Document:

Fourth Amendment, dated as of March 21, 2006

 Exhibit 10.32 
 FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 This FOURTH AMENDMENT, dated as of
March 21, 2006 (this “Fourth Amendment”), is by and among ICG, LLC, a Delaware limited liability company (“Borrower”) and the Lenders (as defined below) party hereto, and is with respect to the Amended and
Restated Credit Agreement, dated as of November 5, 2004 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Borrower, ICG, Inc., the Guarantors party thereto,
the lenders party thereto (the “Lenders”), UBS Securities LLC, as Arranger, Bookmanager and Syndication Agent, General Electric Capital Corporation, as Documentation Agent, UBS AG, Stamford Branch, as Administrative Agent, Issuing
Bank and Collateral Agent, and UBS Loan Finance LLC, as Swingline Lender. Capitalized terms used but not defined in this Fourth Amendment have the meanings given to such terms in the Credit Agreement. 
 RECITALS 
 WHEREAS, Borrower
(i) wishes to make certain amendments to the Credit Agreement, as more particularly described in Article I of this Fourth Amendment and (ii) requests waivers of certain requirements of the Credit Agreement, as more particularly described
in Article II of this Fourth Amendment; and 
 WHEREAS, the Required Lenders party hereto are willing to agree to such amendments and waivers
on the terms and subject to the conditions contained herein. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE I.

 AMENDMENTS TO CREDIT AGREEMENT 
  

	 	Section	1.01 Amendments Related to Additional Revolving Commitments. 

 (a) The following terms are added to Section 1.01 of the Credit Agreement in their proper alphabetical order: 
 “Fourth Amendment” shall mean the Fourth Amendment to this Agreement, dated as of March 21, 2006. 
 “Fourth Amendment Effective Date” shall mean the date on which of each of the conditions set forth in Article III of the Fourth Amendment has been either satisfied or waived. 
 “Upsized Revolving Commitment” shall mean, with respect to each Lender, the commitment, if any, of such Lender to make a Revolving Loan
hereunder on the 

 Fourth Amendment Effective Date in the amount set forth on Schedule I to the Lender Addendum executed and
delivered by such Lender on the Fourth Amendment Effective Date. 
 (b) The following defined terms in Section 1.01 of the Credit
Agreement are amended as follows: 
 (i) The definition of “Lender Addendum” is deleted in its entirety and
replaced with the following: 
 ““Lender Addendum” shall mean with respect to any Lender on the Restatement Date, the
Merger Amendments Effective Date or the Fourth Amendment Effective Date, as applicable, a lender addendum substantially in the form of Exhibit H, to be executed and delivered by such Lender on the Restatement Date, the Merger Amendments
Effective Date or the Fourth Amendment Effective Date, as applicable, as provided in Section 11.14.” 
 (ii)
The last full sentence in the definition of “Revolving Commitment” is deleted in its entirety and replaced with the following: 
 “The aggregate amount of the Lenders’ Revolving Commitments (including, for the avoidance of doubt, the Upsized Revolving Commitments) is $210.0 million.” 
 (c) Section 2.01(b) of the Credit Agreement is deleted in its entirety and replaced with the following: 
 “(b)(i) each Revolving Lender agrees, severally and not jointly, to make Revolving Loans to Borrower, at any time and from time to time on and after
the Closing Date until the earlier of the Revolving Maturity Date and the termination of the Revolving Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in
such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment and (ii) each Revolving Lender having an Upsized Revolving Commitment as of the Fourth Amendment Effective Date agrees, severally and not jointly, to make
Revolving Loans to Borrower, at any time and from time to time on and after the Fourth Amendment Effective Date until the earlier of the Revolving Maturity Date and the termination of the Revolving Commitment of such Lender in accordance with the
terms hereof, in an aggregate principal amount at any time outstanding that will not result in such Lender’s Revolving Exposure exceeding such Lender’s Upsized Revolving Commitment.” 
  

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 (d) Section 2.07(a) of the Credit Agreement is amended by replacing the second sentence thereof with
the following: 
 “The Revolving Commitments, the Upsized Revolving Commitments, the Swingline Commitment and the LC Commitment shall
automatically terminate on the Revolving Maturity Date.” 
 (e) Section 11.02(e) of the Credit Agreement is deleted in its entirety
and replaced with the following: 
 “(e) [Intentionally left blank.]” 
 (f) Section 11.14 of the Credit Agreement is amended by deleting the words “or on the Merger Amendments Effective Date” therein and
inserting the following immediately after the words “on the date hereof” in the second line thereof: 
 “, the Merger
Amendments Effective Date or the Fourth Amendment Effective Date” 
 Section 1.02 Amendments Related to the Budget
Requirement. Section 5.01(h) of the Credit Agreement is amended by adding the words “or March 20, 2006 in the case of the fiscal year ending December 31, 2006” immediately after the words “December 31,
2005” and before the “)” in the second line thereof. 
 ARTICLE II. 
 CONSENT AND WAIVER 
 Section 2.01 Waiver. Borrower requests the waiver of, and the Required Lenders hereby agree to waive any Default or Event of Default existing prior to March 21, 2006, arising out of or resulting from: 
 (i) Borrower’s failure to comply with Section 5.14(a) of the Credit Agreement with respect to the change in name of each of
Anker Energy Corporation, Anker West Virginia Mining Company, Inc. and Anker Virginia Mining Company, Inc.; and 
 (ii)
Borrower’s failure to deliver a notice of such Default in accordance with Section 5.02(a) of the Credit Agreement. 
 Section 2.02 Agreement. Borrower agrees to, on or prior to March 21, 2006: 
 (i) deliver to
the Collateral Agent and the Administrative Agent an Officer’s Certificate regarding a change in name with respect to each of Anker Energy Corporation, Anker West Virginia Mining Company, Inc. and Anker Virginia Mining Company, Inc. that
describes such change and provides such other information in connection therewith as the Collateral Agent or the Administrative Agent may reasonably request; 
 (ii) take all action necessary or otherwise reasonably required by the Collateral Agent to maintain the perfection and priority of the
security interest of the Collateral Agent for the benefit of the Secured Parties in the Collateral; and 
  

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 (iii) cause each applicable Loan Party to provide the Collateral Agent with certified
Organizational Documents reflecting any of the changes described in the Officer’s Certificate delivered pursuant to clause (i) of this Section 2.02. 
 ARTICLE III. 
 CONDITIONS TO EFFECTIVENESS 
 Section 3.01 Conditions to Consent and Certain Amendments. The effectiveness of (i) the amendments contained in Article I of this
Fourth Amendment and (ii) the waivers contained in Article II of this Fourth Amendment are conditioned upon satisfaction of the following conditions precedent (the date on which all such conditions precedent have been satisfied being referred
to herein as the “Fourth Amendment Effective Date”). 
 (a) Fees. The Arranger and the Administrative Agent shall
have received all Fees and other amounts due and payable on or prior to the Fourth Amendment Effective Date, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses (including the reasonable legal fees
and expenses of Latham & Watkins LLP, special counsel to the Agents, and the reasonable fees and expenses of any local counsel, appraisers, consultants and other advisors) required to be reimbursed or paid by Borrower
hereunder or under any other Loan Document. 
 (b) Loan Documents. All legal matters incident to this Fourth Amendment and the
transactions contemplated hereby and the other Loan Documents shall be satisfactory to the Lenders and to the Administrative Agent and there shall have been delivered to the Administrative Agent an executed counterpart of each of the Loan Documents
required to be executed and delivered on the Fourth Amendment Effective Date, including but not limited to, (i) this Fourth Amendment and (ii) the consent of the Guarantors attached hereto as Exhibit A executed by each of the
Guarantors (including the persons becoming Guarantors on the date hereof). 
 (c) Officers’ Certificate. The Administrative Agent
shall have received a certificate, dated the Fourth Amendment Effective Date and signed by the vice president and the chief financial officer of Borrower or such other person reasonably acceptable to the Administrative Agent, confirming compliance
with the conditions precedent set forth in this Section 3.01 hereof and Sections 4.02(b), (c) and (d) of the Credit Agreement. 
 (d) Opinions of Counsel. The Administrative Agent shall have received, on behalf of itself, the other Agents, the Arranger, the Lenders and the Issuing Bank, a favorable written opinion of (i) Jones Day, special counsel for the
Loan Parties, and (ii) each local counsel relating to the Mortgaged Property as of the Fourth Amendment Effective Date, in each case (1) reasonably satisfactory in form and substance to the Administrative Agent, (2) dated the Fourth
Amendment Effective Date, (3) addressed to the Agents, the Issuing Bank and the Lenders and (4) covering such other matters relating to the transactions contemplated by this Fourth Amendment as the Administrative Agent shall reasonably
request. 
  

 4 

 (e) Solvency Certificate. The Administrative Agent shall have received a solvency certificate
substantially in the form of Exhibit N to the Credit Agreement, dated the Fourth Amendment Effective Date and signed by the chief financial officer of Borrower or such other person reasonably acceptable to the Administrative Agent. 

(f) Personal Property Requirements. The Collateral Agent shall have received: 
 (i) UCC financing statements (or amendments thereof) in appropriate form for filing under the UCC, filings with the United States Patent
and Trademark Office and United States Copyright Office (or amendments thereof) and such other documents under applicable Requirements of Law in each jurisdiction as may be necessary or appropriate or, in the opinion of the Collateral Agent,
desirable to perfect the Liens created, or purported to be created, by the Security Documents and, with respect to all UCC financing statements required to be filed pursuant to the Loan Documents, evidence satisfactory to the Administrative Agent
that Borrower has retained, at its sole cost and expense, a service provider acceptable to the Administrative Agent for the tracking of all such financing statements and notification to the Administrative Agent of, among other things, the upcoming
lapse or expiration thereof; 
 (g) Real Property Requirements. The Collateral Agent shall have received: 
 (i) evidence that with respect to each Mortgaged Property of each Loan Party, each Company shall have made all modifications,
registrations and filings, to the extent required by, and in accordance with, all Requirements of Law (the “Mortgage Modifications”) in order to maintain a perfected security interest in such Mortgaged Property; and 
 (ii) local counsel opinions regarding the enforceability of the Mortgage Modifications, in each case (A) dated the Fourth Amendment
Effective Date, (B) addressed to the Agents, the Issuing Bank and the Lenders and (C) otherwise in form and substance reasonably acceptable to the Administrative Agent. 
 (j) Representations and Warranties; No Default. (i) Each of the representations and warranties contained in Article III of the Credit
Agreement shall be true and correct in all material respects as of the Fourth Amendment Effective Date, except that any representation and warranty that is qualified as to “Materiality” or “Material Adverse Effect” shall be true
and correct in all respects as of the Fourth Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date and (ii) except with respect to any Default expressly intended to be cured by
the waivers and amendments contained in this Fourth Amendment, both before and after giving effect to the increase in the Revolving Commitments on the Fourth Amendment Effective Date, no event shall have occurred and be continuing that constitutes a
Default or an Event of Default. 
 (k) Consummation of the Transactions. Simultaneously with the execution of this Fourth Amendment,
Borrower shall receive commitments for revolving credit facilities 

  

 5 

 
under the Credit Agreement of not less than $100.0 million, as provided for by this Fourth Amendment, and each Lender providing any such commitment shall
execute a Lender Addendum dated as of the Fourth Amendment Effective Date. 
 ARTICLE IV. 
 MISCELLANEOUS 
  

	 	Section	4.01 Execution of this Fourth Amendment; Authorization. 

 This Fourth Amendment is executed and shall be construed as an amendment to the Credit Agreement and forms a part of the Credit Agreement to the extent applicable thereto. 
  

	 	Section	4.02 Representations and Warranties. 

 Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, as of the date hereof: 
 (a) Authority;
Enforceability. (i) All consents, approvals and authorizations necessary for Borrower’s execution, delivery and performance of this Fourth Amendment have been obtained or made and (ii) this Fourth Amendment has been duly executed
and delivered by Borrower and constitutes a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law 
 (b) No Conflict. Neither the execution and delivery of this Fourth Amendment, nor the receipt of commitments contemplated in Section 3.01(k) hereof, or any other agreement or instrument contemplated hereby nor the performance
of, and compliance with the terms and provisions of, this Fourth Amendment or any such other agreement or instrument by any Loan Party will, at the time of such performance, (i) violate or conflict with any provision of such Loan Party’s
articles or certificate of incorporation or bylaws or other organizational or governing documents of such Loan Party, (ii) violate, contravene or materially conflict with any Requirements of Law or any other law, regulation, order, writ,
judgment, injunction, decree or permit applicable to such Loan Party, except for any violation, contravention or conflict which would not reasonably be expected to have a Material Adverse Effect, (iii) (A) violate, contravene or conflict
with the contractual provisions of, or cause an event of default under, any Loan Document or (B) violate, contravene or conflict with the contractual provisions of, or cause an event of default under any other loan agreement, indenture,
mortgage, deed of trust, contract or other agreement or instrument to which such Loan Party is a party or by which such Loan Party may be bound, except for any violation, contravention, conflict or default that would not reasonably be expected to
have a Material Adverse Effect, or (iv) result in or require the creation of any Lien (other than those contemplated in or created in connection with the Loan Documents) upon or with respect to such Loan Party’s properties. No consent or
authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other person is required in connection with the performance of and compliance with the terms and provisions of this Fourth Amendment or any
other agreement or instrument contemplated hereby. 
  

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 (c) Representations and Warranties in Credit Agreement. Each of the representations and warranties
contained in Article III of the Credit Agreement is true and correct in all material respects, except that any representation and warranty that is qualified as to “Materiality” or “Material Adverse Effect” shall be true and
correct in all respects as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date. 
 (d) No Default. Except with respect to any Default expressly intended to be cured by the waivers and amendments contained in this Fourth Amendment, both before and after giving effect to this Fourth Amendment, no event has occurred
and is continuing that constitutes a Default or an Event of Default. 
  

	 	Section	4.03 No Waiver. 

 Except as specifically
modified pursuant to the terms of this Fourth Amendment, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. Nothing herein shall limit in any way the rights and remedies of the
Administrative Agent and the Lenders under the Credit Agreement and the other Loan Documents. The execution and delivery by the Lenders of this Fourth Amendment shall not constitute a waiver, forbearance or other indulgence with respect to any
Default or Event of Default (other than any Default expressly intended to be cured by the waivers and amendments contained in this Fourth Amendment) now existing or hereafter arising. 
  

	 	Section	4.04 Counterparts; Integration; Effectiveness. 

 This Fourth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Fourth Amendment and any agreements referred to herein constitute the entire contract among the parties hereto relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. This Fourth Amendment shall become effective when it shall have been executed by each of Borrower and each of the Required Lenders, and thereafter shall be binding upon and inure to the benefit of the parties to the Credit
Agreement and, subject to and in accordance with Section 11.04 of the Credit Agreement, their respective successors and assigns; provided that the effectiveness of the consent, waiver and amendments contained herein is conditioned upon
the satisfaction of the applicable conditions set forth in Article III of this Fourth Amendment. Delivery of an executed counterpart of a signature page of this Fourth Amendment by telecopy shall be as effective as delivery of a manually executed
counterpart of this Fourth Amendment. 
  

	 	Section	4.05 Severability. 

 Any provision of this
Fourth Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality or
enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  

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	 	Section	4.06 GOVERNING LAW. 

 THIS FOURTH AMENDMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
  

	 	Section	4.07 Headings. 

 Article and Section headings
used herein are for convenience of reference only, are not part of this Fourth Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Fourth Amendment. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	 ICG, LLC,

	as Borrower
		
	By:	 	 /s/ William D. Campbell

	Name:	 	William D. Campbell
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	 

  

			
	
	 UBS AG, Stamford Branch
 as
Lender

		
	By:	 	/s/    Irja R. Otsa
	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
		 	Banking Products Services, US

  

			
	
	By:	 	/s/    Pamela Oh
	Name:	 	Pamela Oh
	Title:	 	Associate Director
		 	Banking Products Services, US

 [SIGNATURE PAGE TO FOURTH AMENDMENT] 

 EXHIBIT A 
 CONSENT OF GUARANTORS 
 Each of the undersigned is a Guarantor of the Obligations of Borrower under
the Credit Agreement and hereby (a) consents to the foregoing Fourth Amendment, (b) acknowledges that notwithstanding the execution and delivery of the foregoing Fourth Amendment, the obligations of each of the undersigned Guarantors are
not impaired or affected and all guaranties given to the holders of Obligations and all Liens granted as security for the Obligations continue in full force and effect, and (c) confirms and ratifies its obligations under the Credit Agreement
and each other Loan Document executed by it. Capitalized terms used herein without definition shall have the meanings given to such terms in the Fourth Amendment to which this Consent is attached or in the Credit Agreement referred to therein, as
applicable. 
 IN WITNESS WHEREOF, each of the undersigned has executed and delivered this Consent of Guarantors as of March 21, 2006.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

			
	 INTERNATIONAL COAL GROUP, INC.

		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	 
	
	ICG, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President, Secretary and Treasurer
	
	COALQUEST DEVELOPMENT LLC
		
	By:	 	 /s/ Oren Eugene Kitts

		
	Name:	 	Oren Eugene Kitts
		
	Title:	 	Manager
	
	ANKER COAL GROUP, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President and Treasurer
	
	ICG NATURAL RESOURCES, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Assistant Secretary
 and
Treasurer

	
	ICG ADDCAR SYSTEMS, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Assistant Secretary
 and
Treasurer

			
	 ICG EAST KENTUCKY, LLC

		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President, Secretary and Treasurer
	
	ICG ILLINOIS, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President, Secretary and Treasurer
	
	ICG EASTERN, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President, Secretary and Treasurer
	
	ICG HAZARD, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President, Secretary and Treasurer
	
	ICG KNOTT COUNTY, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President, Secretary and Treasurer
	
	ICG EASTERN LAND, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Assistant Secretary
 and
Treasurer

			
	 ICG HAZARD LAND, LLC

		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Assistant Secretary
 and
Treasurer

	
	ICG TYGART VALLEY, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Assistant Secretary
 and
Treasurer

	
	ANKER GROUP, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President and Treasurer
	
	SIMBA GROUP, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	President and Treasurer
	
	HUNTER RIDGE COAL COMPANY (F/K/A ANKER ENERGY CORPORATION)
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	ANKER POWER SERVICES, INC.
		
	By:	 	 /s/ Oren Eugene Kitts

		
	Name:	 	Oren Eugene Kitts
		
	Title:	 	President

			
	WHITE WOLF ENERGY, INC. (F/K/A ANKER VIRGINIA MINING COMPANY, INC.)
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	BRONCO MINING COMPANY, INC.
		
	By:	 	 /s/ Oren Eugene Kitts

		
	Name:	 	Oren Eugene Kitts
		
	Title:	 	President
	
	HAWTHORNE COAL COMPANY, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	JULIANA MINING COMPANY, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President, Treasurer
	
	MARINE COAL SALES COMPANY
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	WOLF RUN MINING COMPANY (F/K/A ANKER WEST VIRGINIA MINING COMPANY, INC.)
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President and Treasurer

			
	HEATHER GLEN RESOURCES, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Vice President and Treasurer
	
	VANTRANS, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	VINDEX ENERGY CORPORATION
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	PATRIOT MINING COMPANY, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	MELROSE COAL COMPANY, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	UPSHUR PROPERTY, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

			
	 KING KNOB COAL CO., INC.

		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	NEW ALLEGHENY LAND HOLDING COMPANY, INC.
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	 Vice President, Treasurer and
 Assistant
Secretary

	
	ICG BECKLEY, LLC
		
	By:	 	 /s/ William D. Campbell

		
	Name:	 	William D. Campbell
		
	Title:	 	Assistant SecretaryExecutive Cash Incentive Plan, dated Februrary 22, 2006

 Exhibit 10.14 
 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 PURPOSE 
 Centennial Bank Holdings, Inc. (the “Company”) is the sponsor of this executive cash incentive plan (the “Plan”). The Company has designed the Plan to focus Company executives on achieving the annual
business plan during a particular Performance Period. The Plan provides aggressive award opportunities and is intended to provide significant rewards to the Company’s executive team for exceptional corporate performance. 
 APPROVAL AND ADMINISTRATION 
 The Plan has been approved by the
Compensation, Nominating and Governance Committee of the Board of Directors (the “CNG Committee”) and the Board of Directors and will be administered by the Incentive Plan Committee (the “IP Committee”), which is
comprised of the Company’s CEO and executives reporting directly to the CEO. The IP Committee will recommend to the CNG Committee, for their approval as early in the Performance Period as possible: the Plan Participants; Plan Performance
Measures; Performance Measure Weights; Achievement Levels and corresponding Award Opportunities. At the end of the Performance Period, the IP Committee will review achievements against Performance Measures, present results and recommend Awards to
the CNG Committee for their approval. In evaluating any such Awards, the CNG Committee shall do so outside the presence of management, except the CNG Committee may request the presence of the CEO when considering Awards to members of executive
management other than the CEO. Notwithstanding any recommendations from the IP Committee, the CNG Committee will be solely responsible for determining and granting any Awards pursuant to the Plan. 
 Interpretation and application of the Plan to a particular circumstance will be made by the CNG Committee in its sole discretion. Subject to any authority granted to the
full Board of Directors or a committee of the independent directors thereof, the CNG Committee has the sole and absolute power and authority to make all factual determinations, construe and interpret terms and make eligibility and Award
determinations in accordance with its interpretation of the Plan. 
 ELIGIBILITY 
 Executives listed in Exhibit A are eligible for participation in the Plan. The IP Committee will review those eligible and recommend Participants to CNG Committee for their approval. The IP Committee may
recommend key contributors (not listed in Exhibit A) for participation in the Plan on an exception basis for approval by the CNG Committee. 
 PARTICIPANTS 
 An individual who has been recommended for participation in the Plan by the IP Committee and approved by the CNG Committee is
a Participant. 
  

					
	 Centennial Bank Holdings, Inc.
	 	1	 	Executive Cash Incentive Plan
		 		 	Updated – February 22, 2006

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 PERFORMANCE MEASURES 
 The IP Committee will select one to two Performance Measures for the Plan for approval by the CNG Committee. All Performance Measures will be key indicators of financial performance. 
 Each Performance Measure will operate independently (i.e., it is possible for one Performance Measure to generate an award and not the other). Likewise, it is possible
for one Performance Measure to be achieved at a higher level than the other. Performance Measures will be individually weighted (i.e., one Performance Measure may be counted more heavily in calculating Awards than the other). Weights for each
Performance Measure will be recommended at the beginning of the Performance Period by the IP Committee for approval by the CNG Committee; however, the CNG Committee will retain absolute authority over the selection and weights accorded to any
Performance Measures. Achievement Levels will be established for each Performance Measure along with corresponding Award Opportunities. 
 ACHIEVEMENT
LEVELS AND AWARD OPPORTUNITIES 
 Achievement Levels and Award Opportunities for any Performance Period as approved by the CNG Committee are set forth
below, and are expressed as a percentage of base salary. The table shows achievement of various levels of the established performance measure, as a percentage of the performance target, during a Performance Period and illustrates the corresponding
and maximum Award Opportunity at each specified Achievement Level. Mathematical interpolation will be used to calculate Awards for achievement between the levels established below. 
 The performance measure and performance target for the current Performance Period, as approved by the CNG Committee, along with corresponding Award opportunities, are set forth on Exhibit B. 
 Performance Period: January 1, xxxx – December 31, xxxx 
  

							
	 Overall Performance Measure: ____
	  	Performance Target: $____
				
	 Achievement Level (% of Target)
	  	 90%
	  	 100%
	  	 Over 100%

	 Award Opportunities
	  		  		  	
	 CEO/COO
	  	50% of Base $	  	100% of Base $	  	Board Discretion
	 Other Executive Officers
	  	40% of Base $	  	80% of Base $	  	CEO/Board Discretion
				
	 Achievement Level (% of Target)
	  	 90%
	  	 100%
	  	 Over 100%

	 Award Opportunities
	  		  		  	
	 Key Officers
	  	20% of Base $	  	40% of Base $	  	CEO Discretion
	 Other Key Contributors
	  	10% of Base $	  	20% of Base $	  	30% of Base $

  

					
	 Centennial Bank Holdings, Inc.
	 	2	 	Executive Cash Incentive Plan
		 		 	Updated – February 22, 2006

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 AWARDS 
 Awards
under the Plan based upon achievement of Performance Measures and will be submitted by the IP Committee to the CNG Committee for approval. 
 For purposes of
the Plan, salary means annual base salary in effect at the end of the performance year. Awards will be made through the payroll system, minus legally required and authorized deductions. Awards under the Plan shall be considered eligible compensation
for purposes of employee benefit calculations in each case where permitted under the relevant employee benefit plan. 
 Awards for individuals who are
Participants for less than a full Plan Year will be prorated using Participant’s actual base salary paid during the time of participation in the Plan. Awards for Participants who leave the Company during a Plan Year due to retirement, total and
permanent disability or death will be prorated using the same method. 
 To be eligible to receive an Award under the Plan, a Participant must have a
performance descriptor of “Achieves Expectations” or better for the Performance Period. 
 ADJUSTMENTS 
 Performance Measures, Achievement Levels and Award Opportunities may be adjusted during the Plan Year only upon approval by the CNG Committee, as it deems appropriate. It
is anticipated that such adjustments will be made infrequently and only in the most extraordinary circumstances. 
 Because the Plan has aggressive Award
Opportunities intended for use with below market base salaries, some adjustments may need to be made to Awards to recognize the fact that some Participant base salaries are currently above market. In such cases, the CNG Committee may reduce an Award
as it deems appropriate to achieve a reasonable level of total compensation for each Participant. 
 PAYMENT OF AWARDS 
 Awards will be paid as soon as administratively feasible after review of performance against targets and approval by the CNG Committee. To be eligible for Award payment,
a Participant must have been an employee of the Company for at least three months and be an employee of the Company on the date that Awards are paid or have left the Company during the Performance Period due to retirement, total and permanent
disability or death. 
 Participants otherwise eligible to receive an Award and who were assigned to different parts of the organization during the
Performance Period will have their Award calculated based upon the part of the organization they are in at the end of the Performance Period and the Performance targets achieved by that group for the Performance Period. 
  

					
	 Centennial Bank Holdings, Inc.
	 	3	 	Executive Cash Incentive Plan
		 		 	Updated – February 22, 2006

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 NO RIGHT OF ASSIGNMENT 
 No right or interest of any Participant in the Plan is assignable or transferable. In the event of a Participant’s death, payment of any earned but unpaid Awards will be made to the Participant’s legal successor, if not prohibited
by law. 
 NO RIGHT OF EMPLOYMENT 
 The Plan does not give
any employee any right to continue in the employment of the Company and does not constitute any contract or agreement of employment or interfere in any way with the right the organization has to terminate such person’s employment. Except with
respect to employment agreements entered into with certain executives, the Company is an “at will” employer and as such, can terminate an employment relationship between itself and any of its employees at will, with or without cause, and
with or without notice. 
 AMENDMENT OR TERMINATION OF THE PLAN 
 The Company reserves the right to change, amend, modify, suspend, continue or terminate all or any part of the Plan either in an individual case or in general, at any time without notice. 
  

					
	 Centennial Bank Holdings, Inc.
	 	4	 	Executive Cash Incentive Plan
		 		 	Updated – February 22, 2006

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 Exhibit A 
 Eligible Participants: 
 Chief Executive Officer (CEO) 
 President and Chief Operating Officer (COO) 
 Other Executive Officers: 
 Executive Vice Presidents 
 CEOs of the Company’s bank subsidiaries 
 Key Officers/Key Contributors: 
 Other Direct Reports to COO 
 Direct Reports to Executive Vice Presidents 
 Executive Vice Presidents of the Company’s bank subsidiaries 
  

					
	 Centennial Bank Holdings, Inc.
	 	5	 	Executive Cash Incentive Plan
		 		 	Updated – February 22, 2006

 CENTENNIAL BANK HOLDINGS, INC. 
 EXECUTIVE CASH INCENTIVE PLAN 

  

 Exhibit B 
 Performance Period: January 1, 2006 – December 31, 2006 
  

							
	 Overall Performance Measure: Cash EPS
	  	Performance Target: $______
				
	 Achievement Level (% of Target)
	  	 90%
	  	 100%
	  	 Over 100%

	 Award Opportunities
	  		  		  	
	 CEO/COO
	  	50% of Base $	  	100% of Base $	  	Board Discretion
	 Other Executive Officers
	  	40% of Base $	  	80% of Base $	  	CEO/Board Discretion
				
	 Achievement Level (% of Target)
	  	 90%
	  	 100%
	  	 Over 100%

	 Award Opportunities
	  		  		  	
	 Key Officers
	  	20% of Base $	  	40% of Base $	  	CEO Discretion
	 Other Key Contributors
	  	10% of Base $	  	20% of Base $	  	30% of Base $

  

					
	 Centennial Bank Holdings, Inc.
	 	6	 	Executive Cash Incentive Plan
		 		 	Updated – February 22, 2006

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