JOY GLOBAL INC
DIRECTOR RESTRICTED STOCK AGREEMENT-FEB
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>9
<FILENAME>exhibit10c.htm
<DESCRIPTION>DIRECTOR RESTRICTED STOCK AGREEMENT-FEB
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<p align=right><b>EXHIBIT 10(c)</b></p>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>JOY GLOBAL INC. </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=3>2003 Stock Incentive
Plan <BR>Non-Employee Director
Restricted Stock Unit Award Agreement </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Grantee: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Grant Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        February 24, 2004 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Number Of Restricted <BR>

Stock Units: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,159</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;THIS
NON-EMPLOYEE DIRECTOR RESTRICTED STOCK AGREEMENT (the &#147;Agreement&#148;), dated as of
February 24, 2004, is between Joy Global Inc., a Delaware corporation (the
&#147;Company&#148;) and __________ (the &#147;Grantee&#148;). In consideration of the
mutual promises and covenants made in this Agreement and the mutual benefits to be derived
from this Agreement, the Company and Grantee agree as follows: </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;Subject
to the provisions of this Agreement and the provisions of the Joy Global Inc. 2003 Stock
Incentive Plan (the &#147;Plan&#148;), the Company hereby grants to the Grantee the number
of restricted stock units shown above (the &#147;Restricted Stock Units&#148;) as of
February 24, 2004 (the &#147;Grant Date&#148;). Each Restricted Stock Unit constitutes an
&#147;other stock-based award&#148; under Section 8 of the Plan with respect to one share
of Common Stock. Capitalized terms used and not defined in this Agreement have the
meanings given to them in the Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Vesting</U>. Subject to the provisions of Section 5(a) of this Agreement, the
          Restricted Stock Units will become non-forfeitable on the one-year anniversary
          of the Grant Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Restriction Period</U>. The Restriction Period is the time between the Grant
          Date and the one-year anniversary of the date on which the Grantee&#146;s
          service on the Board terminates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Rights as Shareholder</U>. The Grantee shall not be entitled to any
          privileges of ownership of shares of Common Stock with respect to these
          Restricted Stock Units unless and until shares of Common Stock are actually
          delivered to the Grantee pursuant to this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Dividends</U>. The Grantee will be credited with additional Restricted Stock
          Units having a value equal to any regular quarterly dividends with record dates
          that occur during the Restriction Period for each Restricted Stock Unit that
          would have been paid with respect to such Restricted Stock Unit if it had been
          an actual share of Common Stock, based on the Fair Market Value of a share of
          Common Stock on the applicable dividend payment date. Such additional Restricted
          Stock Units shall also be credited with additional Restricted Stock Units as
          dividends are declared, and shall be subject to the same restrictions and
          conditions as the Restricted Stock Units with respect to which they were
          credited. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Forfeiture and Settlement of Units</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Restricted Stock Units shall be forfeited if the service of the Grantee on
          the Board is terminated for any reason prior to the one-year anniversary of the
          Grant Date; <U>provided</U>, <U>however</U>, that if the Grantee&#146;s service
          on the Board terminates by reason of the Grantee&#146;s death or Disability the
          Restricted Stock Units shall become non-forfeitable and will be settled. In the
          event of Grantee&#146;s death or Disability the Restricted Stock Units shall be
          settled as soon as practicable after the date of death or Disability. In the
          event that the Grantee dies before settlement of all of the Grantee&#146;s
          vested Restricted Stock Units (whether while the Grantee is a member of the
          Board or after such membership has terminated), all such remaining vested
          Restricted Stock Units shall be settled by delivery to the Grantee&#146;s
          beneficiary or beneficiaries (as determined under the Plan), as soon as
          practicable after the date of such death, of a number of shares of Common Stock
          equal to the number of such Restricted Stock Units. If, in the event of the
          Grantee&#146;s death, the Grantee fails to designate a beneficiary, or if the
          designated beneficiary of the Grantee dies before the Grantee or before the
          complete payment of the amounts distributable under this Agreement, the amounts
          to be paid under this Agreement shall be paid to the legal representative or
          representatives of the estate of the last to die of the Grantee and the
          beneficiary. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang " FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Unless earlier forfeited or settled pursuant to Section 5(a) of this Agreement,
          Restricted Stock Units shall be settled at the end of the Restricted Period.
          Each Restricted Stock Unit settled pursuant to this Section 5 shall be settled
          by delivery of one share of Common Stock. Any fractional Restricted Stock Units
          shall be rounded to nearest whole number. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Change of Control and Corporate Events</U>. Notwithstanding any other
          provision of this Agreement, in the event of a Change of Control, all
          outstanding Restricted Stock Units held by the Grantee on the effective date of
          the Change of Control, whether or not then vested, shall be settled as soon as
          practicable after the Change of Control by payment to the Grantee of an amount
          in cash equal to the Fair Market Value of a share of Common Stock on the date of
          the Change of Control times the number of such Restricted Stock Units. In the
          event of any change of capitalization or other event described in Section 3.c.
          of the Plan, the Restricted Stock Units shall be adjusted pursuant to the terms
          of such Section 3.c. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Transferability</U>. Restricted Stock Units granted under this Agreement are
          not transferable by Grantee, whether voluntarily or involuntarily, by operation
          of law or otherwise, during the Restriction Period, except as provided in the
          Plan. Any assignment, pledge, transfer or other disposition, voluntary or
          involuntary, of these Restricted Stock Units made, or any attachment, execution,
          garnishment, or lien issued against or placed upon the Restricted Stock Units,
          shall be void. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Administration</U>. This Agreement and the rights of Grantee hereunder are
          subject to all the terms and conditions of the Plan, as the same may be amended
          from time to time, as well as to such rules and regulations as the Committee may
          adopt for administration of the Plan. It is expressly understood that the
          Committee is authorized to administer, construe, and make all determinations
          necessary or appropriate to the administration of the Plan and this Agreement,
          all of which shall be binding upon Grantee. Any inconsistency between this
          Agreement and the Plan shall be resolved in favor of the Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Miscellaneous</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               This Agreement shall not confer upon Grantee any right to continue as a member
               of the Board, nor shall this Agreement interfere in any way with the right of
               the Company&#146;s stockholders to terminate the Grantee&#146;s Board service at
               any time. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               This Agreement shall be subject to all applicable laws, rules and regulations
               and to such approvals by any governmental agencies or national securities
               exchanges as may be required. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To the extent not preempted by Federal law, this Agreement shall be governed by,
               and construed in accordance with the laws of the State of Delaware. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               This Agreement may only be amended or terminated by a writing executed by both
               parties hereto. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Level 1" FSL="Default" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=3%></TD>
               <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               This Agreement shall be binding upon, and inure to the benefit of, the Company
               and its successors and assigns, and upon any person acquiring, whether by
               merger, consolidation, purchase of assets or otherwise, all or substantially all
               of the Company&#146;s assets and business. </FONT></P></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;IN
WITNESS WHEREOF, as of the date first above written, the Company has caused this Agreement
to be executed on its behalf by a duly authorized officer and the Grantee has hereunto set
the Grantee&#146;s hand. </FONT></P>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
