Document:

Letter Agreement

EXHIBIT 10.1

     

     

    December
      11, 2005

     

    

    R.
      Douglas Hutcherson

    2101
      Brevard Court

    Lexington,
      Kentucky 40513

    

    Dear
      Doug:

    

    We
      are
      parties to a certain Employment Agreement (herein so called), dated December
      1,
      2003, as amended, pursuant to which you are employed as the President and CEO
      of
      First Security Bancorp, Inc. and First Security Bank of Lexington, Inc.
      Capitalized terms used herein that are defined in that Employment Agreement
      have
      the meanings given them in the Employment Agreement. 

     

    The
      Employment Agreement contains, among other things, the obligation of the Bank
      to
      pay you certain severance benefits upon the termination of your employment
      and
      your obligation not to compete with the Bank for a period following the
      termination of your employment. The amount of the severance payment to which
      you
      are entitled under the Employment Agreement increases if the termination of
      your
      employment occurs in connection with a Change in Control, as defined in the
      Employment Agreement.

     

    We
      acknowledge and agree that a portion of the severance to which you are entitled
      under the Employment Agreement is in consideration of your post-termination
      obligations under the Employment Agreement (specifically, your non-compete
      and
      confidentiality covenants). We also acknowledge that the balance of the
      severance to which you are entitled could be subject to Section 280G of the
      Internal Revenue Code of 1986, as amended, to the extent it is payable at or
      following a Change in Control. We agree that it is to our mutual benefit and
      advantage that under no circumstances should such payment be in an amount which
      would constitute a “parachute payment” under that section. Accordingly, we agree
      that your Employment Agreement shall be amended, effective immediately, to
      add
      the following new section:

     

    No
      Parachute Payment.
      It is
      the intention of the parties that no payment to be made to Executive under
      this
      Agreement will constitute a “parachute payment” within the meaning of 17 USC
      Section 280G of the Internal Revenue Code of 1986, as amended. If, and only
      if,
      any payment to which Executive is entitled under this Agreement would otherwise
      constitute a “parachute payment”, then the amount of the payment to which
      Executive shall be entitled under this Agreement shall be reduced to the nearest
      dollar necessary in order for the payments made under this Agreement not to
      constitute a “parachute payment” within the meaning of 17 USC Section 280G of
      the Internal Revenue Code of 1986, as amended. The parties agree to cooperate
      and consult with one another in connection with any inquiry regarding whether
      any adjustment may be required and to reach a consensus before any adjustment
      is
      made pursuant to this Section. 

     

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Please
      execute this letter in the space provided below to evidence your agreement
      to
      the foregoing.

    

    FIRST
      SECURITY BANK OF LEXINGTON, INC.

    

    By
      /s/
      Julian E.
      Beard                    Date:
      December 11, 2005

    Title
      Chairman                    
                 

    

    FIRST
      SECURITY BANCORP, INC.

    

    

      By
        /s/
        Julian E.
        Beard                    Date:
        December 11, 2005

      Title
        Chairman                    
                   

      
 

    

    /s/
      R.
      Douglas Hutcherson                    Date:
      December 11, 2005

    R.
      Douglas Hutchersonfirst security 8ka 121205 ex 10-1

EXHIBIT 10.1

     

     

    December
      11, 2005

     

    

    R.
      Douglas Hutcherson

    2101
      Brevard Court

    Lexington,
      Kentucky 40513

    

    Dear
      Doug:

    

    We
      are
      parties to a certain Employment Agreement (herein so called), dated December
      1,
      2003, as amended, pursuant to which you are employed as the President and CEO
      of
      First Security Bancorp, Inc. and First Security Bank of Lexington, Inc.
      Capitalized terms used herein that are defined in that Employment Agreement
      have
      the meanings given them in the Employment Agreement. 

     

    The
      Employment Agreement contains, among other things, the obligation of the Bank
      to
      pay you certain severance benefits upon the termination of your employment
      and
      your obligation not to compete with the Bank for a period following the
      termination of your employment. The amount of the severance payment to which
      you
      are entitled under the Employment Agreement increases if the termination of
      your
      employment occurs in connection with a Change in Control, as defined in the
      Employment Agreement.

     

    We
      acknowledge and agree that a portion of the severance to which you are entitled
      under the Employment Agreement is in consideration of your post-termination
      obligations under the Employment Agreement (specifically, your non-compete
      and
      confidentiality covenants). We also acknowledge that the balance of the
      severance to which you are entitled could be subject to Section 280G of the
      Internal Revenue Code of 1986, as amended, to the extent it is payable at or
      following a Change in Control. We agree that it is to our mutual benefit and
      advantage that under no circumstances should such payment be in an amount which
      would constitute a “parachute payment” under that section. Accordingly, we agree
      that your Employment Agreement shall be amended, effective immediately, to
      add
      the following new section:

     

    No
      Parachute Payment.
      It is
      the intention of the parties that no payment to be made to Executive under
      this
      Agreement will constitute a “parachute payment” within the meaning of 17 USC
      Section 280G of the Internal Revenue Code of 1986, as amended. If, and only
      if,
      any payment to which Executive is entitled under this Agreement would otherwise
      constitute a “parachute payment”, then the amount of the payment to which
      Executive shall be entitled under this Agreement shall be reduced to the nearest
      dollar necessary in order for the payments made under this Agreement not to
      constitute a “parachute payment” within the meaning of 17 USC Section 280G of
      the Internal Revenue Code of 1986, as amended. The parties agree to cooperate
      and consult with one another in connection with any inquiry regarding whether
      any adjustment may be required and to reach a consensus before any adjustment
      is
      made pursuant to this Section. 

     

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Please
      execute this letter in the space provided below to evidence your agreement
      to
      the foregoing.

    

    FIRST
      SECURITY BANK OF LEXINGTON, INC.

    

    By
      /s/
      Julian E.
      Beard                    Date:
      December 11, 2005

    Title
      Chairman                    
                 

    

    FIRST
      SECURITY BANCORP, INC.

    

    
      By
        /s/
        Julian E.
        Beard                    Date:
        December 11, 2005

      Title
        Chairman                    
                   

      
 

    

    /s/
      R.
      Douglas Hutcherson                    Date:
      December 11, 2005

    R.
      Douglas HutchersonEX-10.1

 

Exhibit 10.1

	 	 	 
	American Metals & Coal International, Inc.

	 	First Reserve Corporation
	475 Steamboat Road, 2nd Floor

	 	One Lafayette Place
	Greenwich, CT 06830

	 	Greenwich, CT 06830

December 8, 2005

VIA FACSIMILE

Alpha Natural Resources, Inc.

406 West Main Street

Abingdon, Virginia 24210

Attention: Michael J. Quillen, President

Facsimile No.: (276) 628-3116

     Re: Amendment to Section 2.2 of Amended and Restated Stockholder Agreement

Dear Mr. Quillen:

     We refer you to that certain Amended and Restated Stockholder Agreement dated as of October
26, 2005 by and among Alpha Natural Resources, Inc., a Delaware corporation (the “ Company
”), the “ FRC Parties ” (as defined therein), the “ AMCI Parties ” (as defined
therein), Madison Capital Funding LLC, a Delaware limited liability company (“Madison”) and
the “ Employee Stockholders ” (as defined therein) (the “Agreement ”), and that
certain letter agreement dated as of October 25, 2005 amending Section 2.2 of the Agreement (the
“Share Allocation Letter”).

     By our signatures below, Hans J. Mende in his capacity as the AMCI Representative pursuant to
Section 6.12 of the Agreement, and First Reserve Fund IX, L.P. in its capacity as the FRC
Representative pursuant to Section 6.13 of the Agreement, hereby further amend Section 2.2 of the
Agreement and supersede the Share Allocation Letter as follows:

     1. Solely in connection with the offering of the Company’s Common Stock pursuant to Registration
No. 333-129030 (the “Secondary Offering”), notwithstanding the provisions of Section 2.2(b)
to the contrary, if the managing underwriter(s) determine in good faith that marketing factors
require a limitation of the number of securities to be underwritten in the Secondary Offering, the
Company shall so advise all Holders of Registrable Securities that would otherwise be registered
and underwritten pursuant thereto, and the managing underwriter(s) may exclude shares of the
Registrable Securities as necessary from the registration and the underwriting, with the number of
Registrable Securities to be included in the registration and the underwriting allocated in the
following manner:

	 	 	First, to Madison in respect of all Registrable Securities as to which Madison has

 

 

	 	 	sought to be included in the Secondary Offering;
	 
	 	 	Second, with respect to the next 15,151,494 Registrable Securities, 12,151,494
Registrable Securities to the FRC Parties and 3,000,000 Registrable Securities to the AMCI
Parties; provided, however, that if the number of securities to be underwritten is less than
15,151,494 after giving effect to the first allocation, then 80% to the FRC Parties and
20% the AMCI Parties; and
	 
	 	 	Third, with respect to any Registrable Securities in excess of 15,151,494 after giving
effect to the first allocation , 80% to the FRC Parties and 20% the AMCI Parties;

it being understood that (i) no Employee Stockholders shall participate in the Secondary Offering
and (ii) the AMCI Parties hereby reduce the number of Registrable Securities requested by the AMCI
Parties to be included in the Secondary Offering pursuant to the registration request of the AMCI
Parties dated October 6, 2005 from 11,351,896 to 3,000,000.

     2. Upon completion of the sale of Registrable Shares in the Secondary Offering, if the AMCI
Parties have been allowed by the underwriters to participate therein to the extent of at least
3,000,000 Registrable Securities, then:

     (a) the exception set forth in the proviso to Section 2.2(a) of the Agreement that would
otherwise eliminate the Company’s obligation to effect a registration in response to a Demand
Notice delivered by the AMCI Parties during the six month period after the sale of Registrable
Securities in the Secondary Offering will not be effective, and the Company shall be required to
use its best efforts to effect a registration pursuant to the terms of Section 2.2 of the Agreement
as soon as practicable after receipt of a Demand Notice from the AMCI Parties pursuant to Section
2.2(a) of the Agreement, provided that the Company shall not be obligated to file a registration
statement to effect such registration until at least three months have elapsed from the completion
of the sale of Registrable Securities in the Secondary Offering; and

     (b) Section 2.2(d) of the Agreement shall be amended so that the maximum number of
registrations that the Company will be required to effect pursuant to Section 2.2(a) on behalf of
the AMCI Parties will be one instead of two.

     3. Any further amendment to the Section 2 of the Agreement affecting the AMCI Parties shall
require the Company’s prior written consent.

[Signature page follows.]

2

 

     This amendment is made pursuant to Section 3.3(a) of the Agreement and is effective from and
after the date of this letter. This amendment may be executed in counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument, and
facsimile signatures to this amendment shall be valid for all purposes.

     Alpha Natural Resources, Inc.

	 	 	 	 	 
	     By:
	 	/s/ Michael J. Quillen

 

Michael J. Quillen, President &

Chief Executive Officer

	 	 

     The AMCI Parties

	 	 	 	 	 
	     By:
	 	/s/ Hans J. Mende

 

Hans J. Mende, the AMCI Representative

	 	 

     The FRC Parties

	 	 	 	 	 
	     By:
	 	First Reserve Fund IX, L.P., the FRC Representative

	 	 
	     By:
	 	First Reserve GP IX, L.P., its General Partner
	 	 
	     By:
	 	First Reserve GP IX, Inc., its General Partner
	 	 

	 	 	 	 	 
	     By:
	 	/s/ Thomas R. Denison

 

Thomas R. Denison, Managing Director

	 	 

	 	 	 
	     cc:
	 	Leslie A. Grandis, facsimile no.: (804) 698-2069

	 	 	Thomas R. Denison, facsimile no.: (203) 661-6729

	 	 	James L. Palenchar, facsimile no.: (303) 592-3140

3

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