MESABI TRUST
EX-10.H
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<FILENAME>a07-5695_1ex10dh.htm
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10(h)</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SUMMARY DESCRIPTION OF TRUSTEES&#146; COMPENSATION</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
compensation paid to each Individual Trustee and the Corporate Trustee is set
forth in the Amendment to the Agreement of Trust, dated as of October 25, 1982
(the &#147;Amendment&#148;).&#160; The Amendment is
filed as Exhibit 3(a) to the Form 10-K.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the Amendment, each Individual Trustee receives at least $20,000 in annual
compensation for services as Trustee.&#160;
Each year, annual Trustee compensation is adjusted up or down (but not
below $20,000) in accordance with changes from the November&nbsp;1981 level of
295.5 (the &#147;1981 Escalation Level&#148;) in the All Commodities Producer Price Index
(with 1967 = 100 as a base).&#160; The All
Commodities Producer Price Index is published by the U.S. Department of
Labor.&#160; The adjustment is made at the end
of each fiscal year and is calculated on the basis of the proportion between
(a) the level of such index for the November preceding the end of such fiscal
year, and (b) the 1981 Escalation Level.&#160;
Each of the Individual Trustees received $33,443 in cash compensation
for services to the Trust during the fiscal year ended January 31, 2007.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also
pursuant to the Amendment, Deutsche Bank Trust Company Americas, as the
Corporate Trustee, receives annual compensation in an amount equal to the
greater of (i)&nbsp;$20,000, or such other amount determined in accordance with
the adjustments described in the preceding paragraph, or (ii) one quarter of
one percent (1/4 of 1%) of the Trust Moneys, exclusive of proceeds of sale of
any part of the Trust Estate (as such terms are defined in the Agreement of
Trust), received by the Trustees and distributed to Trust Unitholders.&#160; The Corporate Trustee received $33,443 in
cash compensation pursuant to this provision for the fiscal year ended January
31, 2007.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, each year the Corporate Trustee receives
$62,500 (or more, if unanimously approved by the Individual Trustees) to cover
clerical and administrative services to Mesabi Trust other than services
customarily performed by a registrar or transfer agent.&#160; In fiscal year 2007, the Trust paid the
Corporate Trustee $62,500 for such services.</font></p>

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