Document:

Separation Agreement, H. Averett Walker

 Exhibit 10.1 
 SEPARATION AGREEMENT AND 
 GENERAL RELEASE OF ALL CLAIMS 
 This Separation Agreement and General Release of All Claims (hereinafter the “Agreement”) is entered into as of the 10th day of October, 2008,
by and between H. Averett Walker (“Executive”) and Security Bank Corporation (“Employer”). 
 BACKGROUND 

 At a meeting of the Board of Directors of Employer on September 16, 2008, Executive agreed to resign as President and Chief Executive
Officer of Employer, and as a member of the Board of Directors of both Employer and Security Bank of Bibb County, a wholly-owned subsidiary of Employer. Executive’s resignation was expressly conditioned upon the understanding that he would
receive severance benefits pursuant to his Amended and Restated Employment Agreement with Employer, dated December 18, 2007 (the “Employment Agreement”). Accordingly, the parties have agreed that Executive’s resignation shall
entitle him to the same severance benefits as if Employer had terminated his employment without “Cause” for purposes of the Employment Agreement and that the Employment Agreement shall govern the parties’ rights and obligations with
respect Executive’s resignation in the same manner, except as otherwise specifically provided herein. All capitalized terms not otherwise defined in this Agreement shall have the meaning provided in the Employment Agreement. 
 Now, therefore, in consideration of the foregoing and of the mutual covenants and agreements set forth herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Executive and Employer agree as follows: 
 1. Termination of
Employment. Employer and Executive acknowledge and agree that Executive’s employment with Employer terminated effective September 16, 2008 (the “Separation Date”). Executive acknowledges and agrees that, through the date
of the execution of this Agreement, Employer has met all of its obligations under the Employment Agreement and all other agreements, plans, and arrangements with Executive governing his employment and/or compensation or benefits, including claims
for reimbursement of expenses incurred prior to the Separation Date under Employer’s expense reimbursement policy. Employer agrees to characterize Executive’s departure as a voluntary resignation. 
 2. Accrued Obligations. On September 30, 2008, Employer paid to Executive his unpaid base salary through the Separation Date, plus 10
days’ worth of accrued vacation. Employer has notified Executive of the impact of his termination of employment with respect to benefits coverage under Employer’s plans and policies and, consistent with its obligations under federal law,
will provide written notice of COBRA rights to Executive. 
  

			
	Executives’s Initials:	 	 /S/ RW

		
	Employer’s Initials:	 	 /S/ AB

 3. Separation Pay. In addition, in consideration for Executive’s agreement to release
all claims and agreement to all other terms herein, and the expiration of the revocation period provided in Section 12, Employer shall pay to Executive the aggregate sum of $845,932.00, less withholding for taxes and other required items, in a
lump sum on the earlier of April 1, 2009 or Executive’s death. Such amount is equal to two times the sum of Executive’s base salary ($350,000.00) and his average annual cash incentive earned over the years 2003-2007 ($72,966.00). This
amount is the cash severance benefit Executive would have been entitled to receive pursuant to Section 12.4 of the Employment Agreement if his employment had been terminated without Cause. 
 4. Other Vested Benefits. Executive shall be entitled to any vested benefits he may have under Employer’s Savings Incentive Plan (the
“401(k) Plan”) and the Supplemental Executive Retirement Agreement between Executive, Employer, and Security Bank of Bibb County, dated August 22, 2005 (the “SERP”), that are applicable to him on the Separation Date. Such
benefits will be in accordance with and subject to the applicable terms and conditions of such plans and agreements. 
 5.
Acknowledgment. Executive acknowledges that the payments and other benefits provided for in this Agreement are provided in exchange for Executive signing this Agreement. 
 6. General Release. Executive hereby releases and forever discharges Employer and all those associated with it in the past, at present or
in the future, including parent, subsidiary and affiliate corporations, limited liability corporations, partnerships, limited liability partnerships, its directors, officers, members, managers, partners, employees, attorneys, representatives,
principals and agents, and any of their heirs, executors, administrators, predecessors, successors or assigns (the “Releasees”), from and against any and all claims, demands, actions, causes of action, suits, liabilities, damages, costs
and obligations of any kind or nature whatsoever, both known and unknown, including, without limitation, to person and property, which Executive has had or may now have against Releasees arising from or connected with Executive’s employment
with Employer or the termination of that employment. This release includes without limitation any claims under The Age Discrimination in Employment Act, The Older Worker Benefit Protection Act, Title VII of the Civil Rights Act of 1964, The
Americans With Disabilities Act or any other federal, state or local laws dealing with employment discrimination, and any claims or causes of action for wrongful discharge or breach of contract. Without limiting the generality of the foregoing,
Executive hereby acknowledges and covenants that he has knowingly relinquished and forever released any and all remedies which might otherwise be available to him, including claims for back pay, liquidated damages, recovery of 
  

			
	Executive’s Initials:	 	 /s/ RW

		
	Employer’s Initials:	 	 /s/ AB

  

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interest, costs, punitive damages or attorney’s fees, and any claims for re-employment with Employer. Executive specifically agrees that the Release
extends to all claims of every nature and kind whatsoever, known or unknown, past or present, which existed prior to the execution of this Agreement, including, but not limited to, all claims involving or arising out of Executive’s employment
with Employer or the termination of his employment. Notwithstanding the foregoing, nothing in this Agreement shall be construed as releasing Employer from its obligations set forth in this Agreement. In addition, nothing in this Agreement shall be
construed as releasing (i) any rights that Executive may have pertaining to advancement and/or indemnification pursuant to applicable law and Employer’s Articles of Incorporation and Bylaws; or (ii) any rights that Executive may have
regarding coverage or reimbursement under any applicable directors and officers liability insurance policy, or errors and omissions policy, subject to the terms and conditions thereof. 
 7. Return of Materials. Executive agrees that, pursuant to Section 9 of the Employment Agreement, he will deliver within forty-eight
(48) hours of the execution of this Agreement, all memoranda, notes, records, manuals or other documents, including all copies of such materials containing Trade Secrets or Confidential Information, whether made or compiled by Executive or
furnished to him from any source by virtue of his employment with Employer. In addition, Executive agrees to return, within such 48-hour period, all property of Employer, including all credit or charge cards and keys, any Employer-owned computer or
telecommunications equipment, and the 2005 GMC Yukon that Employer provided for Executive’s use during his employment. 
 8.
Additional Covenants. Executive and Employer acknowledge and agree that Sections 7, 9, 10, 11, 13, 15, 16 and 17 of the Employment Agreement, including, without limitation, the covenants relating to Confidential Information, Trade
Secrets, non-competition, and non-solicitation of employees and customers contained therein, survive the termination of Executive’s employment. 
 9. Agreement not to Disparage. Executive hereby agrees that at all times after the date hereof he will not make any statement, whether verbally or in written form, or otherwise take any action that may
reasonably be considered to disparage or impugn Employer; its subsidiaries; the management, practices, services, or reputation of Employer or its subsidiaries; or any of Employer’s or its subsidiaries’ employees, officers, directors,
agents, or affiliates. Similarly, Employer hereby agrees that at all times after the date hereof it will not authorize anyone to make any statement, whether verbally or in written form, or otherwise take any action that may reasonably be considered
to disparage or impugn Executive or his reputation. Notwithstanding the foregoing, this Section 9 shall not limit the rights of Executive, Employer, or any of Employer’s or its subsidiaries’ employees, officers, directors, agents, or
affiliates to provide truthful testimony or make truthful statements which are compelled by a court of competent jurisdiction, arbitrator, regulatory agency or other tribunal or investigative body in accordance with any applicable statute, rule or
regulation. 
  

			
	Executive’s Initials:	 	 /s/ RW

		
	Employer’s Initials:	 	 /s/ AB

  

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 10. Non-Admission of Liability. Executive and Employer agree that this Agreement shall not
in any way be construed or interpreted as an admission of liability or wrongdoing by either of them, any such liability or wrongdoing being expressly denied. 
 11. Entire Agreement. The parties hereto acknowledge and agree that this Agreement, along with the Employment Agreement, contains the entire agreement between Employer and Executive with respect to the
subject matter hereof and that such agreements supersede and invalidate any previous agreements or contracts. No representations, inducements, promises or agreements, oral or otherwise, which are not embodied herein or in the Employment Agreement
shall be of any force or effect. 
 12. Understanding of Agreement. Executive acknowledges that he has had an opportunity and
through this language Employer has advised him to consult an attorney, and Executive has consulted with an attorney regarding this Agreement. Executive further acknowledges that he has been given at least twenty-one (21) days from his date of
separation, September 16, 2008, to consider this Agreement prior to its execution. Executive has seven (7) days after signing the Agreement to revoke it in writing; said revocation must be delivered to the Chief Financial Officer of
Employer and received prior to the end of the seven-day period. However, if Executive fails to sign this Agreement on or before October 28, 2008, or revokes it within seven (7) days after signing, no benefits will be provided pursuant to
this Agreement. EXECUTIVE STATES THAT AND ACKNOWLEDGES THAT HE HAS READ THE FOREGOING AGREEMENT AND UNDERSTANDS THAT IT CONTAINS A GENERAL RELEASE OF ANY AND ALL CLAIMS WHICH HE MIGHT HAVE AGAINST RELEASEES AND THAT HE IS EXECUTING THIS AGREEMENT
VOLUNTARILY. 
 13. Applicable Law. This Agreement is entered into in the State of Georgia and shall be governed by the laws
thereof. 
 *    *    * 
  

			
	Executive’s Initials:	 	 /s/ RW

		
	Employer’s Initials:	 	 /s/ AB

  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below. 

 

					
	EXECUTIVE:	 	
		
	 /s/ H. Averett Walker
	 	[SEAL]
	H. Averett Walker	 	
		
	Date: Oct 10, 2008	 	
		
	EMPLOYER:	 	
		
	Security Bank Corporation	 	
		
	By:	 	 /s/ Alford C. Bridges

		 	Alford C. Bridges
		 	Chairman of the Board of Directors
			
	Date:	 	10-10-08	 	

  

			
	Executive’s Initials:	 	 /s/ RW

		
	Employer’s Initials:	 	 /s/ AB

  

 - 5 -Fourth Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS FOURTH AMENDMENT TO AMENDED
AND RESTATED CREDIT AGREEMENT (this “Agreement”) is entered into as of October 10, 2008 by and among. A.T. MASSEY COAL COMPANY, INC., a Virginia corporation (the “Administrative Borrower”), individually and as
agent on behalf of the other Loan Parties (such term and each other capitalized term used but not defined herein having the meaning given to it in Article I of the Credit Agreement referenced below), the Required Lenders signatory hereto, UBS
AG, STAMFORD BRANCH, as administrative agent (the “Administrative Agent”), and THE CIT GROUP/BUSINESS CREDIT, INC., as collateral agent and as security trustee (the “Collateral Agent”), and together with the
Administrative Agent, the “Agents”) for the Secured Parties and Issuing Bank. 
 RECITALS 
 WHEREAS, the Administrative Borrower, the other Borrowers, the Guarantors, the Administrative Agent, the Collateral Agent and Lenders entered into that
certain Amended and Restated Credit Agreement dated as of August 15, 2006 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, on August 12, 2008, Holdings issued its 3.25% unsecured convertible senior notes in the aggregate principal amount of $690 million due 2015
(the “3.25% Convertible Notes”), the net proceeds of which have or will be used to fund the purchase in a tender offer and refinancing all or substantially all of Holdings’ outstanding 6.625% Senior Notes and for other general
corporate purposes; 
 WHEREAS, the definition of “Convertible Notes” under the Credit Agreement currently does not include the
3.25% Convertible Notes; and 
 WHEREAS, the Administrative Borrower (on behalf of itself and each of the other Loan Parties) has requested
the Agents and the Required Lenders to approve certain technical amendments to the Credit Agreement on the terms, and subject to the conditions, set forth herein for the purpose of including the 3.25% Convertible Notes where the defined terms
“Convertible Notes” and/or “Senior Notes” are used in the Credit Agreement. 
 NOW THEREFORE, in consideration of the
foregoing recitals, mutual agreements contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Agents, the Required Lenders and the Administrative Borrower (on behalf of itself and
each of the other Loan Parties) agree as follows: 
 1. Amendments to Credit Agreement. Effective on the date of the
satisfaction of the conditions precedent set forth in Section 2 hereof: 
 (a) Section 1.01 (Defined Terms) of the Credit
Agreement is amended by adding or changing certain defined terms as follows: 
 “3.25% Convertible Note Documents” shall mean
the 3.25% Convertible Note Indenture, the 3.25% Convertible Notes and all other documents executed and delivered with respect to the 3.25% Convertible Notes or the 3.25% Convertible Note Indenture.” 

 “3.25% Convertible Note Indenture” shall mean the Indenture, dated as of August 12,
2008, among Holdings, as issuer, certain Subsidiaries of Holdings party thereto as guarantors and Wilmington Trust Company, as Trustee.” 
 “3.25% Convertible Notes” shall mean Holdings’ 3.25% Convertible Senior Notes due August 1, 2015, issued under the 3.25% Convertible Note Indenture in an aggregate original principal amount of $690 million.”

 “Convertible Note Documents” shall mean the 2.25% Convertible Note Documents, the 4.75% Convertible Note Documents and the
3.25% Convertible Note Documents.” 
 “Convertible Notes” shall mean the 2.25% Convertible Notes, the 4.75% Convertible
Notes and the 3.25% Convertible Notes.” 
 (b) Clause (b) of Section 6.01 (Indebtedness) of the Credit Agreement is amended
and restated as follows: 
 “(b) (i) Indebtedness actually outstanding on the Restatement Date and listed on Schedule 6.01(b),
including, without limitation, the Senior Notes (other than the 3.25% Convertible Notes), (ii) the 3.25% Convertible Notes (a portion of the net proceeds thereof have been or will be used to refinance all or substantially all of the 6.625%
Senior Notes) or (iii) refinancings or renewals of the Indebtedness described in the preceding clauses (i) or (ii); provided that (A) any such refinancing Indebtedness is in an aggregate principal amount not greater than the
aggregate principal amount of the Indebtedness being renewed or refinanced, plus the amount of any premiums required to be paid thereon and fees and expenses associated therewith, (B) such refinancing Indebtedness has a later or equal final
maturity and longer or equal remaining weighted average life than the Indebtedness being renewed or refinanced and (C) except for any refinancing of the 6.625% Senior Notes or the 3.25% Convertible Notes, the covenants, events of default,
subordination and other provisions thereof (including any guarantees thereof) shall be, in the aggregate, no less favorable to the Lenders than those contained in the Indebtedness being renewed or refinanced;” 
 (c) Clauses (e) and (f) of Section 6.06 (Prepayments and Redemptions of Senior Notes; Dividends) of the Credit Agreement are amended and
restated as follows: 
 “(e) so long as no Default exists or would result therefrom and Excess Availability shall be no less than
$30 million after giving effect thereto, any Company (other than Holdings) may pay cash Dividends, directly or indirectly, to Holdings for the purpose of purchasing or redeeming, so long as all the proceeds thereof are promptly used by Holdings to
purchase or redeem (A) any of the Senior Notes, and (B) any unsecured senior debt incurred or to be incurred by Holdings pursuant to Section 6.01(b)(iii) of the Credit Agreement;” 
  

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 “(f) so long as no Default exists or would result therefrom and no Borrower makes any cash
Dividends for the purposes specified in this Section 6.06(f) prior to the date which is ten (10) days prior to the date on which the subsequent payment by Holdings is to be made or required to be made, any Company (other than
Holdings) may, directly or indirectly, pay cash Dividends to Holdings for the purpose of (i) paying cash Dividends on Holdings’ common stock, so long as all proceeds thereof are used by Holdings to pay such cash Dividends on Holdings’
common stock in an amount per year not to exceed $50 million or (ii) paying interest due, so long as all proceeds thereof are promptly used by Holdings to pay such interest, pursuant to (A) any of the Senior Notes, and (B) any
unsecured senior debt incurred or to be incurred by Holdings pursuant to Section 6.01(b)(iii) of the Credit Agreement; and” 
 2. Conditions to Effectiveness. This Agreement shall be effective on the date on which all of the following conditions precedent are satisfied: 
 2.1 This Agreement shall have been executed and delivered by the Administrative Agent, the Collateral Agent, the Required Lenders and the Administrative Borrower (on behalf of itself and each of the other Loan
Parties). 
 2.2 The representations and warranties contained herein shall be true and correct in all respects, and, after giving effect to
this Agreement, no Event of Default or Default shall exist on the date hereof. 
 3. Representations and Warranties.

 3.1 The execution, delivery and performance by Administrative Borrower (on behalf of itself and each of the other Loan Parties) of this
Agreement has been duly authorized by all necessary corporate action and this Agreement is a legal, valid and binding obligation of the Administrative Borrower and each of the other Loan Parties enforceable against the Administrative Borrower and
each of the other Loan Parties in accordance with its terms, except as the enforcement thereof may be subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights
generally and (ii) general principals of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law); 
 3.2 Each of the representations and warranties contained in the Credit Agreement is true and correct in all material respects on and as of the date hereof as if made on the date hereof, except to the extent that such representations and
warranties expressly relate to an earlier date; and 
 3.3 Neither the execution, delivery and performance of this Agreement by the
Administrative Borrower (on behalf of itself and each of the other Loan Parties) nor the consummation of the transactions contemplated hereby does or shall result in a breach of, or violate (i) any provision of the Administrative
Borrower’s or any other Loan Party’s articles of incorporation or bylaws, (iii) any law or regulation, or any order or decree of any court or government instrumentality, applicable to the Administrative Borrower or the other Loan
Parties or binding upon any of their properties, or (iii) any indenture, mortgage, deed of trust, lease, 

  

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agreement or other instrument to which the Administrative Borrower or any other Loan Party is a party or by which the Administrative Borrower or any other
Loan Party or any of their property is bound, except in any such case to the extent such conflict or breach has been waived by a written waiver document, a copy of which has been delivered to the Agents on or before the date hereof. 
 4. Reference to and Effect upon the Credit Agreement. 
 4.1 Except as specifically set forth above, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 4.2 The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of any Agent or any Lender
under the Credit Agreement or any other Loan Document, nor constitute amendment of any provision of the Credit Agreement or any other Loan Document, except as specifically set forth herein. Upon the effectiveness of this Agreement, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby. 
 4.3 The Administrative Borrower (on behalf of itself and each of the other Loan Documents) acknowledges and agrees that the execution and delivery by
Agents and Required Lenders of this Agreement shall not be deemed (i) to create a course of dealing or otherwise obligate Agents or Lenders to forbear, waive, consent or execute similar amendments under the same or similar circumstances in the
future, or (ii) to amend, relinquish or impair any right of Agents or Lenders to receive any indemnity or similar payment from any Person or entity as a result of any matter arising from or relating to this Agreement. 
 4.4 The Administrative Borrower (on behalf of itself and each of the other Loan Parties) affirms and acknowledges that this Agreement constitutes a Loan
Document under the Credit Agreement and any reference to the Loan Documents under the Credit Agreement contained in any notice, request, certificate or other document executed concurrently with or after the execution and delivery of this Agreement
shall be deemed to include this Agreement unless the context shall otherwise specify. 
 5. Costs and Expenses. As provided in
Section 11.03 of the Credit Agreement, Borrowers agree to reimburse Agents for all reasonable out-of-pocket expenses incurred by the Administrative Agent and the Collateral Agent in connection with the preparation, execution and delivery
of this Agreement, including the fees, charges and disbursements of Latham & Watkins, LLP, counsel for the Administrative Agent and Hahn & Hessen, LLP, counsel to the Collateral Agent. 
 6. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAWS
PROVISIONS) OF THE STATE OF NEW YORK. 
 7. Headings. Section headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other purposes. 
  

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 8. Counterparts. This Agreement may be executed in any number of counterparts, each of
which when so executed shall be deemed an original, but all such counterparts shall constitute one and the same instrument. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf the signature is executed) the same with the same force and effect as if such facsimile signature page were an original thereof, and such party shall promptly follow its facsimile signature page
by mailing of a hard copy original. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first
written above. 
  

			
	ADMINISTRATIVE BORROWER
	
	 A.T. MASSEY COAL COMPANY, INC.,
 individually
and as agent for each of the other Loan Parties

		
	By	 	 /s/ Philip W. Nichols

	Name:	 	Philip W. Nichols
	Title:	 	Treasurer

  

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	AGENTS
	
	 UBS AG, STAMFORD BRANCH,
 as the
Administrative Agent

		
	By	 	 /s/ Mary E. Evans

	Name:	 	Mary E. Evans
	Title:	 	Associate Director
		
	By	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
	
	 THE CIT GROUP/BUSINESS CREDIT, INC.,
 as the
Collateral Agent

		
	By	 	 /s/ Eddy L. Milstein

	Name:	 	Eddy L. Milstein
	Title:	 	Vice President

  

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	LENDERS
	
	 UBS LOAN FINANCE LLC,
 as Swingline Lender

		
	By	 	 /s/ Mary E. Evans

	Name:	 	Mary E. Evans
	Title:	 	Associate Director
		
	By	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
	
	 UBS LOAN FINANCE LLC,
 as a
Lender

		
	By	 	 /s/ Mary E. Evans

	Name:	 	Mary E. Evans
	Title:	 	Associate Director
		
	By	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
	
	 THE CIT GROUP/BUSINESS CREDIT, INC.,
 as a
Lender

		
	By	 	 /s/ Eddy L. Milstein

	Name:	 	Eddy L. Milstein
	Title:	 	Vice President

  

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	 GENERAL ELECTRIC CAPITAL CORPORATION,
 as a
Lender

		
	By	 	 /s/ Randall F. Homick

	Name:	 	Randall F. Homick
	Title:	 	Authorized Signatory

  

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