Document:

Exhibit 10.8

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the
“Agreement”) executed this 17th day of May 2006, between CAM Holdings LLC (“Employer”) and Richard A.
Boone (“Employee”).

 

W I T N E S S E T H:

 

WHEREAS Employer and Employee
entered into that certain Employment Agreement dated January 17, 2005,
(the “ January Agreement”); and

 

WHEREAS the parties hereto
desire to enter into this Agreement to supersede  and replace the January Agreement; and

 

WHEREAS Employer desires to
employ Employee on the terms contained herein and Employee desires to accept
employment on such terms; and

 

WHEREAS the paries hereto
acknowledge that this Agreement is effective from the date hereof (the “Effective
Date”)

 

In consideration of the mutual covenants herein
contained, the parties agree as follows:

 

1.                                      Terms
and Duties.

 

Commencing as of the
Effective Date and continuing until March 31, 2010, unless sooner
terminated as herein provided or extended by mutual agreement of the parties
(the “Employment Term”), the Employer hereby employs the Employee as its Chief
Financial Officer and Employee accepts such employment. Employee will also be
an officer of Employer’s various subsidiaries as determined by Employer’s Board
of Directors. Employee’s responsibilities shall include participation in the
management of Employer’s accounting functions, financial reporting functions,
treasury functions, human resource department, information technology
department, risk management function, strategic planning including
participation in goal development and budgeting, as well as other duties as
defined from time to time by Employer. Employee shall report directly to the
Chief Executive Officer. The Employee agrees to devote all of his business time
and his best efforts to the business of Employer as may be necessary to
perform his duties in accordance with the policies and budgets established
from time to time by Employer and its Board of Directors. During the Employment
Term, the Employee will not have any other employment.

 

Notwithstanding anything to
the contrary stated herein, if the IPO, as defined in Section 2, is not
completed by December 31, 2006, then Employee shall have the option to
notify Employer of his intention to terminate the contract effective March 31,
2007. The notice to terminate must be given no later than January 5, 2007.
A properly submitted termination by Employee based on a failure to complete the
IPO will not be considered a voluntary resignation for purposes of section 6
(b) hereof.

 

 

2.                                                  Compensation.

 

For Employee’s services
hereunder during the Employment Term, Employee shall pay to Employee a salary
at the rate of One Hundred Eighty-Five Thousand Dollars ($185,000.00) per year,
payable periodically in accordance with Employer’s usual executive payroll
payment procedures; plus Employee shall participate in the Employer’s
Performance Bonus Plan (“Bonus Plan”) with a targeted base bonus amount of
Thirty-Five Thousand Dollars ($35,000.00) (“Targeted Annual Bonus”). Subject to
the terms and conditions of the Bonus Plan, the actual amount payable can vary
from 0% to 175% of the Targeted Annual Bonus (“Bonus Payment”). The Bonus
Payment will be paid to Employee upon receipt of the audited results for the
fiscal year ending March 31st of each year. In no event shall
the payment of the Bonus payment be delayed beyond 90 days past the
applicable period for which the Bonus Payment is calculated. The Bonus Payment
for the year ended March 31, 2006 shall be Sixty-One Thousand Two Hundred
Fifty Dollars ($61,250.00)

 

Notwithstanding anything to the contrary stated above,
upon the completion of an initial public offering whereby (i) Employer
and/or its subsidiaries sells some or all of its equity or (ii) the
Employer and/or its subsidiaries transfers all or a substantial portion of its
assets to an entity for the purposes of an initial public offering (the “IPO”),
then the Employee’s compensation shall be changed to the following:

 

1. Salary – For the period April 1, 2006 through March 31,
2007, the Employee shall be paid a salary at the rate of Two Hundred- Fifteen
Thousand Dollars ($215,000.00) per annum. For the period April 1, 2007
through the remaining Employment Term, the annual salary shall be increased to
Two Hundred Twenty-Five Thousand Dollars ($225,000.00). A make-up adjustment
shall be paid to Employee within thirty (30) days of the IPO for the difference
between the actual salary paid and the salary due as a result of the IPO.

 

2. Bonus Plan –
The Bonus Payment as described above shall be changed to the following:  Subject to the terms and conditions of the
Bonus Plan, the actual amount payable can be up to forty percent (40%) of
employee’s annual salary (“Bonus Payment”). This potential change will not
affect the Bonus Payment due for the year ended March 31, 2006.

 

3. Employee will be
eligible to participate in an equity based performance plan under the terms and
conditions as established by the Employer’s or its parent company’s board of
directors from time to time.

 

In addition to the above but only upon the completion
of the IPO,  Employee shall be entitled
to (i) a One Hundred Thousand Dollar ($100,000.00) cash bonus (the “ IPO
Cash  Bonus”) payable within thirty days
of the IPO and (ii) either (a) if the IPO is in the form of a
master limited partnership,  phantom
units with distribution equivalent rights or (b) if the IPO is in the form of
a corporation, restricted stock (the “Grant”) . The Grant (either phantom units
or restricted stock) shall be in the amount of Five Hundred Thousand Dollars
($500,000.00) based on the closing price on the date of the IPO. The Grant
shall vest over a three year period with one-third (1/3) of the Grant vesting
on each anniversary date of the Grant. The Grant shall be made within three (3) business
days of the IPO. If Employee voluntarily resigns his employment or is
discharged for cause as defined in paragraph 9, hereof, then Employee shall
forfeit any unpaid IPO Cash Bonus and all unvested portions of the Grant.

 

2

 

3.                                      Automobile.

 

Employer shall provide Employee with the use of a 4-wheel drive vehicle
suitable for the intended duties of the Employee. The cost of the vehicle to be
provided shall not exceed Forty Thousand Dollars ($40,000.00).

 

4.                                      Place
of Employment.

 

The Employee’s regular place of employment during the
Employment Term shall be at the office of the Employer in Pikeville, KY or at
such other location as reasonably stipulated by Employer.

 

5.                                      Travel;
Expenses.

 

The Employee shall engage in such travel as may reasonably
be required in connection with the performance of his duties. All reasonable
travel and other expenses incurred by the Employee (in accordance with the
policies and the budget of the Employer established from time to time) in
carrying out his duties hereunder will be reimbursed by the Employer on
presentation to it of expense accounts and appropriate documentation in
accordance with the customary procedures of the Employer for reimbursement of
executive expenses.

 

6.                                      Confidentiality;
Competition.

 

(a)                                 The
Employer possesses and will continue to possess confidential information that
Employee may gain access to. For the purposes hereof, all confidential
information about the business and affairs of the Employer (including, without
limitation, business plans, real and personal property leases, financial,
engineering and marketing information and information about costs, mining and
processing methods, suppliers and customers, including such information created
by Employee and confidential information of others obtained by Employer
pursuant to confidentiality agreements) constitute “Employer Confidential
Information.”  Employee acknowledges that
he will have access to and knowledge of Employer Confidential Information, and
that improper use or revelation of same by the Employee during or after the
termination of his employment by the Employer could cause serious injury to the
business of the Employer. Accordingly, the Employee agrees that he will forever
keep secret and inviolate all Employer Confidential Information which comes
into his possession, and that he will not use the same for his own private
benefit, or directly or indirectly for the benefit of others, and that he will
not disclose such Employer Confidential Information to any other person except
as necessary in pursuance of his duties.

 

(b)                                 The
Employee agrees that during the Employment Term (or the period of one year
after Employee’s termination as a result of Employee’s voluntary resignation or
three (3) months after Employee’s termination for cause) the Employee will
not (whether as an officer, director, partner, proprietor, investor, associate,
employee, consultant, adviser, public relations or advertising representative
or otherwise), directly or indirectly, be engaged in the business of coal
mining or coal marketing in the Central Appalachian Region or the Northern
Appalachian Region or the Illinois Basin or in Western Colorado (which the
parties acknowledge is the Employer’s trading area). For purposes of the
preceding sentence, the Employee shall be deemed

 

3

 

to be engaged in any business with any person for whom he shall be an
employee, officer, director, owner, employer, consultant, shareholder, or
partner. Nothing herein contained shall be deemed to prohibit the Employee from
owning, as a passive investment, a security of any issuer up to five percent
(5%) of the voting interest or up to five percent (5%) of the economic interest
of an issuer.

 

(c)                                  The
terms of this Agreement are intended to limit disclosure and competition by the
Employee to the maximum extent permitted by law. If it shall be finally
determined by any court of competent jurisdiction ruling on this Agreement that
the scope or duration of any limitation contained in this paragraph 6 is too
extensive to be legally enforceable, then the parties hereby agree that the
scope and duration (not greater than that provided for herein) of such
limitation shall be the maximum scope and duration which shall be legally
enforceable and the Employee hereby consents to the enforcement of such
limitation as so modified.

 

(d)                                 The
Employee acknowledges that any violation by him of the provisions of this
paragraph 6 could cause serious and irreparable harm and damage to the Employer.
He further acknowledges that it might not be possible to measure such damages
in money and that Employer’s remedy at law for a breach or threatened reach of
the provisions of Paragraph 5 would be inadequate. Accordingly, the Employee agrees
that, in the event of a breach or threatened breach by him of the provisions of
this paragraph 6, the Employer may seek, in addition to any other rights
or remedies, including money damages, an injunction or restraining order,
restraining the Employee from doing or continuing to do or perform any
acts constituting such breach or threatened breach. In the event Employer seeks
an injunction or restraining order, Employee and Employer agree that Employer
shall not be required to post a bond to obtain the necessary equitable relief.

 

7.                                      Benefits.

 

The Employer agrees to provide to the Employee the benefits available
to all salaried employees. Employee shall be entitled to Three (3) weeks
vacation each year during the Employment Term.

 

8.                                      Employee’s
Representation Regarding Prior and Future Employment.

 

Employee hereby represents to the Employer that he has
full lawful right and power to enter into this Agreement and carry out his
duties hereunder, and that same will not constitute a breach of or default under
any employment, confidentiality, non-competition or other agreement by which he
may be bound. Further, Employee hereby represents to the Employer that he
is not listed in the Office of Surface Mining’s Applicant Violator System
database.

 

Employee further agrees to provide prompt notice to
Employer of Employee’s first subsequent employment after ceasing to be an
employee of Employer.

 

9.                                      Termination
for Cause or Voluntary Resignation by Employee.

 

If Employee shall:

 

(i)                                     commit
an act of dishonesty against the Employer or fraud upon the Employer; or

 

4

 

(ii)                                  breach
his obligations  under this Agreement and
fail to cure such breach within five (5) days after written notice
thereof; or

 

(iii)                               be convicted of a crime
involving moral turpitude; or

 

(iv)                              grossly
fail or neglect  to diligently perform his
duties hereunder and continue in his failure after written notice; all such
instances being deemed “for cause” under this Agreement;

 

then, and in any such case, the Employer may terminate the
employment of the Employee “for cause” hereunder.

 

In the event of termination for cause or voluntary
resignation by Employee, the Employee shall no longer have any right to any of
the benefits (including future salary or bonus payments) which would otherwise
have accrued after such termination.

 

10.                               Successors.

 

The rights, benefits, duties and obligations under
this Agreement shall inure to and be binding upon the Employer, its successors
and assigns and upon the Employee and his legal representatives, legatees and
heirs. It is specifically understood, however, that this Agreement may not
be transferred or assigned by the Employee. The Employer may assign any of
its rights and obligations hereunder to any subsidiary or affiliate of the
Employer, or to a successor or survivor resulting from a merger, consolidation,
sale of assets or stock or other corporate reorganization, on condition that
the assignee shall assume all of the Employer’s obligations hereunder and it is
agreed that such successor or surviving corporation shall continue to be
obligated to perform the provisions of this Agreement.

 

11.                               Notices.

 

Notices hereunder shall be in writing and shall be
sent by certified or registered mail, telecopy, or recognized overnight
delivery service (such as Federal Express) prepaid as follows:

 

	
  To Employee:

  	
   

  	
  To Employer:

  
	
   

  	
   

  	
   

  
	
  Richard A. Boone

  	
   

  	
  CAM Holdings LLC

  
	
  P. O. Box 3603

  	
   

  	
  P. O. Box 1169

  
	
  (571-B1 Cedar Creek Road)

  	
   

  	
  Pikeville, KY 41501

  
	
  Pikeville, KY 41502 (41501)

  	
   

  	
  Attention: Chairman

  
	
   

  	
   

  	
  Fax: 606-432-0031

  

 

and shall be deemed to have been given when telecopied to the addressee
or three days after placed in the mail or the second business day following
delivery to a recognized overnight delivery service (such as Federal Express), prepaid
and properly addressed. Notices to the Employee may also be delivered to
him personally. Notices of change of address shall be given as provided above,
but shall be effective only when actually received.

 

5

 

12.                               Waiver
of Breach.

 

The failure of either party to insist upon the strict
performance of any of the terms, conditions, and provisions of this Agreement
shall not be construed as a waiver or relinquishment of future compliance
therewith, and said terms, conditions, and provisions shall remain in full
force and effect. No waiver of any term or condition of this Agreement on the part of
the Employer shall be effective for any purposes whatsoever unless such waiver
is in writing by Employer’s Chairman.

 

13.                               Amendments.

 

No amendment or variations of the terms and conditions
of this Agreement shall be made unless the terms of such amendment are in
writing and duly executed by Employee and Employer’s Chairman.

 

14.                               Entire
Agreement.

 

This Agreement constitutes the complete and entire
agreement governing the terms and conditions of the employment relationship
between the parties and supersedes any and all prior agreements or
understandings. Both Employee and Employer acknowledge and agree that there are
no oral or written understandings concerning the Employee’s employment by
Employer outside of this Agreement.

 

15.                               Governing Law.

 

This Agreement shall be
construed and enforced pursuant to the laws of the Commonwealth of Kentucky,
including matters of law relating to the choice of law.

 

16.                               Counterparts.

 

This Agreement, as executed separately by the
individual parties, shall be deemed to be an original, but all of which
together shall constitute one document.

 

IN WITNESS WHEREOF, the parties
hereto have executed and delivered this Agreement as of the day and year first
above written.

 

	
   

  	
  EMPLOYER:

  
	
   

  	
  CAM Holdings LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Terry N. Coleman

  	
   

  
	
   

  	
   

  	
  Terry
  N. Coleman, Chairman and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Richard A. Boone

  	
   

  
	
   

  	
  Richard A. Boone

  

 

6Exhibit 10.9

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) executed this 17th day
of October, 2005, between CAM Holdings LLC
(“Employer”) and Nicholas R. Glancy
(“Employee”).

 

WITNESSETH:

 

WHEREAS
Employer desires to employ Employee on the terms hereof, and Employee desires
to accept employment on such terms; and

 

WHEREAS
the parties hereto acknowledge that this Agreement is to be effective October 24,
2005 (the “Effective Date”)

 

In consideration of the
mutual covenants herein contained, the parties agree as follows:

 

1.                                      Term and
Duties.

 

Commencing as of the
Effective Date and continuing until October 24, 2008, unless sooner
terminated as herein provided or extended by mutual agreement of the parties
(the “Employment Term”), the Employer hereby employs the Employee as its Senior
Vice President and General Counsel and Employee accepts such employment. Employee
will also be an officer of Employer’s various subsidiaries as determined by
Employer’s Manager (Wexford Capital LLC). Employee’s responsibilities shall
include coordination of Employer’s and Employer’s subsidiaries’ legal
activities, risk management and project development, as well as other duties
all as defined from time to time by Employer. Employee shall report directly to
the Chairman. The Employee agrees to devote all of his business time and his
best efforts to the business of Employer as may be necessary to perform his
duties in accordance with the policies and directives established from time to
time by Employer and its Manager (Wexford Capital LLC). During the Employment
Term, the Employee will not have any other employment; provided, however, (a) Employee
may devote up to the equivalent of one day per week to perform ongoing
duties as President of Superior Coatings LLC and (b) may remain “of
counsel” with Sawyer & Glancy, PLLC through December 31, 2005 (or
such later date approved by the Chairman) to complete transition from private
practice provided that any time devoted to Sawyer & Glancy, PLLC shall
not interfere with the performance of Employee’s duties to Employer.

 

2.                                      Compensation.

 

For Employee’s services
hereunder during the Employment Term, Employee shall pay to Employee a salary
at the rate of Two-Hundred-Fifty Thousand Dollars ($250,000.00) per year
(subject to annual increase at the discretion of Employer), payable
periodically in accordance with Employer’s usual executive payroll payment
procedures; plus Employee shall participate (“Annual Bonus”) in the Central
Appalachia Mining/CAM-KY Performance Bonus Plan (“Bonus Plan”) with a maximum
bonus of 40% of Employee’s salary in each year covered by the Bonus Plan. The
Annual Bonus payment will be paid to Employee upon receipt of the audited
results for the fiscal year ending March 31sl of each year. In
no event shall the payment of the Bonus payment be delayed beyond 90 days past
the applicable period for which the Bonus

 

 

Payment is
calculated. On October 24, 2008 Employer shall pay Employee a bonus (“Term
Bonus”) of Two-Million Dollars ($2,000,000.00) unless Employee shall previously
have (a) voluntarily resigned from Employer or been terminated as an
employee of Employer “for Cause” as defined in paragraph 9 hereof; provided,
further that the Chairman shall be responsible for evaluating the performance
of Employee under this agreement and if the Chairman determines in good faith
that Employee’s performance is not satisfactory and the Employer terminates
Employee’s employment other than for cause, Employer will promptly after
termination pay Employee in lieu of the Term Bonus a pro rata portion of the
Term Bonus which will be the full amount of the Term Bonus divided by 36 and
multiplied by the number of months of employment to the date of such
termination.

 

3.                                      Indemnification,
Continuing Legal Election.

 

Employee shall be
afforded indemnification by Employer on the terms and conditions provided to
Employer’s other officers. Employer shall approve reasonable requests for
continuing legal education necessary to maintain Employee’s compliance with
Kentucky Supreme Court rules and to address legal needs of Employer.

 

4.                                      Place of
Employment.

 

The Employee’s regular
place of employment during the Employment Term shall be in Lexington, Kentucky
at a specific location approved by the Chairman. Agreed expenses of this office
shall be paid or reimbursed by Employer, including the cost of cell phone and
internet communications.

 

5.                                      Travel;
Expenses.

 

The Employee shall make
himself available to Employer’s office in Pikeville, Kentucky on 3 or 4
separate occasions per month. In addition, Employee shall engage in such other
travel as may reasonably be required in connection with the performance of
his duties. All reasonable travel and other expenses incurred by the Employee
(in accordance with the policies and the budget of the Employer established
from time to time)  in carrying out his
duties hereunder will be reimbursed by the Employer on presentation to it of
expense accounts and appropriate documentation in accordance with the customary
procedures of the Employer for reimbursement of executive expenses.

 

6.                                      Confidentiality;
Competition.

 

(a)                                 The
Employer possesses and will continue to possess confidential information that
Employee may gain access to. For the purposes hereof, all confidential
information about the business and affairs of the Employer (including, without
limitation, business plans, real and personal property leases, financial,
engineering and marketing information and information about costs, mining and
processing methods, suppliers and customers, including such information created
by Employee and confidential information of others obtained by Employer
pursuant to confidentiality agreements) 
constitute “Employer Confidential Information.”  Employee acknowledges that he will have
access to and knowledge of Employer Confidential Information, and that improper
use or revelation of same by the Employee during or after the termination of
his employment by the Employer could cause

 

2

 

serious injury to the business of the Employer.
Accordingly, the Employee agrees that he will forever keep secret and inviolate
all Employer Confidential Information which comes into his possession, and that
he will not use the same for his own private benefit, or directly or indirectly
for the benefit of others, and that he will not disclose such Employer
Confidential Information to any other person except as necessary in pursuance
of his duties.

 

(b)                                 The
Employee agrees that during the Employment Term (or the period of one year
after Employee’s termination as a result of Employee’s voluntary resignation or
three (3) months after Employee’s termination for cause) the Employee will
not (whether as an officer, director, partner, proprietor, investor, associate,
employee, consultant, adviser, public relations or advertising representative
or otherwise), directly or indirectly, be engaged in the business of coal
mining or coal marketing in the Central Appalachian Region or the Northern
Appalachian Region or the Illinois Basin or in Western Colorado (which the
parties acknowledge is the Employer’s trading area). For purposes of the
preceding sentence, the Employee shall be deemed to be engaged in any business
with any person for whom he shall be an employee, officer, director, owner,
employer, consultant, shareholder, or partner. Nothing herein contained shall
be deemed to prohibit the Employee from (i) owning, as a passive
investment, a security of any issuer up to five percent (5%) of the voting
interest or up to five percent (5%) of the economic interest of an issuer, or (ii) undertaking
the private practice of law (including the outside representation of coal
companies), subject in all cases to the confidentiality obligations of this
Agreement.

 

(c)                                  The
terms of this Agreement are intended to limit disclosure and competition by the
Employee to the maximum extent permitted by law. If it shall be finally
determined by any court of competent jurisdiction ruling on this Agreement that
the scope or duration of any limitation contained in this paragraph 6 is too
extensive to be legally enforceable, then the parties hereby agree that the
scope and duration (not greater than that provided for herein) of such
limitation shall be the maximum scope and duration which shall be legally
enforceable and the Employee hereby consents to the enforcement of such
limitation as so modified.

 

(d)                                 The
Employee acknowledges that any violation by him of the provisions of this
paragraph 6 could cause serious and irreparable harm and damage to the Employer.
He further acknowledges that it might not be possible to measure such damages
in money and that Employer’s remedy at law for a breach or threatened reach of
the provisions of Paragraph 5 would be inadequate. Accordingly, the Employee
agrees that, in the event of a breach or threatened breach by him of the
provisions of this paragraph 6, the Employer may seek, in addition to any
other rights or remedies, including money damages, an injunction or restraining
order, restraining the Employee from doing or continuing to do or perform any
acts constituting such breach or threatened breach. In the event Employer seeks
an injunction or restraining order, Employee and Employer agree that Employer
shall not be required to post a bond to obtain the necessary equitable relief.

 

7.                                      Benefits.

 

The Employer agrees to
provide to the Employee the benefits available to all salaried employees. Employee
shall be entitled to three (3) weeks vacation each year during the
Employment Term.

 

3

 

8.                                      Employee’s Representation
Regarding Prior and Future Employment.

 

Employee hereby
represents to the Employer that he has full lawful night and power to enter
into this Agreement and carry out his duties hereunder, and that same will not
constitute a breach of or default under any employment, confidentiality,
non-competition or other agreement by which he may be bound. Further,
Employee hereby represents to the Employer that he is not listed in the Office
of Surface Mining’s Applicant Violator System database.

 

Employee further agrees
to provide prompt notice to Employer of Employee’s first subsequent employment
after ceasing to be an employee of Employer.

 

9.                                      Termination
for Cause or Voluntary Resignation by Employee.

 

If Employee shall:

 

(i)                                     commit
an act of dishonesty against the Employer or fraud upon the Employer; or

 

(ii)                                  materially
breach his obligations under this Agreement and fail to cure such breach within
five (5) days after written notice thereof; or

 

(iii)                               be convicted of a crime
involving moral turpitude; or

 

(iv)                              grossly
fail or neglect to diligently perform his duties hereunder and continue in
his failure after written notice;

 

all such instances being deemed “for cause” under this
Agreement;

 

then, and in any such
case, the Employer may terminate the employment of the Employee “for cause”
hereunder.

 

In the event of
termination for cause or voluntary resignation by Employee, the Employee shall
no longer have any right to any of the benefits (including future salary or
bonus payments) which would otherwise have accrued after such termination.

 

10.                               Successors.

 

The rights, benefits,
duties and obligations under this Agreement shall inure to and be binding upon
the Employer, its successors and assigns and upon the Employee and his legal
representatives, legatees and heirs. It is specifically understood, however,
that this Agreement may not be transferred or assigned by the Employee. The
Employer may assign any of its rights and obligations hereunder to any
subsidiary or affiliate of the Employer, or to a successor or survivor
resulting from a merger, consolidation, sale of assets or stock or other
corporate reorganization, on condition that the assignee shall assume all of
the Employer’s obligations hereunder and it is agreed that such successor or
surviving corporation shall continue to be obligated to perform the
provisions of this Agreement.

 

4

 

11.                               Notices.

 

Notices hereunder shall
be in writing and shall be sent by certified or registered mail, telecopy, or
recognized overnight delivery service (such as Federal Express) prepaid as
follows:

 

	
  To Employee:

  	
  To
  Employer:

  
	
   

  	
   

  
	
  Nicholas R. Clancy

  3164 Blenheim Way

  Lexington, KY 40503

  	
  CAM Holdings LLC

  P. O. Box 1169

  Pikeville, KY 41501

  Attention: Chairman

  Fax:606-432-0031

  

 

and shall be deemed to
have been given when telecopied to the addressee or three days after placed in
the mail or the second business day following delivery to a recognized
overnight delivery service (such as Federal Express), prepaid and properly addressed.
Notices to the Employee may also be delivered to him personally. Notices
of change of address shall be given as provided above, but shall be effective
only when actually received.

 

12.                               Waiver of
Breach.

 

The failure of either
party to insist upon the strict performance of any of the terms, conditions,
and provisions of this Agreement shall not be construed as a waiver or
relinquishment of future compliance therewith, and said terms, conditions, and
provisions shall remain in full force and effect. No waiver of any term or
condition of this Agreement on the part of the Employer shall be effective
for any purposes whatsoever unless such waiver is in writing by Employer’s
Chairman.

 

13.                               Amendments.

 

No amendment or
variations of the terms and conditions of this Agreement shall be made unless
the terms of such amendment are in writing and duly executed by Employee and
Employer’s Chairman.

 

14.                               Entire
Agreement.

 

This Agreement
constitutes the complete and entire agreement governing the terms and conditions
of the employment relationship between the parties and supersedes any and all
prior agreements or understandings. Both Employee and Employer acknowledge and
agree that there are no oral or written understandings concerning the Employee’s
employment by Employer outside of this Agreement.

 

15.                               Governing
Law.

 

This Agreement shall be
construed and enforced pursuant to the laws of the Commonwealth of Kentucky,
including matters of law relating to the choice of law.

 

5

 

16.                               Counterparts

 

This Agreement, as
executed separately by the individual parties, shall be deemed to be an
original, but all of which together shall constitute one document.

 

IN
WITNESS WHEREOF, the parties hereto have executed and
delivered this Agreement as of the day and year first above written.

 

	
   

  	
  EMPLOYER: CAM Holdings LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Terry N. Coleman

  	
   

  
	
   

  	
   

  	
  Terry N. Coleman

  
	
   

  	
   

  	
  Chairman and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Nicholas R. Glancy

  	
   

  
	
   

  	
  Nicholas R. Glancy

  

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]