Bucyrus International, Inc. Non-Employee Director Compensation Policy (Effective October 1, 2007)
Bucyrus International, Inc. sets out the compensation for its non-employee directors, effective October 1, 2007. Non-employee directors receive an annual cash retainer of $35,000, paid quarterly, and an annual grant of $75,000 in company stock, with prorated grants for mid-year appointments. Directors can choose to receive stock instead of cash fees. They are also paid $1,500 for each Board or committee meeting attended, with committee chairmen receiving an extra $1,000 per committee meeting. All reasonable expenses related to meeting attendance are reimbursed.
EXHIBIT 10.1
Bucyrus International, Inc. Non-Employee Director Compensation
Effective October 1, 2007
We pay our non-employee directors an annual retainer fee of $35,000, with fees payable in advance on a quarterly basis. We also pay an annual retainer fee 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 of Directors (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). Our non-employee directors may elect to receive shares of our common stock in lieu of their cash fees.
Our non-employee directors also receive $1,500 per Board and committee meeting attended. Our Board committee chairmen 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.
