Document:

exv10w1

Exhibit 10.1

INSULET CORPORATION

AMENDED AND RESTATED

2007 STOCK OPTION AND INCENTIVE PLAN

SECTION 1.  GENERAL PURPOSE OF THE PLAN; DEFINITIONS

     The name of the plan is the Insulet Corporation Amended and Restated 2007 Stock Option and
Incentive Plan (the “Plan”). The purpose of the Plan is to encourage and enable the officers,
employees, Non-Employee Directors and other key persons (including consultants and prospective
employees) of Insulet Corporation (the “Company”) and its Subsidiaries upon whose judgment,
initiative and efforts the Company largely depends for the successful conduct of its business to
acquire a proprietary interest in the Company. It is anticipated that providing such persons with
a direct stake in the Company’s welfare will assure a closer identification of their interests with
those of the Company and its stockholders, thereby stimulating their efforts on the Company’s
behalf and strengthening their desire to remain with the Company.

     The following terms shall be defined as set forth below:

     “Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

     “Administrator” means either the Board or the compensation committee of the Board or a similar
committee performing the functions of the compensation committee and which is comprised of not less
than two Non-Employee Directors who are independent.

     “Award” or “Awards,” except where referring to a particular category of grant under the Plan,
shall include Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights,
Deferred Stock Awards, Restricted Stock Awards, Unrestricted Stock Awards, Cash-based Awards,
Performance Share Awards and Dividend Equivalent Rights.

     “Award Agreement” means a written or electronic agreement setting forth the terms and
provisions applicable to an Award granted under the Plan. Each Award Agreement is subject to the
terms and conditions of the Plan.

     “Board” means the Board of Directors of the Company.

     “Cash-based Award” means an Award entitling the recipient to receive a cash-denominated
payment.

     “Code” means the Internal Revenue Code of 1986, as amended, and any successor Code, and
related rules, regulations and interpretations.

     “Covered Employee” means an employee who is a “Covered Employee” within the meaning of Section
162(m) of the Code.

 

 

     “Deferred Stock Award” means an Award of phantom stock units to a grantee.

     “Dividend Equivalent Right” means an Award entitling the grantee to receive credits based on
cash dividends that would have been paid on the shares of Stock specified in the Dividend
Equivalent Right (or other award to which it relates) if such shares had been issued to and held by
the grantee.

     “Excepted Award” means (i) any Restricted Stock Award, Deferred Stock Award or Performance
Share Award with a vesting period that does not meet the limitations relating to the Minimum
Vesting Period set forth in Section 7(d), 8(a) or 11(a), as applicable, (ii) any Unrestricted Stock
Award and (iii) any Award with respect to which the Administrator has accelerated, waived or lapsed
the vesting restrictions in a manner not otherwise permitted in an Award that does not constitute
an Excepted Award.

     “Effective Date” means the date on which the Plan is approved by stockholders as set forth in
Section 20.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder.

     “Fair Market Value” of the Stock on any given date means the fair market value of the Stock
determined in good faith by the Administrator; provided, however, that if the Stock is listed on
the NASDAQ Global Market or another national securities exchange, the determination shall be made
by reference to market quotations. If there are no market quotations for such date, the
determination shall be made by reference to the last date preceding such date for which there are
market quotations, provided further, however, that if the date for which Fair Market Value is
determined is the first day when trading prices for the Stock are reported on a national securities
exchange, the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the
cover page for the final prospectus relating to the Company’s Initial Public Offering.

     “Full Value Award” means Deferred Stock Awards, Restricted Stock Awards, Unrestricted Stock
Awards and Performance Share Awards.

     “Incentive Stock Option” means any Stock Option designated and qualified as an “incentive
stock option” as defined in Section 422 of the Code.

     “Initial Public Offering” means the consummation of the first fully underwritten, firm
commitment public offering pursuant to an effective registration statement under the Act covering
the offer and sale by the Company of its equity securities, or such other event as a result of or
following which the Stock shall be publicly held.

     “Minimum Vesting Period” means, for an Award, the time period beginning on the date of grant
of such Award and ending on (i) in the case of Awards with conditions or restrictions relating to
the attainment of performance goals, the date that is one (1) year after the date of grant of such
Award, or (ii) in the case of all other Awards, the date that is three (3) years after the date of
grant of such Award.

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     “Non-Employee Director” means a member of the Board who is not also an employee of the Company
or any Subsidiary.

     “Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock Option.

     “Option” or “Stock Option” means any option to purchase shares of Stock granted pursuant to
Section 5.

     “Performance-based Award” means any Restricted Stock Award, Deferred Stock Award, Performance
Share Award or Cash-based Award granted to a Covered Employee that is intended to qualify as
“performance-based compensation” under Section 162(m) of the Code and the regulations promulgated
thereunder.

     “Performance Criteria” means the criteria that the Administrator selects for purposes of
establishing the Performance Goal or Performance Goals for an individual for a Performance Cycle.
The Performance Criteria (which shall be applicable to the organizational level specified by the
Administrator, including, but not limited to, the Company or a unit, division, group, or Subsidiary
of the Company) that will be used to establish Performance Goals are limited to the following:
earnings before interest, taxes, depreciation and amortization, net income (loss) (either before or
after interest, taxes, depreciation and/or amortization), changes in the market price of the Stock,
economic value-added, sales or revenue, acquisitions or strategic transactions, establishing
contractual relationships, operating income (loss), cash flow (including, but not limited to,
operating cash flow and free cash flow), return on capital, assets, equity, or investment,
stockholder returns, return on sales, gross or net profit levels, productivity, expense, margins,
operating efficiency (including budgeted spending limits), customer satisfaction, working capital,
earnings (loss) per share of Stock, sales or market shares and number of customers (including
obtaining and/or supporting a number of customers), any of which may be measured either in absolute
terms or as compared to any incremental increase or as compared to results of a peer group and/or
for financial measures may be based on numbers calculated in accordance with U.S. financially
accepted accounting principles or on an as adjusted basis.

     “Performance Cycle” means one or more periods of time, which may be of varying and overlapping
durations, as the Administrator may select, over which the attainment of one or more Performance
Criteria will be measured for the purpose of determining a grantee’s right to and the payment of a
Restricted Stock Award, Deferred Stock Award, Performance Share Award or Cash-based Award. Each
period shall not be less than 12 months.

     “Performance Goals” means, for a Performance Cycle, the specific goals established in writing
by the Administrator for a Performance Cycle based upon the Performance Criteria.

     “Performance Share Award” means an Award entitling the recipient to acquire shares of Stock
upon the attainment of specified Performance Goals.

     “Restricted Stock Award” means an Award entitling the recipient to acquire, at such purchase
price (which may be zero) as determined by the Administrator, shares of Stock subject to such
restrictions and conditions as the Administrator may determine at the time of grant.

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     “Sale Event” shall mean (i) the sale of all or substantially all of the assets of the Company
on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or
consolidation in which the outstanding shares of Stock are converted into or exchanged for
securities of the successor entity and the holders of the Company’s outstanding voting power
immediately prior to such transaction do not own a majority of the outstanding voting power of the
successor entity immediately upon completion of such transaction, or (iii) the sale of all of the
Stock of the Company to an unrelated person or entity.

     “Sale Price” means the value as determined by the Administrator of the consideration payable,
or otherwise to be received by stockholders, per share of Stock pursuant to a Sale Event.

     “Section 409A” means Section 409A of the Code and the regulations and other guidance
promulgated thereunder.

     “Stock” means the Common Stock, par value $.001 per share, of the Company, subject to
adjustments pursuant to Section 3.

     “Stock Appreciation Right” means an Award entitling the recipient to receive shares of Stock
having a value equal to the excess of the Fair Market Value of the Stock on the date of exercise
over the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock
with respect to which the Stock Appreciation Right shall have been exercised.

     “Subsidiary” means any corporation or other entity (other than the Company) in which the
Company has at least a 50 percent interest, either directly or indirectly.

     “Ten Percent Owner” means an employee who owns or is deemed to own (by reason of the
attribution rules of Section 424(d) of the Code) more than 10 percent of the combined voting power
of all classes of stock of the Company or any parent or subsidiary corporation.

     “Unrestricted Stock Award” means an Award of shares of Stock free of any restrictions.

SECTION 2.  ADMINISTRATION OF
PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE
     
         
       AWARDS

     (a)  Administration of Plan.  The Plan shall be administered by the Administrator,
provided that any Awards granted to Non-Employee Directors under the Plan (other than awards
granted as part of a retainer, including annual or other grants made pursuant to a standard
director compensation policy or arrangement) shall be administered by the Compensation Committee of
the Board or a similar committee comprised of not less than two Non-Employee Directors who are
independent; provided further that any grants of such Awards may be made subject to the approval of
the Board to the extent deemed advisable for legal or regulatory reasons.

     (b)  Powers of Administrator.  The Administrator shall have the power and authority to
grant Awards consistent with the terms of the Plan, including the power and authority:

            (i) to select the individuals to whom Awards may from time to time be granted;

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            (ii)  to determine the time or times of grant, and the extent, if any, of Incentive Stock
Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock Awards, Deferred
Stock Awards, Unrestricted Stock Awards, Cash-based Awards, Performance Share Awards and Dividend
Equivalent Rights, or any combination of the foregoing, granted to any one or more grantees;

            (iii)  to determine the number of shares of Stock to be covered by any Award;

            (iv)  to determine and modify from time to time the terms and conditions, including
restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions
may differ among individual Awards and grantees, and to approve the form of written instruments
evidencing the Awards;

            (v)  to accelerate at any time the exercisability or vesting of all or any portion of any
Award;

            (vi)  subject to the provisions of Section 5(a)(ii), to extend at any time the period in which
Stock Options may be exercised; and

            (vii)  at any time to adopt, alter and repeal such rules, guidelines and practices for
administration of the Plan and for its own acts and proceedings as it shall deem advisable; to
interpret the terms and provisions of the Plan and any Award (including related written
instruments); to make all determinations it deems advisable for the administration of the Plan; to
decide all disputes arising in connection with the Plan; and to otherwise supervise the
administration of the Plan.

     Notwithstanding the foregoing, the Administrator may only accelerate, waive or lapse the
vesting restrictions on any Award (other than a Cash-based Award that is paid in cash or an
Excepted Award) granted under the Plan upon (i) the Award recipient’s death, disability or
retirement or (ii) a change of control of the Company; provided that the foregoing will not limit
the power and authority of the Administrator:

            (A)  to provide for, in any Award Agreement, the automatic acceleration, waiver or lapse of
the vesting restrictions applicable to that Award upon the termination of the Award recipient’s
employment or other service relationship with the Company or any of its Subsidiaries; or

            (B)  to accelerate, waive or lapse the restrictions on any Restricted Stock Award, Deferred
Stock Award or Performance Share Award after the Minimum Vesting Period applicable to such Award
has expired; or

            (C)  to enter into an employment agreement or other severance agreement or program outside of
the Plan that provides for the automatic acceleration, waiver or lapse of any vesting restrictions
applicable to an Award upon the termination of that Award recipient’s employment or other service
relationship with the Company, provided that such agreement or program is not entered into in
connection with such termination.

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     All decisions and interpretations of the Administrator shall be binding on all persons,
including the Company and Plan grantees.

     (c)  Delegation of Authority to Grant Options.  Subject to applicable law, the
Administrator, in its discretion, may delegate to the Chief Executive Officer of the Company all or
part of the Administrator’s authority and duties with respect to the granting of Awards, to
officers and employees who are (i) not subject to the reporting and other provisions of Section 16
of the Exchange Act and (ii) not Covered Employees; provided that such delegation may only relate
to Awards other than Options to the extent that the Chief Executive Officer is also a director of
the Company (in which case such delegation shall constitute the delegation to a committee of the
Board comprised of one director). Any such delegation by the Administrator shall include a
limitation as to the amount of Awards that may be granted during the period of the delegation and
shall contain guidelines as to the determination of the exercise price, if applicable, and the
vesting criteria. The Administrator may revoke or amend the terms of a delegation at any time but
such action shall not invalidate any prior actions of the Administrator’s delegate or delegates
that were consistent with the terms of the Plan.

     (d)  Award Agreement.  Awards under the Plan shall be evidenced by Award Agreements
that set forth the terms, conditions and limitations for each Award which may include, without
limitation, the term of an Award, the provisions applicable in the event employment or service
terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend,
cancel or rescind an Award.

     (e)  Indemnification.  Neither the Board nor the Administrator, nor any member of
either or any delegate thereof, shall be liable for any act, omission, interpretation, construction
or determination made in good faith in connection with the Plan, and the members of the Board and
the Administrator (and any delegate thereof) shall be entitled in all cases to indemnification and
reimbursement by the Company in respect of any claim, loss, damage or expense (including, without
limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent
permitted by law and/or under the Company’s articles or bylaws or any directors’ and officers’
liability insurance coverage which may be in effect from time to time and/or any indemnification
agreement between such individual and the Company.

     (f)  Foreign Award Recipients.  Notwithstanding any provision of the Plan to the
contrary, in order to comply with the laws in other countries in which the Company and its
Subsidiaries operate or have employees or other individuals eligible for Awards, the Administrator,
in its sole discretion, shall have the power and authority to: (i) determine which Subsidiaries
shall be covered by the Plan; (ii) determine which individuals outside the United States are
eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to
individuals outside the United States to comply with applicable foreign laws; (iv) establish
subplans and modify exercise procedures and other terms and procedures, to the extent the
Administrator determines such actions to be necessary or advisable (and such subplans and/or
modifications shall be attached to this Plan as appendices); provided, however, that no such
subplans and/or modifications shall increase the share limitations contained in Section 3(a)
hereof; and (v) take any action, before or after an Award is made, that the Administrator
determines to be necessary or advisable to obtain approval or comply with any local governmental
regulatory exemptions or approvals. Notwithstanding the foregoing, the

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Administrator may not take any actions hereunder, and no Awards shall be granted, that would
violate the Exchange Act or any other applicable United States securities law, the Code, or any
other applicable United States governing statute or law.

SECTION 3.  STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION

     (a)  Stock Issuable.

            (i)  General.  The maximum number of shares of Stock reserved and available for
issuance under the Plan shall be 1,135,000 shares, plus, for a period of five years, on each
January 1, beginning in 2008 and ending in 2012, an additional number of shares equal to the lesser
of (A) 3% of the outstanding number of shares of Stock on the immediately preceding December 31 and
(B) 725,000 shares of Stock, subject in all cases to adjustment as provided in Section 3(b);
provided that the number of shares that may be issued in the form of Incentive Stock Options shall
not exceed 1,135,000 shares, plus on each January 1, beginning in 2008 and ending in 2012, an
additional number of shares equal to the lesser of (A) 3% of the outstanding number of shares of
Stock on the immediately preceding December 31 and (B) 725,000 shares of Stock, subject in all
cases to adjustment as provided in Section 3(b). For purposes of this limitation, the shares of
Stock underlying any Awards that are forfeited, canceled, held back upon exercise of an Option or
settlement of an Award to cover the exercise price or tax withholding, reacquired by the Company
prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by
exercise) shall be added back to the shares of Stock available for issuance under the Plan.
Subject to such overall limitations, shares of Stock may be issued up to such maximum number
pursuant to any type or types of Award; provided, however, that Stock Options or Stock Appreciation
Rights with respect to no more than 1,145,000 shares of Stock may be granted to any one individual
grantee during any one calendar year period. The shares available for issuance under the Plan may
be authorized but unissued shares of Stock or shares of Stock reacquired by the Company.
Notwithstanding the foregoing, the aggregate number of shares of Stock subject to Excepted Awards
may not exceed 10% of the aggregate number of shares of Stock authorized under the Plan.

            (ii)  Effect of Awards.  The grant of any Full Value Award shall be deemed, for
purposes of determining the number of shares available for issuance under Section 3(a)(i), to be an
Award for 1.5 shares of Stock for each such share actually subject to such Full Value Award. The
grant of any Award that is not a Full Value Award shall be deemed, for purposes of determining the
number of shares available for issuance under Section 3(a)(i), as an Award for one share of Stock
for each such share actually subject to the Award.

     (b)  Changes in Stock.  Subject to Section 3(c) hereof, if, as a result of any
reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock
split or other similar change in the Company’s capital stock, the outstanding shares of Stock are
increased or decreased or are exchanged for a different number or kind of shares or other
securities of the Company, or additional shares or new or different shares or other securities of
the Company or other non-cash assets are distributed with respect to such shares of Stock or other
securities, or, if, as a result of any merger or consolidation, sale of all or substantially all of
the assets of the Company, the outstanding shares of Stock are converted into or exchanged for
securities of the Company or any successor entity (or a parent or subsidiary thereof), the

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Administrator shall make an appropriate or proportionate adjustment in (i) the maximum number
of shares reserved for issuance under the Plan, including the maximum number of shares that may be
issued in the form of Incentive Stock Options, (ii) the number of Stock Options or Stock
Appreciation Rights that can be granted to any one individual grantee and the maximum number of
shares that may be granted under a Performance-based Award, (iii) the number and kind of shares or
other securities subject to any then outstanding Awards under the Plan, (iv) the repurchase price,
if any, per share subject to each outstanding Restricted Stock Award, and (v) the price for each
share subject to any then outstanding Stock Options and Stock Appreciation Rights under the Plan,
without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of
Stock Options and Stock Appreciation Rights) as to which such Stock Options and Stock Appreciation
Rights remain exercisable. The Administrator shall also make equitable or proportionate
adjustments in the number of shares subject to outstanding Awards and the exercise price and the
terms of outstanding Awards to take into consideration cash dividends paid other than in the
ordinary course or any other extraordinary corporate event. The adjustment by the Administrator
shall be final, binding and conclusive. No fractional shares of Stock shall be issued under the
Plan resulting from any such adjustment, but the Administrator in its discretion may make a cash
payment in lieu of fractional shares.

     (c)  Mergers and Other Transactions.  Except as the Administrator may otherwise specify
with respect to particular Awards in the relevant Award documentation, in the case of and subject
to the consummation of a Sale Event, all Options and Stock Appreciation Rights that are not
exercisable immediately prior to the effective time of the Sale Event shall become fully
exercisable as of the effective time of the Sale Event, all other Awards with time-based vesting,
conditions or restrictions shall become fully vested and nonforfeitable as of the effective time of
the Sale Event and all Awards with conditions and restrictions relating to the attainment of
performance goals may become vested and nonforfeitable in connection with a Sale Event in the
Administrator’s discretion, unless, in any case, the parties to the Sale Event agree that Awards
will be assumed or continued by the successor entity.

     Upon the effective time of the Sale Event, the Plan and all outstanding Awards granted
hereunder shall terminate, unless provision is made in connection with the Sale Event in the sole
discretion of the parties thereto for the assumption or continuation of Awards theretofore granted
by the successor entity, or the substitution of such Awards with new Awards of the successor entity
or parent thereof, with appropriate adjustment as to the number and kind of shares and, if
appropriate, the per share exercise prices, as such parties shall agree (after taking into account
any acceleration hereunder). In the event of such termination, (i) the Company shall have the
option (in its sole discretion) to make or provide for a cash payment to the grantees holding
Options and Stock Appreciation Rights, in exchange for the cancellation thereof, in an amount equal
to the difference between (A) the Sale Price multiplied by the number of shares of Stock subject to
outstanding Options and Stock Appreciation Rights (to the extent then exercisable (after taking
into account any acceleration hereunder) at prices not in excess of the Sale Price) and (B) the
aggregate exercise price of all such outstanding Options and Stock Appreciation Rights; or (ii)
each grantee shall be permitted, within a specified period of time prior to the consummation of the
Sale Event as determined by the Administrator, to exercise all outstanding Options and Stock
Appreciation Rights held by such grantee.

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     (d)  Substitute Awards.  The Administrator may grant Awards under the Plan in
substitution for stock and stock based awards held by employees, directors or other key persons of
another corporation in connection with the merger or consolidation of the employing corporation
with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary of property or
stock of the employing corporation. The Administrator may direct that the substitute awards be
granted on such terms and conditions as the Administrator considers appropriate in the
circumstances. Any substitute Awards granted under the Plan shall not count against the share
limitation set forth in Section 3(a).

SECTION 4.  ELIGIBILITY

     Grantees under the Plan will be such full or part-time officers and other employees,
Non-Employee Directors and key persons (including consultants and prospective employees) of the
Company and its Subsidiaries as are selected from time to time by the Administrator in its sole
discretion.

SECTION 5.  STOCK OPTIONS

     Any Stock Option granted under the Plan shall be in such form as the Administrator may from
time to time approve.

     Stock Options granted under the Plan may be either Incentive Stock Options or Non-Qualified
Stock Options. Incentive Stock Options may be granted only to employees of the Company or any
Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To
the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a
Non-Qualified Stock Option.

     (a)  Terms and Conditions of Stock Options.  The Administrator in its discretion may
grant Stock Options to eligible employees, Non-Employee Directors and key persons of the Company or
any Subsidiary. Stock Options granted pursuant to this Section 5(a) shall be subject to the
following terms and conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Administrator shall deem desirable. If the
Administrator so determines, Stock Options may be granted in lieu of cash compensation at the
optionee’s election, subject to such terms and conditions as the Administrator may establish.

            (i)  Exercise Price.  The exercise price per share for the Stock covered by a Stock
Option granted pursuant to this Section 5(a) shall be determined by the Administrator at the time
of grant but shall not be less than 100 percent of the Fair Market Value on the date of grant. In
the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the option price of
such Incentive Stock Option shall be not less than 110 percent of the Fair Market Value on the
grant date.

            (ii)  Option Term.  The term of each Stock Option shall be fixed by the Administrator,
but no Stock Option shall be exercisable more than ten years after the date the Stock Option is
granted. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term
of such Stock Option shall be no more than five years from the date of grant.

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            (iii)  Exercisability; Rights of a Stockholder.  Stock Options shall become exercisable
at such time or times, whether or not in installments, as shall be determined by the Administrator
at or after the grant date. To the extent permitted by Section 2(b), the Administrator may at any
time accelerate the exercisability of all or any portion of any Stock Option. An optionee shall
have the rights of a stockholder only as to shares acquired upon the exercise of a Stock Option and
not as to unexercised Stock Options.

            (iv)  Method of Exercise.  Stock Options may be exercised in whole or in part, by
giving written or electronic notice of exercise to the Company, specifying the number of shares to
be purchased. Payment of the purchase price may be made by one or more of the following methods to
the extent provided in the Option Award Agreement:

                    (A)  In cash, by certified or bank check or other instrument acceptable to the
Administrator;

                    (B)  Through the delivery (or attestation to the ownership) of shares of Stock that have
been purchased by the optionee on the open market or that are beneficially owned by the
optionee and are not then subject to restrictions under any Company
plan. Such surrendered shares shall be
valued at Fair Market Value on the exercise date. To the extent required to
avoid variable accounting treatment under FAS 123R or other applicable accounting rules,
such surrendered shares shall have been owned by the optionee for at least six months; or

                    (C)  By the optionee delivering to the Company a properly executed exercise notice
together with irrevocable instructions to a broker to promptly deliver to the Company cash
or a check payable and acceptable to the Company for the purchase price; provided that in
the event the optionee chooses to pay the purchase price as so provided, the optionee and
the broker shall comply with such procedures and enter into such agreements of indemnity and
other agreements as the Administrator shall prescribe as a condition of such payment
procedure.

Payment instruments will be received subject to collection. The transfer to the optionee on the
records of the Company or of the transfer agent of the shares of Stock to be purchased pursuant to
the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser
acting in his stead in accordance with the provisions of the Stock Option) by the Company of the
full purchase price for such shares and the fulfillment of any other requirements contained in the
Option Award Agreement or applicable provisions of laws (including the satisfaction of any
withholding taxes that the Company is obligated to withhold with respect to the optionee). In the
event an optionee chooses to pay the purchase price by previously-owned shares of Stock through the
attestation method, the number of shares of Stock transferred to the optionee upon the exercise of
the Stock Option shall be net of the number of shares attested to. In the event that the Company
establishes, for itself or using the services of a third party, an automated system for the
exercise of Stock Options, such as a system using an internet website or interactive voice
response, then the paperless exercise of Stock Options may be permitted through the use of such an
automated system.

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            (v)  Annual Limit on Incentive Stock Options.  To the extent required for “incentive
stock option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined
as of the time of grant) of the shares of Stock with respect to which Incentive Stock Options
granted under this Plan and any other plan of the Company or its parent and subsidiary corporations
become exercisable for the first time by an optionee during any calendar year shall not exceed
$100,000. To the extent that any Stock Option exceeds this limit, it shall constitute a
Non-Qualified Stock Option.

SECTION 6.  STOCK APPRECIATION RIGHTS

     (a)  Exercise Price of Stock Appreciation Rights.  The exercise price of a Stock
Appreciation Right shall not be less than 100 percent of the Fair Market Value of the Stock on the
date of grant (or more than the Stock Option exercise price per share, if the Stock Appreciation
Right was granted in tandem with a Stock Option).

     (b)  Grant and Exercise of Stock Appreciation Rights.  Stock Appreciation Rights may be
granted by the Administrator in tandem with, or independently of, any Stock Option granted pursuant
to Section 5 of the Plan. In the case of a Stock Appreciation Right granted in tandem with a
Non-Qualified Stock Option, such Stock Appreciation Right may be granted either at or after the
time of the grant of such Option. In the case of a Stock Appreciation Right granted in tandem with
an Incentive Stock Option, such Stock Appreciation Right may be granted only at the time of the
grant of the Option.

     A Stock Appreciation Right or applicable portion thereof granted in tandem with a Stock Option
shall terminate and no longer be exercisable upon the termination or exercise of the related
Option.

     (c)  Terms and Conditions of Stock Appreciation Rights.  Stock Appreciation Rights
shall be subject to such terms and conditions as shall be determined from time to time by the
Administrator, subject to the following:

            (i)  Stock Appreciation Rights granted in tandem with Options shall be exercisable at such time
or times and to the extent that the related Stock Options shall be exercisable.

            (ii)  Upon exercise of a Stock Appreciation Right, the applicable portion of any related Option
shall be surrendered.

SECTION 7.  RESTRICTED STOCK AWARDS

     (a)  Nature of Restricted Stock Awards.  The Administrator shall determine the
restrictions and conditions applicable to each Restricted Stock Award at the time of grant.
Conditions may be based on continuing employment (or other service relationship) and/or achievement
of pre-established performance goals and objectives. The grant of a Restricted Stock Award is
contingent on the grantee executing the Restricted Stock Award Agreement. The terms and conditions
of each such Award Agreement shall be determined by the Administrator, and such terms and
conditions may differ among individual Awards and grantees.

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     (b)  Rights as a Stockholder.  Upon execution of the Restricted Stock Award Agreement
and payment of any applicable purchase price, a grantee shall have the rights of a stockholder with
respect to the voting of the Restricted Stock, subject to such conditions contained in the
Restricted Stock Award Agreement. Unless the Administrator shall otherwise determine, (i)
uncertificated Restricted Stock shall be accompanied by a notation on the records of the Company or
the transfer agent to the effect that they are subject to forfeiture until such Restricted Stock
are vested as provided in Section 7(d) below, and (ii) certificated Restricted Stock shall remain
in the possession of the Company until such Restricted Stock is vested as provided in Section 7(d)
below, and the grantee shall be required, as a condition of the grant, to deliver to the Company
such instruments of transfer as the Administrator may prescribe.

     (c)  Restrictions.  Restricted Stock may not be sold, assigned, transferred, pledged or
otherwise encumbered or disposed of except as specifically provided herein or in the Restricted
Stock Award Agreement. Except as may otherwise be provided by the Administrator either in the
Award Agreement or, subject to Section 18 below, in writing after the Award Agreement is issued, if
any, if a grantee’s employment (or other service relationship) with the Company and its
Subsidiaries terminates for any reason, any Restricted Stock that has not vested at the time of
termination shall automatically and without any requirement of notice to such grantee from or other
action by or on behalf of, the Company be deemed to have been reacquired by the Company at its
original purchase price (if any) from such grantee or such grantee’s legal representative
simultaneously with such termination of employment (or other service relationship), and thereafter
shall cease to represent any ownership of the Company by the grantee or rights of the grantee as a
stockholder. Following such deemed reacquisition of unvested Restricted Stock that are represented
by physical certificates, a grantee shall surrender such certificates to the Company upon request
without consideration.

     (d)  Vesting of Restricted Stock.  The Administrator at the time of grant shall specify
the date or dates and/or the attainment of pre-established performance goals, objectives and other
conditions on which the non-transferability of the Restricted Stock and the Company’s right of
repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or the attainment of
such pre-established performance goals, objectives and other conditions, the shares on which all
restrictions have lapsed shall no longer be Restricted Stock and shall be deemed “vested.” The
vesting period for a Restricted Stock Award, other than an Excepted Award, must be at least equal
to the Minimum Vesting Period applicable to such Award; provided that (i) such Award may become
vested incrementally over the Minimum Vesting Period, (ii) this limitation shall not apply to
Awards made to Non-Employee Directors that are made as a part of a retainer, including annual or
other grants made pursuant to a standard director compensation policy or arrangement, and (iii)
such vesting may be accelerated to the extent permitted by Section 2(b). Except as may otherwise
be provided by the Administrator either in the Award Agreement or, subject to Section 18 below, in
writing after the Award Agreement is issued, a grantee’s rights in any shares of Restricted Stock
that have not vested shall automatically terminate upon the grantee’s termination of employment (or
other service relationship) with the Company and its Subsidiaries and such shares shall be subject
to the provisions of Section 7(c) above.

12

 

SECTION 8.  DEFERRED STOCK AWARDS

     (a)  Nature of Deferred Stock Awards.  The Administrator shall determine the
restrictions and conditions applicable to each Deferred Stock Award at the time of grant.
Conditions may be based on continuing employment (or other service relationship) and/or achievement
of pre-established performance goals and objectives. The grant of a Deferred Stock Award is
contingent on the grantee executing the Deferred Stock Award Agreement. The terms and conditions
of each such Award Agreement shall be determined by the Administrator, and such terms and
conditions may differ among individual Awards and grantees. At the end of the deferral period, the
Deferred Stock Award, to the extent vested, shall be settled in the form of shares of Stock. The
vesting period for a Deferred Stock Award, other than an Excepted Award, must be at least equal to
the Minimum Vesting Period applicable to such Award; provided that (i) such Award may become vested
incrementally over the Minimum Vesting Period, (ii) this limitation shall not apply to Awards made
to Non-Employee Directors that are made as a part of a retainer, including annual or other grants
made pursuant to a standard director compensation policy or arrangement, and (iii) such vesting may
be accelerated to the extent permitted by Section 2(b).

     (b)  Election to Receive Deferred Stock Awards in Lieu of Compensation.  The
Administrator may, in its sole discretion, permit a grantee to elect to receive a portion of future
cash compensation otherwise due to such grantee in the form of a Deferred Stock Award. Any such
election shall be made in writing and shall be delivered to the Company no later than the date
specified by the Administrator and in accordance with Section 409A and such other rules and
procedures established by the Administrator. Any such future cash compensation that the grantee
elects to defer shall be converted to a fixed number of phantom stock units based on the Fair
Market Value of Stock on the date the compensation would otherwise have been paid to the grantee if
such payment had not been deferred as provided herein. The Administrator shall have the sole right
to determine whether and under what circumstances to permit such elections and to impose such
limitations and other terms and conditions thereon as the Administrator deems appropriate.

     (c)  Rights as a Stockholder.  A grantee shall have the rights as a stockholder only as
to shares of Stock acquired by the grantee upon settlement of a Deferred Stock Award; provided,
however, that the grantee may be credited with Dividend Equivalent Rights with respect to the
phantom stock units underlying his Deferred Stock Award, subject to such terms and conditions as
the Administrator may determine.

     (d)  Termination.  Except as may otherwise be provided by the Administrator either in
the Award Agreement or, subject to Section 18 below, in writing after the Award Agreement is
issued, a grantee’s right in all Deferred Stock Awards that have not vested shall automatically
terminate upon the grantee’s termination of employment (or cessation of service relationship) with
the Company and its Subsidiaries for any reason.

SECTION 9.  UNRESTRICTED STOCK AWARDS

     Grant or Sale of Unrestricted Stock.  The Administrator may, in its sole discretion,
grant (or sell at par value or such higher purchase price determined by the Administrator) an

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Unrestricted Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect
of past services or other valid consideration, or in lieu of cash compensation due to such grantee.

SECTION 10.  CASH-BASED AWARDS

     (a)  Grant of Cash-based Awards.  The Administrator may, in its sole discretion, grant
Cash-based Awards to any grantee in such number or amount and upon such terms, and subject to such
conditions, as the Administrator shall determine at the time of grant. The Administrator shall
determine the maximum duration of the Cash-based Award, the amount of cash to which the Cash-based
Award pertains, the conditions upon which the Cash-based Award shall become vested or payable, and
such other provisions as the Administrator shall determine. Each Cash-based Award shall specify a
cash-denominated payment amount, formula or payment ranges as determined by the Administrator.
Payment, if any, with respect to a Cash-based Award shall be made in accordance with the terms of
the Award and may be made in cash or in shares of Stock, as the Administrator determines.

SECTION 11.  PERFORMANCE SHARE AWARDS

     (a)  Nature of Performance Share Awards.  The Administrator may, in its sole
discretion, grant Performance Share Awards independent of, or in connection with, the granting of
any other Award under the Plan. The Administrator shall determine whether and to whom Performance
Share Awards shall be granted, the Performance Goals, the periods during which performance is to be
measured, and such other limitations and conditions as the Administrator shall determine. The
vesting period for a Performance Share Award, other than an Excepted Award, must be at least equal
to the Minimum Vesting Period applicable to such Award; provided that (i) such Award may become
vested incrementally over the Minimum Vesting Period, (ii) this limitation shall not apply to
Awards made to Non-Employee Directors that are made as a part of a retainer, including annual or
other grants made pursuant to a standard director compensation policy or arrangement, and (iii)
such vesting may be accelerated to the extent permitted by Section 2(b).

     (b)  Rights as a Stockholder.  A grantee receiving a Performance Share Award shall have
the rights of a stockholder only as to shares actually received by the grantee under the Plan and
not with respect to shares subject to the Award but not actually received by the grantee. A
grantee shall be entitled to receive shares of Stock under a Performance Share Award only upon
satisfaction of all conditions specified in the Performance Share Award agreement (or in a
performance plan adopted by the Administrator).

     (c)  Termination.  Except as may otherwise be provided by the Administrator either in
the Award agreement or, subject to Section 18 below, in writing after the Award agreement is
issued, a grantee’s rights in all Performance Share Awards shall automatically terminate upon the
grantee’s termination of employment (or cessation of service relationship) with the Company and its
Subsidiaries for any reason.

SECTION 12.  PERFORMANCE-BASED AWARDS TO COVERED EMPLOYEES

     (a)  Performance-based Awards.  Any employee or other key person providing services to
the Company and who is selected by the Administrator may be granted one or more

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Performance-based Awards in the form of a Restricted Stock Award, Deferred Stock Award,
Performance Share Award or Cash-based Award payable upon the attainment of Performance Goals that
are established by the Administrator and relate to one or more of the Performance Criteria, in each
case on a specified date or dates or over any period or periods determined by the Administrator.
The Administrator shall define in an objective fashion the manner of calculating the Performance
Criteria it selects to use for any Performance Cycle. Depending on the Performance Criteria used
to establish such Performance Goals, the Performance Goals may be expressed in terms of overall
Company performance or the performance of a division, business unit, or an individual. The vesting
period for each Performance-based Award, other than an Excepted Award, in the form of a Restricted
Stock Award, Deferred Stock Award or Performance Share Award must be at least equal to the Minimum
Vesting Period applicable to such Award; provided that (i) such Award may become vested
incrementally over the Minimum Vesting Period, (ii) this limitation shall not apply to Awards made
to Non-Employee Directors that are made as a part of a retainer, including annual or other grants
made pursuant to a standard director compensation policy or arrangement, and (iii) such vesting may
be accelerated to the extent permitted by Section 2(b). The Administrator, in its discretion, may
adjust or modify the calculation of Performance Goals for such Performance Cycle in order to
prevent the dilution or enlargement of the rights of an individual (i) in the event of, or in
anticipation of, any unusual or extraordinary corporate item, transaction, event or development,
(ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting
the Company, or the financial statements of the Company, or (iii) in response to, or in
anticipation of, changes in applicable laws, regulations, accounting principles, or business
conditions provided however, that the Administrator may not exercise such discretion in a manner
that would increase the Performance-based Award granted to a Covered Employee. Each
Performance-based Award shall comply with the provisions set forth below.

     (b)  Grant of Performance-based Awards.  With respect to each Performance-based Award
granted to a Covered Employee, the Administrator shall select, within the first 90 days of a
Performance Cycle (or, if shorter, within the maximum period allowed under Section 162(m) of the
Code) the Performance Criteria for such grant, and the Performance Goals with respect to each
Performance Criterion (including a threshold level of performance below which no amount will become
payable with respect to such Award). Each Performance-based Award will specify the amount payable,
or the formula for determining the amount payable, upon achievement of the various applicable
performance targets. The Performance Criteria established by the Administrator may be (but need
not be) different for each Performance Cycle and different Performance Goals may be applicable to
Performance-based Awards to different Covered Employees.

     (c)  Payment of Performance-based Awards.  Following the completion of a Performance
Cycle, the Administrator shall meet to review and certify in writing whether, and to what extent,
the Performance Goals for the Performance Cycle have been achieved and, if so, to also calculate
and certify in writing the amount of the Performance-based Awards earned for the Performance Cycle.
The Administrator shall then determine the actual size of each Covered Employee’s
Performance-based Award, and, in doing so, may reduce or eliminate the amount of the
Performance-based Award for a Covered Employee if, in its sole judgment, such reduction or
elimination is appropriate.

15

 

     (d)  Maximum Award Payable.  The maximum Performance-based Award payable to any one
Covered Employee under the Plan for a Performance Cycle is 1,145,000 shares (subject to adjustment
as provided in Section 3(b) hereof) or $3,000,000 in the case of a Performance-based Award that is
a Cash-based Award.

SECTION 13.  DIVIDEND EQUIVALENT RIGHTS

     (a)  Dividend Equivalent Rights.  A Dividend Equivalent Right may be granted hereunder
to any grantee as a component of a Deferred Stock Award, Restricted Stock Award or Performance
Share Award or as a freestanding award. The terms and conditions of Dividend Equivalent Rights
shall be specified in the Award Agreement. Dividend equivalents credited to the holder of a
Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional
shares of Stock, which may thereafter accrue additional equivalents. Any such reinvestment shall
be at Fair Market Value on the date of reinvestment or such other price as may then apply under a
dividend reinvestment plan sponsored by the Company, if any. Dividend Equivalent Rights may be
settled in cash or shares of Stock or a combination thereof, in a single installment or
installments. A Dividend Equivalent Right granted as a component of a Deferred Stock Award,
Restricted Stock Award or Performance Share Award may provide that such Dividend Equivalent Right
shall be settled upon settlement, or payment of, or lapse of restrictions on, such other Award, and
that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same
conditions as such other Award. A Dividend Equivalent Right granted as a component of a Deferred
Stock Award, Restricted Stock Award or Performance Share Award may also contain terms and
conditions different from such other Award.

     (b)  Interest Equivalents.  Any Award under this Plan that is settled in whole or in
part in cash on a deferred basis may provide in the grant for interest equivalents to be credited
with respect to such cash payment. Interest equivalents may be compounded and shall be paid upon
such terms and conditions as may be specified by the grant.

     (c)  Termination.  Except as may otherwise be provided by the Administrator either in
the Award Agreement or, subject to Section 18 below, in writing after the Award Agreement is
issued, a grantee’s rights in all Dividend Equivalent Rights or interest equivalents granted as a
component of a Deferred Stock Award, Restricted Stock Award or Performance Share Award that has not
vested shall automatically terminate upon the grantee’s termination of employment (or cessation of
service relationship) with the Company and its Subsidiaries for any reason.

SECTION 14.  TRANSFERABILITY OF AWARDS

     (a)  Transferability.  Except as provided in Section 14(b) below, during a grantee’s
lifetime, his or her Awards shall be exercisable only by the grantee, or by the grantee’s legal
representative or guardian in the event of the grantee’s incapacity. No Awards shall be sold,
assigned, transferred or otherwise encumbered or disposed of by a grantee other than by will or by
the laws of descent and distribution or pursuant to a domestic relations order. No Awards shall be
subject, in whole or in part, to attachment, execution, or levy of any kind, and any purported
transfer in violation hereof shall be null and void.

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     (b)  Administrator Action.  Notwithstanding Section 14(a), the Administrator, in its
discretion, may provide either in the Award Agreement regarding a given Award or by subsequent
written approval that the grantee (who is an employee or director) may transfer his or her Awards
(other than any Incentive Stock Options or Deferred Stock Awards) to his or her immediate family
members, to trusts for the benefit of such family members, or to partnerships in which such family
members are the only partners, provided that the transferee agrees in writing with the Company to
be bound by all of the terms and conditions of this Plan and the applicable Award.

     (c)  Family Member.  For purposes of Section 14(b), “family member” shall mean a
grantee’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including adoptive relationships, any person sharing the grantee’s household
(other than a tenant of the grantee), a trust in which these persons (or the grantee) have more
than 50 percent of the beneficial interest, a foundation in which these persons (or the grantee)
control the management of assets, and any other entity in which these persons (or the grantee) own
more than 50 percent of the voting interests.

     (d)  Designation of Beneficiary.  Each grantee to whom an Award has been made under the
Plan may designate a beneficiary or beneficiaries to exercise any Award or receive any payment
under any Award payable on or after the grantee’s death. Any such designation shall be on a form
provided for that purpose by the Administrator and shall not be effective until received by the
Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated
beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate.

SECTION 15.  TAX WITHHOLDING

     (a)  Payment by Grantee.  Each grantee shall, no later than the date as of which the
value of an Award or of any Stock or other amounts received thereunder first becomes includable in
the gross income of the grantee for Federal income tax purposes, pay to the Company, or make
arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local
taxes of any kind required by law to be withheld by the Company with respect to such income. The
Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation to
deliver evidence of book entry (or stock certificates) to any grantee is subject to and conditioned
on tax withholding obligations being satisfied by the grantee.

     (b)  Payment in Stock.  Subject to approval by the Administrator, a grantee may elect
to have the Company’s minimum required tax withholding obligation satisfied, in whole or in part,
by authorizing the Company to withhold from shares of Stock to be issued pursuant to any Award a
number of shares with an aggregate Fair Market Value (as of the date the withholding is effected)
that would satisfy the withholding amount due.

17

 

SECTION 16.  SECTION 409A AWARDS. 

     To the extent that any Award is determined to constitute “nonqualified deferred compensation”
within the meaning of Section 409A (a “409A Award”), the Award shall be subject to such additional
rules and requirements as specified by the Administrator from time to time in order to comply with
Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from
service” (within the meaning of Section 409A) to a grantee who is then considered a “specified
employee” (within the meaning of Section 409A), then no such payment shall be made prior to the
date that is the earlier of (i) six months and one day after the grantee’s separation from service,
or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment
from being subject to interest, penalties and/or additional tax imposed pursuant to Section 409A.
Further, the settlement of any such Award may not be accelerated except to the extent permitted by
Section 409A.

SECTION 17.  TRANSFER, LEAVE OF ABSENCE, ETC.

     For purposes of the Plan, the following events shall not be deemed a termination of
employment:

     (a)  a transfer to the employment of the Company from a Subsidiary or from the Company to a
Subsidiary, or from one Subsidiary to another; or

     (b)  an approved leave of absence for military service or sickness, or for any other purpose
approved by the Company, if the employee’s right to re-employment is guaranteed either by a statute
or by contract or under the policy pursuant to which the leave of absence was granted or if the
Administrator otherwise so provides in writing.

SECTION 18.  AMENDMENTS AND TERMINATION

     The Board may, at any time, amend or discontinue the Plan and the Administrator may, at any
time, amend or cancel any outstanding Award for the purpose of satisfying changes in law or for any
other lawful purpose, but no such action shall adversely affect rights under any outstanding Award
without the holder’s consent. Except as provided in Section 3(b) or 3(c), in no event may the
Administrator exercise its discretion to reduce the exercise price of outstanding Stock Options or
Stock Appreciation Rights or effect repricing through cancellation and re-grants. To the extent
required under the rules of any securities exchange or market system on which the Stock is listed,
to the extent determined by the Administrator to be required by the Code to ensure that Incentive
Stock Options granted under the Plan are qualified under Section 422 of the Code or to ensure that
compensation earned under Awards qualifies as performance-based compensation under Section 162(m)
of the Code, Plan amendments shall be subject to approval by the Company stockholders entitled to
vote at a meeting of stockholders. Nothing in this Section 18 shall limit the Administrator’s
authority to take any action permitted pursuant to Section 3(c).

SECTION 19.  STATUS OF PLAN

     With respect to the portion of any Award that has not been exercised and any payments in cash,
Stock or other consideration not received by a grantee, a grantee shall have no rights

18

 

greater than those of a general creditor of the Company unless the Administrator shall
otherwise expressly determine in connection with any Award or Awards. In its sole discretion, the
Administrator may authorize the creation of trusts or other arrangements to meet the Company’s
obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the
existence of such trusts or other arrangements is consistent with the foregoing sentence.

SECTION 20.  GENERAL PROVISIONS

     (a)  No Distribution.  The Administrator may require each person acquiring Stock
pursuant to an Award to represent to and agree with the Company in writing that such person is
acquiring the shares without a view to distribution thereof.

     (b)  Delivery of Stock Certificates.  Stock certificates to grantees under this Plan
shall be deemed delivered for all purposes when the Company or a stock transfer agent of the
Company shall have mailed such certificates in the United States mail, addressed to the grantee, at
the grantee’s last known address on file with the Company. Uncertificated Stock shall be deemed
delivered for all purposes when the Company or a Stock transfer agent of the Company shall have
given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed
to the grantee, at the grantee’s last known address on file with the Company, notice of issuance
and recorded the issuance in its records (which may include electronic “book entry” records).
Notwithstanding anything herein to the contrary, the Company shall not be required to issue or
deliver any certificates evidencing shares of Stock pursuant to the exercise of any Award, unless
and until the Board has determined, with advice of counsel (to the extent the Board deems such
advice necessary or advisable), that the issuance and delivery of such certificates is in
compliance with all applicable laws, regulations of governmental authorities and, if applicable,
the requirements of any exchange on which the shares of Stock are listed, quoted or traded. All
Stock certificates delivered pursuant to the Plan shall be subject to any stop-transfer orders and
other restrictions as the Administrator deems necessary or advisable to comply with federal, state
or foreign jurisdiction, securities or other laws, rules and quotation system on which the Stock is
listed, quoted or traded. The Administrator may place legends on any Stock certificate to
reference restrictions applicable to the Stock. In addition to the terms and conditions provided
herein, the Board may require that an individual make such reasonable covenants, agreements, and
representations as the Board, in its discretion, deems necessary or advisable in order to comply
with any such laws, regulations, or requirements. The Administrator shall have the right to
require any individual to comply with any timing or other restrictions with respect to the
settlement or exercise of any Award, including a window-period limitation, as may be imposed in the
discretion of the Administrator.

     (c)  Stockholder Rights.  Until Stock is deemed delivered in accordance with Section
20(b), no right to vote or receive dividends or any other rights of a stockholder will exist with
respect to shares of Stock to be issued in connection with an Award, notwithstanding the exercise
of a Stock Option or any other action by the grantee with respect to an Award.

     (d)  Other Compensation Arrangements; No Employment Rights.  Nothing contained in this
Plan shall prevent the Board from adopting other or additional compensation arrangements, including
trusts, and such arrangements may be either generally applicable or applicable only in specific
cases. The adoption of this Plan and the grant of Awards do not

19

 

confer upon any employee any right to continued employment with the Company or any Subsidiary.

     (e)  Trading Policy Restrictions.  Option exercises and other Awards under the Plan
shall be subject to such Company’s insider trading policy and procedures, as in effect from time to
time.

     (f)  Forfeiture of Awards under Sarbanes-Oxley Act.  If the Company is required to
prepare an accounting restatement due to the material noncompliance of the Company, as a result of
misconduct, with any financial reporting requirement under the securities laws, then any grantee
who is one of the individuals subject to automatic forfeiture under Section 304 of the
Sarbanes-Oxley Act of 2002 shall reimburse the Company for the amount of any Award received by such
individual under the Plan during the 12-month period following the first public issuance or filing
with the United States Securities and Exchange Commission, as the case may be, of the financial
document embodying such financial reporting requirement.

SECTION 21.  EFFECTIVE DATE OF PLAN

     This Plan shall become effective upon approval by the holders of a majority of the votes cast
at a meeting of stockholders at which a quorum is present or pursuant to written consent. No
grants of Stock Options and other Awards may be made hereunder after the tenth anniversary of the
Effective Date and no grants of Incentive Stock Options may be made hereunder after the tenth
anniversary of the date the Plan is approved by the Board.

SECTION 22.  GOVERNING LAW

     This Plan and all Awards and actions taken thereunder shall be governed by, and construed in
accordance with, the laws of the State of Delaware, applied without regard to conflict of law
principles.

DATE PLAN APPROVED BY BOARD OF DIRECTORS: April 12, 2007

DATE PLAN APPROVED BY STOCKHOLDERS: April 27, 2007

DATE SHARE INCREASE APPROVED BY BOARD: March 27, 2008

DATE SHARE INCREASE APPROVED BY SHAREHOLDERS: May 8, 2008

DATE AMENDED AND RESTATED PLAN APPROVED BY BOARD: August 7, 2008

20EX-10.13

Exhibit 10.13

AMENDMENT NO. 3 TO CREDIT AGREEMENT

     AMENDMENT (this “Amendment”) dated as of September 25, 2008 to the Credit Agreement
(the “Credit Agreement”) dated as of October 31, 2007, among PATRIOT COAL CORPORATION, a
Delaware corporation (the “Borrower”) and each lender from time to time party thereto
(collectively, the “Lenders” and individually, a “Lender”), as amended by that
certain Amendment No. 1 to Credit Agreement dated as of April 2, 2008 and that certain Amendment
No. 2 to Credit Agreement dated as of May 19, 2008, among the Borrower and the Required Lenders.

WITNESSETH :

     WHEREAS, the parties hereto desire to amend the Credit Agreement to, among other things, (i)
amend the definitions of Consolidated Funded Indebtedness, Permitted Securitization Programs and
Secured Hedge Agreement, (ii) amend certain terms relating to increases in the Facility and (iii)
amend certain provisions concerning Swap Contracts.

     NOW, THEREFORE, the parties hereto agree as follows:

     SECTION 1. Defined Terms; References. Unless otherwise specifically
defined herein, each term used herein that is defined in the Credit Agreement has the meaning
assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein”
and “hereby” and each other similar reference and each reference to “this Agreement” and each other
similar reference contained in the Credit Agreement shall, after this Amendment becomes effective,
refer to the Credit Agreement as amended hereby.

     SECTION 2. Definition of Consolidated Funded Indebtedness. The definition of “Consolidated
Funded Indebtedness” in Section 1.01 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

“Consolidated Funded Indebtedness” means, as of any date of determination, for the
Borrower and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding
principal amount of all obligations, whether current or long-term, for borrowed money
(including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes,
loan agreements or other similar instruments, (b) all direct obligations arising under
standby letters of credit (other than with respect to Designated Letters of Credit) and
similar instruments, (c) all obligations in respect of the deferred purchase price of
property or services (other than (i) trade accounts payable in the ordinary course of
business and (ii) obligations under coal leases which may be terminated at the discretion of
the lessee), (d) Attributable Indebtedness in respect of Capital Lease Obligations, (e)
without duplication, all Guarantees with respect to outstanding Indebtedness of the types
specified in clauses (a) through (d) above of Persons other than the Borrower or any
Subsidiary, (f) amounts due under Permitted Securitization Programs (whether or not on the
balance sheet of the Borrower or its Subsidiaries) and (g) the Swap Termination Value that
(i) with respect to clause (a) of that definition, is due and payable by the Borrower and
its Subsidiaries under any Swap Contract that has been closed out and (ii)

1

 

with respect to clause (b) of that definition would be payable by the Borrower and its
Subsidiaries with respect to an early termination of any outstanding Secured Hedge
Agreement, provided however that for the purpose of calculating the Swap Termination Value
for this clause (ii) the Swap Termination Value shall only take into account the effect of
any valid netting agreement relating to Secured Hedge Agreements.

     SECTION 3. Definition of Permitted Securitization Programs. The definition of
“Permitted Securitization Programs” in Section 1.01 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

“Permitted Securitization Programs” means any receivables securitization program
pursuant to which the Borrower or any of its Subsidiaries sells accounts receivable and
related receivables; provided, that the aggregate principle amount of all asset-backed
securities issued pursuant to such receivables securitization programs shall not exceed
$125,000,000 at any time outstanding.”

     SECTION 4. Definition of Secured Hedge Agreement. The definition of “Secured Hedge
Agreement” in Section 1.01 of the Credit Agreement is hereby amended to read as follows:

“Secured Hedge Agreement” means any Swap Contract permitted under Article
VII that is entered into by and between the Borrower and any Hedge Bank.

     SECTION 5. Mandatory Repayments. Section 2.05(b)(ii) of the Credit Agreement is
hereby amended by deleting the words "or the creation of any Permitted Securitization Program with
a principal balance in excess of $25,000,000” and "(in the case of a Permitted Securitization
Program, only to the amount in excess of $25,000,000)” in the third and sixth line respectively.

     SECTION 6. Increase in Facility. Section 2.14(a) of the Credit Agreement
is hereby amended by replacing the words “any such request for an increase shall be in a minimum
amount of $25,000,000” with the words “any such request for an increase shall be in a minimum
amount of $10,000,000 or such lower amount, as determined by the Administrative Agent, it its sole
discretion.”

     SECTION 7. Indebtedness. Section 7.02(i) of the Credit Agreement is hereby
amended by deleting the number “$50,000,000” and replacing it with “$125,000,000”.

     SECTION 8. Swap Contracts. Section 7.02(f) of the Credit Agreement is
hereby amended by adding the words “for non speculative purposes” after “in the ordinary course of
business”.

     SECTION 9.  Lender Consent. Upon the terms and subject to the conditions
to effectiveness set forth in this Amendment, the requisite Lenders hereby agree, upon the
Amendment Effective Date, to allow any increase in the Facility, which occurs on or before October
10th, 2008 in an amount no greater than $15,000,000, to be made by one Lender
exclusively, which shall be selected by the Borrower in its sole discretion, without the
requirement for the Borrower and the Administrative Agent to offer allocations of such increase

2

 

ratably to all Lenders, in accordance with Section 2.14 of the Credit Agreement. Upon any
increase in the Facility made pursuant to this Section the Administrative Agent shall promptly
notify the Borrower and the Lenders of the final allocation of such increase and the Increase
Effective Date. The parties hereto acknowledge that nothing in this Section shall be deemed to
amend Section 2.14 of the Credit Agreement.

     SECTION 10. Conditions Precedent to Borrowing Increased Facility. The obligation of
any Lender to honor any Request for a Credit Extension after an Increase Effective Date for a
requested amount which would cause the Total Outstandings to exceed the Facility immediately prior
to the Increase Effective Date shall be subject to the further condition precedent that on or
before the date of such Credit Extension the Administrative Agent shall have received mortgage
modifications (in proper form for recording and in form and substance satisfactory to the
Administrative Agent) which purport to secure the full amount of the increased Facility.

     SECTION 11. Representations of Borrower. The Borrower represents and warrants that
(i) both before and after giving effect to this Amendment, the representations and warranties of
the Borrower set forth in Article V of the Credit Agreement and contained in each other Loan
Document, or which are contained in any document furnished at any time under or in connection with
the Credit Agreement, are true and correct in all material respects on and as of the Amendment
Effective Date, except to the extent that such representations and warranties specifically refer to
an earlier date, in which case they shall be true and correct in all material respects as of such
earlier date, and (ii) both before and after giving effect to this Amendment, no Default or Event
of Default will have occurred and be continuing.

     SECTION 12. Authority. The Borrower has the requisite corporate or other
organizational power and authority to execute and deliver this Amendment and to perform its
obligations hereunder and under the Credit Agreement (as amended hereby). Each of the Subsidiary
Guarantors has the requisite corporate or other organizational power and authority to execute and
deliver the Consent (as defined below). The execution, delivery and performance by the Borrower of
this Amendment and by the Subsidiary Guarantors of the Consent and the performance by the Borrower
and each other Loan Party of the Credit Agreement (as amended hereby) and each other Loan Document
to which it is a party, in each case, have been authorized by all necessary corporate or other
organizational action of such Person, and no other corporate or other organizational proceedings on
the part of each such Person is necessary to consummate such transactions.

     SECTION 13. Enforceability. This Amendment has been duly executed and
delivered on behalf of the Borrower. The Consent has been duly executed and delivered by each of
the Subsidiary Guarantors. Each of this Amendment, the Consent and, after giving effect to this
Amendment, the Credit Agreement and the other Loan Documents, (i) is the legal, valid and binding
obligation of each Loan Party party hereto and thereto, enforceable against such Loan Party in
accordance with its terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at
law) and (ii) is in full force and effect. Neither the execution, delivery or performance of this
Amendment or of the Consent or the performance of the Credit

3

 

Agreement (as amended hereby) will adversely affect the validity, perfection or priority of
the Administrative Agent’s Lien on any of the Collateral or its ability to realize thereon. This
Amendment is effective to amend the Credit Agreement as provided therein.

     SECTION 14 . No Conflicts. Neither the execution and delivery of this
Amendment or the Consent nor the performance of and compliance with the terms and provisions hereof
or of the Credit Agreement (as amended hereby) by any Loan Party will, at the time of such
performance, (i) violate or conflict with any provision of its certificate of formation or limited
liability company agreement or other governing documents of such Person, (ii) violate, contravene
or materially conflict with any Requirement of Law or Contractual Obligation (including, without
limitation, Regulation U), except for any violation, contravention or conflict which could not
reasonably be expected to have a Material Adverse Effect or (iii) result in or require the creation
of any Lien (other than those permitted by the Loan Documents) upon or with respect to its
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 transactions
contemplated hereby.

     SECTION 15. Effect of Amendment. (a) Except as specifically amended above
Credit Agreement and the other Loan Documents are and shall continue to be in full force and effect
and are hereby in all respects ratified and confirmed. Without limiting the generality of the
foregoing, the Collateral Documents and all of the Collateral described therein do and shall
continue to secure the payment of all Obligations under and as defined therein.

     (b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of any Secured Party under any of the Loan Documents, nor, except as
expressly provided herein, constitute a waiver or amendment of any provision of any of the Loan
Documents.

     SECTION 16. Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York.

     SECTION 17. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

     SECTION 18. Effectiveness. This Amendment shall become effective on the
date hereof provided that the following conditions are met (the “Amendment Effective
Date”):

   (i) the Administrative Agent shall have received from each of the Borrower and the requisite
Lenders a counterpart hereof signed by such party or facsimile or other written confirmation (in
form satisfactory to the Administrative Agent) that such party has signed a counterpart hereof; and

   (ii) the Administrative Agent shall have received counterparts of the Consent of Guarantors
attached hereto as Annex I (the “Consent”) executed by each of the Subsidiary
Guarantors as of the date hereof.

4

 

[Signature pages follow]

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first above written.

	 	 	 	 	 
	 	PATRIOT COAL CORPORATION

 	 
	 	By:  	/s/ Robert L. Mead
 	 
	 	 	Name:  	Robert L. Mead 	 
	 	 	Title:  	Vice President & Treasurer 	 
	 

[Patriot Amendment No. 3 to the Credit Agreement]

 

 

	 	 	 	 	 
	 	BNP Paribas., as a Lender

 	 
	 	By:  	/s/ Larry Robinson
 	 
	 	 	Name:  	Larry Robinson 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Gregory E. George
 	 
	 	 	Name:  	Gregory E. George 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	Bank of America, N.A., as a Lender

 	 
	 	By:  	/s/ Thomas F. Farley, Jr.
 	 
	 	 	Name:  	Thomas F. Farley, Jr. 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	Bank of Oklahoma, NA, as a Lender

 	 
	 	By:  	/s/ Sarah N. Reavis
 	 
	 	 	Name:  	Sarah N. Reavis 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	Barclays Bank PLC, as a Lender

 	 
	 	By:  	/s/ Ann E. Sutton
 	 
	 	 	Name:  	Ann E. Sutton 	 
	 	 	Title:  	Associate Director 	 
	 

	 	 	 	 	 
	 	Caterpillar Financial Service Corp, as a Lender

 	 
	 	By:  	/s/ Christopher C. Patterson
 	 
	 	 	Name:  	Christopher C. Patterson 	 
	 	 	Title:  	Global Operations 

Manager — Capital Markets 	 
	 

[Patriot Amendment No. 3 to the Credit Agreement]

 

 

	 	 	 	 	 
	 	Citibank, N.A., as a Lender

 	 
	 	By:  	/s/
Raymond G. Dunning
 	 
	 	 	Name:  	Raymond G. Dunning 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	Fifth Third Bank, as a Lender

 	 
	 	By:  	/s/ Robert M. Sander
 	 
	 	 	Name:  	Robert M. Sander 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	Lehman Brothers Commercial Bank, as a Lender

 	 
	 	By:  	/s/
Brian Halbeisen
 	 
	 	 	Name:  	Brian Halbeisen 	 
	 	 	Title:  	VP/ Credit Officer 	 
	 

	 	 	 	 	 
	 	Natixis, as a Lender

 	 
	 	By:  	/s/ Louis P. Laville, III
 	 
	 	 	Name:  	Louis P. Laville, III 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Carlos L. Quinteros
 	 
	 	 	Name:  	Carlos L. Quinteros 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	PNC Bank, National Association as a
Lender

 	 
	 	By:  	/s/ Helmut Vogel
 	 
	 	 	Name:  	Helmut Vogel 	 
	 	 	Title:  	Credit Officer 	 
	 

[Patriot Amendment No. 3 to the Credit Agreement]

 

 

	 	 	 	 	 
	 	Raymond James Bank FSB, as a Lender

 	 
	 	By:  	/s/ Andrew D. Hahn
 	 
	 	 	Name:  	Andrew D. Hahn 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	RZB Finance LLC, as a Lender

 	 
	 	By:  	/s/ John A. Valiska
 	 
	 	 	Name:  	John A. Valiska 	 
	 	 	Title:  	First Vice President 	 
	 

	 	 	 	 	 
	 	By:  	/s/ Christoph Hoedl
 	 
	 	 	Name:  	Christoph Hoedl 	 
	 	 	Title:  	Group Vice President 	 
	 

	 	 	 	 	 
	 	Societe Generale, as a Lender

 	 
	 	By:  	/s/ Chris Henstock
 	 
	 	 	Name:  	Chris Henstock 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	Southwest Bank of St. Louis, as a Lender

 	 
	 	By:  	/s/ Roy C. Postel
 	 
	 	 	Name:  	Roy C. Postel 	 
	 	 	Title:  	Senior Vice President 	 
	 

	 	 	 	 	 
	 	Sovereign Bank., as a Lender

 	 
	 	By:  	/s/ Robert D. Lanigan
 	 
	 	 	Name:  	Robert D. Lanigan 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Patriot Amendment No. 3 to the Credit Agreement]

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	The Private Bank and Trust Company, as a Lender

 	 
	 	By:  	/s/ Nicholas DeVilder
 	 
	 	 	Name:  	Nicholas DeVilder 	 
	 	 	Title:  	Associate Managing Director 	 
	 

	 	 	 	 	 
	 	United Overseas Bank Ltd. New

York, as a Lender

 	 
	 	By:  	/s/ George Lim
 	 
	 	 	Name:  	George Lim 	 
	 	 	Title:  	SVP & GM 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Mario Sheng
 	 
	 	 	Name:  	Mario Sheng 	 
	 	 	Title:  	AVP 	 
	 

	 	 	 	 	 
	 	US Bank National Association, as a
Lender

 	 
	 	By:  	/s/ Karen Meyer
 	 
	 	 	Name:  	Karen Meyer 	 
	 	 	Title:  	VP 	 
	 

[Patriot Amendment No. 3 to the Credit Agreement]

 

 

	 	 	 	 	 
	 	Acknowledged by:

BANK OF AMERICA, N.A., as Administrative Agent

 	 
	 	By:  	/s/ Kathleen M. Carry
 	 
	 	 	Name:  	Kathleen M. Carry 	 
	 	 	Title:  	Vice President 	 
	 

[Patriot Amendment No. 3 to the Credit Agreement]

 

 

Annex 1

CONSENT OF GUARANTORS

Each of the undersigned is a Subsidiary Guarantor of the Obligations of the Borrower under the
Credit Agreement and hereby (a) consents to the foregoing Amendment, (b) acknowledges that,
notwithstanding the execution and delivery of the foregoing Amendment, the obligations of each of
the undersigned Subsidiary 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 each of the Loan Documents executed
by it. Capitalized terms used herein without definition shall have the meanings given to such
terms in the 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 the 25th day of September 2008.

[Signature pages follow]

[Patriot Amendment No. 3 to the Credit Agreement]

 

 

AFFINITY MINING COMPANY

APPALACHIA MINE SERVICES, LLC

BEAVER DAM COAL COMPANY, LLC

BIG EAGLE LLC

BIG EAGLE RAIL LLC

BLACK STALLION COAL COMPANY, LLC

BLACK WALNUT COAL COMPANY

BLUEGRASS MINE SERVICES, LLC

CENTRAL STATES COAL RESERVES OF KENTUCKY, LLC

CHARLES COAL COMPANY, LLC

CLEATON COAL COMPANY

COAL PROPERTIES, LLC

COAL RESERVE HOLDING LIMITED LIABILITY COMPANY NO. 2

COLONY BAY COAL COMPANY

COOK MOUNTAIN COAL COMPANY, LLC

DIXON MINING COMPANY, LLC

DODGE HILL HOLDING JV, LLC

DODGE HILL OF KENTUCKY, LLC

DODGE HILL MINING COMPANY, LLC

EASTERN ASSOCIATED COAL, LLC

EASTERN COAL COMPANY, LLC

EASTERN ROYALTY, LLC

FORT ENERGY, LLC

GRAND EAGLE MINING, INC.

HCR HOLDINGS, LLC

HERITAGE COAL COMPANY LLC

HIGHLAND MINING COMPANY, LLC

HILLSIDE MINING COMPANY

INDIAN HILL COMPANY

INTERIOR HOLDINGS, LLC

JARRELL’S BRANCH COAL COMPANY

KANAWHA EAGLE COAL LLC

KANAWHA RIVER VENTURES I LLC

KE VENTURES LLC

LOGAN FORK COAL COMPANY

MARTINKA COAL COMPANY, LLC

MIDWEST COAL RESOURCES II, LLC

MOUNTAIN VIEW COAL COMPANY, LLC

NORTH PAGE COAL CORP.

OHIO COUNTY COAL COMPANY, LLC

PATRIOT COAL COMPANY, L.P.

PATRIOT COAL SALES LLC

PATRIOT LEASING COMPANY LLC

PATRIOT MIDWEST HOLDINGS, LLC

PINE RIDGE COAL COMPANY, LLC

POND CREEK LAND RESOURCES, LLC

RIVERS EDGE MINING, INC.

SENTRY MINING, LLC

[Patriot Amendment No. 3 to the Credit Agreement]

 

 

SNOWBERRYLAND COMPANY

STERLING SMOKELESS COAL COMPANY, LLC

UNION COUNTY COAL CO., LLC

WINIFREDE DOCK LIMITED LIABILITY COMPANY

YANKEETOWN DOCK, LLC

MAGNUM COAL COMPANY

TROUT COAL HOLDINGS, LLC

NEW TROUT COAL HOLDINGS II, LLC

BROOK TROUT COAL, LLC

REMINGTON HOLDINGS LLC

REMINGTON LLC

DAKOTA LLC

VIPER LLC

DAY LLC

APOGEE COAL COMPANY, LLC

HOBET MINING, LLC

CATENARY COAL COMPANY, LLC

PANTHER LLC

WILDCAT LLC

JUPITER HOLDINGS LLC

LITTLE CREEK LLC

INFINITY COAL SALES, LLC

HIGHWALL MINING LLC

IO COAL LLC

THUNDERHILL COAL LLC

SPEED MINING LLC

POND FORK PROCESSING LLC

COAL CLEAN LLC

WEATHERBY PROCESSING LLC

TC SALES COMPANY, LLC

ROBIN LAND COMPANY, LLC

REMINGTON II LLC

KANAWHA RIVER VENTURES II, LLC

KANAWHA RIVER VENTURES III, LLC

WINCHESTER LLC

COYOTE COAL COMPANY LLC

MAGNUM COAL SALES LLC

MIDLAND TRAIL ENERGY LLC

Executing this Consent of Guarantors as

     Vice-President of each of

     the foregoing persons on

     behalf of and so as to

     bind the persons named above

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Robert L. Mead	 
	 	 	Name:  	Robert L. Mead	 
	 	 	Title:  	Vice President	 
	 

[Patriot Amendment No. 3 to the Credit Agreement]

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