Court Order Approving Trustees’ Compensation for Great Northern Iron Ore Properties Trust (May 22, 2012)
This court order, effective January 1, 2012, approves the annual accounts of the Trustees for the Great Northern Iron Ore Properties Trust and grants increases in their compensation. The President of the Trustees will receive a salary increase from $180,000 to $200,000 per year and a higher potential bonus, while other Trustees’ compensation rises from $70,000 to $80,000 per year. An additional $5,000 per year is approved for the Trustee serving as Audit Committee Chair. The order formalizes these changes following a hearing and proper notice.
Exhibit 10.1
Court Order on Trustees’ Compensation (and annual hearing of accounts),
dated May 22, 2012, but effective January 1, 2012.
| STATE OF MINNESOTA | DISTRICT COURT | |
| COUNTY OF RAMSEY | SECOND JUDICIAL DISTRICT | |
| Court File No. C5-72-386008 | ||
| In the Matter of the Trust known as | ||
| Great Northern Iron Ore Properties | ORDER | |
This matter came on for hearing before the Court on May 22, 2012, upon the Petition for Allowance of Accounts and for Instructions by Joseph S. Micallef, Roger W. Staehle, Robert A. Stein and James E. Swearingen, the duly appointed and acting Trustees of the Trust known as Great Northern Iron Ore Properties.
Sue Ann Nelson of Fredrikson & Byron, P.A., appeared on behalf of the Trustees of the Trust known as Great Northern Iron Ore Properties.
The Court, having heard the arguments of counsel, and based upon the Petition, the affidavits filed in support of the Petition and the entire files and record herein,
IT IS HEREBY ORDERED:
| 1. | Due, published and mailed notice of this hearing was given pursuant to the Court’s Order dated April 25, 2012, as more fully appears from the proof of publication and the Affidavits of Mailing contained in the file. |
| 2. | The accounts of the Trustees for the calendar year 2011 are approved, settled and allowed in all respects. |
| 3. | The requested increase in the compensation of the President of the Trustees from $180,000 per year to $200,000 per year and an increase in the bonus component from a maximum of $80,000 per year to a maximum of $100,000 per year (computed as 1% of the excess of the gross income of the Trust over $5 million for the year up to the maximum of $100,000), both effective as of January 1, 2012, with the $100,000 bonus component payable in full for 2012 subject to the formula calculation, is granted. |
Exhibit 10.1 – Court Order (continued)
| 4. | The requested increase in the compensation of the Trustees other than the President from $70,000 per year to $80,000 per year, effective as of January 1, 2012, is granted. |
| 5. | The requested additional compensation of $5,000 per year for the Trustee serving in the role of Audit Committee Chair, effective as of January 1, 2012, is granted. |
| BY THE COURT | ||||
| Dated: | May 22, 2012 | /s/ Margaret M. Marrinan | ||
| Margaret M. Marrinan | ||||
| Judge of District Court |
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