Document:

<PAGE>

                                                                   EXHIBIT 10.24

                              EMPLOYMENT AGREEMENT

         THIS  EMPLOYMENT  AGREEMENT  (the  "Agreement"),  entered  into  as  of
November 1, 2001, by and between MASSEY ENERGY COMPANY  ("Parent"),  A.T. MASSEY
COAL COMPANY, INC., ("Massey"), and DON L. BLANKENSHIP (the "Executive").

                                   WITNESSETH:

         WHEREAS,  Parent and Massey desire to retain the experience,  abilities
and service of the Executive upon the terms and conditions specified herein; and

         WHEREAS, the Executive is willing to enter into this Agreement upon the
terms and conditions specified herein;

         NOW,  THEREFORE,  in  consideration  of the  premises,  the  terms  and
provisions set forth herein, the mutual benefits to be gained by the performance
thereof and other good and valuable  consideration,  the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

         SECTION 1. Employment. Parent and Massey hereby offer employment to the
                    ----------
Executive and the Executive  hereby accepts such offers,  all upon the terms and
conditions set forth herein.

         SECTION 2. Term. Subject to the terms and conditions of this Agreement,
                    ----
the Executive  shall be employed by Parent and Massey  commencing on November 1,
2001,  (the  "Effective  Date") and terminating on April 30, 2005, (the "Primary
Term") unless sooner terminated pursuant to Section 5 of this Agreement.

         SECTION 3. Duties and Responsibilities.
                    ---------------------------

         A. Capacity.  The Executive shall serve as Chairman and Chief Executive
            --------
Officer of Parent and Massey.  The Executive shall perform the duties ordinarily
expected of a Chairman and Chief  Executive  Officer and shall also perform such
other duties consistent therewith as the Organization and Compensation Committee
of Parent's Board of Directors (the "Committee")  from time to time,  reasonably
determines.

         B. Full-Time Duties. The Executive shall devote his full business time,
            ----------------
attention  and  energies to the  business of Parent and Massey.  Notwithstanding
anything  herein to the contrary,  the Executive  shall be allowed to (a) manage
the Executive's  personal investments and affairs, and (b)(i) serve on boards or
committees of civic or charitable organizations or trade associations,  and (ii)
with the  permission  of the  Committee,  serve on the board of directors of any
corporation or as an advisory  director of any  corporation;  provided that such
activities  do not  interfere  with the  proper  performance  of his  duties and
responsibilities specified in Section SECTION 3(A).
<PAGE>

         SECTION 4. Compensation.
                    ------------

         A. Base Salary. During the term of this Agreement,  the Executive shall
            -----------
receive a salary (the "Base  Salary") of $1,000,000  per annum.  The Base Salary
shall be payable by Massey in accordance with the general  payroll  practices of
Massey in effect from time to time.

         B. Annual  Incentive  Bonus.  The  Executive  shall be eligible  for an
            ------------------------
annual bonus with a target amount of at least $700,000,  $800,000,  $900,000 and
$450,000,  based upon company performance for fiscal years ending in 2002, 2003,
2004 and 2005,  respectively.  The bonus amounts will be paid in installments on
June 15 and December 15 consistent  with past payment  practices  between Massey
and the  Executive.  The following  table shows the target  payment  amounts and
payment dates for each fiscal year's performance:

         FYE        June 15        December 15          TOTAL
         ---        -------        -----------          -----
        2002        $350,000        $350,000           $700,000
        2003        $400,000        $400,000           $800,000
        2004        $450,000        $450,000           $900,000
        2005        $450,000           N/A             $450,000

         The  bonus  payments  will be based  on the  financial  performance  of
Parent,  Massey  or both for each of the  stated  fiscal  years.  There  will be
predetermined  performance goals and objectives  established and mutually agreed
to by the  Committee  and the  Executive.  The  award  payments  will be made in
accordance with standard Massey practices.

         C. Long Term  Incentive  Award.  The  Executive  shall  participate  in
            ---------------------------
Parent's Long Term  Incentive  Program.  The Executive  will  participate in the
fiscal year 2002, 2003, 2004 and 2005 performance cycles.

         The Long Term Incentive  Award for each cycle shall consist of a target
cash award of $300,000 (except for the half year fiscal 2005  performance  cycle
for which the target cash award shall be  $150,000).  The amount  payable  under
each Long Term  Incentive  Award  may  range up to 2 times the  target  level as
determined by the  Committee in a manner  consistent  with Massey's  established
Long Term Incentive Program based on predetermined performance of Parent, Massey
or both over the performance cycle. Each of the cash awards will be evidenced by
an Award Agreement between Parent and the Executive pursuant to Parent's Special
Executive Incentive Plan ("SEIP").

         The Long Term  Incentive  Program will also consist of annual grants of
50,000 non-qualified stock options, 12,700 shares of restricted stock, and 7,300
restricted stock units (except for the half year fiscal 2005  performance  cycle
the Long Term  Incentive  Program  will  consist of 25,000  non-qualified  stock
options,  6,350 shares of restricted  stock and 3,650  restricted  stock units).
Each of the stock  options and  restricted  stock grants will be evidenced by an
Award Agreement  between Parent and the Executive  pursuant to the Massey Energy
Company 1996 Executive  Stock Plan (the "ESP") or the Massey Energy Company 1999
Executive Performance Incentive Plan ("PIP"), as the case may be and each of the
restricted  unit grants will be evidenced by an Award  Agreement  between Parent
and the Executive pursuant to the SEIP.

                                       2
<PAGE>

         D.  Shadow  Stock.  As of the  Effective  Date the  Executive  shall be
             -------------
granted 1,050,000 units of shadow stock ("Units")  pursuant to the Massey Energy
Company  1982 Shadow Stock Plan (the "Shadow  Plan"),  subject to the  following
terms and conditions,  and the terms and conditions of the Shadow Stock Plan. In
the event the Executive remains  continuously  employed by Parent or Massey from
the Effective Date until the applicable  vesting date, then all  restrictions on
the Units will  expire  and the Unit shall vest at the times and in the  amounts
set forth in the following table:

                       Vesting Date               Number of Units
                       ------------               ---------------
                     October 31, 2002              300,000 Units
                     October 31, 2003              300,000 Units
                     October 31, 2004              300,000 Units
                      April 30, 2005               150,000 Units

         On each date that Units vest in accordance  with the  foregoing  table,
the then  value of the Units  will  thereupon  be  credited  to the  Executive's
account in the Massey Executive Deferred  Compensation Program. In the event the
Executive's employment with Parent and Massey terminates prior to the expiration
of the  Primary  Term and  following  a  "Change  of  Control"  (as such term is
hereinafter defined) or if the Executive's employment is terminated by Parent or
Massey for reasons which do not constitute  "Cause" as defined herein,  then any
Units  which have not vested in  accordance  with the  foregoing  table shall be
vested as of such termination date and all restrictions on the Units will expire
and the then value of the Units will  thereupon  be credited to the  Executive's
account in the Massey Executive Deferred  Compensation Program. In the event the
Executive's employment with Parent and Massey terminates prior to the expiration
of the Primary Term for any reason  other than those set forth in the  preceding
sentence,  then  all of the  Executive's  rights  in the  Units  which  have not
previously  vested in accordance  with the foregoing table shall terminate as of
the date of termination,  and all rights  thereunder shall cease. The Units will
be evidenced by a Shadow Stock Agreement between Parent and the Executive.

         E. Stock  Appreciation  Rights  (SARs).  As of the Effective  Date, the
            -----------------------------------
Executive shall be granted units of Stock Appreciation Rights (SARs) pursuant to
the Massey Energy Company 1997 Stock Appreciation  Rights Plan (the "SAR Plan").
The number of shares awarded shall be 787,500. All restrictions on the SARs will
expire and the then value of the SARs will  thereupon be credited to Executive's
account in the Massey Executive Deferred  Compensation Program in the event that
the  Executive  remains  continuously  employed  by Parent  or  Massey  from the
Effective  Date  until  the  applicable  vesting  date in  accordance  with  the
following table:

                                       3
<PAGE>

                       Vesting Date                    Number of SARs
                       ------------                    --------------
                     October 31, 2002                   225,000 SARs
                     October 31, 2003                   225,000 SARs
                     October 31, 2004                   225,000 SARs
                      April 30, 2005                    112,500 SARs

         In  addition,  all  restrictions  on the SARs will  expire and the then
value of the SARs will thereupon be credited to the  Executive's  account in the
Massey Executive  Deferred  Compensation  Plan in the event that the Executive's
employment  with Parent and Massey  terminates  prior to the  expiration  of the
Primary  Term  following  a "Change  of  Control"  (as such term is  hereinafter
defined) or the  Executive's  employment  is  terminated by Parent or Massey for
reasons which do not constitute "Cause" as defined herein.

         In the event that the  Executive's  employment  with  Parent and Massey
terminates prior to the expiration of the Primary Term for any reason other than
those set forth in the preceding sentence, then all of the Executive's rights in
the SARs which have not previously vested in accordance with the foregoing table
shall terminate as of the date of termination,  and all rights  thereunder shall
cease.  The SARs shall have a ten-year term from the Effective Date,  subject to
earlier  expiration  in  accordance  with the plan  documents.  The SARs will be
evidenced by an SAR Agreement between Parent and the Executive.

         F. Retention  Stock Award.  As of the Effective Date the Executive will
            ----------------------
be awarded  222,250  shares of  restricted  stock and 127,750  restricted  stock
units. The grants will be evidenced by Award  Agreements  between Parent and the
Executive  pursuant to the ESP or the PIP (in the case of the restricted  stock)
and the SEIP (in the case of the restricted  stock units).  All  restrictions on
the  restricted  stock and the  restricted  stock units will expire on April 30,
2005 if the Executive  remains in the continuous employ of Parent or Massey from
the Effective Date until April 30, 2005. In addition,  all  restrictions  on the
restricted  stock and the restricted  stock units will expire on the date of the
Executive's  termination of employment if the Executive's employment with Parent
and  Massey  terminates  prior to April 30,  2005 and  following  a  "Change  of
Control" (as such term is hereinafter defined) or if the Executive's  employment
is terminated by Parent or Massey for reasons which do not constitute "Cause" as
defined  herein.  In the event that the  Executive's  employment with Parent and
Massey  terminates  prior to April 30, 2005 due to death or permanent  and total
disability as defined by Massey personnel  policy,  then the restrictions  shall
lapse as to a pro rata  portion of the  restricted  stock and  restricted  stock
units in  accordance  with the  following  table and the portion as to which the
restrictions do not lapse shall terminate and all rights thereunder shall cease:

                                       4
<PAGE>

                   Date of Death                              Pro rata Portion
                   or Disability                                to be Vested
                   -------------                                ------------
             November 1, 2001 through                                2/7
             October 31, 2002
             November 1, 2002 through                                4/7
             October 31, 2003
             November 1, 2003 through                                6/7
             October 31, 2004
             On or after November 1, 2004                            7/7

         In the event that the  Executive's  employment  with  Parent and Massey
terminates  prior to April 30, 2005 for any reason other than those set forth in
the  two  preceding  sentences,  then  all  of  the  Executive's  rights  in the
restricted  stock and restricted  stock units shall  terminate as of the date of
termination and all rights thereunder shall cease.

         G.  Retention  Cash  Award.  The  Executive's  account  in  the  Massey
             ----------------------
Executive  Deferred  Compensation Plan will be credited with $400,000 on each of
October 31,  2002,  October  31,  2003 and  October  31, 2004 and an  additional
$200,000 on April 30, 2005. All restrictions on such amounts and the bookkeeping
earnings  thereon shall lapse on April 30, 2005 if the Executive  remains in the
continuous  employ of Parent or Massey from the  Effective  Date until April 30,
2005. In the event the Executive's  employment with Parent and Massey terminates
prior to April 30, 2005 and  following  a "Change in  Control"  (as such term is
hereinafter defined) or if the Executive's employment is terminated by Parent or
Massey for reasons which do not constitute  "Cause" as defined herein,  then the
date for the addition any credits to the Massey Executive Deferred  Compensation
Plan referred to in the first sentence of this paragraph shall be accelerated to
such  termination  date  and all  restrictions  on all such  amounts  (including
amounts  credited  before the  termination  date) and the  bookkeeping  earnings
thereon  shall  lapse  as of  such  termination  date.  In the  event  that  the
Executive's employment with Parent and Massey terminates prior to April 30, 2005
due to death or permanent and total  disability  as defined by Massey  personnel
policy,  all restrictions shall lapse on amounts scheduled to be credited to the
Executive's  account in the Massey Executive  Deferred  Compensation  Plan on or
before the Executive's termination date and the bookkeeping earnings thereon. In
the event that the  Executive's  employment  with  Parent and Massey  terminates
prior to April 30,  2005 for any  reason  other  than those set forth in the two
preceding sentences,  then all of the Executive's rights with respect to amounts
credited or to be credited to the  Executive's  account in the Massey  Executive
Deferred  Compensation  Plan  pursuant to the first  sentence of this  paragraph
shall terminate as of the date of such termination of employment.

                                       5
<PAGE>

         H. Life Insurance Policy.  The Executive's  rights under the $4,000,000
            ---------------------
split dollar life insurance  policies or program owned by Parent and in force on
the Effective  Date shall be vested if the Executive  remains in the  continuous
employ of the Parent or Massey from the Effective  Date until April 30, 2005 or,
if earlier,  the  termination  of the  Executive's  employment  (x)  following a
"Change in  Control"  (as such term is  hereinafter  defined),  (y) by Parent or
Massey for reasons which do not constitute  "Cause" as defined herein or (z) due
to death or  permanent  and total  disability  as defined by Massey's  personnel
policy.  The Executive's rights under the $4,000,000 split dollar life insurance
policies or program owned by Parent and in force on the Effective  Date shall be
determined  without regard to this paragraph if the Executive's  employment with
Parent and Massey terminates before April 30, 2005 for a reason other than those
set forth in items (x), (y) or (z) of the preceding sentence.

         SECTION 5. Termination of Employment.
                    -------------------------
         Notwithstanding the provisions of Section 2, the Executive's employment
hereunder may terminate under any of the following conditions:

         A.  Death.  The  Executive's  employment  under  this  Agreement  shall
             -----
terminate automatically upon his death.

         B. Disability.  The Executive's  employment under this Agreement may be
            ----------
terminated due to his  Disability.  "Disability"  shall mean permanent and total
disability as defined by Massey personnel policy.

         C.  Termination  by  Company  for  Cause.  The  Executive's  employment
             ------------------------------------
hereunder may be terminated for Cause by Parent or Massey.  For purposes of this
Agreement, "Cause" means:

                  (1)  willful  and  persistent  failure  by  the  Executive  to
         reasonably perform his duties:

                  (2)  conviction of a  misdemeanor  involving  moral  turpitude
         which materially affects the Executive's  ability to perform his duties
         hereunder or materially adversely affects the Executive's, the Parent's
         or Massey's reputation or conviction of a felony;

                  (3)  material  dishonesty,  defalcation,  or  embezzlement  or
         misappropriation of corporate assets or opportunities; or

                  (4) any material  default by the Executive in the  performance
         of any  covenants  or  agreements  of the  Executive  set forth in this
         Agreement.

         Any  termination  of the  Executive's  employment  for Cause under this
Section  5(C)  shall be  authorized  by the  Parent's  Board of  Directors  (the
"Board").  The Executive shall be given notice by the Board specifying in detail
the  particular act or failure to act on which the Board is relying in proposing

                                       6
<PAGE>

to terminate him for Cause and offering the Executive an opportunity,  on a date
at least 1 day  after  the  receipt  of such  notice,  to have a  hearing,  with
counsel, before the Board.

         SECTION 6. Change of Control.
                    -----------------
         A.  Upon the  Executive's  termination  of  employment  for any  reason
(including,  by way of example and not of limitation,  the Executive's  death or
permanent and total disability as defined by Massey personnel policy),within two
years following a Change of Control,  as defined below,  any restrictions on any
stock  option,  restricted  stock,  stock  appreciation  right,  Unit  or  other
equity-based  incentive  provided  under the PIP, ESP, the SAR Plan,  the Shadow
Plan or any other plan of Parent (a "Stock Plan") shall lapse immediately.

         B.  Upon the  Executive's  termination  of  employment  for any  reason
(including,  by way of example and not of limitation,  the Executive's  death or
disability as defined by Massey personnel policy),  within two years following a
Change of  Control,  as defined  below,  the  Executive's  account in the Massey
Executive  Deferred  Compensation  Plan  shall  be  credited  with  any  credits
accelerated in accordance with Section 4(G) and the Executive shall be vested in
his  rights  under the split  dollar  life  insurance  policies  or  program  in
accordance with Section 4(H).

         C. A Change of Control  shall have the  meaning set forth in the PIP as
of the Effective Date, or any definition that is more favorable to the Executive
that is set forth in any subsequent  Stock Plan or that is approved by the Board
for the benefit of Massey's senior executives.

         SECTION 7. Payments Upon Termination.
                    -------------------------

         A. Upon termination of the Executive's  employment for any reason prior
to the  expiration of the Primary Term,  Parent and/or Massey shall be obligated
to pay, and the Executive shall be entitled to receive:

                  (1) all accrued and unpaid Base Salary  under  Section 4(A) to
         the date of termination;

                  (2) any unpaid bonus under Section 4(B) or long-term incentive
         award  under  Section  4(C) for the fiscal  year or  performance  cycle
         ending prior to the date of termination;

                  (3) any  benefits to which he is  entitled  under the terms of
         the Executive Deferred  Compensation  Program,  the Long Term Incentive
         Award Program,  and any other  applicable  employee  pension or benefit
         plan or program, or applicable law.

         B. Upon  termination of the Executive's  employment by Parent or Massey
without Cause pursuant to Section 5(C),  Parent and/or Massey shall be obligated
to pay and the Executive shall be entitled to receive:

                  (1) all of the amounts and benefits described in Section 7(A);

                                       7
<PAGE>

                  (2) Base Salary under  Section  4(A) for the  remainder of the
         Primary Term, as if there had been no termination;

                  (3) annual bonuses under Section  4(B)for the remainder of the
         Primary Term equal to the target bonus for each such fiscal year,  such
         bonuses to be paid at the same time annual  bonuses are regularly  paid
         by Massey to him;

                  (4)   accelerated   vesting  of  Units  of  shadow  stock  and
         corresponding  credits  to the  Executive's  account  under the  Massey
         Executive Deferred Compensation Plan in accordance with Section 4(D);

                  (5) accelerated  vesting of SARs and corresponding  credits to
         the   Executive's   account   under  the  Massey   Executive   Deferred
         Compensation Plan in accordance with Section 4(E);

                  (6)  accelerated  vesting  of shares of  restricted  stock and
         restricted stock units in accordance with Section 4(F);

                  (7) accelerated  credits to the Executive's  account under the
         Massey Executive Deferred  Compensation Plan in accordance with Section
         4(G);

                  (8) accelerated  vesting of the  Executive's  rights under the
         split dollar life insurance policy in accordance with Section 4(H).

         C. Upon  termination  of the  Executive's  employment on account of the
Executive's  death or  permanent  and  total  disability  as  defined  by Massey
personnel  policy,  Parent  and/or  Massey  shall be  obligated  to pay, and the
Executive shall be entitled to receive:

                  (1) all of the amounts and benefits described in Section 7(A);

                  (2)  accelerated  vesting  of a pro rata  number  of shares of
         restricted  stock and restricted stock units in accordance with Section
         4(F);

                  (3)  crediting  of  the  Executive's  account  in  the  Massey
         Executive Deferred Compensation Plan in accordance with Section 4(G);

                  (4) accelerated  vesting of the  Executive's  rights under the
         split dollar life insurance policy in accordance with Section 4(H).

         D. In the event of any termination of employment  under this Section 7,
the Executive shall be under no obligation to seek other  employment,  and there
shall be no offset  against  amounts due the Executive  under this  Agreement on
account of any  remuneration  attributable to any subsequent  employment that he
may obtain.

         SECTION  8.  Amendment;  Waiver.  The  terms  and  provisions  of  this
                      ------------------
Agreement  may be modified or amended only by a written  instrument  executed by
each of the parties hereto,  and compliance with the terms and provisions hereof
may be waived only by a written  instrument  executed by each Party  entitled to

                                       8
<PAGE>

the benefits thereof. No failure or delay on the part of any party in exercising
any right,  power or  privilege  granted  hereunder  shall  constitute  a waiver
thereof,  nor shall any single or partial  exercise of any such right,  power or
privilege  preclude any other or further exercise thereof or the exercise of any
other right, power or privilege granted hereunder.

         SECTION  9.  Entire  Agreement.  Except as  contemplated  herein,  this
                      -----------------
Agreement  constitutes the entire agreement  between the parties with respect to
the  subject  matter  hereof and  supersedes  any and all prior  written or oral
agreements,  arrangements  of  understandings  between  Parent,  Massey  and the
Executive with respect thereto; provided, however, that this Agreement shall not
affect or impair in any way the rights and  obligations  of Parent and Executive
under the Special  Successor  Development and Retention  Program  established in
August, 1998.

         SECTION 10. Notices.  All notices or communications  hereunder shall be
                     -------
in writing,  addressed as follows or to any address subsequently provided to the
other party:

         To Parent:
         Massey Energy Company
         Attention:  Chief Legal Officer
         4 North 4th Street
         Richmond, VA 23219

         To Massey:

         A. T. Massey Coal Company, Inc.
         Attention:  Chief Legal Officer
         4 North 4th Street
         Richmond, VA  23219

         To the Executive:

         Don Blankenship
         P.O. Box 895
         Matewan, WV  25678

         All such notices shall be conclusively  deemed to be received and shall
be effective,  (i) if sent by hand delivery or overnight courier,  upon receipt,
(ii) if sent by telecopy or facsimile transmission, upon confirmation of receipt
by the sender of such  transmission  or (iii) if sent by registered or certified
mail, on the fifth day after the day on which such notice is mailed.

         SECTION 11.  Severability.  In the event that any term or  provision of
                      ------------
this Agreement is found to be invalid,  illegal or unenforceable,  the validity,
legality and  enforceability  of the remaining terms and provisions hereof shall
not be in any way  affected or impaired  thereby,  and this  Agreement  shall be
construed as if such invalid,  illegal or unenforceable provision had never been
contained therein.

                                       9
<PAGE>

         SECTION 12. Binding Effect; Assignment. This Agreement shall be binding
                     --------------------------
upon and inure to the benefit of the parties and their respective successors and
assigns (it being  understood  and agreed  that,  except as  expressly  provided
herein, nothing contained in this Agreement is intended to confer upon any other
person or entity any  rights,  benefits  or  remedies  of any kind or  character
whatsoever).  No rights or  obligations of Parent or Massey under this Agreement
may be assigned or  transferred  by Parent or Massey  except that such rights or
obligations may be assigned or transferred pursuant to a merger or consolidation
in  which  Parent  or  Massey  is not  the  continuing  entity,  or the  sale or
liquidation as described of all or substantially  all of the assets of Parent or
Massey,  provided  that the assignee or  transferee  is the  successor to all or
substantially  all of the  assets  of  Parent or  Massey  and such  assignee  or
transferee assumes the liabilities,  obligations and duties of Parent or Massey,
as  contained in this  Agreement,  either  contractually  or as a matter of law.
Parent  and  Massey  further  agree  that,  in the  event of a sale of assets or
liquidation  as described in the  preceding  sentence,  each shall take whatever
action it legally can in order to cause such assignee or transferee to expressly
assume the liabilities, obligations and duties of Parent or Massey hereunder. In
the  event of the  sale,  liquidation,  consolidation,  or  merger  of Massey or
substantially  all the  assets  of  Massey in which  Parent  does not  retain an
ownership  interest  of more than 50%,  Parent  agrees to  guarantee  payment to
Executive of all amounts due under this or related agreements referenced herein.

         SECTION 13. Governing Law; Dispute Resolution.  This Agreement shall be
                     ---------------------------------
governed by and construed in  accordance  with the laws of the  Commonwealth  of
Virginia  (except  that  no  effect  shall  be  given  to any  conflicts  of law
principles  thereof that would  require the  application  of the laws of another
jurisdiction).  Any dispute or misunderstanding  arising out of or in connection
with  this  Agreement  shall  first be  settled,  if  possible,  by the  parties
themselves  through  negotiation  and,  failing  success at negotiation  through
mediation,  and failing  success at mediation,  shall be arbitrated at Richmond,
Virginia.  Unless  otherwise  agreed  upon  by  Massey  and the  Executive,  the
arbitration  shall be had before three  arbitrators,  each party  designating an
arbitrator  and the two  designees  naming  a third  arbitrator  experienced  in
employment related controversies.  The procedure shall be in accordance with the
rules and regulations of the American Arbitration Association.

         SECTION 14.  Headings.  The headings of the sections  contained in this
                      --------
Agreement are for convenience  only and shall not be deemed to control or affect
the meaning or construction of any provision of this Agreement.

         SECTION 15. Counterparts. This Agreement may be executed in one or more
                     ------------
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same instrument.

                                       10
<PAGE>

         IN WITNESS  WHEREOF,  the  undersigned  have  executed  this  Agreement
effective as of the date set forth above.

                                     MASSEY ENERGY COMPANY

                                     By:     /s/  Admiral Bobby R. Inman
                                         ---------------------------------------

                                     A.T. MASSEY COAL COMPANY, INC.

                                     By:     /s/ Roger L. Nicholson
                                         ---------------------------------------

                                     Executive:

                                          /s/  Donald L. Blankenship
                                         ---------------------------------------
                                         Donald L. Blankenship

                                       11PROMISSORY NOTE

                                                Dated: January 31, 2001

Principal Amount:  $79,340.45                   State of Colorado

      FOR VALUE RECEIVED, the undersigned hereby jointly and severally promise
to pay to the order of Matrix Bancorp, Inc.

      The sum of Seventy Nine Thousand Three Hundred Forty and 45/100, Dollars
      ($79,340.45), together with interest thereon at the rate of Prime per
      annum on the unpaid balance. Said sum shall be paid in the manner
      following:

      All principal and interest shall be due on January 31, 2002.

      All payments shall be first applied to interest and the balance to
principal. This note may be prepaid, at any time, in whole or in part, without
penalty. All prepayments shall be applied in reverse order of maturity.

      This note shall at the option of any holder hereof be immediately due and
payable upon the failure to make any payment due hereunder within five (5) days
of its due date.

      This note at the option of any holder hereof may be extended on an annual
basis for increments of one (1) year. The terms and interest rate will remain
constant.

      In the event this note shall be in default, and placed with an attorney
for collection, then the undersigned agree to pay all reasonable attorney's fees
and costs of collection. Payments not made within five (5) days of due date
shall be subject to a late charge of 2% of said payment. All payments hereunder
shall be made to such address as may from time to time be designed by any holder
hereof.

     The undersigned and all other parties to this note, whether as endorsers,
guarantors or sureties, agree to remain fully bound hereunder until this note
shall be fully paid and waive demand, presentment and protest and all notices
thereto and further agree to remain bound, notwithstanding any extension,
renewal, modification, waiver, or other indulgence by any holder or upon the
discharge or release of any obligor hereunder to this note, or upon the
exchange, substitution, or release of any collateral granted as security for
this note. No modification or indulgence by any holder hereof shall be binding
unless in writing: and any indulgence on any one occasion shall not be an
indulgence for any other or future occasion.
<PAGE>

Any modification or change of terms, hereunder granted by any holder hereof,
shall be valid and binding upon each of the undersigned, notwithstanding the
acknowledgment of any of the undersigned, and each of the undersigned does
hereby irrevocably grant to each of the others a power of attorney to enter into
any such modification on their behalf. The rights of any holder hereof shall be
cumulative and not necessarily successive. This note shall take effect as sealed
instrument and shall be construed, governed and enforced in accordance with the
laws of the State first appearing at the head of this note. The undersigned
hereby execute this note as principals and not as sureties.

Maker:

 /s/ D. Mark Spencer
------------------------
D. Mark Spencer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]