Document:

Exhibit 10.16

 Exhibit 10.16 
 MASSEY ENERGY COMPANY 
 2006 STOCK AND INCENTIVE COMPENSATION PLAN 
 (As Amended and Restated Effective January 1 2009) 

 ARTICLE I 
 Establishment, Purpose and Duration 
 1.1 Establishment of the Plan. Massey Energy Company
(hereinafter referred to as the “Company”), a Delaware corporation, hereby establishes a stock and incentive compensation plan to be known as the “2006 Stock and Incentive Compensation Plan” (hereinafter referred to as the
“Plan”), as set forth in this document. Unless otherwise defined herein, all capitalized terms shall have the meanings set forth in Section 2.1 herein. The Plan permits, subject to the limitations herein, the grant of Incentive Stock
Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Units, Unrestricted Stock, and/or Incentive Awards to Members and Non-Employee Service Providers and Non-Qualified Stock Options, Restricted Stock and
Restricted Units to Non-Employee Directors. 
 The Plan was adopted by the Board of Directors of the Company on February 21, 2006, to
become effective (the “Effective Date”) as of May 16, 2006 once approved by the Company’s shareholders at the May 16, 2006 annual meeting in accordance with applicable laws and applicable rules of the New York Stock
Exchange. Awards may not be granted under the Plan prior to shareholder approval of the Plan. The Plan actually became effective once the results of the shareholder meeting were finally certified by the independent inspectors of election on
June 28, 2006 and was subsequently amended effective August 15, 2006 to place further limitation on awards that did not require shareholder approval. 
 The Plan was further amended effective November 14, 2006 in order (1) to revise the definition of “Fair Market Value” as used in connection with valuing Stock under the Plan for awards made on or
after November 14, 2006 and (2) to provide for mandatory equitable adjustments in awards outstanding under the Plan as a result of a reorganization, merger, consolidation, recapitalization, restructuring, reclassification, dividend (other
than a regular, quarterly cash dividend) or other distribution, stock split, reverse stock split, spin-off or the like, or if substantially all of the property and assets of the Company are sold. 
 The plan was further amended effective January 1, 2009 to add provisions to comply with Section 409A of the Code. 
 1.2 Purpose of the Plan. The purpose of the Plan is to promote the success of the Company and its Subsidiaries by providing incentives to Members,
Non-Employee Service Providers and/or Non-Employee Directors that will promote the identification of their personal interest with the long term financial success of the Company and with growth in shareholder value. The Plan is designed to provide
flexibility to the Company in its ability to motivate, attract, and retain the services of Members, Non-Employee Service Providers and/or Non-Employee Directors upon whose judgment, interest, and special effort the successful conduct of its
operation is largely dependent. 
 1.3 Duration of the Plan. The Plan shall commence on the Effective Date, as described in
Section 1.1 herein, and shall remain in effect, subject to the right of the Board of Directors to terminate the Plan at any time pursuant to Article XIV herein, until May 15, 2016, at which time the Plan shall terminate except with respect
to Awards made prior to and outstanding on that date which shall remain valid in accordance with their terms. 
  

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 ARTICLE II 
 Definitions 
 2.1 Definitions. Except as otherwise defined in the Plan, the following terms
shall have the meanings set forth below: 
 (a) “Agreement” means a written agreement implementing the grant of each Award signed by
an authorized officer of the Company or member of the Committee and by the Participant. 
 (b) “Award” or “Grant” means,
individually or collectively, a grant under the Plan of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Units, Unrestricted Stock and/or Incentive Awards. 
 (c) “Award Date” or “Grant Date” means the date on which an Award is made by the Committee under the Plan. 
 (d) “Board” or “Board of Directors” means the Board of Directors of the Company. 
 (e) “Change in Control” means, the occurrence of either of the following events (i) a third person, including a “group” as
defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such person) shares of the Company having thirty
(30) percent or more of the total number of votes that may be cast for the election of directors of the Company; or (ii) as the result of any cash tender or exchange offer, merger or other business combination, or any combination of the
foregoing transactions (a “Transaction”), the persons who were directors of the Company before the Transaction shall cease to constitute a majority of the Board of the Company or any successor to the Company and be replaced by persons
whose appointment or election is not endorsed by the majority of directors before the Transaction. 
 To the extent that a Participant must
consent to the change of this definition, the change will not be effective unless such consent is obtained. To the extent that a Participant’s consent has not been obtained, the definition in effect immediately prior to this amendment shall be
controlling with regard to such Participant. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 (g) “Committee” means the committee or committees of the Board appointed to administer the Plan pursuant to Article III herein.
With respect to Awards granted pursuant to the Plan to Members and Non-Employee Service Providers, all of the members of the Committee shall be “non-employee directors” as defined in Rule 16b-3, as amended, under the Exchange Act, or any
similar or successor rule, and “outside directors” within the meaning of Section 162(m)(4)(C)(i) of the Code. Unless otherwise determined by 

  

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the Board, the Compensation Committee of the Board, or any successor committee responsible for executive compensation, shall constitute the Committee with
respect to Awards to Members, Non-Employee Service Providers, and Non-Employee Directors. 
 (h) “Company” means Massey Energy
Company, a Delaware corporation, or any successor thereto as provided in Article XVI herein. 
 (i) “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time. 
 (j) “Fair Market Value” of a Share for purposes of this Plan
means as of any date, the closing market price (that is, the price at which Shares were last sold in the regular way on the New York Stock Exchange) of the Stock on the relevant date if it is a trading date or, if no Shares so traded on the New York
Stock Exchange on the date in question, then for the next preceding date for which Shares so traded on the New York Stock Exchange or if, in the opinion of the Committee, this method is inapplicable or inappropriate for any reason, the fair market
value as determined pursuant to a reasonable method adopted by the Committee in good faith for such purpose. 
 (k) “Incentive
Award” means an Award, designated as an Incentive Award, which is a bonus opportunity awarded under Article XI herein pursuant to which a Participant may become entitled to receive an amount (which may be payable in cash, Shares or other
property) based on satisfaction of such performance criteria as are specified in the Agreement evidencing the Award. 
 (l) “Incentive
Stock Option” or “ISO” means an option to purchase Stock, granted under Article VI herein, which is designated as an incentive stock option and meets the requirements of Section 422 of the Code. 
 (m) “Member” means a current or prospective member employed as a common law employee of the Company or any Subsidiary (including any
corporation, partnership, limited liability company or joint venture which becomes a Subsidiary after the adoption of the Plan by the Board). 
 (n) “Non-Employee Director” means a director of the Company or any Subsidiary who is not a common law employee of the Company or any Subsidiary (including any corporation, partnership, limited liability company or joint venture
which becomes a Subsidiary after the adoption of the Plan by the Board). 
 (o) “Non-Employee Service Provider” means a consultant,
advisor or other independent contractor providing services to the Company or any Subsidiary (including any corporation, partnership, limited liability company or joint venture which becomes a Subsidiary after the adoption of the Plan by the Board).

  

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 (p) “Non-Qualified Stock Option” or “NQSO” means an option to purchase Stock, granted
under Article VI herein, which is not an Incentive Stock Option. 
 (q) “Option” means an Incentive Stock Option or a Non-Qualified
Stock Option. 
 (r) “Option Price” means the exercise price per share of Stock covered by an Option. 
 (s) “Participant” means a Member, a Non-Employee Service Provider or a Non-Employee Director who has been granted an Award or Grant under the
Plan and whose Award or Grant remains outstanding. 
 (t) “Performance-Based Compensation Award” means any Award for which
exercise, full enjoyment or receipt thereof by the Participant is contingent on satisfaction or achievement of a Performance Goal applicable thereto. If a Performance-Based Compensation Award is intended to be “performance-based
compensation” within the meaning of Section 162(m)(4)(C) of the Code, the grant of the Award, the establishment of the Performance Goal, the making of any modifications or adjustments and the determination of satisfaction or achievement of
the Performance Goal shall be made during the period or periods required under and in conformity with the requirements of Section 162(m) of the Code. The terms and conditions of each Performance-Based Compensation Award, including the
Performance Goal and Performance Period, shall be set forth in an Agreement or in a subplan of the Plan which is incorporated by reference into an Agreement. 
 (u) “Performance Goal” means one or more performance measures or goals set by the Committee in its discretion for each grant of a Performance-Based Compensation Award. The extent to which such performance
measures or goals are met will determine the amount or value of the Performance-Based Compensation Award to which a Participant is entitled to exercise, receive or retain. For purposes of this Plan, a Performance Goal may include any one or more of
the following performance criteria, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit, subsidiary or business segment, either individually, alternatively or in any combination,
and measured either annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee in the
Award: (i) cash flow, (ii) earnings (including gross margin, earnings before interest, taxes, depreciation and amortization (“EBITDA”), earnings before interest and taxes (“EBIT”), earnings before taxes
(“EBT”), and net earnings), (iii) earnings per share (basic or diluted), (iv) growth in earnings or earnings per share, (v) stock price, (vi) return on equity or average stockholders’ equity, (vii) total
stockholder return, (viii) return on capital, (ix) return on assets or net assets, (x) return on investment, (xi) revenue, (xii) produced tons, (xiii) delivered tons, (xiv) reserve acquisitions, (xv) income or
net income, (xvi) operating income or net operating income, (xvii) operating profit or net operating profit, (xviii) operating margin, (xix) return on operating revenue, (xx) market share, (xxi) contract awards or
backlog, (xxii) overhead or other expense reduction, (xxiii) growth in stockholder value relative to the one- or two-year moving average of the S&P 600 Smallcap Index, Bloomberg U.S. Coal Index, or other index of which the Company is a
part, (xxiv) credit rating, (xxv) strategic plan development and implementation, (xxvi) 

  

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succession plan development and implementation, (xxvii) retention of executive talent, (xxviii) improvement in workforce diversity,
(xxix) improvement in safety records, (xxx) capital resource management plan development and implementation, (xxxi) improved internal financial controls plan development and implementation, (xxxii) corporate tax savings,
(xxxiii) corporate cost of capital reduction, (xxxiv) investor relations program development and implementation, (xxxv) corporate relations program development and implementation, (xxxvi) public policy accomplishments,
(xxxvii) executive performance plan development and implementation, and (xxxviii) tax provision rate for financial statement purposes. 
 The
Committee, in its sole discretion, may adjust any evaluation of performance under a Performance Goal to take into account any of the following events that occurs during a performance period: (i) asset write-downs, (ii) litigation or claim
judgments or settlements, (iii) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs, and (v) any
extraordinary non-recurring items as described in Accounting Principles Board Opinion No. 30 (or in any replacement thereof) and/or in management’s discussion and analysis of financial condition and results of operations appearing in the
Company’s annual report to stockholders for the applicable year. A Performance Goal may include a threshold level of performance below which no payment or vesting may occur, levels of performance at which specified payments or specified vesting
will occur, and a maximum level of performance above which no additional payment or vesting will occur. Each of the Performance Goals shall be determined, where applicable and except as provided above, in accordance with generally accepted
accounting principles. Prior to the payment of any compensation under an Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall certify the extent to which any Performance
Goal and any other material terms under such Award have been satisfied (other than in cases where such relate solely to the increase in the value of Stock). 
 (v) “Performance Period” means the time period during which the Performance Goal must be met in connection with a Performance-Based Compensation Award. Such time period shall be set by the Committee.

 (w) “Period of Restriction” means the period during which Restricted Stock or Restricted Units are restricted as provided in the
Plan. 
 (x) “Plan” means the Massey Energy Company 2006 Stock and Incentive Compensation Plan, as herein described and as
hereafter from time to time amended. 
 (y) “Restricted Stock” means an Award of Stock granted to a Participant pursuant to
Section 6.7 or 7.6 or Article VIII herein which is subject to restrictions and forfeiture until the designated conditions for the lapse of the restrictions are satisfied. 
 (z) “Restricted Unit” means an Award, designated as a Restricted Unit, which is a bookkeeping entry granted to a Participant pursuant to
Article IX herein and valued by reference to the Fair Market Value of a Share, which is subject to restrictions and forfeiture until the designated conditions for the lapse of the restrictions are satisfied. A Restricted Unit is sometimes referred
to as a “Restricted Unit” or a “restricted stock unit.” Restricted Units represent an unfunded and unsecured obligation of the Company, except as otherwise provided for by the Committee. 
  

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 (aa) “Stock” or “Shares” means the common stock of the Company. 
 (bb) “Stock Appreciation Right” or “SAR” means an Award, designated as a stock appreciation right, granted to a Participant pursuant
to Article VII herein. 
 (cc) “Subsidiary” means any subsidiary corporation of the Company within the meaning of
Section 424(f) of the Code (“Section 424(f) Corporation”) and any partnership, limited liability company or joint venture in which either the Company or Section 424(f) Corporation is at least a fifty percent (50%) equity
participant. 
 (dd) “Unrestricted Stock Award” means an award of Stock granted to a Participant pursuant to Article X herein.

 ARTICLE III 
 Administration 
 3.1 Administration of the Plan by the Committee. The Plan shall be administered by the Committee
which shall have all powers necessary or desirable for such administration. The express grant in the Plan of any specific power to the Committee shall not be construed as limiting any power or authority of the Committee. In addition to any other
powers and, subject to the provisions of the Plan, the Committee shall have the following specific powers: (i) to determine the terms and conditions upon which the Awards may be made and exercised; (ii) to determine all terms and
conditions of each Agreement, which need not be identical; (iii) to construe and interpret the Agreements and the Plan; (iv) to establish, amend or waive rules or regulations for the Plan’s administration; (v) to accelerate the
exercisability of any Award, the end of a Performance Period or termination of any Period of Restriction or other restrictions imposed under the Plan; and (vi) to make all other determinations and take all other actions necessary or advisable
for the administration of the Plan. 
 For purposes of determining the applicability of Section 422 of the Code (relating to Incentive
Stock Options), or in the event that the terms of any Award provide that it may be exercised only during employment or service or within a specified period of time after termination of employment or service, the Committee may decide to what extent
leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of employment or service or continuous employment or service. 
 Subject to limitations under applicable law, the Committee is authorized in its discretion to issue Awards and/or accept notices, elections, consents
and/or other forms or communications by Participants by electronic or similar means, including, without limitation, transmissions through e-mail, voice mail, recorded messages on electronic telephone systems, and other permissible methods, on such
basis and for such purposes as it determines from time to time. 
  

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 A majority of the entire Committee shall constitute a quorum and the action of a majority of the members
present at any meeting, 24 hours notice having been given or waived, at which a quorum is present (in person or as otherwise permitted by applicable law), or acts approved in writing by all of the Committee without a meeting, shall be deemed the
action of the Committee. 
 The Committee may designate the Secretary of the Company or other Company employees to assist the Committee in
the administration of the Plan, and may grant authority to such persons to execute agreements evidencing Awards made under this Plan or other documents entered into under the Plan on behalf of the Committee or the Company. 
 3.2 Selection of Participants. The Committee shall have the authority to grant Awards under the Plan, from time to time, to such Members,
Non-Employee Service Providers and/or Non-Employee Directors as may be selected by it. Each Award shall be evidenced by an Agreement. 
 3.3
Decisions Binding. All determinations and decisions made by the Committee pursuant to the provisions of the Plan shall be final, conclusive and binding. 
 3.4 Requirements of Rule 16b-3 of the Exchange Act and Section 162(m) of the Code. Notwithstanding any other provision of the Plan, the Board or the Committee may impose such conditions on any Award, and
amend the Plan in any such respects, as may be required to satisfy the requirements of Rule 16b-3 of the Exchange Act, as amended (or any successor or similar rule). 
 Any provision of the Plan to the contrary notwithstanding, and except to the extent that the Committee determines otherwise: (i) transactions by and with respect to officers and directors of the Company who are
subject to Section 16(b) of the Exchange Act (hereafter, “Section 16 Persons”) shall comply with any applicable conditions of Rule 16b-3 of the Exchange Act; (ii) transactions with respect to persons whose remuneration is subject
to the provisions of Section 162(m) of the Code shall conform to the requirements of Section 162(m)(4)(C) of the Code; and (iii) every provision of the Plan shall be administered, interpreted, and construed to carry out the foregoing
provisions of this sentence. 
 Notwithstanding any provision of the Plan to the contrary, the Plan is intended to give the Committee the
authority to grant Awards that qualify as performance-based compensation under Section 162(m)(4)(C) of the Code as well as Awards that do not so qualify. Every provision of the Plan shall be administered, interpreted, and construed to carry out
such intention, and any provision that cannot be so administered, interpreted, and construed shall to that extent be disregarded; and any provision of the Plan that would prevent an Award that the Committee intends to qualify as performance-based
compensation under Section 162(m)(4)(C) of the Code from so qualifying shall be administered, interpreted, and construed to carry out such intention, and any provision that cannot be so administered, interpreted, and construed shall to that
extent be disregarded. 
  

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 3.5 Indemnification of Committee. In addition to such other rights of indemnification as they may
have as directors or as members of the Committee, the members of the Committee shall be indemnified by the Company against reasonable expenses, including attorneys’ fees, actually and reasonably incurred in connection with the defense of any
action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted or made hereunder, and
against all amounts reasonably paid by them in settlement thereof or paid by them in satisfaction of a judgment in any such action, suit or proceeding, if such members acted in good faith and in a manner which they believed to be in, and not opposed
to, the best interests of the Company and its Subsidiaries. 
 ARTICLE IV 
 Stock Subject to the Plan 
 4.1 Number of Shares Authorized for Issuance
during Term of the Plan. Subject to adjustment as provided in Section 4.4 herein and to the next paragraph of this Section, the maximum aggregate number (the “Maximum Aggregate Number”) of Shares that may be issued pursuant to
Awards made under the Plan during the term of the Plan stated in Section 1.3 shall not exceed the sum of (i) 3,500,000 and (ii) that number of Shares that (A) are represented by restricted stock or unexercised vested or unvested
stock options which previously have been granted and are outstanding under the Massey Energy Company 1988 Executive Stock Plan, the Massey Energy Company Stock Plan for Non-Employee Directors, the Massey Energy Company 1996 Executive Stock Plan, the
Massey Energy Company 1997 Restricted Stock Plan for Non-Employee Directors, and the Massey Energy Company 1999 Executive Performance Incentive Plan as of the Effective Date and (B) expire or otherwise lapse, are terminated or forfeited, are
settled in cash, or are withheld or delivered to the Company for tax purposes at any time after the Effective Date. No awards shall be granted under the Massey Energy Company 1988 Executive Stock Plan, Massey Energy Company Stock Plan for
Non-Employee Directors, Massey Energy Company 1996 Executive Stock Plan, Massey Energy Company 1997 Restricted Stock Plan for Non-Employee Directors, and the Massey Energy Company 1999 Executive Performance Incentive Plan on or after the Effective
Date. 
 Except as provided in Sections 4.2 and 4.3 herein, only Shares actually issued in connection with the exercise of, or as other
payment for Awards, under the Plan shall reduce the number of Shares available for future Awards under the Plan. Awards settled in cash shall not count against the Maximum Aggregate Number. 
 Stock that may be issued under the Plan may either be Shares reacquired by the Company, including Shares purchased in the open market, authorized but
unissued Shares, Shares held in treasury, or Shares held in a grantor trust created by the Company. Such Shares, however, shall count against the Maximum Aggregate Number, except as provided in the foregoing paragraph. 
  

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 The Company, during the term of the Plan and thereafter during the term of any outstanding Award which
may be settled in Stock, shall reserve and keep available a number of Shares sufficient to satisfy the requirements of the Plan. 
 4.2
Lapsed Awards or Forfeited Shares. If any Award granted under the Plan terminates, expires, or lapses for any reason other than by virtue of exercise of the Award, or if Shares issued pursuant to Awards are forfeited, any Stock subject to
such Award again shall be available for the grant of an Award under the Plan. 
 4.3 Shares Used as Payment of Exercise Price or for
Taxes. In the event a Participant pays the Option Price for Shares pursuant to the exercise of an Option with previously acquired Shares, the number of Shares available for future Awards under the Plan shall be reduced only by the net number of
new Shares issued upon the exercise of the Option. In addition, in determining the number of shares of Stock available for Awards, if Stock has been delivered or exchanged by, or withheld from, a Participant as full or partial payment to the Company
for payment of withholding taxes, or if the number of shares of Stock otherwise deliverable by the Company has been reduced for payment of withholding taxes, the number of shares of Stock exchanged by or withheld from a Participant as payment in
connection with the withholding tax or so reduced by the Company shall again be available for the grant of an Award under the Plan. 
 4.4
Capital Adjustments. If the outstanding securities of the class then subject to the Plan are increased, decreased or exchanged for or converted into cash, property or a different number or kind of shares or securities, or if cash, property or
shares or securities are distributed in respect of such outstanding securities, in either case as a result of a reorganization, merger, consolidation, recapitalization, restructuring, reclassification, dividend (other than a regular, quarterly cash
dividend) or other distribution, stock split, reverse stock split, spin-off or the like, or if substantially all of the property and assets of the Company are sold, then (i) the Committee shall make appropriate and proportionate adjustments in
the number and class of Shares subject to, or cash or other property that may be acquired pursuant to, each outstanding Award and the Option Price therefor in such manner as the Committee shall determine in order to retain the economic value or
opportunity provided immediately prior to the transaction for which the adjustment is made and (ii) in all cases, unless the terms of such transaction shall provide otherwise, the Committee may make appropriate and proportionate adjustments in
the maximum number and kind of shares or other securities, and the annual limits on and aggregate number of Shares for which Awards, that may be issued pursuant to such Awards thereafter granted under the Plan. Notwithstanding anything to contrary
in the foregoing, any such adjustment shall be made in such a manner that will not affect the status of any Award intended to be excepted from treatment as nonqualified deferred compensation under Section 409A of the Code, qualify as an ISO
under Section 422 of the Code or as “performance based compensation” under Section 162(m) of the Code. No fractional interests will be issued under the Plan resulting from any such adjustments. 
  

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 ARTICLE V 
 Eligibility 
 Persons eligible to participate in the Plan are (i) Members,
(ii) Non-Employee Service Providers and (iii) Non-Employee Directors. Multiple grants of Awards under the Plan may be made in any calendar year to one or more Participants. 
 ARTICLE VI 
 Stock Options 
 6.1 Grant of Options. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time, may grant Options under
the Plan (with one Option representing one Share) to Members, Non-Employee Service Providers and Non-Employee Directors in such amounts as it shall determine; provided, however, that (i) Non-Employee Service Providers and Non-Employee Directors
may only be granted Non-Qualified Stock Options, (ii) no Participant may be granted Options in any calendar year for more than 400,000 Shares, provided that only for purposes of qualifying for the performance-based compensation exception under
Section 162(m) of the Code, Options which are awarded and then cancelled and Options for which the exercise price is lowered both continue to count against this limit, and (iii) the aggregate Fair Market Value (determined at the time the
Award is made) of Shares with respect to which any Participant may first exercise ISOs granted under the Plan during any calendar year may not exceed $100,000 or such amount as shall be specified in Section 422 of the Code and rules and
regulations thereunder. 
 6.2 Option Agreement. Each Option grant shall be evidenced by an Agreement that shall specify the type of
Option granted, the Option Price (as hereinafter defined), the duration of the Option, the number of Shares to which the Option pertains, any conditions imposed upon the exercisability of Options in the event of retirement, death, disability or
other termination of employment or service, and such other provisions as the Committee shall determine. The Agreement shall specify whether the Option is intended to be an Incentive Stock Option within the meaning of Section 422 of the Code, or
a Non-Qualified Stock Option not intended to be an Incentive Stock Option within the meaning of Section 422 of the Code; provided, however, that if an Option is intended to be an Incentive Stock Option but fails to be such for any reason, it
shall continue in full force and effect as a Non-Qualified Stock Option. If an Option is intended to be a Performance-Based Compensation Award, the terms and conditions thereof, including the Performance Goal and Performance Period, shall be set
forth in an Agreement or in a subplan of the Plan which is incorporated by reference into an Agreement and the requirements to satisfy or achieve the Performance Goal as so provided therein shall be considered to be restrictions under the Plan.

 6.3 Option Price. The Option Price of an Option shall be determined by the Committee subject to the following limitations. The
Option Price shall not be less than 100% of the Fair Market Value of such Stock on the Grant Date. In addition, an ISO granted to a Member who, at the time of grant, owns (within the meaning of Section 424(d) of the Code) stock possessing more
than 10% of the total combined voting power of all classes of stock of the Company, shall have an Option Price which is at least equal to 110% of the Fair Market Value of such Stock on the Grant Date. 
  

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 6.4 Duration of Options. Each Option shall expire at such time as the Committee shall determine;
provided, however, that no Option shall be exercisable after the expiration of ten years from its Award Date. In addition, an ISO granted to a Member who, at the time of grant, owns (within the meaning of Section 424(d) of the Code) stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company, shall not be exercisable after the expiration of five years from its Grant Date. 
 6.5 Exercisability. Options granted under the Plan shall be exercisable at such times and be subject to such restrictions and conditions as the
Committee shall determine, which need not be the same for all Participants. 
 6.6 Method of Exercise. Options shall be exercised by
the delivery of a written notice to the Company in the form prescribed by the Committee setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares and payment of (or an
arrangement satisfactory to the Company for the Participant to pay) any tax withholding required in connection with the Option exercise. The Option Price shall be payable to the Company in full either in cash, by delivery of Shares of Stock valued
at Fair Market Value at the time of exercise, or by a combination of the foregoing, except as otherwise provided below. 
 To the extent
permitted under the applicable laws and regulations, at the request of the Participant and with the consent of the Committee, the Company agrees to cooperate in a “cashless exercise” of an Option. The cashless exercise shall be effected by
the Participant delivering to a securities broker, selected or approved by the Committee, instructions to exercise all or part of the Option, including instructions to sell a sufficient number of shares of Stock to cover the costs and expenses
associated therewith. 
 As soon as practicable, after receipt of written notice and payment of the Option Price and completion of payment of
(or an arrangement satisfactory to the Company for the Participant to pay) any tax withholding required in connection with the Option exercise, the Company shall cause the appropriate number of Shares to be issued in the Participant’s name,
which issuance shall be effected in book entry or electronic form, provided that issuance and delivery in certificated form shall occur if the Participant so requests in writing or the Committee so directs. 
 6.7 Restrictions on Stock Transferability. The Committee may impose such restrictions on any Shares acquired pursuant to the exercise of an Option
under the Plan as it may deem advisable, including, without limitation, restrictions under applicable Federal securities law, under the requirements of the New York Stock Exchange or any stock exchange upon which such Shares are then listed and
under any blue sky or state securities laws applicable to such Shares. In the event the Committee so provides in an Agreement pertaining to an Option, Stock delivered on exercise of the Option may be designated as Restricted Stock or Stock subject
to a buyback right by the Company in the amount of, or based on, the Option Price therefor or otherwise in the event the Participant does not complete a specified service period after exercise. 
  

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 ARTICLE VII 
 Stock Appreciation Rights 
 7.1 Grant of Stock Appreciation Rights. Subject to the terms and
conditions of the Plan, the Committee, at any time and from time to time, may grant Stock Appreciation Rights under the Plan to Members and Non-Employee Service Providers in such amounts as it shall determine; provided, however, that no Participant
may be granted more than 400,000 SARs in any calendar year; and provided, further, that only for purposes of qualifying for the performance-based compensation exception under Section 162(m) of the Code, SARs for which the Base Value provided in
Section 7.5 against which the stock appreciation is determined is lowered continue to count against this limit. 
 7.2 SAR
Agreement. Each SAR grant shall be evidenced by an Agreement that shall specify the Base Value (as defined in Section 7.5), the duration of the SAR, the number of Shares to which the SAR pertains, any conditions imposed upon the
exercisability of the SAR in the event of retirement, death, disability or other termination of employment or service, and such other provisions as the Committee shall determine. SARs granted under the Plan shall be exercisable at such times and be
subject to such restrictions and conditions as the Committee shall determine, which need not be the same for all Participants consistent with the Plan. If a SAR Grant is intended to be a Performance-Based Compensation Award, the Performance Goal and
Performance Period shall be set forth in an Agreement or in a subplan of the Plan which is incorporated by reference into an Agreement and the requirements to satisfy or achieve the Performance Goal as so provided therein shall be considered to be
restrictions under the Plan. 
 7.3 Exercise of SARs. SARs may be exercised with respect to all or part of the Shares upon whatever
terms and conditions the Committee, in its sole discretion, imposes upon such SARs. SARs shall be exercised by delivery to the Committee of a notice of exercise in the form prescribed by the Committee. 
 7.4 Other Conditions Applicable to SARs. In no event shall the term of any SAR granted under the Plan exceed ten years from the Grant Date. A SAR
may be exercised only when the Fair Market Value of a Share exceeds the Base Value (as defined in Section 7.5). 
 7.5 Payment after
Exercise of SARs. Subject to the provisions of the Agreement, upon the exercise of SARs, the Participant is entitled to receive, without any payment to the Company (other than applicable tax withholding when due), an amount equal (the “SAR
Value”) to the product of multiplying (i) the number of Shares with respect to which the SAR is exercised by (ii) an amount equal to the excess of (A) the Fair Market Value per Share on the date of exercise of the SAR over
(B) the “Base Value” of the SAR designated in the Agreement (which “Base Value” shall be the Fair Market Value per Share on the Award Date or any amount greater than such Fair Market Value stated as the Base Value in the
Agreement). The Agreement may provide for payment of the SAR Value at the time of exercise or, on an elective or non-elective basis, for payment of the SAR Value at a later date, adjusted (if so provided 

  

 12 

 
in the Agreement) from the date of exercise based on an interest, dividend equivalent, earnings, or other basis (including deemed investment of the SAR Value
in Shares) set out in the Agreement (the “adjusted SAR Value”). The Committee is expressly authorized to grant SARs which are deferred compensation covered by Section 409A of the Code, as well as SARs which are not deferred
compensation covered by Section 409A of the Code. 
 Payment of the SAR Value or adjusted SAR Value to the Participant shall be made
(i) in Shares, valued at the Fair Market Value on the date of exercise in the case of an immediate payment after exercise or at the Fair Market Value on the date of settlement in the event of an elective or non-elective delayed payment,
(ii) in cash or (iii) in a combination thereof as determined or permitted by the Committee, either at the time of the Award or, unless otherwise provided in the applicable Agreement, thereafter, and as provided in the Agreement. Any
payment in Shares shall be effected in book entry or electronic form, provided that issuance and delivery in certificated form shall occur if the Participant so requests in writing or the Committee so directs. 
 7.6 Restrictions on Stock Transferability. The Committee may impose such restrictions on any Shares acquired pursuant to the exercise of a SAR
under the Plan as it may deem advisable, including, without limitation, restrictions under applicable Federal securities law, under the requirements of the New York Stock Exchange or any stock exchange upon which such Shares are then listed and
under any blue sky or state securities laws applicable to such Shares. In the event the Committee so provides in an Agreement pertaining to a SAR, Stock delivered on exercise of the SAR may be designated as Restricted Stock or Stock subject to a
buyback right by the Company in the amount of, or based on, the Base Value (as defined in Section 7.5) therefor or otherwise in the event the Participant does not complete a specified service period after exercise. 
 ARTICLE VIII 
 Restricted Stock 

 8.1 Grant of Restricted Stock. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time,
may grant Shares of Restricted Stock under the Plan to such Members, Non-Employee Service Providers and Non-Employee Directors and in such amounts as it shall determine; provided, however, that no Participant may be granted more than 200,000 Shares
of Restricted Stock in any calendar year. Participants receiving Restricted Stock Awards are not required to pay the Company therefor (except for applicable tax withholding when due) other than the rendering of services. As determined by the
Committee, Shares of Restricted Stock may be issued in book entry or electronic form or in certificated form. 
 Notwithstanding anything to
the contrary in the foregoing, the Committee is expressly authorized to make Awards of Restricted Stock based on a Member’s, Non-Employee Service Provider’s or Non-Employee Director’s acquisition and/or holding of Stock (including for
this purpose any deemed investment in Stock) in his individual capacity or under any nonqualified deferred compensation plan or tax qualified plan (if permissible under applicable qualification rules of the Code) maintained by the Company or a
Subsidiary. 
  

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 8.2 Restricted Stock Agreement. Each Restricted Stock Award shall be evidenced by an Agreement
that shall specify the Period of Restriction, the number of Shares of Restricted Stock granted, and the applicable restrictions (whether service-based restrictions, with or without performance acceleration, and/or performance-based restrictions) and
such other provisions as the Committee shall determine. If an Award of Restricted Stock is intended to be a Performance-Based Compensation Award, the terms and conditions of such Award, including the Performance Goal and Performance Period, which
shall be no less than one year, shall be set forth in an Agreement or in a subplan of the Plan which is incorporated by reference into an Agreement and the requirements to satisfy or achieve the Performance Goal as so provided therein shall be
considered to be restrictions under the Plan. If vesting of an Award of Restricted Stock is intended to be service-based (whether solely service-based or service-based with performance acceleration), the Award’s service-based vesting period
shall be at least three years, though the Award’s service-based vesting may occur ratably over the course of such period (e.g. a three year service-based award may vest one-third on each of the first, second and third anniversaries of the Grant
Date). Unless otherwise determined by the Committee, custody of Shares of Restricted Stock maintained in certificated form shall be retained by the Company until the termination of the restrictions pertaining thereto. 
 8.3 Other Restrictions. The Committee may impose such other restrictions under applicable Federal or state securities laws as it may deem
advisable, and may legend the certificates representing Restricted Stock to give appropriate notice of such restrictions. 
 8.4
Certificate Legend. In addition to any legends placed on certificates pursuant to Section 8.3 herein, each certificate representing Shares of Restricted Stock issued pursuant to the Plan shall bear the following legend: 
 “The sale or other transfer of the shares of Massey Energy Company stock represented by this certificate, whether voluntary, involuntary, or by
operation of law, is subject to certain restrictions on transfer set forth in the Massey Energy Company 2006 Stock and Incentive Compensation Plan, in the rules and administrative procedures adopted pursuant to such Plan, and in an associated
Restricted Stock Agreement. A copy of the Plan, such rules and procedures, and the applicable Restricted Stock Agreement may be obtained from the Secretary of Massey Energy Company.” 
 8.5 Removal of Restrictions. Except as otherwise provided in this Article, Shares of Restricted Stock covered by each Award of, or payable in,
Restricted Stock made under the Plan shall become freely transferable by the Participant after the last day of the Period of Restriction and, where applicable, after a determination of the satisfaction or achievement on any applicable Performance
Goal by the Committee. The Shares of Stock shall remain in book entry or electronic form, unless and until the Participant requests in writing, or the Committee directs, for certificates evidencing the Shares to be issued. Such Shares, having been
released from the restrictions, shall not bear the restrictive legends required by Section 8.3 or 8.4. 
  

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 8.6 Voting Rights. Unless otherwise provided in the Agreement, during the Period of Restriction,
Participants holding Shares of Restricted Stock granted hereunder may exercise voting rights with respect to those Shares. 
 8.7
Dividends and Other Distributions. Unless otherwise provided in the Agreement (which may or may not provide for the accumulation and payment of dividends and other distributions made in cash or property other than Shares until the Shares of
Restricted Stock to which the dividends and other distributions relates vest), during the Period of Restriction, Participants entitled to or holding Shares of Restricted Stock granted hereunder shall be entitled to receive all dividends and other
distributions paid in cash or property other than Shares with respect to those Shares of Restricted Stock. If any dividends or distributions are paid in Shares, such Shares shall be subject to the same restrictions on transferability and the same
rules for vesting, forfeiture and custody as the Shares of Restricted Stock with respect to which they were distributed. If provided in the Agreement and if a Participant timely elects in accordance with the requirements for compliance with the
nonqualified deferred compensation provisions of Section 409A of the Code, Participants may be given the right to elect to defer the receipt of such dividends and other distributions until the Participant ceases employment or service with the
Company and its Subsidiaries, until a specified time or until the Shares of Restricted Stock to which the dividends and other distributions relate vest. 
 ARTICLE IX 
 Restricted Units 
 9.1 Grant of Restricted Units. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time, may grant
Restricted Units under the Plan (with one Restricted Unit representing one Share) to such Members, Non-Employee Service Providers and Non-Employee Directors and in such amounts as it shall determine; provided, however, that no Participant may be
granted more than 200,000 Restricted Units in any calendar year. Participants receiving Restricted Unit Awards are not required to pay the Company therefor (except for applicable tax withholding when due) other than the rendering of services.

 Notwithstanding anything to the contrary in the foregoing, the Committee is expressly authorized to make Awards of Restricted Units based
on a Member’s, Non-Employee Service Provider’s or Non-Employee Director’s acquisition and/or holding of Stock (including for this purpose any deemed investment in Stock) in his individual capacity or under any nonqualified deferred
compensation plan or tax qualified plan (if permissible under applicable qualification rules of the Code) maintained by the Company or a Subsidiary. 
 9.2 Restricted Unit Agreement. Each Restricted Unit Award shall be evidenced by an Agreement that shall specify the Period of Restriction, the number of Restricted Units granted, and the applicable restrictions
(whether service-based restrictions, with or without performance acceleration, and/or performance-based restrictions) and such other provisions as the Committee shall determine. If an Award of Restricted Units is intended to be a Performance-Based
Compensation Award, the terms and conditions of such Award, including the Performance Goal and Performance Period, which shall be no less than one year, shall be set forth in an 

  

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Agreement or in a subplan of the Plan which is incorporated by reference into an Agreement and the requirements to satisfy or achieve the Performance Goal as
so provided therein shall be considered to be restrictions under the Plan. If vesting of an Award of Restricted Units is intended to be service-based (whether solely service-based or service-based with performance acceleration), the Award’s
service-based vesting period shall be at least three years, though vesting may occur ratably over the course of such period (e.g. a three year service-based award may vest one-third on each of the first, second and third anniversaries of the Grant
Date). 
 9.3 Dividends and Other Distributions. Unless otherwise provided in the Agreement (which may or may not provide for the
current payment, or for the accumulation subject to the same restrictions, vesting, forfeiture and payment as the Restricted Units to which they are attributable, of dividends and other distributions made in cash or property other than Shares),
during the Period of Restriction, Participants holding Restricted Units shall have no rights to dividends and other distributions made in cash or property other than Shares which would have been paid with respect to the Shares represented by those
Restricted Units if such Shares were outstanding. Unless otherwise provided in the Agreement, if any deemed dividends or other distributions would be paid in Shares, such Shares shall be considered to increase the Participant’s Restricted Units
with respect to which they were declared based on one Share equaling one Restricted Unit. In addition, unless otherwise provided in the Agreement, during the Period of Restriction, any such deemed dividends and other distributions for which rights
are provided but which are not paid currently shall be deemed converted to additional Restricted Units based on the Fair Market Value of a Share on the date of payment or distribution of the deemed dividend or distribution. If provided in the
Agreement and if a Participant timely elects in accordance with the requirements for compliance with the nonqualified deferred compensation provisions of Section 409A of the Code, Participants may be given the right to elect to receive or defer
the payment of any such deemed dividends and other distributions until the Participant ceases employment or service with the Company and its Subsidiaries, until a specified time or until the Restricted Units to which the dividends and other
distributions relate vest. 
 9.4 Payment after Lapse of Restrictions. Subject to the provisions of the Agreement, upon the lapse of
restrictions with respect to a Restricted Unit, the Participant is entitled to receive, without any payment to the Company (other than applicable tax withholding when due), an amount equal to the product of multiplying (i) the number of Shares
with respect to which the restrictions lapse by (ii) the Fair Market Value per Share on the date the restrictions lapse (such amount, the “RU Value”). 
 The Agreement may provide for payment of the RU Value at the time of vesting or, on an elective or non-elective basis, for payment of the RU Value at a later date, adjusted (if so provided in the Agreement) from the
date of exercise based on an interest, dividend equivalent, earnings, or other basis (including deemed investment of the RU Value in Shares) set out in the Agreement (the “adjusted RU Value”). The Committee is expressly authorized to grant
Restricted Units which are deferred compensation covered by Section 409A of the Code, as well as Restricted Units which are not deferred compensation covered by Section 409A of the Code. 
  

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 Payment of the RU Value or adjusted RU Value to the Participant shall be made (i) in Shares, valued
at the Fair Market Value on the date or dates the restrictions on the Award lapse in the case of an immediate payment after vesting or at the Fair Market Value on the date of settlement in the event of an elective or non-elective delayed payment,
(ii) in cash or (iii) in a combination thereof as determined or permitted by the Committee, either at the time of the Award or, unless otherwise provided in the applicable Agreement, thereafter, and as provided in the Agreement. Any
payment in Shares shall be effected in book entry or electronic form, provided that issuance and delivery in certificated form shall occur if the Participant so requests in writing or the Committee so directs. 
 ARTICLE X 
 Unrestricted Stock 

 Grant of Unrestricted Stock Awards. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to
time, may grant Unrestricted Stock Awards under the Plan to one or more Members and Non-Employee Service Providers in such amount or amounts as it shall determine; provided, however, that no Participant may be granted Unrestricted Stock Awards in
any calendar year for more than 200,000 Shares and that the aggregate number of Shares that may be issued under the Plan as Unrestricted Stock Awards during the term of the Plan shall not exceed 5% of the Maximum Aggregate Number of Shares as
determined in Section 4.1. Participants receiving Unrestricted Stock Awards are not required to pay the Company therefor (except for applicable tax withholding when due). Payment of a Unrestricted Stock Award shall be effected as soon as
practicable after the Award Date in book entry or electronic form, provided that issuance and delivery in certificated form shall occur if the Participant so requests in writing or the Committee so directs. 
 Notwithstanding anything to the contrary in the foregoing, the Committee is expressly authorized to make Awards of Unrestricted Stock based on a
Member’s, Non-Employee Service Provider’s or Non-Employee Director’s acquisition and/or holding of Stock (including for this purpose any deemed investment in Stock) in his individual capacity or under any nonqualified deferred
compensation plan or tax qualified plan (if permissible under applicable qualification rules of the Code) maintained by the Company or a Subsidiary. 
 ARTICLE XI 
 Incentive Awards 
 11.1 Incentive Award. Subject to the terms and conditions of the Plan, Incentive Awards may be granted to Members and Non-Employee Service Providers at any time and from time to time as shall be determined by
the Committee. Each Incentive Award will confer upon the Participant the opportunity to earn a future payment tied to the level of achievement with respect to one or more performance criteria established for a performance period of not less than one
year. Each Incentive Award shall contain provisions regarding (i) the target, minimum and maximum amounts payable to the Participant as an Incentive Award, (ii) the performance criteria and level of achievement versus these criteria which
shall determine the amount of such payment, (iii) the period as to which performance shall be measured for establishing the amount of any payment, (iv) the timing of any payment earned by virtue of 

  

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performance, (v) restrictions on the alienation or transfer of the Incentive Award prior to actual payment, (vi) forfeiture provisions,
(vii) immediate vesting provisions, and (viii) such further terms and conditions, in each case not inconsistent with the Plan as may be determined from time to time by the Committee. In establishing the provisions of Incentive Awards, the
Committee may refer to categories of such Awards as parts of a subplan or a “Program” under the Plan, which names will not affect the applicability of this Plan. The maximum amount payable as an Incentive Award may be a multiple of the
target amount payable, but the total of the maximum amount payable pursuant to that portion of an Incentive Award granted under this Plan for any fiscal year to any Participant that is intended to satisfy the requirements for “performance based
compensation” under Section 162(m) of the Code and that portion of an Incentive Award granted under this Plan for any fiscal year that is not intended to satisfy the requirements for “performance based compensation” under
Section 162(m) of the Code shall not exceed $10,000,000. 
 11.2 Performance Criteria. The Committee shall establish the
performance criteria and level of achievement versus the criteria which shall determine the target and the minimum and the maximum amounts payable under an Incentive Award, which criteria may be based on financial performance and/or personal
performance evaluations. The Committee may specify the percentage of the target Incentive Award that is intended to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code. Notwithstanding
anything to the contrary herein, the performance criteria for any portion of an Incentive Award that is intended by the Committee to satisfy the requirements for “performance-based compensation” under Section 162(m) of the Code shall
be a measure based on one or more Performance Goals selected by the Committee and specified at the time required under Section 162(m) of the Code. 
 11.3 Timing and Form of Payment. The Committee shall determine the timing of payment of any Incentive Award. The Committee may provide for or, subject to such terms and conditions as the Committee may specify
in the Incentive Award Agreement and subject to the requirements of Section 409A of the Code, may permit a Participant to elect for the payment of any Incentive Award to be deferred to a specified date or dates or to an event. Payment of the
amount to which a Participant shall be entitled upon the settlement of an Incentive Award shall be made in cash, Shares, property or a combination thereof as determined by the Committee. Payment may be made in a lump sum or installments as
determined or permitted by the Committee in the Incentive Award Agreement. Payment may be made (i) in Shares, valued at the Fair Market Value on the date of settlement, (ii) in cash or (iii) in a combination thereof as determined or
permitted by the Committee, either at the time of the Award or, unless otherwise provided in the applicable Agreement, thereafter, and as provided in the Agreement. Any payment in Shares shall be effected in book entry or electronic form, provided
that issuance and delivery in certificated form shall occur if the Participant so requests in writing or the Committee so directs. 
 11.4
Restrictions on Stock Transferability. The Committee may impose such restrictions on any Shares acquired in connection with the settlement of an Incentive Award under the Plan as it may deem advisable, including, without limitation,
restrictions under 

  

 18 

 
applicable Federal securities law, under the requirements of the New York Stock Exchange or any stock exchange upon which such Shares are then listed and
under any blue sky or state securities laws applicable to such Shares. In the event the Committee so provides in an Agreement pertaining to Incentive Award, Stock delivered connection with the settlement of an Incentive Award may be designated as
Restricted Stock or Stock subject to a buyback right by the Company on such basis as the Committee may provide in the event the Participant does not complete a specified service period after vesting in the Award. 
 11.5 Discretionary Adjustments. Notwithstanding satisfaction of any performance goals, the amount paid under an Incentive Award on account of
either financial performance or personal performance evaluations may be reduced by the Committee on the basis of such further considerations as the Committee in its sole discretion shall determine. 
 ARTICLE XII 
 Change in Control 

 In the event of a Change in Control of the Company, the Committee, as constituted before such Change in Control, in its sole discretion
may, as to any outstanding Award, either at the time the Award is made or any time thereafter, take any one or more of the following actions: (i) provide for the acceleration of any time periods relating to the exercise or realization of any
such Award so that such Award may be exercised or realized in full on or before a date initially fixed by the Committee; (ii) provide for the purchase or settlement of any such Award by the Company, with or without a Participant’s request,
for an amount of cash equal to the amount which could have been obtained upon the exercise of such Award or realization of such Participant’s rights had such Award been currently exercisable or payable; (iii) make such adjustment to any
such Award then outstanding as the Committee deems appropriate to reflect such Change in Control; or (iv) cause any such Award then outstanding to be assumed, or new rights substituted therefor, by the acquiring or surviving corporation in such
Change in Control. 
 ARTICLE XIII 
 Modification, Extension and Renewal of Awards 
 Subject to the terms and conditions and within the limitations of the Plan,
the Committee may modify, extend or renew outstanding Awards and may modify the terms of an outstanding Agreement; provided that the exercise price of any Award may not be lowered other than pursuant to Section 4.4 herein. In addition, the
Committee may accept the surrender of outstanding Awards granted under the Plan or outstanding awards granted under any other equity compensation plan of the Company and authorize the granting of new Awards pursuant to the Plan in substitution
therefor so long as the new or substituted awards do not specify a lower exercise price or Base Value than the surrendered Awards or awards and are not of a different type (with Options and SARs being one type and thus not eligible to be exchanged
for any Award other than Options or SARs), and otherwise the new Awards may specify a longer term than the surrendered Awards or awards, may provide for more rapid vesting and exercisability than the surrendered Awards or awards, and may contain any
other provisions that are authorized by the Plan. Notwithstanding the foregoing, however, no modification of an Award, shall, without the consent of the Participant, adversely affect the rights or obligations of the Participant. 
  

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 ARTICLE XIV 
 Amendment, Modification and Termination of the Plan 
 14.1 Amendment, Modification and
Termination. At any time and from time to time, the Board may terminate, amend, or modify the Plan. Such amendment or modification may be without shareholder approval except to the extent that such approval is required by the Code, pursuant to
the rules under Section 16 of the Exchange Act, by any national securities exchange or system on which the Stock is then listed or reported, by any regulatory body having jurisdiction with respect thereto or under any other applicable laws,
rules or regulations. 
 14.2 Awards Previously Granted. No termination, amendment or modification of the Plan herein shall in any
manner adversely affect any Award theretofore granted under the Plan, without the written consent of the Participant. 
 ARTICLE XV 

 Withholding 
 15.1
Tax Withholding. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy Federal, State and local taxes (including the Participant’s FICA
obligation) required by law to be withheld with respect to any grant, exercise, or payment made under or as a result of the Plan or any Agreement. 
 15.2 Stock Withholding. With respect to withholding required upon the exercise of Non-Qualified Stock Options, or upon the lapse of restrictions on Restricted Stock, or upon the occurrence of any other taxable event with respect to
any Award, Participants may elect, subject to the approval of the Committee, or the Committee may require Participants to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares of Stock having a Fair Market
Value equal to the amount required to be withheld. The value of the Shares to be withheld shall be based on the Fair Market Value of the Shares on the date that the amount of tax to be withheld is to be determined. All elections by Participants
shall be irrevocable and be made in writing and in such manner as determined by the Committee in advance of the day that the transaction becomes taxable. 
 ARTICLE XVI 
 Successors 
 All obligations of the Company under the Plan, with respect to Awards granted hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business and/or assets of the Company. 
  

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 ARTICLE XVII 
 General 
 17.1 Requirements of Law. The granting of Awards and the issuance of Shares of Stock
under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or self-regulatory organizations as may be required. 
 17.2 Effect of the Plan. The establishment of the Plan shall not confer upon any Member, Non-Employee Service Provider or Non-Employee Director
any legal or equitable right against the Company, a Subsidiary or the Committee, except as expressly provided in the Plan. The Plan does not constitute an inducement or consideration for the employment or service of any Member, Non-Employee Service
Provider or Non-Employee Director, nor is it a contract between the Company or any of its Subsidiaries and any Member, Non-Employee Service Provider or Non-Employee Director. Participation in the Plan shall not give any Member, Non-Employee Service
Provider or Non-Employee Director any right to be retained in the service of the Company or any of its Subsidiaries. Except as may be otherwise expressly provide in the Plan or in an Agreement, no Member, Non-Employee Service Provider or
Non-Employee Director who receives an Award shall have rights as a shareholder of the Company prior to the date Shares are issued to the Participant pursuant to the Plan, regardless of whether such Shares are held in book entry or electronic form or
in certificated form. 
 17.3 Creditors. The interests of any Participant under the Plan or any Agreement are not subject to the
claims of creditors and may not, in any way, be assigned, alienated or encumbered. 
 17.4 Governing Law. The Plan, and all Agreements
hereunder, shall be governed, construed and administered in accordance with and governed by the laws of the State of Delaware and applicable federal law. The Committee may provide that any dispute as to any Award shall be presented and determined in
such forum as the Committee may specify, including through binding arbitration. Any reference in this Plan or in an Agreement evidencing any Award to a provision of law or to a rule or regulation shall be deemed to include any successor law, rule or
regulation of similar effect or applicability. 
 17.5 Conflicts between the Plan and an Agreement. In the event of a conflict between
the Plan and an Agreement, the terms of the Plan shall control. 
 17.6 Severability. In the event any provision of the Plan shall be
held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 17.7 Unfunded Status of Plan. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With
respect to any payments as to which a Participant has a fixed and vested interest but which are not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a
general unsecured creditor of the Company. 
  

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 17.8 Transferability. Except for family transfers authorized in this Section (but only if the
Agreement evidencing an Award, or an amendment thereto authorized by the Committee, expressly states that it is transferable as provided herein), no Award granted under the Plan, nor any interest in such Award, may be sold, assigned, conveyed,
gifted, pledged, hypothecated or otherwise transferred in any manner, other than by will or the laws of descent and distribution, prior to the vesting or lapse of any and all restrictions applicable to any Shares issued under an Award. The Committee
may in its sole discretion grant an Award (other than an ISO) or amend an outstanding Award (other than an ISO) to provide that the Award is transferable or assignable to a member or members of the Participant’s “immediate family,” as
such term is defined under Exchange Act Rule 16a-l(e), or to a trust for the benefit solely of a member or members of the Participant’s immediate family, or to a partnership or other entity whose only owners are members of the
Participant’s family; provided that following any such transfer or assignment the Award will remain subject to substantially the same terms applicable to the Award while held by the Participant, as modified as the Committee in its sole
discretion shall determine appropriate, and the Participant shall execute an agreement agreeing to be bound by such terms. 
 17.9
Termination of Employment or Service. Unless otherwise provided in the Agreement pertaining to an Award, in the event that a Participant terminates his employment or service with the Company and its Subsidiaries for any reason, then the
unvested portion of such Award shall automatically be forfeited to, and be acquired at no cost by, the Company. Unless otherwise provided in the Agreement pertaining to an Award, in determining cessation of employment or service, transfers between
the Company and/or any Subsidiary shall be disregarded, and changes in status between that of a Member, a Non-Employee Service Provider and a Non-Employee Director shall be disregarded. The Committee may provide in an Agreement made under the Plan
for vesting of Awards in connection with the termination of a Participant’s employment or service on such basis as it deems appropriate, including, without limitation, any provisions for vesting at death, disability, retirement or in connection
with a Change in Control with or without the further consent of the Committee. The Agreements evidencing Awards may contain such provisions as the Committee may approve with reference to the effect of approved leaves of absence. 
 17.10 Registration and Other Laws And Regulations. The Plan, the grant and exercise of Awards hereunder, and the obligation of the Company to
sell, issue or deliver Shares under such Awards, shall be subject to all applicable federal, state and foreign laws, rules and regulations and to such approvals by any governmental or regulatory agency as may be required. The Company shall not be
required to register in a Participant’s name or deliver any Shares prior to the completion of any registration or qualification of such Shares under any federal, state or foreign law or any ruling or regulation of any government body which the
Committee shall, in its sole discretion, determine to be necessary or advisable. 
 No Option shall be exercisable unless a registration
statement with respect to the Option is effective or the Company has determined that such registration is unnecessary. Unless the Awards and Shares covered by the Plan have been registered under the 

  

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Securities Act of 1933, as amended, or the Company has determined that such registration is unnecessary, each person receiving an Award and/or Shares
pursuant to any Award may be required by the Company to give a representation in writing that such person is acquiring such Shares for his or her own account for investment and not with a view to, or for sale in connection with, the distribution of
any party thereof. 
 17.11 Beneficiary Designation. Each Participant shall have the right to notify the Committee in writing in a
form acceptable to the Committee of any designation of a successor in interest (a “Beneficiary”) to receive, if alive, benefits under the Plan or, if permitted by the Committee, with respect to any Award in the event of his death. Such
designation may be changed from time to time by notice in writing to the Committee in a form acceptable to the Committee. If a Participant dies without having designated a Beneficiary, or if the Beneficiary so designated has predeceased the
Participant or cannot be located by the Committee within one year after the date when the Committee commenced making a reasonable effort to locate such Beneficiary, then the executor or the administrator of the Participant’s estate shall be
deemed to be his Beneficiary. Any Beneficiary designation may include multiple, contingent or successive Beneficiaries and may specify the proportionate distribution to each Beneficiary. If a Beneficiary shall survive the Participant, but shall die
before the entire benefit payable to such Beneficiary has been distributed, then absent any other provision by the Participant, the unpaid amount of such benefit shall be distributed to the estate of the deceased Beneficiary. If multiple
Beneficiaries are designated, absent provisions by the Participant, those named or the survivors of them shall share equally any benefits payable under the Plan. Any Beneficiary, including the Participant’s spouse, shall be entitled to disclaim
any benefit otherwise payable to him under the Plan. 
 17.12 Nonqualified Deferred Compensation Plan Omnibus Provision. It is
intended that any compensation, benefits or other remuneration which is provided pursuant to or in connection with the Plan which is considered to be nonqualified deferred compensation subject to Section 409A of the Code shall be provided and
paid in a manner, and at such time and in such form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance. For purposes of Sections 4.4, 6.5, 7.3,
and 8.5 and Articles XII, XIII, and XIV, actions taken by the Board or the Committee, as applicable, shall be undertaken in a manner that either (a) will not negatively affect the status of any compensation, benefits or other remuneration
intended to be excepted from treatment as deferred compensation subject to Section 409A of the Code, or (b) will otherwise comply with Section 409A of the Code. The Committee is authorized to amend any Agreement and to amend or
declare void any election by a Participant as may be determined by it to be necessary or appropriate to evidence or further evidence required compliance with Section 409A of the Code. 
 For purposes of this Plan and the Agreements, unless otherwise provided in the Agreement, where the Agreement provides nonqualified deferred compensation
subject to Section 409A of the Code, termination of employment or service will be read to mean a “separation from service” within the meaning of Section 409A of the Code where it is reasonably anticipated that no further services
would be performed after that date or that the level of bona fide services Participant would perform after that date (whether as an employee or independent contractor) would permanently decrease to no more than 20 percent of the average level of
bona fide services performed over the immediately preceding thirty-six (36)-month period (or if less, the period of the Participant’s employment or service). 
  

 23 

 Where an Agreement provides nonqualified deferred compensation subject to Section 409A of the Code,
payments or settlement in connection with a separation from service payment event will be delayed, to the extent applicable, until six months after the separation from service or, if earlier, the Participant’s death, if the Participant is a key
employee of a publicly traded corporation under Section 409A(a)(2)(B)(i) of the Code (the “409A Deferral Period”). In the event such payments are otherwise due to be made in installments or periodically during the 409A Deferral
Period, the payment or settlement which would otherwise have been made in the 409A Deferral Period shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payments shall be made as otherwise
scheduled. 
 Where an Agreement provides or may provide nonqualified deferred compensation subject to Section 409A of the Code, no
elective deferral of payment or settlement of the Award to which the Agreement relates shall be permitted unless the election deferral provisions therefore are set out in the Agreement or in another written document authorized by the Committee in
accordance with the election requirements of Section 409A of the Code. 
  

 24Exhibit 10.17

 Exhibit 10.17 
 MASSEY EXECUTIVE 
 DEFERRED COMPENSATION PROGRAM 
 (Amended and Restated Effective as of January 1, 2009) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	
	THE PLAN	  	
	 1.01.
	  	Name	  	2
			
	 1.02.
	  	Purpose	  	2
			
	 1.03.
	  	Plan Administration	  	2
		
	ARTICLE II	  	
	DEFINITIONS	  	
	 2.01.
	  	Definitions	  	3
		
	ARTICLE III	  	
	PARTICIPATION	  	
	 3.01.
	  	Participation	  	5
		
	ARTICLE IV	  	
	MAINTENANCE OF ACCOUNTS	  	
	 4.01.
	  	Accounts	  	6
			
	 4.02.
	  	Contribution Adjustments	  	6
			
	 4.03.
	  	Earnings Adjustments	  	6
			
	 4.04.
	  	Distribution Adjustments	  	6
			
	 4.05.
	  	Forfeiture Adjustments	  	6
			
	 4.06.
	  	Vesting	  	6
		
	ARTICLE V	  	
	INVESTMENT OPTIONS	  	
	 5.01.
	  	Investment OptionsAccounts	  	6
			
	 5.02.
	  	Election of Investment Options	  	6
			
	 5.03.
	  	Method of Crediting Earnings Adjustments	  	7
		
	ARTICLE VI	  	
	ACCOUNT DISTRIBUTIONS AFTER TERMINATION OF SERVICE	  	
	 6.01.
	  	Account Distributions After Termination of Service	  	7

  

 i 

					
	ARTICLE VII	  	
	OTHER DISTRIBUTION EVENTS	  	
	 7.01.
	  	Change of Control	  	9
			
	 7.02.
	  	Unforeseeable Emergency	  	9
			
	 7.03.
	  	Withdrawals of Non-409A Funds	  	10
			
	 7.04.
	  	Withdrawals of 409A Funds	  	10
		
	ARTICLE VIII	  	
	MISCELLANEOUS PROVISIONS	  	
	 8.01.
	  	Participant Rights in the Unfunded Plan	  	10
			
	 8.02.
	  	Non-Assignability	  	10
			
	 8.03.
	  	Termination or Amendment of Plan	  	11
			
	 8.04.
	  	Continuation of Employment	  	11
			
	 8.05.
	  	Responsibility for Legal Effect	  	11
			
	 8.06.
	  	Withholding	  	11
			
	 8.07.
	  	Other Compensation Plans	  	11
			
	 8.08.
	  	Plan Binding on Successors	  	11
			
	 8.09.
	  	Singular, Plural; Gender	  	11
			
	 8.10.
	  	Controlling Law	  	12
			
	 8.11.
	  	Electronic Administration	  	12
			
	 8.12.
	  	Nonqualified Deferred Compensation Plan Omnibus Provision	  	12
		
	ARTICLE IX	  	
	ADOPTION	  	
		
	EXHIBIT I	  	14

  

 ii 

 MASSEY EXECUTIVE 
 DEFERRED COMPENSATION PROGRAM 
 (Amended and Restated Effective as of January 1, 2009) 
 THIS INSTRUMENT amends and restates the Massey Executive Deferred Compensation Program as previously amended and restated effective as of January 1,
2009. 
 WITNESSETH: 
 WHEREAS,
Fluor Corporation heretofore maintained three separate deferred compensation programs for its key employees, this Plan which covered deferrals of incentive compensation, the Fluor Corporation and Subsidiaries Executive Deferred Salary Program (the
“Deferred Salary Program”) which covered the deferral of salary and other related amounts and the Fluor Excess Benefit Plan (“Excess Benefit Plan”) which provided deferrals to compensate for benefits which would otherwise be lost
to highly compensated employees as a result of the contribution and benefit limitations imposed by ERISA; and 
 WHEREAS, Fluor Corporation,
effective as of May 1, 1995, combined all of the three foregoing unfunded deferred compensation programs for its key employees into a single program by (a) combining the Deferred Salary Program (including, without limitation, the excess
401(k) accounts previously maintained as a part of this program) with and into this Plan thereby merging all the accounts previously maintained under that Deferred Salary Program with and into this Plan and (b) by transferring the key employee
accruals previously maintained under the Excess Benefit Plan from the Excess Benefit Plan into this Plan; and 
 WHEREAS, Fluor Corporation
amended and restated the terms and conditions of the Plan as the Fluor Executive Deferred Compensation Program (formerly known as the Fluor Corporation and Subsidiaries Executive Deferred Compensation Program) effective as of May 1, 1997; and

 WHEREAS, Massey Energy Company (formerly Fluor Corporation) amended and restated the terms and conditions of the Plan as the Massey
Executive Deferred Compensation Program (formerly known as Fluor Executive Deferred Compensation Program) effective as of November 30, 2000; and 
 WHEREAS, Massey Energy Company amended the terms and conditions of the Plan as it relates to one or more Eligible Employees pursuant to their Employment Agreement(s) effective as of January 1, 2005; and

 WHEREAS, at the effective date of the January 1, 2005 amendment and restatement of the Plan, the only accounts being maintained under
the Plan are those provided for in one or more Employment Agreements; and 
 WHEREAS, Massey Energy Company now desires to amend and restate
the Plan again in order to provide for compliance with final regulations under Code Section 409A effective January 1, 2009, to the extent applicable to accounts under the Plan; 
  

 - 1 - 

 NOW, THEREFORE, the Company hereby declares that the current terms and conditions of the Massey Executive
Deferred Compensation Program as amended and restated effective January 1, 2009 are as follows: 
 ARTICLE I 
 THE PLAN 
  

	1.01.	NAME. This Plan shall be known as the “Massey Executive Deferred Compensation Program”. 

  

	1.02.	PURPOSE. This Plan is amended and restated for the purpose of providing Eligible Employees with a means to satisfy future financial needs and to provide for the deferral of
compensation for such employees. The Company intends that the Plan constitute an unfunded “top hat” plan maintained for the purpose of providing deferred compensation to a select group of management or highly compensated employees under
applicable provisions of ERISA. 

  

	1.03.	PLAN ADMINISTRATION. The Plan shall be administered by the Committee in accordance with the following: 

 (a) The Committee, on behalf of a Participant and his Beneficiary, shall enforce the Plan in accordance with its terms, shall be charged with the general
administration of the Plan, and shall have all powers necessary to accomplish its purposes, including, but not by way of limitation, the following: 
 (i) To determine all questions relating to the eligibility to participate; 
 (ii) To construe
and interpret the terms and provisions of the Plan; 
 (iii) To compute and certify to the amount and kind of benefits payable
to a Participant or his Beneficiary; 
 (iv) To maintain all records that may be necessary for the administration of the Plan;

 (v) To provide for the disclosure of all information and the filing or provision of all reports and statements to a
Participant, his Beneficiary or governmental agencies as the Committee may determine or as shall be required by law; 
 (vi)
To make and publish such rules for the regulation of the Plan and procedures for the administration of the Plan, including procedures for claims made by Participants or beneficiaries under the Plan, as are not inconsistent with the terms hereof; and

 (vii) To appoint a plan administrator or any other agent, and to delegate to such person such powers and duties in
connection with the administration of the Plan as the Committee may from time to time prescribe. If no plan administrator is appointed or serving, the Company shall be the plan administrator. 
  

 - 2 - 

 (b) The Committee shall have full discretion to make factual determinations as may be necessary and to
construe and interpret the terms and provisions of this Plan, which interpretation or construction shall be final and binding on all parties, including but not limited to the Company and a Participant or any Beneficiary. The Committee shall
administer such terms and provisions in a uniform manner and in full accordance with any and all laws applicable to the Plan. 
 (c) To enable
the Committee to perform its functions, the Company shall supply full and timely information to the Committee on all Plan matters relating to any Participant, their death or other cause of termination, and such other pertinent facts as the Committee
may require. 
 ARTICLE II 
 DEFINITIONS 
  

	2.01.	DEFINITIONS. 

 Accrual Accounts - shall mean a
Participant’s Cash Retention Bonus Account, Retention Stock Account, SAR Account, Shadow Stock Vesting Account, and Other Account(s), if any. 
 Affiliate - means (i) any entity that is a member of a controlled group of corporations as defined in Code Section 1563(a), determined without regard to Code Section 1563(a)(4) and 1563(e)(3)(c), of which the Company
is a member according to Code Section 414(b); (ii) an unincorporated trade or business that is under common control with the Company as determined according to Code Section 414(c); (iii) a member of an affiliated service group of
which the Company is a member according to Code Section 414(m); or (iv) any entity required to be aggregated with the Company according to Section 414(o). 
 Beneficiary - shall mean the person, persons, entity, entities or the estate of a Participant, who is designated by the Participant on a form provided by the Company to receive benefits on account of the
Participant’s death, or in the absence of any designation, the personal representative of the Participant’s estate. 
 Board
- shall mean the Board of Directors of Massey Energy Company. 
 Cash Retention Bonus Account - shall mean a Participant’s account
maintained under the Plan to reflect allocations under the Plan of retention cash awards pursuant to the Participant’s Employment Agreement. This account may be divided into subdivisions to reflect annual or other periodic entitlements and/or
vesting therein pursuant to the Participant’s Employment Agreement as determined from time to time by the Committee. 
 Change of
Control - “Change of Control” of the Company shall be deemed to have occurred if, (i) a third person, including a “group” as defined in 1.409A-3(i)(5)(v)B of the Treasury Regulations, acquires (or has acquired during the
12 month period ending on the date of the most recent acquisition by such third person or group) shares of the Company having 30% or more of the total voting power of the stock of the Company; or (ii) as the result of any cash tender or
exchange offer, merger or other 

  

 - 3 - 

 
business combination or any combination of the foregoing transactions (a “Transaction”), the persons who were directors of the Company before the
Transaction are replaced during and 12 month period as directors of the Company or any successor to the Company by directors whose appointment or election is not endorsed by a majority of the directors of the Company before the Transaction.

 Code - shall mean the Internal Revenue Code of 1986, as amended, and, to the extent not inconsistent therewith, regulations and
other guidance issued thereunder. 
 Committee - shall mean the Compensation Committee of the Company. 
 Company - shall mean Massey Energy Company. 
 Effective Date - shall mean May 1, 1995 (the original effective date of the Plan). The effective date of this amendment and restatement of the Plan is January 1, 2009. 
 Eligible Employee - shall mean any employee of the Company or its subsidiaries who has been specifically designated as eligible for participation
in the Plan by the Committee and until the earlier of such time as such person ceases to be an employee of the Company and its Affiliates or such time as the Committee decides he should no longer actively participate in the Plan. 
 Employment Agreement - an Employment Agreement entered into by and between Massey Energy Company or one of its Affiliates and an Eligible Employee
which expressly provides for contributions to the Plan. 
 ERISA - shall mean the Employee Retirement Income Security Act of 1974, as
amended. 
 409A Funds - shall mean that part of any Accrual Account balance considered to be deferred compensation and covered by the
rules of Code Section 409A. 
 Investment Options - shall mean the investment options shown on Exhibit I. 
 Non-409A Funds - shall mean that part of any Accrual Account balance not considered to be deferred compensation covered by the rules of Code
Section 409A including the part of any Accrual Account as of December 31, 2004, the right to which is earned and vested as of such date, plus any future contributions to such accounts, the right to which was earned and vested as of such
date, to the extent such contributions are actually made, and applicable earnings (less losses) on such amounts. 
 Normal Retirement
Age - shall mean 65 years of age. 
 Other Account(s) - shall mean a Participant’s account(s) maintained under the Plan to
reflect allocations under the Plan of amounts other than retention cash awards, retention stock awards, stock appreciation rights and shadow stock units pursuant to the Participant’s Employment Agreement. This account may be divided into
subdivisions to reflect annual or other periodic entitlements and/or vesting in amounts therein pursuant to the Participant’s Employment Agreement as determined from time to time by the Committee. 
  

 - 4 - 

 Participant - an Eligible Employee for whom one or more Accrual Accounts are maintained under the
Plan. 
 Plan - shall mean the Massey Executive Deferred Compensation Program the terms of which are set forth herein. 
 Plan Year - shall mean the calendar year. 
 Profit Sharing Plan - shall mean the Coal Company Salary Deferral and Profit Sharing Plan of A. T. Massey Coal Company, Inc. 
 Retention Stock Account - shall mean a Participant’s account maintained under the Plan to reflect allocations under the Plan of retention stock awards pursuant to the Participant’s Employment Agreement. This account may be
divided into subdivisions to reflect annual or other periodic entitlements and/or vesting therein pursuant to the Participant’s Employment Agreement as determined from time to time by the Committee. 
 SAR Account - shall mean a Participant’s account maintained under the Plan to reflect allocations under the Plan of stock appreciation rights
pursuant to the Participant’s Employment Agreement. This account may be divided into subdivisions to reflect annual or other periodic entitlements and/or vesting therein pursuant to the Participant’s Employment Agreement as determined from
time to time by the Committee. In addition, the 2005 SAR account described in Plan Section 6.01(h) shall be maintained and accounted for separately from the balance of the SAR Account or any other subdivision thereof maintained for the Participant
in question. 
 Shadow Stock Vesting Account - shall mean a Participant’s account maintained under the Plan to reflect allocations
under the Plan of shadow stock units pursuant to the Participant’s Employment Agreement. This account may be divided into subdivisions to reflect annual or other periodic entitlements and/or vesting therein pursuant to the Participant’s
Employment Agreement as determined from time to time by the Committee. 
 Termination of Service - shall mean, with respect to a
Participant, the cessation of the Participant’s employment with the Company and its Affiliates on account of death, disability, severance or any other reason. Cessation of employment shall be interpreted consistent with the rules for a
“separation from service” for purposes of Code Section 409A, and the Company and each Affiliate shall be treated as a single employer. 
 ARTICLE III 
 PARTICIPATION 
  

	3.01.	PARTICIPATION. Only Eligible Employees may become Participants in the Plan. An Eligible Employee shall become a Participant when one or more Accrual Accounts are maintained under
the Plan pursuant to his Employment Agreement. A Participant shall continue to participate and be entitled to defer amounts under the Plan until such date as the Committee may declare he is no longer a Participant entitled to defer amounts under the
Plan or until the date that he is no longer an Eligible Employee, provided, however, that deferrals under the Plan shall cease only to the extent permissible under Code Section 409A. 

  

 - 5 - 

 ARTICLE IV 
 MAINTENANCE OF ACCOUNTS 
  

	4.01.	ACCOUNTS. The Company shall maintain one or more Accrual Accounts and subdivisions therefore to reflect the deferred amounts due to each Participant under the Plan, adjusted as
provided for herein. The Company shall maintain adequate records to determine the portions of each Accrual Account and subdivision thereof which are 409A Funds and Non-409A Funds. 

  

	4.02.	CONTRIBUTION ADJUSTMENTS. Each Accrual Account of a Participant shall be added to as provided in the Participant’s Employment Agreement. 

  

	4.03.	EARNINGS ADJUSTMENTS. Each Accrual Account of a Participant shall be adjusted monthly (or at such intervals as the Committee provides, but not less frequently than quarterly) to
reflect any gains and/or losses thereon (the “Earnings Adjustment”) in accordance with the provisions of Article V hereof. 

  

	4.04.	DISTRIBUTION ADJUSTMENTS. Each Accrual Account of a Participant shall be reduced to reflect any distributions from the Plan to the Participant or his Beneficiary.

  

	4.05.	FORFEITURE ADJUSTMENTS. Each Accrual Account of a Participant shall be reduced to reflect any forfeiture therefrom as provided in the Participant’s Employment Agreement.
Forfeitures shall occur as provided in the Participant’s Employment Agreement or in the Plan. Forfeitures shall revert to the Company. 

  

	4.06.	VESTING. A Participant shall only be entitled to that portion of his Accrual Accounts which are vested. Vesting shall occur as provided in the Participant’s Employment
Agreement or in the Plan. 

 ARTICLE V 
 INVESTMENT OPTIONS 
  

	5.01.	INVESTMENT OPTIONS. The Company has selected the Investment Options described in Exhibit I any of which may be changed, modified or deleted, or additional investment options may be
added, from time to time by the Committee. 

  

	5.02.	ELECTION OF INVESTMENT OPTIONS. 

 (a) A Participant shall
allocate his Accrual Accounts among the Investment Options. Such Investment Options will be used as a measure of the investment performance of his Accrual Accounts. A Participant may specify that all or any 10% multiple (or such other multiple or a
specified dollar amount as the Committee may permit) of his Accrual Accounts be deemed to be invested in one or more of the Investment Options. 
 (b) A Participant may reallocate the Investment Options for his Accrual Accounts once every six months (or more frequently as the Committee may permit) in 10% multiples (or such other multiple or a specified dollar amount as the Committee
may permit). Unless the Committee provides for more frequent account valuations and adjustments, any reallocation will be 

  

 - 6 - 

 
effective as of the first day of the month (or such more frequent period as the Committee may provide) following the month (or other provided period) in
which an appropriately completed form is received by the Committee. Until a Participant delivers a new Investment Option form to the Committee (or its delegate), his prior Investment Options shall control. If a Participant fails to select an
Investment Option for his Accrual Accounts, he shall be deemed to have elected the Default Investment Option as provided in Exhibit I. 
  

	5.03.	METHOD OF CREDITING EARNINGS ADJUSTMENTS. Earnings Adjustments will be credited to each Participant’s Accrual Accounts as follows: As of the last day of each month (or such
more frequent period as the Committee may provide) in which any amount remains credited to the Accrual Accounts of the Participants, each portion of such accounts deemed invested in a particular Investment Option shall either be credited or debited
with an amount equal to that determined by multiplying the balance of such portion of such account as of the last day of the preceding month (or such more frequent period as the Committee may provide) by the return rate for that month (or other
provided period) for the applicable Investment Option. As to the applicable amount distributed, the Company shall make crediting or debiting adjustments to each Participant’s Accrual Accounts on the last day of the month (or such more frequent
period as the Committee may provide) of the date of distribution. 

 A Participant shall be entitled to payment of an amount
equal to the vested amount in each of his Accrual Accounts in accordance with the applicable provisions of the Plan. 
 ARTICLE VI 

ACCOUNT DISTRIBUTIONS AFTER TERMINATION OF SERVICE 
  

	6.01.	ACCOUNT DISTRIBUTIONS AFTER TERMINATION OF SERVICE. Distribution of a Participant’s vested Accrual Accounts shall be made as follows. 

 (a) Except as expressly provided elsewhere in the Plan, no distributions from the Plan to a Participant shall be made until the Participant’s
Termination of Service. 
 (b) In the event of the death of a Participant prior to or after commencement of any payments hereunder, payments
of the Participant’s remaining entitlement under the Plan shall be made to his Beneficiary. Any payment election for payment in installments shall continue to be effective. 
 (c) All distributions from the Plan shall be made in a lump sum in cash except to the extent a Participant, with the consent of the Committee, has elected
a specified installment payment period for any 409A Funds. Any such election of a specified installment payment period for any 409A Funds must be filed prior to the calendar year in which begins the service period with respect to which the Company
contribution to which such 409A Funds are attributable relates or, if later, any election deadline permitted under Code Section 409A for such 409A Funds which the Committee permits to be utilized in the administration of the Plan (including
without limitation the deadline of six months prior to the end of the performance period for a bonus or incentive pay which is which is performance-based compensation and is based on services performed over a period of at least twelve months (within
the meaning of Code Section 409A(a)(4)(B)(iii)). Any such payment date election may not be 

  

 - 7 - 

 
modified or revoked by the Participant after the latest time for making the election. If any distributions from the Plan are to be paid in installments, they
shall be paid in a specified number (not to exceed twenty) of annual installments. If any distributions from the Plan are to be paid in installments, they shall continue to be subject to Earnings Adjustments pursuant to Article V hereof. 

(d) The lump sum payment and the first installment payment, if any, shall be paid in January of the calendar year following the calendar year of a
Participant’s Termination of Service, provided, however, that (i) if the Participant’s Termination of Service occurs on December 31 and the Participant is then a “covered employee” (as defined for purposes of Code
Section 162(m)(3)), the payment of that portion of any account balance which vests in the calendar year in which his Termination of Service occurs shall be made, or commence to be made, to the Participant on or as soon as administratively
practicable following March 20 of the calendar year following the calendar year of the Participant’s Termination of Service and (ii) no payment of 409A Funds shall be made, or commence to be made, earlier than the earliest time of
payment permitted under Code Section 409A in accordance with Section 6.01(g). 
 (e) To the extent a Participant’s entitlement
is paid in installments, the second installment payment shall be paid during January of the calendar year following the calendar year in which the first installment was paid and all remaining installments will be paid annually in the month of
January without regard to any delay to the first installment payment that may occur in accordance with Sections 6.01(d) and (g). 
 (f) If
Plan Earnings Adjustments are not determined on a daily valuation basis, unless otherwise determined by the Committee, any lump sum or installment payment shall be made in an initial payment and a true-up payment by paying 90% of the previous month
end (or other time of valuation hereunder) balance at the designated payment date and then making a second payment truing up the payment which shall include both the remaining 10% plus an Earnings Adjustment for the month (or partial portion of the
month if paid earlier than the end of the month) of the initial 90% payment, which second payment shall be made during the month following the month of the initial payment. The Committee may change the 90% and 10% figures in order to anticipate
substantial fluctuations in Earnings Adjustments. 
 (g) If at any time when the Company has any stock publicly traded on an established
securities market or otherwise, a Participant who is a “specified employee” (as defined in regulations promulgated under Section 409A of the Code) is entitled to benefits under this Plan upon a “separation from service” then
to the extent necessary to comply with the “specified employee” rule of Code Section 409A, no payments may be made hereunder before the date which is six months after the Participant’s separation from service or, if earlier, his
date of death. All such amounts which would have otherwise been required to be paid to the Participant during such six months, or if earlier, the Participant’s death, shall be paid in one lump sum payment as soon as administratively practicable
after the date which is six months after the Participant’s separation from service or, if earlier, the Participant’s death. This provision is intended to comply with the “specified employee” rule of Code Section 409A and
shall be interpreted accordingly. 
 (h) Notwithstanding the foregoing, the SAR Account balance of Don L. Blankenship attributable to those
Stock Appreciation Rights (“SARs”) awarded to him under the Massey Energy Company 1997 Stock Appreciation Rights Plan as provided in 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 said Blankenship shall be paid in a lump sum on the first anniversary of Blankenship’s separation from
service with the Company and its affiliates for purposes of Code Section 409A or death (whichever occurs first). The value transferred to the Plan on exercise of the aforementioned SARs shall be separately accounted for through the maintenance of a
separate subdivision of the SAR Account under the Plan called the “2005 SAR Account.” 
  

 - 8 - 

 ARTICLE VII 
 OTHER DISTRIBUTION EVENTS 
  

	7.01.	CHANGE OF CONTROL. Notwithstanding any other Section hereof, if a Participant’s employment with the Company and its Affiliates terminates for any reason other than death,
within the two-year period beginning on the date that a Change of Control of the Company occurs, then the Company shall pay to the Participant within the first fifteen days of the month following such termination a lump sum distribution in cash of
all of his Accrual Accounts. If the Participant dies after termination of employment but before payment of any amount under this Section, then such amount shall be paid to the Beneficiary within the first fifteen days of the month following the
Participant’s death. Notwithstanding the foregoing, in the case of any 409A Funds, payment thereof shall not be made earlier than the earliest time of payment permitted under Code Section 409A as described in Plan Section 6.01(g). In
addition, notwithstanding the foregoing, this Section shall not apply to any Non-409A Funds to which this distribution right was not available on October 3, 2004. Finally, notwithstanding the foregoing, this Section shall not apply to the 2005
SAR Account described in Plan Section 6.01(h). 

  

	7.02.	UNFORESEEABLE EMERGENCY. 

 (a) With the consent of the
Committee, a distribution of a portion of a Participant’s vested Accrual Accounts because of an Unforeseeable Emergency will be permitted only to the extent required by the Participant to satisfy the emergency need plus, in the case of a
withdrawal of 409A Funds if approved by the Committee, amounts necessary to pay taxes reasonably anticipated as a result of the distribution. Whether an Unforeseeable Emergency has occurred will be determined solely by the Committee. Distributions
in the event of an Unforeseeable Emergency may be made by and with the approval of the Committee upon written request by the Participant. 
 (b) An “Unforeseeable Emergency” is defined as a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary or the
Participant’s dependent (as defined in Code Section 152, without regard to Code Section (b)(1), (b)(2) and (d)(1)(B)), a loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a
home not otherwise covered by insurance, for example, not as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. In addition, the need
to pay for medical expenses, including non-refundable deductibles, as well as for the cost of prescription drug medication, may constitute an Unforeseeable Emergency. Finally, the need to pay for funeral expenses of a spouse, beneficiary or
dependent may also constitute an Unforeseeable Emergency. The circumstances that will constitute an unforeseeable emergency will depend upon the facts of each case, but, in any event, any distribution under this Section shall not exceed the amount
required by the Participant to resolve the hardship after (i) reimbursement or compensation through insurance or otherwise or (ii) obtaining liquidation of the Participant’s assets, to the extent such liquidation would not itself
cause a severe financial hardship. 
 (c) Notwithstanding the foregoing, this Section shall not apply to any Non-409A Funds to which this
withdrawal right was not available on October 3, 2004, and to the extent the definition of “Unforeseeable Emergency” set forth above would result in a material modification within the meaning of Code Section 409A with respect to
the Non-409A Funds, the definition of “Unforeseeable Emergency” in effect under the Plan on December 31, 2004 shall apply in lieu of the above definition. 
  

 - 9 - 

	7.03.	WITHDRAWALS OF NON-409A FUNDS. With the consent of the Committee, a Participant may elect by filing with the Company a form specified by the Committee, to receive an amount equal to
ninety percent of his Non-409A Funds at any time prior to his Termination of Service. If the Participant makes an election described in this Section 7.03 the balance of the Participant’s Non-409A Funds not distributed to the Participant
shall be forfeited to the Company; the amount to which he is entitled under this Section 7.03 shall be distributed to the Participant in a single lump sum as soon as administratively practical following such election. Notwithstanding the
foregoing, this Section shall not apply to any Non-409A Funds to which this withdrawal right was not available on October 3, 2004. 

  

	7.04.	WITHDRAWALS OF 409A FUNDS. With the consent of the Committee prior to a Participant’s making a payment date election, the Participant may elect a specified payment date for any
vested 409A Funds in his Other Account(s). Any such election of a specified payment date must be filed prior to the calendar year in which begins the service period with respect to which the Company contribution to which such 409A Funds are
attributable relates or, if later, any election deadline permitted under Code Section 409A for such 409A Funds which the Committee permits to be utilized in the administration of the Plan (including without limitation the deadline of six months
prior to the end of the performance period for a bonus or incentive pay which is performance-based compensation and is based on services performed over a period of at least twelve months (within the meaning of Code Section 409A(a)(4)(B)(iii)).
Any such payment date election may not be modified or revoked by the Participant after the latest time for making the election. In the event of the Participant’s Termination of Service prior to the specified payment date, the payment date
election shall be automatically revoked and the payment of the Participant’s Plan benefit shall be made as provided in Article VI. Any payment pursuant to this Section shall be made in a lump sum in cash 

 ARTICLE VIII 
 MISCELLANEOUS PROVISIONS 

  

	8.01.	PARTICIPANT RIGHTS IN THE UNFUNDED PLAN. Any liability of the Company to any Participant with respect to any benefit shall be based solely upon the contractual obligations created
by the Plan; no such obligation shall be deemed to be secured by any pledge or any encumbrance on any property of the Company. The Company’s obligations under this agreement shall be an unfunded and unsecured promise to pay. No Participant or
his designated beneficiaries shall have any rights under the Plan other than those of a creditor of the Company. Assets segregated or identified by the Company for the purpose of paying benefits pursuant to the Plan remain general corporate assets
subject to the claims of the Company’s creditors. 

  

	8.02.	 NON-ASSIGNABILITY. Neither a Participant nor his Beneficiary shall have any power or right to transfer, assign, anticipate, hypothecate or otherwise encumber any
part or all of the amounts payable hereunder, which are expressly declared to be unassignable and non-transferable. Any such attempted assignment or transfer shall be void and the Company shall thereupon 

  

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have no further liability to such Participant or such Beneficiary hereunder. No amount payable hereunder shall, prior to actual payment thereof, be subject
to seizure by any creditor of any Participant or Beneficiary for the payment of debt, judgment or other obligation, by a proceeding at law or in equity, nor transferable by operation of law in the event of the bankruptcy, insolvency or death of the
Participant, his designated Beneficiary or any other beneficiary hereunder. 

  

	8.03.	TERMINATION OR AMENDMENT OF PLAN. The Company retains the right, at any time and in its sole discretion, to amend or terminate the Plan, in whole or in part. Any amendment of the
Plan shall be approved by the Board, shall be in writing, and shall be communicated to the Participants. Notwithstanding the above, the Committee shall have the authority to change the requirements of eligibility or to modify the Investment Options
hereunder. Except as provided in Section 8.12, no amendment of the Plan shall materially impair or curtail the Company’s contractual obligations arising from elections previously made or for benefits accrued prior to such amendment.
Notwithstanding any other provision herein to the contrary other than prohibitions on impermissible distributions of 409A Funds under Code Section 409A, in the event of Plan termination, payment of Accrual Accounts shall occur not later than
the last business day of the month following the month in which the termination is made effective. 

  

	8.04.	CONTINUATION OF EMPLOYMENT. This Plan shall not be deemed to constitute a contract of employment between the Company and any Participant. Nothing in the Plan or in any instrument
executed pursuant to the Plan will confer upon any Participant any right to continue in the employ of the Company or any subsidiary or affect the right of the Company or any subsidiary to terminate the employment of any Participant at any time with
or without cause. 

  

	8.05.	RESPONSIBILITY FOR LEGAL EFFECT. Neither the Committee nor the Company makes any representations or warranties, express or implied, or assumes any responsibility concerning the
legal, tax or other implications or effects of the Plan. 

  

	8.06.	WITHHOLDING. Except as prohibited by Code Section 409A for 409A Funds, the Company shall withhold from or offset against any payment or accrual made under the Plan any taxes
the Company determines it is required to withhold by applicable federal, state or local laws. 

  

	8.07.	OTHER COMPENSATION PLANS. The adoption of the Plan shall not affect any other incentive or other compensation plans in effect for the Company or any subsidiary, nor shall the Plan
preclude the Company from establishing any other forms of incentive or other compensation for employees of the Company or any subsidiary. 

  

	8.08.	PLAN BINDING ON SUCCESSORS. The Plan shall be binding upon the successors and assigns of the Company. 

  

	8.09.	SINGULAR, PLURAL; GENDER. Wherever appropriate in the Plan, nouns in the singular shall include the plural, and the masculine pronoun shall include the feminine gender.

  

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	8.10.	CONTROLLING LAW. The Plan shall be governed by and construed in accordance with the internal law, without regard to conflict of law principles, of the Commonwealth of Virginia to
the extent not pre-empted by the laws of the United States of America. 

  

	8.11.	ELECTRONIC ADMINISTRATION. Notwithstanding anything to the contrary in the Plan, the Committee may provide from time to time that Participant elections, and any other aspect of Plan
administration may be made by telephonic or other electronic means rather than in paper form. 

  

	8.12.	NONQUALIFIED DEFERRED COMPENSATION PLAN OMNIBUS PROVISION. 

 It is intended that any compensation, benefits or other remuneration which is provided pursuant to or in connection with the Plan which is considered to be nonqualified deferred compensation subject to Code Section 409A shall be
provided and paid in a manner, and at such time and in such form, as complies with the applicable requirements of Code Section 409A to avoid the unfavorable tax consequences provided therein for non-compliance. The Committee is authorized to
amend the Plan or any election under the Plan as may be determined by it to be necessary or appropriate to evidence or further evidence required compliance with Code Section 409A. 
 It is specifically intended that all elections, consents and modifications thereto under the Plan will comply with the requirements of Code
Section 409A (including any transition or grandfather rules thereunder). The Committee is authorized to adopt rules or regulations deemed necessary or appropriate in connection therewith to anticipate and/or comply the requirements of Code
Section 409A (including any transition or grandfather rules thereunder). 
 It is also intended that if any compensation, benefits or
other remuneration which is provided pursuant to or in connection with the Plan is considered to be nonqualified deferred compensation subject to Code Section 409A but for being earned and vested as of December 31, 2004 (i.e., Non-409A
Funds), then no material modification of the Plan after October 3, 2004 shall apply to such Plan benefits which are earned and vested as of December 31, 2004 unless such modification expressly so provides and then complies with Code
Section 409A. 
 ARTICLE IX 
 ADOPTION 
 The Company has adopted this restatement of the Plan pursuant to action taken by the Board. 
 [Signature on following page.] 
  

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 As evidence of its adoption of this restatement of the Plan, Massey Energy Company has caused this
document to be signed by its undersigned officer, this 23 day of December, 2008, effective January 1, 2009. 
  

	
	MASSEY ENERGY COMPANY
	
	 /s/ John M. Poma

	Its Vice President - Human Resources

  

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 EXHIBIT I 
 PLAN INVESTMENT OPTIONS 
 (Effective as of July 30, 2008) 
 Effective July 30, 2008, the following Investment Funds (with the description of investment objectives and strategy being as of March 31, 2008, but subject to
change by the fund managers as permitted by the applicable fund governing documents) are available under the Plan: 
  

	 	•	 	 INVESCO Stable Value Trust is managed by INVESCO Institutional (N.A.), Inc. This fund seeks the preservation of principal and interest income
reasonably obtained under prevailing market conditions and rates, consistent with seeking to maintain required liquidity. 

  

	 	•	 	 Oppenheimer Strategic Income Fund is managed by Oppenheimer Funds. This fund seeks high current income by investing mainly in debt securities. The
fund invests mainly in debt securities of issuers in three market sectors: foreign governments and companies, J.S. government securities and lower-rated high yield securities of U.S. and foreign companies (commonly called “junk bonds”).
The fund can invest 100% of its assets in any one sector at any time. 

 This fund replaces the INVESCO Core Fixed Income
Trust effective July 30, 2008; and all Plan balances held in, and all contribution investment directions allocating funds to, the INVESCO Core Fixed Income Trust otherwise in effect on July 30, 2008 shall automatically be converted to
investment directions allocating funds to the Oppenheimer Strategic Income Fund. 
  

	 	•	 	 American Balanced Fund is managed by The American Funds Group. This fund seeks capital preservation, current income, and long-term growth of capital
and income. This fund normally invests in a broad range of securities including stocks and bonds. The Fund may also invest in securities issued and guaranteed by the U.S. government. 

  

	 	•	 	 American Fundamental Investors is managed by The American Funds Group. This fund seeks long-term growth of capital and income and invests primarily in
common stocks or securities convertible into common stocks and may invest up to 80% of its assets in securities of issuers domiciled outside the U.S. and not included in the S&P 500 Composite market instruments. 

  

	 	•	 	 Vanguard 500 Index Fund is managed by The Vanguard Group, Inc. This fund seeks to match the performance of a benchmark index that measures the
investment return of large-capitalization stocks. This fund employs a passive management strategy designed to track the performance of the S&P 500 Index, which is dominated by the stocks of large U.S. companies. 

  

	 	•	 	 AIM Constellation Fund is managed by AIM Investors, Inc. This fund seeks growth of capital. This fund invests primarily in common stocks of companies
the portfolio managers believe are likely to benefit from new or innovative products, services or processes as well as those that have experienced above-average, long-term growth in earnings and have excellent prospects for future growth. The fund
will invest without regard to market capitalization and may also invest up to 20% of its total assets in foreign securities. 

  

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	 	•	 	 Allianz OpCap Renaissance Fund is managed by Allianz Global Investors Distributors, LLC. This fund seeks long-term capital growth and current income.
This fund primarily invests in common stocks of companies with below-average valuations whose business fundamentals are expected to improve. The fund may invest in foreign securities. 

  

	 	•	 	 Thornburg International Value Fund is managed by Thornburg Investment Management, Inc. The fund seeks long-term capital appreciation by investing
primarily in foreign securities or depository receipts of foreign equity and debt securities. The fund may invest in companies of any size, but invests primarily in the large and middle range of public company market capitalizations. The fund may
also invest in developing markets. 

 This Investment Fund was added as an available Investment Fund under the Plan
effective July 30, 2008. 
 Effective July 30, 2008, the following fund ceased to be an available Investment Funds under the Plan: 

 

	 	•	 	 INVESCO Core Fixed Income Trust is managed by INVESCO Institutional (N.A.), Inc. This fund seeks current income, with a secondary objective of capital
appreciation. Under normal market conditions, this fund will primarily invest in investment grade fixed income securities of varying maturities, coupon rates, issuer classes, yield characteristics, and other characteristics; however, this fund also
may invest in money market instruments or other securities. 

  

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