Document:

Exhibit 10.10

                     2006 PERFORMANCE SHARE AWARD AGREEMENT

This 2006 PERFORMANCE SHARE AWARD AGREEMENT, made as of the Award Date set forth
in the Notice of Award of 2006 Performance Shares (the "Notice"), by and between
Bucyrus  International,  Inc., a Delaware  corporation  (the  "Company") and the
undersigned  individual (the "Grantee"),  sets forth the terms and conditions of
the  Performance  Share  Award  described  in the  Notice.  Except as  otherwise
expressly set forth herein, this Agreement and the Award hereunder is subject to
and  shall be  construed  in  accordance  with  the  provisions  of the  Bucyrus
International,  Inc. 2004 Equity Incentive Plan (2006 Amendment and Restatement)
(the "Plan").  Any  capitalized  terms not otherwise  defined in this  Agreement
shall  have the  definitions  set  forth in the  Plan.  You must  sign  both the
Agreement  and the Notice in order for this Award to be  effective.  Please sign
and date the  Agreement  and the Notice and return them promptly in the enclosed
envelope.

By  accepting  this  Agreement  and any  shares  of Class A common  stock of the
Company  ("Company  Stock") issued pursuant to this Performance Share Award, you
acknowledge  that  you  have  received  a  copy  of  the  Prospectus.  You  also
acknowledge  and represent  that you have read and  understand  the terms of the
Plan and this Agreement, and accept this Agreement subject to all such terms and
conditions.

For all purposes of this 2006 Performance Share Award Agreement, the Performance
Period  shall  mean  the  period   beginning  on  [grant  date]  and  ending  on
____________.Performance  Share Awards will consist of shares of Company  Stock,
the vesting of which is subject to continued service  requirements  ("Base Award
Shares"),  and shares of the Company  Stock,  the vesting of which is subject to
the  attainment  of  performance  targets  and  continued  service  requirements
("Premium  Award  Shares")  (Base Award  Shares and Premium  Award  Shares,  are
collectively referred to as "Performance Shares").

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Terms and Conditions

1. Terms and Provisions of Performance Share Award. Pursuant to Section 6 of the
Plan, as of the Award Date the Company has awarded to the Grantee the Base Award
Shares and Premium Award Shares  specified in the Notice.  Such Award is subject
to the following terms and conditions.

2. Award of Base Award Shares  Subject to Service  Requirements.  The Grantee is
hereby awarded the number of Base Award Shares specified in the Notice,  subject
to the following provisions:

      (a) Service for Entire Performance Period. If the Grantee remains employed
      by the Company and/or a Subsidiary  through the Vesting Date stipulated in
      the Notice, then, to the extent not vested or forfeited  previously,  100%
      of the Base Award  Shares  shall vest on the Vesting  Date and the Grantee
      shall be entitled to receive such Shares free of any restrictions.

      (b)  Acceleration of Vesting of Base Award Shares:  If, at the end of each
      calendar year during the Performance  Period, the Company has achieved the
      performance  criteria  established  for that calendar year with respect to
      Base Award Shares,  as  stipulated in Exhibit I of the Notice,  25% of the
      Base Award Shares shall vest and the Grantee  shall be entitled to receive
      such  shares  free of all  restrictions.  The  Committee  shall  determine
      whether the  performance  criteria have been met for any calendar year and
      the number of shares  vesting,  if any,  at its first  regularly-scheduled
      meeting  following the end of such calendar  year,  and any shares vesting
      shall be  transferred  to the Grantee,  free of  restrictions,  as soon as
      administratively practicable thereafter.

      (c) Intervening Qualifying Events. If the Grantee ceases to be employed by
      the Company and/or a Subsidiary prior to the Vesting Date because of death
      or Disability (a  "Qualifying  Event"),  then, as of the date on which the
      Qualifying  Event  occurs,  the  Grantee  shall be entitled to receive all
      unvested  Base Award  Shares.  If the Grantee  retires  later than on year
      after the Award Date (a "Qualifying  Retirement"),  Grantee shall continue
      to vest in the Base  Award  Shares  on the same  basis as if  Grantee  had
      remained an active employee;  provided,  however,  that a forfeiture shall
      occur if the Grantee,  prior to the expiration of the Performance  Period,
      obtains other gainful employment  regardless of whether such employment is
      with a competitor of the Company. The Grantee acknowledges and agrees that
      the  forfeiture of Base Award Shares set forth in the  preceding  sentence
      does not constitute a limitation or restriction on the Grantee's  right to
      obtain other employment,  but is only a restriction on the Grantee's right
      to receive unvested Base Award Shares.

      (d) Other Termination of Employment.  If the Grantee ceases to be employed
      by the  Company  and/or a  Subsidiary  prior to the  Vesting  Date for any
      reason other than a Qualifying  Event of a Qualifying  Retirement then, as
      of the date on which the Grantee's employment  terminates,  all Base Award
      Shares that have not previously  vested under paragraphs (a) and (b) above
      shall immediately be forfeited and returned to the Company.

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3. Award of Premium Award Share Subject to Performance Criteria. The Grantee has
been awarded the number of Premium Award Shares specified in the Notice, subject
to the following provisions:

      (a) Crediting of Premium Award Shares.  As soon as  practicable  following
      the end of each calendar year during the Performance Period, the Committee
      shall determine if the Company has achieved the  performance  criteria for
      that calendar  year relating to the crediting of Premium Award Shares,  as
      stipulated in Exhibit II of the Notice.  If the performance  criteria have
      been met, then the  percentage  of the Premium Award Shares  stipulated in
      the Notice shall become "credited"  Premium Award Shares.  [If the Company
      has not achieved the performance criteria for that calendar year, then the
      percentage of the Premium  Award Shares  stipulated in the Notice shall be
      forfeited  as of the last day of such  calendar  year.] Any Premium  Award
      Shares  that  have not  become  credited  shares as of the last day of the
      Performance Period shall be forfeited on such day.

      (b) Vesting in Credited  Premium Award  Shares.  The Grantee shall vest in
      the  credited  Premium  Award  Shares on the Vesting Date set forth in the
      Notice,  provided that the Grantee  remains  continuously  employed by the
      company  and/or a Subsidiary  until such date.  At that time,  the Grantee
      shall be  transferred  shares of Company Stock for each  credited  Premium
      Award Share then vesting, free of all restrictions.

      (c) Termination of Employment Prior to Vesting Date. If the Grantee ceases
      to be  employed  by  the  Company  and/or  a  Subsidiary  by  reason  of a
      Qualifying  Event prior to the Vesting  Date,  then any  credited  Premium
      Award Shares as of the date of the  Grantee's  termination  of  employment
      will vest. In the event of a Qualifying Retirement, Grantee shall continue
      to vest in the Premium  Awards  Shares on the same basis as if Grantee had
      remained an active employee,  provided,  however,  that a forfeiture shall
      occur if the Grantee,  prior to the expiration of the Performance  Period,
      obtains other gainful employment  regardless of whether such employment is
      with a competitor of the Company. The Grantee acknowledges and agrees that
      the  forfeiture of Base Award Shares set forth in the  preceding  sentence
      does not constitute a limitation or restriction on the Grantee's  right to
      obtain other employment,  but is only a restriction on the Grantee's right
      to receive unvested Base Award Shares.  The Grantee will forfeit the right
      to any  uncredited  Premium  Award  Shares  that  have not been  forfeited
      previously.  If the  Grantee's  employment  with the  Company  and/or  its
      Subsidiaries  terminates for any reason other than a Qualifying Event or a
      Qualifying  Retirement  prior  to  the  Vesting  Date,  all  credited  and
      uncredited  Premium Award Shares will be forfeited and said shares will be
      returned to the Company.

4. Confidential Information; Noncompetition; Nonsolicitation.

      (a)  Grantee  acknowledges  that all secret or  confidential  information,
      knowledge or data relating to the Company or any of its  Subsidiaries  and
      their   respective   businesses  that  Grantee  obtains  during  Grantee's
      employment  by the  Company  or any of its  Subsidiaries  and  that is not
      public  knowledge  (other than as a result of the Grantee's  violations of
      this Section 4(a))  ("Confidential  Information")  is highly sensitive and
      proprietary and includes, without limitation:  product design information,
      manufacturing processes and methods,

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      information  regarding  new  product  development,  information  regarding
      strategic or tactical planning,  information  regarding pending or planned
      competitive bids, and information  regarding key employees.  Grantee shall
      not communicate,  divulge or disseminate  Confidential  Information at any
      time during or after Grantee's  employment  with the Company,  except with
      the prior written  consent of the Company or as otherwise  required by law
      or legal process. All computer software,  telephone lists, customer lists,
      price  lists,  contract  forms,  catalogs,  records,  files  and  know-how
      acquired  while an  employee  of the  Company  are  acknowledge  to be the
      property  of the  Company and shall not be  duplicated,  removed  from the
      Company's  possession  or premises or made use of other than in pursuit of
      the Company's business or as may otherwise be required by law or any legal
      process, and, upon termination of employment for any reason, Grantee shall
      deliver to the Company,  without  further  demand,  all such items and any
      copies thereof which are then in his or her possession or under his or her
      control.

      (b)  For  a  one  year  period  beginning  on  Grantee's   termination  of
      employment,  Grantee will not, except upon prior written permission signed
      by an  authorized  officer  of the  Company,  consult  with or advise  or,
      directly or indirectly,  as owner, partner, officer or employee, engage in
      business  with any  company in  competition  with the  Company or with any
      corporation or entity  controlled by,  controlling or under common control
      with any such company.  Not withstanding  the foregoing,  Grantee may make
      and retain investments in not more than three percent of the equity of any
      such company if such equity is listed on a national securities exchange or
      regularly traded in an over-the-counter market.

      (c)  For  a  one  year  period  beginning  on  Grantee's   termination  of
      employment,   Grantee  will  not,  directly  or  indirectly,  solicit  for
      employment or employ on behalf of any organization  other than the Company
      or one of its Subsidiaries or employ any person employed by the Company or
      any of its Subsidiaries, nor will Grantee, directly or indirectly, solicit
      for employment on behalf of any organization other than the Company or one
      of its Subsidiaries or be involved in any way in the hiring process of any
      person known by Grantee (after  reasonable  inquiry) to be employed at the
      time by the Company or any of its Subsidiaries.

      (d) In the event of a breach of Grantee's  covenants under this Section 4,
      all  Performance  Stock Awards shall  immediately  be forfeited as of such
      breach and it is understood  and agreed that the Company shall be entitled
      to  injunctive  relief as well as any other legal or  equitable  remedies.
      Grantee  acknowledges  and  agrees  that the  covenants,  obligations  and
      agreements of the Grantee in this Section 4 relate to special,  unique and
      extraordinary  matters  and that a  violation  of any of the terms of such
      covenants,  obligations or agreements  will cause the Company  irreparable
      injury for which  adequate  remedies are not available at law.  Therefore,
      Employee  agrees  that the Company  shall be  entitled  to an  injunction,
      restraining  order or such other equitable relief (without the requirement
      to post bond) as a court of competent  jurisdiction  may deem necessary or
      appropriate  to restrain  Grantee from  committing  any  violation of such
      covenants,  obligations  or  agreements.  These  injunctive  remedies  are
      cumulative  and in  addition  to any other  rights and  remedies  that the
      Company may have. The Company and Grantee hereby irrevocably submit to the
      exclusive  jurisdiction  of the courts of Wisconsin and the Federal courts
      of the United  States

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      of America,  located in Milwaukee,  Wisconsin,  in respect of all disputes
      involving Confidential Information,  trade secrets or the violation of the
      provisions of this Section 4.

5.  Voting,  Dividend  and  Other  Rights,   Restrictions  and  Limitations.  By
acceptance of this Performance  Share Award Agreement and as  consideration  for
the  receipt of  Performance  Shares,  the  Grantee  agrees to appoint a company
nominee[s] as his/her irrevocable proxy to vote, in the nominee[s]'  discretion,
all shares of Company Stock  transferred  to the Grantee under this Agreement at
the  annual  meeting  of  shareholders  and  at  any  other  meetings  at  which
shareholders are entitled to vote. The Company will provide appropriate means to
effect this  appointment.  If the Grantee  fails to so appoint a proxy  within a
reasonable  time as specified  by the Company,  this Award shall become null and
void.  Except as  otherwise  provided in this  Agreement,  the terms of the Plan
shall  control  as to  voting,  dividends  and other  rights,  restrictions  and
limitations.

6. Tax  Consequences.  The  Grantee  understands  that the award of  Performance
Shares,  the issuance of Company  Stock to the Grantee,  and the sale of Company
Stock by the Grantee,  may have tax  implications  to the  Grantee.  The Grantee
represents  that he or she has been  advised to consult a tax advisor  regarding
the implications of this Agreement.  The Grantee further acknowledges that he or
she is not relying on the Company for any tax, financial or legal advice; and it
is specifically understood by the Grantee that no representations are made as to
any particular tax treatment with respect to this Award.

7.  Interpretation.  Any dispute regarding the  interpretation of this Agreement
shall be  submitted  to the  Committee,  which  shall  review  such  dispute  in
accordance  with the Plan.  The  resolution  of such a dispute by the  Committee
shall be final and binding on the Company and Grantee.

8. Fractional Shares. If any calculation of Company Stock to be awarded or to be
forfeited or to be released from  restrictions or limitations  would result in a
fractional share, such fractional share shall be paid in cash.

9. Rights as a Stockholder.  Subject to Section 5, the Grantee shall have all of
the rights of a stockholder  with respect to the Performance  Shares,  including
the right to vote on all matters with respect to which the  stockholders  of the
Company have the right to vote and the right to receive dividends  thereon.  Any
dividends  paid on shares of Company Stock  subject to forfeiture  shall also be
subject to  forfeiture  until such date as the  underlying  shares to which they
relate become vested, and shall be paid in cash upon vesting.

10.  Restrictions  on Transfer.  The  Performance  Shares awarded to the Grantee
under this  Agreement  may not be  transferred  or otherwise  disposed of by the
Grantee, including by way of sale, assignment,  transfer, pledge,  hypothecation
or otherwise,  except as permitted by the  Committee,  or by will or the laws of
descent  and   distribution.   Any   purported   sale,   assignment,   mortgage,
hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or
other) or other  disposition  of, or creation of a security  interest in or lien
on, any of the  Performance  Shares by any holder  thereof in  violation  of the
provisions of this Agreement shall be invalid, and the Company will not transfer
any of said shares on its books nor will any of said shares be entitled to vote,
nor will any  dividends  be paid  thereon,  unless and until there has been full
compliance  with

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said provisions to the satisfaction of the Company.  The foregoing  restrictions
are in addition to and not in lieu of any other  remedies,  legal or  equitable,
available to enforce said provisions.

11.  Approvals.  No shares of Company Stock shall be issued under this Agreement
unless  and until all legal  requirements  applicable  to the  issuance  of such
shares  have  been  complied  with to the  satisfaction  of the  Committee.  The
Committee  shall  have the  right to  condition  any  issuance  of shares to the
Grantee on the Grantee's undertaking in writing to comply with such restrictions
on the  subsequent  disposition  of such  shares  as the  Committee  shall  deem
necessary or advisable as a result of any applicable law or regulation.

12.  Change in  Control.  In the event of a change in  control,  all Base  Award
Shares  that  have not yet  vested or been  previously  forfeited  shall  become
immediately vested and all restrictions and forfeiture  conditions applicable to
such shares shall  immediately  lapse.  Premium  Award Shares do not vest upon a
Change in Control.

13. Taxes.  The Grantee shall pay to the Company promptly upon request an amount
equal to the  federal,  state and/or  local taxes the Company  determines  it is
required to withhold under  applicable tax laws with respect to the  Performance
Shares  awarded  under this  Agreement.  The Grantee  may satisfy the  foregoing
requirement  by one or a  combination  of the  following  methods:  (a) making a
payment to the Company in cash or cash equivalents;  (b) with the consent of the
Company,  by  authorizing  the Company to  withhold  cash  otherwise  due to the
Grantee;  or (c)  authorizing the Company to withhold a portion of the shares of
Company Stock to be received  hereunder having a value equal to or less than the
minimum amount  required to be withheld.  The Grantee shall promptly  notify the
Company of any election made pursuant to Section 83(b0 of the Code.  The Grantee
understands that the Grantee, and not the Company, is solely responsible for any
tax liability Grantee may incur as a result of this Agreement.

THE GRANTEE  ACKNOWLEDGES THAT IT IS THE GRANTEE'S SOLE  RESPONSIBILITY  AND NOT
THE  COMPANY'S TO FILE TIMELY THE ELECTION  UNDER  SECTION 83(b) OF THE CODE, IN
THE EVENT THAT THE GRANTEE DESIRES TO MAKE THE ELECTION.

14. Compliance with Law and Regulations; Legend. This Agreement, the Performance
Shares awarded  hereunder and any obligation of the Company  hereunder  shall be
subject to all applicable  federal,  state and local laws, rules and regulations
and to such approvals by any government or regulatory agency as may be required.
The Company may require,  as a condition of the issuance and delivery fo Company
Stock certificates  pursuant to the terms hereof, that the certificates bear the
legend set forth  immediately  below, in addition to any other legends  required
under  federal  and  state  securities  laws,  the laws and  regulations  of any
non-U.S. jurisdiction, or as otherwise determined by the Committee.

      The   transferability   of  this  certificate  and  the  shares  of  stock
represented  hereby  are  subject  to the  restrictions,  terms  and  conditions
(including forfeiture provisions and restrictions against transfer) contained in
the Bucyrus  International,  Inc. 2004 Equity Incentive Plan (2006 Amendment and
Restatement) and an Agreement  entered into between the registered owner of such

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shares  and the  Company.  A copy of the  Plan and  Agreement  is on file in the
office of the Secretary of the Company,  1100 Milwaukee Avenue, South Milwaukee,
Wisconsin 53172.

      Such legend  shall not be removed  until such shares vest  pursuant to the
terms hereof.

15.  Incorporation  of Plan.  This Agreement is made under the provisions of the
Plan (which is  incorporated  herein by reference) and shall be interpreted in a
manner  consistent  with it. To the extent  that this  Agreement  is silent with
respect  to,  or in any way  inconsistent  with,  the  terms  of the  Plan,  the
provisions  of the Plan shall  govern and this  Agreement  shall be deemed to be
modified  accordingly.  Any  capitalized  term not defined herein shall have the
meaning set forth in the Plan.

16. Notices.  Any notices required or permitted  hereunder shall be addressed to
Secretary of the Company,  1100 Milwaukee  Avenue,  South  Milwaukee,  Wisconsin
53172, or to the Grantee at the address then on record with the Company,  as the
case may be, and deposited,  postage prepaid,  in the United States mail. Either
party may, by notice to the other given in the manner aforesiad,  change his/her
or its address for future notices.

17. Binding  Agreement;  Successors.  This Agreement shall bind and inure to the
benefit of the Company,  its  successors  and  assigns,  and the Grantee and the
Grantee's personal representatives and beneficiaries.

18.  Governing  Law.  This  Agreement  shall be  governed  by and  construed  in
accordance  with the laws of the State of  Delaware.  The  Committee  shall have
final  authority to interpret  and construe the Plan and this  Agreement  and to
make any and all  determinations  under them,  and its decision shall be binding
and conclusive upon all persons.

19.  Amendment.  This Agreement may be amended or modified by the Company at any
time;  provided,  that  notice is provided  to the  Grantee in  accordance  with
Section 17; and provided,  further,  that no amendment or  modification  that is
adverse to the rights of the  Grantee as  provided  by this  Agreement  shall be
effective unless set forth in a writing signed by the parties hereto.

      IN WITNESS WHEREOF,  the undersigned  parties have executed this Agreement
to be effective as of the Award Date set forth in the Notice.

GRANTEE

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                                            Date

BUCYRUS INTERNATIONAL, INC.

------------------------------              ------------------------------------
Craig R. Mackus                             Date
CFO & Secretary

                                       7Exhibit 10.11

                    2006 STOCK APPRECIATION RIGHTS AGREEMENT

This 2006 STOCK APPRECIATION RIGHTS AGREEMENT, made as of the Award Date set
forth in the Notice of Award of 2006 Stock Appreciation Rights (the "Notice"),
by and between Bucyrus International, Inc., a Delaware corporation (the
"Company"), and the undersigned individual (the "Grantee"), sets forth the terms
and conditions of the Stock Appreciation Rights Award described in the Notice.
Except as otherwise expressly set forth herein, this Agreement and the Award
hereunder shall be construed in accordance with the provisions of the Bucyrus
International, Inc. 2004 Equity Incentive Plan (the "Plan"). Any capitalized
terms not otherwise defined in this Agreement shall have the definitions set
forth in the Plan. You must sign both the Agreement and the Notice in order for
the Award to be effective. Please sign and date the Agreement and the Notice and
return them promptly in the enclosed envelope.

By accepting this Agreement and any stock appreciation rights issued pursuant to
this Stock Appreciation Rights Award, you acknowledge that you have received a
copy of the Prospectus, that you have read and understand the terms of the Plan
and this Agreement, and that you accept this Agreement subject to all such terms
and conditions.

For all  purposes of this 2006 Stock  Appreciation  Rights  Agreement,  the Term
shall mean the period beginning on [grant date] and ending on ____________.Stock
Appreciation  Rights Awards will consist of the right to the appreciation in the
underlying  shares of the Class A common stock of the Company  ("Company Stock")
from the Award Date to the date of exercise,  with any gain at exercise  settled
in shares of Company Stock, subject to a service-based vesting requirement.  The
number  of Stock  Appreciation  Rights  awarded,  the term of the  Award and the
vesting schedule shall be stipulated in the Notice.

<PAGE>

Terms and Conditions

1. Terms and Provisions of Stock Appreciation Right Award. Pursuant to Section 6
of the Plan, as of the Award Date the Company has awarded to the Grantee the
Stock Appreciation Rights ("SARs") specified in the Notice. Such Award is
subject to the following terms and conditions.

2. Award of SARs. The Grantee is hereby awarded the number of SARs specified in
the Notice, subject to the following terms, conditions and forfeiture
restrictions:

      (a) Value of Awards. The Company grants SARs to the Grantee, which are
      exercisable only when vesting requirements are met, entitling the Grantee
      to obtain, subject to the terms and conditions set forth herein, shares of
      Company Stock equal to the product of (a) the excess of the Fair Market
      Value ("FMV"), as defined in this document, of a share of Company Stock at
      the date of exercise over the FMV of those shares at the Award Date and
      (b) the number of SARs being exercised (such product at the time of
      exercise being referred to herein as the "SAR Value").

      (b) Determination of Fair Market. The "Fair Market Value" of a share of
      Company Stock on any date of reference shall mean the Closing Price (as
      defined below) on such date, unless the Compensation Committee, in its
      sole discretion, shall determine otherwise in a fair and uniform manner.
      For purposes of this Agreement, the "Closing Price" of the Company Stock
      on any business day shall be the last reported sale price of Company Stock
      on the National Market System of the National Association of Securities
      Dealer Automated Quotation system ("NASDAQ").

      (c) Vesting. The SARs will vest based upon continued employment by the
      Company and/or a Subsidiary until the dates set forth in the vesting
      schedule established for the SARs, as set forth in the Notice (the
      "Restricted Period"). If the Grantee ceases to be employed by the Company
      and/or a Subsidiary prior to full vesting because of Disability (as such
      term is defined in the Plan) or death (a "Qualifying Event"), then, as of
      the date on which the Qualifying Event occurs, the Grantee shall be
      entitled to receive the appreciation on all vested and unvested SARs. If
      the Grantee retires later than one year after the Award Date (a
      "Qualifying Retirement"), Grantee shall continue to vest in the SARs on
      the same basis as if he had remained an active employee. In the event of a
      Qualifying Retirement, the Grantee will receive the appreciation on
      unvested SARs if (i) Grantee retires from employment with the Company on
      or after his Early Retirement Date or Normal Retirement Date (as such
      terms are defined under the Bucyrus Salaried Employees' Retirement Plan)
      and (ii) the Grantee does not, prior to the expiration of the Restricted
      Period, obtain other gainful employment regardless of whether such
      employment is with a competitor of the Company. The Grantee acknowledges
      and agrees that the restriction on vesting set forth in the preceding
      sentence does not constitute a limitation or restriction on Grantee's
      right to obtain other employment but is only a restriction on his or her
      right to vest in the restricted shares.

<PAGE>

      (d) Time of Exercise. Once the Grantee is vested in a SAR, the Grantee may
      exercise his/her right to the appreciation in the shares, in full or in
      part, at any time until the earlier to occur of (a) the end of the Term,
      as specified in the Notice, or (b) three (3) months following the date
      upon which Grantee ceases to be an employee of the Company.

      (e) Procedure for Exercise. In order to exercise the SARs, Grantee shall
      deliver to the Company at its principal office at 1100 Milwaukee Ave.,
      South Milwaukee, WI 53172, or at such other office as shall be designated
      by the Company pursuant to the terms hereof, a written notice of Grantee's
      election to exercise a SAR, which election notice shall state the number
      of SARs to be exercised. Following receipt thereof, the Company shall, in
      accordance with the terms hereof, deliver to the Grantee the SAR Value
      relating to such exercise in the form of shares of Company Stock.

      (f) Closing and Payment of SAR Value. The SAR Value payable at the closing
      of the exercise of the SAR shall be payable within five (5) days of the
      final determination of the SAR Value pursuant to the terms hereof. On the
      closing of the exercise of a SAR, the Company shall pay the SAR Value in
      shares of Company Stock, based on the FMV on the date of exercise and
      Grantee shall execute a receipt evidencing the receipt of such payment and
      confirming the number of SARs not exercised and still held by Grantee.

      (g) Adjustment of Number of SARs. If the Company shall at any time after
      the Award Date but prior to the expiration of the SARs subdivide its
      outstanding Company Stock, by split-up, spin-off, or otherwise, or combine
      its outstanding Company Stock, the number of SARs granted hereunder and
      exercisable as of the date of such subdivision, split-up, spin-off or
      combination shall forthwith be proportionately increased in the case of a
      subdivision, or proportionately decreased in the case of a combination.

3. Tax Consequences. Grantee understands that the award of SARs, the exercise of
SARs, and the issuance of Company Stock, may have tax implications that could
result in adverse tax consequences to Grantee. Grantee acknowledges that Grantee
has been advised to consult a tax advisor and that he or she is not relying on
the Company for any tax, financial or legal advice. It is specifically
understood by the Grantee that no representations are made as to any particular
tax treatment with respect to this Award.

4. Confidential Information; Noncompetition; Nonsolicitation.

      (a) Grantee acknowledges that all secret or confidential information,
      knowledge or data relating to the Company or any of its Subsidiaries and
      their respective businesses that Grantee obtains during Grantee's
      employment by the Company or any of its Subsidiaries and that is not
      public knowledge (other than as a result of the Grantee's violations of
      this Section 4(a)) ("Confidential Information") is highly sensitive and
      proprietary and includes, without limitation: product design information,
      manufacturing processes and methods, information regarding new product
      development, information regarding strategic or tactical planning,
      information regarding pending or planned competitive bids, and

<PAGE>

      information regarding key employees. Grantee shall not communicate,
      divulge or disseminate Confidential Information at any time during or
      after Grantee's employment with the Company, except with the prior written
      consent of the Company or as otherwise required by law or legal process.
      All computer software, telephone lists, customer lists, price lists,
      contract forms, catalogs, records, files and know-how acquired while an
      employee of the Company are acknowledge to be the property of the Company
      and shall not be duplicated, removed from the Company's possession or
      premises or made use of other than in pursuit of the Company's business or
      as may otherwise be required by law or any legal process, and, upon
      termination of employment for any reason, Grantee shall deliver to the
      Company, without further demand, all such items and any copies thereof
      which are then in his or her possession or under his or her control.

      (b) For a one year period beginning on Grantee's termination of
      employment, Grantee will not, except upon prior written permission signed
      by an authorized officer of the Company, consult with or advise or,
      directly or indirectly, as owner, partner, officer or employee, engage in
      business with any company in competition with the Company or with any
      corporation or entity controlled by, controlling or under common control
      with any such company. Notwithstanding the foregoing, Grantee may make and
      retain investments in not more than three percent of the equity of any
      such company if such equity is listed on a national securities exchange or
      regularly traded in an over-the-counter market.

      (c) For a one year period beginning on Grantee's termination of
      employment, Grantee will not, directly or indirectly, solicit for
      employment or employ on behalf of any organization other than the Company
      or one of its Subsidiaries or employ any person employed by the Company or
      any of its Subsidiaries, nor will Grantee, directly or indirectly, solicit
      for employment on behalf of any organization other than the Company or one
      of its Subsidiaries or be involved in any way in the hiring process of any
      person known by Grantee (after reasonable inquiry) to be employed at the
      time by the Company or any of its Subsidiaries.

      (d) In the event of a breach of Grantee's covenants under this Section 4,
      all SARs shall immediately be forfeited as of such breach and it is
      understood and agreed that the Company shall be entitled to injunctive
      relief as well as any other legal or equitable remedies. Grantee
      acknowledges and agrees that the covenants, obligations and agreements of
      the Grantee in this Section 4 relate to special, unique and extraordinary
      matters and that a violation of any of the terms of such covenants,
      obligations or agreements will cause the Company irreparable injury for
      which adequate remedies are not available at law. Therefore, Employee
      agrees that the Company shall be entitled to an injunction, restraining
      order or such other equitable relief (without the requirement to post
      bond) as a court of competent jurisdiction may deem necessary or
      appropriate to restrain Grantee from committing any violation of such
      covenants, obligations or agreements. These injunctive remedies are
      cumulative and in addition to any other rights and remedies that the
      Company may have. The Company and Grantee hereby irrevocably submit to the
      exclusive jurisdiction of the courts of Wisconsin and the Federal courts
      of the United States of America, located in Milwaukee, Wisconsin,

<PAGE>

      in respect of all disputes involving Confidential Information, trade
      secrets or the violation of the provisions of this Section 4.

5. Interpretation. Any dispute regarding the interpretation of this Agreement
shall be submitted to the Board or the Committee, which shall review such
dispute in accordance with the Plan. The resolution of such a dispute by the
Board or Committee shall be final and binding on the Company and Grantee.

6. Fractional Shares. If any calculation of Company Stock to be granted or to be
forfeited or to be released from restrictions or limitations would result in a
fractional share, such fractional share shall be paid in cash.

7. Approvals. No shares of Company Stock shall be issued under this Agreement
unless and until all legal requirements applicable to the issuance of such
shares have been complied with to the satisfaction of the Committee. The
Committee shall have the right to condition any issuance of shares to the
Grantee on the Grantee's undertaking in writing to comply with such restrictions
on the subsequent disposition of such shares as the Committee shall deem
necessary or advisable as a result of any applicable law or regulation.

8. Restrictions on Transfer. The SARs awarded to the Grantee under this
Agreement may not be transferred or otherwise disposed of by the Grantee,
including by way of sale, assignment, transfer, pledge, hypothecation or
otherwise, except as permitted by the Committee, or by will or the laws of
descent and distribution. Any purported sale, assignment, mortgage,
hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or
other) or other disposition of, or creation of a security interest in or lien
on, any of the SARs by any holder thereof in violation of the provisions of this
Agreement shall be invalid. The foregoing restrictions are in addition to and
not in lieu of any other remedies, legal or equitable, available to enforce said
provisions.

9. Change in Control. In the event of a Change in Control, all SARs that have
not yet vested shall become immediately vested and all restrictions and
forfeiture conditions applicable to the SARs shall immediately lapse.

10. Taxes. The Grantee shall pay to the Company promptly upon request, and in
any event at the time the Grantee recognizes taxable income in respect to the
exercise of a SAR, an amount equal to the federal, state and/or local taxes the
Company determines it is required to withhold under applicable tax laws with
respect to the SARs. The Grantee may satisfy the foregoing requirement by one or
a combination of the following methods: (a) making a payment to the Company in
cash or cash equivalents; or (b) authorizing the Company to withhold a portion
of the shares of Company Stock to be received hereunder having a value equal to
or less than the minimum amount required to be withheld. The Grantee understands
that the Grantee (and not the Company) shall be responsible for any tax
liability that may arise as a result of the transactions contemplated by this
Stock Appreciation Rights Agreement.

11. Compliance with Law and Regulations. This Agreement, the SARs awarded
hereunder and any obligation of the Company hereunder shall be subject to all
applicable

<PAGE>

federal, state and local laws, rules and regulations and to such approvals by
any government or regulatory agency as may be required.

12. Incorporation of Plan. This Agreement is made under the provisions of the
Plan (which is incorporated herein by reference) and shall be interpreted in a
manner consistent with it. To the extent that this Agreement is silent with
respect to, or in any way inconsistent with, the terms of the Plan, the
provisions of the Plan shall govern and this Agreement shall be deemed to be
modified accordingly. Any capitalized term not defined herein shall have the
meaning set forth in the Plan.

13. Notices. Any notices required or permitted hereunder shall be addressed to
Secretary of the Company, 1100 Milwaukee Avenue, South Milwaukee, Wisconsin
53172, or to the Grantee at the address then on record with the Company, as the
case may be, and deposited, postage prepaid, in the United States mail. Either
party may, by notice to the other given in the manner aforesaid, change his/her
or its address for future notices.

14. Binding Agreement; Successors. This Agreement shall bind and inure to the
benefit of the Company, its successors and assigns, and the Grantee and the
Grantee's personal representatives and beneficiaries.

15. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware. The Committee shall have
final authority to interpret and construe the Plan and this Agreement and to
make any and all determinations under them, and its decision shall be binding
and conclusive upon all Persons.

16. Amendment. This Agreement may be amended or modified by the Company at any
time; provided, that notice is provided to the Grantee in accordance with
Section 13; and provided, further, that no amendment or modification that is
adverse to the rights of the Grantee as provided by this Agreement shall be
effective unless set forth in a writing signed by the parties hereto.

      IN WITNESS WHEREOF, the undesigned parties have executed this Agreement to
be effective as of the Award Date set forth in the Notice.

GRANTEE

------------------------------              --------------------
                                            Date

BUCYRUS INTERNATIONAL, INC.

------------------------------              --------------------
Craig R. Mackus                             Date
CFO & Secretary

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