Court Order Approving Trustee Accounts and President Compensation for Great Northern Iron Ore Properties Trust

Summary

This court order, issued by the District Court of Ramsey County, Minnesota, concerns the Great Northern Iron Ore Properties Trust and its Trustees. The court approves the Trustees' financial accounts for 2002 and authorizes an increase in the President's annual compensation from $100,000 to $150,000, with a higher cap on additional compensation based on the Trust's income. The order follows a hearing with proper notice and is effective as of May 14, 2003.

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EX-10.A 4 grnorth040765_ex10a.htm Great Northern Iron Ore Properties EXHIBIT 10a to Form 10-K Dated: December 31, 2003

Exhibit 10(a) – Court Order on President of the Trustees’ Compensation
and Annual Hearing of Accounts dated May 14, 2003


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 undersigned on May 14, 2003, upon the Petition for Allowance of Accounts and for Instructions filed by Joseph S. Micallef, Roger W. Staehle, Robert A. Stein and John H. Roe III, the Trustees of the Trust known as Great Northern Iron Ore Properties (“Trust”).

        Sue Ann Nelson of Oppenheimer Wolff & Donnelly LLP appeared on behalf of the Trustees of the Trust (“Trustees”).

        The Court, having heard the arguments of counsel, and based upon the Petition, the affidavits filed in support of the Petition and the entire file 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 9, 2003, as more fully appears from the proof of publication and affidavits of mailing contained in the file.

  2.   The accounts of the Trustees for the calendar year 2002 are approved, settled and allowed in all respects.









Exhibit 10(a) – Court Order (continued)

  3.   The requested increase in the compensation of the President of the Trust from $100,000 per annum to $150,000 per annum plus an increase in the maximum additional sum from $35,000 to $50,000 (computed as 1% of the excess of the gross income of the Trust over $5 million per annum up to a maximum additional sum of $50,000) is granted.

BY THE COURT

Date: May 14, 2003
By:  /s/   Margaret Marinan                  
Judge of District Court