Bucyrus International, Inc. Non-Employee Director Compensation Policy (Effective April 1, 2009)
Bucyrus International, Inc. has established a compensation policy for its non-employee directors, effective April 1, 2009. Non-employee directors receive an annual cash retainer of $55,000, paid quarterly, and $75,000 in company stock each year, with stock granted at the annual stockholders’ meeting or upon joining the Board. The Chairman receives an additional $10,000 annually. Directors also earn fees for attending meetings and chairing committees, and are reimbursed for related expenses. Directors can choose to receive compensation in cash or stock and may participate in a deferred compensation program.
Exhibit 10.1
BUCYRUS INTERNATIONAL, INC.
NON-EMPLOYEE DIRECTOR COMPENSATION
Effective April 1, 2009
The Board approved an annual cash retainer fee to be paid to our non-employee directors of $55,000, with fees payable in advance on a quarterly basis. The Board also approved an additional annual cash retainer fee paid to our Chairman of the Board of $10,000, payable in advance on a quarterly basis. The Board approved an annual retainer fee paid to our non-employee directors of $75,000 worth of our Common Stock, with the stock to be granted at each annual stockholders’ meeting or upon initial election or new appointment to our Board (with a prorated stock grant being made for non-employee directors whose initial election or new appointment occurs on or after July 1 of any year). Any shares of Common Stock will be issued pursuant to the Omnibus Incentive Plan 2007.
Non-employee directors also receive $1,500 per Board and committee meeting attended. Board committee chairpersons receive an additional fee of $1,000 per committee meeting. We reimburse all directors for out-of-pocket expenses incurred in connection with attendance at Board and committee meetings.
Non-employee directors may elect to receive the annual cash retainer, Board meeting fees and committee meeting fees in the form of cash or shares of Company stock.
Non-employee directors are also eligible to participate in the Bucyrus International, Inc. Nonqualified Non-Employee Directors Deferred Compensation Program.
