with the Company or
any Subsidiary and shall not interfere in any way with any right that the Company or any
Subsidiary would otherwise have to terminate any Participant&#146;s employment or other
service at any time.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax Qualification</I></B>.&nbsp;&nbsp;To the extent that any provision of this Plan
would prevent any Option that was intended to qualify under particular provisions of the
Code from so qualifying, such provision of this Plan shall be null and void with respect
to such Option, provided that such provision shall remain in effect with respect to other
Options, and there shall be no further effect on any provision of this Plan.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Amendments to Comply with Laws, Regulations or Rules</I></B>.&nbsp;&nbsp;Notwithstanding
any other provision of the Plan or any Award Agreement to the contrary, in its sole and
absolute discretion and without the consent of any Participant, the Board may amend the
Plan, and the Committee may amend any Award Agreement, to take effect retroactively or
otherwise as it deems necessary or advisable for the purpose of conforming the Plan or
such Award Agreement to any present or future law, regulation or rule applicable to the
Plan, including, but not limited to, Code Section 409A.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Effective Date</I></B>.&nbsp;
This Plan shall become effective upon its approval by the stockholders of the
Company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Termination</I></B>.&nbsp;&nbsp;This
Plan shall terminate on the tenth anniversary of the date upon which it is
approved by the stockholders of the Company, and no Award shall be granted after
that date. </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Limitations
Period</I></B>.&nbsp;&nbsp;Any person who believes he or she is being denied any
benefit or right under the Plan may file a written claim with the Committee. Any
claim must be delivered to the Committee within forty-five (45) days of the
specific event giving rise to the claim. Untimely claims will not be processed
and shall be deemed denied. The Committee, or its designated agent, will notify
the Participant of its decision in writing as soon as administratively
practicable. Claims not responded to by the Committee in writing within ninety
(90) days of the date the written claim is delivered to the Committee shall be
deemed denied. The Committee&#146;s decision shall be final, conclusive and
binding on all persons. No lawsuit relating to the Plan may be filed before a
written claim is filed with the Committee and is denied or deemed denied, and
any lawsuit must be filed within one year of such denial or deemed denial or be
forever barred. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Governing Law</I></B>.&nbsp;
The validity, construction and effect of this Plan and any Award hereunder will
be determined in accordance with the Delaware General Corporation Law, except to
the extent governed by applicable federal law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compliance with Code Section
409A</I></B>. </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Awards Subject to Section 409A</I></B>.&nbsp;&nbsp;The provisions of this Section 21
shall apply to any Award or portion thereof that is or becomes subject to Code Section
409A (&#147;<B><I>Section 409A</I></B><I></I>&#148;), notwithstanding any provision to
the contrary contained in the Plan or the Award Agreement applicable to such Award.
Awards subject to Section 409A include, without limitation:  </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Nonstatutory Stock Option or Stock Appreciation Right that permits the
deferral of compensation other than the deferral of recognition of income until
the exercise of the Award. </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other Award that either (i) provides by its terms for settlement of all or
any portion of the Award on one or more dates following the Short-Term Deferral
Period (as defined below) or (ii) permits or requires the Participant to elect
one or more dates on which the Award will be settled. </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subject
to any applicable U.S. Treasury Regulations promulgated pursuant to Section 409A or other
applicable guidance, the term &#147;<B><I>Short-Term Deferral Period</I></B>&#148; means
the period ending on the later of (i) the date that is two and one-half months from the
end of the Company&#146;s fiscal year in which the applicable portion of the Award is no
longer subject to a substantial risk of forfeiture or (ii) the date that is two and
one-half months from the end of the Participant&#146;s taxable year in which the
applicable portion of the Award is no longer subject to a substantial risk of forfeiture.
For this purpose, the term &#147;<B><I>substantial risk of forfeiture</I></B>&#148; shall
have the meaning set forth in any applicable U.S. Treasury Regulations promulgated
pursuant to Section 409A or other applicable guidance.  </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deferral and/or Distribution Elections</I></B>.&nbsp;&nbsp;Except as otherwise
permitted or required by Section 409A or any applicable U.S. Treasury Regulations
promulgated pursuant to Section 409A or other applicable guidance, the following rules
shall apply to any deferral and/or distribution elections (each, an &#147;<B><I>Election</I></B><I></I>&#148;)
that may be permitted or required by the Committee pursuant to an Award subject to
Section 409A:  </FONT>
</TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Elections must be in writing and specify the amount of the distribution in
settlement of an Award being deferred, as well as the time and form of
distribution as permitted by this Plan. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Elections shall be made by the end of the Participant&#146;s taxable year
prior to the year in which services commence for which an Award may be granted
to such Participant; provided, however, that if the Award qualifies as
<B><I>&#147;performance-based compensation</I></B>&#148; for purposes of
Section 409A and is based on services performed over a period of at least twelve
(12) months, then the Election may be made no later than six (6) months prior to
the end of such period. </FONT>
</TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elections shall continue in effect until a written election to revoke or change
such Election is received by the Company, except that a written election to
revoke or change such Election must be made prior to the last day for making an
Election determined in accordance with paragraph (b) above or as permitted by
Section 21.3. </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Subsequent Elections</I></B>.&nbsp;&nbsp;Any Award subject to Section 409A which
permits a subsequent Election to delay the distribution or change the form of
distribution in settlement of such Award shall comply with the following requirements:  </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No subsequent Election may take effect until at least twelve (12) months after
the date on which the subsequent Election is made; </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each subsequent Election related to a distribution in settlement of an Award not
described in Section 21.4(b), 21.4(c) or 21.4(f) must result in a delay of the
distribution for a period of not less than five (5) years from the date such
distribution would otherwise have been made; and </FONT>
</TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No subsequent Election related to a distribution pursuant to Section 21.4(d)
shall be made less than twelve (12) months prior to the date of the first
scheduled payment under such distribution. </FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Distributions Pursuant to Deferral Elections</I></B>.&nbsp;&nbsp;No distribution in settlement of an Award
subject to Section 409A may commence earlier than: </FONT>
</TD>
</TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separation from service (as determined pursuant to U.S. Treasury Regulations or
other applicable guidance); </FONT>
</TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The date the Participant becomes Disabled (as defined below);  </FONT>
</TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Death;  </FONT>
</TD>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A specified time (or pursuant to a fixed schedule) that is either (i) specified
by the Committee upon the grant of an Award and set forth in the Award Agreement
evidencing such Award or (ii) specified by the Participant in an Election
complying with the requirements of Section 21.2 and/or 21.3, as applicable;
</FONT>
</TD>
</TR>
</TABLE>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent provided by U.S. Treasury Regulations promulgated pursuant to
Section 409A or other applicable guidance, a change in the ownership or
effective control or the Company or in the ownership of a substantial portion of
the assets of the Company; or </FONT>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The occurrence of an Unforeseeable Emergency (as defined below).  </FONT>
</TD>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding
anything else herein to the contrary, to the extent that a Participant is a &#147;<B><I>Specified
Employee</I></B><I></I>&#148; (as defined in Code Section 409A(a)(2)(B)(i)), no
distribution pursuant to Section 21.4(a) in settlement of an Award subject to Section
409A may be made before the date which is six (6) months after such Participant&#146;s
date of separation from service, or, if earlier, the date of the Participant&#146;s
death.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Unforeseeable Emergency</I></B>.&nbsp;
The Committee shall have the authority to provide in the Award Agreement evidencing any
Award subject to Section 409A for distribution in settlement of all or a portion of such
Award in the event that a Participant establishes, to the satisfaction of the Committee,
the occurrence of an Unforeseeable Emergency (as defined in Section 409A). In such event,
the amount(s) distributed with respect to such Unforeseeable Emergency cannot exceed the
amounts necessary to satisfy such Unforeseeable Emergency plus amounts necessary to pay
taxes reasonably anticipated as a result of such distribution(s), after taking into
account the extent to which such hardship is or may be relieved through reimbursement or
compensation by insurance or otherwise or by liquidation of the Participant&#146;s assets
(to the extent the liquidation of such assets would not itself cause  </FONT>
</TD>
</TR>
</TABLE>
<BR>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36 </FONT></P>
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<BR>



<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>severe
financial hardship). All distributions with respect to an Unforeseeable Emergency shall
be made in a lump sum as soon as practicable following the Committee&#146;s determination
that an Unforeseeable Emergency has occurred. The occurrence of an Unforeseeable
Emergency shall be judged and determined by the Committee. The Committee&#146;s decision
with respect to whether an Unforeseeable Emergency has occurred and the manner in which,
if at all, the distribution in settlement of an Award shall be altered or modified, shall
be final, conclusive, and not subject to approval or appeal.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Disabled</I></B>.&nbsp;&nbsp;The Committee shall have the authority to provide in the
Award Agreement evidencing any Award subject to Section 409A for distribution in
settlement of such Award in the event that the Participant becomes Disabled. A
Participant shall be considered &#147;<B><I>Disabled</I></B><I></I>&#148; if either:  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than twelve (12) months, or </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 2" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Participant is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months, receiving income
replacement benefits for a period of not less than three (3) months under an
accident and health plan covering employees of the Participant&#146;s employer.
</FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
distributions payable by reason of a Participant becoming Disabled shall be paid in a
lump sum or in periodic installments as established by the Participant&#146;s Election,
commencing as soon as practicable following the date the Participant becomes Disabled. If
the Participant has made no Election with respect to distributions upon becoming
Disabled, all such distributions shall be paid in a lump sum as soon as practicable
following the date the Participant becomes Disabled.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Death</I></B>.&nbsp;&nbsp;If a Participant dies before complete distribution of amounts
payable upon settlement of an Award subject to Section 409A, such undistributed amounts
shall be distributed to his or her beneficiary under the distribution method for death
established by the Participant&#146;s Election as soon as administratively possible
following receipt by the Committee of satisfactory notice and confirmation of the
Participant&#146;s death. If the Participant has made no Election with respect to
distributions upon death, all such distributions shall be paid in a lump sum as soon as
practicable following the date of the Participant&#146;s death.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Level 1" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>No Acceleration of Distributions</I></B>.&nbsp;&nbsp;Notwithstanding anything to the
contrary herein, this Plan does not permit the acceleration of the time or schedule of
any distribution under this Plan in settlement of an Award subject to Section 409A,
except as provided by Section 409A and/or U.S. Treasury Regulations promulgated pursuant
to Section 409A or other applicable guidance.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Predecessor
Plan</I></B>.&nbsp;&nbsp;Upon stockholder approval of this Plan pursuant to Section
17, no new awards will be granted under the Predecessor Plan, and any awards for
Shares granted under the Predecessor Plan after December 12, 2005 will reduce
the number of Shares available for Awards under Section 3.1 using the share
reduction ratios set forth in Section 3.2. </FONT></P>



<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>37 </FONT></P>
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<BR>





<BR><BR><BR><BR><BR><BR>
<H4 ALIGN=CENTER STYLE="font-size:14pt">LINDSAY MANUFACTURING CO.</H4>

<P align=center STYLE="font-size:12pt"><B>ANNUAL MEETING OF STOCKHOLDERS
<BR>
<BR>Monday, February 6, 2006
<BR>8:30 a.m. CST
<BR>
<BR>Corporate Headquarters
<BR>2707 North 108th Street, Suite 102
<BR>Omaha, NE<BR></B></P>


<BR><BR><BR><BR><BR><BR>
<HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>
<BR><BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=BOTTOM>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Lindsay Manufacturing Co.<BR>2707 North 108th
Street, Suite 102<BR>Omaha, NE</B> </FONT></TD>
<TD WIDTH=50% align=right><FONT FACE="Times New Roman, Times, Serif" SIZE="6"><B>proxy</B> </FONT> </TD></TR>
<TR>
<TD colspan=2><HR SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
</TABLE>
<BR>


<P STYLE="font-size:10pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF LINDSAY MANUFACTURING CO. FOR USE ONLY
AT THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON FEBRUARY 6, 2006 AND AT ANY ADJOURNMENT THEREOF.</B></P>

<P STYLE="font-size:10pt">The undersigned hereby authorizes the Board of Directors of Lindsay Manufacturing Co. (the
&#147;Company&#148;), or any successors in their respective positions, as proxy, with full powers of substitution, to represent
the undersigned at the Annual Meeting of Stockholders of the Company to be held at the Company&#146;s corporate office, 2707 North
108th Street, Suite 102, Omaha, Nebraska, on Monday, February&nbsp;6, 2006, at 8:30&nbsp;a.m., Central Standard Time, and at any
adjournment of said meeting, and thereat to act with respect to all votes that the undersigned would be entitled to cast, if then
personally present, in accordance with the instructions below and on the reverse hereof.</P>

<P STYLE="font-size:10pt">This proxy is revocable and the undersigned may revoke it at any time prior to the Annual Meeting by
giving written notice of such revocation to the Secretary of the Company. Should the undersigned be present and want to vote in
person at the Annual Meeting or at any adjournment thereof, the undersigned may revoke this proxy by giving written notice of such
revocation to the Secretary of the Company on a form provided at the meeting. The undersigned hereby acknowledges receipt of a
Notice of Annual Meeting of Stockholders of the Company called for February&nbsp;6, 2006, the Proxy Statement for the Annual
Meeting and the Company&#146;s 2005 Annual Report to Stockholders prior to the signing of this proxy.</P>
<BR><BR><BR>

<P STYLE="font-size:10pt"><I>(continued and to be signed on the reverse hereof)</I></P>








<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></P>
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<BR>



<BR><BR><BR><BR><BR><BR><BR><BR><BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">\/<I>&nbsp;&nbsp;&nbsp;&nbsp;Please detach here&nbsp;&nbsp;&nbsp;&nbsp;</I>\/ </FONT> </P>


<P STYLE="font-size:10pt;text-align:center"><B>The Board of Directors Recommends a Vote FOR Items 1, 2 and 3.</B></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Top>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>1.</B> </FONT></TD>
     <TD WIDTH=10% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Election of directors<BR>for terms to<BR>expire in 2009:</FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT" NOWRAP><FONT FACE="Times New Roman, Times, Serif" SIZE=2>01&nbsp;&nbsp;Larry H. Cunningham<BR>02&nbsp;&nbsp;Richard W. Parod </FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="wingdings" SIZE=2>o</FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vote FOR<BR>all nominees<BR>(except as marked)</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="wingdings" SIZE=2>o</FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vote WITHHELD<BR>from all nominees</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

<TABLE CELLSPACING=2 CELLPADDING=2 WIDTH=100%>
<TR VALIGN=TOP STYLE="font-size:10pt">
<TD WIDTH=60%><B>(Instructions: To withhold authority to vote for any indicated nominee,
<BR>write the number(s) of the nominee(s) in the box provided to the right.)</B></TD>
<TD WIDTH=40% STYLE="border:1px solid black">&nbsp;</TD></TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Top>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>2.</B> </FONT></TD>
     <TD WIDTH=25% nowrap ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPROVAL OF 2006 LONG-TERM INCENTIVE PLAN </FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="wingdings" SIZE=2>o</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For </FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="wingdings" SIZE=2>o</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Against </FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="wingdings" SIZE=2>o</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Abstain </FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>3.</B> </FONT></TD>
<TD nowrap ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AUDITOR.&nbsp;&nbsp;&nbsp;Ratification of the appointment of KPMG LLP as the independent
<BR>auditor for the fiscal year ending August&nbsp;31, 2006. </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="wingdings" SIZE=2>o</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="wingdings" SIZE=2>o</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Against </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="wingdings" SIZE=2>o</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Abstain </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN=Top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>4.</B> </FONT></TD>
<TD colspan=10 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To vote, in its discretion, upon any other business
that may properly come before the Annual Meeting or any adjournment thereof which management did not&nbsp;have written notice of
on November&nbsp;14, 2005. </FONT></TD>
</TR>
</TABLE>
<BR>

<P STYLE="font-size:10pt"><B>THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED
STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR ELECTION OF THE BOARD OF DIRECTORS&#146; NOMINEES FOR DIRECTOR,
FOR THE APPROVAL OF THE 2006 LONG-TERM INCENTIVE PLAN AND FOR THE RATIFICATION OF THE APPOINTMENT OF KPMG AS THE INDEPENDENT
AUDITOR.</B>
<BR>
<BR>Address Change?&nbsp;&nbsp;&nbsp;Mark Box&nbsp;&nbsp; <FONT FACE="wingdings" SIZE="2">o </FONT> <FONT FACE="Times New Roman, Times, Serif" SIZE="2">Indicate changes below: </FONT> <BR></P>

<DIV ALIGN=RIGHT>
<TABLE WIDTH=40% STYLE="border-collapse:collapse">
<TR STYLE="font-size:10pt">
<TD>Date ____________________________________<BR>&nbsp;</TD></TR>

<TR STYLE="font-size:10pt">
<TD STYLE="border:1px solid black">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</TD>
</TR>
<TR STYLE="font-size:10pt">
<TD>
<BR>Signature(s) in Box<BR>
Please sign exactly as name appears on
this proxy. When shares are held by joint tenants, both should sign.
When signing as attor ney, executor, administrator, trustee or
guardian, please give your full title. If a corporation, please sign in
full corporate name by authorized officer. If a partnership, please
sign in partnership name by authorized person.
<BR>
<BR><B>PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.</B></TD>
</TR>
</TABLE>
<BR>
</DIV>




<BR>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
