Document:

Bucyrus International, Inc. Omnibus Incentive Plan 2007

 Exhibit 10.6 
 BUCYRUS INTERNATIONAL, INC. 
 OMNIBUS INCENTIVE PLAN 2007 
 (FEBRUARY 2007 AMENDMENT AND RESTATEMENT, 
 AS AMENDED AUGUST 2008) 
 Adjusted to reflect 2-for-1 stock split effective May 27, 2008 

 TABLE OF CONTENTS 
 Page 
 BUCYRUS INTERNATIONAL, INC. 
 OMNIBUS INCENTIVE PLAN 2007 
 (FEBRUARY 2007 AMENDMENT AND RESTATEMENT, 

 AS AMENDED AUGUST 2008) 
  

					
	1.	  	Purpose; Types of Awards; Effective Date.	  	1
	2.	  	Definitions.	  	1
	3.	  	Administration.	  	7
	4.	  	Eligibility.	  	8
	5.	  	Stock Subject to the Plan; Participants’ Limitations.	  	8
	6.	  	Specific Terms of Awards.	  	10
	7.	  	General Provisions.	  	15

  

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 BUCYRUS INTERNATIONAL, INC. 
 OMNIBUS INCENTIVE PLAN 2007 
 (FEBRUARY 2007 AMENDMENT AND RESTATEMENT, 

 AS AMENDED AUGUST 2008) 
  

	 	1.	Purpose; Types of Awards; Effective Date. 

 The
purposes of the Bucyrus International, Inc. Omnibus Incentive Plan 2007 (February 2007 Amendment and Restatement, as amended August 2008), formerly called the 2004 Equity Incentive Plan, (the “Plan”) are to provide incentives to
non-employee directors, selected officers and other employees, advisors and consultants of Bucyrus International, Inc. (the “Company”), or any Affiliate of the Company that now exists or hereafter is organized or acquired, to continue as
non-employee directors, officers or employees, advisors or consultants, as the case may be, to increase their efforts on behalf of the Company and its Affiliates and to promote the success of the Company’s business. The Plan provides for the
grant of stock options (including “incentive stock options” and “nonqualified stock options”), stock appreciation rights, restricted stock, restricted stock units and other stock-based awards, as well as cash incentive awards.
The Plan is designed so that Awards granted hereunder intended to comply with the requirements for “performance-based compensation” under Section 162(m) of the Code may comply with such requirements, and the Plan and Awards shall be
interpreted in a manner consistent with such requirements. The Plan was initially adopted effective June 30, 2004. The Plan, as amended and restated herein, is effective on February 15, 2007, subject to approval by the Company’s
stockholders. 
  

	 	2.	Definitions. 

 For purposes of the Plan, capitalized
terms shall be defined as set forth below: 
  

	 	(a)	“Affiliate” has the meaning given in Rule 12b-2 under the Exchange Act. Notwithstanding the foregoing, for purposes of determining those individuals to whom an Option or
Stock Appreciation Right may be granted, the term “Affiliate” means any entity that, directly or through one or more intermediaries, is controlled by, controls, or is under common control with the Company within the meaning of Code
Sections 414(b) or (c); provided that, in applying such provisions, the phrase “at least 20 percent” shall be used in place of “at least 80 percent” each place it appears therein. 

  

	 	(b)	“Annual Incentive Award” means the right to receive a cash payment to the extent one or more Performance Goals are achieved as measured over a period of one year or less.

  

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	 	(c)	“Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit, Other Stock-Based Award, Annual Incentive Award, or Long-Term Incentive Award granted under the
Plan. 

  

	 	(d)	“Award Agreement” means any written agreement, contract, or other instrument or document evidencing an Award. 

  

	 	(e)	“Board” means the Board of Directors of the Company. 

  

	 	(f)	“Cause” with respect to any Grantee, shall have the definition set forth in an individual employment, severance or other similar agreement between such Grantee and the
Company or one of its Affiliates as then in effect or, if there is no such agreement or definition in any such agreement, Cause shall mean any of the following: (i) the continued failure by the Grantee substantially to perform his or her duties
and obligations to the Company or any of its Affiliates, including without limitation repeated refusal to follow the reasonable directions of the Grantee’s employer, knowing violation of law in the course of performance of the duties of
Grantee’s employment with the Company or any of its Affiliates, repeated absences from work without a reasonable excuse, and intoxication with alcohol or illegal drugs while on the Company’s premises or that of any of the Company’s
Affiliates during regular business hours (other than any such failure resulting from his or her incapacity due to physical or mental illness); (ii) fraud or material dishonesty against the Company or any of its Affiliates; or (iii) a
conviction or plea of guilty or nolo contendre for the commission of a felony or a crime involving material dishonesty. Determination of Cause shall be made by the Committee in its sole discretion. 

  

	 	(g)	“Change in Control” means a change in control of the Company, which will be deemed to have occurred under the triggering events specified as such under any shareholder
rights plan adopted by the Company as then in effect or, if none, then upon the occurrence of any of the following: 

  

	 	(i)	any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company, (B) any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any Affiliate, or (C) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Stock, is or becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing twenty percent (20%) or more of the combined voting power of the Company’s then
outstanding voting securities; 

  

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	 	 (ii)
	 the following individuals cease for any reason to constitute a majority of the number of directors then serving:
individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds ( 2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or
nomination for election was previously so approved or recommended; 

  

	 	(iii)	there is consummated a merger or consolidation of the Company or any Subsidiary of the Company with any other corporation, other than a merger or consolidation immediately following
which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a
Subsidiary, the ultimate parent thereof; or 

  

	 	(iv)	the stockholders of the Company approve a plan of complete liquidation of the Company or there is consummated an agreement for the sale or disposition by the Company of all or
substantially all of the Company’s assets (or any transaction having a similar effect), other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, immediately following which the
individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed of or, if such entity is a subsidiary, the ultimate parent thereof.

 Notwithstanding the foregoing, a Change in Control of the Company shall not be deemed to have occurred by virtue of the
consummation of any transaction or series of integrated transactions immediately following which (A) the holders of the Stock immediately prior to such transaction or series of transactions continue to beneficially own, directly or indirectly,
the outstanding voting securities of the entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions (the “Surviving Entity”) in substantially the same
proportions relative to other such holders of Stock as their ownership of the Stock immediately prior to the transaction or series of transactions, (B) the Stock of the Company outstanding immediately prior to such transaction or series of
transactions continues to represent (either by remaining outstanding or by being converted into voting securities of the Surviving Entity or any parent thereof) at least 60% of the combined voting 

  

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power of the voting securities of the Surviving Entity or any parent thereof outstanding immediately after such transaction or series of transactions,
(C) no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Surviving Entity representing one-third (33 1/3%) or more of (1) the combined voting power of the Surviving Entity’s then outstanding voting securities or (2) the then outstanding voting securities of the Surviving Entity, and
(D) immediately following such transaction or series of transactions the individuals who comprise the Board of Directors of the Company immediately prior thereto constitute at least a majority of the Board of Directors of the Company, the
Surviving Entity or any parent thereof. 
 Notwithstanding the foregoing, if an Award is considered deferred compensation subject to
the provisions of Section 409A of the Code, and if a payment under such Award is triggered upon a “Change in Control,” then the foregoing definition shall be deemed amended as necessary to comply with Section 409A of the Code and
the Award Agreement may include such modified definition. 
  

	 	(h)	“Code” means the Internal Revenue Code of 1986, as amended from time to time. Any reference to a specific provision of the Code includes any successor provision and the
regulations promulgated under such provision. 

  

	 	(i)	“Committee” means the Compensation Committee of the Board, or any successor committee thereto. 

  

	 	(j)	“Company” means Bucyrus International, Inc., a corporation organized under the laws of the State of Delaware, or any successor corporation. 

  

	 	(k)	“Covered Employee” shall have the meaning set forth in Section 162(m)(3) of the Code. 

  

	 	(l)	“Director Fees” means any amount paid to a Non-Employee Director, including annual retainer and committee meeting fees, but excluding any payment or reimbursement with
respect to a Non-Employee Director’s expenses arising from his or her service as a member of the Board. 

  

	 	(m)	“Disability” shall have the meaning set forth in the Company’s long-term disability benefits policy; provided that, if the term is used in an ISO Award
Agreement, the term “Disability” has the meaning given in Section 22(e)(3) of the Code. 

  

	 	(n)	“Effective Date” means February 15, 2007, the date that the amended and restated Plan was approved by the Board. 

  

	 	(o)	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. Any reference to a specific provision of the Exchange Act includes any successor
provision and the regulations promulgated under such provision. 

  

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	 	(p)	“Fair Market Value” means, with respect to Stock or other property, the fair market value of such Stock or other property determined by such methods or procedures as shall
be established from time to time by the Committee. Unless otherwise determined by the Committee in good faith, the per share Fair Market Value of Stock as of a particular date shall mean the closing last reported sales price per share of Stock on
the national securities exchange (or other market) on which the Stock is then principally traded on the applicable date, or if no sales of Stock occur on the date in question, on the last preceding date on which there was a sale on such exchange or
market. 

  

	 	(q)	“Grantee” means a person who has been granted an Award. 

  

	 	(r)	“ISO” (Incentive Stock Option) means an Option that meets the requirements of Section 422 of the Code. 

  

	 	(s)	“Long-Term Incentive Award” means the right to receive a cash payment to the extent one or more Performance Goals are achieved over a period of more than one year.

  

	 	(t)	“Non-Employee Director” means any director of the Company who is not also employed by the Company or any of its Subsidiaries. 

  

	 	(u)	“Non-Employee Director Stock Grant” means an Award of unrestricted shares of Stock granted to a Non-Employee Director under Section 6(f) in lieu of payment of such
individual’s Director Fees. 

  

	 	(v)	“NQSO” (Non-Qualified Stock Option) means any Option that does not meet the requirements of an ISO. 

  

	 	(w)	“Option” means a right to purchase shares of Stock. An Option may be either an ISO or an NQSO, provided that ISOs may be granted only to employees of the Company or a
Parent or Subsidiary of the Company. 

  

	 	(x)	“Other Stock-Based Award” means a right or other interest granted under Section 6(g) that may be denominated or payable in, valued in whole or in part by reference
to, or otherwise based on, or related to, Stock, including but not limited to (i) unrestricted Stock awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan, and (ii) a right granted to a
Grantee to acquire Stock from the Company containing terms and conditions prescribed by the Committee. 

  

	 	(y)	“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 

  

	 	(z)	 “Performance Goals” means the performance goals based on one or more of the following criteria as selected by the Committee with respect to the Company or
any one or more of its Subsidiaries, Affiliates or other 

  

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business units, segments, geographic region, product lines or business or administrative designations, as the Committee specifies: net sales; cost of sales;
revenue; gross income; net income; operating income; income from continuing operations; earnings (including before taxes, and/or interest and/or depreciation and amortization); earnings per share (including diluted earnings per share); price per
share; cash flow; net cash provided by operating activities; net cash provided by operating activities less net cash used in investing activities; net operating profit; ratio of debt to debt plus equity; return on shareholder equity; return on
capital; return on assets; operating working capital; average accounts receivable; average inventories; economic value added; product quality; efficiency; labor utilization; and/or customer satisfaction. Where applicable, the Performance Goals may
be expressed in terms of attaining a specified level of the particular criterion or the attainment of an increase or decrease (expressed as absolute numbers or a percentage) in the particular criterion or achievement in relation to a peer group or
other index. The Performance Goals may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified payments will be paid (or specified vesting will occur), and a
maximum level of performance above which no additional payment will be made (or at which full vesting will occur). As to each Performance Goal, the relevant measurement of performance shall be computed in accordance with generally accepted
accounting principles, if applicable, but, unless otherwise determined by the Committee, will exclude the effects of (i) extraordinary, unusual and/or non-recurring items of gain or loss, (ii) gains or losses on the disposition of a
business, (iii) changes in tax or accounting regulations or laws, or (iv) the effect of a merger or acquisition, that in each case the Company identifies in its audited financial statements, including footnotes, or the Management’s
Discussion and Analysis section of the Company’s annual report. In the case of Awards that the Committee determines will not be considered “performance-based compensation” under Section 162(m) of the Code, the Committee may
establish other Performance Goals not listed in this Plan. 

  

	 	(aa)	“Plan” means this Bucyrus International, Inc. Omnibus Incentive Plan 2007 (February 2007 Amendment and Restatement, as amended August 2008), as further amended from time
to time. 

  

	 	(bb)	“Plan Year” means a calendar year. 

  

	 	(cc)	“Restricted Stock” means an Award of shares of Stock that may be subject to certain restrictions on transfer, a risk of forfeiture, or a combination of restrictions on
transfer and a risk of forfeiture. 

  

	 	(dd)	“Restricted Stock Unit” or “RSU” means a right to receive Stock, an amount of cash, or a combination of Stock and cash, equal to the Fair Market Value of a share
of Stock at the end of a specified deferral period, which right may be conditioned on the satisfaction of specified performance or other criteria. 

  

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	 	(ee)	“Retirement” means, unless otherwise determined by the Committee and set forth in an Award Agreement: (1) for employees, early or normal retirement as defined in the
Bucyrus International, Inc. Salaried Employees Retirement Plan, or any successor plan thereto; and (2) for Non-Employee Directors, termination of service on or after the retirement age specified in the Company’s Corporate Governance
Guidelines for directors. For all other Participants, the term “Retirement” shall be defined in the Award Agreement. 

  

	 	(ff)	“Rule 16b-3” means Rule 16b-3, as from time to time in effect promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act, including
any successor to such Rule. 

  

	 	(gg)	“Stock” means shares of the common stock, par value $0.01 per share, of the Company. 

  

	 	(hh)	“Stock Appreciation Right” or “SAR” means the right to be paid an amount measured by the appreciation in the value of Stock from the date of grant to the date of
exercise of the right. 

  

	 	(ii)	“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 

  

	 	3.	Administration. 

 (a) General Authority. The
Committee shall have the authority, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or
advisable in the administration of the Plan, including, without limitation, the authority to: grant Awards; determine the eligible persons to whom and the time or times at which Awards shall be granted; determine the type and number of Awards to be
granted, the number of shares of Stock to which an Award may relate or the amount that may become payable under an Award, and the terms, conditions, restrictions and performance criteria relating to any Award, including but not limited to the effect
of a Change in Control upon any Award; determine, at the time of grant or thereafter, whether and to what extent the vesting or payment of any Award may be accelerated; determine Performance Goals no later than such time as required to ensure that
an underlying Award which is intended to comply with the requirements of Section 162(m) of the Code so complies; determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or
surrendered; make adjustments in the terms and conditions of, and the Performance Goals (if any) included in, Awards; construe and interpret the Plan and any Award; prescribe, amend and rescind rules and regulations relating to the Plan; and
determine the terms and provisions of the Award Agreements (which need not be identical for each Grantee). 
  

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 (b) Delegation. To the extent applicable law permits, the Board may delegate to another committee
of the Board or to one or more officers of the Company, or the Committee may delegate to a sub-committee or one or more officers of the Company, any or all of the authority and responsibility of the Committee under the Plan; provided that no
such delegation is permitted with respect to Stock-based Awards made to Grantees subject to Rule 16b-3 at the time any such delegated authority or responsibility is exercised unless the delegation is to another committee of the Board consisting
entirely of Non-Employee Directors. If the Board or the Committee has made such a delegation, then all references to the Committee in this Plan include such other committee or one or more officers to the extent of such delegation. If at any time the
Committee shall not be in existence, the Board shall administer the Plan. 
 The Committee may also delegate to one or more of its members or
to one or more agents (including the Company) such administrative duties as it may deem advisable, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any
responsibility the Committee or such person may have under the Plan. 
 (c) Decisions Final. All decisions, determinations and
interpretations of the Committee shall be made in its sole discretion and shall be final and binding on all persons, including but not limited to the Company, any Affiliate of the Company or any Grantee (or any person claiming any rights under the
Plan from or through any Grantee) and any stockholder. 
 (d) Liability of Committee. No member of the Board or Committee, nor any
delegee thereof, shall be liable for any action taken or determination made in good faith with respect to the Plan or any Award. 
  

	 	4.	Eligibility. 

 Awards may be granted to such
Non-Employee Directors, officers and other employees, advisors or consultants of the Company or any Affiliate of the Company as the Committee selects. In determining the persons to whom Awards shall be granted and the type of any Award (including
the number of shares of Stock to be covered by such Award), the Committee shall take into account such factors as the Committee shall deem relevant in connection with accomplishing the purposes of the Plan. Notwithstanding the foregoing, any Awards
made by the Committee to a Non-Employee Director shall be subject to approval by the Board. 
  

	 	5.	Stock Subject to the Plan; Participants’ Limitations. 

 (a) Shares Reserved. The maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be 6,000,000, subject to adjustment as provided herein. All of the shares of Stock reserved for grant hereunder may be
awarded in the form of ISOs. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. 
 (b) Replenishment of Shares. If any shares of Stock subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award
terminates or expires without a distribution of shares of Stock to the Grantee, the shares of Stock with respect to such Award 

  

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shall, to the extent of any such forfeiture, cancellation, exchange, surrender, withholding, termination or expiration, again be available for Awards under
the Plan. Upon the exercise of any Award granted in tandem with any other Award such related Award shall be cancelled to the extent of the number of shares of Stock as to which the Award is exercised and, notwithstanding the foregoing, such number
of shares of Stock shall no longer be available for Awards under the Plan. 
 (c) Award Limits. Subject to adjustment as provided
herein, an individual Grantee may not receive in any Plan Year: 
 (i) Options or SARs with respect to more than 480,000
shares of Stock; 
 (ii) Restricted Stock and/or Restricted Stock Units with respect to more than 480,000 shares of Stock;

 (iii) Other Stock-Based Awards (granted pursuant to Section 6(g)) the maximum value of the aggregate payment of which
is more than $1 million; 
 (iv) an Annual Incentive Award that would pay more than $5,000,000; and 
 (v) a Long-Term Incentive Award that would pay more than $5,000,000. 
 Determinations made in respect of the limitations set forth in this subsection shall be made in a manner consistent with Section 162(m) of the Code
to the extent applicable. 
 (d) Adjustments. If (i) the Company shall at any time be involved in a merger or other transaction
in which the shares of Stock are changed or exchanged; (ii) the Company shall subdivide or combine the shares of Stock or the Company shall declare a dividend payable in shares of Stock or other securities; (iii) the Company shall effect
any dividend or other distribution on the Stock in the form of cash, or a repurchase of Stock, that the Board determines by resolution is special or extraordinary in nature or that is in connection with a transaction that the Company characterizes
publicly as a recapitalization or reorganization involving the Stock; or (iv) any other event shall occur which, in the case of this clause (iv), in the judgment of the Board or Committee necessitates an adjustment to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under this Plan, then in any such case the Board or Committee shall, in such manner as it may deem equitable, adjust any or all of: (A) the number and type of
shares of Stock subject to this Plan and which may after the event be made the subject of Awards under this Plan, including the Award limits described in subsection (c), (B) the number and type of shares of Stock subject to outstanding Awards,
(C) the grant, purchase, or exercise price with respect to any outstanding Award, and/or (D) to the extent such discretion does not cause an Award that is intended to qualify as performance-based compensation under Section 162(m) of
the Code to lose its status as such, the Performance Goals of an Award. 
 Without limitation, in the event of any reorganization, merger,
consolidation, combination or other similar corporate transaction or event, whether or not constituting a Change in Control (other than any such transaction in which the Company is the continuing corporation and in which the outstanding Stock is not
being converted into or exchanged for different 

  

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securities, cash or other property, or any combination thereof), the Committee may substitute, on an equitable basis as the Committee determines, for each
share of Stock then subject to an Award and the shares of Stock subject to this Plan (if the Plan will continue in effect), the number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or will be
entitled in respect of each Share pursuant to the transaction. 
  

	 	6.	Specific Terms of Awards. 

 (a) General. The
Committee is authorized to grant the Awards described in this Section 6, under such terms and conditions as deemed by the Committee to be consistent with the purposes of the Plan. Each Award shall be evidenced by an Award Agreement containing
such terms and conditions applicable to such Award as the Committee shall determine at the date of grant or thereafter. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or an Affiliate of the
Company upon the grant, maturation, or exercise of an Award may be made in such forms as the Committee shall determine at the date of grant or thereafter, including, without limitation, cash, Stock, or other property, and may be made in a single
payment or transfer, in installments, or on a deferred basis. The Committee may make rules relating to installment or deferred payments with respect to Awards, including the rate of interest to be credited with respect to such payments, if any. In
addition to the foregoing, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine.

 (b) Options. The Committee is authorized to grant Options on the following terms and conditions: 
 (i) Type of Option. The Award Agreement evidencing the grant of an Option shall designate the Option as an ISO or an NQSO.

 (ii) Exercise Price and Manner of Exercise. The Committee shall determine the exercise price per share of Stock
purchasable under an Option, but in no event shall the exercise price of any Option be less than the Fair Market Value of a share of Stock on the date of grant of such Option. The Committee shall determine the manner of payment of the exercise
price, including but not limited to payment in cash, by an exchange of Stock previously owned by the Grantee, by having the Company withhold shares of Stock otherwise deliverable under the Option, through a “broker cashless exercise”
procedure approved by the Committee (to the extent permitted by law), or any combination of the above. 
 (iii)
Exercisability of Options. Options shall be exercisable over the exercise period (which shall not exceed ten years from the date of grant), at such times and upon such conditions as the Committee may determine; provided, that the
Committee shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate. An Option may be exercised to the extent of any or all full
shares of Stock as to which the Option has become exercisable, by giving written notice of such exercise to the Company or its designated agent. 
  

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 (iv) Termination of Employment or Service. An Option may not be exercised unless
the Grantee is then a director of, in the employ of, or otherwise providing services to the Company or an Affiliate of the Company, and unless the Grantee has remained continuously so employed, or continuously maintained such relationship, since the
date of grant of the Option; provided, that the Award Agreement may contain provisions extending the exercisability of Options, in the event of specified terminations, to a date not later than the expiration date of such Option. No Option may be
amended to extend the exercise period in a manner that would cause an Option that is intended to be exempt from Section 409A of the Code to become subject to the provisions thereof. 
 (v) Other Provisions. Options may be subject to such other conditions including, but not limited to, restrictions on
transferability of the shares acquired upon exercise of such Options, as the Committee may prescribe or as may be required by applicable law. 
 (c) SARs. The Committee is authorized to grant SARs on the following terms and conditions: 
 (i) In
General. The Committee may grant SARs in tandem with an Option, or SARs that are granted on a “stand-alone” basis. Unless the Committee determines otherwise, an SAR (A) granted in tandem with an NQSO may be granted at the time of
grant of the related NQSO or at any time thereafter or (B) granted in tandem with an ISO may only be granted at the time of grant of the related ISO. An SAR granted in tandem with an Option shall be exercisable only to the extent the underlying
Option is exercisable. Payment due upon exercise of an SAR may be made in cash, Stock, or property as specified in the Award Agreement or determined by the Committee 
 (ii) Grant Price. The Committee shall determine the grant price of the SAR, but in no event shall the grant price be less than the
Fair Market Value of a share of Stock on the date of grant of such SAR; provided, that in the case of an SAR granted in tandem with an Option, the grant price of the SAR shall be equal to the exercise price of the underlying Option.

 (iii) Term and Exercisability of SARs. Subject to paragraph (i) above, SARs shall be exercisable over the
exercise period (which shall not exceed ten years from the date of grant), at such times and upon such conditions as the Committee may determine, as reflected in the Award Agreement; provided, that the Committee shall have the authority to
accelerate the exercisability of any outstanding SAR at such time and under such circumstances as it, in its sole discretion, deems appropriate. Subject to paragraph (i) above, an SAR may be exercised to the extent of any or all full shares of
Stock as to which the SAR has become exercisable, by giving written notice of such exercise to the Company or its designated agent. 
 (iv) Termination of Employment or Service. An SAR may not be exercised unless the Grantee is then a director of, in the employ of, or otherwise providing services to the Company or an Affiliate of the Company, and unless the Grantee
has remained continuously so employed, or continuously maintained such relationship, since the date 

  

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of grant of the SAR; provided, that the Award Agreement may contain provisions extending the exercisability of the SAR, in the event of specified
terminations, to a date not later than the expiration date of such SAR. No SAR may be amended to extend the exercise period in a manner that would cause an SAR that is intended to be exempt from Section 409A of the Code to become subject to the
provisions thereof. 
 (v) Other Provisions. SARs may be subject to such other conditions including, but not limited
to, restrictions on transferability of the shares acquired upon exercise of such SARs, as the Committee may prescribe in its discretion or as may be required by applicable law. 
 (d) Restricted Stock. The Committee is authorized to grant Restricted Stock on the following terms and conditions: 
 (i) Issuance and Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and
other restrictions, if any (collectively, the “restrictions”), as the Committee may impose at the date of grant or thereafter, which restrictions may lapse separately or in combination at such times, under such circumstances, in such
installments, or otherwise, as the Committee may determine. The Committee may place restrictions on Restricted Stock that shall lapse, in whole or in part, only upon the attainment of Performance Goals. Notwithstanding the foregoing, subject to
paragraph (ii), if the restrictions imposed on Restricted Stock lapse on the basis of the passage of time, the minimum period of restriction shall be three (3) years from the date of grant of the Restricted Stock, and if the restrictions
lapse upon the attainment of Performance Goals, the performance period must be a minimum of one year. Except to the extent restricted under the Award Agreement, a Grantee granted Restricted Stock shall have all of the rights of a stockholder
including, without limitation, the right to vote Restricted Stock and the right to receive dividends thereon. 
 (ii)
Forfeiture. Upon termination of employment with or service to the Company or any Affiliate, or upon termination of the director or independent contractor relationship, as the case may be, during the applicable restriction period, Restricted
Stock and any accrued but unpaid dividends that are then subject to restrictions shall be forfeited; provided, that the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that the
restrictions relating to Restricted Stock will be waived in whole or in part in the event of terminations resulting from specified causes (such as death, Disability or Retirement) or upon a Change in Control. 
 (iii) Certificates for Stock. Restricted Stock granted under the Plan may be evidenced in such manner as the Company shall
determine. If certificates representing Restricted Stock are registered in the name of the Grantee, such certificates shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the
Company shall retain physical possession of the certificate. 
 (iv) Dividends. Unless the Committee specifies
otherwise in an Award Agreement, dividends paid on Restricted Stock shall be deferred and paid in cash on the 

  

 12 

 
same date as the Restricted Stock to which they relate vests; provided that Stock distributed in connection with a stock split or stock dividend, and
other property distributed as a dividend, shall be subject to restrictions and risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. 
 (e) Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units on the following terms and conditions: 
 (i) Award and Restrictions. Delivery of Stock or cash, as determined by the Committee, will occur upon expiration of the deferral
period specified for RSUs by the Committee. The Committee may place restrictions on RSUs that shall lapse, in whole or in part, only upon the attainment of Performance Goals. Notwithstanding the foregoing, subject to paragraph (ii), if the
deferral period for RSUs is based solely on the passage of time, the minimum deferral period shall be three (3) years from the date of grant of the Restricted Stock Unit, and if the deferral period relates to the attainment of Performance
Goals, the performance period must be a minimum of one year. 
 (ii) Forfeiture. Upon termination of employment with or
service to the Company or any Affiliate, or upon termination of the director or independent contractor relationship, as the case may be, during the applicable deferral period or portion thereof to which forfeiture conditions apply, or upon failure
to satisfy any other conditions precedent to the delivery of Stock or cash to which such RSUs relate, all RSUs and any accrued but unpaid dividend equivalents that are then subject to deferral or restriction shall be forfeited; provided, that
the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to RSUs will be waived in whole or in part in the event of termination resulting
from specified causes (such as death, Disability or Retirement), or in the event of a Change in Control. 
 (iii)
Non-Employee Director Deferred Compensation Awards. The Committee is authorized to grant RSUs pursuant to this Section 6(e)(iii) for the purpose of fulfilling the Company’s obligations under its Amended and Restated Non-Employee
Director Deferred Compensation Plan (the “Director Deferred Compensation Plan”); provided, that certain terms and conditions of the grant and payment of such RSUs set forth under the Director Deferred Compensation Plan (and only to
the extent set forth in such plan) shall supercede the terms generally applicable to RSUs granted under the Plan. RSUs granted under this paragraph need not be evidenced by an Award Agreement unless the Committee determines that such an Award
Agreement is desirable for the furtherance of the purposes of the Plan and the Director Deferred Compensation Plan. 
 (f) Non-Employee
Director Stock Grants. The Committee is authorized to grant shares of Stock to Non-Employee Directors in payment of Director Fees or in lieu of a cash payment, or if such a director elects to receive his or her cash Director Fees in the form of
shares of Stock to the extent permitted by the Committee. Such shares of Stock shall be awarded at such times as the Company shall otherwise pay to Non-Employee Directors their Director Fees (the “Fee Payment Date”). The number of shares
of Stock to be issued in lieu of Director Fees 

  

 13 

 
pursuant to this Section 6(f) shall be determined by dividing (i) the amount otherwise to be paid to such Non-Employee Director on a Fee Payment
Date by (ii) the Fair Market Value of a share of Stock as of such Fee Payment Date; provided, that fractional shares resulting from such calculation shall be paid in cash. Such shares of Stock shall be immediately vested and
non-forfeitable and a certificate (or book entry registration) in respect of such shares shall be issued promptly following such Fee Payment Date to such Non-Employee Director. 
 (g) Other Stock-Based Awards. The Committee is authorized to grant Other Stock-Based Awards to Grantees in such form as deemed by the Committee to
be consistent with the purposes of the Plan. Awards granted pursuant to this paragraph may be granted with value and payment contingent upon Performance Goals. The Committee shall determine the terms and conditions of such Awards at the date of
grant or thereafter. Payments earned hereunder may be decreased or, with respect to any Grantee who is not a Covered Employee, increased in the sole discretion of the Committee based on such factors as it deems appropriate. No payment shall be made
prior to the certification by the Committee that the Performance Goals have been attained. The Committee may establish such other rules applicable to the Other Stock-Based Awards to the extent not inconsistent with Section 162(m) of the Code.

 (h) Annual Incentive Awards. The Committee is authorized to grant Annual Incentive Awards to Grantees. The Committee will determine
all terms and conditions of an Annual Incentive Award, including but not limited to the Performance Goals, performance period, the potential amount payable, and the timing of payment, subject to the following: (i) the Committee must require
that payment of all or any portion of the amount subject to the Annual Incentive Award is contingent on the achievement of one or more Performance Goals during the period the Committee specifies, although the Committee may specify that the
Performance Goals subject to an Award are deemed achieved, in whole or part, upon a Grantee’s death, Disability or Retirement, or such other circumstances as the Committee may specify; and (ii) the performance period must relate to a
period of one year except that, if the Award is made at the time of commencement of employment or service with the Company or an Affiliate or on the occasion of a promotion or similar event, then the Award may relate to a period shorter than one
year. In addition, the Committee may specify in the Award Agreement that payment of an Annual Incentive Award will be made in whole or part, regardless of the achievement of Performance Goals or length of the Performance Period, upon the occurrence
of a Change in Control. 
 (i) Long-Term Incentive Awards. The Committee is authorized to grant Long-Term Incentive Awards to
Grantees. The Committee will determine all terms and conditions of a Long-Term Incentive Award, including but not limited to the Performance Goals, performance period, the potential amount payable, and the timing of payment, subject to the
following: (i) the Committee must require that payment of all or any portion of the amount subject to the Long-Term Incentive Award is contingent on the achievement of one or more Performance Goals during the period the Committee specifies,
although the Committee may specify that the Performance Goals subject to an Award are deemed achieved, in whole or part, upon a Grantee’s death, Disability or Retirement, or such other circumstances as the Committee may specify; and
(ii) the performance period must relate to a period of more than one year. In addition, the Committee may specify in the Award Agreement that payment of Long-Term Incentive Award will be made, regardless of the achievement of Performance Goals
or length of the Performance Period, in whole or part, upon the occurrence of a Change in Control. 
  

 14 

	 	7.	General Provisions. 

 (a) Nontransferability.
Unless otherwise provided in an Award Agreement or permitted by the Committee, Awards shall not be transferable by a Grantee except by will or the laws of descent and distribution and shall be exercisable during the lifetime of a Grantee only by
such Grantee or his guardian or legal representative. 
 (b) No Right to Continued Employment, etc. Nothing in the Plan or in any
Award, any Award Agreement or other agreement entered into pursuant hereto shall confer upon any Grantee the right to continue in the employ of or to continue as a director or consultant of the Company or any Affiliate of the Company, or to be
entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement, or to interfere with or limit in any way the right of the Company or any such Affiliate to terminate such Grantee’s employment, or
director or independent contractor relationship. Unless determined otherwise by the Committee, for purposes of the Plan and all Awards, the following rules shall apply: 
 (i) a Grantee who transfers employment between the Company and its Affiliates, or between the Company’s Affiliates, will not be
considered to have terminated employment; 
 (ii) a Grantee who ceases to be a Non-Employee Director or consultant or advisor
because he or she becomes an employee of the Company or an Affiliate of the Company shall not be considered to have ceased service as a Non-Employee Director, consultant or advisor with respect to any Award until such Grantee’s termination of
employment with the Company and its Affiliates; 
 (iii) a Grantee who ceases to be employed by the Company or an Affiliate
and immediately thereafter becomes a Non-Employee Director, a non-employee director of an Affiliate, or a consultant or advisor to the Company or any Affiliate shall not be considered to have terminated employment until such Grantee’s service
as a director of, or consultant or advisor to, the Company and its Affiliates has ceased; and 
 (iv) a Grantee employed by,
or a director, consultant or advisor providing services solely to, an Affiliate will be considered to have terminated employment or service when such entity ceases to be an Affiliate. 
 Notwithstanding the foregoing, for purposes of an Award that is subject to Code Section 409A, if a Grantee’s termination of employment or
service triggers the payment of compensation under such Award, then the Grantee will be deemed to have terminated employment or service upon his or her “separation from service” within the meaning of Code Section 409A. 
 (c) Taxes. 
 (i)
Withholding. The Company or any Affiliate of the Company is authorized to withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Stock, or any other payment to a Grantee, amounts of
withholding and other taxes due in connection with any transaction involving an Award, 

  

 15 

 
and to take such other action as the Committee may deem advisable to enable the Company and Grantees to satisfy obligations for the payment of withholding
taxes and other tax obligations relating to any Award, and the Company may defer making payment or delivery under any Award if any such tax may be pending unless and until indemnified to its satisfaction. This authority shall include authority to
withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Grantee’s tax obligations. The Committee may provide in the Award Agreement that in the event that a Grantee is required to pay any
amount to be withheld in connection with the issuance of shares of Stock in settlement or exercise of an Award, the Grantee may satisfy such obligation (in whole or in part) by electing to have a portion of the shares of Stock to be received upon
settlement or exercise of such Award equal to the minimum amount required to be withheld. 
 (ii) No Guarantee of Tax
Treatment. Notwithstanding any provisions of the Plan, the Company does not guarantee to any Grantee or any other person with an interest in an Award that any Award intended to be exempt from Code Section 409A shall be so exempt, nor that
any Award intended to comply with Code Section 409A, Code Section 422 or any other applicable tax law shall so comply, nor will the Company or any Affiliate indemnify, defend or hold harmless any individual with respect to the tax
consequences of any such failure. 
 (d) Repricing and Backdating Prohibited. Notwithstanding anything in this Plan to the contrary,
and except for the adjustments provided in Section 5(d), neither the Committee nor any other person may decrease the exercise price for any outstanding Option or SAR after the date of grant nor allow a Grantee to surrender an outstanding Option
or SAR to the Company as consideration for the grant of a new Option or SAR with a lower exercise price. In addition, the Committee may not make a grant of an Option or SAR with a grant date that is effective prior to the date the Committee takes
action to approve such Award. 
 (e) Amendment and Termination of the Plan. The Board or Committee may at any time and from time to
time alter, amend, suspend, or terminate the Plan in whole or in part; provided, however, that: 
 (i) the Board
must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) prior action of the Board, (B) applicable corporate law or (C) any other applicable law; 
 (ii) stockholders must approve any amendment of this Plan to the extent the Company determines such approval is required by:
(A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which the Stock are then traded or (D) any other applicable law; and 
 (iii) stockholders must approve any of the following Plan amendments: (A) an amendment to materially increase the number of shares of
Stock specified in Section 5(a) or the per participant Award limits in Section 5(c) (except as permitted by Section 5(d)); or (B) an amendment that would diminish the protections afforded by Section 7(d). 
  

 16 

 Notwithstanding the foregoing, no amendment to or termination of the Plan shall adversely affect any of
the rights of any Grantee, without such Grantee’s consent, under any Award theretofore granted under the Plan; provided that, with respect to Awards granted on and after January 1, 2007, Grantee consent need not obtained for the
modification of the Plan or any Award Agreement to the extent deemed necessary to comply with any applicable law, the listing requirements of any principal securities exchange or market on which the shares of Stock are then traded, or to preserve
favorable accounting or tax treatment of any Award for the Company. 
 (f) Foreign Participants. To assure the viability of Awards
granted to Grantees employed or residing in foreign countries, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Committee may
approve such supplements to, or amendments, restatements or alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the Committee approves for
purposes of using this Plan in a foreign country will not affect the terms of this Plan for any other country. In addition, all such supplements, amendments, restatements or alternative versions must comply with the stockholder approval provisions
of subsection (e) hereof. 
 (g) Expiration of Plan. Unless earlier terminated by the Board pursuant to the provisions of the
Plan, the Plan shall expire on June 30, 2014, the tenth anniversary of the initial effective date of the Plan. No Awards shall be granted under the Plan after such expiration date. Notwithstanding the foregoing, the authority of the Committee
to administer the Plan and the authority of the Board and Committee to amend the Plan will extend beyond the date of this Plan’s termination. In addition, termination of this Plan will not affect the rights of Grantees with respect to Awards
previously granted to them, and all unexpired Awards will continue in force and effect after termination of this Plan except as they may lapse or be terminated by their own terms and conditions. 
 (h) Issuance or Assumption. Notwithstanding any other provision of this Plan, and without affecting the number of Shares otherwise reserved or
available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization, the Committee may authorize the issuance or assumption of awards under this Plan upon such terms and conditions as it may
deem appropriate. 
 (i) Deferrals. The Committee shall have the authority to establish such procedures and programs that it deems
appropriate to provide Grantees with the ability to defer receipt of cash, Stock or other property payable with respect to Awards granted under the Plan, subject to the provisions of Section 409A of the Code. 
 (j) No Rights to Awards; No Stockholder Rights. No Grantee shall have any claim to be granted any Award under the Plan, and there is no obligation
for uniformity of treatment of Grantees. Except as provided specifically herein, a Grantee or a transferee of an Award shall have no rights as a stockholder with respect to any shares covered by the Award until the date of the issuance of a stock
certificate to him for such shares. 
  

 17 

 (k) Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for
incentive and deferred compensation. With respect to any payments not yet made to a Grantee pursuant to an Award, nothing contained in the Plan or any Award shall give any such Grantee any rights that are greater than those of a general creditor of
the Company. 
 (l) No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 (m) Regulations and Other Approvals. 
 (i) The obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state
securities laws and the applicable laws, rules and regulations of non-U.S. jurisdictions, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Company. 
 (ii) Each Award is subject to the requirement that, if at any time the Company or Committee determines, in its absolute discretion, that
the listing, registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law or any applicable law, rule or regulation of a non-U.S. jurisdiction, or the consent or
approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part,
unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Company or Committee. 
 (iii) In the event that the disposition of Stock acquired pursuant to the Plan is not covered by a then current registration statement
under the Securities Act of 1933, as amended, and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Company may require a
Grantee receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing that the Stock acquired by such Grantee is acquired for investment only and not with a view to distribution.

 (iv) The Company may require a Grantee receiving Stock pursuant to the Plan, as a condition precedent to receipt of such
Stock, to enter into a stockholder agreement or “lock-up” agreement in such form as the Company shall determine is necessary or desirable to further the Company’s interests. 
 (n) Governing Law; Venue; Limitations on Actions. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the
laws of the State of Delaware without giving effect to the conflict of laws principles thereof. Any legal action or proceeding with respect to this Plan, any Award or any Award Agreement, or for recognition and 

  

 18 

 
enforcement of any judgment in respect of this Plan, any Award or any Award Agreement, may only be heard in a “bench” trial, and any party to such
action or proceeding shall agree to waive its right to a jury trial. Any legal action or proceeding with respect to this Plan, any Award or any Award Agreement, must be brought within one year (365 days) after the day the complaining party first
knew or should have known of the events giving rise to the complaint. 
 (o) Severability. If any provision of this Plan or any Award
Agreement or any Award (i) is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or (ii) would disqualify this Plan, any Award Agreement or any Award under any law the
Committee deems applicable, then such provision should be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of
this Plan, Award Agreement or Award, then such provision should be stricken as to such jurisdiction, person or Award, and the remainder of this Plan, such Award Agreement and such Award will remain in full force and effect. 
  

 19Bucyrus International, Inc. 1998 Management Stock Option Plan

 Exhibit 10.7 
 BUCYRUS INTERNATIONAL, INC. 
 1998 MANAGEMENT STOCK OPTION PLAN 
 (OCTOBER 2006 AMENDMENT AND RESTATEMENT) 
 (Adjusted to reflect 2-for-1 stock split effective May 27, 2008) 
 This 1998 Management Stock Option Plan (the
“Plan”) was initially adopted by the Board of Directors of Bucyrus International, Inc. (the “Company”) on March 5, 1998. The Plan, as amended and restated herein, is effective October 18, 2006. 
 ARTICLE I 
 PURPOSE OF PLAN

 The Plan is adopted by the Board for certain management employees of the Company and its Subsidiaries as a part of the compensation
and incentive arrangements for such employees. The Plan is intended to advance the best interests of the Company by allowing such employees to acquire an ownership interest in the Company, thereby motivating them to contribute to the success of the
Company and to remain in the employ of the Company and its Subsidiaries. The availability of stock options under the Plan will also enhance the Company’s ability to attract and retain individuals of exceptional talent to contribute to the
sustained progress, growth and profitability of the Company. 
 ARTICLE II 
 DEFINITIONS 
 For purposes of the Plan, except where the context clearly
indicates otherwise, the following terms shall have the meanings set forth below: 
 “Affiliate” means, with respect to any Person,
any other Person who, either directly or through one or more intermediaries, Controls, is Controlled by or is under common Control with, such first Person. 
 “Board” means the Board of Directors of the Company. 
 “Cause” means (a) with
respect to any Participant with an employment agreement that defines “Cause,” the definition set forth in such employment agreement and (b) with respect to any other Participant, (i) such Participant’s (1) willful
failure to timely comply in all material respects with the lawful directives of the Board (as set at a meeting of the Board in accordance with the Company’s bylaws) or such Participant’s supervisory personnel (provided such directives are
consistent with such Participant’s position with the Company) or (2) gross negligence or willful misconduct in the performance of the material duties or responsibilities of his or her position with the Company or any Subsidiary;
(ii) reasonable evidence to indicate that such Participant has committed (1) any felony, (2) any other criminal act or act of material dishonesty, disloyalty, or misconduct (other than minor traffic offenses and similar acts) or
(3) any act of moral turpitude that is materially injurious to the property, operations, business or reputation of the Company or any Subsidiaries (as determined by the Board in its reasonable 

 
good faith discretion); (iii) the use or imparting by such Participant of any material confidential or proprietary information of the Company or any
Subsidiary in violation of any confidentiality or proprietary agreement to which such Participant is a party; or (iv) such Participant’s willful failure to comply in any material respect with the terms of this Plan or the Stockholders
Agreement. 
 “CEO” means the President and Chief Executive Officer of the Company. 
 “Closing Date” means September 26, 1997. 
 “Code” means the Internal Revenue Code of 1986, as amended, and any successor statute. 
 “Commission” means the United States Securities and Exchange Commission. 
 “Committee” means the Compensation
Committee or such other committee of the Board as the Board may designate to administer the Plan or, if for any reason the Board has not designated such a committee, the Board. The Committee, if other than the Board, shall be composed of two or more
directors as appointed from time to time by the Board. At any time when the Company is subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act, this Plan shall be administered by a committee
consisting solely of two or more directors who are “Non-Employee Directors” within the meaning of Rule 16b-3 under the Securities Exchange Act. In addition, at any time and to the extent that compensation payable under this Plan is subject
to Section 162(m) of the Code, each director who is a member of such committee shall also be an “outside director” within the meaning of Section 162(m) of the Code. 
 “Common Stock” means the Company’s common stock, par value $0.01 per share. 
 “Company” means Bucyrus International, Inc., a Delaware corporation. 
 “Company Sale” means a transaction involving one or more independent third parties pursuant to which such party or parties (i) acquire
(whether by merger, consolidation or transfer or issuance of capital stock) capital stock of the Company (or any surviving or resulting corporation) possessing the voting power to elect a majority of the board of directors of the Company (or such
surviving or resulting corporation) or (b) acquire all or substantially all of the Company’s assets determined on a consolidated basis. 
 “Control” (including, with correlative meaning, all conjugations thereof) means with respect to any Person, the ability of another Person to control or direct the actions or policies of such first Person, whether by ownership of
voting securities, by contract or otherwise. 
 “Disability” means (a) with respect to a Participant who is covered by any
long-term disability insurance provided by the Company or any of its Subsidiaries, the occurrence of those events or the existence of those conditions that constitute “permanent disability” under the terms of such insurance policy, and
(b) with respect to any Participant that is not covered by any long-term disability insurance provided by the Company or any of its Subsidiaries, illness, 

  

 2 

 
accident, injury, physical or mental incapacity or other disability which has existed for at least six months and which has continuously during such period
prevented, and can reasonably be expected to continue to prevent, such Participant from carrying out effectively his duties and obligations to the Company and its Subsidiaries as determined in good faith by the Board. 
 “Employee” means (a) any full-time employee of the Company or any of its Subsidiaries or (b) any consultant or advisor of the Company
or any of its Subsidiaries. 
 “Exercise Price” means the purchase price of an Option Share upon exercise of an Option. 

“Fair Market Value” as of any date means (a) with respect to publicly traded Common Stock, the market trading price of such Common
Stock, (b) with respect to non-publicly traded Common Stock, the fair market value of such Common Stock (expressed on a per-share basis) as of such date, as determined in good faith by the Committee taking into consideration the enterprise
multiples paid by equity sponsors at the time of termination utilizing the trailing four quarters EBITDA less net debt outstanding as of the then-immediately preceding quarter end, plus such other factors as the Committee may deem appropriate, and
(c) with respect to any Option (or portion thereof) , the excess of (i) the product of the amount described in clause (a) or (b) above (as applicable) multiplied by the number of Option Shares issuable upon exercise of the Option
(or portion thereof) , over (ii) the aggregate Exercise Price of the Option (or portion thereof). 
 “Management Agreement”
means the Management Services Agreement, dated as of September 24, 1997, among the Company, its Subsidiaries and American Industrial Partners, a Delaware general partnership. 
 “Management Stockholder” means a management Stockholder under the Stockholder Agreement. 
 “Option” means any option to purchase shares of Common Stock under the Plan. 
 “Option Shares” means (a) any shares of Common Stock (or other shares of capital stock of the Company) issued or issuable by the Company
upon exercise of any Option, and (b) any shares of the capital stock of the Company issued or issuable in respect of any of the securities described in clause (a) above, by way of stock dividend, stock split, merger, consolidation,
reorganization or other recapitalization. 
 “Participant” means any Employee who is selected to participate in the Plan in
accordance with Article III of the Plan. 
 “Performance Vesting Period” shall mean the period from January 1, 1998 through
December 31, 2001, unless a different period is specified by the Committee in the Option Certificate (as defined in Section 5.2 below) relating to any Option. 
 “Person” means an individual, a partnership, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency
or political subdivision thereof. 
  

 3 

 “Plan” means this 1998 Management Stock Option Plan (October 2006 Amendment and Restatement),
as amended or supplemented from time to time in accordance with its terms. 
 “Qualified Public Offering” means any primary or
secondary public offering of Common Stock pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement filed in connection with a transaction of the type described in Rule 145 of the
Securities Act or for the purpose of issuing securities pursuant to an employee benefit plan, having an aggregate offering value (before underwriters’ discounts and selling commissions) of at least $30 million. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Stockholders Agreement” means the Stockholders Agreement dated as of March 17, 1998 among the Company and its stockholders. 
 “Subsidiary” means any corporation of which the Company owns, directly or through one or more Subsidiaries, securities possessing the voting power to elect a majority of the board of directors of such
corporation. 
 “Transfer” means, with respect to any Option, the gift, sale, assignment, transfer, pledge, hypothecation or other
disposition (whether for or without consideration and whether voluntary, involuntary or by operation of law) of such Option or any interest therein. 
 ARTICLE III 
 ADMINISTRATION 
 The CEO shall be responsible for the routine administration of the Plan, subject to the review and approval of the Committee. Subject to the requirements and limitations of the Plan, the CEO shall have the authority
to recommend to the Committee those Employees who shall be Participants and the number of Options to be granted to each Participant. Subject to the requirements and the limitations of the Plan, the Committee shall have the sole and complete
responsibility and authority to: (a) approve the award of and grant Options under this Plan; (b) determine the terms and conditions of Options granted under this Plan; (c) interpret the Plan and adopt, amend and rescind administrative
guidelines and other rules and regulations relating to the Plan; (d) correct any defect or omission or reconcile any inconsistency in the Plan or in any Option granted hereunder; and (e) make all other determinations and take all other
actions necessary or advisable for the implementation and administration of the Plan. All authority not expressly granted to the CEO hereunder shall remain vested in the Committee. The Committee’s determinations on matters within its authority
shall be conclusive and binding upon the Participants, the Company and all other Persons. All expenses associated with the administration of the Plan shall be borne by the Company. 
  

 4 

 ARTICLE IV 
 OPTION SHARES AVAILABLE FOR GRANT UNDER THE PLAN 
 4.1 Option Shares. The aggregate number of
shares of Common Stock with respect to which Options may be granted under the Plan shall not exceed 4,800,000 shares; provided, however, that such number of shares shall be subject to adjustment in accordance with the provisions of Section 8.3
below. 
 4.2 Status of Option Shares. The shares of Common Stock for which Options may be granted under the Plan may be either
authorized and unissued shares, treasury shares or a combination thereof, as the Committee shall determine and shall be reserved by the Company for issuance as provided in the Plan. To the extent any outstanding Options expire or are terminated
prior to exercise, the Option Shares in respect of which such Options were issued shall remain available for reissuance to employees of the Company and its Subsidiaries pursuant to this Plan or any other plan or agreement approved by the Board.

 ARTICLE V 
 GRANT OF
OPTIONS 
 5.1 Option Terms and Conditions. The terms and conditions of each Option granted under this Plan shall be as determined
by the Committee in consultation with the CEO. 
 5.2 Option Certificate. Each Option granted hereunder to a Participant shall be
evidenced by a certificate setting forth certain basic terms of the Option. The certificate shall be substantially in the form attached hereto as Annex 1 (or in such other form as the Committee may from time to time adopt) (the “Option
Certificate”), and shall be signed by the CEO or such other officer of the Company as the Committee shall designate. For purposes of the Plan, no Option shall be deemed to be outstanding until it has been granted to a Participant by the
Committee and an Option Certificate has been executed and delivered by the Company, and an Option shall cease to be outstanding when it is repurchased by the Company, terminates or is exercised pursuant to the Plan. 
 5.3 Joinder Agreement. As a condition to exercising any Options hereunder, each Participant who is not a Management Stockholder shall be required
to execute a Joinder Agreement substantially in the form attached hereto as Annex III (the “Joinder”) and thereby become a party to the Stockholders Agreement with respect to any Option Shares issued in connection with such exercise.

 ARTICLE VI 
 EXERCISE
OF OPTIONS 
 6.1 Right to Exercise. Except as may otherwise be determined by the Committee, Options may not be Transferred other
than by will or the laws of descent and distribution and, during the lifetime of the Participant, Options may be exercised only by such Participant (or his legal guardian or legal representative). Any Transfer or attempted Transfer of an Option
contrary to this Section 6.1 shall be void, and the Company shall not record such Transfer on its books or treat any purported transferee of such Option as the owner of such Option for any purpose. In the event of the death of a Participant,
exercise of Options granted hereunder shall 

  

 5 

 
be made only by the executor or administrator of the estate of the deceased Participant or the Person or Persons to whom the deceased Participant’s
rights under the Option shall pass by will or the laws of descent and distribution. 
 6.2 Procedure for Exercise. Any Participant may
exercise all or any portion of any of such Participant’s outstanding Options, to the extent such Options have vested as provided in the Option Certificate, at any time and from time to time prior to the expiration of such Options, by
completing, signing and delivering to the Company (to the attention of the Company’s Secretary) the Option Certificate together with a notice of exercise substantially in the form attached hereto as Annex II (or in such other form as the
Committee may from time to time adopt and provide to the Participant) (the “Exercise Notice”), accompanied (in the case of a Participant who is not a Management Stockholder) by a Joinder to the Stockholder Agreement in the form attached as
Annex III together with the related Option Certificate(s) and payment in full of the Exercise Price. Payment of the Exercise Price shall be made in cash (including check, bank draft or money order); provided, that a Participant may, in lieu of
paying the Exercise Price in cash, deliver an Exercise Notice with respect to a specified number of Option Shares (the “Specified Option Shares”) and indicate in the Exercise Notice that such Participant intends to effect a cashless
exercise thereof and be entitled to receive in respect of the exercise of the Option therefor, Option Shares with an aggregate Fair Market Value equal to the excess of (i) the aggregate Fair Market Value of the Specified Option Shares, over
(ii) the aggregate Exercise Price that otherwise would be payable hereunder in cash upon exercise of the Option for the Specified Option Shares. Notwithstanding anything in this Section 6.2 to the contrary, in the event that any Option
Certificate granted to a Participant is lost, stolen or destroyed, the Participant may, in lieu of delivering such Option Certificate at the time of exercise, deliver an affidavit as to its loss, theft or destruction and any indemnity that the
Company may reasonably request. A Participant’s right to exercise the Option shall be subject to the satisfaction of all conditions set forth in the Exercise Notice. If a Participant exercises any Options for less than all of the Option Shares
covered by the relevant Option Certificate, the Company shall issue a new Option Certificate to such Participant in respect of the portion of such Option remaining unexercised. 
 6.3 Securities Laws Restrictions on Transfer of Option Shares. Each Participant exercising an Option will be required to represent to the Company
in the Exercise Notice that when such Participant exercises his or her Option such Participant will be purchasing Option Shares for his or her own account for investment and not on behalf of others or otherwise with a view toward distributing them.
Each Participant is advised that federal and state securities laws govern and restrict each Participant’s right to Transfer, or offer to Transfer, any Option Shares unless such Participant’s Transfer, or offer to Transfer, is registered
under the Securities Act and state securities laws, or such Transfer, or offer to Transfer, is exempt from registration or qualification thereunder. Each Participant is further advised that the Stockholders Agreement, to which each Participant will
become a party upon exercise of such Participant’s Options, imposes additional restrictions on the transfer of Option Shares, and that the stock certificates for any Option Shares issued in connection with such exercise will bear such legends
as the Company deems necessary or desirable in connection with the Securities Act or other rules, regulations or laws. 
  

 6 

 6.4 Withholding of Taxes. The Company shall be entitled, if necessary or desirable, to withhold
from any amounts due and payable by the Company to such Participant (or secure payment from such Participant in lieu of withholding) the amount of any withholding or other tax due from the Company with respect to any Option Shares issuable under the
Plan, and the Company may defer such issuance unless indemnified to its satisfaction. 
 6.5 Listing, Registration and Compliance with
Laws and Regulations. Options granted under the Plan shall be subject to the requirement that if at any time the Committee shall make a good faith determination that the listing, registration or qualification of Option Shares upon any securities
exchange or under any state or federal securities or other law or regulation, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to or in connection with the granting of the Options or the
issuance or purchase of Option Shares thereunder, no Options may be exercised, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not reasonably
acceptable to the Committee. The Company shall in good faith, and to the extent consistent with its reasonable business judgment, exercise all reasonable efforts to obtain any such listing, registration, qualification or approval. The holders of
such Options shall supply the Company with such certificates, representations and information as the Company shall request and shall otherwise cooperate with the Company in obtaining such listing, registration, qualification, consent or approval.
Any period of time during which an Option may not be exercised by reason of the first sentence of this Section 6.5 is referred to herein as an “Option Exercise Suspension Period.” If the expiration date of the Option as set forth in
the related Option Certificate shall fall within an applicable Option Exercise Suspension Period, the term of the Option shall automatically be extended until the date that is 45 days following the end of the Option Exercise Suspension Period. The
Company shall provide affected Optionees with timely notice of the commencement and termination of any Option Exercise Suspension Period. Except as may otherwise be provided in the Stockholders Agreement, the Company shall be under no obligation to
register any Option Shares. 
 ARTICLE VII 
 TERMINATION AND REPURCHASE OF OPTIONS 
 7.1 Expiration Date of Options. Except as may
otherwise be provided by the Committee, in no event shall any part of any Option be exercisable after 5:00 p.m. Central Standard Time on the tenth anniversary of the date of grant of the option. 
 7.2 Termination for Cause. Upon the termination of a Participant’s employment with the Company or any Subsidiary for Cause, any Options held
by the Participant, regardless of the extent vested or unvested, shall immediately expire and be forfeited in its entirety to the extent not exercised prior to the date of such termination. 
 7.3 Termination by the Company without Cause. Upon a Participant’s termination of employment by the Company or any Subsidiary without Cause,
(a) except as may otherwise be provided in any applicable employment agreement between the Company and the Participant (a “Participant Employment Agreement”) the unvested portion of any Options held by the Participant shall
immediately expire, (b) if such termination occurs prior to a Qualified Public 

  

 7 

 
Offering, the Company shall repurchase the unexercised vested portion of any such Options (including any Options that vest pursuant to a Participant
Employment Agreement) at a price equal to the Fair Market Value thereof, and (c) if such termination occurs after a Qualified Public Offering, except as may otherwise be provided in a Participant Employment Agreement, the unexercised vested
portion of any such Options shall remain exercisable for a period of 90 days following the date of such termination of employment, whereupon such Options shall terminate in full. 
 7.4 Voluntary Termination by the Participant; Death or Disability. Upon a Participant’s voluntary termination of employment with the Company
or any Subsidiary or upon termination of such employment by reason of the Participant’s death or Disability, (a) the unvested portion of any Options held by the Participant shall immediately expire, (b) if such termination occurs
prior to a Qualified Public Offering, the Company shall repurchase the unexercised vested portion of any such Options at a price equal to the lower of (i) the Fair Market Value thereof or (ii) the excess of (x) the Exercise Price of
such Options as increased at the rate of 6% per year from the date of grant through the date of termination of employment over (y) the Exercise Price of the Options, and (c) if such termination occurs after a Qualified Public
Offering, except as may otherwise be provided in a Participant Employment Agreement, the unexercised vested portion of any such Options shall remain exercisable for a period of 90 days following the date of such termination of employment, whereupon
such Options shall terminate in full. Notwithstanding the foregoing, the Committee shall have the discretion to permit vested Options held by retirees to remain outstanding following the date of retirement for a period specified by the Committee.

 7.5 Payment of Repurchase Price. The aggregate purchase price of the vested portion of any Options to be repurchased by the Company
pursuant to this Article VII shall be paid, either (i) in cash by delivery of a check or wire transfer of funds, or (ii) prior to the first Company Sale following the Closing Date, at the sole discretion of the Company, by delivery of a
subordinated note of the Company with interest thereon accruing at the rate of eight percent (8%) per annum, with all accrued interest and principal payable two years from the date of issuance (the “Subordinated Note”); provided,
however, in the event that during the term of the Subordinated Note the Participant accepts employment with Harnischfeger Corp., the term of the Subordinated Note shall be extended for an additional two years following expiration of the original
term. The Subordinated Note shall be expressly subordinated to all other indebtedness for borrowed money of the Company. Notwithstanding anything to the contrary herein, the Company shall not be obligated to repurchase the vested portion of any
Options pursuant to this Article VII to the extent (a) the Company is prohibited from purchasing such shares by any agreements for borrowed money (each, a “Debt Instrument”) entered into by the Company or any of its Subsidiaries or by
applicable law; (b) a default has occurred under any Debt Instrument and is continuing; (c) the repurchase of such vested Options would, in the opinion of the Board, result in the occurrence of an event of default under any Debt Instrument
or create a condition which would, with notice or lapse of time or both, result in such an event of default; or (d) the purchase of such vested Options would, in the reasonable opinion of the Board, materially impair the Company’s ability
to meet its obligations under any Debt Instrument in connection with its business and operations. The Company shall provide affected Optionees with timely notice of the existence and lapse of any of the conditions described in the foregoing clauses
(a) - (d). 
  

 8 

 ARTICLE VIII 
 MISCELLANEOUS 
 8.1 Rights of Participants. Nothing in this Plan shall interfere with or limit
in any way any right of the Company or any of its Subsidiaries to terminate any Participant’s employment at any time (with or without Cause), nor confer upon any Participant any right to continued employment by the such employee’s present
(or any other) rate of compensation. Transfer of an Employee from the Company to a Subsidiary, from a Subsidiary to the Company and from one Subsidiary to another shall not be considered a termination of such Employee’s employment for purposes
of this Plan. Where applicable, references in this Plan to “termination of employment” or similar phrases shall be deemed to include references to termination of service as a consultant or advisor. No Employee shall have a right to be
selected as a Participant or, having been so selected, to be selected again as a Participant. 
 8.2 Amendment, Suspension and Termination
of Plan. The Committee may not suspend, terminate or materially amend the Plan or any portion thereof at any time without stockholder approval to the extent such approval is required by law, agreement or the rules of any exchange upon which the
Common Stock is listed. Notwithstanding the foregoing, no suspension, termination or amendment of or to the Plan may adversely affect the rights of any holder of Options with respect to Options issued hereunder prior to the date of such suspension,
termination or amendment without the consent of such holder. 
 8.3 Adjustments. In the event of any merger, reorganization,
consolidation, recapitalization, stock dividend, stock split, share combination or other change affecting the shares of Common Stock, the Committee shall make such adjustments in the number and type of shares authorized by the Plan, the number and
type of shares covered by outstanding Options and the Exercise Prices specified therein and any other adjustments to the Option as the Committee, reasonably and in good faith, determines to be appropriate and equitable in order to prevent the
dilution or enlargement of the rights granted hereunder or under any outstanding Options. 
 8.4 Construction of Plan. The validity,
construction, interpretation, administration and effect of the Plan shall be determined in accordance with the local law, and not the law of conflicts, of the State of Delaware. 
 8.5 Indemnification. The Company will, and will cause each of its Subsidiaries to, indemnify the CEO and the members of the Committee against all
costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Option granted
thereunder or any Option Shares issued pursuant to the exercise of an Option, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in any such action, suit or proceeding; provided, however, that any such Person shall be entitled to the indemnification rights set forth in this Section 8.5 only if such Person has acted in good faith and in a manner
that such Person reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that such conduct was unlawful, and provided further that
upon the institution of any such action, suit or proceeding such Person shall give the Company written notice thereof and an opportunity, at its own expense, to handle and defend the same before such Person undertakes to handle and defend it on his
or her own behalf. 
  

 9 

 THIS OPTION AND THE OPTION SHARES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS OPTION IS ISSUED PURSUANT TO THE BUCYRUS INTERNATIONAL, INC. 1998 MANAGEMENT STOCK OPTION PLAN ADOPTED AS OF MARCH 5, 1998 BY THE BOARD OF DIRECTORS OF THE ISSUER
AND AMENDED AND RESTATED AS OF OCTOBER 18, 2006 (THE “PLAN”) AND THIS OPTION IS SUBJECT TO THE TERMS SET FORTH IN THE PLAN. 
  

 10 

 OPTION TO PURCHASE
[                    ] SHARES OF 
 COMMON STOCK OF 
 BUCYRUS INTERNATIONAL, INC. 
 OPTION NO. [    ] 
 DATE OF GRANT: MARCH 17, 1998

 VOID AFTER MARCH 17, 2008 
 This certifies that
[                                        ]
is entitled, upon the due exercise hereof, to purchase up to [                    ] shares of Common Stock, par value $0.01 per share (the
“Option Shares”) of Bucyrus International, Inc., a Delaware corporation (the “Company”) at a price (the “Exercise Price”) of $100 per Option Share. This option (this “Option”) is issued pursuant to the Bucyrus
International, Inc. 1998 Management Stock Option Plan adopted as of March 5, 1998 by the Company’s Board of Directors and amended and restated as of October 18, 2006 (the “Plan”) and is subject in its entirety to the terms
and conditions of the Plan, as amended from time to time, all of which are hereby incorporated in the terms of this Option. Capitalized terms which are used but not defined herein shall have the respective meanings ascribed to them in the Plan.

 The Option shall vest and become exercisable as provided in Schedule 1 attached hereto. 
 The Participant may exercise all or any portion of a vested Option by executing and delivering to the Company an Exercise Notice and a Joinder to
Stockholders Agreement (copies of which may be obtained from the Company) together with full payment of the aggregate Exercise Price for all Option Shares being so purchased, such payment to be made (if payable in cash) by cash, check, bank draft or
money order made payable to “Bucyrus International, Inc.” Except as otherwise expressly provided by the Plan, this Option shall be deemed to have been exercised and the Option Shares issuable upon such exercise shall be deemed to have been
issued as of the close of business on the date upon which all of the foregoing items are received by the Company. 
 In the event of any
merger, reorganization, consolidation, recapitalization, stock dividend, stock split, share combination or similar change affecting the Common Stock of the Company, the number and, it applicable, the type of Option Shares issuable upon exercise of
this Option and the Exercise Price therefor shall be adjusted as provided in the Plan. 
 THIS OPTION MAY NOT BE TRANSFERRED EXCEPT TO THE
LIMITED EXTENT PROVIDED IN SECTION 6.1 OF THE PLAN. 
 Prior to the exercise of this Option as permitted by the Plan, the Participant shall
not, with respect to the Option Shares issuable upon the due exercise hereof, be entitled to any of the rights of a stockholder of the Company including, without limitation, the right as a 

  

 11 

 
stockholder to (i) vote on or consent to any proposed action of the Company, (ii) receive dividends or other distributions made to stockholders,
(iii) receive notice of or attend any meetings of stockholders of the Company, or (iv) receive notice of any other proceedings of the Company. 
 IN WITNESS WHEREOF, the Company has executed this Option as of the date first above written. 
  

					
		 	BUCYRUS INTERNATIONAL, INC.
			
	 [SEAL]
	 	By:	 	  

			
		 	Its:	 	  

  

			
	Attest:	 	  

  

 12 

 OPTION VESTING 
 The Option shall vest as set forth below. Capitalized terms have the meanings assigned to such terms either in the Plan or in Section 7 below. 
 1. Performance-Based EBITDA Targets. The Option shall vest based on the Company’s actual EBITDA performance during each of the Company’s 1998
through 2001 fiscal years (each, a “Plan Year” and, in the aggregate, the “Performance Vesting Period”) as compared with the EBITDA Target for such Plan Year. The EBITDA Targets for each Plan Year are as follows: 
  

				
	 Plan Year
	  	EBITDA Target
	 1/1/98 - 12/31/98
	  	$	40,209,000
	 1/1/99 - 12/31/99
	  	$	50,399,000
	 1/1/00 - 12/31/00
	  	 	*
	 1/1/01 - 12/31/01
	  	 	*

 *To be determined by the Company in consultation with the Chief Executive Officer based on the Company’s
business plan. 
 The actual percentage achievement of the EBITDA Target for a Plan Year is referred to as the “Performance Level” for that Plan
Year. The Performance Level for each Plan Year shall be determined by the Committee within a reasonable period of time after the Company’s audited financial statements for such Plan Year become available. 
 2. Normal Option Vesting. The Option is targeted to vest at the rate of 25% of the total Option Shares in each Plan Year (the “Base Option Vesting
Amount”). No portion of the Base Option Vesting Amount for any Plan Year will vest unless the Performance Level for such Plan Year is greater than 90% of the EBITDA Target. The entire Base Option Vesting Amount for any Plan Year will vest
effective as of the last day of such Plan Year if the Performance Level for such Plan Year is equal to or greater than 100%. If the Performance Level for any Plan Year is between 90% and 100%, the Base Option Vesting Amount will vest pro rata
effective as of the last day of such Plan Year as follows: 
  

				
	 Performance Level in Plan Year
 Vesting
	  	% of Total Option Shares
in Plan Year	 
	 90% or below
	  	0	%
	 91%
	  	2.5	%
	 92%
	  	5.0	%
	 93%
	  	7.5	%
	 94%
	  	10.0	%
	 95%
	  	12.5	%
	 96%
	  	15.0	%
	 97%
	  	17.5	%
	 98%
	  	20.0	%
	 99%
	  	22.5	%
	 100% or above
	  	25.0	%

  

 13 

 If the Performance Level for a Plan Year falls between two whole number percents, the Percentage of Total
Option Shares Vesting in such Plan Year shall be adjusted pro rata. The number of Option Shares vesting in any Plan Year will be rounded to the nearest whole share. 
 3. Performance Level in Excess of 100% in a Plan Year. If the Performance Level in any Plan Year exceeds 100%, the amount of actual EBITDA for such Plan Year in excess of the EBITDA Target for such Plan Year (the
“EBITDA Surplus”) will be applied first to “make-up” any portion of the Base Option Vesting Amount that failed to vest in any prior Plan Year by reason of a Performance Level less than 100%, and second to “surplus”
accelerated vesting of up to one-quarter of the Option Shares that would otherwise have been eligible for vesting as part of the Base Option Vesting Amount for the 2001 Plan Year, each as described below. For purposes of this Section 3, the
term “EBITDA Deficit” shall mean the amount by which, in any Plan Year, the Company’s actual EBITDA for such Plan Year falls short of the EBITDA Target for such Plan Year. 
 (a) Make-Up Vesting. If there is an EBITDA Surplus for any Plan Year, the amount of such EBITDA Surplus will first be applied to offset
the amount of any EBITDA Deficit for the immediately preceding Plan Year, whereupon (i) the Performance Level for such preceding Plan Year shall be recalculated, (ii) the Optionee shall be deemed to vest, effective as of the last day of
the Plan Year as to which such surplus was achieved, in the appropriate additional number of Option Shares for such preceding Plan Year in accordance with Section 2 above, and (iii) such EBITDA Surplus shall be reduced by the amount of
such offset. Any remaining EBITDA Surplus shall then be applied sequentially to any EBITDA Deficit for any earlier Plan Years, until the amount of such EBITDA Surplus has been reduced to zero. In no event shall any EBITDA Surplus (i) be used to
achieve a Performance Level for any prior Plan Year in excess of 100% or (ii) be carried over to reduce any EBITDA Deficit in any subsequent Plan Year. 
 (b) Surplus Vesting. If, after the application of Section 3(a) above, any EBITDA Surplus achieved as to the 1998, 1999 or 2000 Plan
Years remains, the “Surplus Vesting Percentage” shall be calculated by dividing the amount of any such remaining EBITDA Surplus by the EBITDA Target for such Plan Year, whereupon Option Shares that would otherwise have been eligible for
vesting as part of the Base Option Vesting Amount for the 2001 Plan Year shall vest, effective as of the last day of the Plan Year as to which such EBITDA surplus was achieved, according to the following schedule: 
  

				
	 Surplus Vesting Percentage
	  	% of Total Option Shares Subject to
Surplus Vesting	 
	 1%
	  	0.625	%
	 2%
	  	1.250	%
	 3%
	  	1.875	%
	 4%
	  	2.500	%
	 5%
	  	3.125	%
	 6%
	  	3.750	%

  

 14 

				
	 7%
	  	4.375	%
	 8%
	  	5.000	%
	 9%
	  	5.625	%
	 10% or more
	  	6.250	%

 If the Surplus Vesting Percentage for a Plan Year falls between two whole number percents, the Percentage of Total
Option Shares Subject to Surplus Vesting shall be adjusted pro rata. The number of Option Shares vesting in any Plan Year will be rounded to the nearest whole share. The Base Option Vesting Amount for the 2001 Plan Year shall be reduced by the
amount of any Option Shares subject to surplus vesting in any prior Plan Year, and for purposes of calculating the number of Option Shares vesting based on performance during the 2001 Plan Year, the vesting table set forth in Section 2 shall be
adjusted proportionately, such that the full number of Option Shares remaining in the Base Option Vesting Amount for the 2001 Plan Year will vest only if the Performance Level for the 2001 Plan Year is 100% or more. In no event shall any EBITDA
Surplus for any Plan Year be carried over to any subsequent Plan Year. 
 4. Full Vesting on Company Sale; Termination of Option;
Notwithstanding the foregoing, if a Company Sale is consummated prior to the end of the 2001 Plan Year, 100% of the Option Shares shall automatically vest immediately prior to consummation of such Company Sale. In connection with a Company Sale, the
Company may, in its discretion, either (i) upon not less than 30 days notice prior to consummation of such Company Sale (or such lesser notice period as shall otherwise be reasonable under the circumstances) , permit the Participant to exercise
all or part of the Option in advance of such Company Sale or (ii) provide for the deemed exercise of all or part of the Option and payment in cash or other property therefor. In either such event, unless otherwise determined by the Company in
its discretion, any Option or part thereof not so exercised or deemed exercised in connection with such Company Sale shall expire upon the consummation of such Company Sale. 
 5. Nine Year Cliff Vesting. Notwithstanding the foregoing, but subject to Section 6 below, any Option Shares that fail to vest by reason of the
vesting provisions of Sections 1 through 4 above shall nonetheless vest on the ninth anniversary of the date of grant of the Option. 
 6.
Termination of Employment. Notwithstanding anything to the contrary herein or in the Plan, except as may otherwise be provided in any applicable employment agreement between the Company and the Participant, all Options held by a Participant shall
cease to vest as of the date such Participant’s employment with the Company or any Subsidiary terminates for any reason and under any circumstances. 
 7. Definitions. For purposes of this Schedule 1, the terms set forth below shall be defined as follows: 
 “EBITDA” means, with reference to any period, Net Income for such period adjusted (a) by adding thereto the amount of all (i) debt interest expense to the extent included in determining Net Income for such period,
(ii) depreciation and amortization expenses and non-cash charges, including, without limitation, (A) the non-cash portion of any expenses incurred during such period pursuant to Financial Accounting Standards Board Statement No. 106,
(B)

  

 15 

 
purchase accounting adjustments that occur as a result of the application of Accounting Principles Board Opinion No. 16 and (C) non-cash charges
for compensation costs recognized pursuant to Accounting Principles Board Opinion No. 25 (as permitted under Financial Accounting Standards Board Statement No. 123) in connection with Options granted to employees of the Company and its
Subsidiaries to the extent included in determining Net Income for such period, (iii) all income taxes to the extent included in determining Net Income, and (iv) the management fee payable under the Management Agreement and all
directors’ fees, in each case, to the extent included in determining Net Income for such period, and (b) by subtracting therefrom (1) all interest income to the extent included in determining Net Income for such period, and
(ii) all tax credits to the extent included in determining Net Income for such period. 
 The Committee will make equitable adjustments to the EBITDA
Targets from time to time to reflect (i) acquisitions and dispositions made by the Company and its subsidiaries during the Performance Vesting Period and (ii) the establishment of accounting reserves prior to January 1, 1998 and, in
each case, the anticipated effect on the EBITDA Targets resulting therefrom. 
 “Net Income” means, with reference to any period,
the net income (or deficit) of the Company and its Subsidiaries for such period, after deducting all operating expenses, provisions for taxes, reserves and all other proper deductions, all determined in accordance with generally accepted accounting
principles applied on a consolidated basis and on a basis consistent with prior periods after eliminating all intercompany transactions and after deducting portions of income properly attributable to minority interests, if any, in the stock and
surplus of Subsidiaries; provided, however, that there shall be excluded (a) any aggregate net gain or net loss during such period arising from the sale, exchange or other disposition of capital assets, (b) any net income or gain from the
collection of the proceeds of insurance policies (other than proceeds of business interruption insurance for lost income to the extent such loss reduced Net Income for such period and proceeds of other insurance in respect of claims or losses to the
extent such claims or losses reduced Net Income for such period) , (c) any gain or loss arising from the acquisition of any securities, or the extinguishment, under generally accepted accounting principles, of any indebtedness of the Company or
any of its Subsidiaries, or (d) any net income or gain or net loss during such period from any change in accounting principles originally used as a basis for the computation of EBITDA or from any extraordinary items. 
 EXERCISE NOTICE 
 This Exercise Notice
(this “Notice”) is given by the undersigned participant (“Participant”) to Bucyrus International, Inc., a Delaware corporation (the “Company”) in connection with the Participant’s exercise of an Option granted
pursuant to the Company’s 1998 Management Stock Option Plan, adopted as of March 5, 1998 and amended and restated as of October 18, 2006 (the “Plan”) to purchase Option Shares (as defined in the Plan). Capitalized terms used
but not defined herein shall have the respective meanings ascribed to them in the Plan. 
 1. Purchase and Sale of Option Shares. 

(a) Upon delivery to the Company of this Notice and the Option Certificate to which it relates, the Company will sell and issue to
Participant the Option 

  

 16 

 
Shares that Participant elects to purchase hereunder. Participant will deliver to the Company herewith the aggregate Exercise Price for the Option Shares
purchased hereunder (if payable in cash) by check, bank draft or money order made payable to “Bucyrus International, Inc.” 
 (b) In connection with the purchase and sale of the Option Shares hereunder, Participant represents and warrants to the Company that: 
 (i) The Option Shares to be acquired by Participant pursuant to Participant’s exercise of the Option will be acquired for Participant’s own account and not with a view to, or intention of, distribution
thereof in violation of the Securities Act, or any applicable state securities laws, and the Option Shares will not be disposed of in contravention of the Securities Act or any applicable state securities laws; 
 (ii) Participant is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Option
Shares; 
 (iii) Participant is able to bear the economic risk of his or her investment in the Option Shares for an
indefinite period of time because the Option Shares have not been registered under the Securities Act and, therefore, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available;

 (iv) Participant has had an opportunity to ask questions and receive answers concerning the terms and conditions of the
Option Shares and has had full access to such other information concerning the Company as he or she has requested; and 
 (v)
Participant is a resident and domiciliary of the state or other jurisdiction hereinafter set forth opposite such Participant’s signature and Participant has no present intention of becoming a resident of any other state or jurisdiction. If
Participant is a resident and domiciliary of a state that requires the Company to ascertain certain other information regarding the Participant, the Company may attach a page to this Notice containing additional representations to be made by
Participant in connection with such Participant’s investment in Option Shares, and by signing this Notice, Participant shall be deemed to have made such additional representations to the Company. 
 (c) Participant further acknowledges and agrees that: 
 (i) neither the issuance of the Option Shares to Participant nor any provision contained herein shall entitle Participant to remain in
the employment of the Company and its Subsidiaries or affect any right of the Company to terminate Participant’s employment at any time for any reason; 
  

 17 

 (ii) the Company shall have no duty or obligation to disclose to Participant and
Participant shall have no right to be advised of, any material information regarding the Company and its Subsidiaries in connection with the repurchase of Option Shares upon the termination of Participant’s employment with the Company and its
Subsidiaries or as otherwise provided hereunder; and 
 (iii) the Company shall be entitled to withhold from participant from
any amounts due and payable by the Company to Participant (or secure payment from Participant in lieu of withholding) the amount of any withholding or other tax due from the Company with respect to the Option Shares and the Company may defer
issuance of the Option Shares until indemnified to its satisfaction. 
 (d) The Company and Participant acknowledge and agree
that the Option Shares issued hereunder are issued as a part of the compensation and incentive arrangements between the Company and Participant. 
 2. Restriction on Option Shares. Participant acknowledges that the Option Shares being purchased hereunder are being issued pursuant to the Plan, the terms and conditions of which are incorporated herein as if set forth fully herein, and
that such Option Shares are subject to certain restrictions on transfer, rights of repurchase and other provisions set forth in the Plan and the Stockholders Agreement. Purchaser acknowledges that the certificates evidencing such Option Shares shall
be imprinted with a legend providing notice of such restrictions substantially in the form set forth in the Stockholders Agreement. 
 * * * *
* 
  

 18 

 IN WITNESS WHEREOF, the Participant has executed this Notice as of the date written below. 
  

					
	No. of Shares of Common Stock:	  		  	  

	Aggregate Exercise Price Therefor:	  		  	  

	Cashless Exercise:	  		  	Yes            No          
			
	  
	  		  	  

	Signature of Participant	  		  	Date
			
	  
	  		  	  

	Print Participant’s Name	  		  	Participant’s Social Security No.
			
	Participant’s Residence Address:	  		  	Mailing Address, if different
	  
	  		  	from Residence Address:
			
	  
	  		  	  

	Street	  		  	Street
			
	  
	  		  	  

	City    State    Zip Code	  		  	City    State    Zip Code

 Acknowledged Receipt of Notice as of
                                         
                    
  

			
	BUCYRUS INTERNATIONAL, INC.
		
	By:	 	  

	Its:	 	  

  

 19 

 FORM OF JOINDER TO THE 
 STOCKHOLDERS AGREEMENT 
 This Joinder (this “Agreement”) is made as of the date written
below by the undersigned (the “Joining Party”) in favor of and for the benefit of Bucyrus International, Inc. and the other parties to the Stockholders Agreement, dated as of March 17, 1998 (the “Stockholders Agreement”).
Capitalized terms used but not defined herein shall have the meanings given such terms in the Stockholders Agreement. 
 The Joining Party
hereby acknowledges, agrees and confirms that, by his or her execution of this Joinder, the Joining Party will be deemed to be a party to the Stockholders Agreement and shall have all of the rights and obligations of a Management Stockholder
thereunder as if he or she had executed the Stockholders Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Stockholders Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this Joinder as of the date written below. 
  

							
	Date:	 	  
	 		 	  

		 		 		 	Name:

  

 20

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