Bucyrus International 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of earliest
Bucyrus International, Inc.
(Exact name of registrant as specified in its charter)
P.O. Box 500, 1100 Milwaukee Avenue, South Milwaukee, Wisconsin 53172
(Address of principal executive offices, including ZIP code)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
(17 C.F.R. §240.14d-2(b))
(17 C.F.R. §240.13e-4(c))
On July 1, 2006, Frank P. Bruno, the former vice president of human resources of Bucyrus International, Inc. (the Company), retired as an executive officer of the Company. Thereafter, on August 16, 2006, the Company entered into a Retirement Agreement with Mr. Bruno, which provided for an October 15, 2006 employment retirement date. Pursuant to his retirement agreement, the Company paid Mr. Bruno a lump sum severance payment of $193,200. The Company also reimbursed Mr. Bruno for health insurance payments as if he were actively employed through October 30, 2007 and, in lieu of the outplacement services described in his December 1, 1997 employment agreement with the Company, the Company paid Mr. Bruno $15,000. Any other payments, benefits and insurance coverages and contributions to the Companys pension, 401(k) and other benefit plans on behalf of Mr. Bruno ceased as of his retirement date, although Mr. Bruno kept his pre-existing rights, if any, with respect to such benefit programs. All unvested equity awards relating to the Companys Common Stock held by Mr. Bruno were terminated. In exchange for the payments made pursuant to his retirement agreement, Mr. Bruno agreed for himself and his spouse, heirs and assigns to release any claims that he may have or have in the future against the Company and its affiliates, officers, directors and shareholders.
In connection with Mr. Brunos entry into a Retirement Agreement with the Company on August 16, 2006, the employment agreement between the Company and Mr. Bruno, dated December 1, 1997, was terminated.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BUCYRUS INTERNATIONAL, INC.