Document:

exhibit103.htm

    Exhibit 10.3

      

      AMENDMENT
TO

      EMPLOYMENT AND CHANGE IN
CONTROL AGREEMENT

      

      THIS
AMENDMENT TO EMPLOYMENT AND CHANGE IN CONTROL AGREEMENT (this “Amendment”),
effective as of January 1, 2010, is made on December 31, 2009 between
MASSEY ENERGY COMPANY, a Delaware corporation (the “Company”), and BAXTER F.
PHILLIPS, JR. (the “Executive”).

      

      WITNESSETH:

      

      WHEREAS,
the Company and Executive previously entered into an Employment and Change in
Control Agreement on November 10, 2008 (the “Employment Agreement”);
and

      

      WHEREAS,
the Company and Executive desire to amend the Employment Agreement.

      

      NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements hereinafter set forth (including definitions of capitalized terms
which are set forth in Section 19 and throughout the Employment Agreement) and
intending to be legally bound hereby, the Company and Executive agree as
follows:

      

      1.  Section
6.2(b) of the Employment Agreement is amended to read as follows:

      

      (b) Payments Upon Involuntary
Termination Associated With a Change in Control. Subject to the
provisions of Section 6.2(c) and Sections 7 and 10 hereof, in the event a
termination described in Section 6.2(a) occurs, the Company shall pay and
provide to Executive on or beginning, as applicable, the first business day that
occurs following sixty (60) days after his Termination Date or, where Executive
is entitled to benefits under this Agreement by reason of clause (ii) or (iii)
of Section 6.2(a) above, the later of or as soon as administratively feasible
after the date an actual Change in Control occurs or the first business day that
occurs following sixty (60) days after his Termination Date (contingent on the
execution of the Release without revocation as contemplated in Section 8
hereof):

      

      (i) a
lump sum cash payment equal to $3,000,000;

      

      (ii) any award
under the Company’s long-term cash and equity incentive program, including stock
option, restricted stock, restricted unit, other equity or cash-based incentive
awards or other equity or cash-based incentive agreements, which by its terms
vests in connection with the Change in Control, provided that payment of
such award shall be determined solely by the terms of such award and any plan,
program or arrangement which controls its determination and payment;
and

      

      (iii) for
a period of 24 months following his Termination Date, Executive shall continue
to receive on a monthly basis the medical and dental coverage in effect on his
Termination Date (or generally comparable coverage) for himself and, if
applicable, his spouse and dependents, as the same may be changed from time to
time for employees generally, as if Executive had continued in employment during
such period; or, as an alternative, the Company may elect to pay Executive cash
in lieu of such coverage in an amount equal to Executive’s reasonable after-tax
cost of continuing comparable coverage, where such coverage may not be continued
by the Company (or where such continuation would adversely affect the tax status
of the plan pursuant to which the coverage is provided), with any such cash
payments to be made in accordance with the ordinary payroll practices of the
Company (not less frequently than monthly) for employees generally for the
period during which such cash payments are to be provided. If Executive does not
receive the cash payment described in the preceding sentence, the Company shall
take all commercially reasonable efforts to provide that the COBRA (as defined
in Section 19) health care continuation coverage period under section 4980B of
the Code (as defined in Section 19) shall commence immediately after the
foregoing 24 month benefit period, with such continuation coverage continuing
until the end of applicable COBRA health care continuation coverage
period.

      

      2.  In
all other respects, the Employment Agreement is unchanged.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and
delivered as of December 31, 2009.

      

         
MASSEY ENERGY COMPANY

      
        	 
      	 
      
	
                By:

              	
                /s/
      John M. Poma

              	 
      
	
                Name:

              	
                John
      M. Poma

              
	
                Title:

              	
                Vice
      President and Chief Administrative Officer

              
	 
      	 
      
	 
      	
                /s/
      Baxter F. Phillips, Jr.

              	 
      
	 
      	
                Baxter
      F. Phillips, Jr.exhibit104.htm

    Exhibit
10.4

      AMENDMENT
TO

      RETENTION AND EMPLOYMENT
AGREEMENT

      

      THIS
AMENDMENT TO RETENTION AND EMPLOYMENT AGREEMENT (this “Amendment”), effective as
of January 1, 2010, is made on December 31, 2009 between MASSEY ENERGY
COMPANY, a Delaware corporation (the “Company”), and JOHN CHRISTOPHER
ADKINS (the “Executive”).

      

      WITNESSETH:

      

      WHEREAS,
the Company and Executive previously entered into an amended and restated
Retention and Employment Agreement on December 23, 2008 (the “Employment
Agreement”); and

      

      WHEREAS,
the Company and Executive desire to amend the Employment Agreement.

      

      NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements hereinafter set forth (including definitions of capitalized terms
which are set forth in Section 18 and throughout the Employment Agreement) and
intending to be legally bound hereby, the Company and Executive agree as
follows:

      

      1.  Section
5.2 of the Employment Agreement is amended to read as follows:

      

      5.2 Severance
Benefit.  The Executive previously entered into a Change in
Control Agreement which shall govern the Executive’s rights, duties and
obligations in the event of the Executive’s cessation of employment with the
Company (or any successor) covered by the Change in Control
Agreement.  In the event of the Executive’s cessation of employment
with the Company during the period of this Agreement for any reason other than
for “Cause” (as defined, and determined pursuant to the procedure in the Change
in Control Agreement) under circumstances where such cessation of employment is
not covered by the Change in Control Agreement, then the Company shall pay to
the Executive or if the Executive is deceased to the Executive’s estate, within
30 days following Executive’s cessation of employment with the Company, a lump
sum payment equal to $1,600,000 (the “Severance Benefit”), unless the Executive
elects to terminate his employment voluntarily during the term of this Agreement
other than for any reason which would constitute “a Constructive Termination
Associated with a Change in Control” (as defined, and determined pursuant to the
procedure, in the Change in Control Agreement, under circumstances where such
Constructive Termination is not covered by the Change in Control
Agreement).

      

      2.  In
all other respects, the Employment Agreement is unchanged.

      

      IN
WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and
delivered as of December 31, 2009.

      

              MASSEY
ENERGY COMPANY

      
        	 
      	 
      
	
                By:

              	
                /s/
      John M. Poma

              	 
      
	
                Name:

              	
                John
      M. Poma

              
	
                Title:

              	
                Vice
      President and Chief Administrative Officer

              
	 
      	 
      
	 
      	
                /s/
      John Christopher Adkins

              	 
      
	 
      	
                John
      Christopher Adkinsamendment15.htm

    EXHIBIT
10.1

     

    
 

    AMENDMENT
NO. 15

     

    TO

     

    CREDIT
AGREEMENT

     

    THIS
AMENDMENT NO. 15 is entered into effective as of the 31st day of December,
2009, by and between WINLAND ELECTRONICS, INC., a Minnesota corporation (the
“Borrower”) and M&I MARSHALL & ILSLEY BANK, a banking corporation
organized and existing under the laws of Wisconsin (“Bank”).

     

    WHEREAS,
Borrower and the Bank have entered into that certain Credit and Security
Agreement dated as of June 30, 2003, as amended (the “Credit Agreement”)
pursuant to which Bank has agreed to provide a revolving credit facility to
Borrower on the terms and conditions contained therein; and

     

    WHEREAS,
Borrower and Bank desire to amend certain provisions of the Credit
Agreement.

     

    NOW,
THEREFORE, Bank and Borrower hereby agree as follows:

     

    1. Certain
Definitions.  Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Credit Agreement.

     

    2. Borrowing
Base.  The definition of “Borrowing Base” set forth in Section
1.1 of the Credit Agreement is hereby amended by deleting the text of said
definition in its entirety and replacing the same with the following
“Borrowing
Base” means, at any time, (1) the lesser of (a) the Maximum Line, or (b) 80% of
Eligible Accounts, minus (2) a warranty reserve, which shall be in an amount
equal at all times to the amount of the Borrower’s accrued liability in respect
of warranties.”

     

    3. Eligible
Accounts.  Subsections (x) and (xi) under the definition of
“Eligible Accounts” in Section 1.1 of the Credit Agreement are hereby deleted in
their entirety and replaced with the following:

     

    “(x)           That
portion of Accounts that constitutes advertising, finance charges or service
charges, or that is for the rendition of engineering services by the
Borrower;

     

    (xi)           That
portion of Accounts owed by an account debtor, regardless of whether otherwise
eligible, which exceed 15%, or, as to Accounts owed by XATA, 40% during the
period ending December 30, 2009, with such 40% figure being reduced by 5%
effective as of December 31, 2009 and every six months thereafter (or in any
event such lower percentage as Lender may designate upon a determination by
Lender that the quality of any Account has diminished) of all Accounts owed by
all account debtors.”

     

    4. Borrowing Base
Certificate.  Section 6.1 of the Credit Agreement is hereby
amended by deleting the text of subsection (k) in its entirety and replacing the
same with the following:  “(k)  on the first day of each
week, a current borrowing base certificate substantially in the form of Exhibit
C hereto, together with a detailed aging report, in an electronic text file
format, of the Borrower’s accounts receivable.”

     

    5. Miscellaneous.  Except
as specifically set forth herein, the Credit Agreement shall remain in full
force and effect, with no other modification or waiver.  This
Amendment shall be governed by, and construed in accordance with, the laws of
the State of Wisconsin.  This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same agreement.  The Borrower
hereby restates and reaffirms its obligation under the Credit Agreement to pay
on demand all costs and expenses, including (without limitation) attorneys’
fees, incurred by the Lender in connection with the Obligations, this Amendment,
the Loan Documents, and any other document or agreement related hereto, and the
transactions contemplated hereby.

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment No. 15 to
Credit Agreement to be executed as of the day and year first written
above.

     

     

    

      
        	
                M&I
      Marshall & Ilsley Bank

                 

                By 
      /s/  Melody Holland-Rehder

                    Melody Holland-Rehder

                Its Vice President

                 

                 

                By 
      /s/ Steve Nichols

                    Steve Nichols

                Its Senior Vice
      President

              	
                Winland
      Electronics, Inc.

                 

                By   
      /s/ Glenn A. Kermes

                    Glenn A. Kermes

                    Its   Chief Financial
      Officer

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