ASV INC /MN/
EMPLOYMENT AGREEMENT - MARK GLASNAPP
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<TYPE>EX-10.1
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<FILENAME>c04381exv10w1.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT - MARK GLASNAPP
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EMPLOYMENT AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Employment Agreement (&#147;Agreement&#148;) is made effective as of July&nbsp;12, 2004 (&#147;Effective
Date&#148;), by and between Mark Glasnapp (&#147;Executive&#148;), an individual resident of the State of
Minnesota, and A.S.V, Inc., (&#147;ASV&#148;), a corporation organized under the laws of the State of
Minnesota.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, ASV and Executive desire to enter into this Agreement to set forth the terms and
conditions of Executive&#146;s employment in the position of President; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, ASV and Executive agree that, solely due to Executive&#146;s position with ASV, Executive
will have access to confidential and proprietary information of ASV; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Both ASV and Executive recognize the critical importance to ASV of preserving the
confidentiality of this confidential and proprietary information and protecting ASV against
immediate competition from former key employees of ASV following their separation from ASV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, In consideration of the mutual obligations incurred and benefits obtained
hereunder, the sufficiency of which is admitted, ASV and Executive agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Employment</U>. ASV hereby employs Executive to initially serve ASV as President and
to perform such duties as may be assigned to him from time to time by ASV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Term</U>. The term of this Agreement shall begin on the Effective Date and shall
continue until terminated as set forth in Section&nbsp;5 (&#147;Term&#148;); however, any provision in this
Agreement which by its terms survives expiration of this Agreement, shall so survive and ASV and
Executive shall comply with the terms of each such provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Duties</U>. Executive agrees to serve ASV faithfully and to the best of Executive&#146;s
ability and to devote Executive&#146;s full professional and business time, attention and efforts to the
business and affairs of ASV during the Term. Executive hereby confirms that Executive is under no
contractual commitments inconsistent with Executive&#146;s obligations set forth in this Agreement and
that, during the Term, Executive will not render or perform any services for any other corporation,
firm, entity or person which are inconsistent with the provisions of this Agreement or which would
otherwise impair Executive&#146;s ability to perform Executive&#146;s duties hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Compensation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;4.01 <U>Salary</U>. Executive shall be paid a base annual salary in the amount of one
hundred ninety thousand dollars ($190,000), less all applicable withholdings and deductions and
paid in accordance with ASV&#146;s normal payroll procedures and policies, as such procedures and
policies may be modified from time to time. Nothing in this Agreement shall prevent ASV from, at
any time, increasing the compensation to be paid to Executive, if it elects to do so.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;4.02 <U>Participation in Benefits</U>. Except as otherwise provided herein, during the Term,
Executive shall be entitled to participate in the executive benefit plans offered generally by ASV
to its executives, to the extent that Executive&#146;s position, tenure, salary, health and other
qualifications make Executive eligible to participate. ASV does not guarantee the adoption or
continuance of any particular benefit during the Term, and nothing in this Agreement is intended to
or shall in any way restrict the right of ASV to amend, modify or terminate any of its benefits
during the Term.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;4.03 <U>Life Insurance</U>. ASV shall provide Executive with life insurance in the amount of
$350,000 payable to such beneficiary as Executive may designate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;4.04 <U>Disability Insurance</U>. ASV will provide Executive with a disability insurance
policy with a disability benefit equal to 60% of Executive&#146;s base salary (at the time of
Executive&#146;s disability) after 90&nbsp;days of continual disability payable to a maximum of age 65.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;4.05 <U>Deferred Compensation</U>. ASV will establish a nonqualified deferred compensation
plan in which Executive will participate. A copy of the plan is attached hereto as Exhibit&nbsp;A.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;4.06 <U>Post-Retirement Medical</U>. The nonqualified deferred compensation plan described
in Section&nbsp;4.06 will provide a cash benefit to Executive and his spouse with the intention that
Executive and spouse use that benefit to purchase post-retirement medical insurance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;4.07 <U>Expenses</U>. In accordance with ASV&#146;s normal policies for expense reimbursement,
ASV will reimburse Executive for all reasonable and necessary expenses incurred by Executive in the
performance of Executive&#146;s duties under this Agreement, subject to the presentment of receipts or
other documentation acceptable to ASV.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Termination</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;5.01 <U>At-Will Employment</U>. Executive and ASV acknowledge that Executive&#146;s employment
with ASV is &#147;at-will employment&#148; and that the employment relationship may be terminated at any
time, upon written notice to the other party, for any or no reason at all, at the option of either
party. Executive&#146;s employment pursuant to this Agreement shall terminate automatically in the
event of Executive&#146;s death or Executive&#146;s total disability which results in Executive&#146;s inability
to perform the essential functions of Executive&#146;s position, with or without reasonable
accommodation, provided Executive has exhausted Executive&#146;s entitlement to any applicable leave, if
Executive desires to take and satisfies all eligibility requirements for such leave.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;5.02 <U>Effect of Termination</U>. Notwithstanding any termination of Executive&#146;s employment
with ASV, Executive, in consideration of Executive&#146;s employment hereunder to the date of such
termination, shall remain bound by the provisions of this Agreement which specifically relate to
periods, activities or obligations upon or subsequent to the termination of Executive&#146;s employment,
including, but not limited to, the covenants contained in Section&nbsp;6.
</DIV>

<P align="center" style="font-size: 10pt">2
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Executive shall not be eligible to earn any further compensation under the provisions of this
Agreement following termination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;5.03 <U>Surrender of Records and Property</U>. Upon termination of Executive&#146;s employment
with ASV, Executive shall deliver promptly to ASV all property, records, documents and other
tangible items which are the property of ASV or which relate in any way to the business, products,
practices or techniques of ASV, including data incorporated in work processing, computer and other
data and electronic storage media and all copies of such records, documents and information,
including all Confidential Information, as defined below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Restrictive Covenants</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;6.01 <U>Confidential Information</U>. During the course of employment with ASV, Executive
will develop, become aware of and accumulate expertise, knowledge and information regarding ASV&#146;s
organization, strategies, business, operations, products, manufacturing, marketing, trade secrets,
current or proposed products and technologies and ASV&#146;s past, current or potential customers and
suppliers. ASV considers such expertise, knowledge and information to be valuable, confidential
and proprietary, and it shall be considered &#147;Confidential Information&#148; for purposes of this
Agreement. During Executive&#146;s employment with ASV and for a period of two years after such
employment ends, Executive agrees that he will (1)&nbsp;not use such Confidential Information or
disclose it to other persons or entities except as is necessary for the performance of Executive&#146;s
duties for ASV or as has been expressly permitted in writing by ASV, (2)&nbsp;keep in strictest
confidence and trust all Confidential Information that is disclosed to Executive or to which
Executive has access, (3)&nbsp;comply with all applicable policies and standard procedures established
by ASV to maintain the secrecy and confidentiality of Confidential Information, (4)&nbsp;other than in
the proper performance of Executive&#146;s duties, remove any tangible Confidential Information from the
premises where such information is kept, and (5)&nbsp;not use the Confidential Information to ASV&#146;s
disadvantage. Executive will provide all necessary assistance that ASV requests to maintain the
secrecy and confidentiality of Confidential Information. This Section&nbsp;6.01 shall survive the
termination of this Agreement as specified in this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;6.02 <U>Non-Disparagement</U>. During Executive&#146;s employment with ASV and for a period of
two years after such employment ends, Executive agrees not to criticize, make any negative comments
or otherwise disparage or put in disrepute ASV, or those associated with ASV, in any way, whether
orally, in writing, in electronic form or otherwise, directly or by implication in communication
with any person, including but not limited to employees, suppliers and customers of ASV. This
Section&nbsp;6.02 shall survive the termination of this Agreement as specified in this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;6.03 <U>Non-Solicitation</U>. During Executive&#146;s employment with ASV and for a period of one
year after such employment ends, Executive will not (1)&nbsp;directly or indirectly attempt to hire,
solicit, employ, or attempt to employ, any employee, director, independent contractor or consultant
of ASV, or otherwise directly or indirectly interfere with or disrupt relationships, contractual or
otherwise, between ASV and any of its employees, directors, independent contractors or consultants,
(2)&nbsp;directly or indirectly solicit, divert or take away, or attempt to solicit, divert or take
away, the business of any person, entity or company with whom
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">ASV has established or seeking to establish a business or customer relationship, and (3)
directly or indirectly, in any way interfere, or attempt to interfere, with ASV&#146;s relationships
with any of its actual or potential vendors or suppliers. This Section&nbsp;6.03 shall survive the
termination of this Agreement as specified in this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;6.04 <U>Non Competition</U>. During Executive&#146;s employment with ASV and for a period of one
year after such employment ends, Executive will not, without ASV&#146;s prior written consent, directly
or indirectly, in any manner (<I>e.g.</I>, as an executive, employee, consultant, principal, partner,
agent, trustee, member, manager, shareholder, officer, director or otherwise), render services,
advice or assistance to any division, group or part of any corporation, person, organization or
other entity which engages in the marketing, selling, production, design or development of any
product, good, service or procedure which is or may be used as an alternative to, or which is or
may be sold in competition with any product, good, service or procedure marketed, sold, produced,
designed or developed by ASV (including products, goods, services, or procedures currently being
researched or under development by ASV) (the &#147;Competitive Business&#148;), in any geographic location,
domestic or foreign, in which Executive performed services or had responsibility on behalf of ASV.
It is understood that Executive may render services, advice or assistance to any separate division,
group or part of any corporation, person, organization or other entity which is not engaged in a
Competitive Business regardless of whether another separate division, group or part of such
corporation, person, organization or other entity is engaged in a Competitive Business. This
Section&nbsp;6.04 shall survive the termination of this Agreement as specified in this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;6.05 <U>Acknowledgment</U>. Executive agrees that the restrictions and agreements contained
in this Agreement are reasonable and necessary to protect the legitimate interests of ASV, and that
any violation of this Agreement will cause substantial and irreparable harm to ASV that would not
be quantifiable and for which no adequate remedy would exist at law. Executive further
acknowledges that Executive has requested, or has had the opportunity to request, that legal
counsel review this Agreement, and having exhausted such right, agrees to the terms herein without
reservation. Accordingly, Executive authorizes the issuance of injunctive relief by any court of
appropriate jurisdiction, without the requirement of posting bond, for any violation of this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;6.06. <U>Notification of Employment</U>. If at any time covered by the covenants contained
in Section&nbsp;6.03 and Section&nbsp;6.04, Executive accepts new employment or becomes affiliated with a
third party, Executive shall immediately notify ASV of the identity and business of the new
employer or affiliation. Without limiting the foregoing, Executive&#146;s obligation to give notice
under this Section&nbsp;6.06 shall apply to any business ventures in which Executive proposes to engage,
even if not with a third-party employer (such as, without limitation, a joint venture, partnership
or sole proprietorship). Executive hereby consents to ASV notifying any such new employer or
business venture of the terms of the covenants in this Section&nbsp;6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Disclosure and Assignment of Inventions</U>. Executive agrees that he will promptly
disclose to ASV all Inventions, as defined below, and Confidential Information generated, conceived
or reduced to practice by him alone or in conjunction with others, during or after working hours,
while Executive has been employed by ASV or within twenty-four (24)
</DIV>

<P align="center" style="font-size: 10pt">4
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">months thereafter; and all such Inventions and Confidential Information shall be the exclusive
property of ASV and are hereby assigned to ASV. Further, Executive agrees, at ASV&#146;s expense, to
give ASV all assistance it reasonably requires to perfect, protect and use its right to Executive&#146;s
Inventions and Confidential Information. &#147;Invention&#148; means any discovery, improvement, idea,
process, development, design, know-how, data and formula, whether patentable or unpatentable, or
protectable by copyright or other intellectual property law. Pursuant to Minnesota Statutes &#167;
181.78, the provisions of this Section do not apply to any Invention of Executive if it (1)&nbsp;was
developed entirely on his own time; (2)&nbsp;was not made with the use of Confidential Information or
any equipment, supplies, or facilities of ASV; (3)&nbsp;is unrelated, directly or indirectly, to the
business of ASV or to ASV&#146;s actual or demonstrably anticipated research or development; and (4)&nbsp;did
not result from any work performed by him for ASV. Attached as Exhibit&nbsp;B is a list of Inventions
Executive believes falls under this provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Miscellaneous</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;8.01 <U>Governing Law</U>. This Agreement is made under and shall be governed by and
construed in accordance with the laws of the State of Minnesota, without regard to its conflicts of
laws principles or those of any other State.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;8.02 <U>Entire Agreement</U>. This Agreement contains the entire agreement of the parties
relating to the employment of Executive by ASV and the other matters discussed herein and
supersedes, terminates and replaces all prior promises, contracts, agreements and understandings of
any kind, whether express or implied, oral or written, with respect to such subject matter
(including, but not limited to, any promise, contract or understanding, whether express or implied,
oral or written, by and between ASV and Executive), and the parties hereto have made no agreements,
representations or warranties relating to the subject matter of this Agreement which are not set
forth herein or in the other agreements mentioned herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;8.03 <U>Withholding Taxes</U>. ASV may take such action as it deems appropriate to insure
that all applicable federal, state, city and other payroll, withholding, income or other taxes
arising from any compensation, benefits or any other payments made pursuant to this Agreement, or
any other contract, agreement or understanding which relates, in whole or in part, to Executive&#146;s
employment with ASV, are withheld or collected from Executive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;8.04 <U>Amendments</U>. No amendment or modification of this Agreement shall be deemed
effective unless made in writing and signed by Executive and ASV.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;8.05 <U>No Waiver</U>. No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel to enforce any provisions of this Agreement, except by a
statement in writing signed by the party against whom enforcement of the waiver or estoppel is
sought. Any written waiver shall not be deemed a continuing waiver unless specifically stated,
shall operate only as to the specific term or condition waived, and shall not constitute a waiver
of such term or condition for the future or as to any act other than as specifically set forth in
the waiver.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;8.06 <U>Assignment</U>. This Agreement shall not be assignable, in whole or in part, by any
party without the written consent of the other party, except that ASV may, without the consent of
Executive, assign its rights and obligations under this Agreement to any ASV affiliate or in
connection with a change in control of ASV.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;8.07 <U>Injunctive Relief</U>. Executive acknowledges and agrees that the services to be
rendered by Executive hereunder are of a special, unique and extraordinary character, that it would
be difficult to replace such services and that any violation of Sections&nbsp;6 or 7 hereof would be
highly injurious to ASV, and that it would be extremely difficult to compensate ASV fully for
damages for any such violation. Accordingly, Executive specifically agrees that ASV shall be
entitled to temporary and permanent injunctive relief to enforce the provisions of Sections&nbsp;6 or 7
hereof, and that such relief may be granted without the necessity of proving actual damages and
without necessity of posting any bond. This provision with respect to injunctive relief shall not,
however, diminish the right of ASV to claim and recover damages, or to seek and obtain any other
relief available to it at law or in equity, in addition to injunctive relief.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;8.08 <U>Severability</U>. To the extent any provision of this Agreement shall be determined
to be invalid or unenforceable in any jurisdiction, such provision shall be deemed to be deleted
from this Agreement as to that jurisdiction only, and the validity and enforceability of the
remainder of such provision and of this Agreement shall be unaffected. In furtherance of and not
in limitation of the foregoing, Executive expressly agrees that should the duration of,
geographical extent of or business activities covered by, any provision of this Agreement be in
excess of that which is valid or enforceable under applicable law in a given jurisdiction, then
such provision, as to such jurisdiction only, shall be construed to cover only that duration,
extent or activities that may validly or enforceably be covered. Executive acknowledges the
uncertainty of the law in this respect and expressly stipulates that this Agreement shall be
construed in a manner that renders its provisions valid and enforceable to the maximum extent (not
exceeding its express terms) possible under applicable law in each applicable jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth in the
first paragraph.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">A.S.V, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Gary Lemke
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Gary Lemke&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">EXECUTIVE<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Glasnapp
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Mark Glasnapp&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt">6
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<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EXHIBIT A</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>AGREEMENT<BR>
FOR<BR>
SUPPLEMENTAL EXECUTIVE RETIREMENT PAY</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement, effective July&nbsp;12, 2004, is made by and between Mark Glasnapp
(&#147;Executive&#148;) and A.S.V., Inc., a Minnesota corporation (&#147;ASV&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">WITNESSETH:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Executive is employed as ASV&#146;s President; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Employment Agreement, dated July&nbsp;12, 2004, between Executive and ASV
(&#147;Agreement&#148;) provides that ASV will establish and provide Executive a supplemental retirement
benefit plan; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, ASV and Executive desire to enter into this Agreement for supplemental employee
retirement benefits; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, ASV and Executive agree that this Agreement satisfies the requirement in Executive&#146;s
Employment Agreement for ASV to provide Executive a supplemental retirement benefit plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, based on the foregoing and the mutual promises which follow, the parties
hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Supplemental Retirement Benefit</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <U>Form of Benefit</U>. If Executive has attained age fifty-five (55)&nbsp;while employed by
ASV or an affiliate, ASV shall provide Executive a supplemental retirement benefit in the form of a
series of annual cash payments. Each annual cash payment shall equal fifty-five thousand dollars
($55,000), less applicable tax withholding. Except as provided for in Section&nbsp;1.2, the benefit
shall commence within sixty (60)&nbsp;days following the later of (a)&nbsp;the date Executive attains age
fifty-five (55), or (b)&nbsp;the earliest date that such payment would be fully deductible by ASV for
federal income tax purposes. The benefit shall end, and the last payment shall be paid, on the
date Executive attains age eighty (80). Other than the first payment, which shall be paid on the
date specified above, each annual cash payment shall be made on the first business day following
Executive&#146;s birthday (or as soon as administratively feasible after such date).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <U>Delay of Payment</U>. If Executive is working for ASV or an affiliate at the time an
annual cash payment becomes payable under Section&nbsp;1.1, such payment shall be delayed until the date
his employment ends. If a payment is delayed under this Section&nbsp;1.2, it shall be deemed to have
been invested in a 10-year United States Treasury Note for the period beginning with the date it
became payable under Section&nbsp;1.1 and ending on the date the payment is actually paid under this
Section&nbsp;1.2. Upon Executive&#146;s termination of employment, all delayed payments and any deemed
earnings shall be paid to Executive in a lump sum within sixty (60)&nbsp;days
</DIV>

<P align="center" style="font-size: 10pt">-&nbsp;-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">following the later of (a)&nbsp;the date Executive&#146;s employment with ASV or an affiliate ends, or
(b)&nbsp;the earliest date that such payment would be fully deductible by ASV for federal income tax
purposes. The use of 10-year United States Treasury Notes in this Section&nbsp;1.2 is solely as a
device for computing the amount of benefits to be paid under the Agreement, and ASV is not required
to purchase such investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <U>Early Termination by ASV</U>. Subject to Section&nbsp;3, if ASV terminates Executive&#146;s
employment with ASV or an affiliate prior to the date Executive has attained age fifty-five (55),
Executive shall not be entitled to the benefit set forth in Section&nbsp;1.1, but shall instead be
entitled to a supplemental retirement benefit described in this Section&nbsp;1.3. The benefit shall be
in the form of a series of annual cash payments. The amount of each cash payment shall be
determined in accordance with the schedule set forth below and based on the age of the Executive at
the time of his termination of employment. The benefit shall commence within sixty (60)&nbsp;days
following the later of (a)&nbsp;the date of Executive&#146;s termination of employment, or (b)&nbsp;the earliest
date that such payment would be fully deductible by ASV for federal income tax purposes. The
benefit shall end, and the last payment shall be paid, on the date Executive attains the age in the
schedule set forth below and based on the age of the Executive at the time of his termination of
employment. Other than the first payment, which shall be paid on the date specified above, each
annual cash payment shall be made on the first business day following Executive&#146;s birthday (or as
soon as administratively feasible after such date).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Benefit Schedule</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Age at time of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Benefit Payable</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Termination</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Yearly Benefit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">to Age</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">48</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">49</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">50</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">51</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">52</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">53</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">54</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <U>Early Termination by Executive</U>. Subject to Section&nbsp;3, if Executive terminates
his employment with ASV or an affiliate prior to the date that Executive has attained age
fifty-five (55), Executive shall not be entitled to the benefit set forth in Section&nbsp;1.1, but shall
instead be entitled to a supplemental retirement benefit described in this Section&nbsp;1.4. The
benefit shall be in the form of a series of annual cash payments. The amount of the benefit shall
be the product of (a)&nbsp;a benefit amount based on the age of the Executive at the time of his
termination
</DIV>

<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">of employment in accordance with the schedule set forth in Section&nbsp;1.3, multiplied by (b)&nbsp;a
vesting percentage determined in accordance with the schedule set forth below. The first payment
shall be made within sixty (60)&nbsp;days following the later of (a)&nbsp;the date of Executive&#146;s termination
of employment, or (b)&nbsp;the earliest date that such payment would be fully deductible by ASV for
federal income tax purposes. The benefit shall end, and the last payment shall be made, on the
date Executive attains the age in the schedule set forth in Section&nbsp;1.3 and based on the age of the
Executive at the time of his termination of employment. Other than the first payment, which shall
be paid on the date specified above, each annual cash payment shall be made on the first business
day following Executive&#146;s birthday (or as soon as administratively feasible after such date).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Vesting Schedule</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Age at time of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Vesting</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Termination</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Percentage</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">48</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">0%</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">49</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">15%</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">50</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">30%</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">51</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">45%</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">52</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">60%</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">53</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">75%</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">54</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <U>Death Benefit</U>. Upon Executive&#146;s death, any remaining payments payable under
Section&nbsp;1 shall be payable to Executive&#146;s beneficiary (as determined in accordance with Section&nbsp;7).
Each remaining payment shall be paid on the date the payment would have become due if Executive
would have survived.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <U>Vesting</U>. Except as otherwise provided in Section&nbsp;1.4, Executive shall be fully
(100%) vested in the benefit provided under this Section&nbsp;1.
</DIV>

<P align="center" style="font-size: 10pt">-3-
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Post-Retirement Medical Benefit</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Executive</U>. Subject to Section&nbsp;3, if Executive is employed with ASV or an
affiliate on June&nbsp;12, 2007, upon Executive&#146;s termination of employment with ASV and all affiliates
(except in the case of Executive&#146;s death), ASV shall annually pay Executive an amount equal to ten
thousand dollars ($10,000), less tax withholding, for twenty (20)&nbsp;years. Except for the first
payment, which shall be paid within thirty (30)&nbsp;days following Executive&#146;s termination of
employment, each payment shall be payable on the first business day on or after January 1 of each
year. ASV&#146;s obligation to pay this benefit shall cease upon Executive&#146;s death.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Spouse</U>. Subject to Section&nbsp;3, if Executive is employed with ASV or an affiliate
on June&nbsp;12, 2007, upon Executive&#146;s termination of employment with ASV and all affiliates (including
if Executive&#146;s termination of employment is due to Executive&#146;s death), ASV shall annually pay
Executive&#146;s then current spouse an amount equal to ten thousand dollars ($10,000) less tax
withholding, for twenty (20)&nbsp;years. Except for the first payment, which shall be paid within
thirty (30)&nbsp;days following Executive&#146;s termination of employment, each payment shall be payable on
the first business day on or after January 1 of each year. ASV&#146;s obligation to pay this benefit
shall cease upon either (a)&nbsp;Spouse&#146;s death or (b)&nbsp;Spouse and Executive&#146;s divorce.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Taxation</U>. While the amounts paid under this Section&nbsp;2 are intended to replace
amounts that Executive and Executive&#146;s spouse would have received under a post-retirement medical
plan, it is at the discretion of Executive and Executive&#146;s spouse as to how to use the amounts and
the amounts shall be taxable income to Executive and Executive&#146;s spouse upon payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <U>Vesting</U>. If Executive is employed with ASV or an affiliate on June&nbsp;12, 2007,
Executive and Executive&#146;s spouse shall be fully (100%) vested in the benefit provided under this
Section&nbsp;2. Subject to Section&nbsp;3, if Executive&#146;s employment with ASV and all affiliates ends for
any reason prior to June&nbsp;12, 2007, Executive and Executive&#146;s spouse shall not be entitled to any
benefit under this Section&nbsp;2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Disability</U>. For the purpose of this Section&nbsp;2, Executive will be treated as
employed by ASV or an affiliate during any period Executive is receiving disability benefits from
ASV or is on an approved disability leave of absence regardless of whether Executive&#146;s employment
is terminated as a result of such disability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Termination Following a Change of Control</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>Benefit</U>. In the event that (a)&nbsp;a Change of Control occurs, and (b)&nbsp;within
eighteen (18)&nbsp;months following the Change of Control, ASV terminates Executive&#146;s employment with
ASV or an affiliate other than for Cause or Executive terminates his employment with ASV or an
affiliate for Good Reason, prior to Executive attaining age fifty-five (55), then Executive will be
entitled to the benefit described in Section&nbsp;1.1 and not the benefit described in Section&nbsp;1.3 or
1.4. In addition, in the event that (a)&nbsp;a Change of Control occurs, and (b)&nbsp;within eighteen (18)
months following the Change of Control, ASV terminates Executive&#146;s employment with ASV or an
affiliate other than for Cause or Executive terminates his employment with ASV or an affiliate for
Good Reason, Executive and Executive&#146;s spouse will be entitled to the benefit
</DIV>

<P align="center" style="font-size: 10pt">-4-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">described in Section&nbsp;2 regardless of whether Executive was employed with ASV or an affiliate
until June&nbsp;12, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Definitions</U>. For the purpose of this Agreement, the following terms shall have
the following meanings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. &#147;Cause&#148; shall mean:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the gross neglect or willful failure or refusal of Executive to
perform Executive&#146;s duties (other than as a result of Employee&#146;s disability);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the engaging by Executive in misconduct which is injurious to
ASV, monetarily or otherwise;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conviction (including conviction on a nolo contendere plea) of
a felony or any crime involving fraud, dishonesty or moral turpitude; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the breach by Executive of any covenant set forth in his
Employment Agreement with ASV.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. &#147;Change of Control&#148; shall mean:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any &#147;Person&#148; or &#147;Persons&#148; (as such terms are used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;)) (other than ASV, any employee benefit plan of ASV or any
entity which reports beneficial ownership of ASV&#146;s outstanding securities on
Schedule l3G pursuant to Regulation&nbsp;Section&nbsp;240.l3d-l promulgated under the
Exchange Act ) becomes a &#147;Beneficial Owner (as defined in Rule&nbsp;13d-3 and Rule
13d-5 under the Exchange Act), directly or indirectly, of securities of ASV
representing more than 50% of the voting power of all of ASV&#146;s then outstanding
securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale, transfer, conveyance or other disposition (pursuant
to a sale of assets, a merger or consolidation or similar transaction), in one
or a series of related transactions, of all or substantially all of the assets
of ASV to any Person or Persons (as defined above);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a merger, consolidation or similar transaction to which ASV is
a party, if the individuals and entities who were shareholders of ASV, as
applicable, immediately prior to the effective date of such merger,
consolidation or similar transaction have Beneficial Ownership of less than 50%
of the combined voting power of the surviving corporation following the
effective date of such merger, consolidation or similar transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the adoption by ASV of a plan providing for its liquidation or
dissolution; or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-5-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the majority of ASV&#146;s Board of Directors determine in their
sole and absolute discretion that there has been a change of control of the
ASV.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. &#147;Good Reason&#148; shall mean:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ASV, or its successor, effects a material diminution of
Executive&#146;s title or duties as in effect immediately prior to the Change of
Control;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any requirement that Executive move his regular office to a
location more than 50 miles from the location of Executive&#146;s office immediately
prior to the Change of Control;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ASV, or its successor, has materially reduced Executive&#146;s
salary or total compensation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ASV, or its successor, has materially breached the terms of
this Agreement or any other written agreement between Executive and ASV
(including without limitation Executive&#146;s Employment Agreement); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Failure of the ASV to obtain the assumption of this agreement
by successor in accordance with Section&nbsp;3.3 prior to the effectiveness of any
such Change of Control.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Assumption of Agreement</U>. ASV will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of ASV to assume expressly and agree to perform this Agreement in the same
manner and to the same extent that ASV would be required to perform it if no such succession had
taken place. As used in this Agreement, &#147;ASV&#148; shall mean ASV and any successor to its business
and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law,
or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Funding</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>Source of Payment</U>. Benefits under this Agreement will be paid out of the general
assets of ASV, and Executive, Executive&#146;s spouse and Executive&#146;s beneficiary will not have any
preferred interest by way of trust, escrow, lien or otherwise in any specific assets. The rights
to payments to Executive, Executive&#146;s spouse and Executive&#146;s beneficiary under this Agreement will
be solely those of an unsecured creditor of ASV. ASV shall have no obligation to establish or
maintain any fund, trust or account (other than a bookkeeping account or reserve) for the purpose
of funding or paying the benefits promised under this Agreement. If such a fund, trust or account
is established, the property therein shall remain the sole and exclusive property of ASV.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <U>Hedging Investments</U>. If ASV elects to finance all or a portion of the costs in
connection with this Agreement through the purchase of life insurance or other investments,
Executive agrees, as a condition of payment under this Agreement, to cooperate with ASV in the
purchase of such investment to any extent reasonably required by ASV and relinquishes any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">claim Executive, Executive&#146;s spouse or Executive&#146;s beneficiary might have to the proceeds of
any such investment or any other rights or interests in such investment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <U>Corporate Obligation</U>. Neither ASV nor any of its directors, officers, agents or
employees in any way secure or guarantee the payment of any benefit or amount which may become due
and payable hereunder. Executive, Executive&#146;s spouse and Executive&#146;s beneficiary shall look solely
to the assets of ASV for such payments as unsecured general creditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Nontransferability</U>. Executive, Executive&#146;s spouse and Executive&#146;s beneficiary
shall not have the right to assign, encumber or otherwise anticipate the payments to be made under
this Agreement. The payments provided hereunder shall not be subject to seizure for payment of any
debts or judgments against Executive, Executive&#146;s spouse and Executive&#146;s beneficiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Tax Withholding</U>. ASV may deduct from any benefit payment (and transmit to the
proper taxing authority) such amounts as it may be required to withhold under any applicable
federal, state or other law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Beneficiary Designation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Right to Designate</U>. Executive may designate, upon forms to be furnished by and
filed with ASV, one or more primary beneficiaries or alternative beneficiaries to receive all of
Executive&#146;s benefit described in Section&nbsp;1 in the event of such Executive&#146;s death. The Executive
may change or revoke any such designation from time to time without notice to or consent from any
beneficiary. No such designation, change or revocation shall be effective unless executed by the
Executive and received by ASV during the Executive&#146;s lifetime.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>Failure of Designation</U>. If Executive (a)&nbsp;fails to designate a beneficiary, (b)
designates a beneficiary and thereafter revokes such designation without naming another
beneficiary, or (c)&nbsp;designates one or more beneficiaries and all such beneficiaries so designated
fail to survive Executive, then Executive&#146;s benefit described in Section&nbsp;1 shall be paid to
Executive&#146;s surviving spouse and, if no surviving spouse exists, then to Executive&#146;s estate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Claims Procedure</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>When a Claim Should be Filed</U>. Payments will be paid to Executive (and, if
applicable, to Executive&#146;s beneficiary) and Executive&#146;s Spouse automatically without the
requirement of an application for benefits. If Executive or any other person is in disagreement
with any determination that has been made, a claim may be presented.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Making a Claim</U>. The claim must be written and must be delivered to ASV&#146;s Board
of Directors. Within ninety (90)&nbsp;days after the claim is delivered, the claimant will receive
either: (a)&nbsp;a decision; or (b)&nbsp;a notice describing special circumstances requiring a specified
amount of additional time (but no more than one hundred eighty (180)&nbsp;days from the day the claim
was delivered) and the date by which a decision is expected to be reached.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the claim is wholly or partially denied, the claimant will receive a written or electronic
notice specifying: (a)&nbsp;the reasons for denial; (b)&nbsp;the provisions of this Agreement on which the
denial is based; and (c)&nbsp;any additional information needed in connection with the claim and the
reason such information is needed. Information concerning the claimant&#146;s right to request a review
and right to file a civil action under section 502(a) of ERISA if a claim is denied upon review
will also be given to the claimant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <U>Requesting Review of a Denied Claim</U>. If a claimant&#146;s claim is denied, the
claimant must file a request to have the denial reviewed. The request for review must be written
and must be delivered to ASV&#146;s Board of Directors within sixty (60)&nbsp;days after claimant&#146;s receipt
of written notice that the claim was denied. A request for review may (but is not required to)
include issues and comments the claimant wants considered in the review. Upon request, a claimant
is entitled to receive free of charge reasonable access to and copies of the documents, records and
information relevant to the claim. Within sixty (60)&nbsp;days after delivery of a request for review,
the claimant will receive either: (a)&nbsp;a decision; or (b)&nbsp;a notice describing special circumstances
requiring a specified amount of additional time (but no more than one hundred twenty (120)&nbsp;days
from the day the request for review was delivered) and the date by which a decision is expected to
be reached.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the claim is wholly or partially denied, the claimant will receive a written or electronic
notice specifying: (a)&nbsp;the reasons for denial; (b)&nbsp;the provisions of this Agreement on which the
denial is based; and (c)&nbsp;notice that upon request the claimant is entitled to receive free of
charge reasonable access to and copies of the relevant documents, records and information used in
the claim process. Information concerning the claimant&#146;s right to file a civil action under
section 502(a) of ERISA will also be given to the claimant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <U>In General</U>. All decisions on claims and on reviews of denied claims will be made
by ASV&#146;s Board of Directors. The Board of Directors may, in its discretion, hold one or more
hearings. The claimant may, at the claimant&#146;s own expense, have an attorney or other
representative act on behalf of the claimant, but the Board of Directors reserves the right to
require a written authorization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Effect of Agreement</U>. This Agreement embodies the entire understanding between the
parties with respect to the subject matter of this Agreement and supersedes any and all prior
understandings and agreements, oral or written, relating thereto. Any amendment of this Agreement
must be in writing and signed by both parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Severability</U>. Should any provision of this Agreement be held to be void, invalid,
unenforceable or illegal, the validity and enforceability of the other provisions shall not be
affected thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Non-Waiver</U>. Failure of either party to enforce any provision of this Agreement
shall not constitute or be construed as a waiver of such provision nor of the right to enforce such
provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Regulatory and Tax Status of Agreement</U>. For purposes of ERISA, this Agreement is
intended to be an unfunded pension plan maintained by ASV for a select group of
</DIV>

<P align="center" style="font-size: 10pt">-8-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">management or highly compensated employees, and ASV will file with the Department of Labor the
statement described in 29 C.F.R. &#167;2520.104-23. For purposes of income and social security taxes,
the benefits provided under this Agreement are intended to provide unfunded nonqualified deferred
compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>Determinations</U>. For purposes of ERISA, ASV is the Plan Administrator and Plan
Sponsor of the plan and will make determinations that may be required from time to time in the
administration of the plan and benefits provided under it. ASV has sole authority, discretion and
responsibility to interpret and apply the terms of the plan and to determine all factual and legal
questions under the plan. ASV has discretionary authority to grant or deny benefits under the
plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<U>Governing Law</U>. To the extent not governed by federal law, this Agreement shall be
governed by and construed under the laws of the State of Minnesota.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed this Agreement this 12th day of
July, 2004.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">EXECUTIVE:<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">By    /s/ Mark Glasnapp
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Mark Glasnapp&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">A.S.V., INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">By  /s/ Gary Lemke
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Gary Lemke&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">-9-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT B</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">None
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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