Document:

exhibit101.htm

    
       

       

      
        
          EXHIBIT
10.1

        

      

    

    MASSEY
ENERGY COMPANY

    NON-EMPLOYEE
DIRECTORS – COMPENSATION SUMMARY

    (Amended
and Restated Effective November 9, 2009)

    

    
      	
              Annual
      Retainer

            	
              $39,600
      annual retainer, plus

            

    

    
      	
               
      

            	
              $5,000
      annual retainer, for Chairs of Board Committees ($15,000 for Chair of
      Audit Committee).

            

    

    
      	
               
      

            	
              $30,000
      annual retainer for the Lead
Director.

            

    

    
      	
               
      

            	
              Each
      annual retainer to be paid in four (4) equal installments payable as soon
      as administratively practicable following the end of the applicable
      calendar quarter.

            

    

    

    
      	
              Meeting
      Fees

            	
              $2,000
      for each Board meeting attended,
plus

            

    

    
      	
               
      

            	
              $2,000
      for each Committee meeting attended

            

    

    
      	
               
      

            	
              ($3,000
      for each Audit Committee meeting).

            

    

    
      	
               
      

            	
              Meeting
      fees to be paid as soon as administratively practicable following the
      meeting attended for which the fees are
due.

            

    

    

    
      	
              Deferred
      Compensation

            	
              Annually
      directors may defer all or a portion of their retainer and meeting fees
      and elect to have such deferred amounts invested in: (1) an
      interest-bearing account or (2) phantom stock units based on Massey Energy
      common stock.

            

    

    
      	
               
      

            	
              Payment
      of deferred retainer and meeting fees and related earnings to be paid
      consistent with the terms of the plan pursuant to which such amounts are
      deferred.

            

    

    
      	
              Initial
      Grant of

            	
            

    

    
      	
              Restricted
      Stock

            	
              $110,000
      worth of restricted shares one-time
grant.

            

    

    
      	
               
      

            	
              The
      restricted shares may not be sold until they vest, but do receive
      dividends prior to vesting as paid to shareholders.  One third
      of the shares vest per year, assuming continued service, or all vest upon
      the earlier occurrence of any of the following while serving as a
      director: (i) the director retires with Compensation Committee or Board
      approval as to vesting, (ii) the applicable director dies or becomes
      permanently and totally disabled, or (iii) the director’s service is
      terminated within two years after a change of control occurs other than on
      account of a voluntary resignation.

            

    

    
      	
              Initial
      Grant of

            	
               

            

    

    
      	
              Restricted
      Units

            	
              $74,000
      worth of restricted units one-time grant.  Portions of the units
      become earned and payable at the same time as each portion of the Initial
      Grant of Restricted Stock to which such units relate
  vests.

            

    

    

    
      	
              Annual
      Grant

            	
              $90,000
      worth of restricted shares and/or non-qualified stock options annual
      grant.  The proportion of each annual grant made in restricted
      shares and/or non-qualified stock options will be at the sole discretion
      of the director. A pro rata portion of the annual grant is given to a new
      director whose term begins during a fiscal year.  The restricted
      shares may not be sold until they vest, but do receive dividends prior to
      vesting as paid to shareholders. One third of the shares vest per year,
      assuming continued service, or all vest upon the earlier occurrence of any
      of the following while serving as a director: (i) the director retires
      with Compensation Committee or Board approval as to vesting, (ii) the
      director dies or becomes permanently and totally disabled, or (iii) the
      director’s service is terminated within two years after a change of
      control occurs other than on account of a voluntary resignation. One third
      of the non-qualified stock options vest per year, assuming continued
      service, or all vest upon the earlier occurrence of any of the following
      while serving as a director: (i) the director with Compensation Committee
      or retires with Compensation Committee or Board approval as to vesting,
      (ii) the director dies or becomes permanently and totally disabled, or
      (iii) the director’s service is terminated within two years after a change
      of control occurs other than on account of a voluntary
      resignation.  Non-qualified stock options which are vested at
      cessation of service on the Board remain exercisable for the remainder of
      the full original option term (normally ten years from date of
      grant).

            

    

    

    
      	
              Insurance

            	
              $75,000
      life insurance (may require medical
  examination).

            

    

    
      	
               
      

            	
              $250,000
      travel accident insurance while traveling for Massey Energy
      Company.

            

    

    
      	
               
      

            	
              $75,000,000
      Directors and Officers liability
insurance.

            

    

    

    
      	
              Physicals

            	
              An
      annual physical, at the election of the
  director.

            

    

    

    
      	
                    
                Supplemental

              

            	
               

            

    

    
      	
              Health
      Insurance

            	
              Secondary
      supplemental health insurance, at the election of the
      director.exhibit102.htm

    
       

       

      
        
          EXHIBIT
10.2

        

      

    

    MASSEY
ENERGY COMPANY

     

    Non-Qualified Stock Option
Agreement

     

     [Number]
Non-Qualified Stock Options

     

    THIS
AGREEMENT dated as of November 9, 2009,
between MASSEY ENERGY COMPANY, a Delaware Corporation (the “Company”) and
[________] (“Participant”) is made pursuant and subject to the provisions of the
Massey Energy Company 2006 Stock and Incentive Compensation Plan, as amended
from time to time (the “Plan”), a copy of which is attached. All terms used
herein that are defined in the Plan have the same meaning given them in the
Plan.

     

    1. Award of
Non-Qualified
Stock
Options.  Pursuant to the
Plan, the Company, on November 9, 2009 (the
“Grant Date”), granted to Participant, subject to the terms and conditions of
the Plan and subject further to the terms and conditions herein set forth, an
award of [________] Non-Qualified Stock Options, hereinafter described as
“Options” or “Option,” at the option price of $_____ per share, being not less
than the Fair Market Value of such shares on the Grant Date, or on the next
preceding trading date if no Company shares traded on the New York Stock
Exchange on the Grant Date.  This Option is exercisable as hereinafter
provided.

     

    2. Nontransferability.  This Option may
not be transferred except by will or by the laws of descent and distribution.
During Participant’s lifetime, this Option may be exercised only by
Participant.

     

    3. Expiration
Date.  This Option shall
expire ten years from the Grant Date (the “Expiration Date”).

     

    4. Exercisability.  Subject to
Paragraph 7 and except as provided in Paragraph 8 below, Participant’s
interest in the Options shall become exercisable (“Vested”) with respect to
one-third of the Options on each of November 9, 2010,
November 9,
2011, and November 9,
2012.  Once this Option, or any portions thereof, has become
exercisable in accordance with the preceding sentence it shall continue to be
exercisable until the termination of Participant’s rights hereunder pursuant to
Paragraph 5, 6, 7, or 8 or until the Option has expired pursuant to
Paragraph 3. A partial exercise of this Option shall not affect
Participant’s right to exercise this Option with respect to the remaining
shares, subject to the conditions of the Plan and this Agreement.

     

    5. Death,
Retirement or Disability.  If Participant
dies, Retires, or becomes permanently and totally disabled within the meaning of
Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”)
(“Permanently and Totally Disabled”) while in the employ or service of the
Company or a Subsidiary and prior to the forfeiture of the Options under
Paragraph 7, Participant shall thereupon become entitled to exercise such
Options in full to the extent not vested or exercised as of the date of
Participant’s death, Retirement or becoming Permanently and Totally Disabled,
and all such Options shall be exercisable by Participant (or if Participant is
deceased, his estate or other successor in interest following Participant’s
death) during the remainder of the period preceding the Expiration Date or until
the date that is three years after the date of Participant’s death, Retirement
or Total and Permanent Disability, whichever is shorter.  For purposes
of this Agreement, “Retire” or “Retirement” means retiring directly from active
service under one of the Company’s qualified pension plans with a vested benefit
on or after the attainment of age 55.

     

    6. Exercise
after Termination of Employment or Service.  If Participant
ceases to be employed by or in the service of the Company and its Subsidiaries
prior to the Expiration Date for reasons other than death, Retirement or
Permanent and Total Disability, this Option shall be exercisable to the extent
exercisable under Paragraph 4, during the remainder of the period preceding
the Expiration Date or until the date that is three months after the date
Participant ceases to be employed by or in the service of the Company and its
Subsidiaries for reasons other than death, Retirement or Permanent and Total
Disability, whichever is shorter.

     

    7. Forfeiture.  Subject to the
preceding Paragraph and Paragraph 8 below, all Options that are not
then Vested shall be forfeited if Participant’s employment or service with the
Company and its Subsidiaries terminates for any reason other than on account of
Participant’s death, Retirement, or Permanent and Total Disability.

     

    8. Change in
Control.  Notwithstanding
any other provision of this Agreement, Participant's right to exercise the
Options shall be Vested if Participant's employment is terminated by the Company
or an Affiliate without Cause within two years following a Change in
Control.  For purposes of this Agreement, Cause shall occur
upon:

     

           
(i)     the willful and continued failure by Participant
substantially to perform Participant's duties with the Company or an Affiliate
(other than any such failure resulting from Participant's incapacity due to
physical or mental illness) after written demand for substantial performance is
delivered to Participant by the Company or an Affiliate which specifically
identifies the manner in which the Company or Affiliate believes that
Participant has not substantially performed Participant's duties,

     

           
(ii)    Participant’s willful breach of fiduciary duty, willful
violation of any law, rule, or regulation (other than traffic violations or
similar offenses), willful violation of a final cease and desist order or
willfully engaging in any other gross misconduct which is materially and
demonstrably injurious to the Company or any Affiliate, or

     

           
(iii)    Participant’s conviction of, or pleading guilty
or nolo condentere to,
the commission of a felony involving fraud, embezzlement, theft or moral
turpitude. 

     

    For
purposes hereof, no act, or failure to act, on Participant’s part described in
clause (i) or (ii) above shall be considered “willful” unless done, or omitted
to be done, by Participant not in good faith and without reasonable belief that
Participant's action or omission was in the best interest of the Company and its
Affiliates.  The fact that Participant is or shortly may be “retirement
eligible” and thus eligible for or entitled to post-retirement benefits from any
plan, arrangement or program sponsored, participated in or contributed to by the
Company or an Affiliate shall not prevent Participant’s termination from being
considered for Cause.

    

    9. Notice.  Any notice or
other communications given pursuant to this Agreement shall be in writing and
shall be personally delivered or mailed by United States registered or certified
mail, postage prepaid, return receipt requested, to the following
addresses:

     

    
      	
               
      

            	
              If
      to the Company:

            

    

    

    
      	
              By
      hand-delivery:

            	
              By
      mail:

            

    

    
      	
              Massey
      Energy Company

            	
              Massey
      Energy Company

            

    

    
      	
              Attention:
      Corporate Secretary

            	
              Attention:
      Corporate Secretary

            

    

    
      	
              4
      North Fourth Street

            	
              P.O.
      Box 26765

            

    

    
      	
              Richmond,
      Virginia 23219

            	
              Richmond,
      Virginia 23261

            

    

    

    
      	
               
      

            	
              If
      to Participant:

            

    

    

    
      	
               
      

            	
              [Name]

            

    

    
      	
               
      

            	
              [Address]

            

    

    
      	
               
      

            	
              [Address]

            

    

    

    10. Confidentiality.  Participant
agrees that this Agreement and the receipt of Options subject to this award are
conditioned upon Participant not disclosing the terms of this Agreement or the
receipt of the Options to anyone other than Participant’s spouse, confidential
financial advisor, or senior management of the Company prior to the date
Participant is Vested in the Options.  If Participant discloses such
information to any person other than those named in the prior sentence, except
as may be required by law, Participant agrees that this award will be
forfeited.

     

    11. Fractional
Shares.  Fractional shares
shall not be issuable hereunder, and when any provision hereof may entitle
Participant to a fractional share such fraction shall be
disregarded.

     

    12. No Right
to Continued Employment or Service.  This Agreement
does not confer upon Participant any right to continue in the employ or service
of the Company or a Subsidiary, nor shall it interfere in any way with the right
of the Company or a Subsidiary to terminate such employment or service at any
time.

     

    13. Change
due to Capital Adjustments.  The terms of this
Award shall be adjusted as the Committee determines and as provided in the Plan
for events which, in the judgment of the Committee, necessitates such
action.

     

    14. Governing
Law.  This Agreement
shall be governed by the laws of the State of Delaware.

     

    15. Conflicts.  In the event of
any conflict between the provisions of the Plan as in effect on the date hereof
and the provisions of this Agreement, the provisions of the Plan shall
govern.  All references herein to the Plan shall mean the Plan as in
effect on the date hereof or as duly amended.

     

    16. Participant
Bound by Plan.  Participant
hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all
the terms and provisions thereof which are incorporated by reference into this
Agreement.

     

    17. Binding
Effect.  Subject to the
limitations stated above and in the Plan, this Agreement shall be binding upon
and inure to the benefit of the legatees, distributees, and personal
representatives of Participant and the successors of the Company.

     

    18. Taxes.  Participant shall
make arrangements acceptable to the Company for the satisfaction of income and
employment tax withholding requirements attributable to the exercise of any
Option.

     

    19. Employment
and Service.  In determining
cessation of employment or service, transfers between the Company and/or any
Subsidiary shall be disregarded, and changes in status between that of a Member,
a Non-Employee Service Provider and a Non-Employee Director shall be
disregarded.

     

    IN
WITNESS WHEREOF, the Company has caused this Agreement to be signed by a duly
authorized officer, and Participant has affixed his signature
hereto.

     

                         MASSEY
ENERGY COMPANY

    

    

                          By:
__________________________

                          Name:
Baxter F. Phillips, Jr.

                          Its:
President

    

                         _____________________________

                         [Participant]

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