Document:

exv10w53

EXHIBIT 10.53

AMENDMENT NO. 3 TO THE

PURCHASE AND SALE AGREEMENT

     This Amendment No. 3 (this “Amendment”) to that certain Purchase and Sale Agreement,
dated as of December 31, 2005 by and between the parties hereto (as amended, the
“Agreement”) is made and entered into on this 29th day of August, 2007, by and
between Arch Coal, Inc., a Delaware corporation (“Arch”), and Magnum Coal Company, a
Delaware corporation (“Magnum”).

Recitals

     A. Arch and Magnum entered into the Agreement on December 31, 2005.

     B. The parties have amended the Agreement by entering into Amendment No. 1, dated as of
February 7, 2006, and Amendment No. 2, dated as of April 27. 2006.

     C. The parties desire to further amend the Agreement as set forth herein.

Agreements

     NOW, THEREFORE, in consideration of the foregoing premises and the covenants and agreements
set forth herein and for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

     1. Definitions. Terms capitalized but not defined herein have the meaning set forth in
the Agreement.

     2. Bonds.

     a. Section 8.1(b) of the Agreement shall be amended by replacing the phrase “the date
that is two years after the Closing Date” with “March 31, 2008”.

     b. For purposes of complying with Section 8.1(b) of the Agreement, the term
“Reclamation Bonds” shall include those bonds set forth on the attached schedule of
“Surety Bond Without Premium,” as the same may be updated and/or revised by the Parties
from time to time.

     2. Miscellaneous.

 

 

     a. Sections 11.4, 11.6, 11.7, 11.8 and 11.9 of the Agreement shall be applicable to
the terms of this Amendment and are hereby incorporated by reference; provided that (a)
any reference to “this Agreement” in such provisions of the Agreement shall be deemed for
purposes of this Amendment to be a reference to “this Amendment” and (b) any other
necessary changes relating to syntax, section or article references and other similar
matters shall be deemed made.

     b. The representations and warranties of the Company contained in Section 4.1 of the
Agreement and the representations and warranties of Arch contained in Section 4.2.2 of the
Agreement shall be applicable to this Amendment and are hereby incorporated by reference,
provided that (a) any reference to “this Agreement” in such provisions of the Agreement
shall be deemed for purposes of this Amendment to be a reference to “this Amendment” and
(b) any other necessary changes relating to syntax, section or article references and
other similar matters shall be deemed made.

     c. The Agreement, this Amendment and the Ancillary Documents (and any schedules,
exhibits or annexes thereto), contain the entire agreement and understanding among the
parties with respect to the subject matter. Neither party shall be liable or bound to the
other party in any manner by any representations, warranties or covenants relating to such
subject matter except as specifically set forth herein or therein.

     d. Except as set forth herein, the terms and provisions of the Agreement shall be
unchanged by this Amendment and shall remain in full force and effect.

[The remainder of this page has been left blank intentionally.]

2

 

     IN WITNESS WHEREOF, this Amendment has been duly executed by the parties hereto as of day and
year first above written.

	 	 	 	 	 
	 	Arch Coal, Inc.

 	 
	 	By:  	/s/  David B. Peugh
 	 
	 	 	David B. Peugh 	 
	 	 	Vice President — Business
Development 	 
	 

	 	 	 	 	 
	 	Magnum Coal Company

 	 
	 	By:  	/s/  Paul H. Vining
 	 
	 	 	Paul H. Vining 	 
	 	 	President and Chief Executive Officer 	 
	 

 

 

Surety Bond Without Premium

08/30/2007 08:54:27

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Entity	 	Bond #	 	Carrier	 	Type	 	Permit #	 	IN	 	REV	 	Acres	 	Obligee	 	Bond Amount	 	Exp. Date
	 
	AOWV
	 	64S104027303	 	TRAVELERS	 	HIGHWAY USE	 	 	 	0	 	 	 	 	 	 	 	STWV	 	$	50,000.00	 	 	 	02/25/2008	 
	AOWV
	 	8205-54-89	 	FEDERAL	 	OTHER	 	S-5007-01	 	0	 	 	 	 	 	 	 	WVDEP	 	$	243,600.00	 	 	 	12/01/2007	 
	AOWV
	 	1016086	 	BONDSAFE	 	PROSPECTING	 	PROSPECT	 	0	 	 	 	 	1.00	 	 	WVDEP	 	$	500.00	 	 	 	07/06/2008	 
	AOWV
	 	400KC7172	 	STPAUL	 	RECLAMATION	 	5005-98	 	0	 	 	 	 	37.00	 	 	WVDEP	 	$	21,840.00	 	 	 	03/14/2008	 
	AOWV
	 	400SA1639	 	STPAUL	 	RECLAMATION	 	O-0001-85	 	0	 	 	 	 	41.23	 	 	WVDEP	 	$	42,000.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1618	 	STPAUL	 	RECLAMATION	 	O-0110-83	 	0	 	 	 	 	87.00	 	 	WVDEP	 	$	248,820.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1581	 	STPAUL	 	RECLAMATION	 	O-0149-83	 	0	 	 	 	 	166.53	 	 	WVDEP	 	$	167,000.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1643	 	STPAUL	 	RECLAMATION	 	O-0163-83	 	0	 	 	 	 	32.90	 	 	WVDEP	 	$	13,200.00	 	 	 	06/14/2008	 
	AOWV
	 	8205-64-51	 	FEDERAL	 	RECLAMATION	 	O-0523-94	 	0	 	 	 	 	243.76	 	 	WVDEP	 	$	683,900.00	 	 	 	12/01/2007	 
	AOWV
	 	1015322	 	BONDSAFE	 	RECLAMATION	 	O-5023-94	 	0	 	 	 	 	72.00	 	 	WVDEP	 	$	201,600.00	 	 	 	11/04/2007	 
	AOWV
	 	400SA1586	 	STPAUL	 	RECLAMATION	 	P-0610-00	 	0	 	 	 	 	90.24	 	 	WVDEP	 	$	203.840.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1625	 	STPAUL	 	RECLAMATION	 	S-0013-76	 	0	 	 	 	 	571.00	 	 	WVDEP	 	$	192.400.00	 	 	 	06/13/2008	 
	AOWV
	 	400SA1624	 	STPAUL	 	RECLAMATION	 	S-0068-85	 	0	 	 	 	 	130.33	 	 	WVDEP	 	$	19,650.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1616	 	STPAUL	 	RECLAMATION	 	S-0075-55	 	0	 	 	 	 	774.60	 	 	WVDEP	 	$	2,759,000.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1603	 	STPAUL	 	RECLAMATION	 	S-0159-74	 	0	 	 	 	 	1,228.30	 	 	WVDEP	 	$	170,550.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1588	 	STPAUL	 	RECLAMATION	 	S-5001-90	 	0	 	AA1	 	 	458.55	 	 	WVDEP	 	$	459,000.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1613	 	STPAUL	 	RECLAMATION	 	S-5005-93	 	0	 	AA1	 	 	1,335.69	 	 	WVDEP	 	$	4,863,040.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1615	 	STPAUL	 	RECLAMATION	 	S-5006-91	 	0	 	AA1	 	 	852.44	 	 	WVDEP	 	$	907,200.00	 	 	 	06/14/2008	 
	AOWV
	 	8205-64-52	 	FEDERAL	 	RECLAMATION	 	S-5007-01	 	0	 	 	 	 	898.76	 	 	WVDEP	 	$	2,480,577.00	 	 	 	12/01/2007	 
	AOWV
	 	64S10411258	 	TRAVELERS	 	RECLAMATION	 	S-5007-01	 	0	 	 	 	 	21.00	 	 	WVDEP	 	$	57,960.00	 	 	 	06/26/2008	 
	AOWV
	 	1005533	 	BONDSAFE	 	RECLAMATION	 	S-5007-01	 	0	 	 	 	 	 	 	 	WVDEP	 	$	1,973,560.00	 	 	 	03/24/2008	 
	AOWV
	 	8205-64-16	 	FEDERAL	 	RECLAMATION	 	S-5007-01	 	0	 	 	 	 	24.50	 	 	WVDEP	 	$	125,000.00	 	 	 	10/04/2007	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Entity	 	Bond #	 	Carrier	 	Type	 	Permit #	 	IN	 	REV	 	Acres	 	Obligee	 	Bond Amount	 	Exp. Date
	 
	AOWV
	 	1015638	 	BONDSAFE	 	RECLAMATION	 	S-5009-04	 	0	 	 	 	 	50.00	 	 	WVDEP	 	$	250,000.00	 	 	 	02/25/2008	 
	AOWV
	 	400SA1611	 	STPAUL	 	RECLAMATION	 	S-5069-92	 	0	 	AA1	 	 	154.00	 	 	WVDEP	 	$	64,368.00	 	 	 	06/14/2008	 
	AOWV
	 	400SA1610	 	STPAUL	 	RECLAMATION	 	S-5079-86	 	0	 	RV3	 	 	596.61	 	 	WVDEP	 	$	1,444,800.00	 	 	 	06/14/2008	 
	AOWV
	 	1005551	 	BONDSAFE	 	RECLAMATION	 	S-5079-86	 	0	 	 	 	 	83.39	 	 	WVDEP	 	$	921,600.00	 	 	 	03/29/2008	 
	AOWV
	 	400SA1620	 	ST PAUL	 	RECLAMATION	 	U-0032-83	 	0	 	 	 	 	10.83	 	 	WVDEP	 	$	18,920.00	 	 	 	06/14/2008	 
	AOWV
	 	64S103930699	 	TRAVELERS	 	RECLAMATION	 	U-5020-01	 	0	 	 	 	 	12.00	 	 	WVDEP	 	$	31,200.00	 	 	 	10/25/2007	 
	AOWV
	 	400SA1648	 	ST PAUL	 	RECLAMATION	 	U-5026-92	 	0	 	AA1	 	 	28.80	 	 	WVDEP	 	$	87,000.00	 	 	 	06/27/2008	 
	CATENARY
	 	1016463	 	BONDSAFE	 	GAS WELL	 	47-005-00995	 	0	 	SAM	 	 	 	 	 	WVDEP	 	$	5,000.00	 	 	 	01/20/2008	 
	CATENARY
	 	400SC6390	 	STPAUL	 	GAS WELL	 	47-005-01041	 	0	 	SAM	 	 	0.00	 	 	WVDEP	 	$	5,000.00	 	 	 	10/17/2007	 
	CATENARY
	 	104204547	 	TRAVELERS	 	OTHER	 	S-3008-00	 	0	 	SAM	 	 	 	 	 	WVDEP	 	$	534,200.00	 	 	 	11/20/2007	 
	CATENARY
	 	1016464	 	BONDSAFE	 	OTHER	 	S-3010-00	 	0	 	SAM	 	 	 	 	 	WVDEP	 	$	605,600.00	 	 	 	02/01/2008	 
	CATENARY
	 	1015854	 	BONDSAFE	 	OTHER	 	U-3006-04	 	0	 	CC	 	 	 	 	 	WVDEP	 	 	8,180.00	 	 	 	06/17/2008	 
	CATENARY
	 	400SA1812	 	STPAUL	 	RECLAMATION	 	H-0042-00	 	0	 	CC	 	 	24.00	 	 	WVDEP	 	$	24,000.00	 	 	 	06/12/2008	 
	CATENARY
	 	400SA1641	 	STPAUL	 	RECLAMATION	 	H-0057-00	 	0	 	 	 	 	30.00	 	 	WVDEP	 	$	12,000.00	 	 	 	06/13/2008	 
	CATENARY
	 	400SA1637	 	STPAUL	 	RECLAMATION	 	H-0476-00	 	0	 	 	 	 	30.00	 	 	WVDEP	 	$	12,000.00	 	 	 	06/14/2008	 
	CATENARY
	 	400SA1638	 	STPAUL	 	RECLAMATION	 	H-0541-00	 	0	 	 	 	 	19.00	 	 	WVDEP	 	$	10,000.00	 	 	 	06/14/2008	 
	CATENARY
	 	400SA1617	 	STPAUL	 	RECLAMATION	 	O-0028-85	 	0	 	 	 	 	43.00	 	 	WVDEP	 	$	17,200.00	 	 	 	06/14/2008	 
	CATENARY
	 	1015796	 	BONDSAFE	 	RECLAMATION	 	O-3002-05	 	0	 	 	 	 	109.60	 	 	WVDEP	 	$	110,000.00	 	 	 	05/03/2008	 
	CATENARY
	 	400SA1825	 	STPAUL	 	RECLAMATION	 	O-3012-98	 	0	 	SAM	 	 	99.73	 	 	WVDEP	 	$	342,000.00	 	 	 	06/23/2008	 
	CATENARY
	 	64S103539986	 	TRAVELERS	 	RECLAMATION	 	O-3012-98	 	0	 	SAM	 	 	 	 	 	WVDEP	 	$	137,400.00	 	 	 	02/07/2008	 
	CATENARY
	 	400SA1813	 	STPAUL	 	RECLAMATION	 	O-3015-93	 	0	 	CC	 	 	91.00	 	 	WVDEP	 	$	320,320.00	 	 	 	06/12/2008	 
	CATENARY
	 	1007293	 	BONDSAFE	 	RECLAMATION	 	O-3015-93	 	0	 	CC	 	 	32.87	 	 	WVDEP	 	$	116,160.00	 	 	 	07/23/2008	 
	CATENARY
	 	400SA1818	 	STPAUL	 	RECLAMATION	 	O-3017-93	 	0	 	SAM	 	 	40.00	 	 	WVDEP	 	$	102,400.00	 	 	 	06/12/2008	 
	CATENARY
	 	1001313	 	BONDSAFE	 	RECLAMATION	 	O-58-82	 	0	 	BC	 	 	41.80	 	 	WVDEP	 	$	42,000.00	 	 	 	11/07/2007	 

2

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Entity	 	Bond #	 	Carrier	 	Type	 	Permit #	 	IN	 	REV	 	Acres	 	Obligee	 	Bond Amount	 	Exp. Date
	 
	CATENARY
	 	1001314	 	BONDSAFE	 	RECLAMATION	 	O-59-82	 	0	 	BC	 	 	95.00	 	 	WVDEP	 	$	10,000.00	 	 	 	11/07/2007	 
	CATENARY
	 	400SA1814	 	STPAUL	 	RECLAMATION	 	O-6009-86	 	0	 	SAM	 	 	25.52	 	 	WVDEP	 	$	26,000.00	 	 	 	06/12/2008	 
	CATENARY
	 	1001319	 	BONDSAFE	 	RECLAMATION	 	O-6032-88	 	0	 	BC	 	 	72.96	 	 	WVDEP	 	$	73,000.00	 	 	 	11/07/2007	 
	CATENARY
	 	1001315	 	BONDSAFE	 	RECLAMATION	 	O-80-82	 	0	 	BC	 	 	60.00	 	 	WVDEP	 	$	61,000.00	 	 	 	11/07/2007	 
	CATENARY
	 	400SA1822	 	STPAUL	 	RECLAMATION	 	P-0574-00	 	0	 	CC	 	 	9.43	 	 	WVDEP	 	$	12,000.00	 	 	 	06/12/2008	 
	CATENARY
	 	1001321	 	BONDSAFE	 	RECLAMATION	 	P-3027-98	 	0	 	BC	 	 	5.57	 	 	WVDEP	 	$	3,000.00	 	 	 	11/07/2007	 
	CATENARY
	 	400SA1584	 	STPAUL	 	RECLAMATION	 	R-0056-00	 	0	 	 	 	 	9.00	 	 	WVDEP	 	$	5,000.00	 	 	 	06/14/2008	 
	CATENARY
	 	400SA1626	 	STPAUL	 	RECLAMATION	 	S-0047-79	 	0	 	 	 	 	170.00	 	 	WVDEP	 	$	60,400.00	 	 	 	06/14/2008	 
	CATENARY
	 	400SA1623	 	STPAUL	 	RECLAMATION	 	S-0072-83	 	0	 	 	 	 	174.00	 	 	WVDEP	 	$	174,000.00	 	 	 	06/14/2008	 
	CATENARY
	 	400SA1627	 	STPAUL	 	RECLAMATION	 	S-0087-83	 	0	 	 	 	 	283.00	 	 	WVDEP	 	$	92,000.00	 	 	 	06/14/2008	 
	CATENARY
	 	1001310	 	BONDSAFE	 	RECLAMATION	 	S-0124-80	 	0	 	BC	 	 	110.00	 	 	WVDEP	 	$	110,000.00	 	 	 	11/07/2007	 
	CATENARY
	 	1001311	 	BONDSAFE	 	RECLAMATION	 	S-100-82	 	0	 	BC	 	 	174.86	 	 	WVDEP	 	$	10,000.00	 	 	 	11/07/2007	 
	CATENARY
	 	400SA1808	 	STPAUL	 	RECLAMATION	 	S-3004-95	 	0	 	SAM	 	 	2,166.00	 	 	WVDEP	 	$	8,317,440.00	 	 	 	06/12/2008	 
	CATENARY
	 	104248563	 	TRAVELERS	 	RECLAMATION	 	S-3004-95	 	0	 	SAM	 	 	64.66	 	 	WVDEP	 	$	2,837,560.00	 	 	 	02/06/2008	 
	CATENARY
	 	400SC8108	 	STPAUL	 	RECLAMATION	 	S-3008-00	 	0	 	SAM	 	 	711.93	 	 	WVDEP	 	$	3,560,000.00	 	 	 	09/11/2007	 
	CATENARY
	 	1016461	 	BONDSAFE	 	RECLAMATION	 	S-3010-00	 	0	 	SAM	 	 	737.75	 	 	WVDEP	 	$	3,690,000.00	 	 	 	01/20/2008	 
	CATENARY
	 	64S103869271-Z	 	TRAVELERS	 	RECLAMATION	 	S-3010-00	 	0	 	SAM	 	 	11.11	 	 	WVDEP	 	$	60,000.00	 	 	 	08/07/2008	 
	CATENARY
	 	8205-64-57	 	FEDERAL	 	RECLAMATION	 	S-3015-02	 	0	 	SAM	 	 	334.00	 	 	WVDEP	 	$	1,670,000.00	 	 	 	12/01/2007	 
	CATENARY
	 	400SA1810	 	STPAUL	 	RECLAMATION	 	S-3017-95	 	0	 	SAM	 	 	82.49	 	 	WVDEP	 	$	199,200.00	 	 	 	06/12/2008	 
	CATENARY
	 	400SA1819	 	STPAUL	 	RECLAMATION	 	S-3023-90	 	0	 	SAM	 	 	498.72	 	 	WVDEP	 	$	1,556,880.00	 	 	 	06/12/2008	 
	CATENARY
	 	64S104112195-Z	 	TRAVELERS	 	RECLAMATION	 	S-3023-90	 	0	 	SAM	 	 	12.38	 	 	WVDEP	 	$	40,560.00	 	 	 	07/02/2008	 
	CATENARY
	 	400SA1823	 	STPAUL	 	RECLAMATION	 	S-3024-90	 	0	 	SAM	 	 	2,282.10	 	 	WVDEP	 	$	8,401,440.00	 	 	 	06/13/2008	 
	CATENARY
	 	400SA1531	 	STPAUL	 	RECLAMATION	 	S-3035-93	 	0	 	SAM	 	 	1,098.11	 	 	WVDEP	 	$	3,648,680.00	 	 	 	08/01/2008	 
	CATENARY
	 	1007292	 	BONDSAFE	 	RECLAMATION	 	S-3035-93	 	0	 	SAM	 	 	13.80	 	 	WVDEP	 	$	43,160.00	 	 	 	07/23/2008	 

3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Entity	 	Bond #	 	Carrier	 	Type	 	Permit #	 	IN	 	REV	 	Acres	 	Obligee	 	Bond Amount	 	Exp. Date
	 
	CATENARY
	 	400SA1807-Z	 	BONDSAFE	 	RECLAMATION	 	S-6012-87	 	0	 	SAM	 	 	202.60	 	 	WVDEP	 	$	436,960.00	 	 	 	06/13/2008	 
	CATENARY
	 	1016462	 	BONDSAFE	 	RECLAMATION	 	S-6012-87	 	0	 	SAM	 	 	0.00	 	 	WVDEP	 	$	5,440.00	 	 	 	01/20/2008	 
	CATENARY
	 	64S104176350	 	TRAVELERS	 	RECLAMATION	 	S-6012-87	 	0	 	SAM	 	 	6.00	 	 	WVDEP	 	$	12,000.00	 	 	 	10/20/2007	 
	CATENARY
	 	1015362	 	BONDSAFE	 	RECLAMATION	 	S-6027-88	 	0	 	SAM	 	 	9.25	 	 	WVDEP	 	$	17,360.00	 	 	 	12/08/2007	 
	CATENARY
	 	1001317	 	BONDSAFE	 	RECLAMATION	 	S-6027-88	 	2	 	BC	 	 	343.81	 	 	WVDEP	 	$	344,000.00	 	 	 	11/07/2007	 
	CATENARY
	 	1001318	 	BONDSAFE	 	RECLAMATION	 	S-6027-88	 	1	 	BC	 	 	2.37	 	 	WVDEP	 	$	10,000.00	 	 	 	11/07/2007	 
	CATENARY
	 	1001320	 	BONDSAFE	 	RECLAMATION	 	S-6034-88	 	0	 	BC	 	 	353.98	 	 	WVDEP	 	$	354,000.00	 	 	 	11/07/2007	 
	CATENARY
	 	64S103374592	 	TRAVELERS	 	RECLAMATION	 	U-3001-98	 	0	 	SAM	 	 	31.20	 	 	WVDEP	 	$	72,600.00	 	 	 	01/17/2008	 
	CATENARY
	 	1015827	 	TRAVELERS	 	RECLAMATION	 	U-3006-04	 	0	 	CC	 	 	13.45	 	 	WVDEP	 	$	27,440.00	 	 	 	05/20/2008	 
	CATENARY
	 	1004670	 	STPAUL	 	RECLAMATION	 	U-3006-06	 	0	 	SAM	 	 	41.30	 	 	WVDEP	 	$	102,480.00	 	 	 	02/23/2008	 
	CATENARY
	 	1015675	 	BONDSAFE	 	RECLAMATION	 	U-3015-03	 	0	 	BC	 	 	32.89	 	 	WVDEP	 	$	63,360.00	 	 	 	02/24/2008	 
	CATENARY
	 	1015674	 	BONDSAFE	 	RECLAMATION	 	U-3016-03	 	0	 	BC	 	 	2.00	 	 	WVDEP	 	$	10,000.00	 	 	 	02/24/2008	 
	CATENARY
	 	400KF0939-Z	 	STPAUL	 	RECLAMATION	 	U-3036-93	 	0	 	CC	 	 	44.19	 	 	WVDEP	 	$	123,596.80	 	 	 	03/30/2008	 
	CATENARY
	 	64S103869255-Z	 	TRAVELERS	 	RECLAMATION	 	U-3036-93	 	0	 	CC	 	 	36.38	 	 	WVDEP	 	$	103,603.20	 	 	 	09/23/2007	 
	CATENARY
	 	400SA1815	 	STPAUL	 	RECLAMATION	 	U-6001-86	 	0	 	CC	 	 	14.85	 	 	WVDEP	 	$	34,200.00	 	 	 	06/13/2008	 
	CATENARY
	 	1001316	 	BONDSAFE	 	RECLAMATION	 	U-87-83	 	0	 	BC	 	 	84.00	 	 	WVDEP	 	$	84,000.00	 	 	 	11/07/2007	 
	HMI
	 	1001309	 	BONDSAFE	 	RECLAMATION	 	UO-111	 	0	 	BC	 	 	5.00	 	 	WVDEP	 	$	10,000.00	 	 	 	11/07/2007	 
	HMI
	 	SB0073414	 	XL	 	GAS WELL	 	47-005-00785	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	5,000.00	 	 	 	09/24/2007	 
	HMI
	 	1016084	 	BONDSAFE	 	GAS WELL	 	47-005-01657	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	5,000.00	 	 	 	07/05/2008	 
	HMI
	 	1007377	 	BONDSAFE	 	GAS WELL	 	47-043-00545	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	5,000.00	 	 	 	08/17/2008	 
	HMI
	 	1016459	 	BONDSAFE	 	GAS WELL	 	47-043-00629	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	5,000.00	 	 	 	01/20/2008	 
	HMI
	 	1016458	 	BONDSAFE	 	GAS WELL	 	47-043-00650	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	5,000.00	 	 	 	01/20/2008	 
	HMI
	 	1007376	 	BONDSAFE	 	GAS WELL	 	47-043-03052	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	5,000.00	 	 	 	08/17/2008	 
	HMI
	 	64S104035942	 	TRAVELERS	 	GAS WELL	 	47-043-1440	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	5,000.00	 	 	 	03/04/2008	 

4

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Entity	 	Bond #	 	Carrier	 	Type	 	Permit #	 	IN	 	REV	 	Acres	 	Obligee	 	Bond Amount	 	Exp. Date
	 
	HMI
	 	SB0074157	 	XL	 	GAS WELL	 	47-043-2725	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	5,000.00	 	 	 	02/25/2008	 
	HMI
	 	400SA1979	 	STPAUL	 	HIGHWAY USE	 	 	 	0	 	H21	 	 	0.00	 	 	STWV	 	$	50,000.00	 	 	 	07/10/2008	 
	HMI
	 	1016247	 	BONDSAFE	 	OTHER	 	S-5004-04	 	0	 	H21	 	 	 	 	 	 	 	$	95,920.00	 	 	 	09/27/2007	 
	HMI
	 	CASH	 	3	 	RECLAMATION	 	 	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	533,360.00	 	 	 	04/06/2007	 
	HMI
	 	64S103930626-Z	 	TRAVELERS	 	RECLAMATION	 	128-78	 	0	 	H21	 	 	1,393.00	 	 	WVDEP	 	$	2,971,840.00	 	 	 	10/03/2007	 
	HMI
	 	1005603	 	BONDSAFE	 	RECLAMATION	 	H-0120-00	 	0	 	H21	 	 	32.00	 	 	WVDEP	 	$	32,000.00	 	 	 	02/23/2008	 
	HMI
	 	1005616	 	BONDSAFE	 	RECLAMATION	 	H-0291-00	 	0	 	H21	 	 	50.00	 	 	WVDEP	 	$	50,000.00	 	 	 	02/23/2008	 
	HMI
	 	400SA1650	 	STPAUL	 	RECLAMATION	 	I-0732-00	 	0	 	H21	 	 	24.00	 	 	WVDEP	 	$	24,000.00	 	 	 	06/18/2008	 
	HMI
	 	1005631	 	BONDSAFE	 	RECLAMATION	 	O-0006-81	 	0	 	H21	 	 	221.00	 	 	WVDEP	 	$	720,480.00	 	 	 	02/23/2008	 
	HMI
	 	1005650	 	BONDSAFE	 	RECLAMATION	 	O-5010-97	 	0	 	H21	 	 	340.00	 	 	WVDEP	 	$	341,000.00	 	 	 	02/23/2008	 
	HMI
	 	64S103930697-Z	 	TRAVELERS	 	RECLAMATION	 	O-6-81	 	0	 	H21	 	 	35.00	 	 	WVDEP	 	$	114,100.00	 	 	 	10/25/2007	 
	HMI
	 	1005636	 	BONDSAFE	 	RECLAMATION	 	P-0495-00	 	0	 	H21	 	 	70.50	 	 	WVDEP	 	$	173,240.00	 	 	 	02/23/2008	 
	HMI
	 	1005639	 	BONDSAFE	 	RECLAMATION	 	R-0405-00	 	0	 	H21	 	 	26.00	 	 	WVDEP	 	$	89,160.00	 	 	 	02/23/2008	 
	HMI
	 	1005651	 	BONDSAFE	 	RECLAMATION	 	S-0032-85	 	0	 	H21	 	 	238.00	 	 	WVDEP	 	$	780,640.00	 	 	 	02/23/2008	 
	HMI
	 	1005621	 	BONDSAFE	 	RECLAMATION	 	S-0038-82	 	0	 	H21	 	 	7.44	 	 	WVDEP	 	$	24,320.00	 	 	 	02/23/2008	 
	HMI
	 	1005642	 	BONDSAFE	 	RECLAMATION	 	S-0106-77	 	0	 	H21	 	 	640.00	 	 	WVDEP	 	$	640,000.00	 	 	 	02/23/2008	 
	HMI
	 	1005653	 	BONDSAFE	 	RECLAMATION	 	S-0128-78	 	0	 	H21	 	 	1,040.00	 	 	WVDEP	 	$	1,040,000.00	 	 	 	02/23/2008	 
	HMI
	 	1005656	 	BONDSAFE	 	RECLAMATION	 	S-32-85	 	2	 	H21	 	 	996.00	 	 	WVDEP	 	$	490,032.00	 	 	 	02/23/2008	 
	HMI
	 	1016452	 	BONDSAFE	 	RECLAMATION	 	S-38-82	 	2	 	H21	 	 	403.22	 	 	WVDEP	 	$	451,136.00	 	 	 	01/20/2008	 
	HMI
	 	1016453	 	BONDSAFE	 	RECLAMATION	 	S-38-82	 	3	 	H21	 	 	209.34	 	 	WVDEP	 	$	635,360.00	 	 	 	01/20/2008	 
	HMI
	 	104204573	 	TRAVELERS	 	RECLAMATION	 	S-5002-03	 	1	 	H21	 	 	8.97	 	 	WVDEP	 	$	45,000.00	 	 	 	12/01/2007	 
	HMI
	 	1007398	 	BONDSAFE	 	RECLAMATION	 	S-5002-03	 	1	 	H21	 	 	9.76	 	 	WVDEP	 	$	50,000.00	 	 	 	09/07/2007	 
	HMI
	 	400SA1869-Z	 	STPAUL	 	RECLAMATION	 	S-5003-96	 	0	 	H21	 	 	2,731.20	 	 	WVDEP	 	$	9,398,080.00	 	 	 	06/22/2008	 
	HMI
	 	64S103930689-Z	 	TRAVELERS	 	RECLAMATION	 	S-5003-96	 	0	 	H21	 	 	48.53	 	 	WVDEP	 	$	168,560.00	 	 	 	10/24/2007	 

5

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Entity	 	Bond #	 	Carrier	 	Type	 	Permit #	 	IN	 	REV	 	Acres	 	Obligee	 	Bond Amount	 	Exp. Date
	 
	HMI
	 	1005564	 	BONDSAFE	 	RECLAMATION	 	S-5003-96	 	0	 	H21	 	 	 	 	 	WVDEP	 	$	3,800,000.00	 	 	 	04/05/2008	 
	HMI
	 	1015324	 	BONDSAFE	 	RECLAMATION	 	S-5004-04	 	1	 	H21	 	 	4.50	 	 	WVDEP	 	$	14,400.00	 	 	 	11/09/2007	 
	HMI
	 	1015584	 	BONDSAFE	 	RECLAMATION	 	S-5004-04	 	2	 	H21	 	 	131.50	 	 	WVDEP	 	$	380,160.00	 	 	 	02/01/2008	 
	HMI
	 	1015585	 	BONDSAFE	 	RECLAMATION	 	S-5004-04	 	3	 	H21	 	 	104.50	 	 	WVDEP	 	$	302,400.00	 	 	 	02/01/2008	 
	HMI
	 	1016378	 	BONDSAFE	 	RECLAMATION	 	S-5004-04	 	4	 	H21	 	 	44.50	 	 	WVDEP	 	$	129,600.00	 	 	 	11/10/2007	 
	HMI
	 	1016376	 	BONDSAFE	 	RECLAMATION	 	S-5004-04	 	5	 	H21	 	 	22.80	 	 	WVDEP	 	$	66,240.00	 	 	 	11/10/2007	 
	HMI
	 	1016377	 	BONDSAFE	 	RECLAMATION	 	S-5004-04	 	6	 	H21	 	 	37.90	 	 	WVDEP	 	$	109,440.00	 	 	 	11/10/2007	 
	HMI
	 	1016454	 	BONDSAFE	 	RECLAMATION	 	S-5011-01	 	0	 	H21	 	 	303.00	 	 	WVDEP	 	$	884,760.00	 	 	 	01/20/2008	 
	HMI
	 	400SA1895-Z	 	STPAUL	 	RECLAMATION	 	S-5016-92	 	0	 	H21	 	 	1,455.00	 	 	WVDEP	 	$	4,714,200.00	 	 	 	06/22/2008	 
	HMI
	 	64S103930698-Z	 	TRAVLERS	 	RECLAMATION	 	S-5016-92	 	0	 	H21	 	 	136.03	 	 	WVDEP	 	$	443,880.00	 	 	 	10/25/2007	 
	HMI
	 	8205-64-56	 	FEDERAL	 	RECLAMATION	 	S-5016-92	 	0	 	H21	 	 	332.67	 	 	WVDEP	 	$	1,075,680.00	 	 	 	12/01/2007	 
	HMI
	 	400SA1848-Z	 	STPAUL	 	RECLAMATION	 	S-5020-95	 	0	 	H21	 	 	1,069.00	 	 	WVDEP	 	$	3,677,360.00	 	 	 	06/22/2008	 
	HMI
	 	64S104019176-Z	 	TRAVELERS	 	RECLAMATION	 	S-5020-95	 	0	 	H21	 	 	32.73	 	 	WVDEP	 	$	113,520.00	 	 	 	02/03/2008	 
	HMI
	 	64S104141058	 	TRAVELERS	 	RECLAMATION	 	S-5022-02	 	1	 	H21	 	 	2.00	 	 	WVDEP	 	$	10,000.00	 	 	 	09/02/2007	 
	HMI
	 	1005632	 	BONDSAFE	 	RECLAMATION	 	S-5024-97	 	0	 	H21	 	 	85.00	 	 	WVDEP	 	$	176,800.00	 	 	 	02/23/2008	 
	HMI
	 	1005627	 	BONDSAFE	 	RECLAMATION	 	S-5026-89	 	0	 	H21	 	 	364.00	 	 	WVDEP	 	$	54,600.00	 	 	 	02/23/2008	 
	HMI
	 	1016455	 	BONDSAFE	 	RECLAMATION	 	S-5027-99	 	0	 	H21	 	 	411.00	 	 	WVDEP	 	$	1,282,320.00	 	 	 	06/14/2008	 
	HMI
	 	400SA1893	 	STPAUL	 	RECLAMATION	 	S-5029-91	 	0	 	H21	 	 	501.00	 	 	WVDEP	 	$	42,900.00	 	 	 	06/22/2008	 
	HMI
	 	1005622	 	BONDSAFE	 	RECLAMATION	 	S-5080-88	 	0	 	H21	 	 	368.60	 	 	WVDEP	 	$	56,150.00	 	 	 	02/23/2008	 
	HMI
	 	1016457	 	BONDSAFE	 	RECLAMATION	 	U-5005-99	 	0	 	H21	 	 	12.10	 	 	WVDEP	 	$	27,560.00	 	 	 	01/20/2008	 
	HMI
	 	400SA1515	 	STPAUL	 	RECLAMATION	 	U-5007-98	 	0	 	H21	 	 	17.20	 	 	WVDEP	 	$	10,000.00	 	 	 	05/01/2008	 
	HMI
	 	1005628	 	BONDSAFE	 	RECLAMATION	 	U-5008-94	 	0	 	H21	 	 	28.28	 	 	WVDEP	 	$	59,400.00	 	 	 	02/23/2008	 
	HMI
	 	64S104141057	 	TRAVELERS	 	RECLAMATION	 	U-5008-94	 	0	 	H21	 	 	0.88	 	 	WVDEP	 	$	2,200.00	 	 	 	09/02/2007	 
	HMI
	 	1016456	 	BONDSAFE	 	RECLAMATION	 	U-5009-01	 	0	 	H21	 	 	10.00	 	 	WVDEP	 	$	16,400.00	 	 	 	01/20/2008	 

6

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Entity	 	Bond #	 	Carrier	 	Type	 	Permit #	 	IN	 	REV	 	Acres	 	Obligee	 	Bond Amount	 	Exp. Date
	 
	HMI
	 	400SA1856	 	STPAUL	 	RECLAMATION	 	U-5014-95	 	0	 	H21	 	 	25.34	 	 	WVDEP	 	$	10,000.00	 	 	 	06/22/2008	 
	HMI
	 	1005655	 	BONDSAFE	 	RECLAMATION	 	U-5036-98	 	0	 	H21	 	 	52.60	 	 	WVDEP	 	$	125,080.00	 	 	 	02/23/2008	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Records Returned: 144	 	 	 	 	 	 	 	 	 	 	 	 	33,064.31	 	 	 	 	$	94,101,203.00	 	 	 	 	 

7exv10w54

Exhibit 10.54

Execution Copy

RoyaltyCo, LLC

c/o ArcLight Capital Partners

200 Clarendon Street, 55th Floor

Boston, MA 02117

March 26, 2008

Dear Sirs:

Amended and Restated Royalty Clarification Letter Agreement

Reference is made to:

	(a)	 	the Wildcat Adjacent Reserves and Royalty Payment Agreement dated as of December 30, 2003 by
and between Trout Coal Holdings, LLC (Trout) and Christopher Cline (Cline), as amended by
Amendment No. 1 to the Wildcat Adjacent Reserves and Royalty Payment Agreement dated as of
March 21, 2005 (the Wildcat Agreement);

	(b)	 	the Second Amended and Restated Purchase Option Agreement dated as of December 30, 2003 by
and between Trout Coal Holdings, LLC, Trout Coal Holdings II, LLC (Trout II), Panther LLC and
Cline, as amended by Amendment No. 1 to the Second Amended and Restated Purchase Option
Agreement dated as of March 21, 2005 (the Purchase Option Agreement);

	(c)	 	the Royalty Contribution Agreement dated as of December 14, 2006 (the Royalty Contribution
Agreement) by and among Trout II and Cline;

	(d)	 	the Assignment Agreement dated as of December 28, 2006 (the Assignment Agreement) by and
between Trout II and RoyaltyCo, LLC (RoyaltyCo);

	(e)	 	the Assignment and Bill of Sale of Royalty dated as of January 4, 2007 (Bill of Sale) by and
between RoyaltyCo, and Cline; and

	(f)	 	the Letter Agreement dated March 4, 2008 (the Royalty Clarification Letter Agreement) by and
among the parties hereto.

Capitalized terms used herein have the meanings ascribed to such terms in the Wildcat Agreement and
the Purchase Option Agreement. In addition, Magnum shall mean Magnum Coal Company, a Delaware
corporation. This letter agreement amends, restates and replaces in its entirety the Royalty
Clarification Letter Agreement.

 

 

Pursuant to the Purchase Option Agreement and the Wildcat Agreement, Cline is entitled to the
payment of the Royalty Stream, as such term is defined in Section 4.8 of the Wildcat Agreement and
as such term is defined in Section 6.8 of the Purchase Option Agreement. Pursuant to the Royalty
Contribution Agreement, Cline agreed to assign all of his right, title and interest in and to the
Royalty Stream to Trout II or a designee of Trout II. Trout II assigned its right to purchase the
Royalty Stream to RoyaltyCo under the Assignment Agreement and notified Cline that RoyaltyCo was
its designee for purposes of purchasing the Royalty Stream. The Bill of Sale gave effect to the
sale of the Royalty Stream from Cline to RoyaltyCo.

To avoid any confusion regarding the payment terms of the Royalty Stream, the purpose of this
letter agreement is to clarify the following:

	 	1.	 	RoyaltyCo has been since January 4, 2007, and shall continue to be (except to the
extent of an assignment by RoyaltyCo to another person or entity), the sole payee of the
Royalty Stream; and all payments in respect of the Royalty Stream since January 7, 2007
have been made to RoyaltyCo.
	 
	 	2.	 	The aggregate unpaid amount (or gross recoupable balance) of the Royalty Stream as of
January 31, 2008, is approximately $72.6 million.
	 
	 	3.	 	Prior to the assignment to RoyaltyCo, payments in respect of the Royalty Stream were
made to Cline by Magnum. All payments of the Royalty Stream have been, and shall continue
to be, made to RoyaltyCo by Magnum rather than by Trout, Trout II or any other Subsidiary
thereof.
	 
	 	4.	 	The gross recoupable balance of the Royalty Stream indicated in paragraph 2 above
shall be payable on the 25th day of each month as follows until paid in full:
$0.50 per each ton of clean coal sold by Magnum Coal Sales, LLC or Infinity Coal Sales,
LLC from coal reserves owned or leased by any Specified Subsidiary of Magnum during the
prior month, which is consistent with how payments were made to Cline. Specified
Subsidiaries means Panther, Jupiter, Wildcat, Remington, Dakota, Remington II, KRVII,
KRVIII and Winchester.
	 
	 	5.	 	The Royalty Stream has been, and shall continue to be, treated as an operating
expense of Magnum and not subordinated to debt service or be subject to any restricted
payments or similar tests under any credit agreement (or similar agreement) to which
Magnum or any of its Subsidiaries is a party.
	 
	 	6.	 	Magnum agrees to pay interest to RoyaltyCo in respect of overdue payments of the
Royalty Stream on the same basis as was applicable to Cline when he owned the Royalty
Stream, to wit, at a rate per annum equal to the Eurodollar Rate plus 2.50%. “Eurodollar
Rate” means the rate per annum determined on the basis of the rate for deposits in U.S.
dollars for a period equal to three months appearing

Page 2

 

	 	 	 	on Page 3750 of the Telerate screen as of 11:00 A.M. London time, two Business Days prior
to the date 30 days after such payment was due and each three-month period thereafter. In
the event that such rate does not appear on Page 3750 of the Telerate screen (or otherwise
on such screen), the Eurodollar Rate shall be determined by reference to such other
comparable publicly available service for displaying Eurodollar rates as may be selected by
Magnum.
	 
	 	7.	 	Until the amount referred to in Section 2 above is indefeasibly paid in full, Magnum
shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, sell,
transfer, lease or otherwise dispose (each, a Transfer) of any of its ownership interests
in any of the Specified Subsidiaries or any of such Specified Subsidiary’s owned or leased
coal reserves (other than the sale of coal in the ordinary course of business), without in
each case the prior written consent of RoyaltyCo, which consent shall not be unreasonably
withheld, delayed or conditioned; provided that if that certain agreement and plan
of merger (the Merger Agreement) proposed to be entered into by and among Magnum, Patriot
Coal Corporation (Patriot), Colt Merger Corporation, a wholly-owned subsidiary of Patriot,
and ArcLight Energy Partners Fund I, L.P. and ArcLight Energy Partners Fund II, L.P.,
acting jointly, as stockholder representative, is entered into, no such consent shall be
required in connection with any Transfer made on or after the Effective Time under and as
defined in the Merger Agreement if (a) Magnum has provided reasonable prior written notice
of the Transfer to RoyaltyCo (including, without limitation, the identity of the
transferee and the ownership interests and/or coal reserves being transferred (the
Relevant Properties)), (b) the transferee of the Relevant Properties has unconditionally
agreed with RoyaltyCo in writing (i) to pay to RoyaltyCo the portion of the Royalty Stream
that relates to the Relevant Properties on the same terms set forth in the Purchase Option
Agreement and the Wildcat Agreement, as clarified by this letter agreement, (ii) to
provide such information (or access to such information, as the case may be) from time to
time to RoyaltyCo relating to the Relevant Properties as described in Section 10 below and
(iii) not to Transfer the Relevant Properties without the transferee thereof agreeing in
writing to be bound by the terms and conditions of this letter agreement insofar as they
relate to the Relevant Properties and (c) Patriot has entered into an unconditional
guarantee of payment of the obligations of such transferee under this letter agreement in
favor of RoyaltyCo and a provided a legal opinion relating thereto, in each case in form
and substance reasonably satisfactory to RoyaltyCo.
	 
	 	8.	 	This letter agreement may not be amended or otherwise modified except in writing
signed by the parties hereto. This letter agreement shall be construed in accordance
with, and this letter and all matters arising out of or relating in any way whatsoever
(whether in contract, tort or otherwise) to this letter shall be governed by, the law of
the State of New York. This letter agreement may be executed in one or more counterparts,
all of which shall be considered one and the same agreement, and shall become effective
when one or more such counterparts

Page 3

 

	 	 	 	have been signed by each of the parties and delivered to each of the other parties. EACH
OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO
THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
	 
	 	9.	 	Neither this letter agreement nor any right, interest or obligation hereunder may be
assigned by any party hereto without the prior written consent of the other parties
hereto, except that RoyaltyCo may, at its discretion, at any time sell, assign (including,
without limitation, as collateral security), or otherwise transfer any or all of its
right, title and interest in and to the Royalty Stream (and all rights related thereto) to
any Person. RoyaltyCo shall promptly thereafter provide written notice to Magnum
indicating the name and address and payment details of such Person. All rights and
obligations of the parties under this letter agreement shall bind and inure to the benefit
of the parties hereto and their respective permitted assigns.
	 
	 	10.	 	Magnum agrees that it will continue to afford RoyaltyCo (as it had Cline) or any
assignee thereof with respect to the Royalty Stream, during normal business hours,
reasonable access to its coal production information and financial information prepared by
its auditors relating to its financial performance for purposes of confirming the amounts
due to such Permitted Assignee under this Agreement. In addition, Magnum will provide
RoyaltyCo or such assignee with such other financial and coal production information as it
had been providing to Cline for the purpose of assessing the accuracy of payment of the
Royalty Stream payable by it.
	 
	 	11.	 	The provisions of Sections 6.1, 6.2 (except the addresses for notices shall be as set
forth on the signature pages hereto), 6.5, 6.6, 6.7, 6.10 (except that references to Cline
shall instead be references to the parties hereto) and 6.12 of the Purchase Option
Agreement, as amended from time to time, are hereby incorporated by reference mutatis
mutandis.

Please acknowledge that the foregoing reflects your agreement and understanding.

Yours sincerely,

MAGNUM COAL COMPANY

	 	 	 	 	 
	 	 	 
	By:  	/s/ Keith St. Clair
 	 	 
	 	Name:  	Keith St. Clair 	 	 
	 	Title:  	CFO 	 	 

Page 4

 

	 	 	 	 	 

Address for Notices:

500 Lee Street E, Suite 900

Charleston, WV 25301

TROUT COAL HOLDINGS, LLC

	 	 	 	 	 
	 	 	 
	By:  	/s/ B. Scott Spears
 	 	 
	 	Name:  	B. Scott Spears 	 	 
	 	Title:  	VP & Treasurer 	 	 
	 

Address for Notices:

500 Lee Street E, Suite 900

Charleston, WV 25301

NEW TROUT COAL HOLDINGS II, LLC

	 	 	 	 	 
	 	 	 
	By:  	/s/ B. Scott Spears
 	 	 
	 	Name:  	B. Scott Spears 	 	 
	 	Title:  	VP & Treasurer 	 	 
	 

Address for Notices:

500 Lee Street E, Suite 900

Charleston, WV 25301

PANTHER, LLC

	 	 	 	 	 
	 	 	 
	By:  	/s/ B. Scott Spears
 	 	 
	 	Name:  	B. Scott Spears 	 	 
	 	Title:  	VP & Treasurer 	 	 
	 

Address for Notices:

Page 5

 

500 Lee Street E, Suite 900

Charleston, WV 25301

Acknowledged and agreed:

ROYALTYCO, LLC

	 	 	 	 	 
	 	 	 
	By:  	/s/ Daniel R. Revers
 	 	 
	 	Name:  	Daniel R. Revers 	 	 
	 	Title:  	President 	 	 
	 

Address for Notices:

c/o ArcLight Capital Partners

200 Clarendon Street, 55th Floor

Boston, MA 02117

Page 6

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