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EXHIBIT 10.24  

 
 

BUCYRUS INTERNATIONAL, INC.
  
    NON-EMPLOYEE DIRECTORS
  DEFERRED COMPENSATION PLAN    
    

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

	2)
	Effective Date.    The Plan is effective as of June 30, 2004, the date on which it was adopted by the Board of
Directors of the Company (the "Board"); provided, however, that deferrals under the plan may not be made with respect to Director Fees (as defined in Section 5) paid or to be paid with respect
to periods prior to January 1, 2005.

	3)
	Eligibility.    Directors of the Company who are not also employees of the Company or any of its subsidiaries ("Directors")
are eligible to participate in the Plan, subject to their election to defer eligible compensation.

	4)
	Administration.    The Plan shall be administered by the Compensation Committee of the Board (the "Committee"). The Committee
shall have the authority to adopt rules and regulations for carrying out the Plan's intent and to interpret, construe and implement the provisions thereof. Determinations made by the Committee with
respect to the Plan, any deferral made hereunder and any Director's account shall be final and binding on all persons, including but not limited to the Company, each Director participating in the Plan
and such Director's beneficiaries.

	5)
	Deferral of Fees.    Subject to such rules and procedures that the Committee may establish from time to time, Directors may
elect to defer under the Plan all amounts to be paid to a Director, including annual retainer and committee meeting fees (but excluding any payment or reimbursement with respect to a Director's
expenses arising from his or her service as a member of the Board) that would otherwise payable in cash in accordance with the Company's policies as in effect from time to time (such cash
compensation, collectively, "Director Fees"). In order to defer Director's Fees, the Director must complete a deferral election in such form, and at such time, as determined by the Committee in its
sole discretion. Once a Director has elected to defer his or her Director's Fees, the election may not be revoked and shall continue in force for the remainder of the Director's service as a member of
the Board; provided, however, that a Director may, no later than 30 days prior to the beginning of any calendar year, revoke his or her deferral election with respect to the entirety of such
calendar year.

	6)
	Form of Deferral.    The Company shall establish a separate deferred compensation account on its books in the name of each
Director who has elected to participate in the Plan. A number of Restricted Stock Units, as defined in the Company's 2004 Equity Incentive Plan or a successor plan (the "Stock Plan"), shall be
credited to each such Director's account as of each date (a "Deferral Date") on which amounts deferred under the Plan would otherwise have been paid to such Director. The Restricted Stock Units
credited to a participating Director's account under the Plan shall be issued under the Stock Plan. The number of Restricted Stock Units credited to a Director's account as of each Deferral Date shall
be calculated by dividing by the amount so deferred by the Fair Market Value (as defined in the Stock Plan) of a share of Class A common stock, par value $0.01 of the Company ("Company Stock")
as of such Deferral Date. The Restricted Stock Units so credited shall be immediately vested and non-forfeitable and shall become payable as set forth herein. Except as set forth herein,
the terms and conditions of the Restricted Stock Units credited to Director's accounts under the Plan shall be governed by the Stock Plan, including, but not limited to, the equitable adjustment
provisions set forth in Section 5 thereof. 

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

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

	9)
	Payment of Restricted Stock Units.    Each Director (or his or her beneficiary) shall receive a one-time
distribution of all Restricted Stock Units then credited to the Director's account under the Plan within 60 days immediately following the date upon which such Director's service as a member of
the Board terminates for any reason. Such distribution shall be in the form of cash, shares of Company Stock, or a combination of the foregoing, in the discretion of the Director. If the account is to
be paid in whole or in part in the form of Company Stock the number of shares of the Company Stock payable upon such distribution shall equal the number of Restricted Stock Units credited to such
Director's account as of the date of such distribution to be paid in Company Stock, less applicable withholding. Fractional shares shall be payable in cash.

	10)
	Change in Control.    Notwithstanding any provisions of the Plan to the contrary, upon the occurrence of a Change in Control
(as defined in the Stock Plan), all Restricted Stock Units in each Director's account under the Plan shall be immediately payable in [cash].

	11)
	Unfunded Plan; Creditor's Rights.    The Plan is intended to be an "unfunded" plan for purposes of the Employee Retirement
Income Security Act of 1974, as amended. The obligation of the Company under the Plan is purely contractual and shall not be funded or secured in any way. A Director or any beneficiary shall have only
the interest of an unsecured general creditor of the Company in respect of the Restricted Stock Units credited to such Director's account under the Plan.

	12)
	Successors in Interest.    The obligations of the Company under the Plan shall be binding upon any successor or successors of
the Company, whether by merger, consolidation, sale of assets or otherwise, and for this purpose reference herein to the Company shall be deemed to include any such successor or successors.

	13)
	Governing Law; Interpretation.    The Plan shall be construed and enforced in accordance with, and governed by, the laws of
the State of Delaware. The Company intends that transactions under the Plan shall be exempt under Rule 16b-3 promulgated under Section 16 of the Securities Exchange Act of
1934, as amended, unless otherwise determined by the Company.

	14)
	Termination and Amendment of the Plan.    The Board of Directors of the Company may terminate the Plan at any time; provided,
that termination of the Plan shall not adversely affect the rights of a Director or beneficiary thereof with respect to amounts previously deferred under the Plan without the consent of such Director
and that of such Director's beneficiary. The Board of Directors of the Company may amend the Plan at any time and from time to time; provided, however, that no such amendment shall adversely affect
the rights of any Director or beneficiary thereof with respect to amounts previously deferred under the Plan. 

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BUCYRUS INTERNATIONAL, INC. NON-EMPLOYEE DIRECTORS DEFERRED COMPENSATION PLANEXHIBIT 4.2

                             HERITAGE COMMERCE CORP
                             2004 STOCK OPTION PLAN

                             STOCK OPTION AGREEMENT

         Capitalized terms used without definition in this Stock Option
Agreement (the "OPTION AGREEMENT") shall have the meanings given such terms in
the Heritage Commerce Corp 2004 Stock Option Plan (the "PLAN").

                                       I.

                          NOTICE OF STOCK OPTION GRANT

                   [Name of Optionee]/[Social Security Number]
                                    [Address]
                                    [Address]

         1. OPTION. You have been granted an option to purchase shares of common
stock (the "SHARES") of Heritage Commerce Corp, a California corporation (the
"COMPANY"), subject to the terms and conditions of the Plan and this Option
Agreement, as follows:

         Date of Grant:                       [___________ __, 200_]

         Exercise Price per Share:            $[_____]

         Total Number of Shares Granted:      [        ]

         Total Exercise Price:                $[       ]

         Type of Option:                      [Incentive/Non-Statutory Option]

         Expiration Date:                     [___________ __, 20__]

         2. VESTING AND EXPIRATION. This Option will vest with respect to [__%]
of the Shares subject to the Option on the Date of Grant, and with respect to an
additional [__%] of the Shares subject to the Option each month thereafter for
the next [__] months, and will therefore be fully vested no later than
[_________ __, _____].

         3. TERMINATION. So long as the Optionee maintains Continuous Status as
a Director, Employee or Consultant, this Option may be exercised, in whole or in
part, with respect to any vested Shares, anytime prior to the Expiration Date.
If the Optionee's Continuous Status as a Director, Employee or Consultant
terminates for any reason, the Optionee shall have that amount of time set forth
in Section 9 of the Plan to exercise any vested Shares, after which time this
Option shall expire.

<PAGE>

                                       II.

                                    AGREEMENT

         1. GRANT OF OPTION. The Company hereby grants to the Optionee (the
"OPTIONEE") named in the Notice of Stock Option Grant set forth above (the
"NOTICE OF GRANT") an option (the "OPTION") to purchase the total number of
Shares set forth in the Notice of Grant, at the exercise price per share set
forth in the Notice of Grant (the "EXERCISE PRICE"), subject to the terms,
definitions and provisions of the Plan, which is incorporated herein by
reference.

         2.       EXERCISE OF OPTION.

                  (a) RIGHT TO EXERCISE. This Option shall be exercisable prior
to its expiration date only, in accordance with the Vesting Schedule set out in
the Notice of Grant and with the applicable provisions of the Plan and this
Option Agreement.

                  (b) METHOD OF EXERCISE. This Option shall be exercisable by
written notice which shall state the election to exercise the Option, the number
of Shares with respect to which the Option is being exercised, and such other
representations and agreements as to the Optionee's investment intent with
respect to the Shares as may be required by the Company pursuant to the
provisions of the Plan. Such notice is attached hereto as EXHIBIT A. The written
notice shall be signed by the Optionee and shall be delivered in person or by
certified mail to the Secretary of the Company. The written notice shall be
accompanied by payment of the Exercise Price. This Option shall be deemed to be
exercised upon receipt by the Company of such written notice accompanied by the
Exercise Price.

                  (c) COMPLIANCE WITH LAW. No Shares will be issued pursuant to
the exercise of any Option unless such issuance and such exercise shall comply
with all relevant provisions of law and the requirements of any stock exchange
upon which the Shares may then be listed. Assuming such compliance, for income
tax purposes the Shares shall be considered transferred to the Optionee on the
date on which the Option is exercised with respect to such shares.

                  3. METHOD OF PAYMENT. Subject to Section 8, payment of the
Exercise Price shall be paid by (a) cash, (b) check or (c) any combination of
those methods of payment. In addition, if there is a public market for the
Shares, the Optionee may elect to pay the Exercise Price through a special sale
and remittance procedure under which the Optionee provides irrevocable written
instructions to a designated brokerage firm to effect the immediate sale of a
portion of the purchased Shares and remit to the Company, out of the sale
proceeds available on the settlement date, an amount sufficient to cover the
aggregate option price payable for the purchased Shares plus all applicable
Federal and State income and employment taxes required to be withheld by the
Company by reason of such purchase and/or sale. The Optionee must also provide
such irrevocable written instructions to the Company to deliver the certificates
for the purchased Shares directly to such brokerage firm to effect the sale
transaction. Notwithstanding the above, the Company shall not be required to
permit the Optionee to utilize the sale and remittance procedure described above
if the Company's legal counsel advises the Company that the procedure may
violate any applicable law, regulation or regulatory guidance.

                                       2

<PAGE>

         4. OPTIONEE'S REPRESENTATIONS. In the event the Shares purchasable
pursuant to the exercise of this Option have not been registered under the
Securities Act of 1933, as amended, at the time this Option is exercised,
Optionee shall, if required by the Company, concurrently with the exercise of
all or any portion of this Option, deliver to the Company an investment
representation statement in a form reasonably required by the Company.

         5. NON-TRANSFERABILITY OF OPTION; ASSIGNMENT BY COMPANY. This Option
may not be transferred in any manner otherwise than by will or by the laws of
descent or distribution and may be exercised during the lifetime of Optionee
only by Optionee; provided, however, that any Nonstatutory Stock Option may be
transferred by Optionee to any member of Optionee's immediate family, to a
partnership the members of which (other than Optionee) are all members of
Optionee's immediate family, or to a family trust the beneficiaries of which
(other than Optionee) are all members of Optionee's immediate family. The terms
of this Option shall be binding upon the executors, administrators, heirs,
successors and assigns of Optionee. The Company may assign any of its rights
under this Option Agreement to single or multiple assignees, and this Option
Agreement shall inure to the benefit of the successors and assigns of the
Company.

         6. RESTRICTIONS ON TRANSFER. All certificates representing Shares
purchased under this Option Agreement may be imprinted with an appropriate
legend with respect to any applicable restriction on transfer. The Company may
issue appropriate stop-transfer instructions to its transfer agent to ensure
compliance with these transfer restrictions. If the Company transfers its own
securities, it may make appropriate notations to the same effect in its own
records. The Company shall not be required to transfer on its books any Shares
that have been sold or transferred in violation of any of the provisions of the
Plan or this Option Agreement, or to treat as the owner of such Shares or to
accord the right to vote or pay dividends to any purchaser or transferee to whom
such Shares has been sold or transferred.

         7. MARKET STAND-OFF AGREEMENT. Optionee hereby agrees that if so
requested by the Company or any representative of the underwriters in connection
with the first registration statement of the Company to become effective under
the Securities Act which includes securities to be sold on behalf of the Company
to the public in an underwritten public offering, Optionee shall not sell or
otherwise transfer the Shares or any other securities of the Company during the
180-day period following the effective date of such registration statement. The
Company may impose stop-transfer instructions with respect to securities subject
to the foregoing restrictions until the end of such 180-day period. Optionee
agrees that the Company may assign his or her obligation hereunder to any
underwriter of the Company's initial public offering.

         8. ACKNOWLEDGMENTS OF OPTIONEE.

                  (a) NO RIGHT OF EMPLOYMENT. OPTIONEE ACKNOWLEDGES AND AGREES
THAT THE VESTING OF SHARES PURSUANT TO THE OPTION IS EARNED ONLY BY CONTINUING
CONSULTANCY OR EMPLOYMENT AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF
BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). OPTIONEE
FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN THE
HERITAGE COMMERCE CORP 2004 STOCK OPTION PLAN THAT IS INCORPORATED

                                       3

<PAGE>

HEREIN BY REFERENCE, SHALL CONFER UPON OPTIONEE ANY RIGHT WITH RESPECT TO
CONTINUATION OF EMPLOYMENT OR CONSULTANCY BY THE COMPANY, NOR SHALL IT INTERFERE
IN ANY WAY WITH OPTIONEE'S RIGHT OR THE COMPANY'S RIGHT TO TERMINATE OPTIONEE'S
EMPLOYMENT OR CONSULTANCY AT ANY TIME, WITH OR WITHOUT CAUSE.

                  (b) RECEIPT OF PLAN. Optionee acknowledges receipt of a copy
of the Plan and represents that he or she is familiar with the terms and
provisions thereof, and hereby accepts this Option subject to all of the terms
and provisions thereof. Optionee has reviewed the Plan and this Option in their
entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Option and fully understands all provisions of the Option.
Optionee hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Administrator upon any questions arising under the
Plan or this Option. Optionee further agrees to notify the Company upon any
change in the residence address indicated above.

         9. NOTICE. Any notice required or permitted under this Option Agreement
shall be given in writing and shall be deemed effectively given upon personal
delivery or upon deposit in the United States mail by certified mail, with
postage and fees prepaid, addressed to the party at its address as shown below,
or to such other address as such party may designate in writing from time to
time to the other party.

         10. ENTIRE AGREEMENT; GOVERNING LAW. The Plan is incorporated herein by
reference. The Plan and this Option Agreement constitute the entire agreement of
the parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and the Optionee
with respect to the subject matter hereof, and may not be modified adversely to
the Optionee's interest except by means of a writing signed by the Company and
Optionee. In case of conflict between the provisions in the Plan and this Option
Agreement, the provisions in the Plan shall prevail. This Option Agreement is
governed by California law except for that body of law pertaining to conflict of
laws.

                                       4

<PAGE>

Date:   ___________ __, 2004                  HERITAGE COMMERCE CORP

                                              By: ______________________________
                                                    _______________, President

                                              __________________________________
                                              [Name of Optionee]

                                              __________________________________

                                              __________________________________

                                              __________________________________
                                              [Address of Optionee]

                                       5

<PAGE>

                                    EXHIBIT A

                             HERITAGE COMMERCE CORP
                             2004 STOCK OPTION PLAN
                                 EXERCISE NOTICE

TO:               Heritage Commerce Corp
                  150 Almaden Boulevard
                  San Jose, California 95113
                  ATTN: __________________

SUBJECT:          NOTICE OF EXERCISE OF STOCK OPTION

                  In respect to the stock option granted to the undersigned on
_____________, to purchase an aggregate of _________ shares of the Company's
Common Stock, this is official notice that the undersigned hereby elects to
exercise such option to purchase shares as follows:

                  NUMBER OF SHARES:  ___________________________________________

                  DATE OF PURCHASE:  ___________________________________________

                  MODE OF PAYMENT:   ___________________________________________
                                      (Certified check, cash or other [specify])

The shares should be issued as follows:

                  NAME:              ___________________________________________

                  ADDRESS:           ___________________________________________

                  Signed:            ___________________________________________

                  Dated:             ___________________________________________

Please send this notice of exercise to:

                                    Heritage Commerce Corp
                                    150 Almaden Boulevard
                                    San Jose, California 95113
                                    Attn:  ___________________

                                       1

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