Document:

Amendment to the A.T. Massey Coal Company, Inc. Supplemental Benefit Plan

 Exhibit 10.6 
 A. T. MASSEY COAL COMPANY, INC. 
 SUPPLEMENTAL BENEFIT PLAN

 Amended and Restated Effective January 1, 2009 

Amendment to the 

A. T. Massey Coal Company, Inc. 
 Supplemental Benefit Plan 
 The A. T. Massey Coal Company, Inc.
Supplemental Benefit Plan, as amended and restated effective January 1, 2009 (the “Plan”), is amended, effective November 23, 2010 or as otherwise expressly provided herein, as follows: 

1. The following Section 1.04A is added to the Plan immediately after Section 1.04: 

 

	1.04A.	Cause 

 Cause
means: 
 (i) the willful and continued failure by Participant substantially to perform Participant’s duties
with the Company or an Affiliate (other than any such failure resulting from Participant’s incapacity due to physical or mental illness) after written demand for substantial performance is delivered to Participant by the Company or an Affiliate
which specifically identifies the manner in which the Company or Affiliate believes that Participant has not substantially performed Participant’s duties, 
 (ii) Participant’s willful breach of fiduciary duty, willful violation of any law, rule, or regulation (other than traffic violations or similar offenses), willful violation of a final cease and
desist order or willfully engaging in any other gross misconduct which is materially and demonstrably injurious to the Company or any Affiliate, or 
 (iii) Participant’s conviction of, or pleading guilty or nolo contendere to, the commission of a felony involving fraud, embezzlement, theft or moral turpitude. 

The existence of Cause shall be determined by the Committee. For purposes hereof, no act, or failure to act, on Participant’s part described in
clause (i) or (ii) above shall be considered “willful” unless done, or omitted to be done, by Participant not in good faith and without reasonable belief that Participant’s action or omission was in the best interest of the
Company and its Affiliates. The fact that Participant is or shortly may be “retirement eligible” and thus eligible for or entitled to post-retirement benefits from any plan, arrangement or program sponsored, participated in or contributed
to by the Company or an Affiliate shall not prevent Participant’s termination from being considered for Cause. 
 2. Exhibit II to the
Plan is amended and updated by adding the following item 4 effective November 10, 2010, in order to provide special benefit accrual for John Christopher Adkins. 
 4. That certain Employment Agreement, effective as of November 10, 2010, made between Massey Energy Company and John Christopher Adkins, which provides in sections 3.6 and 5.5 thereof special
provisions relating to the Plan, is hereby designated as an Approved Employment Agreement for purposes of the Plan. The applicable provisions of such Approved Employment Agreement (capitalized terms are defined in the Employment Agreement) are as
follows and supersede any contrary provision of the Plan: 
 3.6 Enhanced SERP Benefit. If Executive continues to be
employed by the Company through the Term of Employment, then his accrued benefit payable at his normal retirement age (or, with 

 
actuarial appropriate adjustment, at any earlier time provided for payment therein) under the defined benefit provisions of the Company’s non-qualified supplemental benefit plan (currently
known as the A. T. Massey, Inc. Supplemental Benefit Plan (the “SERP”)) shall be increased by $1,125 per month. 
 5.5
Change in Control Agreement. Notwithstanding anything to the contrary in the foregoing or in Executive’s Change in Control Agreement, in the event Executive’s employment by the Company terminates during the Term of Employment, in
connection with or after a Change in Control and under circumstances which constitute an Involuntary Termination Associated With a Change in Control (as defined, and determined pursuant to the procedure, in the Change in Control Agreement), then
(a) the remaining period in the Term of Employment, if any, shall be considered to be creditable service for benefit accrual purposes under the defined benefit provisions of the Company’s non-qualified supplemental benefit plan (currently
known as the A. T. Massey, Inc. Supplemental Benefit Plan) and (b) the enhanced SERP benefit described in Section 3.6 shall be considered earned and vested. 
 3. Exhibit III to the Plan is amended and updated as provided in the attached Exhibit III in order to provide accelerated vesting in connection with a Participant’s termination of
employment by the Company or an Affiliate without Cause within two years following a change in control event as contemplated in Section 409A of the Code. 

As evidence of its adoption of this amendment of the Plan, A. T. Massey Coal Company, Inc. has caused this document
to be signed by its undersigned officer, this 23rd day of
November, 2010, effective as provided above. 
  

	
	A. T. MASSEY COAL COMPANY, INC.
	
	 /s/ John M. Poma

	Its Vice President –
	Chief Administrative Officer

 EXHIBIT III 
 COMMITTEE DETERMINATIONS SCHEDULE 
 REGARDING SPECIAL VESTING AND BENEFIT ACCRUAL

 (As Amended Effective November 23, 2010) 
 1. At its meeting on August 17, 2007, the Committee selected John M. Poma, Richard R. Grinnan, V. Keith Hainer, and M. Shane Harvey as Participants in the Plan, subject to the following special terms
and conditions: 
 (a) Each aforesaid Participant’s retirement benefit shall be equal to the excess of (i) the
retirement benefit amount to which he would be entitled assuming he participated in the “Coal Company Plan” component of the Massey Energy Retirement Plan (the “MERP”), but determined without regard to the limits set forth in
section 401(a)(17) and 415, if applicable, of the Code, over (ii) the actuarial value (as determined pursuant to the Plan) of his actual MERP benefit. 
 (b) Each aforesaid Participant’s benefit under the Plan shall not become vested unless either (i) he remains an employee of the Company or one of its Affiliates until August 17, 2014 or
(ii) his employment is terminated by the Company or an Affiliate without Cause within two years following a change in control event as contemplated in Section 409A of the Code. Notwithstanding anything to the contrary in the foregoing or
in the Executive’s Change in Control Agreement with the Company, it is also intended that the additional Plan benefit provided herein shall not be subject to the cap of 2.99 times “Base Pay” and “Bonus” provided in
Section 2(c) (or any provision corresponding thereto in any successor or replacement thereof) of the Participant’s Change in Control Agreement with the Company. 
 (c) Any election by an aforesaid Participant pursuant to Section 3.02(a)(i) of the Plan to receive his Plan benefit payment based on the later of his Normal Retirement Date or his Separation from
Service shall be subject to applicable requirements under Section 409A of the Code and shall not be effective except as provided in Section 3.02(a)(i)(A) of the Plan and shall not be effective if he vests in his Plan benefit earlier than
twelve (12) months after he is designated as a Participant in the Plan or he after makes his election, whichever occurs last. 
 2. Effective October 1, 2010, the Committee selected Raymond Freal Mize as a Participant in the Plan, subject to the following special terms and conditions: 

(a) The aforesaid Participant retirement benefit shall be equal to the excess of (i) the retirement benefit amount to which he would
be entitled to based on his participation in the “Coal Company Plan” component of the Massey Energy Retirement Plan (the “MERP”), but determined without regard to the limits set forth in section 401(a)(17) and 415, if applicable,
of the Code and counting the Participant’s Credited Service at his retirement date in excess of 35 years, over (ii) the actuarial value (as determined pursuant to the Plan) of his actual MERP benefit. 

(b) The aforesaid Participant’s benefit under the Plan shall not become vested unless either (i) he remains an employee of the
Company or one of its Affiliates until October 1, 2011 or (ii) his employment is terminated by the Company or an Affiliate without Cause within two years following a change in control event as contemplated in Section 409A of the Code.
Notwithstanding anything to the contrary in the foregoing or in the Executive’s Change in Control Agreement with the 

 
Company, it is also intended that the additional Plan benefit provided herein shall not be subject to the cap of 2.99 times “Base Pay” and “Bonus” provided in
Section 2(c) (or any provision corresponding thereto in any successor or replacement thereof) of the Participant’s Change in Control Agreement with the Company. 
 (c) The aforesaid Participant shall not be eligible or entitled to elect pursuant to Section 3.02(a)(i) of the Plan to receive his Plan benefit payment based on the later of his Normal Retirement
Date or his Separation from Service. 
 3. Effective October 1, 2010, the Committee selected Larry G. Ward as a Participant
in the Plan, subject to the following special terms and conditions: 
 (a) The aforesaid Participant retirement benefit shall be
equal to the excess of (i) the retirement benefit amount to which he would be entitled to based on his participation in the “Central Appalachian Plan” component of the Massey Energy Retirement Plan (the “MERP”), but
determined without regard to the limits set forth in section 401(a)(17) and 415, if applicable, of the Code and increasing the benefit thereby determined by multiplying it by a fraction, the numerator of which is the number of the Participant’s
total years of Benefit Service and the denominator of which is the number of the Participant’s total years of Benefit Service credited as of his Normal Retirement Date, over (ii) the actuarial value (as determined pursuant to the Plan) of
his actual MERP benefit. 
 (b) The aforesaid Participant’s benefit under the Plan shall not become vested unless either
(i) he remains an employee of the Company or one of its Affiliates until October 1, 2011 or (ii) his employment is terminated by the Company or an Affiliate without Cause within two years following a change in control event as
contemplated in Section 409A of the Code. Notwithstanding anything to the contrary in the foregoing or in the Executive’s Change in Control Agreement with the Company, it is also intended that the additional Plan benefit provided herein
shall not be subject to the cap of 2.99 times “Base Pay” and “Bonus” provided in Section 2(c) (or any provision corresponding thereto in any successor or replacement thereof) of the Participant’s Change in Control
Agreement with the Company. 
 (c) The aforesaid Participant shall not be eligible or entitled to elect pursuant to
Section 3.02(a)(i) of the Plan to receive his Plan benefit payment based on the later of his Normal Retirement Date or his Separation from Service.Longhai Steel, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

 

INDEPENDENT DIRECTOR AGREEMENT 

THIS INDEPENDENT DIRECTOR AGREEMENT (this
“Agreement”) is made effective as of November 18, 2010 by and
between Longhai Steel Inc. (the “Company”), and Mr. Michael
Billings (“Director”).

WHEREAS, the Company seeks to attract and retain as
directors, capable and qualified persons to serve on the Company’s board of
directors (the “Board”); and 

 WHEREAS, the Company has
requested and received from Director certain information regarding Director’s
qualifications and fitness to serve on the Board and has considered and relied
upon the accuracy of such information in offering Director the opportunity to
serve on the Board; and 

 WHEREAS, the Company believes that Director
possesses the necessary qualifications and abilities to serve as a director of
the Company and to perform the functions and meet the Company’s needs related to
its Board.

NOW, THEREFORE, the parties agree as follows:

1. Service to the Board. 

(a) Service as a Director. Director
will serve for a period of three years (the “term as a director of the Company
in accordance with the bylaws of the Company and perform all duties as a
director of the Company, including without limitation (1) attending meetings of
the Board, (2) serving on such committees of the Board (each a
“Committee”) to which Director has been appointed, (3) attending
meetings of each Committee of which Director is a member and (4) performing
Director’s duties on behalf of the Company in good faith and in a manner that is
not opposed to the best interests of the Company. 

(b) Service on Committees. Director
will serve on the following committees and in the capacities stated:

	  	Member 	Chairperson 
	Audit Committee 	X 	  
	Compensation/Nominating Committee 	X 	  
	Corporate Governance Committee 	  	X 

To the extent Director serves as Audit Committee Chairperson,
Director agrees that Director is also serving as the financial expert for
purposes of filings before the Securities and Exchange Commission.

2. Term. The term of this Agreement shall commence as of
the date of Director’s appointment by the Board of Directors of the Company and
shall continue until the Director’s removal or resignation. 

Date: 18.11.2010 
Page 2 of 4 

3. Compensation and Expenses. 

(a) Director Compensation. In
recognition of the services provided by and to be provided by Director, the
Company agrees to issue to Director, an aggregate of 5000 restricted shares of
the Company’s common stock per annum (such issuance, the “Compensation”), half
of the restricted shares to be granted on the date that is six (6) months
following the closing date of a secondary offering of shares of the Company’s
common stock, and half the annual Compensation to be granted on each six (6)
month interval thereafter (each such date a “grant date”). The Board reserves
the right to change the Compensation from time to time, to take into
consideration the responsibilities associated with different committees in
setting Compensation levels and to grant additional restricted shares
periodically, which may vary from the terms described in this section. If
Director ceases to serve as a director on the Company’s Board at any time and
for any reason prior to a grant date associated with any restricted shares, all
restricted shares described in the restricted share agreement that have not been
granted as of such time of cessation of services will not be granted. All such
cancelled or forfeited restricted shares shall be returned to the Company’s
incentive pool.

(b) Expenses. The Company will
reimburse Director for all reasonable, out-of-pocket expenses, approved by the
Company in advance, incurred in connection with the performance of Director’s
duties under this Agreement (“Expenses”), upon submission of
receipts and a written request for payment. Such statement shall be accompanied
by sufficient documentary matter to support the expenditures. The Company may
withhold from any payment any amount of withholding required by law.

(c) Future Compensation and Benefits. The
Board, with the compensation committee, reserves the right to determine the
compensation for services provided under this Agreement. The Board may from time
to time authorize additional compensation and benefits for Director, including
stock options and restricted stock.

(d) Insurance and Indemnification. This Agreement
is effective only when the directors’ and officers’ insurance policy previously
shown to the Director is in place and an Indemnification Agreement satisfactory
to the Director is signed by the Company. When and if the Company anticipates
the successful qualification of its common stock for trading on the NASDAQ Stock
Exchange or any similar exchange for securities trading, the Company shall amend
its existing directors’ and officers’ insurance policy to increase limits
available to independent directors by approximately $5,000,000 or a lesser or
greater amount which is determined and approved by the Board to be appropriate,
with such insurance effective on date of such listing or as soon thereafter as
possible, provided that such increase is in the best interests of the Company
and its shareholders.

The Company has provided the Director with a summary of the
limits and terms of its current Directors’ and Officers’ Liability Insurance
(the “D&O Insurance”) and the provisions of its corporate
by-laws and governing documents dealing with indemnification of directors (the
“Indemnification Provisions”). To the fullest extent permitted by
applicable law, the Company agrees that it will not voluntarily change the terms
of such D&O Insurance or the Indemnification Provisions to the detriment of
the Director at anytime while he is entitled to benefit of such D&O
Insurance or Indemnification Provisions.

4. Confidentiality. The Company and Director each
acknowledge that, in order for the intents and purposes of this Agreement to be
accomplished, Director shall necessarily be obtaining access to certain
confidential information concerning the Company and its affairs, including, but not limited to business methods, information
systems, financial data and strategic plans which are unique assets of the
Company (“Confidential Information”). Director covenants not to, either
directly or indirectly, in any manner, utilize or disclose to any person, firm,
corporation, association or other entity any Confidential Information.

Date: 18.11.2010 
Page 3 of 4 

5. Non-Compete. During the term of this Agreement and
for a period of twelve (12) months following Director’s removal or resignation
from the Board of Directors of the Company or any of its subsidiaries or
affiliates (the “Restricted Period”), Director shall not, directly or
indirectly, (i) in any manner whatsoever engage in any capacity with any
business competitive with the Company’s current lines of business or any
business then engaged in by the Company, any of its subsidiaries or any of its
affiliates (the “Company's Business”) for Director’s own benefit or for
the benefit of any person or entity other than the Company or any subsidiary or
affiliate; or (ii) have any interest as owner, sole proprietor, shareholder,
partner, lender, director, officer, manager, employee, consultant, agent or
otherwise in any business competitive with the Company's Business;
provided, however, that Director may hold, directly or indirectly,
solely as an investment, not more than two percent (2%) of the outstanding
securities of any person or entity which are listed on any national securities
exchange or regularly traded in the over-the-counter market notwithstanding the
fact that such person or entity is engaged in a business competitive with the
Company's Business. In addition, during the Restricted Period, Director shall
not develop any property for use in the Company’s Business on behalf of any
person or entity other than the Company, its subsidiaries and affiliates.

6. Termination. With or without cause, the Company and
Director may each terminate this Agreement at any time upon ten (10) days
written notice, and the Company shall be obligated to pay to Director the
compensation and expenses due up to the date of the termination. Nothing
contained herein or omitted herefrom shall prevent the shareholder(s) of the
Company from removing Director with immediate effect at any time for any
reason.

7. Amendments and Waiver. No supplement, modification or
amendment of this Agreement will be binding unless executed in writing by both
parties. No waiver of any provision of this Agreement on a particular occasion
will be deemed or will constitute a waiver of that provision on a subsequent
occasion or a waiver of any other provision of this Agreement.

8. Binding Effect. This Agreement will be binding upon
and inure to the benefit of and be enforceable by the parties and their
respective successors and assigns.

9. Severability. The provisions of this Agreement are
severable, and any provision of this Agreement that is held by a court of
competent jurisdiction to be invalid, void, or otherwise unenforceable in any
respect will not affect the validity or enforceability of any other provision of
this Agreement.

10. Governing Law. This Agreement will be governed by
and construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed in that state without giving
effect to the principles of conflicts of laws.

11. Notice. Any and all notices referred to
herein shall be sufficient if furnished in writing at the addresses specified on
the signature page hereto or, if to the Company, to the Company’s address as
specified in filings made by the Company with the U.S. Securities and Exchange
Commission.

12. Assignment. The rights and benefits of the
Company under this Agreement shall be transferable, and all the covenants and
agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The
duties and obligations of Director under this Agreement are personal and
therefore Director may not assign any right or duty under this Agreement without
the prior written consent of the Company.

Date: 18.11.2010 
Page 4 of 4 

13. Entire Agreement. Except as provided
elsewhere herein, this Agreement sets forth the entire agreement of the parties
with respect to its subject matter and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or
warranties, whether oral or written, by any officer, employee or representative
of any party to this Agreement with respect to such subject matter.

14. Counterparts. This Agreement may be executed in any
number of counterparts, all of which taken together shall constitute one
instrument. Facsimile execution and delivery of this Agreement is legal, valid
and binding for all purposes.

IN WITNESS WHEREOF, the parties hereto have caused this
Independent Director Agreement to be duly executed and signed as of the day and
year first above written.

LONGHAI STEEL INC.

By: /s/ Dr. Eberhard
Kornotzki                        

Name: Dr. Eberhard Kornotzki  
Title: Chief Financial Officer

DIRECTOR

_________________________________

Name: Mr. Michael Billings 
Address:

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