Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

As previously reported in the Form 8-K filed by Joy Global Inc. (the "Company") on September 21, 2012 and Amendment No. 1 filed by the Company on December 21, 2012, Michael S. Olsen, Executive Vice President and former Chief Financial Officer is retiring from the Company on February 1, 2013. In connection with Mr. Olsen's pending retirement, on January 9, 2013 the Human Resources and Nominating Committee (the "Committee") of the Company's Board of Directors determined that upon Mr. Olsen's retirement (i) restricted stock units previously granted shall become non-forfeitable and (ii) unvested stock options previously granted shall become vested in full.

The Committee's decision affects 7,808 restricted stock units, representing restricted stock units granted between 2008 and 2010 and additional restricted stock units accrued in lieu of dividends since the date of the initial grants. The restricted stock units will continue to vest and be settled pursuant to the terms of the Restricted Stock Unit Award Agreement applicable to each grant of restricted stock units. The Committee's decision affects 3,500 stock options granted in December 2010 with an exercise price of $80.50 and 5,333 stock options granted in December 2011 with an exercise price of $89.65. The stock options will be exercisable at any time prior to February 1, 2016.

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