GEHL COMPANY
                            2003 INCENTIVE BONUS PLAN


     The purpose of the Gehl Company (the "Company") 2003 Incentive Bonus Plan
("Plan") is to provide a system of incentive compensation which will reward
participants for achieving Company net income and asset reduction targets, as
well as their personal / departmental goals. This Plan supercedes and replaces
the SVA Management Incentive Compensation Plan dated December 15, 1995.

     All exempt employees shall be considered participants in the Plan, and each
participant will be assigned a target bonus based upon a percentage of their
annual salary, which in most cases will be similar to the target bonus
percentage assigned to the participant under the former SVA Management Incentive
Compensation Plan dated December 15, 1995.

     Any bonus payable under the Plan will be paid after the 2003 fiscal results
are finalized by the Company's auditors and approved by the Company's Audit
Committee. Participants must be employed by the Company on the date the bonuses
are paid. If a participant voluntarily leaves the Company's employ for reasons
other than retirement, or is terminated prior to the date the bonuses are paid,
the participant will be ineligible to receive any bonus.

     The Plan shall be effective for the 2003 fiscal year and may be modified or
terminated by the Board of Directors at its sole discretion. It is the intent of
the Compensation and Benefits Committee of the Board of Directors to review the
Plan annually and adjust the targets consistent with the Company's overall
business and strategic plan objectives.

     The Bonus Pool components are as follows:

          Net Income                         70%
          Asset Reduction                    20%
          Individual / Department Goals      10%

     A full (100%) payout occurs when the assigned net income and asset
reduction targets for the year are met and the participant meets the individual
/ departmental goals. Above and below the 100% Plan target is a 20% band: 80%
minimum threshold, 120% maximum; the same for both net income and asset
reduction, as well as individual performance.

     The Net Income and Asset Reduction targets for 2003 shall be determined by
the Compensation and Benefits Committee of the Board of Directors.

     Any extraordinary event such as the sale of assets not in the ordinary
course of business or extraordinary gains or losses shall not be taken into
account in computing actual net income and asset reduction for 2003. The
components of asset reduction are wholesale and retail receivables, fixed
assets, inventories and current liabilities.