Document:

Registration Rights Agreement

 Exhibit 4.2 
  

$175,000,000 
  
 Massey Energy Company 
  
 2.25% Convertible Senior Notes due 2024 
  
 Registration Rights Agreement 
  
 New York,
New York 
 April 7, 2004 
  
 UBS Securities LLC 
 As Representative of the Initial
Purchasers 
 Named in Schedule I to the Purchase Agreement 
 299 Park Avenue 
 New York, New York 10171 
  
 Ladies and Gentlemen: 
  
 Massey Energy Company, a Delaware corporation (the “Company”), proposes to issue and sell (such issuance and sale, the “Initial
Placement”) to the several parties named in Schedule I to the Purchase Agreement (the “Initial Purchasers”) for whom you (the “Representative”) are acting as representative, upon the terms set forth
in a purchase agreement dated April 2, 2004 (the “Purchase Agreement”), $175,000,000 aggregate principal amount of its 2.25% Convertible Senior Notes due 2024 (the “Notes”). The Notes are convertible into shares of
Common Stock (as defined below) of the Company, and are unconditionally guaranteed by each of the subsidiaries of the Company listed on Schedule I hereto (the “Guarantors”) upon the terms and subject to the conditions set
forth in the Indenture (as defined below). 
  
 As an inducement to
you to enter into the Purchase Agreement and in satisfaction of a condition to your obligations thereunder, the Issuer (as defined herein) agrees with you, (i) for your benefit and (ii) for the benefit of the holders from time to time of the Notes
and the Common Stock issuable upon conversion of the Notes (including you), as follows: 
  
 1. Definitions. Capitalized terms used herein without definition shall have the respective meanings set forth in the Purchase
Agreement. As used in this Agreement, the following capitalized terms shall have the following meanings: 
  
 “Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

  
 “Affiliate” of any specified
person means any other person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified person. For the purposes of this definition, “control” (including, with correlative

 meanings, the terms “controlling”, “controlled by” and “under common control
with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person (and shall be presumed to exist if a person can, directly
or indirectly, vote 10% or more of the securities having ordinary voting power for the election of directors of such person) whether through the ownership of voting securities or by agreement or otherwise. 
  
 “Broker-Dealer” means any broker or dealer
registered as such under the Exchange Act. 
  
 “Business Day” has the meaning set forth in the Indenture. 
  
 “Closing Date” means April 7, 2004. 
  
 “Common Stock” means the common stock, par value $0.625 per share, of the Company, as it
exists on the date of this Agreement and any other shares of capital stock or other securities of the Company into which such Common Stock may be reclassified or changed, together with any and all other securities which may from time to time be
issuable upon conversion of Notes. 
  
 “Default Rate” means 2.25% per annum. 
  
 “DTC” means the Depository Trust Company or its successor. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
  
 “Final
Maturity Date” means April 1, 2024. 
  
 “Holder” means a person who is a holder or beneficial owner (including the Initial Purchasers) of any Notes or shares of Common Stock issued upon conversion of Notes; provided that, unless otherwise expressly stated herein,
only registered holders of Notes or Common Stock issued on exchange of the Notes shall be counted for purposes of calculating any proportion of holders entitled to take any action or give notice pursuant to this Agreement. 
  
 “Indenture” means the senior indenture
relating to the Notes, dated as of May 29, 2003, among the Company, A.T. Massey Coal Company, Inc. and the Trustee as supplemental by and the second supplemental indenture, dated April 7, 2004, among the Issuer and the Trustee. 
  
 “Initial Placement” has the meaning set
forth in the preamble hereto. 
  
 “Initial Purchasers” has the meaning set forth in the preamble hereto. 
  
 “Interest Payment Date” shall mean April 1 and October 1. 
  
 “Issuer” means, collectively, the Company and the Guarantors. 
  

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 “Liquidated Damages” has the meaning set forth in Section 2(e) hereof.

  
 “Liquidated Damages Payment
Date” means, with respect to the Notes or the Common Stock issuable upon conversion of the Notes, as applicable, each Interest Payment Date; and in the event that any Note, or portion thereof, is called for redemption or surrendered for
purchase by the Company and not withdrawn pursuant to a Fundamental Change Offer (as defined in the Indenture), the relevant redemption date or Fundamental Change Payment Date (as defined in the Indenture), as the case may be, shall also be a
Liquidated Damages Payment Date with respect to such Note, or portion thereof, unless the Indenture provides that accrued and unpaid interest on the Note (or portion thereof) to be redeemed or repurchased, as the case may be, is to be paid to the
person who was the Record Holder thereof on a record date prior to such redemption date or Fundamental Change Payment Date, as the case may be, in which case the relevant Liquidated Damages Payment Date shall be the date on which interest is payable
to such Record Holder. 
  
 “Losses” has the meaning set forth in Section 5(d) hereof. 
  
 “Majority Holders” means the Holders of a majority of the then outstanding aggregate principal amount of Notes registered
under a Shelf Registration Statement; provided that Holders of Common Stock issued upon conversion of Notes shall be deemed to be Holders of the aggregate principal amount of Notes from which such Common Stock was converted; and
provided, further, that Notes or Common Stock which have been sold or otherwise transferred pursuant to the Shelf Registration Statement (or are not otherwise Transfer Restricted Securities) shall not be included in the calculation of
Majority Holders. 
  
 “Majority
Underwriting Holders” means, with respect to any Underwritten Offering, the Holders of a majority of the then outstanding aggregate principal amount of Notes registered under any Shelf Registration Statement whose Notes are or are to be
included in such Underwritten Offering; provided that Holders of Common Stock (which remains a Transfer Restricted Security) issued upon conversion of the Notes shall be deemed to be Holders of the aggregate principal amount of Notes from
which such Common Stock was converted. 
  
 “Managing Underwriters” means the Underwriter or Underwriters that shall administer an Underwritten Offering. 
  
 “NASD” has the meaning set forth in Section 3(i) hereof. 
  
 “Notice and Questionnaire” means a Selling Securityholder Notice and Questionnaire
substantially in the form of Exhibit A hereto. 
  
 “Notice Holder” shall mean, on any date, any Holder of Transfer Restricted Securities that has delivered a completed and signed Notice and Questionnaire to the Company on or prior to such date. 
  
 “Offering Memorandum” means the Final
Memorandum as defined in the Purchase Agreement. 
  

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 “Person” has the meaning set forth in the Indenture. 
  
 “Prospectus” means the prospectus included
in any Shelf Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Act), as
amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Notes or Common Stock issuable upon conversion of the Notes covered by such Shelf Registration Statement, and all amendments and
supplements to such prospectus, including all documents incorporated or deemed to be incorporated by reference in such prospectus. 
  
 “Purchase Agreement” has the meaning set forth in the preamble hereto. 
  
 “Record Holder” means (i) with respect to
any Liquidated Damages Payment Date which occurs on an Interest Payment Date, each person who is registered on the books of the registrar as the holder of Notes at the close of business on the record date with respect to such Interest Payment Date
and (ii) with respect to any Liquidated Damages Payment Date relating to the Common Stock issued upon conversion of the Notes, each person who is a holder of record of such Common Stock fifteen days prior to the Liquidated Damages Payment Date.

  
 “Registration Default” has
the meaning set forth in Section 2(e) hereof. 
  
 “Representative” has the meaning set forth in the preamble hereto. 
  
 “Rule 144” means Rule 144 (or any successor provision) under the Act. 
  
 “SEC” means the Securities and Exchange
Commission. 
  
 “Shelf
Registration” means a registration effected pursuant to Section 2 hereof. 
  
 “Shelf Registration Period” has the meaning set forth in Section 2(c) hereof. 
  
 “Shelf Registration Statement” means a
“shelf” registration statement of the Company filed pursuant to the provisions of Section 2 hereof which covers some or all of the Notes and the Common Stock issuable upon conversion of the Notes, as applicable, on Form S-3 or on another
appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all documents incorporated or deemed to be incorporated by reference therein. 
  
 “Suspension Period” has the meaning set forth in Section 2(d) hereof. 
  
 “Transfer Restricted Securities” means each
Note and each share of Common Stock issuable or issued upon conversion of the Notes until the date on which such Note or share of Common Stock, as the case may be, (i) has been transferred pursuant to the 
  

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 Shelf Registration Statement or another registration statement covering such Note or share of Common
Stock which has been filed with the SEC pursuant to the Act, in either case after such registration statement has become effective and while such registration statement is effective under the Act, (ii) has been transferred pursuant to Rule 144 under
the Act (or any similar provision then in force) or (iii) may be sold or transferred pursuant to Rule 144(k) under the Act (or any successor provision then in force). 
  
 “Trustee” means the trustee with respect to the Notes under the Indenture. 
  
 “Underwriter” means any underwriter of the
Notes or Common Stock issuable upon conversion of the Notes in connection with an offering thereof under a Shelf Registration Statement. 
  
 “Underwritten Offering” means an offering in which the Notes or Common Stock issued upon conversion of the Notes are sold
to an Underwriter or with the assistance of an Underwriter for reoffering to the public. 
  
 All references in this Agreement to financial statements and schedules and other information which is “contained,” “included,” or “stated” in the Shelf Registration Statement, any
preliminary Prospectus or Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated or deemed to be incorporated by reference in
such Shelf Registration Statement, preliminary Prospectus or Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Shelf Registration Statement, any preliminary Prospectus or Prospectus shall be
deemed to mean and include any document filed with the SEC under the Exchange Act, after the date of such Shelf Registration Statement, preliminary Prospectus or Prospectus, as the case may be, which is incorporated or deemed to be incorporated by
reference therein. 
  
 2. Shelf Registration Statement.

  
 (a) The Issuer shall prepare and file with the SEC within 90
days following the Closing Date a Shelf Registration Statement with respect to resales of the Transfer Restricted Securities by the Holders from time to time in accordance with the methods of distribution elected by such Holders and set forth in
such Shelf Registration Statement (subject to Section 3(u)), and thereafter shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective under the Act within 180 days after the Closing Date. The Issuer
shall supplement or amend the Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used by the Issuer for the Shelf Registration Statement, or by the Act, the Exchange Act or the SEC.

  
 (b) (i) Not less than 30 calendar days prior to the
effectiveness of the Shelf Registration Statement, the Issuer shall mail the Notice and Questionnaire to the Holders of Transfer Restricted Securities. The Issuer shall use commercially reasonable efforts to name each Holder that is a Notice Holder
as of the date that is 10 calendar days prior to the effectiveness of the Shelf Registration Statement so that such Holder is named as a selling security holder in the Shelf Registration Statement at the time of its effectiveness and is permitted to
deliver the 
  

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 Prospectus forming a part thereof as of such time to purchasers of such Holder’s Transfer Restricted Securities in
accordance with applicable law. The Issuer shall be under no obligation to name any Holder that is not a Notice Holder as a selling security holder in the Shelf Registration Statement and no Holder may sell any Transfer Restricted Securities
pursuant to the Shelf Registration Statement without being deemed a selling security holder in the Prospectus and delivering the Prospectus to purchasers of such Holder’s Transfer Restricted Securities in accordance with applicable law. Each
Holder shall promptly provide the Issuer with written notice of any changes or amendments that may be necessary or appropriate to the Notice Holder’s Notice and Questionnaire. 
  
 (ii) After the Shelf Registration Statement has become effective, the Issuer shall, upon the request of any
Holder of Transfer Restricted Securities, promptly send a Notice and Questionnaire to such Holder. From and after the date on which the Shelf Registration Statement has become effective, the Issuer shall (i) as promptly as is practicable after the
date a completed and signed Notice and Questionnaire is delivered to the Issuer, and in any event within five Business Days after such date, prepare and file with the SEC (x) a supplement to the Prospectus or, if required by applicable law, a
post-effective amendment to the Shelf Registration Statement and (y) any other document required by applicable law, so that the Holder delivering such Notice and Questionnaire is named as a selling security holder in the Shelf Registration Statement
and is permitted to deliver the Prospectus to purchasers of such Holder’s Transfer Restricted Securities in accordance with applicable law, and (ii) if the Issuer shall file a post-effective amendment to the Shelf Registration Statement, use
its reasonable best efforts to cause such post-effective amendment to become effective under the Act as promptly as is practicable; provided, however, that if a Notice and Questionnaire is delivered to the Issuer during a Suspension
Period, the Issuer shall not be obligated to take the actions set forth in clauses (i) and (ii) until the termination of such Suspension Period. 
  
 (c) The Issuer shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective under the Act in order to permit the
Prospectus forming a part thereof to be usable, subject to Section 2(d), by all Notice Holders until the earliest of (i) the latest of the second anniversary of (A) the issue date, or (B) the last date on which any Common Stock is issued or issuable
upon conversion of any Note, (ii) the date on which all the unregistered Notes or Common Stock issued or issuable upon conversion of the Notes may be sold by non-affiliates (“affiliates” for such purpose having the meaning set forth in
Rule 144) of the Issuer pursuant to paragraph (k) of Rule 144 (or any successor provision) promulgated by the SEC under the Act, (iii) the date as of which all the unregistered Notes or Common Stock issued or issuable upon conversion of the Notes
have been transferred pursuant to Rule 144 under the Act (or any similar provision then in force) and (iv) such date as of which all the Notes or the Common Stock issued or issuable upon conversion of the Notes have been sold pursuant to the Shelf
Registration Statement (in any such case, such period being called the “Shelf Registration Period”). 
  
 The Issuer will, (x) subject to Section 2(d), prepare and file with the SEC such amendments and post-effective amendments to the Shelf Registration
Statement as may be necessary to keep the Shelf Registration Statement continuously effective for the Shelf Registration Period, (y) subject to Section 2(d), cause the related Prospectus to be supplemented by any 
  

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 required supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force)
under the Act and (z) comply in all material respects with the provisions of the Act with respect to the disposition of all securities covered by the Shelf Registration Statement during the applicable period in accordance with the intended methods
of disposition by the sellers thereof set forth in such Shelf Registration Statement as so amended or such Prospectus as so supplemented. 
  
 (d) The Issuer may suspend the use of the Prospectus for a period not to exceed 30 days in any three-month period or for three periods not to exceed an
aggregate of 60 days in any 12-month period (the “Suspension Period”) for valid business reasons, to be determined by the Issuer in its sole reasonable judgment (not including avoidance of the Issuer’s obligations hereunder),
including, without limitation, the acquisition or divestiture of assets, public filings with the SEC, pending corporate developments and similar events; provided that the Issuer promptly thereafter complies with the requirements of Section
3(j) hereof, if applicable; provided, further, that the existence of a Suspension Period will not prevent the occurrence of a Registration Default or otherwise limit the obligation of the Issuer to pay Liquidated Damages. 

 
 (e) The Issuer and the Initial Purchasers agree that the Holders of
Transfer Restricted Securities will suffer damages if the Issuer fails to fulfill its obligations under this Section 2 and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuer agrees to pay,
as liquidated damages, additional interest on the Transfer Restricted Securities (“Liquidated Damages”) under the following circumstances: 
  
 If (i) the Shelf Registration Statement is not filed with the SEC on or prior to 90 days after the Closing Date, (ii) the Shelf Registration Statement has
not been declared effective by the SEC within 180 days after the Closing Date or (iii) the Shelf Registration Statement is filed and declared effective but shall thereafter cease to be effective (without being succeeded immediately by a replacement
shelf registration statement filed and declared effective) or usable (including as a result of a Suspension Period) for the offer and sale of Transfer Restricted Securities for a period of time (including any Suspension Period) which exceeds 60 days
in the aggregate in any 12-month period during the period beginning on the issue date and ending on or prior to the second anniversary of the latest of (a) such date or (b) the last day on which any Common Stock is issued or issuable upon conversion
of any Note (each such event referred to in clauses (i) through (iii), a “Registration Default”), the Company will pay Liquidated Damages to each Holder of Transfer Restricted Securities who has complied with such Holder’s obligations
under this Agreement. The amount of Liquidated Damages payable during any period in which a Registration Default has occurred and is continuing is the amount which is equal to one quarter of one percent (25 basis points) per annum per $1,000
principal amount of Notes or $2.50 per annum per 29.7619 shares of Common Stock (subject to adjustment in the event of a stock split, stock recombination, stock dividend and the like) constituting Transfer Restricted Securities for the first 90 days
during which a Registration Default has occurred and is continuing and one-half of one percent (50 basis points) per annum per $1,000 principal amount of Notes or $5.00 per annum per 29.7619 shares of Common Stock (subject to adjustment as set forth
above) constituting Transfer Restricted Securities for any additional days during which a Registration Default has occurred and is continuing (in each case subject to further adjustment from time to time in the event of a stock split, stock
recombination, stock dividend and the like), it being understood that all calculations pursuant to this and the preceding sentence shall be carried out to five decimals. 
  

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 Following the cure of all Registration Defaults, Liquidated Damages will cease to accrue with respect to such
Registration Default. Liquidated Damages shall cease to accrue in respect of any Transfer Restricted Security when it shall cease to be such. All accrued Liquidated Damages shall be paid by wire transfer of immediately available funds or by federal
funds check by the Issuer on each Liquidated Damages Payment Date and Liquidated Damages will be calculated on the basis of a 360-day year consisting of twelve 30-day months. In the event that any Liquidated Damages are not paid when due, then to
the extent permitted by law, such overdue Liquidated Damages, if any, shall bear interest until paid at the Default Rate, compounded semi-annually. The parties hereto agree that the Liquidated Damages provided for in this Section 2(e) constitute a
reasonable estimate of the damages that may be incurred by Holders by reason of a Registration Default. 
  
 (f) All of the Issuer’s obligations (including, without limitation, the obligation to pay Liquidated Damages) set forth in the preceding paragraph
which are outstanding or exist with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall have been
satisfied in full. 
  
 (g) Promptly upon the occurrence or the
termination of a Registration Default, the Issuer shall give the Trustee, in the case of notice with respect to the Notes, and the transfer and paying agent for the Common Stock, in the case of notice with respect to Common Stock issued or issuable
upon conversion of the Notes, notice of such commencement or termination, of the obligation to pay Liquidated Damages with regard to the Notes and Common Stock and the amount thereof and of the event giving rise to such commencement or termination
(such notice to be contained in an Officers’ Certificate (as such term is defined in the Indenture)), and prior to receipt of such Officers’ Certificate the Trustee and such transfer and paying agent shall be entitled to assume that no
such commencement or termination has occurred, as the case may be. 
  
 (h) All Notes which are redeemed, purchased or otherwise acquired by the Issuer or any of its subsidiaries or affiliates (as defined in Rule 144 (or any successor provision) under the Act) prior to the Final Maturity Date shall be delivered
to the Trustee for cancellation and the Issuer may not hold or resell such Notes or issue any new Notes to replace any such Notes or any Notes that any Holder has exchanged pursuant to the Indenture. All shares of Common Stock issued upon conversion
of the Notes which are repurchased or otherwise acquired by the Issuer or any of its subsidiaries or affiliates (as defined in Rule 144 (or any successor provision) under the Act) at any time while such shares are “restricted securities”
within the meaning of Rule 144 shall not be resold or otherwise transferred except pursuant to a registration statement which has been declared effective under the Act. 
  
 3. Registration Procedures. In connection with any Shelf Registration Statement, the following provisions shall
apply: 
  
 (a) The Issuer shall: 
  
 (i) furnish to the Representative, prior to the filing
thereof with the SEC, a copy of any Shelf Registration Statement, and each amendment thereof, 
  

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 and a copy of any Prospectus, and each amendment or supplement thereto (excluding amendments caused by
the filing of a report under the Exchange Act), and shall use its commercially reasonable efforts to reflect in each such document, when so filed with the SEC, such comments as the Representative reasonably may promptly propose; and 
  
 (ii) include information regarding the Notice Holders and
the methods of distribution they have elected for their Transfer Restricted Securities provided to the Issuer in Notice and Questionnaires as necessary to permit such distribution by the methods specified therein. 
  
 (b) Subject to Section 2(d), the Issuer shall ensure that
(i) any Shelf Registration Statement and any amendment thereto and any Prospectus forming a part thereof and any amendment or supplement thereto comply in all material respects with the Act and the rules and regulations thereunder, (ii) any Shelf
Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading and (iii) any Prospectus forming a part of any Shelf Registration Statement, and any amendment or supplement to such Prospectus, does not include an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the Issuer make no representation with respect to information with respect to any Underwriter or any Holder required to be
included in any Shelf Registration Statement or Prospectus pursuant to the Act or the rules and regulations thereunder and which information is included therein in reliance upon and in conformity with information furnished to the Issuer in writing
by such Underwriter or Holder. 
  
 (c) The
Issuer, as promptly as reasonably practicable, shall advise the Representative and each Notice Holder and, if requested by you or any such Holder, confirm such advice in writing: 
  
 (i) when a Shelf Registration Statement and any amendment thereto has been filed with the SEC and when the
Shelf Registration Statement or any post-effective amendment thereto (other than as a result of the events described in Section 2(b)(ii)) has become effective; 
  

(ii) of any request by the SEC for amendments or supplements to the Shelf Registration Statement or the Prospectus or for additional
information (a copy of each written request and the Issuer’s responses shall be promptly given to the Initial Purchasers and their counsel); 
  
 (iii) of the determination by the Issuer that a post-effective amendment to the Shelf Registration Statement would be appropriate (other
than as a result of the events described in Section 2(b)(ii)); 
  

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 (iv) of the commencement or termination of (but not the nature of or details concerning)
any Suspension Period; 
  
 (v) of the issuance by
the SEC of any stop order suspending the effectiveness of the Shelf Registration Statement or the initiation of any proceedings for that purpose; 
  
 (vi) of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Transfer Restricted
Securities included in any Shelf Registration Statement for sale in any jurisdiction or the initiation or threat of any proceeding for such purpose; 
  
 (vii) of the happening of (but not the nature of or details concerning) any event that requires the making of any changes in the Shelf
Registration Statement or the Prospectus so that, as of such date, the statements therein are not misleading and the Shelf Registration Statement or the Prospectus, as the case may be, does not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading; and 
  
 (viii) of the Issuer’s suspension of the use of the
Prospectus as a result of any of the events or circumstances described in paragraphs (ii) through (vii) above, and of the termination of any such suspension. 
  

(d) The Issuer shall use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any Shelf
Registration Statement or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Transfer Restricted Securities for offer or sale in any jurisdiction at the earliest possible time. 
  
 (e) The Issuer shall promptly furnish to each Notice Holder,
without charge, at least one copy of any Shelf Registration Statement and any post-effective amendment thereto, including all exhibits (including those incorporated by reference), financial statements and schedules. 
  
 (f) The Issuer shall, during the Shelf Registration Period,
promptly deliver to each Initial Purchaser, each Notice Holder and any sales or placement agent or Underwriters acting on their behalf, without charge, as many copies of the Prospectus (including each preliminary Prospectus) included in any Shelf
Registration Statement (excluding documents incorporated by reference), and any amendment or supplement thereto, as such person may reasonably request; and, except as provided in Sections 2(d) and 3(s) hereof, the Issuer consents to the use of the
Prospectus or any amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto. 
  

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 (g) Prior to any offering of Transfer Restricted Securities pursuant to any Shelf
Registration Statement, the Issuer shall register or qualify or cooperate with the Notice Holders and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such
Transfer Restricted Securities for offer and sale, under the securities or blue sky laws of such jurisdictions within the United States as any such Notice Holders reasonably request and shall maintain such qualification in effect so long as required
and do any and all other acts or things necessary or advisable to enable the offer and sale in such jurisdictions of the Transfer Restricted Securities covered by such Shelf Registration Statement; provided, however, that the Issuer
will not be required to (A) qualify to do business as a foreign corporation or as a dealer in securities in any jurisdiction where it is not then so qualified or to (B) take any action which would subject it to service of process or taxation in any
such jurisdiction where it is not then so subject. 
  
 (h) The Issuer shall cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities sold pursuant to any Shelf Registration Statement free of any restrictive legends
and in such denominations permitted by the Indenture and registered in such names as Holders may request at least two Business Days prior to settlement of sales of Transfer Restricted Securities pursuant to such Shelf Registration Statement.

  
 (i) Subject to the exceptions contained in
(A) and (B) of Section 3(g) hereof, the Issuer shall use its reasonable best efforts to cause the Transfer Restricted Securities covered by the applicable Shelf Registration Statement to be registered with or approved by such other federal, state
and local governmental agencies or authorities, and self-regulatory organizations in the United States as may be necessary to enable the Holders to consummate the disposition of such Transfer Restricted Securities as contemplated by the Shelf
Registration Statement; without limitation to the foregoing, the Issuer shall make all filings and provide all such information as may be required by the National Association of Securities Dealers, Inc. (the “NASD”) in connection
with the offering under the Shelf Registration Statement of the Transfer Restricted Securities (including, without limitation, such as may be required by NASD Rule 2710 or 2720), and shall cooperate with each Holder in connection with any filings
required to be made with the NASD by such Holder in that regard. 
  
 (j) Upon the occurrence of any event described in Section 3(c)(vii) hereof, the Issuer shall promptly prepare and file with the SEC a post-effective amendment to any Shelf Registration Statement or an amendment or
supplement to the related Prospectus or any document incorporated therein by reference or file a document which is incorporated or deemed to be incorporated by reference in such Shelf Registration Statement or Prospectus, as the case may be, so
that, as thereafter delivered to purchasers of the Transfer Restricted Securities included therein, the Shelf Registration Statement and the Prospectus, in each case as then amended or supplemented, will not include an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus in light of the circumstances under which they were made) not misleading and, in the case of a
post-effective amendment, use its reasonable best efforts to cause it to become effective as 
  

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 promptly as practicable; provided that the Issuer’s obligations under this paragraph (j)
shall be suspended if the Issuer has suspended the use of the Prospectus in accordance with Section 2(d) hereof and given notice of such suspension to Notice Holders, it being understood that the Issuer’s obligations under this paragraph (j)
shall be automatically reinstated at the end of such Suspension Period. 
  
 (k) The Issuer shall use its reasonable best efforts to provide, on or prior to the first Business Day following the effective date of any Shelf Registration Statement hereunder (i) a CUSIP number for the Transfer
Restricted Securities registered under such Shelf Registration Statement and (ii) global certificates for such Transfer Restricted Securities to the Trustee, in a form eligible for deposit with DTC. 
  
 (l) The Issuer shall use its reasonable best efforts to
comply with all applicable rules and regulations of the SEC and shall make generally available to its security holders as soon as practicable but in any event not later than 50 days after the end of a 12-month period after (i) the effective date of
the applicable Shelf Registration Statement, (ii) the effective date of each post-effective amendment to any Shelf Registration Statement and (iii) the date of each filing by the Issuer with the SEC of an Annual Report on Form 10-K that is
incorporated by reference or deemed to be incorporated by reference in the Shelf Registration Statement, an earnings statement satisfying the provisions of Section 11(a) of the Act and Rule 158 promulgated by the SEC thereunder. 
  
 (m) The Issuer shall use its reasonable best efforts to
cause the Indenture to be qualified under the TIA (as defined in the Indenture) in a timely manner. 
  
 (n) The Issuer shall use its reasonable best efforts to cause all Common Stock issued or issuable upon conversion of the Notes to be
listed on each securities exchange or quotation system on which the Common Stock is then listed no later than the date the applicable Shelf Registration Statement is declared effective and, in connection therewith, use its reasonable best efforts to
make such filings as may be required under the Exchange Act and to have such filings declared effective as and when required thereunder. 
  
 (o) The Issuer may require each Holder of Transfer Restricted Securities to be sold pursuant to any Shelf Registration Statement to
furnish to the Issuer such information regarding the Holder and the distribution of such Transfer Restricted Securities sought by the Notice and Questionnaire and such additional information as may, from time to time, be required by the Act and the
rules and regulations promulgated thereunder, and the obligations of the Issuer to any Holder hereunder shall be expressly conditioned on the continued compliance of such Holder with such request. 
  
 (p) The Issuer shall, if requested, use its reasonable best
efforts to promptly incorporate in a Prospectus supplement or post-effective amendment to a Shelf Registration Statement (i) such information as the Majority Holders reasonably provide or, if Transfer Restricted Securities are being sold in an
Underwritten Offering, as the Managing Underwriters or the Majority Underwriting Holders reasonably agree should be included therein and provide to the Issuer in writing for inclusion in the Shelf Registration 
  

 -12- 

 Statement or Prospectus, and (ii) such information as a Holder may reasonably provide from time to time
to the Issuer in writing for inclusion in a Prospectus or any Shelf Registration Statement concerning such Holder and the distribution of such Holder’s Transfer Restricted Securities and, in either case, shall make all required filings of such
Prospectus supplement or post-effective amendment promptly after being notified in writing of the matters to be incorporated in such Prospectus supplement or post-effective amendment, provided that the Issuer shall not be required to take any action
under this Section 3(p) that is not, in the reasonable opinion of counsel for the Issuer, in compliance with applicable law. 
  
 (q) The Issuer shall enter into such reasonable and customary agreements (including underwriting agreements) and take all other
appropriate actions as may be reasonably requested in order to expedite or facilitate the registration or the disposition of the Transfer Restricted Securities, and in connection therewith, if an underwriting agreement is entered into, the Issuer
shall cause the same to contain indemnification and contribution provisions and procedures no less favorable than those set forth in Section 5 hereof (or such other reasonable and customary provisions and procedures acceptable to the Majority
Underwriting Holders and the Managing Underwriters, if any, with respect to all parties to be indemnified pursuant to Section 5). The plan of distribution in the Shelf Registration Statement and the Prospectus included therein shall permit resales
of Transfer Restricted Securities to be made by selling security holders through underwriters, brokers and dealers, and shall also include such other information as the Representative may reasonably request. 
  
 (r) The Issuer shall if reasonably requested in writing by
Majority Holders, by Majority Underwriting Holders or by the Managing Underwriter: 
  
 (i) make reasonably available for inspection during normal business hours by any Underwriter participating in any disposition pursuant to
such Shelf Registration Statement, and any attorney, accountant or other agent retained by any such Underwriter all relevant financial and other records, pertinent corporate documents and properties of the Issuer and its subsidiaries as is
reasonable and customary for due diligence examinations in connection with public offerings; 
  
 (ii) cause the Issuer’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably
requested by any such Underwriter, attorney, accountant or agent in connection with any such Shelf Registration Statement as is reasonable and customary for similar due diligence examinations; provided, however, that the Holders or any
such Underwriter, attorney, accountant or agent shall execute a confidentiality agreement in a reasonable and customary form as a condition to any disclosure made in connection therewith; 
  
 (iii) deliver a letter, addressed to the selling Holders and
the Underwriters, if any, in which the Issuer shall make such representations and warranties in form, substance and scope as are reasonably and customarily made by issuers to Underwriters; 
  

 -13- 

 (iv) obtain opinions of counsel to the Issuer and updates thereof (which counsel and
opinions, in form, scope and substance, shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the Underwriters, if any, covering such matters as are reasonably and customarily covered in opinions
requested in public offerings; 
  
 (v) obtain
“cold comfort” letters and updates thereof from the current and former independent certified public accountants of the Issuer (and, if necessary, any other independent certified public accountants of any subsidiary of the Issuer or of any
business acquired by the Issuer for which financial statements and financial data are, or are required to be, included in the Shelf Registration Statement), addressed to each selling Holder (provided such Holder furnishes the accountants, prior to
the date such “cold comfort” letter is required to be delivered, with such representations as the accountants reasonably and customarily require in similar situations) and the Underwriters, if any, in reasonable and customary form and
covering matters of the type reasonably and customarily covered in “cold comfort” letters in connection with primary underwritten offerings; and 
  
 (vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders or, in the case of an Underwritten
Offering, the Majority Underwriting Holders, and the Managing Underwriters, if any, including those to evidence compliance with Section 3(j) and with any reasonable and customary conditions contained in the underwriting agreement or other agreement
entered into by the Issuer. 
  
 The foregoing
actions set forth in clauses (iii), (iv), (v) and (vi) of this Section 3(r) shall be performed at (A) the effectiveness of such Shelf Registration Statement and each post-effective amendment thereto and (B) each closing under any underwriting or
similar agreement as and to the extent required thereunder. 
  
 (s) Each Notice Holder agrees that, upon receipt of notice of the happening of an event described in Sections 3(c)(ii) through and including 3(c)(vii), each Holder shall forthwith discontinue (and shall cause its
agents and representatives to discontinue) disposition of Transfer Restricted Securities and will not resume disposition of Transfer Restricted Securities until such Holder has received copies of an amended or supplemented Prospectus contemplated by
Section 3(j) hereof, or until such Holder is advised in writing by the Issuer that the use of the Prospectus may be resumed or that the relevant Suspension Period has been terminated, as the case may be, provided that, the foregoing shall not
prevent the sale, transfer or other disposition of Transfer Restricted Securities by a Notice Holder in a transaction which is exempt from, or not subject to, the registration requirements of the Act, so long as such Notice Holder does not and is
not required to deliver the applicable Prospectus or Shelf Registration Statement in connection with such sale, transfer or other disposition, as the case may be; and provided, further, that the provisions of this Section 3(s) shall
not prevent the occurrence of a Registration Default or otherwise limit the obligation of the Issuer to pay Liquidated Damages. 
  

 -14- 

 (t) The Issuer shall in connection with an Underwritten Offering use its reasonable best
efforts (i) if the Notes have been rated prior to the initial sale of such Notes, to confirm that such ratings will apply to the Notes covered by the Shelf Registration Statement; or (ii) if the Notes were not previously rated, to cause the Notes
covered by the Shelf Registration Statement to be rated with at least one nationally recognized statistical rating agency, if so requested by the Majority Holders or by any Managing Underwriters. 
  
 (u) In the event that any Broker-Dealer shall underwrite any
Notes or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the NASD Rules) thereof, whether as a Holder of such Transfer Restricted Securities or as an underwriter,
a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Issuer shall assist such Broker-Dealer in complying with the NASD Rules, including, without limitation, by: 
  
 (i) if the NASD Rules shall so require, engaging a
“qualified independent underwriter” (as defined in the NASD Rules) to participate in the preparation of the Shelf Registration Statement, to exercise usual standards of due diligence with respect thereto and, if any portion of the offering
contemplated by the Shelf Registration Statement is an Underwritten Offering or is made through a placement or sales agent, to recommend the price of such Transfer Restricted Securities; 
  
 (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of
Underwriters provided in Section 5 hereof; and 
  
 (iii) providing such information to such Broker-Dealer as may be required in order for such Broker-Dealer to comply with the requirements of the NASD Rules. 
  
 (iv) Anything herein to the contrary notwithstanding, the Issuer will not be required to pay the costs and
expenses of, or to participate in the marketing or “road show” presentations of, more than one Underwritten Offering initiated at the request of the Holders of Notes or shares of Common Stock issued or issuable upon conversion of the
Notes, or to effect more than one Underwritten Offering at the request of such Holders. The Issuer will not be required to pay the costs and expenses of, or to participate in the marketing or “road show” presentations of, an Underwritten
Offering unless Holders of at least the Minimum Amount (as defined below) of Notes and/or Common Stock issued or issuable on exchange of the Notes have requested that such Notes and/or shares of such Common Stock be included in such an Underwritten
Offering. For purposes of this Agreement, the “Minimum Amount” means 50% of the aggregate principal amount of Notes originally issued under the Indenture; provided that, for purposes of computing the Minimum Amount, Holders of
Common Stock issued upon conversion of Notes shall be deemed to be holders of the aggregate principal amount of Notes which were converted into those shares of Common Stock. Only Holders of Notes or shares of Common Stock issued or issuable upon
conversion of the 
  

 -15- 

 Notes which are Transfer Restricted Securities shall be entitled to include such Notes or shares of such
Common Stock in an Underwritten Offering and only Transfer Restricted Securities shall be included in the computation of the Minimum Amount. The Underwritten Offering initiated by Holders as aforesaid shall include both Notes and such Common Stock
if so requested by the Holders. Upon receipt by the Issuer, from Holders of at least the Minimum Amount of Notes and/or Common Stock issued or issuable upon conversion of the Notes, of a request for an Underwritten Offering, the Issuer will, within
10 Business Days thereafter, cause the Company to mail notice to all Holders of Notes and shares of Common Stock issued upon conversion of the Notes stating that: (1) the Company has received a request from the Holders of the requisite amount of
Notes and/or Common Stock issued or issuable upon conversion of the Notes to effect an Underwritten Offering on behalf of such Holders; (2) under the terms of this Agreement, all Holders of Notes and shares of such Common Stock issued or issuable
upon conversion of the Notes which are Transfer Restricted Securities may include their Notes and shares of such Common Stock in such Underwritten Offering, subject to the terms and conditions set forth in this Agreement and subject to the right of
the Managing Underwriters to reduce, in light of market conditions and other similar factors, the aggregate principal amount of Notes and number of shares of such Common Stock included in such Underwritten Offering; (iii) all Holders electing to
include Notes or shares of such Common Stock in such Underwritten Offering must notify the Issuer in writing of such election (the “Election”), and setting forth an address and facsimile number to which such written elections may be
sent and the deadline (which shall be 12:00 midnight on the 10th calendar day after such notice is mailed to Holders or, if not a Business Day, the next succeeding Business Day (the “Deadline”)) by which such elections must be
received by the Issuer; and (iv) setting forth such other instructions as shall be necessary to enable Holders to include their Notes and shares of such Common Stock in such Underwritten Offering. No Holder shall be entitled to participate in an
Underwritten Offering unless such Holder notifies the Issuer of such Election by the Deadline. Notwithstanding anything to the contrary contained herein, if the Managing Underwriters for an Underwritten Offering to be effected pursuant to this
Section 3(u) advise the Holders of the Notes and shares of such Common Stock to be included in such Underwritten Offering that, because of aggregate principal amount of Notes and/or number of shares of such Common Stock that such Holders have
requested be included in the Underwritten Offering, the success of the offering would likely be adversely affected by the inclusion of all of the Notes and shares of such Common Stock requested to be included, then the principal amount of Notes and
the number of shares of such Common Stock to be offered for the accounts of Holders shall be reduced pro rata, according to the aggregate principal amount of Notes and number of shares of such Common Stock, respectively, requested for inclusion by
each such Holder, to the extent necessary to reduce the size of the offering to the size recommended by the Managing Underwriter. Notwithstanding anything to the contrary contained herein, in the event the Managing Underwriter recommends reducing
the size of the offering and such offering is thereafter reduced, neither the Issuer nor any Person, other than a 
  

 -16- 

 Holder of Notes or shares of such Common Stock issued or issuable upon conversion of the Notes and only
with respect to its Transfer Restricted Securities, shall be entitled to include any securities in the Underwritten Offering. 
  
 4. Registration Expenses. The Issuer shall bear all expenses incurred in connection with the performance of its obligations under Sections 2 and 3
hereof and shall reimburse the Holders for the reasonable fees and disbursements of one firm or counsel designated by the Majority Holders to act as counsel for the Holders in connection therewith. Notwithstanding the provisions of this Section 4,
each Holder shall bear the expense of any broker’s commission, agency fee or Underwriter’s discount or commission. 
  
 5. Indemnification and Contribution. 
  
 (a) The Issuer agrees to indemnify and hold harmless each Holder of Transfer Restricted Securities covered by any Shelf Registration Statement (including
each of the Initial Purchasers), the directors, officers, employees and agents of each such Holder and each person who controls any such Holder within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or
liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Shelf Registration Statement as originally filed or in any amendment thereof, or in any preliminary
Prospectus or Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by any of them in connection with
investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Issuer will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based
upon (A) any such untrue statement or alleged untrue statement or omission or alleged omission made therein (or in any amendment thereof or supplement thereto) in reliance upon and in conformity with written information furnished to the Issuer by or
on behalf of any such Holder or any Initial Purchaser specifically for inclusion therein, (B) use of a Shelf Registration Statement or the related Prospectus during a period when use of such Prospectus has been suspended pursuant to Section 2(d) or
Section 3(s) hereof; provided, further, in each case, that Holders received prior notice of such suspension, or (C) if the Holder fails to deliver a Prospectus, as then amended or supplemented, provided that the Issuer shall
have delivered to such Holder such Prospectus, as then amended or supplemented. This indemnity agreement will be in addition to any liability which the Issuer may otherwise have. 
  
 (b) Each Holder of Transfer Restricted Securities covered by a Shelf Registration Statement (including the Initial
Purchasers) severally and not jointly agrees to indemnify and hold harmless: 
  
 (i) the Issuer; 
  

 -17- 

 (ii) each of its directors; 
  
 (iii) each of its officers; and 
  
 (iv) each person who controls the Issuer within the meaning
of either the Act or the Exchange Act to the same extent as the foregoing indemnity from the Issuer to each such Holder, 
  
 but only with reference to written information relating to such Holder furnished to the Issuer by or on behalf of such Holder specifically for inclusion in the documents
referred to in the foregoing indemnity. 
  
 This indemnity agreement shall be in
addition to any liability which any such Holder may otherwise have. 
  
 (c) Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section
5, notify the indemnifying party in writing of the commencement thereof; but the failure to so notify the indemnifying party will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of
such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses. The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s
expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified
party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the
indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if: 

 
 (i) the use of counsel chosen by the indemnifying party
to represent the indemnified party would present such counsel with a conflict of interest; 
  
 (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party and that representation
of the indemnified party by counsel chosen by the indemnifying party would be inappropriate due to actual or potential differing interests among the parties represented by such counsel; 
  
 (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to
represent the indemnified party within a reasonable time after notice of the institution of such action; or 
  

 -18- 

 (iv) the indemnifying party shall authorize the indemnified party to employ separate
counsel at the expense of the indemnifying party. 
  
 Neither an indemnifying
party nor an indemnified party will, without the prior written consent of the other parties (which consent shall not be unreasonably withheld), settle or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not such other parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of such other parties from all liability arising out of such claim, action, suit or proceeding. An indemnifying party shall not be liable for any losses, claims, damages or liabilities by reason of any settlement of
any action or proceeding effected without such indemnifying party’s prior written consent, which consent will not be unreasonably withheld. 
  
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 5 is unavailable to or insufficient to hold harmless an indemnified
party for any reason, then each applicable indemnifying party shall have an obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or
defending same) (collectively “Losses”) to which such indemnified party may be subject in such proportion as is appropriate to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified
party, on the other hand, from the Initial Placement and any sales of Transfer Restricted Securities under the Shelf Registration Statement; provided, however, that in no case shall the Initial Purchasers be responsible, in the
aggregate, for any amount in excess of the purchase discount or commission applicable to the Notes, as set forth in the Purchase Agreement. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the
indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such indemnifying party, on the one hand, and such indemnified party, on the
other hand, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Issuer shall be deemed to be equal to the sum of (x) the total net proceeds
from the Initial Placement (before deducting expenses) and (y) the total amount of Liquidated Damages which the Issuer were not required to pay as a result of registering the Transfer Restricted Securities covered by the Shelf Registration Statement
which resulted in such Losses. Benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions received in connection with the Initial Placement, and benefits received by any other Holders
shall be deemed to be equal to the value of receiving Transfer Restricted Securities registered under the Act. Benefits received by any Underwriter shall be deemed to be equal to the total underwriting discounts and commissions, as set forth on the
cover page of the Prospectus forming a part of the Shelf Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to whether any untrue statement or omission or alleged untrue statement or omission
relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such
untrue statement or omission. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable considerations referred to
above. Notwithstanding the provisions of this Section 5(d), no person guilty of 
  

 -19- 

 fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 5, each person who controls a Holder within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of such Holder
shall have the same rights to contribution as such Holder, and each person who controls the Issuer within the meaning of either the Act or the Exchange Act, each officer of the Issuer who signed the Shelf Registration Statement and each director of
the Issuer shall have the same rights to contribution as the Issuer, and each person who controls an Underwriter within the meaning of either the Act or the Exchange Act and each officer and director of each Underwriter shall have the same rights to
contribution as such Underwriter, subject in each case to the applicable terms and conditions of this paragraph (d). 
  
 (e) The provisions of this Section 5 will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder, any
Underwriter, the Issuer or any of the officers, directors or controlling persons referred to in Section 5 hereof, and will survive the sale by a Holder of Transfer Restricted Securities covered by a Shelf Registration Statement. 
  
 6. Miscellaneous. 
  
 (a) No Inconsistent Agreements. The Issuer has not, as of the date
hereof, entered into nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof.

  
 (b) Amendments and Waivers. The provisions of this
Agreement, including the provisions of this sentence, may not be amended, qualified, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuer has obtained the written consent of
the Majority Holders, on the one hand, or unless the Holders have obtained the written consent of the Issuer, on the other hand; provided that with respect to any matter that directly or indirectly affects the rights of the Initial Purchasers
hereunder, the Issuer shall obtain the written consent of each of the Initial Purchasers against which such amendment, qualification, supplement, waiver or consent is to be effective. Notwithstanding the foregoing (except the foregoing proviso), a
waiver or consent to departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Transfer Restricted Securities are being sold pursuant to a Shelf Registration Statement and that does not
directly or indirectly affect the rights of other Holders may be given by the Majority Holders, determined on the basis of the Transfer Restricted Securities being sold rather than registered under such Shelf Registration Statement. 
  
 (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail, telecopier or air courier guaranteeing overnight delivery: 
  
 (i) if to the Representative, initially at its address set forth in the Purchase Agreement; 
  

 -20- 

 (ii) if to any other Holder, at the most current address of such Holder maintained by the
Registrar under the Indenture or the registrar of the Common Stock (provided that while the Notes or the Common Stock are in book-entry form, notice to the Trustee shall serve as notice to the Holders), or, in the case of the Notice Holder, the
address set forth in its Notice and Questionnaire; and 
  
 (iii) if to the Issuer, initially at the Company’s address set forth in the Purchase Agreement. 
  
 All such notices and communications shall be deemed to have been duly given when received, if delivered by hand or air courier, and when sent, if sent by
first-class mail or telecopier. 
  
 The Initial Purchasers,
Holders or the Issuer by written notice to the other may designate additional or different addresses for subsequent notices or communications. 
  
 (d) Satisfaction of Issuer Obligations. Satisfaction of any obligation of the Issuer contained herein by either the Company or the Guarantors shall
satisfy the obligation of both the Company and the Guarantors with respect thereto unless satisfaction by only one such party and not the other would adversely affect the rights of any Holder, in which case both the Company and the Guarantors shall
both be required to satisfy such obligation. 
  
 (e) Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without the need for an express assignment or any consent by the Issuer thereto, subsequent Holders. The
Issuer hereby agrees to extend the benefits of this Agreement to any Holder and Underwriter and any such Holder and Underwriter may specifically enforce the provisions of this Agreement as if an original party hereto. In the event that any other
person shall succeed to the Issuer under the Indenture, then such successor shall enter into an agreement, in form and substance reasonably satisfactory to the Representative, whereby such successor shall assume all of the Issuer’s obligations,
as the case may be, under this Agreement. 
  
 (f)
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. 
  
 (g) Headings. The headings
in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (h) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED IN SAID STATE. 
  
 (i)
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every 
  

 -21- 

 other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being
intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
  
 (j) Securities Held by the Issuer, etc. Whenever the consent or approval of Holders of a specified percentage of principal amount of Notes or the
Common Stock issuable upon conversion of the Notes is required hereunder, Notes or the Common Stock issued upon conversion of the Notes held by the Issuer or its Affiliates (other than subsequent Holders of Notes or the Common Stock issued upon
conversion of the Notes if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required
percentage. 
  
 (k) Termination. This Agreement and the
obligations of the parties hereunder shall terminate upon the end of the Shelf Registration Period, except for any liabilities or obligations under Sections 2(e), 4 or 5 to the extent arising prior to the end of the Shelf Registration Period.

  
 [signature page follows] 
  
  

 -22- 

 Please confirm that the foregoing correctly sets forth the agreement among the Issuer and you.

  

			
	 MASSEY ENERGY COMPANY

		
	 By:
	 	 /s/ Baxter F. Phillips, Jr.

	 Name:
	 	 Baxter F. Phillips, Jr.

	 Title:
	 	Senior Vice President and Chief Financial Officer
	
	 A.T. MASSEY COAL COMPANY, INC.

		
	 By:
	 	  

		
	 By:
	 	 /s/ Baxter F. Phillips, Jr.

	 Name:
	 	 Baxter F. Phillips, Jr.

	 Title:
	 	Senior Vice President and Chief Financial Officer
	
	 HOPKINS CREEK COAL COMPANY

	 JOBONER COAL COMPANY

	 RUSSELL FORK COAL COMPANY

	 T.C.H. COAL CO.

		
	 By:
	 	 /s/ Baxter F. Phillips, Jr.

	 Name:
	 	 Baxter F. Phillips, Jr.

	 Title:
	 	 President

	
	 MASSEY COAL SERVICES, INC.

		
	 By:
	 	 /s/ Baxter F. Phillips, Jr.

	 Name:
	 	 Baxter F. Phillips, Jr.

	 Title:
	 	 Vice President

			
	 APPALACHIAN CAPITAL MANAGEMENT CORP.

	 BIG SANDY VENTURE CAPITAL CORP.

	 BLUE RIDGE VENTURE CAPITAL CORP.

	 CAPSTAN MINING COMPANY

	 CENTRAL PENN ENERGY COMPANY, INC.

	 CONTINUITY VENTURE CAPITAL CORP.

	 DRIH CORPORATION

	 FEATS VENTURE CAPITAL CORP.

	 HADEN FARMS, INC.

	 MASSEY COAL SALES COMPANY, INC.

	 MASSEY NEW ERA CAPITAL CORP.

	 MASSEY TECHNOLOGY INVESTMENTS, INC.

	 MENEFEE LAND COMPANY, INC.

	 NEW MARKET LAND COMPANY

	 NEW MASSEY CAPITAL CORP.

	 PROGRESSIVE VENTURE CAPITAL CORP.

	 RAWL SALES VENTURE CAPITAL CORP.

	 SCARLET DEVELOPMENT COMPANY

	 SHENANDOAH CAPITAL MANAGEMENT CORP.

	 SPM CAPITAL MANAGEMENT CORP.

	 ST. ALBANS CAPITAL MANAGEMENT CORP.

	 SUN COAL COMPANY, INC.

		
	 By:
	 	 /s/ James L. Gardner

	 Name:
	 	 James L. Gardner

	 Title:
	 	 President

	
	 LAUREN LAND COMPANY

	 SC COAL CORPORATION

		
	 By:
	 	 /s/ James L. Gardner

	 Name:
	 	 James L. Gardner

	 Title:
	 	 Vice President

			
	 GREYEAGLE COAL COMPANY

	 TENNESSEE CONSOLIDATED COAL COMPANY

	 TENNESSEE ENERGY CORP.

	 THUNDER MINING COMPANY

		
	 By:
	 	 /s/ Michael D. Bauersachs

	 Name:
	 	 Michael D. Bauersachs

	 Title:
	 	 President

			
	 ALEX ENERGY, INC.

	 GREEN VALLEY COAL COMPANY

	 MAJESTIC MINING, INC.

	 NICCO CORPORATION

	 PEERLESS EAGLE COAL CO.

		
	 By:
	 	 /s/ David C. Hughart

	 Name:
	 	 David C. Hughart

	 Title:
	 	 President

			
	 ARACOMA COAL COMPANY, INC.

	 HIGHLAND MINING COMPANY

	 LOGAN COUNTY MINE SERVICES, INC.

		
	 By:
	 	 /s/ Dwayne Francisco

	 Name:
	 	 Dwayne Francisco

	 Title:
	 	 President

			
	 BANDMILL COAL CORPORATION

		
	 By:
	 	 /s/ Eric D. Salyer

	 Name:
	 	 Eric D. Salyer

	 Title:
	 	 President

			
	 BARNABUS LAND COMPANY

	 DEHUE COAL COMPANY

		
	 By:
	 	 /s/ Harold Osborne

	 Name:
	 	 Harold Osborne

	 Title:
	 	 President

			
	 BELFRY COAL CORPORATION

	 NEW RIDGE MINING COMPANY

	 SIDNEY COAL COMPANY, INC.

		
	 By:
	 	 /s/ Sidney R. Young, III

	 Name:
	 	 Sidney R. Young, III

	 Title:
	 	 President

			
	 BLACK KING MINE DEVELOPMENT CO.

	 BOONE EAST DEVELOPMENT CO.

	 BOONE WEST DEVELOPMENT CO.

	 CABINAWA MINING COMPANY

	 CENTRAL WEST VIRGINIA ENERGY COMPANY

	 CERES LAND COMPANY

	 DEMETER LAND COMPANY

	 LAXARE, INC.

	 RAVEN RESOURCES, INC.

		
	 By:
	 	 /s/ R. Freal Mize

	 Name:
	 	 R. Freal Mize

	 Title:
	 	 President

	
	 MASSEY GAS & OIL COMPANY

	 NEW RIVER ENERGY CORPORATION

		
	 By:
	 	 /s/ R. Freal Mize

	 Name:
	 	 R. Freal Mize

	 Title:
	 	 Vice President

			
	 BEN CREEK COAL COMPANY

		
	 By:
	 	 /s/ Bruce A. Johnson

	 Name:
	 	 Bruce A. Johnson

	 Title:
	 	 President

			
	 BOONE ENERGY COMPANY

	 MARFORK COAL COMPANY, INC.

		
	 By:
	 	 /s/ Johnny R. Jones

	 Name:
	 	 Johnny R. Jones

	 Title:
	 	 President

			
	 CLEAR FORK COAL COMPANY

	 ELK RUN COAL COMPANY, INC.

		
	 By:
	 	 /s/ Larry Ward

	 Name:
	 	 Larry Ward

	 Title:
	 	 President

			
	 CRYSTAL FUELS COMPANY

		
	 By:
	 	 /s/ George E. Dotson

	 Name:
	 	 George E. Dotson

	 Title:
	 	 President

			
	 SUPPORT MINING COMPANY

		
	 By:
	 	 /s/ Andrew F. Ashurst

	 Name:
	 	 Andrew F. Ashurst

	 Title:
	 	 President

			
	 DUNCAN FORK COAL COMPANY

	 DUCHESS COAL COMPANY

	 HAZY RIDGE COAL COMPANY

	 JACKS BRANCH COAL COMPANY

	 LICK BRANCH COAL COMPANY

	 MINE MAINTENANCE, INC.

	 PETER CAVE MINING COMPANY

	 RUM CREEK SYNFUEL COMPANY

	 TRACE CREEK COAL COMPANY

		
	 By:
	 	 /s/ Danny C. Cox

	 Name:
	 	 Danny C. Cox

	 Title:
	 	 President

			
	 FOOTHILLS COAL COMPANY

		
	 By:
	 	 /s/ Jeffrey M. Jarosinski

	 Name:
	 	 Jeffrey M. Jarosinski

	 Title:
	 	 Treasurer

			
	 KANAWHA ENERGY COMPANY

		
	 By:
	 	 /s/ Randy Cunningham

	 Name:
	 	 Randy Cunningham

	 Title:
	 	 President

			
	 STIRRAT COAL COMPANY

		
	 By:
	 	 /s/ Kevin T. Varney

	 Name:
	 	 Kevin T. Varney

	 Title:
	 	 President

			
	 GOALS COAL COMPANY

	 WILLIAMS MOUNTAIN COAL COMPANY

		
	 By:
	 	 /s/ Michael A. Milam

	 Name:
	 	 Michael A. Milam

	 Title:
	 	 President

			
	 INDEPENDENCE COAL COMPANY, INC.

		
	 By:
	 	 /s/ Jeffrey W. Walkup

	 Name:
	 	 Jeffrey W. Walkup

	 Title:
	 	 President

			
	 KNOX CREEK COAL CORPORATION

		
	 By:
	 	 /s/ David P. Kramer

	 Name:
	 	 David P. Kramer

	 Title:
	 	 President

			
	 LONG FORK COAL COMPANY

		
	 By:
	 	 /s/ Cathy Frazier

	 Name:
	 	 Cathy Frazier

	 Title:
	 	 President

			
	 BIG BEAR MINING COMPANY

	 DELBARTON MINING COMPANY

	 DOUGLAS POCAHONTAS COAL CORPORATION

	 ROBINSON-PHILLIPS COAL COMPANY

	 ROCKRIDGE COAL COMPANY

	 SHANNON-POCAHONTAS COAL CORPORATION

	 TOWN CREEK COAL COMPANY

	 WYOMAC COAL COMPANY, INC.

	 RAWL SALES & PROCESSING CO.

	 LYNN BRANCH COAL COMPANY, INC.

	 ROAD FORK DEVELOPMENT COMPANY, INC.

	 SPARTAN MINING COMPANY

	 STONE MINING COMPANY

	 SYCAMORE FUELS, INC.

	 VANTAGE MINING COMPANY

		
	 By:
	 	 /s/ Macs E. Hall

	 Name:
	 	 Macs E. Hall

	 Title:
	 	 President

			
	 MARTIN COUNTY COAL CORPORATION

	 PILGRIM MINING COMPANY, INC.

		
	 By:
	 	 /s/ Hiram Mahon

	 Name:
	 	 Hiram Mahon

	 Title:
	 	 President

			
	 NICHOLAS ENERGY COMPANY

		
	 By:
	 	 /s/ Mike Snelling

	 Name:
	 	 Mike Snelling

	 Title:
	 	 President

			
	 OMAR MINING COMPANY

		
	 By:
	 	 /s/ Mitchell McKinely Kalos

	 Name:
	 	 Mitchell McKinley Kalos

	 Title:
	 	 President

			
	 POWER MOUNTAIN COAL COMPANY

		
	 By:
	 	 /s/ James S. Smith

	 Name:
	 	 James S. Smith

	 Title:
	 	 President

			
	 RUM CREEK COAL SALES, INC.

		
	 By:
	 	 /s/ Richard Zigmond

	 Name:
	 	 Richard Zigmond

	 Title:
	 	 President

			
	 PERFORMANCE COAL COMPANY

		
	 By:
	 	 /s/ Bill M. Potter

	 Name:
	 	 Bill M. Potter

	 Title:
	 	 President

			
	 WHITE BUCK COAL COMPANY

		
	 By:
	 	 /s/ Larry M. Roop

	 Name:
	 	 Larry M. Roop

	 Title:
	 	 President

			
	 BANDYTOWN COAL COMPANY

	 EAGLE ENERGY, INC.

		
	 By:
	 	 /s/ Kenny Williams

	 Name:
	 	 Kenny Williams

	 Title:
	 	 President

			
	 M & B COAL COMPANY

	
	 BY: WYOMAC COAL COMPANY, INC.

		
	 By:
	 	 /s/ Macs Hall

	 Name:
	 	 Macs Hall

	 Title:
	 	 President

	
	 M & B COAL COMPANY

	
	 BY: TOWN CREEK COAL COMPANY

		
	 By:
	 	 /s/ Macs Hall

	 Name:
	 	 Macs Hall

	 Title:
	 	 President

			
	 SHANNON-POCAHONTAS MINING CO.

		
	 BY:
	 	SHANNON POCAHONTAS COAL CORPORATION
		
	 By:
	 	 /s/ Macs Hall

	 Name:
	 	 Macs Hall

	 Title:
	 	 President

	
	 SHANNON-POCAHONTAS MINING CO.

		
	 BY:
	 	 OMAR MINING COMPANY

		
	 By:
	 	 /s/ Mitchell McKinley Kalos

	 Name:
	 	 Mitchell McKinley Kalos

	 Title:
	 	 President

			
	 HANNA LAND COMPANY, LLC

		
	 BY:
	 	 A. T. MASSEY COAL COMPANY, INC.

		
	 By:
	 	 /s/ Baxter F. Phillips, Jr.

	 Name:
	 	 Baxter F. Phillips, Jr.

	 Title:
	 	Senior Vice President and Chief Financial Officer
	
	 HANNA LAND COMPANY, LLC

		
	 BY:
	 	 ALEX ENERGY, INC.

		
	 By:
	 	 /s/ David C. Hughart

	 Name:
	 	 David C. Hughart

	 Title:
	 	 President

  
 The foregoing Agreement is hereby 
 confirmed and accepted as of the 
 date first above written. 
  

			
	 UBS SECURITIES LLC

		
	 By:
	 	 /s/ Dieter Hoeppli

	 Name:
	 	 Dieter Hoeppli

	 Title:
	 	 Executive Director

		
	 By:
	 	 /s/ Jonathan Rose

	 Name:
	 	 Jonathan Rose

	 Title:
	 	 Director

  
 For themselves and the other several
Initial Purchasers 

 Schedule I 
  

Guarantors: 
  

	
	 A. T. MASSEY COAL COMPANY, INC.

	 ALEX ENERGY, INC.

	 APPALACHIAN CAPITAL MANAGEMENT CORP.

	 ARACOMA COAL COMPANY, INC.

	 BANDMILL COAL CORPORATION

	 BANDYTOWN COAL COMPANY

	 BARNABUS LAND COMPANY

	 BELFRY COAL CORPORATION

	 BEN CREEK COAL COMPANY

	 BIG BEAR MINING COMPANY

	 BIG SANDY VENTURE CAPITAL CORP.

	 BLACK KING MINE DEVELOPMENT CO.

	 BLUE RIDGE VENTURE CAPITAL CORP.

	 BOONE EAST DEVELOPMENT CO.

	 BOONE ENERGY COMPANY

	 BOONE WEST DEVELOPMENT CO.

	 CABINAWA MINING COMPANY

	 CAPSTAN MINING COMPANY

	 CENTRAL PENN ENERGY COMPANY, INC.

	 CENTRAL WEST VIRGINIA ENERGY COMPANY

	 CERES LAND COMPANY

	 CLEAR FORK COAL COMPANY

	 CONTINUITY VENTURE CAPITAL CORP.

	 CRYSTAL FUELS COMPANY

	 DEHUE COAL COMPANY

	 DELBARTON MINING COMPANY

	 DEMETER LAND COMPANY

	 DOUGLAS POCAHONTAS COAL CORPORATION

	 DRIH CORPORATION

	 DUCHESS COAL COMPANY

	 DUNCAN FORK COAL COMPANY

	 EAGLE ENERGY, INC.

	 ELK RUN COAL COMPANY, INC.

	 FEATS VENTURE CAPITAL CORP.

	 FOOTHILLS COAL COMPANY

	 GOALS COAL COMPANY

	 GREEN VALLEY COAL COMPANY

	 GREYEAGLE COAL COMPANY

	 HADEN FARMS, INC.

	 HANNA LAND COMPANY, LLC

	 HAZY RIDGE COAL COMPANY

	 HIGHLAND MINING COMPANY

	
	 HOPKINS CREEK COAL COMPANY

	 INDEPENDENCE COAL COMPANY, INC.

	 JACKS BRANCH COAL COMPANY

	 JOBONER COAL COMPANY

	 KANAWHA ENERGY COMPANY

	 KNOX CREEK COAL CORPORATION

	 LAUREN LAND COMPANY

	 LAXARE, INC.

	 LICK BRANCH COAL COMPANY

	 LOGAN COUNTY MINE SERVICES, INC.

	 LONG FORK COAL COMPANY

	 LYNN BRANCH COAL COMPANY, INC.

	 M&B COAL COMPANY

	 MAJESTIC MINING, INC.

	 MARFORK COAL COMPANY, INC.

	 MARTIN COUNTY COAL CORPORATION

	 MASSEY COAL SALES COMPANY, INC.

	 MASSEY COAL SERVICES, INC.

	 MASSEY GAS & OIL COMPANY

	 MASSEY NEW ERA CAPITAL CORP.

	 MASSEY TECHNOLOGY INVESTMENTS, INC.

	 MENEFEE LAND COMPANY, INC.

	 MINE MAINTENANCE, INC.

	 NEW MARKET LAND COMPANY

	 NEW MASSEY CAPITAL CORP.

	 NEW RIDGE MINING COMPANY

	 NEW RIVER ENERGY CORPORATION

	 NICCO CORPORATION

	 NICHOLAS ENERGY COMPANY

	 OMAR MINING COMPANY

	 PEERLESS EAGLE COAL CO.

	 PERFORMANCE COAL COMPANY

	 PETER CAVE MINING COMPANY

	 PILGRIM MINING COMPANY, INC.

	 POWER MOUNTAIN COAL COMPANY

	 PROGRESSIVE VENTURE CAPITAL CORP.

	 RAVEN RESOURCES, INC.

	 RAWL SALES & PROCESSING, CO.

	 RAWL SALES VENTURE CAPITAL CORP.

	 ROAD FORK DEVELOPMENT COMPANY, INC.

	 ROBINSON-PHILLIPS COAL COMPANY

	 ROCKRIDGE COAL COMPANY

	 RUM CREEK COAL SALES, INC.

	 RUM CREEK SYNFUEL COMPANY

	 RUSSELL FORK COAL COMPANY

	 SC COAL CORPORATION

	
	 SCARLET DEVELOPMENT COMPANY

	 SHANNON-POCAHONTAS COAL CORPORATION

	 SHANNON-POCAHONTAS MINING COMPANY

	 SHENANDOAH CAPITAL MANAGEMENT CORP.

	 SIDNEY COAL COMPANY, INC.

	 SPARTAN MINING COMPANY

	 SPM CAPITAL MANAGEMENT CORP.

	 ST. ALBAN’S CAPITAL MANAGEMENT CORP.

	 STIRRAT COAL COMPANY

	 STONE MINING COMPANY

	 SUN COAL COMPANY, INC.

	 SUPPORT MINING COMPANY

	 SYCAMORE FUELS, INC.

	 T.C.H. COAL CO.

	 TENNESSEE CONSOLIDATED COAL COMPANY

	 TENNESSEE ENERGY CORP.

	 THUNDER MINING COMPANY

	 TOWN CREEK COAL COMPANY

	 TRACE CREEK COAL COMPANY

	 VANTAGE MINING COMPANY

	 WHITE BUCK COAL COMPANY

	 WILLIAMS MOUNTAIN COAL COMPANY

	 WYOMAC COAL COMPANY, INC.

 Exhibit A 
  

Form of Selling Securityholder Notice and Questionnaire 
  
 [Insert from Annex A to OM]Employee Stock Purchase Plan, as amended.

 EXHIBIT 10.1 
  
 MORGAN STANLEY 
 EMPLOYEE STOCK PURCHASE PLAN 
  
 Amended as of
March 16, 2004 
  
 SECTION 1—PURPOSE 
  
 The purpose of the Plan is to secure for the Company and its stockholders the benefits of
the incentive inherent in the ownership of Common Stock by current and future Eligible Employees. The Plan is intended to comply with the provisions of Code Section 423 and shall be administered, interpreted and construed in accordance with such
provisions. 
  
 SECTION 2—DEFINITIONS 
  
 When used herein, the following terms shall have the following meanings: 
  

	2.1	“Administrator” means the Board of Directors or such officer or officers of the Company or such committee (which need not be a committee of the Board of Directors,
but, if not a committee of the Board of Directors, then the committee shall be comprised solely of officers of the Company) to whom the Board of Directors delegates authority under the Plan in accordance with Section 12.1. 

 

	2.2	“Beneficiary” means such person, persons, or entity as are designated pursuant to Section 12.5 to receive, upon a participant’s death, all or a portion of such
Participant’s Common Stock Account and Payroll Deduction Account. 

  

	2.3	“Board of Directors” means the Board of Directors of the Company, or any committee of such Board of Directors as the Board of Directors may determine from time to
time. 

  

	2.4	“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. 

  

	2.5	“Common Stock” means common stock, par value $0.01 per share, of the Company. 

  

	2.6	“Common Stock Account” means the account established with, and maintained by, the Custodian for the purpose of holding Common Stock purchased pursuant to this Plan.

  

	2.7	“Company” means Morgan Stanley, a Delaware corporation, and its successors and assigns. 

  
 1 

	2.8	“Custodian” means the agent selected by the Company to hold Common Stock purchased under the Plan. 

  
  

	2.9	“Disability” means disability as defined under any qualified, defined benefit plan sponsored by the Company or any Subsidiary in which an Eligible Employee is a
participant on the date such Eligible Employee terminates employment with the Company or any Subsidiary. 

  
  

	2.10	“Eligible Compensation” means the sum of the types and amounts of compensation determined from time to time by the Administrator in its sole discretion to be
eligible to be taken into account under the Plan, provided that no such determination shall include or exclude any type or amount of compensation contrary to the requirements of Section 423 of the Code and any regulations promulgated thereunder.

  
  

	2.11	“Eligible Employee” means all employees of the Company and its Subsidiaries that have been designated as eligible to participate in the Plan pursuant to and in
accordance with rules prescribed by the Administrator from time to time, which rules, however, shall neither permit nor deny participation in the Plan contrary to the requirements of the Code (including, but not limited to, Section 423(b)(3), (4),
(5), and (8) thereof) and the regulations promulgated thereunder. 

  
  

	2.12	“Fair Market Value” means the average of the high and low sales prices of a share of Common Stock as reported on the New York Stock Exchange Composite Tape on the
date in question or, if the Common Stock shall not have been traded on such date, the average of the high and low sales prices on the first day prior thereto on which the Common Stock was so traded or, if the Common Stock was not so traded, such
other amount as may be determined by the Board of Directors in its sole discretion. 

  
  

	2.13	“Investment Date” means for each Eligible Employee, each date on which he receives his Eligible Compensation in each Plan Year, or such other dates as may be
determined by the Board of Directors in its sole discretion. 

  
  

	2.14	“Participant” means an Eligible Employee who has met the requirements of Section 3 and has elected to participate in the Plan pursuant to Section 4.1.

  
  

	2.15	“Payroll Deduction Account” means the bookkeeping entry established by the Company for each Participant pursuant to Section 4.3. 

  
  

	2.16	“Plan” means the Morgan Stanley Employee Stock Purchase Plan as set forth herein and as amended from time to time. 

  
  

	2.17	“Plan Year” means a calendar year. 

  
  

	2.18	“Retirement” means retirement as defined by any qualified or non-qualified defined benefit plan sponsored by the Company or a Subsidiary in which an Eligible
Employee is a participant on the date such Eligible Employee terminates employment with the Company or any Subsidiary. 

  
 2 

	2.19	“Subsidiary” means any corporation designated by the Administrator which constitutes a “subsidiary” of the Company, within the meaning of Code Section
424(f). 

  
 SECTION 3—ELIGIBILITY 
  

	3.1	General Rule.    Subject to Section 3.3, each Eligible Employee shall be eligible to participate in the Plan beginning on the later of (i) the
Eligible Employee’s date of hire by the Company or any Subsidiary and (ii) the date such employee becomes an Eligible Employee. Each Eligible Employee who is first hired by the Company or a Subsidiary on or after April 1, 2002 shall be eligible
to participate in the Plan beginning on the later of (i) the first day of the month following the date the employee has completed one year of service for the Company and its Subsidiaries, provided that he is employed on such date, and (ii) the date
such employee becomes an Eligible Employee. Pursuant to rules established by the Administrator, all periods of employment, whether or not consecutive, shall be aggregated in determining whether an employee has completed one year of service for the
Company and its Subsidiaries. An Eligible Employee who has met the requirements of this Section 3.1 and who ceases to be an Eligible Employee shall again become eligible to participate in the Plan when he again becomes an Eligible Employee.

  
  

	3.2	Leave of Absence. Unless the Administrator otherwise determines, a Participant on a paid leave of absence shall continue to be a Participant in the Plan so long as
such Participant is on such paid leave of absence. Unless otherwise determined by the Administrator, a Participant on an unpaid leave of absence shall not be entitled to participate in any offering commencing after such unpaid leave has begun but
shall not be deemed to have terminated employment for purposes of the Plan. A Participant who, upon failing to return to work following a leave of absence, is deemed not to be an employee, shall not be entitled to participate in any offering
commencing after such termination of employment, and such Participant’s Payroll Deduction Account shall be paid out in accordance with Section 6.2. 

  

	3.3	Common Stock Account. As a condition to participation in this Plan, each Eligible Employee shall be required to hold shares purchased hereunder in a Common Stock
Account and such employee’s decision to participate in the Plan shall constitute the appointment of the Custodian as custodial agent for the purpose of holding such shares. Such Common Stock Account will be governed by, and subject to, the
terms and conditions hereof and of a written agreement between the Company and the Custodian. 

  
  
 SECTION 4—PARTICIPATION AND PAYROLL DEDUCTIONS 
  

	4.1	Enrollment. Each Eligible Employee may elect to participate in the Plan for a Plan Year by completing a Company-specified enrollment process. Upon completing the
enrollment 

  
 3 

	 	 
process, an Eligible Employee shall commence participation in the Plan on the next practicable Investment Date. Each Eligible Employee shall be advised of
the purchase price (expressed as a percentage of Fair Market Value) determined under Section 5.2(b) before enrolling in the Plan. 

  

	4.2	Amount of Deduction.    When enrolling, the Eligible Employee shall specify a payroll deduction amount of a percentage (in whole numbers) of
Eligible Compensation which shall be withheld from such Eligible Employee’s regular paychecks, including bonus paychecks, for the Plan Year, provided, however, that the Administrator may determine and specify, from time to time, (i) the
range of permissible percentages of Eligible Compensation an Eligible Employee may specify to be withheld and (ii) the maximum amount, if any, of Eligible Compensation that may be deducted for an Eligible Employee in any Plan Year, and provided
further, that no such determination shall be contrary to the requirements of Code Section 423 and the regulations promulgated thereunder. The Administrator, in its sole discretion, may authorize payment in respect of any option exercised hereunder
by personal check. 

  

	4.3	Payroll Deduction Accounts.    Each Participant’s payroll deduction shall be credited, as soon as practicable following the relevant pay date,
to a Payroll Deduction Account, pending the purchase of Common Stock in accordance with the provisions of the Plan. All such amounts shall be assets of the Company and may be used by the Company for any corporate purpose. No interest shall accrue or
be paid on amounts credited to a Payroll Deduction Account. 

  

	4.4	Subsequent Plan Years.    Unless otherwise specified prior to the beginning of any Plan Year by completing a Company-specified process, a
Participant shall be deemed to have elected to participate in each subsequent Plan Year for which the Participant is eligible to the same extent and in the same manner as at the end of the prior Plan Year. 

  

	4.5	Changes in Participation. 

  

	 	(a)	At any time during a Plan Year, a Participant may cease participation in the Plan by completing a Company-specified process. Such cessation will become effective as soon as
practicable following completion of such process, whereupon no further payroll deductions will be made and the Company shall pay to such Participant an amount equal to the balance in the Participant’s Payroll Deduction Account as soon as
practicable thereafter. To the extent then an Eligible Employee, any Participant who ceased to participate may elect to participate again as of any subsequent Investment Date in any calendar quarter after the quarter in which such Participant ceased
to participate. 

  

	 	(b)	At any time during a Plan Year (but not more than once in any calendar quarter), a Participant may increase or decrease the percentage of Eligible Compensation subject to payroll
deduction within the limits approved by the Administrator pursuant to Section 4.2 by completing a Company-specified process. Such increase or decrease shall become effective with the first pay period following 

  
 4 

	 	 
the completion of such process to which it may be practically applied. Notwithstanding any increase in the percentage of Eligible Compensation subject to pay
deduction pursuant to this Section 4.5(b), in no event may the amount of Eligible Compensation deducted for an Eligible Employee for any Plan Year exceed the maximum amount authorized to be deducted pursuant to Section 4.2.

  

	 	(c)	Notwithstanding anything herein to the contrary, in the event the Board of Directors determines under Section 5.2(b) to change the purchase price of a share of Common Stock, each
Participant shall be advised in advance of the effective date of such change and afforded the opportunity to make a change in participation under Section 4.5(a) or 4.5(b) before such change in the purchase price takes effect.

  
 SECTION 5—OFFERINGS 
  

	5.1	Maximum Number of Shares.    The Plan will be implemented by making offerings of Common Stock on each Investment Date until the maximum number of
shares of Common Stock available under the Plan have been issued pursuant to the exercise of options. 

  
  

	5.2	Grant and Exercise of Options 

  

	(a)	Subject to Section 5.3, on each Investment Date, each Participant shall be deemed, subject to Section 5.4, to have been granted an option to purchase, and shall be deemed, without
any further action, to have exercised such option and purchased the number of shares of Common Stock determined by dividing the amount credited to the Participant’s Payroll Deduction Account on such date by the purchase price (as determined in
paragraph (b) below). All such shares shall be credited to the Participant’s Common Stock Account. 

  

	(b)	The purchase price for each share of Common Stock shall be expressed as a percentage of Fair Market Value on the Investment Date and shall be determined from time to time by the
Board of Directors, but in no event shall such purchase price be less than 85 percent of the Fair Market Value of such share on the Investment Date. 

  
  

	5.3	Oversubscription of Shares.    If the total number of shares for which options are exercised on any Investment Date exceeds the maximum number of
shares available for the applicable offering, the Company shall make an allocation of the shares available for delivery and distribution among the Participants in as nearly a uniform manner as shall be practicable, and the balance of all amounts
credited to the Payroll Deduction Accounts shall be applied to the next offering. 

  
  

	5.4	Limitations on Grant and Exercise of Options 

  

	 	(a)	No option granted under this Plan shall permit a Participant to purchase stock under all employee stock purchase plans (as defined by Code Section 423(b)) of the

  
 5 

	 	 
Company and any Subsidiary in an amount which, in the aggregate, would exceed $25,000 based on the Fair Market Value of such stock (determined at the time
the option is granted) for each calendar year in which the option is outstanding at any time. 

  

	 	(b)	No employee who would own, immediately after the option is granted, stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of
the Company or any Subsidiary (a “5% Owner”) shall be granted an option. For purposes of determining whether an employee is a 5% Owner, the rules of Code Section 424(d) shall apply in determining the stock ownership of an individual and
stock which the employee may purchase under outstanding options shall be treated as stock owned by the employee. 

  
 SECTION 6—DISTRIBUTIONS OF COMMON STOCK ACCOUNT 
  

	6.1	Restrictions on Distributions.    Shares of Common Stock purchased hereunder (other than shares of Common Stock acquired upon the automatic
investment of dividends pursuant to Section 7) cannot be withdrawn from the Plan by a Participant, or a former Participant who has terminated employment with the Company and its Subsidiaries, for a period of 24 months immediately following the
Investment Date on which such shares were purchased, unless otherwise determined by the Company consistent with the requirements of Section 423 of the Code. 

  

	6.2	Termination of Employment.    If a Participant’s employment with the Company and its Subsidiaries terminates for any reason during a Plan
Year, shares credited to the Participant’s Common Stock Account may be withdrawn by the Participant from the Plan, subject to the provisions of Section 6.1, or may be sold by the Participant through the Plan. Shares not otherwise withdrawn from
or sold through the Plan will be distributed to the Participant as soon as practicable following the expiration of a 24 month period beginning on the Investment Date on which the last share was purchased under the Plan. 

  

	6.3	During Employment.    Prior to the Participant’s termination of employment with the Company and its Subsidiaries, a Participant may withdraw
some or all of the whole shares credited to the Participant’s Common Stock Account, subject to the provisions of Section 6.1, or may sell through the Plan some or all of the whole shares credited to the Participant’s Common Stock Account,
subject to the provisions of Section 10.3. 

  

	6.4	Sales through the Plan.    Subject to the provisions of Section 10.3, a Participant or a former Participant who has terminated employment with the
Company and its Subsidiaries may sell his shares of Common Stock acquired under the Plan pursuant to procedures established from time to time by the Administrator. 

  

	6.5.	Death.    If, pursuant to Section 12.5, the Company is maintaining procedures pursuant to which a Participant may designate a Beneficiary, then in
the event of a Participant’s death, all shares credited to the Participant’s Common Stock Account and any amount credited to the Participant’s Payroll Deduction Account shall be distributed to: 

  
 6 

	 	(i)	the Participant’s Beneficiary, or 

  

	 	(ii)	if no Beneficiary has been so designated or if the Company is not maintaining procedures pursuant to Section 12.5 pursuant to which a Participant may designate a Beneficiary, to the
Participant’s spouse or, if the Participant is not survived by a spouse, to the Participant’s estate, 

  
 in any such event as soon as practicable after the Company receives notice of the Participant’s death. 
  
 SECTION 7—DIVIDENDS ON SHARES 
  

All cash dividends paid with respect to shares of Common Stock held in a participant’s Common Stock Account shall be invested automatically in shares of Common
Stock purchased at 100 percent of Fair Market Value on the date such dividend is paid. All non-cash distributions paid on Common Stock held in a Participant’s Common Stock Account shall be paid to the Participant as soon as practicable.

  
 SECTION 8—RIGHTS AS A STOCKHOLDER 
  
 When a Participant purchases Common Stock pursuant to the Plan or when Common Stock is
credited to a Participant’s Common Stock Account, subject to the restrictions set forth in Sections 6 and 10.3, the Participant shall have all of the rights and privileges of a stockholder of the Company with respect to the shares so purchased
or credited, whether or not certificates representing shares shall have been issued. 
  
 SECTION 9—OPTIONS NOT TRANSFERABLE 
  
 Neither a
Participant’s Payroll Deduction Account nor any options granted under the Plan to a Participant may be transferred, pledged or otherwise disposed of in any way (other than by will or the laws of descent and distribution) by a Participant and
such options are exercisable during the Participant’s lifetime only by the Participant. Any attempt at such assignment, transfer, pledge or other disposition shall be without effect. 
  
 SECTION 10—COMMON STOCK 
  

	10.1	Reserved Shares.    There shall be reserved for issuance and purchase under the Plan an aggregate of 25,404,187 shares of Common Stock (as of
October 31, 1999), subject to adjustment as provided in Section 11. Shares subject to the Plan may be shares now or hereafter authorized but unissued, treasury shares, or both. 

  

	10.2	Restrictions on Exercise.    In its sole discretion, the Board of Directors may require as conditions to the exercise of any option that shares of
Common Stock reserved for issuance upon the exercise of an option shall have been duly listed on any recognized national securities exchange, and that either a registration statement under the Securities Act of 1933, as amended, with respect to said
shares shall be effective, or the Participant 

  
 7

	 	 
shall have represented at the time of purchase, in form and substance satisfactory to the Company, that it is the Participant’s intention to purchase
the shares for investment only and not for resale or distribution. 

  

	10.3	Restriction on Sale.    Shares of Common Stock purchased hereunder (other than shares of Common Stock acquired upon the automatic investment of
dividends pursuant to Section 7) shall not be transferable by a Participant for a period of 12 months immediately following the Investment Date on which such shares were purchased. 

  
 SECTION 11—ADJUSTMENT UPON CHANGES IN CAPITALIZATION 
  
 In the event of a subdivision or consolidation of the outstanding shares of Common Stock, or
the payment of a stock dividend thereon, the number of shares reserved or authorized to be reserved under this Plan shall be increased or decreased, as the case may be, proportionately, and such other adjustments shall be made as may be deemed
necessary or equitable by the Board of Directors. In the event of any other change affecting the Common Stock, such adjustments shall be made as may be deemed equitable by the Board of Directors, in its sole discretion, to give proper effect to such
event, subject to the limitations of Code Section 424. 
  
 SECTION
12—ADMINISTRATION 
  

	12.1	The Plan shall be administered by the Board of Directors, which may to the extent permitted by law, but need not, delegate some or all of its authority under the Plan to an
Administrator. Any delegation hereunder shall be subject to the restrictions and limits that the Board of Directors specifies at the time of such delegation or thereafter. Nothing in the Plan shall be construed as obligating the Board of Directors
to delegate authority under this Plan, and the Board of Directors may at any time rescind the authority delegated to an Administrator appointed hereunder or appoint a new Administrator. At all times, an Administrator appointed under this Section
12.1 shall serve in such capacity at the pleasure of the Board of Directors. 

  

	12.2	The Board of Directors (and the Administrator, to the extent that the Board of Directors delegates its authority under the Plan pursuant to Section 12.1) shall have full power and
authority to construe and interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, and to make all other determinations necessary or advisable in administering the Plan. All determinations by the Board of Directors
(or the Administrator, as the case may be) in carrying out and administering the Plan and in construing and interpreting the Plan shall be final, binding and conclusive for all purposes and upon all persons interested. In the event of any
disagreement between the Board of Directors and the Administrator, the Board of Director’s determination on such matter shall be final and binding on all interested persons, including the Administrator. 

  

	12.3	No member of the Board of Directors or the Administrator shall be liable for anything whatsoever in connection with the administration of the Plan except such person’s own
willful misconduct. Under no circumstances shall any member of the Board of Directors or the Administrator be liable for any act or omission of any other member of the Board 

  
 8 

	 	 
of Directors or the Administrator. In the performance of its functions with respect to the Plan, the Board of Directors and the Administrator shall be
entitled to rely upon information and advice furnished by the Company’s officers, the Company’s accountants, the Company’s counsel and any other party the Board of Directors or the Administrator deems necessary, and no member of the
Board of Directors or the Administrator shall be liable for any action taken or not taken in reliance upon any such advice. 

  

	12.4	The Company shall pay all the costs of administration of the Plan. 

  

	12.5	The Company may maintain procedures pursuant to which a Participant may designate a Beneficiary. 

  

	12.6	Notwithstanding the provisions of Section 12.2, the Board of Directors (or any duly appointed Administrator) may establish procedures from time to time relating to the review and
determination of claims for benefits under the Plan. Such claims procedures may include appointment of one or more committees, which may be composed of such officers of the Company or other individuals as the Board of Directors (or Administrator, as
the case may be) shall determine, to act with respect to any claim for benefits under the Plan. Any such committee shall have such authority as is determined by the Board of Directors (or Administrator, as the case may be), which may include the
exclusive discretionary right to interpret the Plan, including those provisions arising under or in connection with the administration of the Plan, including without limitation, the authority to make factual determinations. 

 
 SECTION 13—AMENDMENT AND TERMINATION 
  

	13.1	Amendment.    Subject to the provisions of Code Section 423, the Board of Directors (and the Administrator, to the extent the Board of Directors
delegates its authority under this Section 13.1) may amend the Plan in any respect; provided, however, that the Plan may not be amended in any manner that will retroactively impair or otherwise adversely affect the rights of any person to benefits
under the Plan which have accrued prior to the date of such action. The Board of Directors may delegate to the Administrator its authority under this Section 13.1 to amend any of the following Sections of the Plan and any other provision of the Plan
for which approval by the Board of Directors (or a committee thereof) is not required under applicable law or the rules of any national securities exchange on which the Common Stock is traded: Sections 3.3, 4.4, 4.5(a), 4.5(b), 6.5, 10.3, 15, 16, 17
and 18. 

  

	13.2	Termination.    The Plan will terminate on the Investment Date that Participants become entitled to purchase a number of shares greater than the
number of shares remaining available for purchase. In addition, the Plan may be terminated at any prior time, at the sole discretion of the Board of Directors. 

  
 SECTION 14—GOVERNMENTAL AND OTHER REGULATIONS 
  
 9 

 The Plan and the grant and exercise of options to purchase shares hereunder, and the Company’s obligation to sell
and deliver shares upon the exercise of options to purchase shares, shall be subject to all applicable Federal, state and foreign laws, rules and regulations, and to such approvals by any regulatory or governmental agency as, in the opinion of
counsel to the Company, may be required. 
  
 SECTION 15—NO EMPLOYMENT
RIGHTS 
  
 The Plan does not create, directly or indirectly, any right
for the benefit of any employee or class of employees to purchase any shares from the Company (other than as expressly provided in, and subject to the terms and conditions of, the Plan), or create in any employee or class of employees any right with
respect to continuation of employment by the Company or any Subsidiary, and it shall not be deemed to interfere in any way with the Company’s or any Subsidiary’s right to terminate, or otherwise modify, an employee’s employment at any
time. 
  
 SECTION 16—WITHHOLDING 
  
 As a condition to receiving shares hereunder, the Company may require the Participant to
make a cash payment to the Company of, or the Company may withhold from any shares distributable under the Plan, an amount necessary to satisfy all Federal, state, city or other taxes required to be withheld in respect of such payments pursuant to
any law or governmental regulation or ruling. 
  
 SECTION
17—OFFSETS 
  
 To the extent permitted by law, the Company shall
have the absolute right to withhold any amounts payable to any Participant under the terms of the Plan to the extent of any amount owed for any reason by such Participant to the Company or any Subsidiary and to set off and apply the amounts so
withheld to payment of any such amount owed to the Company or any Subsidiary, whether or not such amount shall then be immediately due and payable and in such order or priority as among such amounts owed as the Company, in its sole discretion, shall
determine. 
  
 SECTION 18—NOTICES, ETC. 
  
 All elections, designations, requests, notices, instructions and other communications from a
Participant to the Administrator or the Company required or permitted under the Plan shall be in Company-specified form, and if required to be in writing shall be mailed by first-class mail or delivered to such Company-specified location and shall
be deemed to have been given and delivered only upon actual receipt thereof at such location. 
  
 SECTION 19—CAPTIONS, ETC. 
  
 The captions of the sections and paragraphs of this Plan have been inserted solely as a matter of convenience and in no way define or limit the scope or intent of any provision of the Plan. References to sections herein are to the specified
sections of this Plan unless another reference is specifically stated. Wherever used herein, a singular number shall be deemed to include the plural unless a different meaning is required by the context. 
  
 10 

 SECTION 20—EFFECT OF PLAN 
  
 The provisions of the Plan shall be binding upon, and inure to the benefit of, all successors of the Company and each Participant,
including, without limitation, such Participant’s estate and the executors, administrators or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of creditors of such Participant. 
  
 SECTION 21—GOVERNING LAW 
  
 The internal laws of the State of New York shall govern all matters relating to this Plan
except to the extent superseded by the laws of the United States. 
  
 11

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