GEHL COMPANY
                           DIRECTOR STOCK GRANT PLAN
                                  (As Revised)

     1.   Purpose.  The purpose of the Gehl Company Director Stock Grant Plan
(the "Plan") is to promote the best interests of the Company and its
shareholders by providing a means to attract and retain competent independent
directors and to provide opportunities for additional stock ownership by such
directors which will further increase their proprietary interest in the
Company and, consequently, their identification with the interests with the
interests of the Shareholders of the Company.

     2.   Administration.  The Plan shall be administered by the Compensation
and Benefits Committee of the Board of Directors of the Company (the
"Administrator"), subject to review by the Board of Directors (the "Board").
The Administrator may adopt such rules and regulations for carrying out the
Plan as it may deem proper and in the best interests of the Company.  The
interpretation by the Board of any provision of the Plan or any related
documents shall be final.

     3.   Stock Subject to the Plan.  Subject to adjustment in accordance with
the provisions of paragraph 7, the total number of shares of common stock,
$.10 par value, of the Company ("Common Stock") available for awards under the
Plan shall be 25,000.  Shares of Common Stock to be delivered under the Plan
shall be made available from presently authorized but unissued Common Stock or
authorized and issued shares of Common Stock reacquired and held as treasury
shares, or a combination thereof.  In no event shall the Company be required
to issue fractional shares of Common Stock under the Plan.  Whenever under the
terms of the Plan a fractional share of Common Stock would otherwise be
required to be issued, there shall be paid in lieu thereof one full share of
Common Stock.

     4.   Director Grants.  Each member of the Board who is not an employee of
the Company or any subsidiary of the Company shall receive a grant of Common
Stock (a "Director Grant") on the 31st day of December of each year in payment
of a portion of his or her retainer fee for serving as a member of the Board.

     5.   Grant Amount.  Each Director Grant shall consist of such number of
shares of Common Stock whose value on the issue date equals $5,000.00.  For
purposes of the Plan, the value of the Common Stock as of the issue date shall
equal the last sale price of a share of Common Stock on The Nasdaq Stock
Market on the issue date (or if no sale took place on such exchange on such
date, the last sale price on such exchange on the most recent preceding date
on which a sale took place).

     6.   Restrictions on Transfer.  Shares of Common Stock acquired under the
Plan may not be sold or otherwise disposed of except pursuant to an effective
registration statement under the Securities Act of 1933, as amended, or except
in a transaction which, in the opinion of counsel, is exempt from registration
under said Act.  All certificates evidencing shares subject to Director Grants
may bear an appropriate legend evidencing any such transfer restriction.  The
Administrator may require each person receiving a Director Grant under the
Plan to represent in writing that such person is acquiring the shares of
Common Stock without a view to the distribution thereof.  All dividends and
voting rights for shares awarded under the Plan shall accrue as of the issue
date of the Director Grant.

     7.   Adjustment Provisions.  In the event of any change in the Common
Stock by reason of a declaration of a stock dividend (other than a stock
dividend declared in lieu of an ordinary cash dividend), spin-off, merger,
consolidation, recapitalization, or split-up, combination or exchange of
shares, or otherwise, the aggregate number of shares available under this Plan
shall be appropriately adjusted in order to prevent dilution or enlargement of
the benefits intended to be made available under the Plan.

     8.   Amendment of Plan.  The Board shall have the right to amend the Plan
at any time or from time to time in any manner that it may deem appropriate,
provided that such amendments shall not be made more than once every six
months.

     9.   Governing Law.  The Plan, all awards hereunder, and all
determinations made and actions taken pursuant to the Plan shall be governed
by the internal laws of the State of Wisconsin and applicable federal law.

     10.  Term of  Plan.  The Plan shall terminate on such date as may be
determined by the Board.