Document:

Form of Medium-Term Notes

 Exhibit 4.6 
 [Face of Note] 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

					
	CUSIP NO. 94986RBQ3	  		  	FACE AMOUNT: $            
	REGISTERED NO.    	  		  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes Linked to a Global ETF
Basket 
 due June 7, 2017 
 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below), in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be June 7, 2017. If no Market Disruption Event (as
defined below) occurs or is continuing with respect to a Basket Component (as defined below) on the final scheduled Calculation Day (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market
Disruption Event occurs or is continuing with respect to a Basket Component on the final scheduled Calculation Day, the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed
final Calculation Day with respect to such Basket Component (or, if the final Calculation Day is postponed with respect to more than one Basket Component, three Business Days after the latest postponed final Calculation Day) and (ii) the
Initial Stated Maturity Date. This Security shall not bear any interest. 
 Any payments on this Security at Maturity will be
made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

 “Face Amount” shall mean, when used with respect to this Security, the
amount set forth on the face of this Security as its “Face Amount.” 
 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	(i)	• If the Average Ending Price is greater than the Starting Price, the Face Amount plus: 

 

															
	 	  	 Face Amount x    
  
	 	 	 	 Average Ending Price – Starting Price

Starting Price
	 	 	  	 x Participation Rate
  
	 	 	  	 ; or
  

 

	 	•	 	 If the Average Ending Price is less than or equal to the Starting Price: the Face Amount. 

“Basket” shall mean a basket comprised of the following Basket Components, with the return of each Basket Component
having the weighting noted parenthetically: SPDR S&P 500 ETF Trust (60%); iShares MSCI EAFE Index Fund (30%); and iShares MSCI Emerging Markets Index Fund (10%). 
 “Basket Component” shall mean each of the SPDR S&P 500 ETF Trust, iShares MSCI EAFE Index Fund, and iShares MSCI Emerging Markets Index Fund. 

“Underlying Index” shall mean each of the S&P 500 Index, the MSCI EAFE Index, and the MSCI Emerging Markets Index.

 The “Pricing Date” shall mean November 30, 2010. 

The “Starting Price” is 100. 
 The “Average Ending Price” will be calculated based on the weighted returns of the Basket Components and will be equal to the product of (i) 100 and (ii) an amount equal to 1
plus the sum of: (A) 60% of the Average Component Return of the SPDR S&P 500 ETF Trust; (B) 30% of the Average Component Return of the iShares MSCI EAFE Index Fund; and (C) 10% of the Average Component Return of the iShares MSCI
Emerging Markets Index Fund. 
 The “Average Component Return” of a Basket Component will be equal to:

 Average Component Price – Initial Component Price 

Initial Component Price 
 where, 
  

	 	•	 	 the “Initial Component Price” is the Fund Closing Price of such Basket Component on the Pricing Date; and

  
 2 

  

	 	•	 	 the “Average Component Price” will be the arithmetic average of the Fund Closing Price of such Basket Component on the Calculation
Days. 

 The Initial Component Prices of the Basket Components are as follows: SPDR S&P 500 ETF Trust
(118.48); iShares MSCI EAFE Index Fund (54.25); and iShares MSCI Emerging Markets Index Fund (44.77). 
 The “Fund
Closing Price,” with respect to a Basket Component on any Trading Day, means the product of (i) the Closing Price of one share of such Basket Component (or one unit of any other security for which a Fund Closing Price must be
determined) on such Trading Day and (ii) the Adjustment Factor applicable to such Basket Component on such Trading Day. 

The “Closing Price” with respect to a share of a Basket Component (or one unit of any other security for which a Closing
Price must be determined) on any Trading Day means the price, at the scheduled weekday closing time, without regard to after hours or any other trading outside the regular trading session hours, of the share on the principal United States securities
exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security) is listed or admitted to trading. 
 The “Adjustment Factor” means, with respect to a share of a Basket Component (or one unit of any other security for which a Fund Closing Price must be determined), 1.0, subject to
adjustment in the event of certain events affecting the shares of such Basket Component. See “Anti-dilution Adjustments Relating To A Basket Component; Alternate Calculation—Anti-dilution Adjustments.” 

The “Participation Rate” is 106%. 
 “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation
to close in New York, New York or Minneapolis, Minnesota. 
 A “Trading Day” with respect to a Basket Component
means a day, as determined by the Calculation Agent, on which (i) the Relevant Exchange (as defined below) with respect to such Basket Component is open for trading for its regular trading session and (ii) the Relevant Exchange on which
futures or options contracts related to such Basket Component or any successor thereto, if applicable, are traded, are open for trading for their respective regular trading sessions. 

The “Calculation Days” shall be the last Trading Day of each May and November, commencing May 2011 and ending May 2017.
A Calculation Day is subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to a Basket Component on a Calculation Day, such Calculation Day for such Basket
Component will be postponed to the first succeeding Trading Day on which a Market Disruption Event for such Basket Component has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth scheduled
Trading Day after 

  
 3 

 
an originally scheduled Calculation Day for such Basket Component, that eighth scheduled Trading Day shall be deemed a Calculation Day. If a Calculation Day has been postponed eight scheduled
Trading Days after an originally scheduled Calculation Day for such Basket Component and such eighth scheduled Trading Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Basket Component on such
eighth scheduled Trading Day, the Calculation Agent will determine its good faith estimate of the Closing Price of such Basket Component on such eighth scheduled Trading Day. Notwithstanding a postponement of a Calculation Day for a particular
Basket Component due to a Market Disruption Event with respect to such Basket Component, the originally scheduled Calculation Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption Event. See
“—Market Disruption Events.” 
 “Calculation Agent Agreement” shall mean the Calculation Agent
Agreement dated as of December 7, 2010 between the Company and the Calculation Agent, as amended from time to time. 

“Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company
providing for, among other things, the determination of the Average Ending Price and the Redemption Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agent Agreement. The initial
Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of the
Holder of this Security and without notifying the Holder of this Security. 
 Market Disruption Events 

A “Market Disruption Event” means, with respect to a Basket Component, any of the following events as determined by the
Calculation Agent in its sole discretion: 
  

	 	(A)	A material suspension or material limitation of trading or the unavailability of the Closing Price of the shares of such Basket Component or any Successor Fund (as
defined below under “Anti-dilution Adjustments Relating To A Basket Component; Alternate Calculation—Liquidation Events”) has been imposed by the Relevant Exchange on which such shares are traded, at any time during the one-hour
period preceding the Close of Trading on such day, whether by reason of movements in price exceeding limits permitted by such Relevant Exchange or otherwise. 

 

	 	(B)	A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of Trading in options or
futures contracts related to such Basket Component or any Successor Fund on the Relevant Exchange on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted by the Relevant Exchange, or
otherwise. 

  
 4 

  

	 	(C)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the shares of such Basket Component or any Successor Fund at any time during the one-hour period that precedes the Close of Trading on that day. 

 

	 	(D)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the futures or options contracts relating to such Basket Component or any Successor Fund on the Relevant Exchange on which those futures or options contracts are traded, at any time during the one-hour period that precedes the Close of
Trading on that day. 

  

	 	(E)	The closure of the Relevant Exchange on which the shares of such Basket Component or any Successor Fund or the Relevant Exchange on which futures or options contracts
relating to such Basket Component or any Successor Fund are traded prior to its scheduled Close of Trading unless the earlier closing time is announced by such Relevant Exchange at least one hour prior to the earlier of (1) the actual closing
time for the regular trading session on such Relevant Exchange and (2) the submission deadline for orders to be entered into such Relevant Exchange for execution at the Close of Trading on that day. 

For purposes of determining whether a Market Disruption Event has occurred: 

 

	 	(1)	“Close of Trading” means in respect of any Relevant Exchange, the scheduled weekday closing time on a day on which such Relevant Exchange is scheduled
to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours; and 

 

	 	(2)	“Relevant Exchange” for any share, option or option contract means the primary exchange or quotation system on which such share, option or option
contract is traded, as determined by the Calculation Agent. 

 Anti-dilution Adjustments Relating To A Basket Component;
Alternate Calculation 
 Anti-dilution Adjustments 

The Calculation Agent, in its sole discretion, may adjust the Adjustment Factor as a result of certain events related to a Basket
Component or any Successor Fund, as applicable, which occur during the term of this Security. Such events include, but are not limited to, the following: 
  

	 	(A)	Stock Splits and Reverse Stock Splits  

 If a stock split or reverse stock split has occurred, then once such split has become effective, the Adjustment Factor will be adjusted to equal the product of the prior Adjustment Factor and the number
of securities which a holder of one 

  
 5 

 
share (or other applicable security) of such Basket Component before the effective date of such stock split or reverse stock split would have owned or been entitled to receive immediately
following the applicable effective date. 
  

	 	(B)	Stock Dividends  

 If a
(i) stock dividend (i.e., issuance of additional shares (or other applicable security) by a Basket Component) that is given ratably to all holders of record of shares (or other applicable security) of a Basket Component or
(ii) distribution of shares (or other applicable security) of a Basket Component has occurred, then once the dividend has become effective and the shares (or other applicable security) of such Basket Component are trading ex-dividend, the
Adjustment Factor will be adjusted on the ex-dividend date to equal the prior Adjustment Factor plus the product of the prior Adjustment Factor and the number of shares (or other applicable security) of such Basket Component which a holder of one
share (or other applicable security) of such Basket Component before the date the dividend became effective and the shares (or other applicable security) of such Basket Component traded ex-dividend would have owned or been entitled to receive
immediately following that date; provided, however, that no adjustment will be made for a distribution for which the number of securities of such Basket Component paid or distributed is based on a fixed cash equivalent value, unless such
distribution is an Extraordinary Dividend as defined and discussed below. 
  

	 	(C)	Extraordinary Dividends  

If an Extraordinary Dividend (as defined below) has occurred, then on the ex-dividend date, the Adjustment Factor will be adjusted to
equal the product of the prior Adjustment Factor and a fraction, the numerator of which is the Closing Price per share (or other applicable security) of such Basket Component on the Trading Day preceding the ex-dividend date, and the denominator of
which is the amount by which the Closing Price per share (or other applicable security) of such Basket Component on the Trading Day preceding the ex-dividend date exceeds the Extraordinary Dividend Amount (as defined below). 

For purposes of determining whether an Extraordinary Dividend has occurred: 

 

	 	(1)	“Extraordinary Dividend” means, with respect to a cash dividend or other distribution with respect to the shares (or other applicable security) of such
Basket Component, a dividend or other distribution which exceeds the immediately preceding non-Extraordinary Dividend on the securities of such Basket Component (as adjusted for any subsequent corporate event requiring an adjustment hereunder, such
as a stock split or reverse stock split) by an amount equal to at least 10% of the Closing Price of such Basket Component on the Trading Day preceding the ex-dividend date with respect to the Extraordinary Dividend (the “ex-dividend
date”); and 

  
 6 

  

	 	(2)	“Extraordinary Dividend Amount” with respect to an Extraordinary Dividend for the securities of such Basket Component will equal:

  

	 	•	 	 in the case of cash dividends or other distributions that constitute regular dividends, the amount per share (or other applicable security) of such
Basket Component of that Extraordinary Dividend minus the amount per share (or other applicable security) of the immediately preceding non-Extraordinary Dividend for that share (or other applicable security) of such Basket Component; or

  

	 	•	 	 in the case of cash dividends or other distributions that do not constitute regular dividends, the amount per share (or other applicable security) of
such Basket Component of that Extraordinary Dividend. 

 To the extent an Extraordinary Dividend is not paid in
cash, the value of the non-cash component will be determined by the Calculation Agent. A distribution on the securities of such Basket Component described below under the sections entitled “—Other Distributions” and
“—Reorganization Events” below that also constitute an Extraordinary Dividend will only cause an adjustment pursuant to those sections. 
  

	 	(D)	Other Distributions  

 If
a Basket Component declares or makes a distribution to all holders of the shares (or other applicable security) of such Basket Component of any class of its capital stock, evidences of its indebtedness or other non-cash assets, including, but not
limited to, transferable rights and warrants, then, in each of these cases, the Adjustment Factor will equal the product of the prior Adjustment Factor and a fraction, the numerator of which will be the Closing Price per share (or other applicable
security) of such Basket Component, and the denominator of which will be the Closing Price per share (or other applicable security) of such Basket Component, less the fair market value, as determined by the Calculation Agent, as of the time the
adjustment is effected of the portion of the capital shares, assets, evidences of indebtedness, rights or warrants so distributed or issued applicable to one share (or other applicable security) of such Basket Component. 

 

	 	(E)	Reorganization Events  

If a Basket Component, or any Successor Fund, is subject to a merger, combination, consolidation or statutory exchange of securities with
another exchange traded fund, and such Basket Component is not the surviving entity, then, on or after the date of such event, the Calculation Agent shall, in its sole discretion, make an adjustment to the Adjustment Factor or the method of
determining the Redemption Amount or any other terms of this Security as the Calculation Agent determines appropriate to account for the economic effect on this Security of such event (including adjustments to account for changes in

  
 7 

 
volatility, expected dividends, stock loan rate or liquidity relevant to this Security), and determine the effective date of that adjustment. If the Calculation Agent determines that no
adjustment that it could make will produce a commercially reasonable result, then the Calculation Agent may deem such event a Liquidation Event (as defined below). 
 Liquidation Events 
 If a Basket Component is de-listed, liquidated
or otherwise terminated (a “Liquidation Event”), and a successor or substitute exchange traded fund exists that the Calculation Agent determines, in its sole discretion, to be comparable to such Basket Component, then, upon the
Calculation Agent’s notification of that determination to the Trustee and the Company, any subsequent Fund Closing Price for such Basket Component will be determined by reference to the Fund Closing Price of such successor or substitute
exchange traded fund (such exchange traded fund being referred to herein as a “Successor Fund”). 
 Upon any
selection by the Calculation Agent of a Successor Fund, the Company will cause notice to be given to Holder of this Security. 

If a Basket Component undergoes a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that the Fund Closing
Price of such Basket Component is to be determined and the Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent will, in its discretion, calculate the Fund Closing Price for such Basket Component
on such date by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate such Basket Component. 
 If a Successor Fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for a Basket Component, such Successor Fund or Fund Closing Price will be used as a substitute
for such Basket Component for all purposes, including for purposes of determining whether a Market Disruption Event exists. 

If at any time the method of calculating a Basket Component or a Successor Fund, or the related Underlying Index, is changed in a
material respect, or if a Basket Component or a Successor Fund is in any other way modified so that such Basket Component does not, in the opinion of the Calculation Agent, fairly represent the price of the securities of such Basket Component or
such Successor Fund had such changes or modifications not been made, then the Calculation Agent will, at the close of business in New York City on the date that the Fund Closing Price is to be determined, make such calculations and adjustments as,
in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund comparable to such Basket Component or Successor Fund, as the case may be, as if such changes or modifications had
not been made, and calculate the Fund Closing Price and the Redemption Amount with reference to such adjusted Closing Price of such Basket Component or such Successor Fund, as applicable. 

  
 8 

 Calculation Agent 
 The Calculation Agent will determine the Redemption Amount and the Average Ending Price. In addition, the Calculation Agent will (i) determine if adjustments are required to the Fund Closing Price
and/or the Adjustment Factor of a Basket Component under the circumstances described in this Security, (ii) if a Basket Component undergoes a Liquidation Event, select a Successor Fund or, if no Successor Fund is available, determine the Fund
Closing Price of such Basket Component, and (iii) determine whether a Market Disruption Event has occurred. 
 The Company
covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to this Security. 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. All percentages and other amounts resulting from any calculation with respect to this Security will be rounded at
the Calculation Agent’s discretion. 
 Redemption and Repayment 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to
June 7, 2017. This Security is not entitled to any sinking fund. 
 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount
(calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Redemption Amount hereof calculated as provided herein; provided, however, that the Redemption Amount will be calculated using (i) the Closing Price(s) ascertained on the Calculation Day(s) that occurred before the date of
acceleration and (ii) the Closing Price(s) ascertained on each of the Trading Days on which a Market Disruption Event has not occurred or is not continuing leading up to the date of acceleration in such number equal to the number of Calculation
Days scheduled to occur after the date of acceleration. 
  

 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 9 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for
any purpose. 
 [The remainder of this page has been left intentionally blank] 

  
 10 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 DATED:
                     
  

					
	WELLS FARGO & COMPANY
		
	By:	 	  

		 	  

		 	Its:	 	  

[SEAL] 
  

					
	Attest:	 	  

		 	  

		 	Its:	 	  

 

			
	 TRUSTEE’S CERTIFICATE OF
 AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the
within-mentioned Indenture.

	
	 CITIBANK, N.A.,

    as Trustee

		
	By:	 	  

		 	Authorized Signature
		
		 	 OR

	
	 WELLS FARGO BANK, N.A.,
     as Authenticating Agent for the Trustee

		
	By:	 	  

		 	Authorized Signature

  
 11 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K

 Due Nine Months or More From Date of Issue 
 Notes Linked to a Global ETF Basket 
 due June 7, 2017 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series of the Securities
designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The
amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of
economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable
at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 
 Article Sixteen of the Indenture shall not apply to this Security. 
 The
Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 
 Modification and Waivers 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the 

  
 12 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all
series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same
terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations
described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in
its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and
is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized
denominations aggregating a like amount. 

  
 13 

 This Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of
beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 
 No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Redemption
Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 No
Personal Recourse 
 No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security. 

Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of
conflicts of laws. 

  
 14 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

					
	TEN COM	 	—	  	as tenants in common
			
	TEN ENT	 	—	  	as tenants by the entireties
			
	JT TEN	 	—	  	 as joint tenants with right
 of
survivorship and not
 as tenants in common

  

							
	UNIF GIFT MIN ACT —	  	  
	 	Custodian	 	  

		  	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	  
	(State)

 Additional
abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and
transfer(s) unto 
  

	
	 Please Insert Social Security or

Other Identifying Number of Assignee

	
	  

  

 
  

 
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 15 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and appoint
                                        
attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises. 
  

							
	Dated:	 	  
	 		 	
				
		 		 		 	  

				
		 		 		 	  

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.

  
 16Retirement Agreement with Don L. Blankenship, effective December 3, 2010.

 Exhibit 10.1 
 EXECUTION COPY 
 December 3, 2010 
 Don L. Blankenship 
  

	Re:	Retirement Agreement 

 Dear Don: 

This letter agreement (“Agreement”) sets forth the complete terms under which you will retire as a director, officer and
employee of Massey Energy Company (the “Company”) and any and all of its subsidiaries or affiliates for whom you are a director, officer or employee as of the date hereof. 

1. Retirement Date. Your letter agreement dated as of December 30, 2009, and Appendix A attached thereto (the
“Employment Agreement”), provide for an employment term through December 31, 2011. Nevertheless, the Company and you agree that you hereby resign as a member of the board of directors of the Company (the “Board”) and as the
Chairman of the Board and Chief Executive Officer of the Company, and as a director and officer of any and all subsidiaries or affiliates of the Company, effective as of December 3, 2010, and that your retirement as an employee of the Company
and its subsidiaries and affiliates will be effective as of December 31, 2010. Accordingly, your last day of employment with the Company will be December 31, 2010 (your “Retirement Date”). After your Retirement Date, you will no
longer be a director, officer or employee of the Company or any subsidiary or affiliate of the Company. Between December 3, 2010 and your Retirement Date, you will perform such duties as are required by the Company that are commensurate with
your experience, qualifications and stature. 
 2. Severance Benefits. In consideration for your resignation, the early
termination of the Employment Agreement, the convenants described in sections 5 and 6 of this Agreement, the general release described in section 7 of this Agreement, the consulting services described in section 9 of this Agreement and the
other consideration described herein, the receipt and adequacy of which are hereby acknowledged, the Company agrees to the following payments and benefits contained in this Agreement. In this regard, you acknowledge and agree that your voluntary
decision to retire as of December 31, 2010, does not entitle you to any severance payments or benefits under the Employment Agreement. In addition, you acknowledge and agree that there are no current facts and circumstances that would entitle
you to severance payments or benefits under your Change in Control Severance Agreement, as amended and restated, dated October 22, 2010 (your “Change in Control Agreement”). From and after the Retirement Date, the Employment Agreement
and Change in Control Agreement shall cease to have any force or effect. 

 a. Severance Payments. The Company will make two payments in cash or cash equivalent
to you aggregating Twelve Million Dollars ($12,000,000), the first in the amount of Two Million Dollars ($2,000,000), which the Company views as not being deferred compensation subject to Section 409A of the Code (as defined in section 14 of
this Agreement), and shall be paid on December 31, 2010 and the second in the amount of Ten Million Dollars ($10,000,000), which the Company views as being deferred compensation subject to Section 409A of the Code and shall be paid on
July 1, 2011 or, if sooner, within five (5) days of your death, less any applicable federal, state and local income or employment taxes required to be withheld. These are payments to which you would not otherwise be entitled in the absence
of this Agreement. The Company agrees at your written request to place any amount to be paid to you pursuant to this section 2.a. after December 31, 2010 in a “rabbi trust” of which the trustee is a bank selected by the Company, which
trust shall be a grantor trust of the Company for federal income tax purposes and shall be based on the model “rabbi trust” described in Rev. Proc. 92-64, 1992-2 CB 422. 

b. Performance Award Settlement. The Company agrees to pay you on December 31, 2010, based on reasonable estimates of actual
performance to be agreed, those portions of the 2008-2010 long term incentive award, the 2010 cash incentive bonus award, the 2010 performance-based restricted unit awards, the 2010 performance-based cash incentive awards and the 2010
performance-based restricted stock award that would otherwise be payable to you on or before March 15, 2011 for the performance periods ending 2010. This settlement will be subject to applicable federal, state and local income or employment
taxes required to be withheld. If we are unable to reach an agreed settlement, any unsettled awards will be determined by the Company in accordance with the terms of the applicable plans and agreements and paid in the normal course of business.
These are payments which you would otherwise receive after December 31, 2010 and on or before March 15, 2011, in the absence of this Agreement, based on your Retirement Date. 

c. Property Adjacent to Sprigg, West Virginia Residence. The Company hereby grants you the option to purchase for cash at its
appraised fair market value the real property owned by the Company that is currently not a part of the parcel of real estate that is included as part of the residence currently being occupied by you as your principal residence in Sprigg, West
Virginia (your “Sprigg residence”) but is otherwise on and inside the fenced-in area surrounding your Sprigg residence. The Company agrees to obtain the appraisal and provide a copy to you no later than February 28, 2011. You will
then have the right during the period between July 1, 2011 until December 31, 2011 to purchase the property. 
 d.
Right of Way. The Company hereby agrees to provide you by March 15, 2011 with a non-exclusive personal access easement through the property owned by the Company’s subsidiaries, Road Fork Development Company, Inc. and Lauren Land
Company, or their successors or assigns (collectively, the “Specified Subsidiaries”). Such access easement shall be for ingress and egress over the road beginning at the end of the state and/or county road maintenance on Kentucky Route 292
and extending along the river to the bridge that crosses over to Sprigg, West Virginia, then extending to the intersection with West Virginia State Route 49, as such easement area is generally depicted and shaded in green on Exhibit A, attached
hereto and incorporated herein. The access easement agreement shall be personal to you, shall not benefit your successors or assigns, shall not attach to any property owned by you, including 

  
 Page 2

 
without limitation, the Sprigg property, and shall terminate upon your death or when you no longer own the Sprigg property. In the access easement agreement, you shall waive any claim relating to
such easement against the Company and its affiliates and subsidiaries, including without limitation, the Specified Subsidiaries. Further, in the access easement agreement you shall indemnify the Company and its affiliates and subsidiaries, including
without limitation, the Specified Subsidiaries from and against any and all liabilities, claims, damages, and expenses whatsoever arising from or associated with your use of the access easement. The access easement agreement shall also provide that
the Company and the Specified Subsidiaries shall have no obligation to maintain or improve the access easement area, including, without limitation, the roads or the bridge located therein. 

e. Vehicle. The Company hereby agrees to provide you by March 15, 2011 with title to the 1965 Blue Chevrolet Truck (VIN
xxxxxxxxx555) that you previously transferred to the Company. 
 f. Continued Health Care Coverage. For a period of 24
months following your Retirement Date, you will be entitled to receive, at the Company’s election, either (i) the medical and dental coverage in effect for you on your Retirement Date (or generally comparable coverage), as the same may be
changed from time to time for Company employees generally, as if you had continued in employment during such period, or (ii) cash payments in an amount equal to your reasonable after-tax cost of comparable continuing coverage, with any such
cash payments to be made in accordance with the ordinary payroll practices of the Company (not less frequently than monthly) for employees generally for the period during which such cash payments are to be provided. 

g. Access to Documents. The Company agrees that you and your attorneys shall have access to documents in possession of the Company
necessary to defend yourself in litigation or investigations arising out of your employment by the Company; provided that such access shall be conditioned on your and your attorneys entering into a customary confidentiality agreement.

 3. Employee and Other Benefits and Rights. 
 a. You agree that any and all awards relating to fiscal year 2011 otherwise to be made under your Employment Agreement (including the cash incentive bonus award in section 1.2 thereof, the restricted
stock and restricted units in section 1.3 thereof, the performance-based restricted unit awards in section 1.4 thereof, the performance-based cash incentive awards in section 1.5 thereof and performance-based restricted stock award in
section 1.6 thereof) shall not be made and that you have no rights thereto since you will not be employed by the Company in 2011. 
 b. It is agreed that, except as otherwise provided in this Agreement, this Agreement does not affect your rights and entitlements under the following plans and programs: 

 

	 	•	 	 Massey Energy Retirement Plan. 

  

	 	•	 	 Coal Company Salary Deferral and Profit Sharing Plan. 

  
 Page 3

  

	 	•	 	 A.T. Massey Coal Company, Inc. Executive Deferred Compensation Plan. 

 

	 	•	 	 Massey Executive Deferred Compensation Program (including stock appreciation rights) under the Company 1997 Stock Appreciation Rights Plan and by prior
agreement (in the form of that certain Amendment No. 1 dated February 22, 2005 to the Amended and Restated Employment Agreement entered into as of November 1, 2001, as amended and restated on July 16, 2002, by and between the
Company, A. T. Massey Coal Company, Inc. and you) pursuant to which the value thereof on exercise is to be transferred to the Massey Executive Deferred Compensation Plan). 

 

	 	•	 	 Special Successorship and Development Retention Program (with Massey Energy Company, formerly named Fluor Corporation). 

 

	 	•	 	 Massey Executives’ Supplemental Benefit Plan. 

  

	 	•	 	 A. T. Massey Coal Company, Inc. Supplemental Benefit Plan. 

 

	 	•	 	 Retiree Medical Benefits Program. 

  

	 	•	 	 All other granted and outstanding awards under the Company’s equity program(s), including stock option, restricted stock, restricted unit, stock
appreciation rights and other equity-based incentive awards. 

 4. Standard Payments. You also will
receive payments for earned and unpaid base salary accrued through your Retirement Date and unreimbursed business related expenses incurred through your Retirement Date, as are reimbursable under the Company’s normal policies. Payment of these
items will be made consistent with normal check processing schedules but in no event later than two and a half months after your Retirement Date. 
 5. Non-Competition. You acknowledge that you have received from the Company valuable information, and that your services were of a special character which had unique value to the Company, the loss
of which will not be readily calculable. Given the unique value of your services, and in light of the consideration provided pursuant to this Agreement, you covenant and agree as follows: 

a. For a period of two (2) years after your Retirement Date, you shall not, directly or indirectly, without the prior written
consent of the Company (not to be unreasonably withheld), provide services to or engage in any other activities (whether as an owner, principal, agent, employer, director, officer, employee, partner, consultant or otherwise) for any company,
business or other person engaged in operations or businesses that are the same as or substantially similar to, or are otherwise competitive with, those engaged in by the Company, its subsidiaries, or affiliates as of the Retirement Date;
provided that the foregoing shall not prohibit (i) your passive ownership of no more than 5% of any class of securities of a publicly traded company, (ii) your providing such services to or engaging in such activities for any such
company, business or other person to the extent such company, business or other person has annual coal production 

  
 Page 4

 
of less than five million tons or (iii) your providing such services to or engaging in such activities for any such company, business or other person in any State in which the Company and
its subsidiaries and affiliates do not conduct business as of your Retirement Date. 
 b. For a period of two (2) years
after your Retirement Date, you shall not, directly or indirectly, (1) offer employment to, recruit, hire or cause to be hired any officer or supervisory personnel of the Company or any of its affiliates or subsidiaries (or any individual who
ceased to be such an officer or supervisor as a result of your violation of this paragraph) or (2) solicit, induce or encourage any such individual to terminate his or her employment with the Company or any of its subsidiaries or affiliates
(whether or not for purposes of obtaining such individual’s services); provided that it shall not be a violation of the foregoing for (i) you or your subsequent employers to make general advertisements that are not targeted at such
individuals or (ii) you to serve, upon request, as an employment reference for any such individual with regard to a entity or person with which you are not affiliated. 
 c. You shall not make any statement, whether written or oral, that criticizes or disparages the Company or its subsidiaries or affiliates, their past or present employees, officers, directors,
representatives and agents, their respective operations or businesses or otherwise make any such statements that tend to portray any of the foregoing in an unfavorable light; provided that the foregoing shall not be violated by (i) your
rebutting factually inaccurate statements made about you or (ii) your making statements regarding actions or events that occurred more than five years prior to the date hereof. Notwithstanding the foregoing, nothing in this Agreement shall be
interpreted to limit your rights to confer with counsel or to provide truthful testimony pursuant to subpoena, notice of deposition or as otherwise required by law. This provision is in addition to, and not in lieu of, the substantive protections
under applicable law relating to defamation, libel, slander, interference with contractual or business relationships, or other statutory, contractual, or tort theories. 
 d. You agree that a breach of any of the covenants set forth in sections 5 and 6 of this Agreement, or their subparts, would result in irreparable injury and damage to the Company, for which it would have
no adequate remedy at law. Additionally, you agree that in the event of such a breach, the Company shall be entitled to injunctive relief without waiver of or prejudice to any other legal or equitable remedies that may be available to the Company.

 e. You have read and considered the provisions of sections 5 and 6 hereof, and their subparts, and agree that the
restrictions set forth are fair and reasonable and are reasonably required for the protection of the interests of the Company, its officers, directors, and other employees. You agree to comply with each such provision in accordance with its terms,
and you agree that you shall not, and hereby agree to waive and release any right or claim to, challenge the reasonableness, validity or enforceability of any of such provision. 

f. If any of the provisions of sections 5 and 6 hereof, or their subparts, shall be held by a court to be invalid or unenforceable in
regard to geography, time period or scope of activity prohibited, the parties agree that the restrictions on geography, time period, or scope of activities shall be modified to become the maximum restriction on geography, time period or scope of
activities that such court deems reasonable and enforceable. 

  
 Page 5

 g. You agree that any action brought to enforce or to test the enforceability of any
provision of this Agreement shall be brought in either the United States District Court for the Eastern District of Virginia, Richmond Division, or the Circuit Court of Henrico County, Virginia. You hereby voluntarily consent to personal
jurisdiction in the Commonwealth of Virginia and waive any right you may otherwise have to contest the assertion of jurisdiction over you in Virginia. 
 6. Non-Disclosure of Confidential Information. You hereby covenant and agree that, except as specifically requested or directed by the Company, you shall not disclose to any person, or use for any
purpose, any confidential or proprietary information (as provided below) of the Company. For purposes of this Agreement, the term “confidential or proprietary information” shall mean all information of any nature and in any form that is
owned by the Company and that is not publicly available (other than by your breach of this section or any similar confidentiality obligation) or generally known to persons engaged in businesses similar or related to those of the Company. For
purposes of this section, the term “Company” shall also include any subsidiary or affiliate of the Company. The foregoing obligations imposed by this section shall not apply (i) in the course of the business of and for the benefit of
the Company, (ii) if such confidential or proprietary information has become, through no fault of yours, generally known to the public, or (iii) if you are required by law to make disclosure (after giving the Company notice and an
opportunity to contest such requirement). 
 7. General Release. 

a. For and in consideration of the payments and promises set forth in this Agreement, and other good and valuable consideration to which
you would not have been otherwise entitled in the absence of this Agreement, the sufficiency of which is hereby acknowledged, and except as otherwise provided in this Agreement, you hereby release, acquit, and forever discharge the Company and all
its past and present subsidiaries, affiliates, owners, shareholders, officers, directors and employees, and all successors and assigns thereof (each a “Released Party”), from any and all claims, charges, complaints, demands, liabilities,
obligations, promises, agreements, controversies, damages, actions, causes of action and suits (including claims for attorneys’ fees and legal expenses), of any nature whatsoever, known or unknown, which you now have, had, or may have against
the Company or any other Released Party of any kind or nature whatsoever, arising from any act, omission, transaction, matter, or event (whether presently known or unknown) which occurred or is alleged to have occurred up to the date of this
Agreement. 
 b. Except as provided in section 7.c. below, the claims knowingly and voluntarily released herein include, but are
not limited to, all claims relating in any way to your employment with the Company or the conclusion of that employment, whether such claims are now known or are later discovered, such as claims under Title VII of the Civil Rights Act of 1964, 42
U.S.C. § 1981, the Americans with Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards Act or other federal or state wage and hour laws, the Employee Retirement Income Security Act, claims for breach of contract,
infliction of emotional distress, claims under any other federal or state law pertaining to employment or employment benefits, and any other claims of any kind based on any contract, tort, ordinance, regulation, statute, or constitution. You
acknowledge that this Agreement may be pled as a complete defense and shall constitute a 

  
 Page 6

 
full and final bar to any claim based on any act, omission, transaction, matter, or event which has occurred or is alleged to have occurred up to the date you execute this Agreement. You agree
not to sue the Company or any other Released Party, at law or in equity, in any forum for any claims, counterclaims, actions, complaints or causes of action released pursuant to this section. 

c. Notwithstanding anything in this section 7 to the contrary, the claims knowingly and voluntarily released herein shall exclude
(i) any claim that may not be waived or released by this Agreement under applicable law (including your right to file a claim with the Equal Employment Opportunity Commission), (ii) your rights to indemnification and advancement of legal
fees as described in section 12 or (iii) your right to enforce this Agreement. 
 8. Secretarial Assistance and
Office. The Company agrees to provide you, during the Consulting Period (as defined below), and, in the Company’s sole discretion, during the three subsequent calendar years, with secretarial assistance in the form of a single secretary,
who shall be available to perform reasonable administrative and clerical tasks (but shall not be permitted to perform any services related to any business or activities of yours that are competitive with the Company or its subsidiaries or
affiliates) for a number of hours per work week no greater than the hours worked by your secretary in 2010. The Company shall be responsible for the compensation, employee benefits and other related costs of providing such assistance to you.
Further, you agree that, if you become aware that, any correspondence or communication received by you or such secretary is intended for the Company, its subsidiaries or affiliates or their respective directors, officers or employees, you shall (and
shall instruct such secretary to) promptly return such property to the Company. The Company further agrees to provide you, during the Consulting Period, and, in the Company’s sole discretion, during the three subsequent calendar years, with the
continued use of your office and standard office equipment at Lauren Land Company in 24406 U.S. Route 119, Belfry, KY. 
 9.
Consulting Services. You agree that, although you shall not be an employee of the Company, its subsidiaries or affiliates after your Retirement Date, you shall provide (i) for a period of two (2) years after your Retirement Date
(the “Consulting Period”), consulting services as reasonably requested by the Company to aid it in its business (including, without limitation, assistance with respect to the transition of your responsibilities to your successor, advising
company personnel on industry matters and providing assistance with litigation and regulatory matters) and (ii) following the Consulting Period, cooperation and assistance with litigation and similar proceedings as reasonably requested by the
Company; provided that, in each case, (i) the Company shall provide you with reasonable advanced written notice when requesting such services or assistance, (ii) any services or assistance requested shall be scheduled so as to not
unreasonably disrupt your business and personal affairs and (iii) you shall not be required to provide more than 32 hours of such services or assistance in any month. During the Consulting Period, the Company shall pay you a monthly retainer of
$5,000 in exchange for your providing (and being available to provide) consulting services. The Company shall promptly reimburse you, upon receipt of reasonable documentation, for all out-of-pocket expenses reasonably incurred by you for the purpose
of providing any consulting services or assistance required under this section. 
 10. No Assistance in Actions against the
Company. You agree that you will not voluntarily participate, directly or indirectly, as a witness, consultant, expert or otherwise, in any 

  
 Page 7

 
action at law, proceeding in equity or any administrative proceeding against the Company, its affiliates, subsidiaries, officers or directors, unless requested to do so by the Company or
compelled to do so by law. In the event that you believe you are compelled by law to testify or otherwise participate in any action or proceeding against the Company, its affiliates, subsidiaries, officers or directors, you agree to provide the
Company with reasonable advance notice of the subpoena or other judicial notice that you believe compels your participation. Nothing in this Agreement shall prohibit or restrict you from: (i) making any disclosure of information required by
law; or (ii) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by any regulatory or law enforcement agency or legislative body. 

11. Obligations Upon Retirement. Upon your Retirement Date, you shall return to the Company, unless otherwise agreed with the
Company, all computers, computer data storage devices, files, contracts, customer lists, ledgers, supplies, equipment, checks, and all other materials and records of any kind that are the property of the Company or any of its subsidiaries or
affiliates, that may be in your possession or under your control, including all copies of any of the foregoing; provided that you shall be allowed to retain a copy of your personal correspondence to the extent that (i) you notify the
Company in advance of your retention of such documents and provide the Company with an opportunity to obtain a copy thereof and (ii) you comply with all your obligations regarding the confidentiality of the information contained therein
(including section 6 hereof). 
 12. Indemnity Obligations. The Company agrees to maintain and adhere to all its
obligations to indemnify you and advance your legal fees in accordance with the terms and conditions set forth in the Company’s Certificate of Incorporation and any written indemnity agreements existing and in force as of your Retirement Date,
or as otherwise imposed by law, for so long as those agreements or legal obligations require. 
 13. Severability. The
terms, conditions, covenants, restrictions, and other provisions contained in this Agreement are separate, severable, and divisible. If any term, provision, covenant, restriction, or condition of this Agreement or part thereof, or the application
thereof to any person, place, or circumstance, shall be held to be invalid, unenforceable, or void, the remainder of this Agreement and such term, provision, covenant, or condition shall remain in full force and effect to the greatest extent
practicable and permissible by law, and any such invalid, unenforceable, or void term, provision, covenant, or condition shall be modified, amended, limited, or deleted to the extent necessary to render the same and the remainder of this Agreement
valid, enforceable, and lawful. 
 14. Taxes. 
 a. Except as provided in section 14.c. hereof, you shall be responsible for any tax consequences of any payments made pursuant to this Agreement, except for any applicable taxes that the Company
withholds. You acknowledge and agree that the Company is not undertaking to advise you with respect to any tax consequences of this Agreement, and that you are solely responsible for determining those consequences and satisfying all of your
applicable tax obligations resulting from any payments described herein. 

  
 Page 8

 b. For purposes of this Agreement, all rights to payments hereunder shall be treated as
rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). For purposes of this Agreement, your Retirement Date will
constitute a “separation from service” within the meaning of Section 409A of the Code. Because you are a “specified employee” under Section 409A of the Code, the amounts that you are to receive under this Agreement that
are not otherwise exempt from Section 409A of the Code will not be paid until after the date which is six (6) months after your Retirement Date or, if earlier, your date of death. Any remaining amounts shall be paid as otherwise scheduled
in this Agreement, except that all reimbursements and in-kind benefits provided under this Agreement shall be provided in accordance with the requirements of Section 409A of the Code, including where applicable the requirement that (1) any
reimbursement shall be for expenses incurred during your lifetime, (2) the amount of expenses eligible for reimbursement, or provision in-kind, during any calendar year may not affect the eligible expenses during any other calendar year,
(3) such reimbursements shall be made (or in-kind benefits provided) in no event later than the last day of the calendar year following the year in which incurred and (4) the right to reimbursement or in-kind benefit is not subject to
liquidation or exchange. This Agreement is intended to comply with the applicable requirements of Section 409A of the Code and shall be construed and interpreted in accordance therewith. The Company may at any time amend or suspend this
Agreement, or any payments to be made hereunder, as necessary to be in compliance with Section 409A of the Code to avoid the imposition of any potential taxes, penalties or interest as a result of failing to comply with Section 409A of the
Code. 
 c. Notwithstanding any of the provisions of this Agreement or any other agreement pertaining to you, the Company shall
hold you harmless on an after-tax basis from any additional income tax, interest or penalties imposed under Section 409A of the Code if any payment or benefit which is to be provided pursuant to this Agreement fails to comply with, or be exempt
from, the requirements of Section 409A of the Code. 
 d. Notwithstanding any of the provisions of this Agreement or any
other agreement pertaining to you, the Company shall not be obligated to hold you harmless from, or make any gross up payment to you for, any additional income tax, excise tax, interest or penalties imposed under Section 4999 of the Code if any
payment or benefit which is to be provided pursuant to this Agreement or otherwise is considered to be an excess parachute payment under Section 280G of the Code. 
 15. Accord and Satisfaction. Subject to the obligations of the Company set forth herein (including section 14.c. hereof), by signing this Agreement, you accept the payments and other benefits
described herein as a final accord and satisfaction of all payments and benefits due you from the Company or subsidiary or affiliate, including, without limitation, any amounts that may be otherwise due you under the terms of any agreement,
including the Employment Agreement and the Change in Control Agreement, or any other document, minutes or resolutions, and you hereby waive any rights to receive any other payments or benefits from the Company or any subsidiary or affiliate of the
Company other than as described in this Agreement. You also acknowledge that you are not entitled to receive any payments or benefits under any other severance plan, arrangement, program or policy of the Company or any subsidiary or affiliate of the
Company (including the Change in Control Agreement). This 

  
 Page 9

 
Agreement constitutes the final and entire agreement between you and the Company on the subject matter herein, and no other representation, promise, or agreement has been made to cause you to
sign this Agreement. All other agreements regarding your employment or the subject matter therein shall be superseded by this Agreement, except as expressly set forth herein. 
 16. Assignment. Your rights and obligations under this Agreement are personal to you and may not be transferred by you by assignment or otherwise. 

17. Non-Waiver. Neither any course of dealing nor any failure or neglect of either party hereto in any instance to exercise any
right, power, or privilege hereunder or under law shall constitute a waiver of that right, power, or privilege or of the same right, power, or privilege in any other instance. Any waiver by either party hereto must be contained in a written
instrument signed by the party to be charged with such waiver. 
 18. Acknowledgements. You acknowledge that you have
read this Agreement and understand its terms. You have been provided with a full and fair opportunity to consult with an attorney and tax advisor of your choosing and to obtain any and all advice you deem appropriate with respect to this Agreement.
In light of the foregoing, you are satisfied with the terms of this Agreement and agree that its terms are binding upon you. Nothing in this Agreement shall be deemed an admission by the Company or any subsidiary or affiliate of the Company, or by
you, of any violation of any agreement, statute, law, or right or of any wrongdoing of any kind. The Company shall promptly reimburse you for the reasonable legal and tax advisory expenses incurred by you in connection with the negotiation and
execution of this Agreement. 
 19. Previous Agreements. You agree and specifically acknowledge that the Company and you
are entering into this Agreement for the purpose of amicably resolving any and all issues relating to your employment with the Company and its cessation. 
 20. Governing Law and Interpretation. This Agreement shall be deemed to be made in, and in all respects shall be interpreted, construed, and governed by and in accordance with the laws of the State
of Delaware, notwithstanding any choice of law provisions otherwise requiring application of other laws. It shall be interpreted according to the fair meaning of the terms herein and not strictly in favor of, or against, either party. 

21. Amendments. No amendment or modification of this Agreement shall be binding or effective for any purpose unless made in a
writing signed by the party against whom enforcement of such amendment or modification is sought. 
 22. Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties thereto and their respective heirs, representatives, successors, transferees and permitted assigns. This Agreement shall not be assignable by you but shall be
freely assignable by the Company. 
 23. Counterparts. To facilitate execution, this Agreement may be executed in as many
counterparts as may be required. All counterparts shall collectively constitute a single agreement. 

  
 Page 10

 24. Deadline for Execution. This Agreement shall only be effective to the extent you
have signed and executed it and delivered your signature page to the Lead Independent Director of the Board on or before 10:00 pm Eastern Standard Time on December 3, 2010. To the extent you do not execute and deliver this Agreement on or
before such time, the Company’s offer to enter into this Agreement with you shall expire and be null and void ab initio and you shall have no rights or entitlements, and the Company shall have no obligations to you, with respect to such offer,
this Agreement or the terms and conditions contained herein. 
 Please sign and date in the space below to accept the terms of
this Agreement and return the executed letter to me for the Company’s files. If you have any questions, please let me know. 
  

			
	Sincerely,
	
	MASSEY ENERGY COMPANY
		
	By:	 	 /s/ ADM Bobby R. Inman

	Name:	 	ADM Bobby R. Inman
	Title:	 	Lead Independent Director

 IN
WITNESS WHEREOF, the undersigned have signed and executed this Agreement on the dates set forth below as an expression of their intent to be bound by the foregoing terms of this Agreement. 

 

					
	By:	 	 /s/ Don L. Blankenship

		 	Don L. Blankenship	 	Date: 12/03/2010

  
 Page 11

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