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Bucyrus International, Inc. Non-Employee Director Compensation

 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.Bucyrus International, Inc. Non-Employee Directors Stock Fee Guidelines

 EXHIBIT 10.12 
 BUCYRUS INTERNATIONAL, INC. 
 NON-EMPLOYEE DIRECTORS STOCK FEE GUIDELINES 
 UNDER OMNIBUS INCENTIVE PLAN 2007 
  

	1.	Establishment. Bucyrus International, Inc. (the “Company”) hereby establishes these guidelines for stock fees payable to the members of its Board of
Directors who are not officers or employees of the Company or any of its subsidiaries (“Non-Employee Directors”) pursuant to the Company’s Omnibus Incentive Plan 2007 (the “2007 Plan”). 

  

	2.	Effective Date and Administration. The effective date of these Guidelines is January 1, 2008. These Guidelines shall be administered by the Nominating and
Corporate Governance Committee of the Board of Directors (the “Committee”) pursuant to the 2007 Plan. 

  

	3.	Grants of Common Stock. Pursuant to Section 5 and the applicable provision of the 2007 Plan, each Non-Employee Director shall be granted shares of the
Company’s Class A Common Stock (“Common Stock”), on or after January 1, 2008, as follows: 

  

	 	(a)	Initial Grants. Any individual who is initially elected or newly appointed to the Board of Directors as a Non-Employee Director (the effective date of such election or
appointment, the “Initial Grant Date”) prior to July 1 of a year shall be granted such number of shares of Common Stock, rounded down to the nearest whole number, whose Fair Market Value (as determined under the 2007 Plan) of the
Initial Grant Date shall equal $75,000. Any individual whose Initial Grant Date occurs on or after July 1 of a year shall be granted such number of shares of Common Stock, rounded down to the nearest whole number, whose Fair Market Value (as
determined under the 2007 Plan) on such Initial Grant Date shall equal $75,000 multiplied by a fraction, the numerator of which is the number of months remaining in the calendar year (not including the month of the Director’s initial
election or appointment) and the denominator of which is 12. 

  

	 	(b)	Subsequent Grants. On the date of each annual meeting of shareholders of the Company (“Annual Grant Date”), a Non-Employee Director, if re-elected or retained as a
Non-Employee Director at such meeting, shall be granted such number of shares of Common Stock, rounded down to the nearest whole share, whose Fair Market Value (as determined under the 2007 Plan) on the Annual Grant Date shall equal $75,000.

	 	(c)	No Right to Grants. To avoid a duplicative grant in one year, a Non-Employee Director who is initially elected or newly appointed on the date of an annual meeting of
shareholders shall be entitled only to the grant described in subsection (a) and not also the grant described in this subsection (b) for such year. A re-elected or re-appointed Non-Employee Director on the date of an annual meeting shall
be entitled only to the grant described in subsection (b) (if otherwise eligible therefor) and not the grant described in subsection (a) for such year. A Non-Employee director whose service as a director is terminated for any reason prior
to or after the Annual Grant Date in any year shall not be entitled to a pro-rated grant of Common Stock for such period either before or after the Annual Grant Date. 

  

	 	(d)	Deferral of Grants. A Non-Employee Director may defer receipt of all or any portion of the Common Stock received pursuant to this Section 5 in accordance with the terms
and conditions of the Bucyrus International, Inc. Non-Employee Directors Deferred Compensation Guidelines (the “Deferred Compensation Guidelines”). 

  

	4.	Election of Common Stock in Lieu of Cash Fees. 

  

	 	(a)	Initial Election. Any individual who is initially elected or newly appointed to the Board of Directors as a Non-Employee Director may elect, within the first thirty
(30) days following such date, to receive his cash-denominated annual retainer and/or meeting attendance fees paid after the date such election in shares of Common Stock. The number of shares shall be determined by dividing the amount elected
by the Fair Market Value (as determined under the 2007 Plan) of a share of Common Stock on the date the amount elected would have otherwise been paid in cash. Any fractional share shall be paid in cash. 

  

	 	(b)	Annual Election. Each Non-Employee Director may elect, prior to December 31 of a year, to receive all or any specified portion of his cash retainer and/or meeting
attendance fees paid in the following calendar year in shares of Common Stock. The number of shares shall be determined by dividing the amount elected by the Fair Market Value (as determined under the 2007 Plan) of a share of Common Stock on the
date the amount elected would have otherwise been paid in cash. Any fractional share shall be paid in cash. 

  

	5.	 Issuance of Common Stock. Shares of Common Stock issued under Section 3 of these Guidelines will be issued pursuant to Section 6(d) of the
2007 Plan, and shares of Common Stock issued under Section 4 will be issued pursuant to 

  

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Section 6(f) of the 2007 Plan. All shares of Common Stock issued under these Guideline will be issued without contractual restrictions thereon other
than restrictions imposed by Section 7 of the 2007 Plan or as are imposed by Company or Committee policy. 

  

	6.	Termination of Service as Non-Employee Director. If a Non-Employee Director ceases to serve on the Board of Directors for any reason, then all rights to receive Common
Stock hereunder shall terminate immediately and without recourse. 

  

	7.	Termination and Amendment. The Board of Directors (acting through the Committee to the extent permitted by law) may at any time terminate these Guidelines and may
amend these Guidelines, not more often than once in any six month period, as it shall deem advisable including (without limiting the generality of the foregoing) any amendments deemed by the Board of Directors to be necessary or advisable to assure
conformity of the Guidelines with any requirements of state and federal laws or regulations now or hereafter in effect; provided, however, that the Board of Directors may not, without approval by the shareholders of the Company make any
modifications which, under Rule 16b-3 or the rules of the NASDAQ National Market, require such approval. 

  

	8.	Rights as a Shareholder. A Non-Employee Director shall have no rights as a shareholder with respect to Common Stock granted under these Guidelines until the date of
issuance of the stock certificate to him or her. No adjustment will be made for dividends or other rights for which the record date is prior to the date such Common Stock is issued. 

  

 3Amendment No. 2 dated December 31, 2007 to Letter Agreement

 EXHIBIT 10.15 
 Execution Copy 
 AMENDMENT NO. 2 TO LETTER AGREEMENT 
 This Agreement to Amend the Letter Agreement is made this 31st day of Dec., 2007 by and between Bucyrus International, Inc. (the “Company”) and Timothy W. Sullivan (the “Executive”). 
 WHEREAS, on July 27, 2004, the Company and the Executive entered into a Letter Agreement (the “Letter Agreement”) with respect to the
terms and conditions of the Executive’s employment with the Company, which Letter Agreement provides, among other items, a severance payment for one year of the Executive’s base salary if the Company terminates the Executive’s
employment without cause; 
 WHEREAS, the severance payments provided under the Letter Agreement are considered deferred compensation subject
to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), which was effective January 1, 2005; 
 WHEREAS, the Company and the Executive desire to amend the Letter Agreement in order to comply with final regulations issued by the Internal Revenue Service under Section 409A of the Code. 
 NOW, THEREFORE, in consideration of the promises and for the mutual consideration hereinafter set forth and provided in the Letter Agreement, the parties
agree as follows: 
 1. Effective January 1, 2008, Section 5 of the Letter Agreement is amended to read in its entirety as follows:

 “5. Compensation upon Termination. Your employment may be terminated by the Company at any time, with or without cause. In the
event your employment is terminated by the Company for any reason other than cause, you will be entitled to a severance payment equal to your base salary for one year, payable in a lump sum upon your Separation from Service. Such severance payment
will be in lieu of severance benefits under any other Company severance plan, policy or arrangement. Except as required by law or set forth in a relevant Company compensation or benefit plan or agreement thereunder, no additional payments or
benefits will be paid to you in the event of the termination of your employment. 
 Notwithstanding the foregoing, if the amount of severance
payment that would be payable to you exceeds two times the lesser of (a) your annual rate of base salary as in effect for the year preceding the year of your Separation from Service (or, if higher, your base salary as in effect on the last day
of the year preceding the year of your Separation from Service), and (b) the limit in effect under Section 401(a)(17) Internal Revenue Code (the “Code”) for the year in which your Separation from Service occurs (the “409A
Cap”), then the amount of your severance payment in excess of the 409A Cap shall be paid in a lump sum (without interest thereon) following the end of a six (6)-month delay which begins upon your Separation from Service. 

 For purposes of this Agreement: 
 (a) “Separation from Service” means your Termination of Employment, or if you continue to provide services to the Company and its 409A
Affiliates following your Termination of Employment, such later date as is considered a separation from service, within the meaning of Code Section 409A, from the Company and its 409A Affiliates. Specifically, if you continue to provide
services to the Company or a 409A Affiliate in a capacity other than as an employee, such shift in status is not automatically a Separation from Service. 
 (b) “Termination of Employment” shall occur when you and the Company reasonably anticipate that no further services will be performed by you for the Company and its 409A Affiliates or that the level
of bona fide services that you will perform as an employee of the Company and its 409A Affiliates will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services that you performed (whether as an
employee or independent contractor) for the Company and its 409A Affiliates over the immediately preceding thirty-six (36)-month period (or such lesser period of services). Notwithstanding the foregoing, if you take a leave of absence for purposes
of military leave, sick leave or other bona fide leave of absence, you will not be deemed to have incurred a Termination of Employment for the first six (6) months of the leave of absence, or if longer, for so long as your right to reemployment
is provided either by statute or by contract, including this Agreement; provided that if the leave of absence is due to a medically determinable physical or mental impairment that can be expected to result in death or last for a
continuous period of not less than six (6) months, where such impairment causes you to be unable to perform the duties of your position of employment or any substantially similar position of employment, the leave may be extended for up to
twenty-nine (29) months without causing a Termination of Employment.  
 (c) “409A Affiliate” means a corporation,
partnership, joint venture, trust, association or other trade or business that, with the Company, forms part of a controlled group of corporations or group of trades or businesses under common control within the meaning of Code Section 414(b)
or (c); provided that the phrase “at least 50 percent” shall be used in place of the phrase “at least 80 percent” each place it appears therein or in the regulations thereunder. 
 2. Except as provided herein, the provisions of the Letter Agreement shall continue in full force and effect. This Amendment may be executed in one or
more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. 
 IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written. 
  

							
	EXECUTIVE	 		 	BUCYRUS INTERNATIONAL, INC.
				
	 /s/ T. W. Sullivan
	 		 	By:	 	 /s/ Barbara H. Stephens

	Timothy W. Sullivan	 		 	Name:	 	Barbara H. Stephens
		 		 	Title:	 	 Senior Vice President Human
 Resources

  

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