Document:

Exhibit 10.4

                           BUCYRUS INTERNATIONAL, INC.
                   NON-EMPLOYEE DIRECTORS STOCK FEE GUIDELINES
                        UNDER 2004 EQUITY INCENTIVE PLAN

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
      Amended and Restated 2004 Equity Incentive Plan (the "2004 Plan").

2.    Effective Date and Administration.  The effective date of these Guidelines
      is  January  1,  2007.  These  Guidelines  shall  be  administered  by the
      Nominating  and Corporate  Governance  Committee of the Board of Directors
      (the "Committee") pursuant to the 2004 Plan.

3.    Grants of Common Stock. Pursuant to Section 5 and the applicable provision
      of the 2004 Plan,  each  Non-Employee  Director shall be granted shares of
      the Company's Class A Common Stock ("Common  Stock"),  on or after January
      1, 2007, 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 2004  Plan) of the  Initial  Grant  Date
                  shall equal $55,000.  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
                  2004 Plan) on such  Initial  Grant Date  shall  equal  $55,000
                  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
                  2004 Plan) on the Annual Grant Date shall equal $55,000.

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            (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 2004 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  2004  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 2004 Plan,
      and shares of Common Stock issued under Section 4 will be issued  pursuant
      to

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      Section  6(f) of the 2004 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 2004 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.Exhibit 10.5

                           BUCYRUS INTERNATIONAL, INC.

                             NON-EMPLOYEE DIRECTORS
                           DEFERRED COMPENSATION PLAN

                As Amended and Restated Effective January 1, 2005
                     With Amendments Through January 1, 2007

      1. Purpose. The purpose of the Bucyrus International, Inc. Non-Employee
Directors Deferred Compensation Plan (the "Plan") is to enable directors of
Bucyrus International, Inc. (the "Company") who are not also employees of the
Company to defer the receipt of certain compensation earned in their capacity as
directors of the Company.

      2. Effective Date. The Plan was originally effective as of June 30, 2004,
the date on which it was adopted by the Board of Directors of the Company (the
"Board"); provided, however, that deferrals under the Plan were not permitted
with respect to Director Fees (as defined in Section 5) paid or to be paid with
respect to periods prior to January 1, 2005. The Plan is hereby amended and
restated effective as of January 1, 2005, to incorporate the requirements of new
Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), and
to include amendments made through January 1, 2007.

      3. Eligibility. Directors of the Company who are not also employees of the
Company or any of its subsidiaries ("Directors") are eligible to elect to
participate in the Plan.

      4. Administration. The Plan shall be administered by the Governance
Committee of the Board (the "Committee"). The Committee shall have the authority
to adopt rules and regulations for carrying out the Plan's intent and to
interpret, construe and implement the provisions thereof. Determinations made by
the Committee with respect to the Plan, any deferral made hereunder and any
Director's Account (as defined in Section 6) shall be final and binding on all
persons, including but not limited to the Company, each Director participating
in the Plan and such Director's beneficiaries. The Committee may delegate its
administrative hereunder to one or more employees of the Company, or a committee
made up of such employees, and the term "Committee" herein shall mean such
delegee to the extent of such delegation.

      5. Deferral of Fees. Directors may elect to defer under the Plan all or a
portion of the amounts to be paid to them for their service as a member of the
Board, including annual retainer and committee meeting fees (but excluding any
payment or reimbursement with respect to a Director's expenses arising from his
or her service as a member of the Board) that would otherwise be payable in cash
or, effective January 1, 2007, in shares of Class A common stock, par value
$0.01 of the Company ("Company Stock") in accordance with the Company's policies
as in effect from time to time (such

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compensation, collectively, "Director Fees"). In order to defer Director Fees,
the Director must file a deferral election with the Committee in such form, and
in such manner, as the Committee shall determine, subject to the following:

      (a) Except as provided in subsection (b) below, a deferral election must
      be made during the election period established by the Committee, which
      election period shall end no later than the day preceding the first day of
      the calendar year in which the Director Fees would otherwise be earned.

      (b) If an individual becomes a Director after the first day of a calendar
      year, he or she must file a deferral election within thirty (30) days
      after the date on which he or she first became a Director in order to
      defer a portion of his or her Director Fees earned during such calendar
      year. Such deferral election shall only apply to Director Fees earned
      after the date on which the deferral election is filed with the Committee.

      (c) Once a Director has elected to defer his or her Director Fees, the
      election may not be revoked and shall continue in force for the remainder
      of the Director's service as a member of the Board; provided, however,
      that a Director may, no later than 30 days prior to the beginning of any
      calendar year, revoke or modify his or her deferral election with respect
      to the entirety of such calendar year.

      6. Form of Deferral; Investment Options. The Company shall establish a
separate deferred compensation account (an "Account") on its books in the name
of each Director who has elected to participate in the Plan by deferring payment
of all or a portion of his or her Director Fees.

      (a) Prior to January 1, 2007, all cash deferred into the Plan was deemed
invested in Restricted Stock Units, as defined in the Company's 2004 Equity
Incentive Plan (2006 Amendment and Restatement) or a successor plan (the "Stock
Plan"). Such Restricted Stock Units were credited to each such Director's
Account as of each date (a "Deferral Date") on which amounts deferred under the
Plan would otherwise have been paid to such Director in cash. Such Restricted
Stock Units may not be re-allocated out of such units.

      (b) Effective January 1, 2007, all cash deferred into the Plan on and
after that date will be deemed invested in the investment options (as made
available by the Committee from time to time, which investment options shall
include Restricted Stock Units) selected by the Director. Deferrals of Company
Stock shall be automatically deemed invested in Restricted Stock Units. The
Director may make an initial investment election at the time of enrollment in
the Plan in whole increments of five percent (5%). A Director may also elect to
reallocate his or her Account, and may elect to allocate any future cash
deferrals, among the various investment options in whole increments of five
percent (5%) from time to time as prescribed by the Committee; provided that
deferrals of Company Stock may not be re-allocated out of Restricted Stock
Units. Such investment elections shall remain in effect until changed by the
Director. All investment elections shall become effective as soon as practicable
after receipt of such election by the Committee, and must be made in the form
and manner and within such time periods

<PAGE>

as the Committee prescribes in order to be effective. In the absence of an
effective election, the Director's cash deferrals shall be deemed invested in
the default fund specified by the Committee.

      (c) The Restricted Stock Units credited to a participating Director's
Account under the Plan shall be issued under the Stock Plan. The number of
Restricted Stock Units credited to a Director's Account as of each Deferral Date
shall be calculated by dividing by the amount so deferred by the Fair Market
Value (as defined in the Stock Plan) of a share of Company Stock as of such
Deferral Date. The Restricted Stock Units so credited shall be immediately
vested and non-forfeitable and shall become payable as set forth in Section 9.
Except as set forth herein, the terms and conditions of the Restricted Stock
Units credited to Directors' Accounts under the Plan shall be governed by the
Stock Plan, including, but not limited to, the equitable adjustment provisions
set forth in Section 5 thereof.

      (d) On each valuation date as determined by the Committee, the Committee
shall credit the deemed investment experience with respect to the selected (or
required) investment options to each Director's Account.

      (e) Notwithstanding anything to the contrary herein, all elections under
this section by a Director who is subject to Section 16 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act") are subject to review by
the Company prior to implementation. The Company may restrict additional
transactions, rescind transactions, or impose other rules and procedures, to the
extent deemed desirable by the Company in order to comply with the Exchange Act
or to comply with any Company policy, including but not limited to, insider
trading policies.

      7. Dividend Equivalents. Additional Restricted Stock Units shall be
credited to a Director's Account as of each date (a "Dividend Date") on which
cash dividends and/or special dividends and distributions are paid with respect
to Company Stock, provided that at least one Restricted Stock Unit is credited
to such Director's Account as of the record date for such dividend or
distribution. The number of Restricted Stock Units to be credited to a
Director's Account under the Plan as of any Dividend Date shall equal the
quotient obtained by dividing (a) the product of (i) the number of the
Restricted Stock Units credited to such Account on the record date for such
dividend or distribution and (ii) the per share dividend (or distribution value)
payable on such Dividend Date, by (b) the Fair Market Value of a share of
Company Stock as of such Dividend Date.

      8. Restrictions on Transfer. The right of a Director or that of any other
person to the payment of deferred compensation or other benefits under the Plan
may not be assigned, transferred, pledged or encumbered except by will or by the
laws of descent and distribution.

      9. Payment of Account.

      (a) Election. A Director shall make a distribution election with respect
      to his or her Account within 30 days following his or her initial
      participation date. The election shall be in such form as the Committee
      shall prescribe, and shall specify

<PAGE>

      distribution of the Director's Account in accordance with one of the
      following options:

            (i) A single lump sum payment of the Account, valued as of the
            valuation date immediately preceding distribution; or

            (ii) 5 or 10 annual installments of the Account, as elected in
            advance by the Director, with the amount of each installment equal
            to the balance of the Director's Account as of the December 31
            immediately preceding the distribution date divided by the number of
            installments remaining to be paid (and with the final distribution
            being equal to the balance in the Director's Account as of the
            valuation date immediately preceding the distribution date).

If no election is in effect, the Director will be deemed to have elected to
receive payment in the form of a single lump sum.

      (b) Modified Distribution Election.

            (i) Prior to January 1, 2008. Provided that distribution of a
            Director's Account has not been commenced and is not scheduled to
            commence during 2007, a Director may change his or her distribution
            election until December 31, 2007.

            (ii) After December 31, 2007. A Director may change his or her
            distribution election only in accordance with the following rules:

                  (1) the revised distribution election must be made at least
                  twelve (12) months prior to the date on which the payment was
                  scheduled to be paid (or begin to be paid, if installments
                  were elected) and may not be given effect until the end of
                  such twelve (12) month period; and

                  (2) the date of distribution must be delayed for at least five
                  (5) years from the date on which the payment was scheduled to
                  be paid (or begin to be paid, if installments were elected).

      (c) Distribution Commencement Date. Distribution of the Director's Account
      will be made or commence within sixty (60) days following the date upon
      which the Director's service as a member of the Board terminates for any
      reason. For any Director whose Account is distributable in annual
      installments, each annual installment after the initial payment will be
      paid in February, or as soon thereafter as is administratively
      practicable.

      (d) Acceleration of Payments. Notwithstanding any other provision of the
      Plan, if the Committee determines that all or any portion of a Director's
      Account is required to be included in the Director's income as a result of
      a failure to comply with the requirements of Code Section 409A and the
      regulations

<PAGE>

      promulgated thereunder, the Company shall immediately make distribution
      from the Plan to the Director or beneficiary, in one lump sum, of the
      amount (but not exceeding the amount) that is so taxable. In addition, if
      the Director becomes disabled within the meaning of Code Section 409A, as
      determined by the Committee, the balance of the Director's account shall
      be distributed in a single lump sum as soon as practicable after the date
      of the Director's disability, without regard to any distribution election
      then in effect.

      (e) Distribution of Remaining Account Following Director's Death. In the
      event of the Director's death, the Director's remaining undistributed
      interest will be distributed to the Director's beneficiary in a single sum
      on the first day of the month that is at least 90 days following the
      Director's death, or as soon thereafter as is administratively
      practicable.

      (f) Form of Distribution. Distributions shall be made in cash, provided
      that distributions of Restricted Stock Units shall be payable in the form
      of cash, shares of Company Stock, or a combination of the foregoing, in
      the discretion of the Director. If the Account is to be paid in whole or
      in part in the form of Company Stock, the number of shares of Company
      Stock payable upon such distribution shall equal the number of Restricted
      Stock Units credited to such Director's Account as of the date of such
      distribution, less applicable withholding. Fractional shares shall be
      payable in cash. The acceleration of the time or schedule of any payment
      due under this Plan is prohibited, except as permitted under proposed or
      final regulations issued under Code Section 409A.

      10. Designation of Beneficiary. Each Director may designate a beneficiary
in such form and manner and within such time periods as the Committee may
prescribe. A Director can change his beneficiary designation at any time,
provided that each beneficiary designation shall revoke the most recent
designation, and the last designation received by the Company while the Director
was alive shall be given effect. If a Director designates a beneficiary without
providing in the designation that the beneficiary must be living at the time of
distribution, the designation shall vest in the beneficiary the distribution
payable after the Director's death, and such distribution if not paid by the
beneficiary's death shall be made to the beneficiary's estate. In the event
there is no valid beneficiary designation in effect at the time of the
Director's death, in the event the Director's designated beneficiary does not
survive the Director, or in the event that the beneficiary designation provides
that the beneficiary must be living at the time of distribution and such
designated beneficiary does not survive to the distribution date, the Director's
estate will be deemed the beneficiary and will be entitled to receive payment.

      11. Change in Control. Notwithstanding any provisions of the Plan to the
contrary, upon the occurrence of a Change in Control, the balance of a
Director's account under the Plan shall be immediately payable in cash. For
purposes of the Plan, "Change in Control" shall have the meaning set forth in
the Stock Plan; provided, however, that an event shall not constitute a Change
in Control hereunder unless the event qualifies as a "change in control event"
as defined in proposed or final regulations issued under Code Section 409A.

<PAGE>

      12. Unfunded Plan; Creditor's Rights. The Plan is intended to be an
"unfunded" plan. The obligation of the Company under the Plan is purely
contractual and shall not be funded or secured in any way. A Director or any
beneficiary shall have only the interest of an unsecured general creditor of the
Company in respect of the Restricted Stock Units credited to such Director's
Account under the Plan.

      13. Successors in Interest. The obligations of the Company under the Plan
shall be binding upon any successor or successors of the Company, whether by
merger, consolidation, sale of assets or otherwise, and for this purpose
reference herein to the Company shall be deemed to include any such successor or
successors.

      14. Governing Law; Interpretation. The Plan shall be construed and
enforced in accordance with, and governed by, the laws of the State of Delaware.
The Company intends that transactions under the Plan shall be exempt under Rule
16b-3 promulgated under the Exchange Act, unless otherwise determined by the
Company.

      15. Termination and Amendment of the Plan. The Board of Directors of the
Company may terminate the Plan at any time; provided, that termination of the
Plan shall not adversely affect the rights of a Director or beneficiary thereof
with respect to amounts previously deferred under the Plan without the consent
of such Director or that of such Director's beneficiary, as applicable. The
Board of Directors of the Company may amend the Plan at any time and from time
to time; provided, however, that no such amendment shall adversely affect the
rights of any Director or beneficiary thereof with respect to amounts previously
deferred under the Plan. Upon termination of the Plan, the Committee may, in its
discretion, direct early payment of Directors' Accounts; provided, however, (i)
no payments, other than payments that would have been payable under the terms of
the Plan if termination of the Plan had not occurred, may be made within twelve
(12) months of the Plan's termination date, (ii) all payments are made within
twenty-four (24) months of the Plan's termination date, and (iii) no other
actions are taken by the Company or the Committee that would cause the payment
of Accounts to be treated as an impermissible acceleration of benefits under
Code Section 409A.

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