JLG Announces Variable Prepaid Forward Contracts by Chairman and CFO

November 23, 2005 — Bill Lasky, chairman of the board, president, and chief executive officer of JLG Industries, McConnellsburg, Pa., and Jim Woodward, executive vice president and chief financial officer, have entered into plans consistent with Rule 10b5-1 of the Securities and Exchange Commission with SunTrust Bank to sell up to an aggregate of 100,000 and 40,000 shares, respectively, of JLG's common stock through “Variable Prepaid Forward” contracts.

 

The VPF contracts are scheduled to mature on June 1, 2007, and June 2, 2008, at which time the actual number of shares to be delivered by Messrs. Lasky and Woodward's stock will be determined based on the price of the Company's common stock • the number is not to exceed a total of 50,000 and 20,000 shares, respectively, on each date. The VPF arrangements allow these executives to maintain certain voting and dividend rights and to participate in future stock price appreciation up to 130% during the term of the contracts.

 

The shares subject to the contracts represent less than 13% and 19% of the shares beneficially owned by Lasky and Woodward, respectively. The purpose is financial planning, primarily diversification of investment portfolios. Each has filed a Form 144, and each will be filing a Form 4 with the Securities and Exchange Commission in connection with these contracts.