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exhibit1043.htm

    
      

      

    

    
 

    
      EXHIBIT
10.43

      

      CHANGE IN CONTROL SEVERANCE
AGREEMENT

      

      THIS
CHANGE IN CONTROL SEVERANCE AGREEMENT (this “Agreement”), dated as of May 25,
2006 (the “Effective Date”), is made between Massey Energy Company, a Delaware
corporation (the “Company”), and Michael K. Snelling (the
“Executive”).

      

      WITNESSETH:

      

      WHEREAS,
Executive is a senior executive of the Company or one of its Subsidiaries (as
defined below) and has made and is expected to continue to make major
contributions to the short-term and long-term profitability, growth and
financial strength of the Company; and

      

      WHEREAS,
the Board of Directors of the Company (the “Board,” as defined in Section 23)
recognizes that, as is the case with many publicly held corporations, the
possibility of a Change in Control (as defined in Section 23) exists and that
such possibility, and the uncertainty and questions which it may raise among
management, may result in the departure or distraction of key management
personnel to the detriment of the Company and its stockholders; and

      

      WHEREAS,
the Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of, and to contract for the
continued rendering of services by, members of the Company’s management,
including Executive, in connection with their assigned duties without
distraction in the face of potentially disturbing circumstances, and without the
Company’s loss of needed personnel, arising from the possibility of a Change in
Control; and

      

      WHEREAS,
in consideration of Executive’s continued employment with the Company, the
Company desires to provide Executive with certain compensation and benefits set
forth in this Agreement in order to ameliorate the financial and career impact
on Executive in the event Executive’s employment with the Company is terminated
for a reason related to a Change in Control.

      

      NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements hereinafter set forth (including definitions of capitalized terms
which are set forth in Section 23 and throughout this Agreement) and intending
to be legally bound hereby, the Company and Executive agree as
follows:

      

      1. Obligations of Executive to
Remain Employed.  Executive agrees that in the event any person
or group attempts a Change in Control and he is either notified by the Board or
aware of an attempted Change in Control, he shall not, without the written
agreement of the Board, voluntarily leave the employ of the Company other than
by reason of a Constructive Termination Associated With a Change in Control (as
defined in Section 23) (i) until such attempted Change in Control
terminates or (ii) if a Change in Control shall occur, until the occurrence
of such Change in Control.  For purposes of the foregoing clause (i)
and this Agreement, Constructive Termination Associated With a Change in Control
shall be determined, except as expressly provided in the definition of the term,
as if a Change in Control had occurred when such attempted Change in Control
(which is sometimes referred to herein as a ”potential”, as opposed to an
“actual”, Change in Control) became known to the Board.  For purposes
of this Agreement, any decision by the Board that the person or group has
abandoned or terminated his or its efforts to effect a Change in Control shall
be conclusive and binding on Executive.

      

      2. Termination Associated With
a Change in Control.

      

      (a) Involuntary Termination
Associated With a Change in Control. Executive shall be entitled to the
payments and benefits provided in Section 2(b) in the event Executive’s
employment is terminated after, or in connection with, a Change in Control, on
account of:

      

      (i) an
Involuntary Termination Associated With a Change in Control (as defined in
Section 23) within the two year period after an actual Change in
Control,

      

      (ii) a
termination by the Company, other than for Cause (as defined in Section 23) or
other than due to Executive’s death or Disability (as defined in Section 23),
that (A) occurs not more than three (3) months

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      prior to
the date on which an actual Change in Control occurs or (B) is requested by a
third party who initiates and effects an actual Change in Control,
or

      

      (iii) a
termination by Executive that occurs after a potential Change in Control but
before an actual Change in Control and is considered a Constructive Termination
Associated With a Change in Control.

      

      For
purposes of clause (ii)(B) in the preceding sentence, to be eligible to receive
amounts described in Section 2(b) below, a Change in Control must be consummated
within the twelve (12) month period following Executive’s Termination Date (as
defined in Section 23), except in circumstances pursuant to which the
consummation of the Change in Control is delayed, through no failure of the
Company or the third person, by a governmental or regulatory authority or agency
with jurisdiction over the matter, or as a result of other similar
circumstances. In such a circumstance, the remainder of the twelve (12) month
period shall be tolled and shall recommence upon termination of the delaying
event.

      

      (b) Payments Upon Involuntary
Termination Associated With a Change in Control. Subject to the
provisions of Section 2(c) or Sections 3 and 6 hereof, in the event a
termination described in Section 2(a) occurs, the Company shall pay and provide
to Executive within thirty (30) days after his Termination Date or, where
Executive is entitled to benefits under this Agreement by reason of clause (ii)
or (iii) of Section 2(a) above, after the date the Change in Control occurs (or
in any case, the end of the revocation period for the Release contemplated in
Section 4 hereof, if later):

      

      (i) a
lump sum cash payment equal to 2.5 times Executive’s Base Pay (as defined in
Section 23);

      

      (ii) a
lump sum cash payment equal to 2.5 times Executive’s Target Bonus (as defined in
Section 23);

      

      (iii) a pro rated payment of his Target Bonus for the year
in which Executive’s Termination Date occurs. The pro rated payment shall be
based on Executive’s Target Bonus as of Executive’s Termination Date, multiplied
by a fraction, the numerator of which is the number of days during which
Executive was employed by the Company in the year of his termination and the
denominator of which is 365;

      

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

      

      (v) for a
period of 24 months following his Termination Date, Executive shall continue to
receive the medical and dental coverage in effect on his Termination Date (or
generally comparable coverage) for himself and, if applicable, his spouse and
dependents, as the same may be changed from time to time for employees
generally, as if Executive had continued in employment during such period; or,
as an alternative, the Company may elect to pay Executive cash in lieu of such
coverage in an amount equal to Executive’s reasonable after-tax cost of
continuing comparable coverage, where such coverage may not be continued by the
Company (or where such continuation would adversely affect the tax status of the
plan pursuant to which the coverage is provided).

      

      (A) If
Executive does not receive the cash payment described in the preceding sentence,
the Company shall take all commercially reasonable efforts to provide that the
COBRA (as defined in Section 23) health care continuation coverage period under
section 4980B of the Code (as defined in Section 23) shall commence immediately
after the foregoing 24 month benefit period, with such continuation coverage
continuing until the end of applicable COBRA health care continuation coverage
period.

      

      (B) If
Executive would have been eligible for post-retirement medical and dental
coverage had he retired from employment during the period of 24 months following
his Termination Date, but is not so eligible as the result of his Involuntary
Termination Associated With a Change in Control, then at the conclusion of the
benefit continuation period described in (A) above, the Company shall take all
commercially reasonable efforts to provide Executive with additional continued
group medical and

      
        
           

        

        
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      dental
coverage comparable to that which would have been available to him from time to
time under the Company’s post-retirement medical and dental program, for as long
as such coverage would have been available under such program, or, as an
alternative, the Company may elect to pay Executive cash in lieu of such
coverage in an amount equal to Executive’s reasonable after-tax cost of
continuing comparable coverage, where such coverage may not be continued by the
Company (or where such continuation would adversely affect the tax status of the
plan pursuant to which the coverage is provided).

      

      (c) Limitation on Payments and
Benefits. Notwithstanding anything in this Agreement to the contrary, the
sum of the maximum amount payable and the value of the benefits provided to
Executive pursuant to this Section 2 and Section 6(a) shall be limited to 2.99
times the sum of Executive’s Base Pay and Bonus (as defined in Section 23).
In the event a reduction is required pursuant
hereto, unless Executive is permitted by the Company to choose the order of
reduction, the order of reduction shall be first any Gross-Up Payment provided
pursuant to Section 6(a), next all other cash payments on a pro rata basis, then
any equity compensation on a pro rata basis, and lastly medical and dental
coverage.

      

      (d) Cessation of Employment on
Account of Disability, Cause or Death. Notwithstanding anything in this
Agreement to the contrary, if Executive’s employment terminates on account of
Disability, Executive shall be entitled to receive disability benefits under any
disability program maintained by the Company that covers Executive, and
Executive shall not be considered to have terminated employment under this
Agreement and shall not receive payments and benefits pursuant to this Section
2. If Executive’s employment terminates on account of Cause or because of his
death, Executive shall not be considered to have terminated employment under
this Agreement and shall not receive payments and benefits pursuant to this
Section 2.

      

      (e) Beneficiaries.
Executive shall be entitled to select (and change, to the extent permitted under
any applicable law) a beneficiary or beneficiaries to receive any compensation
or benefit payable hereunder following Executive’s death, and may change such
election, in either case by giving the Company written notice thereof. In the
event of Executive’s death or a judicial determination of his incompetence,
reference in this Agreement to Executive shall be deemed, where appropriate, to
refer to his beneficiary, estate or other legal representative. If Executive
dies without having designated a beneficiary, or if the beneficiary so
designated has predeceased Executive or cannot be located by the Company within
one year after the date when the Company commenced making a reasonable effort to
locate such beneficiary, then Executive's surviving spouse, or if none, then
Executive's estate shall be deemed to be his beneficiary.

      

      3. Nonqualified Deferred
Compensation Plan Omnibus Provisions. Notwithstanding any other provision
of this Agreement, it is intended that any payment or benefit which is provided
pursuant to or in connection with this Agreement which is considered to be
nonqualified deferred compensation subject to Section 409A of the Code shall be
provided and paid in a manner, and at such time and in such form, as complies
with the applicable requirements of Section 409A of the Code to avoid the
unfavorable tax consequences provided therein for
non-compliance.  Notwithstanding any other provision of this
Agreement, the Board is authorized to amend this Agreement, to amend any
election made by Executive under this Agreement and/or to delay the payment of
any monies and/or provision of any benefits in such manner as may be determined
by it to be necessary or appropriate to comply, or to evidence or further
evidence required compliance, with Section 409A of the Code (including any
transition or grandfather rules thereunder).  For example, if a Change
in Control occurs but the Change in Control does not constitute a change in
ownership of the Company or in the ownership of a substantial portion of the
assets of the Company as provided in Section 409A(a)(2)(A)(v) of the Code, then
payment of any amount or provision of any benefit under this Agreement which is
considered to be nonqualified deferred compensation subject to Section 409A of
the Code shall be deferred until another permissible payment event contained in
Section 409A occurs (e.g., death, disability, separation from service from the
Company and its affiliates as defined for purposes of Section 409A of the Code),
including any deferral of payment or provision of benefits in connection with a
separation from service payment event to six (6) months after a key employee of
a publicly traded corporation as required by Section 409A(a)(2)(B)(i) of the
Code (the “409A Deferral Period”).  In
the event such payments are otherwise due to be made in installments or
periodically during the 409A Deferral Period, the payments which would otherwise
have been made in the 409A Deferral Period shall be accumulated and paid in a
lump sum as soon as the 409A Deferral Period ends, and the balance of the
payments shall be made as otherwise scheduled.  In the event benefits
are required to be deferred, any such benefit may be provided during the 409A
Deferral Period at Executive’s expense, with Executive having a right to
reimbursement from the Company once the 409A Deferral Period ends, and the
balance of the benefits shall be provided as otherwise
scheduled.

      
        
           

        

        
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      4. Release.
Notwithstanding the foregoing, no payments shall be made or benefits provided
under Section 2(b) unless Executive executes, and does not revoke, the Company’s
standard written release, substantially in the form as attached hereto as
Appendix A (the “Release”), of any and all claims against the Company and all
related parties with respect to all matters arising out of Executive’s
employment by the Company (other than any claim or entitlement under an employee
benefit, long term cash or equity compensation plan, program, arrangement or
agreement which is due pursuant to the terms of such plan, program, arrangement
or agreement) or a termination thereof. Such Release must be provided within
sixty (60) days after Executive’s Terminate Date or, where Executive is entitled
to benefits under this Agreement by reason of clause (ii) or (iii) of Section
2(a) above, after the date the Change in Control occurs.

      

      5. Enforcement. Without
limiting the rights of Executive at law or in equity, except as provided in
Section 6, if the Company fails to make any payment or provide any benefit
required to be made or provided hereunder on a timely basis, the Company will
pay interest on the amount or value thereof at an annualized rate of interest
equal to the so-called composite “prime rate” as quoted from time to time during
the relevant period in the Eastern Edition of The Wall Street
Journal. Such interest will be payable as it accrues on demand. Any
change in such prime rate will be effective on and as of the date of such
change.

      

      6. Tax Limitation on Payments
by the Company. The provisions of this Section 6 shall apply
notwithstanding anything in this Agreement to the contrary.

      

      (a)
Subject to the limitation in Section 2(c), in the event that it shall be
determined that any Payment would constitute an “excess parachute payment”
within the meaning of Section 280G of the Code, then the Company shall pay Executive an additional amount (the
“Gross-Up Payment”) such that the net amount retained by the Executive after
deduction of any excise tax imposed under Section 4999 of the Code, and any
federal, state and local income tax, employment tax, excise tax and other tax
imposed upon the Gross-Up Payment, shall be equal to the
Payment.  Notwithstanding the foregoing, if the Net After-tax Benefit
to the Executive of receiving the Gross-Up Payment does not exceed the Reduced
Amount (as defined below) by more than the lesser of $50,000 or 10% (as compared
to the Net After-tax Benefit to Executive resulting from elimination of the
Gross-Up Payment and reduction of the Payments under Section 2 of this Agreement
(“Change in Control Payments”) to the Reduced Amount), then the Company shall
not pay Executive the Gross-Up Payment and the Change in Control Payments shall
be reduced (but not below zero) so that the Present Value of the aggregate of
all Payments does not exceed the Reduced Amount; provided, however, that no such
reduction shall be effected, but no Gross-Up Payment shall be made, if the Net
After-tax Benefit to Executive of receiving all of the Payments exceeds by more
than the lesser of $50,000 or 10% of the Net After-tax Benefit to Executive
resulting from having such Change in Control Payments so reduced. In the event a reduction is required pursuant hereto,
unless Executive is permitted by the Company to choose the order of reduction,
the order of reduction shall be first all cash payments on a pro rata basis,
then any equity compensation on a pro rata basis, and lastly medical and dental
coverage. For purposes of this Section 6, the following terms have the
following meanings:

      

      (i) “Net
After-tax Benefit” shall mean the Present Value of a Payment net of all federal
state and local income, employment and excise taxes imposed on Executive with
respect thereto, determined by applying the highest marginal rate(s) applicable
to an individual for Executive’s taxable year in which the Change in Control
occurs.

      

      (ii)
“Payment” means any payment or distribution or provision of benefits by the
Company to or for the benefit of Executive, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise, but determined without regard to any reductions required by this
Section 6.

      

      (iii)
“Present Value” shall mean such value determined in accordance with Section
280G(d)(4) of the Code.

      

      (iv)
“Reduced Amount” shall be an amount expressed in Present Value which maximizes
the aggregate Present Value of Payments without causing any Payment to be
subject to excise tax under Section 4999 of the Code or the deduction limitation
of Section 280G of the Code.

      

      (b)
Except as set forth in the next sentence, all determinations to be made under
this Section 6 shall be made by the nationally recognized independent public
accounting firm used by the Company immediately prior to the

      
        
           

        

        
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      Change in
Control (“Accounting Firm”), which Accounting Firm shall provide its
determinations and any supporting calculations to the Company and Executive
within ten days of Executive’s Termination Date. If determined by the Accounting
Firm to be excludible from parachute payments under Section 280G of the Code,
the value of Executive’s non-competition covenant under Section 10(a) of this
Agreement shall be determined by independent appraisal by a
nationally-recognized business valuation firm acceptable to both Executive and
the Company, and a portion of the Change in Control Payments shall, to the
extent of that appraised value, be specifically allocated as reasonable
compensation for such non-competition covenant and shall not be treated as a
parachute payment. Any such determination by the Accounting Firm shall be
binding upon the Company and Executive.

      

      (c)  If
the Accounting Firm determines that Change in Control Payments should be
reduced, the Company shall promptly give Executive notice to that effect and a
copy of the detailed calculation thereof.  All determinations made by
the Accounting Firm under this Section 6 shall be binding upon the Company and
Executive and shall be made within twenty (20) business days of Executive’s
Termination Date.

      

      (d)  While
it is the intention of the Company and Executive to reduce the amounts payable
or distributable to Executive hereunder only if the aggregate Net After-tax
Benefit to Executive would thereby be increased in the manner provided for
herein, as a result of the uncertainty in the application of Section 4999 of the
Code at the time of the initial determination by the Accounting Firm hereunder,
it is possible that amounts will have been paid or distributed by the Company to
or for the benefit of Executive pursuant to this Agreement which should not have
been so paid or distributed (“Overpayment”) or that additional amounts which
will have not been paid or distributed by the Company to or for the benefit of
Executive pursuant to this Agreement could have been so paid or distributed
(“Underpayment”), in each case, consistent with the calculation of the Reduced
Amount hereunder.  In the event that the Accounting Firm, based either
upon the assertion of a deficiency by the Internal Revenue Service against the
Company or Executive which the Accounting Firm believes has a high probability
of success determines that an Overpayment has been made, any such Overpayment
paid or distributed by the Company to or for the benefit of Executive shall be
treated for all purposes as a loan to Executive which Executive shall repay to
the Company together with interest at the applicable federal rate provided for
in Section 7872(f)(2) of the Code; provided, however, that no such loan shall be
deemed to have been made and no amount shall be payable by Executive to the
Company if and to the extent such deemed loan and payment would not either
reduce the amount on which Executive is subject to tax under Sections 1 and 4999
of the Code or generate a refund of such taxes. In the event that the Accounting
Firm, based upon controlling precedent or substantial authority, determines that
an Underpayment has occurred, any such Underpayment shall be promptly paid by
the Company to or for the benefit of Executive together with interest at the
applicable federal rate provided for in Section 7872(f)(2) of the
Code.

      

      (e) All
of the fees and expenses of the Accounting Firm in performing the determinations
referred to in this Section 6 shall be borne solely by the Company.

      

      7. Duties upon Termination;
Mitigation Obligation. Upon termination of employment for any reason,
Executive or his estate shall surrender to the Company all correspondence,
letters, files, contracts, mailing lists, customer lists, advertising materials,
ledgers, supplies, equipment, checks, and all other materials and records of any
kind that are the property of the Company or any of its subsidiaries or
affiliates, that may be in Executive’s possession or under his control,
including all copies of any of the foregoing. The Company hereby acknowledges
that it will be difficult and may be impossible for Executive to find reasonably
comparable employment following the Termination Date. Accordingly, the payment
and provision of the severance compensation by the Company to Executive in
accordance with the terms of this Agreement is hereby acknowledged by the
Company to be reasonable, and Executive will not be required to mitigate the
amount of any payment or benefit provided for in this Agreement by seeking other
employment or otherwise, nor will any profits, income, earnings or other
benefits from any source whatsoever create any mitigation, offset, reduction or
any other obligation on the part of Executive hereunder or
otherwise.

      

      8. Legal Fees and
Expenses. If litigation or arbitration is
commenced by either party to enforce or interpret any provision contained in
this Agreement, the Company will undertake to indemnify Executive for his
reasonable attorneys' fees and expenses associated with such litigation or arbitration if Executive
substantially prevails in such litigation or arbitration or any settlement
thereof.  Notwithstanding the foregoing, if it should appear to Executive that the
Company has failed to comply with any of its obligations under this Agreement or
in the event that the Company or any other person takes or threatens to take any
action to declare this Agreement void or unenforceable, or institutes any
litigation or other action or proceeding designed to deny, or to recover from,
Executive the benefits provided or intended to be

      
        
           

        

        
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      provided
to Executive under Section 2 of this Agreement, the Company will in any event reimburse Executive for his reasonable
attorneys' fees and expenses
incurred in connection therewith up to
$10,000 without regard to the commencement or outcome of any litigation or
arbitration in order for Executive to retain counsel to advise and represent Executive in
connection with any such interpretation, enforcement or defense, including
without limitation the initiation or defense of any litigation or other legal
action, whether by or against the Company or any director, officer or employee
of the Company, in any jurisdiction. Notwithstanding any existing or prior
attorney-client relationship between the Company and such counsel, the Company
irrevocably consents to Executive’s entering into an attorney-client
relationship with such counsel, and in that connection, the Company and
Executive agree that a confidential relationship will exist between Executive
and such counsel. The first $10,000 of such expenses will be paid by the Company
as they are incurred by Executive, and any balance
thereof due to Executive shall be paid within thirty (30) days after any final
judgment or decision or settlement in which Executive substantially
prevails.

      

      9. Confidentiality.
Executive hereby covenants and agrees that, except as specifically requested or
directed by the Company, he will not disclose to any person not employed by the
Company, or use in connection with engaging in competition with the Company, any
confidential or proprietary information (as provided below) of the Company. For
purposes of this Agreement, the term “confidential or proprietary information”
will include all information of any nature and in any form that is owned by the
Company and that is not publicly available (other than by Executive’s breach of
this Section 9) or generally known to persons engaged in businesses similar or
related to those of the Company. Confidential or proprietary information will
include, without limitation, the Company’s financial matters, customers,
employees, industry contracts, strategic business plans, product development (or
other proprietary product data), marketing plans, consulting solutions and
processes, and all other secrets and all other information of a confidential or
proprietary nature which is protected by the Uniform Trade Secrets Act. For
purposes of the preceding two sentences, the term “Company” will also include
any Subsidiary (as defined in Section 23; collectively, the “Restricted Group”).
The foregoing obligations imposed by this Section 9 will not apply (i) in the
course of the business of and for the benefit of the Company, (ii) if such
confidential or proprietary information has become, through no fault of
Executive, generally known to the public, or (iii) if Executive is required by
law to make disclosure (after giving the Company notice and an opportunity to
contest such requirement). In addition, if not otherwise filed by the Company
with the U.S. Securities and Exchange Commission (“SEC”) and available through
public disclosure from the SEC, Executive agrees not to disclose the terms of
this Agreement to anyone, except Executive’s spouse, attorney and, as necessary,
tax/financial advisor, except as may be required by law. Likewise, the Company
agrees that the terms of this Agreement will not be disclosed except as may be
necessary to obtain approval or authorization to fulfill its obligations
hereunder or as required by law. It is expressly understood that any violation
of the confidentiality obligation imposed hereunder constitutes a material
breach of this Agreement.

      

      10. Covenants Not to Compete and
Not to Solicit; Breach of Agreement Obligations by
Executive.

      

      (a) Covenant Not to
Compete. In the event Executive breaches his obligations to the Company
to remain employed as provided in Section 1 above or if Executive is entitled to
receive payments and benefits under Section 2 above other than pursuant to
clause (ii) or (iii) of Section 2(a) above, then, for a period of one (1) year
following Executive’s Termination Date, Executive shall not directly or
indirectly engage in (whether as an employee, consultant, proprietor, partner,
director or otherwise), or have any ownership interest in, or participate in a
financing, operation, management or control of, any person, firm, corporation or
business that is a Restricted Business in a Restricted Territory without the
prior written consent of the Board. For this purpose, ownership, whether direct
or beneficial, of no more than 5% of the outstanding securities entitled to vote
generally in the election of directors of a publicly traded corporation shall
not constitute a violation of this provision.

      

      (b) Covenant Not to
Solicit. In the event Executive breaches his obligations to the Company
to remain employed as provided in Section 1 above or if Executive is entitled to
receive payments and benefits under Section 2 above other than pursuant to
clause (ii) or (iii) of Section 2(a) above, then, for a period of one (1) year
following Executive’s Termination Date, Executive shall not: (i) solicit,
encourage or take any other action which is intended to induce any other
employee, any supplier or any customer, of the Company or any Subsidiary to
terminate his employment or relationship with the Company or any Subsidiary; or
(ii) interfere in any manner with the contractual or employment relationship
between the Company and any such employee, supplier or customer of the Company
or any Subsidiary. The foregoing shall not prohibit Executive or any entity with
which Executive may be affiliated from hiring a former employee of the Company
or any Subsidiary; provided, that such hiring results exclusively from such
former employee’s affirmative response to a general recruitment
effort.

      
        
           

        

        
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      (c) Interpretation. The
covenants contained herein are intended to be construed as a series of separate
covenants, one for each of the counties, parishes, towns, cities or states or
similar local governmental or political subdivisions of the Restricted
Territory. Except for geographic coverage, each such separate covenant shall be
deemed identical in terms to the covenant contained in the preceding
subsections. If, in any judicial proceeding, the court shall refuse to enforce
any of the separate covenants (or any part thereof) deemed included in such
subsections, then such unenforceable covenant (or such part) shall be deemed to
be eliminated from this Agreement for the purpose of those proceedings to the
extent necessary to permit the remaining separate covenants (or portions
thereof) to be enforced. 

      

      (d) Remedies for
Breach.  In the event of Executive’s termination of employment,
the Company’s obligations to provide the payments and benefits set forth in
Section 2 shall be and are expressly conditioned upon Executive’s covenants not
to compete and not to solicit as provided herein. In the event Executive
breaches his obligations to the Company as provided herein, the Company’s
obligations to provide the payments and benefits set forth in Section 2 shall
cease, and Executive shall be obligated to return to the Company any payments
and the value of any benefits previously received by him pursuant to Section 2.
In addition, it is recognized that damages in the event of breach of this
Section 10 by Executive would be difficult, if not impossible, to ascertain, and
it is therefore specifically agreed that the Company, in addition to and without
limiting any other remedy or right it may have, shall have the right to an
injunction or other equitable relief in any court of competent jurisdiction,
enjoining any such breach.  The existence of the express rights to
cease or recover payment and the value of benefits otherwise provided for in
Section 2 and to obtain an injunction or other equitable relief shall not
preclude the Company from pursuing any other rights and remedies at law or in
equity which it may have.

      

      (e) Definitions. For
proposes of this Section 10, the following terms have the following
meanings:

      

      (i)
“Restricted Business” means any business function with a direct competitor of
the Company or any Subsidiary that is substantially similar to the business
function performed by Executive with the Company or any Subsidiary immediately
prior to his Termination Date.

      

      (ii)
“Restricted Territory” means the counties, parishes, towns, cities, or states or
similar governmental or political subdivisions of any country in which the
Company or any Subsidiary operates or does business, inclusive of markets in
which the Company competes with the Restricted Business to sell its
products.

      

      (f) Reasonableness. In
the event that the provisions of this Section 10 shall ever be deemed to exceed
the time, scope or geographic limitations permitted by applicable laws, then
such provisions shall be reformed to the maximum time, scope or geographic
limitations, as the case may be, permitted by applicable laws.

      

      11. Employment Rights.
Executive and the Company acknowledge that, except as may otherwise be provided
under any other written agreement between Executive and the Company or a
Subsidiary, the employment of Executive by the Company is “at
will.”  Nothing expressed or implied in this Agreement will create any
right or duty on the part of the Company or Executive, except as provided in
Section 1 above, to have Executive remain in the employment of the Company or
any Subsidiary prior to or following any Change in Control.

      

      12. Withholding of Taxes.
The Company may withhold from any amounts payable under this Agreement all
federal, state, city or other taxes as the Company is required to withhold
pursuant to any applicable law, regulation or ruling.

      

      13. Term of
Agreement.

      

      (a) Regular Term and
Extensions.  The term of this Agreement shall commence on the
Effective Date hereof and shall continue until the December 31, 2008; provided,
however, that commencing on December 31, 2008, and each anniversary thereafter,
the term of this Agreement shall automatically be extended for one year unless
the Company gives notice not later than thirty (30) days preceding any such
anniversary year that it does not wish to extend this Agreement; and provided,
further, that regardless of any such notice by the Company, this Agreement shall
continue in effect for a period of 24 months beyond the term provided herein if
a Change in Control of the Company occurs during the period that this Agreement
is in effect.

      

      (b) Early Termination by the
Board.  Notwithstanding the foregoing, this Agreement shall be
subject to unilateral termination by the Company if the Board determines in good
faith that Executive is no longer a key

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      management
employee to be provided the rights contained herein and so notifies Executive in
writing; provided, however, that such determination may not be made, and if made
shall have no effect, if a Change in Control shall have occurred or during any
period of time when the Company has knowledge that any person or group has taken
steps reasonably calculated to effect a Change in Control until, in the opinion
of the Board, the third person has abandoned or terminated his or its efforts to
effect a Change in Control.

      

      14. Successors and Binding
Agreement.

      

      (a) The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation, reorganization or otherwise) to all or substantially all
of the business or assets of the Company, by agreement in form and substance
reasonably satisfactory to Executive, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent the Company would be
required to perform if no such succession had taken place. This Agreement will
be binding upon and inure to the benefit of the Company and any successor to the
Company, including without limitation any persons acquiring directly or
indirectly all or substantially all of the business or assets of the Company
whether by purchase, merger, consolidation, reorganization or otherwise (and
such successor will thereafter be deemed “Company” for the purposes of this
Agreement), but will not otherwise be assignable, transferable or delegable by
the Company.

      

      (b) This
Agreement will inure to the benefit of and be enforceable by Executive’s
personal or legal representatives, executors, administrators, successors, heirs,
distributees and legatees. This Agreement will supersede the provisions of any
employment agreement between Executive and the Company that relate to any matter
that is also the subject of this Agreement, and such provisions in such
employment agreement will be null and void. The foregoing sentence shall have no
impact on any outstanding agreement made with Executive under the Company’s
long-term incentive program, including, stock option, restricted stock,
restricted unit, other equity- or cash-based incentive awards or other equity-
or cash-based agreements at any time in effect.

      

      (c) This
Agreement is personal in nature and neither of the parties hereto will, without
the consent of the other, assign, transfer or delegate this Agreement or any
rights or obligations hereunder except as expressly provided in Sections 14(a)
and (b). Without limiting the generality or effect of the foregoing, Executive’s
right to receive payments and benefits hereunder will not be assignable,
transferable or delegable, whether by pledge, creation of a security interest,
or otherwise, other than by a transfer by Executive’s will or by the laws of
descent and distribution and, in the event of any attempted assignment or
transfer contrary to this Section 14(c), the Company will have no liability to
pay any amount so attempted to be assigned, transferred or
delegated.

      

      15. Notices. For all
purposes of this Agreement, all communications, including without limitation,
notices, consents, requests or approvals, required or permitted to be given
hereunder will be in writing and will be deemed to have been duly given when
hand delivered or dispatched by electronic facsimile transmission (with receipt
thereof confirmed electronically), or five (5) business days after having been
mailed by United States registered or certified mail, return receipt requested,
postage prepaid, or three (3) business days after having been sent by a
nationally recognized courier service for overnight/next-day delivery, such as
FedEx, UPS, or the United States Postal Service, addressed to the Company (to
the attention of the Secretary of the Company) at its principal executive office
and to Executive at his principal residence, or to such other address as any
party may have furnished to the other in writing and in accordance herewith,
except that notices of changes of address will be effective only upon
receipt.

      

      16. Governing Law; Dispute
Resolution. The validity, interpretation, construction and performance of
this Agreement will be governed by and construed in accordance with the
substantive laws of the State of Delaware, without giving effect to the
principles of conflict of laws of such State. Any dispute or controversy arising
under or in connection with this Agreement (other than an action to enforce the
covenants in Section 10 hereof) shall be resolved by arbitration in either
Richmond, Virginia or Charleston, West Virginia as so determined by Executive.
Three arbitrators shall be selected, and arbitration shall be conducted, in
accordance with the rules of the American Arbitration Association. Subject to
Section 8 hereof, the arbitrators shall have the discretion to award the cost of
arbitration, arbitrators’ fees and the respective attorneys’ fees of each party
between the parties as they see fit.

      

      17. Validity. If any
provision of this Agreement or the application of any provision hereof to any
person or circumstances is held invalid, unenforceable or otherwise illegal, the
remainder of this Agreement and the application of such provision to any other
person or circumstances will not be affected, and the provision so held to be
invalid,

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      unenforceable
or otherwise illegal will be reformed to the extent (and only to the extent)
necessary to make it enforceable, valid or legal.

      

      18. Amendment;
Modification. This Agreement may only be amended by written agreement of
the parties hereto. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in a
writing signed by Executive and the Company. No waiver by either party hereto at
any time of any breach by the other party hereto or compliance with any
condition or provision of this Agreement to be performed by such other party
will be deemed a waiver of similar or dissimilar provisions or conditions at the
same or at any prior or subsequent time. No agreements or representations, oral
or otherwise, expressed or implied with respect to the subject matter hereof
have been made by either party that are not set forth expressly in this
Agreement.

      

      19. Acknowledgement.
Executive acknowledges that he has signed this Agreement voluntarily and
knowingly in exchange for the consideration described herein, which Executive
acknowledges is adequate and satisfactory to him and which Executive
acknowledges is in addition to any other benefits to which Executive is
otherwise entitled and that Executive has been and is hereby advised in writing
to consult with an attorney prior to signing this Agreement.

      

      20. Miscellaneous.
References to Sections are to references to Sections of this Agreement. Any
reference in this Agreement to a provision of a statute, rule or regulation will
also include any successor provision thereto. Whenever used herein, the
masculine includes the feminine.

      

      21. Survival.
Notwithstanding any provision of this Agreement to the contrary, the parties’
respective rights and obligations under Sections 2, 3, 4, 5, 6, 7, 8, 9, 10, 14
and 16 will survive any termination or expiration of this Agreement or the
termination of Executive’s employment for any reason whatsoever.

      

      22. Counterparts. This
Agreement may be executed in one or more counterparts, each of which will be
deemed to be an original but all of which together will constitute one and the
same agreement.

      

      23. Certain Defined
Terms. In addition to terms defined elsewhere herein, the following terms
have the following meanings when used in this Agreement with initial capital
letters:

      

      (a) “Base
Pay” means the greater of (i) Executive’s annual base salary rate, exclusive of
Bonus, as in effect immediately preceding Executive’s Termination Date, and (ii)
Executive’s highest annual base salary rate, exclusive of Bonus, in effect at
any time during the three years immediately preceding the Change in
Control.

      

      (b)
“Board” means the Board of Directors of the Company. If Executive is also a
member of the Board, then in the case of any provision hereof that requires
action by, or a determination of, the Board in connection with this Agreement,
it is understood that such provision refers to the members of the Board other
than Executive. Unless otherwise provided by the Board and except in determining
Cause, the Compensation Committee of the Board shall have full authority to act
on behalf of the Board in connection with any duty or action expressly assigned
under, or implicitly to be acted on in connection with, this Agreement to or by
the Board.

      

      (c)
“Bonus” means the highest amounts payable under Executive’s annual cash bonus
award plus the highest amounts payable under all Executive’s outstanding
long-term cash incentive bonus awards that contain as a year of measurement, the
year in which Executive is terminated. Bonus does not include any stock option,
stock appreciation, stock purchase, restricted stock, restricted unit,
performance stock, performance unit, shadow stock or similar equity incentive
plan, program, arrangement or grant, one time bonus or payment, any amounts
contributed by the Company or any Subsidiary for the benefit of Executive to any
qualified or nonqualified deferred compensation plan, or any amounts designated
by the parties as amounts other than Bonus.

      

      (d)
“Cause” shall occur hereunder only upon:

      

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

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

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

      

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

      

      For
purposes of this Section 23(d), no act, or failure to act, on Executive’s part
described in clause (i) or (ii) above shall be considered “willful” unless done,
or omitted to be done, by him not in good faith and without reasonable belief
that his action or omission was in the best interest of the Company and its
Subsidiaries. Notwithstanding the foregoing, Executive shall not be deemed to
have been terminated for Cause unless and until there shall have been delivered
to him a copy of a resolution duly adopted by the affirmative vote of not less
than two-thirds of the entire membership of the Board at a meeting of the Board
called and held for the purpose, among others (after at least 20 days prior
notice to Executive and an opportunity for Executive, together with his counsel,
to be heard before the Board), of finding that (x) in the good faith opinion of
the Board Executive failed to perform his duties or engaged in misconduct as set
forth above in clause (i) or (ii) of this paragraph, and, if applicable, that
Executive did not correct such failure or cease such misconduct after being
requested to do so by the Board, or (y) as set forth in clause (iii) of this
paragraph, Executive has been convicted of or has entered a plea of nolo
contendere to the commission of a felony. The fact that Executive is or shortly
may be “retirement eligible” and thus eligible for or entitled to
post-retirement benefits from any plan, arrangement or program sponsored,
participated in or contributed to by the Company or any Subsidiary shall not
prevent Executive’s termination from being considered termination for
Cause.

      

      (e)
“Change in Control” means the occurrence of any of the following
events:

      

       (i)
a third person, including a “group” as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended, acquires shares of the Company
having twenty-five percent or more of the total number of votes that may be cast
for the election of directors of the Company; or

      

      (ii) as
the result of any cash tender or exchange offer, merger or other business
combination, or any combination of the foregoing transactions, (a
“Transaction”), the persons who were directors of the Company before the
Transaction shall cease to constitute a majority of the Board of the Company or
any successor to the Company.

      

      For
purposes hereof, a “potential” Change in Control is considered to occur and
remain present commencing upon the date that any person or group attempts a
Change in Control and the Executive is either notified by the Board or aware of
an attempted Change in Control.  All decisions regarding the time of
the commencement, the pendancy and the abandonment or termination of a potential
Change in Control shall be made by the Board in good faith and shall be
conclusive and binding on the Executive.  An “actual” Change in
Control means that one of the two events described in (i) or (ii) above has
occurred.

      

      (f)
“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1986, as
amended.

      

      (g)
“Code” means the Internal Revenue Code of 1986, as amended.

      

      (h)
“Constructive Termination Associated With a Change in Control” means the
termination of Executive’s employment with the Company by Executive as a result
of the occurrence, without Executive’s written consent, of one of the following
events:

      

      (i)
following the occurrence of an actual, but not a potential, Change in Control,
the assignment to Executive of any duties inconsistent in any respect with
Executive’s position (including status, offices, titles and reporting
requirements), authority, duties or responsibilities in effect immediately prior
to the Change in Control, or any other action by the Company or any Subsidiary
which results in a diminution in such position, authority, duties or
responsibilities, other than an isolated, insubstantial and inadvertent action
not taken in bad faith and which is remedied by the Company or Subsidiary
promptly after receipt of notice thereof given by Executive;

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      (ii)
following the occurrence of an actual or potential Change in Control, any
failure by the Company or any Subsidiary to continue Executive’s employment upon
the terms and conditions as existed immediately prior to the Change in Control
(other than any term or condition covered in clause (i) above), including but
not limited to compensation level and annual and long-term cash and equity
incentive opportunity, other than an isolated, insubstantial and inadvertent
failure not occurring in bad faith and which is remedied by the Company or
Subsidiary promptly after receipt of notice thereof given by
Executive;

      

      (iii)
following the occurrence of an actual or potential Change in Control, a material
reduction in the level of Employee Benefits provided to Executive immediately
prior to the Change in Control; or

      

      (iv)
following the occurrence of an actual or potential Change in Control, the
relocation of Executive’s principal work location (other than in connection with
a relocation contemplated by the Company as of the date hereof or pursuant to
organizational changes in accordance with past practice) to a location that
increases Executive’s normal work commute by fifty (50) miles or more as
compared to Executive’s normal work commute immediately prior to the Change in
Control or that Executive’s required travel away from his office in the course
of discharging his responsibilities or duties of his job is increased by an
unreasonable amount as compared to that which was required of Executive in any
of the three (3) full years immediately prior to the Change in
Control.

      

      For
purposes hereof, “Employee Benefits” means the perquisites, benefits and service
credit for benefits as provided under any and all employee retirement income and
welfare benefit policies, plans, programs or arrangements in which Executive is
entitled to participate, including, without limitation, any stock option, stock
appreciation, stock purchase, restricted stock, restricted unit, performance
stock, performance unit, shadow stock or similar equity incentive plan, program,
arrangement, savings, pension, supplemental executive retirement, or other
retirement income or welfare benefit, deferred compensation, incentive
compensation, group or other life, health, medical/hospital or other insurance
(whether funded by actual insurance or self-insured by the Company or a
Subsidiary), disability, salary continuation, expense reimbursement and other
employee benefit policies that may exist as of a Change in Control or any
successor policies, plans or arrangements that provide substantially similar
perquisites or benefits.

      

      Without
limiting the generality or effect of the foregoing, Executive shall have no
right to terminate employment in a Constructive Termination Associated With a
Change in Control in connection with an event described above unless (x)
Executive provides written notice to the Company within thirty (30) days of the
occurrence of such event that identifies such event with particularity, and (y)
the Company fails to correct such event within ten (10) business days after
receipt of such notice from Executive.

      

      In no
event shall the termination of Executive’s employment with the Company on
account of Executive’s death or Disability or because Executive engaged in
conduct constituting Cause be deemed to be a Constructive Termination Associated
With a Change in Control.

      

      (i)
“Disability” means Executive becomes permanently disabled within the meaning of,
and begins actually to receive long-term disability benefits pursuant to, the
long-term disability plan of the Company or any Subsidiary in effect for, or
applicable to, Executive, or if none, then Executive is determined by the Social
Security Administration to be totally and permanently disabled for purposes of
entitlement to Social Security disability benefits.

      

      (j)
“Involuntary Termination Associated With a Change in Control” means the
termination of Executive’s employment related to a Change in Control: (i) by the
Company for any reason other than Cause, Executive’s death or Executive’s
Disability, or (ii) on account of a Constructive Termination Associated With a
Change in Control. The fact that Executive is or shortly may be “retirement
eligible” and thus eligible for or entitled to post-retirement benefits from any
plan, arrangement or program sponsored, participated in or contributed to by the
Company or any Subsidiary shall not prevent Executive’s termination from being a
Involuntary Termination Associated With a Change in Control.

      

      (k)
“Subsidiary” means any Company affiliate, whether or not incorporated, the
majority of the outstanding capital stock or other ownership interests of which
is owned, directly or indirectly, by the Company.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      (l)
“Target Bonus” means Executive’s annual cash bonus award target.

      

      (m)
“Termination Date” means the last day of Executive’s employment with the Company
or any Subsidiary.

      

      

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

       

      
        	 
      	 
      	 
      
	
                MASSEY
      ENERGY COMPANY

              
	 
      	 
      
	
                By:

              	 
      	
                /s/ Baxter F. Phillips,
  Jr.

              
	
                Name:

              	 
      	
                Baxter
      F. Phillips, Jr.

              
	
                Title:

              	 
      	
                Executive
      Vice President and

              
	
                             Chief
      Administrative Officer

              
	
                 

                /s/ Michael K. Snelling

                Michael
      K. Snelling

              

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      Appendix
A

      

      SEPARATION OF EMPLOYMENT
AGREEMENT AND GENERAL RELEASE

      

      THIS
SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE (the “Agreement”) is made
as of this     
day of                 ,
            ,
by and between Massey Energy Company, a Delaware corporation (the “Company”),
and _______________________ (the “Executive”).

      

      WHEREAS,
Executive formerly was employed by the Company as             ;
and

      

      WHEREAS,
Executive and Company entered into a Change in Control Severance Agreement,
dated                    ,
  2005,
(the “Severance Agreement”) which provides for certain payments and benefits in
the event that Executive’s employment is terminated on account of a reason set
forth in the Severance Agreement; and

      

      WHEREAS,
an express condition of Executive’s entitlement to the payments and benefits
under the Severance Agreement is the execution of a general release in the form
set forth below; and

      

      WHEREAS,
Executive and the Company mutually desire to terminate Executive’s employment on
an amicable basis, such termination to be effective             
            ,
            
(“Termination Date”).

      

      NOW,
THEREFORE, IT IS HEREBY AGREED by and between Executive and the Company as
follows:

      

      1. (a)
Executive, for and in consideration of the commitments of the Company as set
forth in paragraph 6 of this Agreement, and intending to be legally bound, does
hereby REMISE, RELEASE AND FOREVER DISCHARGE the Company, its affiliates,
subsidiaries and parents, and its officers, directors, employees, and agents,
and its and their respective successors and assigns, heirs, executors, and
administrators (collectively, “Releasees”) from all causes of action, suits,
debts, claims and demands whatsoever in law or in equity, which Executive ever
had, now has, or hereafter may have, whether known or unknown, or which
Executive’s heirs, executors, or administrators may have, by reason of any
matter, cause or thing whatsoever, from the beginning of Executive’s employment
to the date of this Agreement, and particularly, but without limitation of the
foregoing general terms, any claims arising from or relating in any way to
Executive’s employment relationship with the Company, the terms and conditions
of that employment relationship, and the termination of that employment
relationship, including, but not limited to, any claims arising under the Age
Discrimination in Employment Act, the Older Workers Benefit Protection Act,
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act,
the Family and Medical Leave Act of 1993, the Employee Retirement Income
Security Act of 1974, and any other claims under any federal, state or local
common law, statutory, or regulatory provision, now or hereafter recognized, and
any claims for attorneys’ fees and costs. This Agreement is effective without
regard to the legal nature of the claims raised and without regard to whether
any such claims are based upon tort, equity, implied or express contract or
discrimination of any sort.

      

      (b) To
the fullest extent permitted by law, and subject to the provisions of paragraph
11 below, Executive represents and affirms that (i) [other than             ,] Executive has not filed or
caused to be filed on Executive’s behalf any claim for relief against the
Company or any Releasee and, to the best of Executive’s knowledge and belief, no
outstanding claims for relief have been filed or asserted against the Company or
any Releasee on Executive’s behalf; and (ii) [other than             ,] Executive has not reported
any improper, unethical or illegal conduct or activities to any supervisor,
manager, department head, human resources representative, agent or other
representative of the Company, to any member of the Company’s legal or
compliance departments, or to the ethics hotline, and has no knowledge of any
such improper, unethical or illegal conduct or activities. Executive agrees to
dismiss with prejudice all claims for relief filed before the date
hereof.

      

      (c)
Notwithstanding any other provision herein, the foregoing release does not apply
to any claim or entitlement under an employee benefit or long term cash or
equity incentive compensation plan, program, arrangement or agreement which is
due pursuant to the terms of such plan, program, arrangement or
agreement.

      

      2. The
Company, for and in consideration of the commitments of Executive as set forth
in this Agreement, and intending to be legally bound, does hereby REMISE,
RELEASE AND FOREVER DISCHARGE Executive from all claims, demands or causes of
action arising out of facts or occurrences prior to the date of this Agreement,
but only to the

      
        
          
            A-
1

          

           

        

        
           

          
            

          

        

        
           

        

      

      extent
the Company knows or reasonably should know of such facts or occurrence and only
to the extent such claim, demand or cause of action relates to a violation of
applicable law or the performance of Executive’s duties with the Company;
provided, however, that this release of claims shall not in any case be
effective with respect to any claim by the Company alleging a breach of
Executive’s obligations under this Agreement. [Note: The Company and Executive may,
but shall not be required to mutually agree on a case-by-case basis at the time
of the signing of this release to include the foregoing provision, or a
substantially similar provision, to this Agreement.]

      

      3. In
consideration of the Company’s agreements as set forth in paragraph 6 herein,
Executive agrees to comply with the limitations described in Sections 9 and 10
of the Severance Agreement.

      

      4.
Executive further agrees and recognizes that Executive has permanently and
irrevocably severed Executive’s employment relationship with the Company, that
Executive shall not seek employment with the Company or any affiliated entity at
any time within two (2) years after his Termination Date, and that the Company
has no obligation to employ him in the future.

      

      5.
Executive further agrees that Executive will not disparage or subvert the
Company, or make any statement reflecting negatively on the Company, its
affiliated corporations or entities, or any of their officers, directors,
employees, agents or representatives, including, but not limited to, any matters
relating to the operation or management of the Company, Executive’s employment
and the termination of Executive’s employment, irrespective of the truthfulness
or falsity of such statement.

      

      6. In
consideration for Executive’s agreements as set forth herein, the Company agrees
to pay or provide to or for Executive the payments and benefits described in
Section 2(b) of the Severance Agreement, the provisions of which are
incorporated herein by reference. Except as set forth in this Agreement, it is
expressly agreed and understood that Releasees do not have, and will not have,
any obligations to provide Executive at any time in the future with any
payments, benefits or considerations other than those recited in this paragraph,
those excluded from release in Section 1(c) of this Agreement or those required
by law, other than under the terms of any benefit plans which provide benefits
or payments to former employees according to their terms.

      

      7.
Executive understands and agrees that the payments, benefits and agreements
provided in this Agreement are being provided to him in consideration for
Executive’s acceptance and execution of, and in reliance upon Executive’s
representations in, this Agreement. Executive acknowledges that if Executive had
not executed this Agreement containing a release of all claims against the
Company, Executive would not have been entitled to the payments and benefits set
forth in Section 2(b) of the Severance Agreement.

      

      8.
Executive acknowledges and agrees that the Company previously has satisfied any
and all obligations owed to him under any employment agreement or offer letter
Executive has with the Company and, further, that this Agreement supersedes any
employment agreement or offer letter Executive has with the Company, and any and
all other prior agreements or understandings, whether written or oral, between
the parties which are inconsistent with this Agreement, and further, that,
except as set forth expressly herein, no promises or representations have been
made to him in connection with the termination of Executive’s employment
agreement, if any, or offer letter, if any, with the Company, or the terms of
this Agreement or the Severance Agreement.

      

      9. If not
otherwise filed by the Company with the U.S. Securities and Exchange Commission
(“SEC”) and available through public disclosure from the SEC, Executive agrees
not to disclose the terms of this Agreement or the Severance Agreement to
anyone, except Executive’s spouse, attorney and, as necessary, tax/financial
advisor, except as may be required by law. Likewise, the Company agrees that the
terms of this Agreement will not be disclosed except as may be necessary to
obtain approval or authorization to fulfill its obligations hereunder or as
required by law. It is expressly understood that any violation of the
confidentiality obligation imposed hereunder constitutes a material breach of
this Agreement.

      

      10.
Executive represents that Executive does not presently have in Executive’s
possession any records and business documents, whether on computer or hard copy,
and other materials (including but not limited to computer disks and tapes,
computer programs and software, office keys, correspondence, files, customer
lists, technical information, customer information, pricing information,
business strategies and plans, sales records and all copies thereof)
(collectively, the “Corporate Records”) provided by the Company and/or its
predecessors, subsidiaries or affiliates or obtained as a result of Executive’s
prior employment with the Company and/or its predecessors, subsidiaries or
affiliates, or created by

      
        
          
            A-
2

          

           

        

        
           

          
            

          

        

        
           

        

      

      Executive
while employed by or rendering services to the Company and/or its predecessors,
subsidiaries or affiliates. Executive acknowledges that all such Corporate
Records are the property of the Company. In addition, Executive shall promptly
return in good condition any and all Company owned equipment or property,
including, but not limited to, automobiles, personal data assistants, facsimile
machines, copy machines, pagers, credit cards, cellular telephone equipment,
business cards, laptops and computers, unless mutually agreed upon in writing.
As of the Termination Date, the Company will make arrangements to remove,
terminate or transfer any and all business communication lines including network
access, cellular phone, fax line and other business numbers.

      

      11.
Nothing in this Agreement shall prohibit or restrict Executive from: (i) making
any disclosure of information required by law; (ii) providing information to, or
testifying or otherwise assisting in any investigation or proceeding brought by,
any federal regulatory or law enforcement agency or legislative body, any
self-regulatory organization, or the Company’s designated legal, compliance or
human resources officers; or (iii) filing, testifying, participating in or
otherwise assisting in a proceeding relating to an alleged violation of any
federal, state or municipal law relating to fraud, or any rule or regulation of
the Securities and Exchange Commission or any self-regulatory
organization.

      

      12. The
parties agree and acknowledge that the agreement by the Company described
herein, and the settlement and termination of any asserted or unasserted claims
against the Releasees, are not and shall not be construed to be an admission of
any violation of any federal, state or local statute or regulation, or of any
duty owed by any of the Releasees to Executive.

      

      13.
Executive agrees and recognizes that should Executive breach any of the
obligations or covenants set forth in this Agreement, the Company will have no
further obligation to provide Executive with the consideration set forth herein,
and will have the right to seek repayment of all consideration paid up to the
time of any such breach. Further, Executive acknowledges in the event of a
breach of this Agreement, Releasees may seek any and all appropriate relief for
any such breach, including equitable relief and/or money damages, attorneys’
fees and costs.

      

      14.
Executive further agrees that the Company shall be entitled to preliminary and
permanent injunctive relief, without the necessity of proving actual damages, as
well as to an equitable accounting of all earnings, profits and other benefits
arising from any violations of this Agreement, which rights shall be cumulative
and in addition to any other rights or remedies to which the Company may be
entitled.

      

      15. This
Agreement and the obligations of the parties hereunder shall be construed,
interpreted and enforced in accordance with the laws of the State of Delaware,
without giving effect to the principles of conflict of laws of such
State.

      

      16.
Executive certifies and acknowledges as follows:

      

      (a) That
Executive has read the terms of this Agreement, and that Executive understands
its terms and effects, including the fact that, other than as excepted in
paragraph 1 hereof, Executive has agreed to RELEASE AND FOREVER DISCHARGE the
Company and each and every one of its affiliated entities from any legal action
arising out of Executive’s employment relationship with the Company and the
termination of that employment relationship; and

      

      (b) That
Executive has signed this Agreement voluntarily and knowingly in exchange for
the consideration described herein, which Executive acknowledges is adequate and
satisfactory to him and which Executive acknowledges is in addition to any other
benefits to which Executive is otherwise entitled; and

      

      (c) That
Executive has been and is hereby advised in writing to consult with an attorney
prior to signing this Agreement; and

      

      (d) That
Executive does not waive rights or claims that may arise after the date this
Agreement is executed; and

      

      (e) That
the Company has provided him with a period of [twenty-one (21) - generally
applicable for an individual termination] or [forty-five (45) - generally
applicable for a group termination] days within which to consider this
Agreement, and that Executive has signed on the date indicated below after
concluding that this Separation of Employment Agreement and General Release is
satisfactory to him; and

      
        
          
            A-
3

          

           

        

        
           

          
            

          

        

        
           

        

      

      (f)
Executive acknowledges that this Agreement may be revoked by him within seven
(7) days after execution, and it shall not become effective until the expiration
of such seven (7) day revocation period. In the event of a timely revocation by
Executive, this Agreement will be deemed null and void and the Company will have
no obligations hereunder.

      

      Intending
to be legally bound hereby, Executive and the Company executed the foregoing
Separation of Employment Agreement and General Release this             
day of             ,
            .

       

      
        	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	
                Witness:

              	 
      	 
      
	
                Executive

              	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                MASSEY
      ENERGY COMPANY

              	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                By:

              	 
      	 
      	 
      	 
      	 
      	
                Witness:

              	 
      	 
      
	
                Name:

              	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                Title:

              	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

      

      

      
        
          
            A-
4ex4_1.htm

    
      

    

    Exhibit
      4.1

     

    Ford
      Motor Company 2008 Long-Term Incentive Plan

    (Effective
      as of March 1, 2008,

    subject
      to shareholder approval)

    

    Purpose

    

    1.(a)
      Purpose. This Plan,
      known as the "2008 Long-Term Incentive Plan" (the "Plan"), is intended to
      provide an incentive to certain salaried employees of Ford Motor Company (the
      "Company"), and of its subsidiaries, in order to encourage them to remain in
      the
      employ of the Company and to increase their interest in the Company's success.
      It is intended that this purpose be effected through stock awards and/or various
      stock-based rights with respect to shares of the Company's Common Stock
      (collectively, the "Plan Awards"), as provided herein, to eligible employees
      ("Participants").

    

    (b)
Company;
      Subsidiary; Employee.
The term "Company" when used with reference to employment shall include
      subsidiaries of the Company. The term "subsidiary" shall mean (i) any
      corporation a majority of the voting stock of which is owned directly or
      indirectly by the Company or (ii) any limited liability company a majority
      of
      the membership interest of which is owned, directly or indirectly, by the
      Company. The term "employee" shall be deemed to include any person who is an
      employee of any joint venture corporation or partnership, or comparable entity,
      in which the Company has a substantial equity interest (a "Joint Venture"),
      provided such person was an employee of the Company immediately prior to
      becoming employed by such Joint Venture.

    

    Administration

    

    2.(a)
      Compensation Committee.
      The Compensation Committee of the Company's Board of Directors (the
      "Committee") shall administer the Plan and perform such other functions as
      are
      assigned to it under the Plan. The Committee is authorized, subject to the
      provisions of the Plan, from time to time to establish such rules and
      regulations as it may deem appropriate for the proper administration of the
      Plan, and to make such determinations under, and such interpretations of, and
      to
      take such steps in connection with, the Plan and the Plan Awards as it may
      deem
      necessary or advisable, in each case in its sole discretion.

    

    (b)
Delegation
      of Authority. The
      Committee may delegate any or all of its powers and duties under the Plan,
      including, but not limited to, its authority to grant waivers pursuant to
      Article 8, to one or more other committees as it shall appoint, pursuant to
      such
      conditions or limitations as the Committee may establish; provided, however,
      that the Committee shall not delegate its authority to (1) make Plan Awards
      under the Plan, except as otherwise provided in Articles 4, 5, and 6; (2) act
      on
      matters affecting any Participant who is subject to the reporting requirements
      of Section 16(a) of the Securities Exchange Act of 1934, as amended (the
      "Exchange Act"), or the liability provisions of Section 16(b) of the Exchange
      Act (any such Participant being called a "Section 16 Person"); or (3) amend
      or
      modify the Plan pursuant to the provisions of paragraph (b) of Article
      14.

    

    (c)
Eligibility
      of Committee Members.
No person while a member of the Committee or any committee of the Board
      of Directors administering the Plan shall be eligible to hold or receive a
      Plan
      Award.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2

     

    Stock
      Available for Plan Awards

    

    3.(a)
      Stock Subject to Plan.
The stock to be subject
      to or related to Plan Awards shall be shares of
      the Company's Common Stock of the par value of $.01 per share ("Stock"), and
      may
      be either authorized and unissued or held in the treasury of the Company. The
      maximum number of shares of Stock with respect to which Plan Awards may be
      granted under the Plan, subject to adjustment in accordance with the provisions
      of Article 11, in each calendar year during any part of which the Plan is in
      effect shall be 2% of the total number of issued shares of Stock as of December
      31 of the calendar year immediately preceding such year (the number of shares
      determined by application of such percentage in any calendar year being called
      the "2% Limit" for such year); provided, however, that such percentage may
      be
      increased to up to 3% in any one or more calendar years, in which event the
      excess over 2% in any such calendar year shall be applied to the reduction
      of
      the aggregate number of shares that otherwise would have been available for
      Plan
      Awards pursuant to this paragraph (a) and paragraph (c) of this Article 3 in
      subsequent calendar years during the term of the Plan, in inverse order
      commencing with the year 2018. Notwithstanding the foregoing, (i) the aggregate
      number of shares that may be issued upon exercise of "incentive stock options"
      (as defined in paragraph (a)(l) of Article 5) shall not exceed 2% of the number
      of shares authorized under the Company's Certificate of Incorporation at the
      date of adoption of the Plan (subject to adjustment in accordance with the
      provisions of Article 11), (ii) the maximum number of shares subject to Options
      (as defined below), with or without any related Stock Appreciation Rights (as
      defined below), that may be granted pursuant to Article 5 to any Covered
      Executive (as defined below) during any calendar year during any part of which
      the Plan is in effect shall be 5,000,000, subject to adjustment in accordance
      with the provisions of Article 11 and (iii) the maximum number of shares of
      Stock or Restricted Stock Units (as defined below) that may be granted as Final
      Awards (as defined below) pursuant to Article 4 to any Covered Executive during
      any calendar year during any part of which the Plan is in effect shall be
      2,500,000, subject to adjustment in accordance with the provisions of Article
      11.

    

    (b)
Computation
      of Stock Available for
      Plan Awards. For the purpose of computing the total number of shares of
      Stock remaining available for Plan Awards at any time in each calendar year
      during which the Plan is in effect, there shall be debited against the total
      number of shares determined to be available pursuant to paragraphs (a) and
      (c)
      of this Article 3 (i) the maximum number of shares of Stock subject to issuance
      upon exercise of Options (as defined below) granted in such year, (ii) the
      maximum number of shares of Stock or Restricted Stock Units that may be granted
      as Final Awards under Performance-Based Restricted Stock Units (as defined
      below) granted in such calendar year, and (iii) the number of shares of Stock
      related to Other Stock-Based Awards (as defined below) granted in such year,
      as
      determined by the Committee in each case as at the dates on which such Plan
      Awards were granted.

    

    (c)
Unused,
      Forfeited and Reacquired
      Shares. Any unused portion of the 2% Limit for any calendar year shall be
      carried forward and shall be made available for Plan Awards in succeeding
      calendar years. The shares involved in the unexercised or undistributed portion
      of any terminated, expired or forfeited Plan Award (including, without
      limitation, the shares debited under paragarph (b) of Article 3 that are not
      included in the related Final Award) also shall be made available for further
      Plan Awards. Any shares of Stock made available for Plan Awards pursuant to
      this
      paragraph (c) shall be in addition to the shares available pursuant to paragraph
      (a) of this Article 3.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3

     

    Performance-Based
      Restricted Stock Units and Final Awards

    

    4.(a)
      Grant of Performance-Based
      Restricted Stock Units. The term "Performance-Based Restricted Stock
      Unit" ("PB-RSU"), shall mean the right to receive, without payment to the
      Company, up to the number of Restricted Stock Units or shares of Stock described
      therein, subject to the terms and provisions of the PB-RSU and the Plan. The
      term "Restricted Stock Unit" shall mean the right to receive, without payment
      to
      the Company, one share of Stock upon expiration of the applicable restriction
      period, subject to the terms and conditions of the award and the
      Plan.  The Committee, at any time and from time to time while the Plan
      is in effect, may grant, or authorize the granting of, PB-RSUs to such officers
      and other key salaried employees of the Company, whether or not members of
      the
      Board of Directors, as it may select and for such numbers of shares based on
      such dollar amounts as it shall designate, subject to the provisions of this
      Article 4 and Article 3. Notwithstanding anything contained in the Plan to
      the
      contrary, the Committee may authorize a committee, whose membership shall be
      consistent with Delaware law, to determine the amount of individual grants
      of
      PB-RSUs and related Final Awards to key employees of the Company selected by
      such committee who are not officers or directors of the Company, subject to
      the
      provisions of Articles 3 and 4 and subject to a maximum number of shares of
      Stock and any other limitations specified by the Committee.

    

    (b)
Terms
      and Provisions of
      PB-RSUs. Prior to the grant of any PB-RSU, the Committee shall determine
      the terms and provisions of each PB-RSU, including, without limitation, (i)
      the
      number of Restricted Stock Units or shares of Stock to be earned under such
      PB-RSU if 100% of each of the Performance Goals is achieved (the "Target
      Award"), as adjusted pursuant to Article 11, (ii) one or more performance goals
      ("Performance Goals") based on one or more Performance Criteria (as defined
      below) to be used to measure performance under such PB-RSU, (iii) the formula
      (the "Performance Formula") to be applied against the Performance Goals in
      determining the percentage (which shall not exceed 200%) of the Target Award
      (as
      adjusted pursuant to Article 11) used to determine the number of Restricted
      Stock Units or shares of Stock earned under such PB-RSU, (iv) the period of
      time
      for which such performance is to be measured (the "Performance Period"), which
      shall commence not earlier than 90 days prior to the date of grant of such
      PB-RSU, and (v) the period of time, if any, during which the disposition of
      Restricted Stock Units or shares of Stock covered by any Final Award relating
      to
      such PB-RSU shall be restricted as provided in paragraph (a) of Article 9 (the
      "Restriction Period"); provided, however, that the Committee may establish
      the
      Restriction Period applicable to any PB-RSU at the time of or at any time prior
      to the granting of the related Final Award. Within 90 days of commencement
      of a
      Performance Period, the Committee may establish a minimum threshold objective
      for any Performance Goal for such Performance Period, which if not met, would
      result in no Final Award being made to any Participant with such Goal for such
      Period. During and after the Performance Period, but prior to the grant of
      a
      Final Award relating to any PB-RSU granted to a Participant who is not a
      "Covered Executive", the Committee may adjust the Performance Goals, Performance
      Formula and Target Award and otherwise modify the terms and provisions of such
      PB-RSU, subject to the terms and conditions of the Plan. Each PB-RSU shall
      be
      evidenced by a letter, an agreement or such other document as the Committee
      may
      determine. The term "Performance Criteria" shall mean, with respect to any
      PB-RSU granted to a Participant who is a Covered Executive, one or more of
      the
      following objective business criteria established by the Committee with respect
      to the Company and/or any subsidiary, division, business unit or component
      thereof upon which the Performance Goals for a Performance Period are based:
      asset charge, asset turnover, automotive return on sales, capacity utilization,
      capital employed in the business, capital spending, cash flow, cost structure
      improvements, complexity reductions, customer loyalty, diversity, earnings
      growth, earnings per share, economic value added, environmental health and
      safety, facilities and tooling spending, hours per vehicle, increase in customer
      base, inventory turnover, market price appreciation, market share, net cash
      balance, net income, net income margin, net operating cash flow, operating
      profit margin, order to delivery time, plant capacity, process time, profits
      before tax, quality/customer satisfaction, return on assets, return on capital,
      return on equity, return on net operating assets, return on sales, revenue
      growth, sales margin, sales volume, total shareholder return, vehicles per
      employee, warranty performance to budget, variable margin, and working capital.
      The term "Performance Criteria" shall mean, with respect to any PB-RSU granted
      to a Participant who is not a Covered Executive, one or more of the business
      criteria listed above and/or any other criteria based on individual, business
      unit, group or Company performance selected by the Committee for the Performance
      Period. The Performance Criteria may be expressed in absolute terms or relate
      to
      the performance of other companies or to an index. The term "Covered Executive"
      shall mean executive officers as defined in Section 162(m) of the Internal
      Revenue Code of 1986, as amended,  (the "Code"), or its
      successors.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4

     

    (c)
Final
      Awards. (1) As soon as
      practicable following the completion of the Performance Period relating to
      any
      PB-RSU, but not later than 12 months following such completion, the Committee
      shall determine the percentage (which shall not exceed 200%) of the Target
      Award
      (as adjusted pursuant to Article 11) which shall be used to determine the number
      of Restricted Stock Units or shares of Stock to be awarded finally to the
      Participant who holds such PB-RSU. Such number of Restricted Stock Units or
      shares of Stock is called the "Final Award". Each Final Award shall represent
      only full Restricted Stock Units or shares of Stock, and any fractional unit
      or
      share that would otherwise result from such Final Award calculation shall be
      disregarded. In making such determination, the Committee shall apply the
      applicable Performance Formula for the Participant for the Performance Period
      against the accomplishment of the related Performance Goals. The Committee
      may,
      in its sole discretion, reduce the amount of any Final Award that otherwise
      would be awarded to any Participant for any Performance Period. In addition,
      the
      Committee may, in its sole discretion, increase the amount of any Final Award
      that otherwise would be awarded to any Participant who is not a Covered
      Executive, subject to the maximum Final Award amount of 200% of the related
      Target Award (as adjusted pursuant to Article 11), taking into account (i)
      the
      extent to which the Performance Goals provided in such PB-RSU was, in the
      Committee's sole opinion, achieved, (ii) the individual performance of such
      Participant during the related Performance Period and (iii) such other factors
      as the Committee may deem relevant, including, without limitation, any change
      in
      circumstances or unforeseen events, relating to the Company, the economy or
      otherwise, since the date of grant of such PB-RSU. The Committee shall notify
      such Participant of such Participant's Final Award as soon as practicable
      following such determination.

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5

     

    (2)
      Following the determination of each Final Award, the Company shall credit the
      Restricted Stock Units or, in the case of a Final Award of shares of Stock,
      issue or cause to be issued shares of Stock, representing such Final Award
      in
      the name of the Participant who received such Final Award. Such Participant
      shall, upon the lapse of restrictions on Restricted Stock Units or upon the
      issuance of shares of Stock, become the holder of record of the number of shares
      of Stock, entitled to dividends, voting rights and other rights of a holder
      thereof, subject to the terms and provisions of the Plan, including, without
      limitation, the provisions of paragraph (e) of this Article 4 and Articles
      8, 9
      and 11. If the Final Award is in restricted shares of Stock, the Company may
      direct the transfer agent or program administrator, as the case may be, to
      restrict the Restricted Stock Units or shares of Stock in accordance with the
      terms of the Final Award.

    

    (3)
      Notwithstanding the provisions of paragraphs (c)(l) and (2) of this Article
      4 or
      any other provision of the Plan, in the case of any PB-RSU held by a Participant
      who is an employee of a foreign subsidiary or foreign branch of the Company
      or
      of a foreign Joint Venture, or held by a Participant who is in any other
      category specified by the Committee, the Committee may specify that such
      Participant's Final Award shall not be represented by certificates for shares
      of
      Stock but shall be represented by rights approximately equivalent (as determined
      by the Committee) to the rights that such Participant would have received if
      certificates for shares of Stock had been issued in the name of such Participant
      in accordance with paragraphs (c)(l) and (2) of this Article 4 (such rights
      being called "Stock Equivalents"). Subject to the provisions of Article 11
      and
      the other terms and provisions of the Plan, if the Committee shall so determine,
      each Participant who holds Stock Equivalents shall be entitled to receive the
      same amount of cash that such Participant would have received as dividends
      if
      certificates for shares of Stock had been issued in the name of such Participant
      pursuant to paragraphs (c)(l) and (2) of this Article 4 covering the number
      of
      shares equal to the number of shares to which such Stock Equivalents relate.
      Notwithstanding any other provision of the Plan to the contrary, the Stock
      Equivalents representing any Final Award may, at the option of the Committee,
      be
      converted into an equivalent number of shares of Stock or, upon the expiration
      of the applicable Restriction Period, into cash, under such circumstances and
      in
      such manner as the Committee may determine.

    

    (4)
      If
      the Restriction Period relating to any Final Award or part thereof shall expire
      while the Participant who was granted such Award is employed by the Company,
      the
      shares of Stock issued in such Participant's name with respect to such Final
      Award or part thereof, shall be delivered to or credited to an account for
      such
      Participant as soon as practicable, free of all restrictions.

    

    (d)
Dividend
      Equivalents. (1) The
      Committee shall have the right to determine whether or not each Participant
      who
      receives Restricted Stock Units representing a Final Award shall be entitled
      to
      receive payment of the same amount of cash that such Participant would have
      received as cash dividends if, on each record date during the entire Restriction
      Period relating to such Restricted Stock Unit, such Participant had been the
      holder of record of a number of shares of Stock equal to 100% of the related
      Final Award (as adjusted pursuant to Article 11).  Such cash payments
      are referred to as "dividend equivalents".  In the event the Committee
      authorizes dividend equivalents to be paid for any Restricted Stock Unit awarded
      to a Participant as a Final Award after the end of the Performance Period
      related to such Final Award, any such dividend equivalents relating to any
      dividend payable prior to the date of award of such Restricted Stock Unit shall
      be made at the same time as the payment relating to the first dividend paid
      after such date of award.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6

     

    (2)
      Notwithstanding the provisions of paragraph (d)(1) of this Article 4 relating
      to
      dividend equivalents, the Committee may determine that, in lieu of receiving
      all
      or any portion of any such dividend equivalent in cash, a Participant shall
      receive an award of full Restricted Stock Units or shares of Stock having a
      value (as determined by the Committee) approximately equal to the portion of
      such dividend equivalent that was not paid in cash. Restricted Stock Units
      or
      shares of Stock so awarded shall be credited or issued as of the payment date
      for the related cash dividend, and the Restricted Stock Units or shares of
      Stock
      covered thereby shall be treated in the same manner as Final Awards, subject
      to
      the terms and conditions of the Plan, including, without limitation, the
      provisions of paragraphs (b), (c) and (e) of Article 4 and Articles 8, 9, and
      11.

    

    (e)
Effect
      of Termination of Employment
      or Death. (1) If a Participant's employment with the Company shall be
      terminated, prior to the expiration of the Restriction Period, or prior to
      issuance of shares representing the Final Award if there is no Restriction
      Period, relating to any PB-RSU granted to such Participant, by reason of
      discharge, release in the best interest of the Company, release under mutually
      satisfactory conditions, termination under a voluntary or involuntary Company
      separation program or career transition program, voluntary quit or retirement
      without the approval of the Company, such PB-RSU, and any Restricted Stock
      Unit
      credited or shares of Stock not yet issued in the name of such Participant
      as a
      Final Award relating to such PB-RSU, shall be forfeited and cancelled forthwith
      unless the Committee shall grant an appropriate waiver. Any such waiver shall
      be
      granted in accordance with the procedure specified in paragraph (b) of Article
      8
      (in which event the reference in such paragraph (b) to "the nonfulfillment
      of
      such condition" shall be deemed to refer to such Participant's termination
      for
      any of the reasons specified above).

    

    (2)
      If a
      Participant's employment with the Company shall be terminated for any reason
      other than a reason specified in paragraph (e)(l) of this Article 4, except
      death, prior to or concurrently with the expiration of the Restriction Period
      or
      prior to issuance of shares of Stock representing the Final Award if there
      is no
      restriction period relating to any PB-RSU granted to such Participant, the
      PB-RSU or Final Award, as the case may be, will remain unaffected except to
      the
      extent that the Committee decides to prorate a Final Award based on the number
      of full months that the Participant was employed during the Performance Period,
      and distribution of the Final Award will occur according to the normal schedule
      for such grant.

    

    (3)
      If a
      Participant's employment with the Company shall be terminated at any time by
      reason of a sale or other disposition (including, without limitation, a transfer
      to a Joint Venture) of the division, operation or subsidiary in which such
      Participant was employed or to which such Participant was assigned, unless
      the
      Committee shall specify otherwise, any PB-RSUs then held by such Participant,
      and any shares of Stock or Restricted Stock Units issued or credited in the
      name
      of such Participant as a Final Award relating to such PB-RSUs, shall be dealt
      with as provided in paragraph (e)(2) of this Article 4, provided that such
      termination occurs at least three months after the date of grant.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      7

       

    

    (4)
      If a
      Participant shall die while in the employ of the Company, any PB-RSUs then
      held
      by such Participant shall remain in effect, except to the extent that the
      Committee decides to prorate any Final Award based on the number of full months
      that the Participant was employed during the Performance Period. Such PB-RSUs,
      and any shares of Stock awarded to the Participant but not yet issued, and
      any
      such shares thereafter issuable with respect to such PB-RSUs, shall be
      transferred or issued and delivered to the beneficiary designated pursuant
      to
      Article 10 or, if no such designation is in effect, to the executor or
      administrator of the estate of such Participant, free of all restrictions and
      restrictive legends. With regard to any Restricted Stock Units then held by
      such
      Participant, shares of Stock equal to the number of shares represented thereby
      shall be issued to such beneficiary, executor or administrator, free of all
      restrictions.

    

    (5)
      Subject to the provisions of Article 8, if a Participant shall die following
      termination of employment, any PB-RSUs then held by such Participant shall
      remain in effect. Such PB-RSUs, and any shares of Stock awarded but not yet
      issued to the Participant, and any such shares thereafter issuable with respect
      to such PB-RSUs, shall be transferred or issued to the beneficiary designated
      pursuant to Article 10 or, if no such designation is in effect, to the executor
      or administrator of the estate of such Participant, free of all restrictions.
      With regard to any Restricted Stock Units then held by such Participant, shares
      of Stock equal to the number of shares represented thereby shall be issued
      to
      such beneficiary, executor or administrator, free of all
      restrictions.

    

    (6)
      Except as otherwise provided in (e)(3) of this Article 4, notwithstanding any
      other provision of the Plan to the contrary, if a Participant's employment
      with
      the Company shall for any reason terminate prior to the later of (a) the date
      of
      expiration of the period of six months following the commencement of the
      Performance Period relating to any PB-RSU (or such other period as the Committee
      may specify) or (b) the date six months following the date of grant of such
      PB-RSU, such PB-RSU shall be forfeited and cancelled forthwith unless the
      Committee shall determine otherwise.

    

    (7)
      Notwithstanding any provision of the Plan to the contrary, (i) the Committee
      may
      at any time establish a Restriction Period applicable to the Restricted Stock
      Unit or Stock to be represented by any Final Award, and such Restriction Period
      shall remain in effect until such time (which may be later than the date of
      the
      Participant's retirement or other termination of employment) as the Committee
      may determine; and (ii) the Committee may determine that no shares of Stock
      therefor shall be issued to any Participant until the date of expiration of
      the
      applicable Restriction Period (or such earlier date as the Committee may
      determine).

    

    Options
      And Stock Appreciation Rights

    

    5.(a)
      Grant of Options. (1)
      The Board of Directors, at any time and from time to time while the Plan is
      in
      effect, may authorize the granting of Options to such officers and other key
      salaried employees of the Company, whether or not members of the Board of
      Directors, as it may select from among those nominated by the Committee, and
      for
      such numbers of shares as it shall designate, subject to the provisions of
      this
      Article 5 and Article 3; provided, however, that no Option shall be granted
      to a
      Participant for a larger number of shares than the Committee shall recommend
      for
      such Participant. Each Option granted pursuant to the Plan shall be designated
      at the time of grant as either an "incentive stock option" ("ISO"), as such
      term
      is defined in the Code, or its successors (or shall otherwise be designated
      as
      an option entitled to favorable treatment under the Code) or as a "nonqualified
      stock option" ("NQO") (ISOs and NQOs being individually called an "Option"
      and
      collectively called "Options").

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      8

       

    

    (2)
      Without in any way limiting the authority provided in paragraph (a)(l) of this
      Article 5, the Board of Directors may authorize the Committee to authorize
      the
      granting of Options, at any time and from time to time while the Plan is in
      effect, to such officers and other key salaried employees of the Company,
      whether or not members of the Board of Directors, as the Committee may select,
      subject to the provisions of this Article 5 and Article 3 and subject to such
      other limitations as the Board of Directors may specify. In addition, to the
      extent such authority has been delegated to the Committee pursuant to this
      Article 5, the Committee may authorize a committee of two or more Company
      officers appointed by it to determine the amount and date of individual Option
      grants for key employees selected by such committee who are not officers or
      directors of the Company, subject to Articles 3 and 5 and subject to a maximum
      number of shares of Stock and any other limitations specified by the
      Committee.

    

    (3)
      The
      date on which an Option shall be granted shall be the date of authorization
      of
      such grant or such later date as may be determined at the time such grant is
      authorized. Any individual may hold more than one Option.

    

    (b)
Price.
In
      the case of each
      Option granted under the Plan the option price shall be the fair market value
      of
      Stock on the date of grant of such Option; provided, however, that in the case
      of any Option granted to an employee of a foreign subsidiary or a foreign branch
      of the Company or of a foreign Joint Venture the Board of Directors may in
      its
      discretion fix an option price in excess of the fair market value of Stock
      on
      such date. The term "fair market value" when used with reference to the option
      price shall mean the closing price at which Stock shall have been reported
      on
      the New York Stock Exchange on the date of grant of such Option. In the event
      that any Option shall be granted on a date on which the closing price of Stock
      is unavailable on such Exchange, the fair market value of Stock on such date
      shall be deemed to be the closing price on the next preceding day on which
      there
      was such closing price.

    

    (c)
Grant
      of Stock Appreciation Rights.
(1) The Board of Directors may authorize the granting of Stock
      Appreciation Rights (as defined below) to such Participants who are granted
      Options under the Plan as it may select from among those nominated therefor
      by
      the Committee. The Committee may authorize the granting of Stock Appreciation
      Rights to such Participants as are granted Options under the Plan pursuant
      to
      paragraph (a) of this Article 5. Each Stock Appreciation Right shall relate
      to a
      specific Option granted under the Plan and may be granted concurrently with
      the
      Option to which it relates or at any time prior to the exercise, termination
      or
      expiration of such Option.

    

    (2)
      The
      term "Stock Appreciation Right" shall mean the right to receive, without payment
      to the Company and as the Participant may elect, either (a) that number of
      shares of Stock determined by dividing (i) the total number of shares of Stock
      subject to the related Option (or the portion or portions thereof which the
      Participant from time to time elects to use for purposes of this clause (a)),
      multiplied by the amount by which the fair market value of a share of Stock
      on
      the day the right is exercised exceeds the option price (such amount being
      hereinafter referred to as the "Spread"), by (ii) the fair market value of
      a
      share of Stock on the exercise date; or (b) cash in an amount determined by
      multiplying (i) the total number of shares of Stock subject to the related
      Option (or the portion or portions thereof which the Participant from time
      to
      time elects to use for purposes of this clause (b)), by (ii) the amount of
      the
      Spread; or (c) a combination of shares of Stock and cash, in amounts determined
      as set forth in clauses (a) and (b) above; provided, however, that the total
      number of shares which may be received upon exercise of a Stock Appreciation
      Right for Stock shall not exceed the total number of shares subject to the
      related Option or portion thereof, and the total amount of cash which may be
      received upon exercise of a Stock Appreciation Right for cash shall not exceed
      the fair market value on the date of exercise of the total number of shares
      subject to the related Option or portion thereof.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      9

    

     

    (3)
      The
      Committee may impose such conditions as it may deem appropriate upon the
      exercise of an Option or a Stock Appreciation Right, including, without
      limitation, a condition that the Stock Appreciation Right may be exercised
      only
      in accordance with rules and regulations adopted by the Committee from time
      to
      time.

    

    (4)
      The
      right of a Participant to exercise a Stock Appreciation Right shall be cancelled
      if and to the extent the related Option is exercised. The right of a Participant
      to exercise an Option shall be cancelled if and to the extent that shares
      covered by such Option are used to calculate shares or cash received upon
      exercise of a related Stock Appreciation Right.

    

    (5)
      The
      fair market value of Stock on the date of exercise of a Stock Appreciation
      Right
      shall be determined as of such exercise date in the same manner as the fair
      market value of Stock on the date of grant of an Option is determined pursuant
      to paragraph (b) of this Article 5.

    

    (6)
      If
      any fractional share of Stock would otherwise be payable to a Participant upon
      the exercise of a Stock Appreciation Right, the Participant shall be paid a
      cash
      amount equal to the same fraction of the fair market value (determined as
      described above) of the Stock on the date of exercise.

    

    (d)
Stock
      Option Agreement. Each
      Option and related Stock Appreciation Right shall be evidenced by a Stock Option
      Agreement in such form and containing such provisions not inconsistent with
      the
      provisions of the Plan as the Committee from time to time shall approve. Each
      Stock Option Agreement shall provide that the Participant shall agree to remain
      in the employ of the Company for such period from the date of grant of such
      Option or combination of Options or related Stock Appreciation Rights as shall
      be provided in the Stock Option Agreement; provided, however, that the Company's
      right to terminate the employment of the Participant at any time, with or
      without cause, shall not be restricted by such agreement.

    

    (e)
Terms
      of Options and Stock
      Appreciation Rights. Each Option and related Stock Appreciation Right
      granted under the Plan shall be exercisable on such date or dates, during such
      period, for such number of shares and subject to such further conditions as
      shall be determined pursuant to the provisions of the Stock Option Agreement
      with respect to such Option and related Stock Appreciation Right; provided,
      however, that a Stock Appreciation Right shall not be exercisable prior to
      or
      later than the time the related Option could be exercised; and provided,
      further, that in any event no Option or related Stock Appreciation Right shall
      be exercised beyond ten years from the date of grant of the Option.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      10

       

    

    (f)
Effect
      of Termination of Employment
      or Death. (1) Except as provided in paragraphs (f)(2) and (3) of this
      Article 5, if, prior to the date that any Option or Stock Appreciation Right
      shall first have become exercisable, the Participant's employment with the
      Company shall be terminated by the Company, with or without cause, or by the
      act, death, incapacity or retirement of the Participant, the Participant's
      right
      to exercise such Option or Stock Appreciation Right shall terminate on the
      date
      of such termination of employment and all rights thereunder shall
      cease.

    

    (2)
      Notwithstanding the provisions of paragraph (f)(l) of this Article 5, if the
      Participant's employment with the Company shall be terminated by reason of
      retirement, release because of disability or death, and the Participant had
      remained in the employ of the Company for at least six months following the
      date
      of any Stock Option Agreement under the Plan between such Participant and the
      Company, and subject to the provisions of Article 8, all such Participant's
      rights under such Stock Option Agreement shall continue in effect or continue
      to
      accrue for the period ending on the date ten years from the date of grant of
      any
      Option (or such shorter period as the Committee may specify), subject, in the
      event of the Participant's death prior to such date, to the provisions of
      paragraph (f)(6) of this Article 5 and subject to any other limitation on the
      exercise of such rights in effect at the date of exercise.

    

     (3)
      Notwithstanding any other provision of the Plan to the contrary, if a
      Participant's employment with the Company shall be terminated at any time by
      reason of a sale or other disposition (including, without limitation, a transfer
      to a Joint Venture) of the division, operation or subsidiary in which such
      Participant was employed or to which such Participant was assigned, all such
      Participant's rights under any Option and any related Stock Appreciation Right
      granted to him or her shall continue in effect and continue to accrue until
      the
      date five years after the date of such termination or such earlier or later
      date
      as the Committee may specify (but not later than the date ten years from the
      date of grant of any Option), provided such Participant shall satisfy both
      of
      the following conditions:

    

    (a)
      such
      Participant, at the date of such termination, had remained in the employ of
      the
      Company for at least three months following the grant of such Option and Stock
      Appreciation Right, and

    

    (b)
      such
      Participant continues to be or becomes employed in such division, operation
      or
      subsidiary following such sale or other disposition and remains in such employ
      until the date of exercise of such Option or Stock Appreciation Right (unless
      the Committee, or any committee appointed by it for the purpose, shall waive
      this condition (b)).

    

    Upon
      termination of such Participant's employment with such (former) division,
      operation or subsidiary following such sale or other disposition, any then
      existing right of such Participant to exercise any such Option or Stock
      Appreciation Right shall be subject to the following limitations: (i) if such
      Participant's employment is terminated by reason of disability, death or
      retirement with the approval of his or her employer, such Participant's rights
      shall continue as provided in the preceding sentence with the same effect as
      if
      his or her employment had not terminated; (ii) if such Participant's employment
      is terminated by reason of discharge or voluntary quit, such Participant's
      rights shall terminate on the date of such termination of employment and all
      rights under such Option and Stock Appreciation Right shall cease; and (iii)
      if
      such Participant's employment is terminated for any reason other than a reason
      set forth in the preceding clauses (i) and (ii), such Participant shall have
      the
      right, within three months after such termination, to exercise such Option
      or
      Stock Appreciation Right to the extent that it or any installment thereof shall
      have accrued at the date of such termination and shall not have been exercised,
      subject in the case of any such termination to the provisions of Article 8
      and
      any other limitation on the exercise of such Option and Stock Appreciation
      Right
      in effect at the date of exercise.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      11

       

    

    (4)
      If,
      on or after the date that any Option or Stock Appreciation Right shall first
      have become exercisable, a Participant's employment with the Company shall
      be
      terminated for any reason except retirement, release because of disability,
      death, release because of a sale or other disposition of the division, operation
      or subsidiary in which such Participant was employed or to which such
      Participant was assigned, discharge, release in the best interest of the Company
      or voluntary quit, such Participant shall have the right, within three months
      after such termination, to exercise such Option or Stock Appreciation Right
      to
      the extent that it or any installment thereof shall have accrued at the date
      of
      such termination of employment and shall not have been exercised, subject to
      the
      provisions of Article 8 and any other limitation on the exercise of such Option
      or Stock Appreciation Right in effect at the date of exercise.

    

    (5)
      If a
      Participant's employment with the Company shall be terminated at any time by
      reason of discharge, release in the best interest of the Company or voluntary
      quit, the Participant's right to exercise such Option or Stock Appreciation
      Right shall terminate on the date of such termination of employment and all
      rights thereunder shall cease.

    

    (6)
      If a
      Participant shall die within the applicable period specified in paragraph
      (f)(2), (3), or (4) of this Article 5, the beneficiary designated pursuant
      to
      Article 10 or, if no such designation is in effect, the executor or
      administrator of the estate of the decedent or the person or persons to whom
      the
      Option or Stock Appreciation Right shall have been validly transferred by the
      executor or administrator pursuant to will or the laws of descent and
      distribution shall have the right, within the same period of time as the period
      during which the Participant would have been entitled to exercise such Option
      or
      Stock Appreciation Right (except that (a) in the case of a Participant to whom
      paragraph (f)(4) of this Article 5 applies, such Participant's Option or Stock
      Appreciation Right may be exercised only to the extent that it or any
      installment thereof shall have accrued at the date of death and shall not have
      been exercised; and (b) the period of time within which any Option or Stock
      Appreciation Right shall be exercisable following the date of the Participant's
      death shall not be less than one year (unless the Option by its terms expires
      earlier)), subject to the provision that no Option or related Stock Appreciation
      Right shall be exercised under any circumstances beyond ten years from the
      date
      of grant of such Option, and to any other limitation on the exercise of such
      Option or Stock Appreciation Right in effect at the date of exercise. No
      transfer of an Option or Stock Appreciation Right by the Participant, other
      than
      by filing a written designation of beneficiary pursuant to Article 10, shall
      be
      effective to bind the Company unless the Company shall have been furnished
      with
      written notice of such transfer and a copy of the will and/or such other
      evidence as the Committee may deem necessary to establish the validity of the
      transfer. No transfer shall be effective without the acceptance by the
      designated beneficiary or other transferee of the terms and conditions of such
      Option or Stock Appreciation Right.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      12

       

    

    (7)
      Notwithstanding anything contained in the Plan to the contrary, for any Options
      granted under the Plan to Participants whose employment with the Company
      terminates by reason of a sale or other disposition (including, without
      limitation, a transfer to a Joint Venture) of the division, operation or
      subsidiary in which such Participant was employed or to which such Participant
      was assigned, effective as of the date of such termination of employment, all
      such Participant's rights under such Options shall become immediately vested
      and
      continue for the period specified in paragraph (f)(3) of this Article 5, subject
      to the conditions specified therein and in Article 8.

    

    (g)
Payment
      for Option Shares.
(1) Payment for shares of Stock purchased upon exercise of an Option
      granted hereunder shall be made, either in full or, if the Committee shall
      so
      determine and at the election of the Participant, in installments, in such
      manner as provided in the applicable Stock Option Agreement.

    

    (2)
      Unless the Committee shall provide otherwise in any form of Stock Option
      Agreement, any payment for shares of Stock purchased upon exercise of an Option
      granted hereunder may be made in cash, by delivery of shares of Stock
      beneficially owned by the Participant or by a combination of cash and Stock,
      at
      the election of the Participant; provided, however, that any shares of Stock
      so
      delivered shall have been beneficially owned by the Participant for a period
      of
      not less than six months prior to the date of exercise. Any such shares of
      Stock
      so delivered shall be valued at their fair market value on the date of such
      exercise, which shall be determined as of such date in the same manner as the
      fair market value of Stock on the date of grant of an Option is determined
      pursuant to paragraph (b) of this Article 5. The Committee shall determine
      whether and if so the extent to which actual delivery of share certificates
      to
      the Company shall be required.

    

    Stock
      and Other Stock-Based

    and
      Combination Awards

    

    6.(a)
      (1)
Grants of Other Stock-Based
      Awards. The Committee, at any time and from time to time while the Plan
      is in effect, may grant to such officers and other salaried employees of the
      Company, whether or not members of the Board of Directors, as it may select,
      Plan Awards pursuant to which Stock is or may in the future be acquired, or
      Plan
      Awards valued or determined in whole or part by reference to, or otherwise
      based
      on, Stock (including but not limited to Plan Awards denominated in the form
      of
      "stock units", grants of so-called "phantom stock" and options containing terms
      or provisions differing in whole or in part from Options granted pursuant to
      Article 5) (such Plan Awards being hereinafter called "Other Stock-Based
      Awards"). Other Stock-Based Awards may be granted either alone, in addition
      to,
      in tandem with or as an alternative to any other kind of Plan Award, grant
      or
      benefit granted under the Plan or under any other employee plan of the Company,
      including a plan of any acquired entity.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      13

       

    

    (2)
      In
      addition, the Committee may authorize a committee, whose membership shall be
      consistent with Delaware law to determine the amount and date of individual
      Other Stock-Based Awards for key employees selected by such committee who are
      not officers or directors of the Company, subject to this Article 6 and Article
      3, to a maximum number of shares of Stock, and to such other limitations, terms,
      and conditions of such Awards as shall be determined by the
      Committee.

    

    (b)
Terms
      and Conditions. Subject
      to the provisions of the Plan, the Committee shall have authority to determine
      the time or times at which Other Stock-Based Awards shall be made, the number
      of
      shares of Stock or stock units and the like to be granted or covered pursuant
      to
      such Plan Awards (subject to the provisions of Article 3) and all other terms
      and conditions of such Plan Awards, including, but not limited to, whether
      such
      Plan Awards shall be payable or paid in cash, Stock or otherwise.

    

    (c)
Consideration
      for Other Stock-Based
      Awards. In the discretion of the Committee, any Other-Stock Based Award
      may be granted as a Stock bonus for no consideration other than services
      rendered; provided, however, that in the event an Other Stock-Based Award shall
      be granted to a Participant who is a Section 16 Person under which shares of
      Stock are or may in the future be issued for any other type of consideration,
      the amount of such consideration shall either be (i) equal to the amount (such
      as the par value of such shares) required to be received by the Company in
      order
      to assure compliance with applicable state law or (ii) equal to or greater
      than
      50% of the fair market value of such shares (as determined in accordance with
      paragraph (b) of Article 5) on the date of grant of such Other Stock-Based
      Award.

    

    (d)
Salaried
      Employee.  Notwithstanding anything contained in the Plan to
      the contrary, the term "salaried employee", for purposes of this Article 6,
      shall be deemed to include any salaried employee of the Company or any other
      person designated by the Committee for an award under this Article
      6.

    

    (e)
Effect
      of Termination of Employment
      or Death. Unless the Committee otherwise determines, the following
      provisions shall apply to any Plan Award made pursuant to this Article
      6:

    

    (1)
      If a
      Participant's employment with the Company shall be terminated, prior to vesting,
      or prior to issuance of shares if there is no vesting period, relating to any
      Plan Award granted to such Participant, by reason of discharge, release in
      the
      best interest of the Company, release under mutually satisfactory conditions,
      termination under a voluntary or involuntary Company separation program or
      career transition program, voluntary quit or retirement without the approval
      of
      the Company, such Plan Award shall be forfeited and cancelled forthwith unless
      the Committee shall grant an appropriate waiver. Any such waiver shall be
      granted in accordance with the procedure specified in paragraph (b) of Article
      8
      (in which event the reference in such paragraph (b) to "the nonfulfillment
      of
      such condition" shall be deemed to refer to such Participant's termination
      for
      any of the reasons specified above).

    

    (2)
      If a
      Participant's employment with the Company shall be terminated for any reason
      other than a reason specified in paragraph (e)(l) of this Article 6, except
      death, prior to or concurrently with the expiration of any performance period
      or
      vesting period or prior to issuance of shares of Stock if there is no vesting
      period relating to any Plan Award granted to such Participant, such Plan Award
      will remain unaffected except to the extent that the Committee decides to
      prorate a Final Award based on the number of full months that the Participant
      was employed during the performance period or vesting period.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      14

    

     

    (3)
      If a
      Participant's employment with the Company shall be terminated at any time by
      reason of a sale or other disposition (including, without limitation, a transfer
      to a Joint Venture) of the division, operation or subsidiary in which such
      Participant was employed or to which such Participant was assigned, unless
      the
      Committee shall specify otherwise, any unvested Plan Award shall be dealt with
      as provided in paragraph (e)(2) of this Article 6, provided that such
      termination occurs at least three months after the date of grant.

    

    (4)
      If a
      Participant shall die while in the employ of the Company, any unvested Plan
      Award then held by such Participant shall remain in effect, except to the extent
      that the Committee decides to prorate any Plan Award based on the number of
      full
      months that the Participant was employed during the vesting period. Such Plan
      Award, and any shares of Stock awarded to the Participant but not yet issued,
      and any such shares thereafter issuable with respect to such Plan Award, shall
      be transferred or issued and delivered to the beneficiary designated pursuant
      to
      Article 10 or, if no such designation is in effect, to the executor or
      administrator of the estate of such Participant, free of all
      restrictions.

    

    (5)
      Subject to the provisions of Article 8, if a Participant shall die following
      termination of employment, any unvested Plan Award then held by such Participant
      shall remain in effect. Such Plan Award, and any shares of Stock awarded but
      not
      yet issued to the Participant, and any such shares thereafter issuable with
      respect to such Plan Award, shall be transferred or issued to the beneficiary
      designated pursuant to Article 10 or, if no such designation is in effect,
      to
      the executor or administrator of the estate of such Participant, free of all
      restrictions.

    

    (6)
      Except as otherwise provided in (e)(3) of this Article 6, notwithstanding any
      other provision of the Plan to the contrary, if a Participant's employment
      with
      the Company shall for any reason terminate prior to the date six months
      following the date of grant of any unvested Plan Award, such Plan Award shall
      be
      forfeited and cancelled forthwith unless the Committee shall determine
      otherwise.

    

    (7)
      Notwithstanding any provision of the Plan to the contrary, (i) the Committee
      may
      at any time establish a restriction period applicable to a Plan Award, and
      such
      restriction period shall remain in effect until such time (which may be later
      than the date of the Participant's retirement or other termination of
      employment) as the Committee may determine; and (ii) the Committee may determine
      that no shares of Stock therefor shall be issued to any Participant until the
      date of expiration of the applicable restriction period (or such earlier date
      as
      the Committee may determine).

    

    Cash
      Awards

    

    7.
      Notwithstanding any other provision of the Plan to the contrary, the Committee
      may determine to permit a Participant, other than a Section 16 Person, who
      is an
      employee of a foreign subsidiary or a foreign branch of the Company or of a
      foreign Joint Venture to receive cash in lieu of any Plan Award or shares of
      Stock that would otherwise have been granted to or delivered to such Participant
      under the Plan, in such amount as the Committee may determine in its sole
      discretion. In addition, prior to payment of any Plan Award that is otherwise
      payable in Stock, the Committee may determine to pay the Plan Award in whole
      or
      in part in cash of equal value.  The value of such Plan Award on the
      date of distribution shall be determined in the same manner as the fair market
      value of Stock on the date of grant of an Option pursuant to paragraph (b)
      of
      Article 5.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      15

       

    

    Payment
      of Plan Awards and Conditions Thereon

    

    8.(a)
      Effect of Competitive
      Activity. Anything contained in the Plan to the contrary notwithstanding,
      if the employment of any Participant shall terminate, for any reason other
      than
      death, while any Plan Award to such Participant is outstanding hereunder, and
      such Participant has not yet received the Stock covered by such Plan Award
      or
      otherwise received the full benefit of such Plan Award, such Participant, if
      otherwise entitled thereto, shall receive such Stock or benefit only if, during
      the entire period from the date of such Participant's termination to the date
      of
      such receipt, such Participant shall have earned out such Plan Award by (i)
      making himself or herself available, upon request, at reasonable times and
      upon
      a reasonable basis, to consult with, supply information to and otherwise
      cooperate with the Company or any subsidiary thereof with respect to any matter
      that shall have been handled by him or her or under his or her supervision
      while
      he or she was in the employ of the Company or of any subsidiary thereof, and
      (ii) refraining from engaging in any activity that is directly or indirectly
      in
      competition with any activity of the Company or any subsidiary
      thereof.

    

    (b)
Nonfulfillment
      of Competitive
      Activity Conditions: Waivers Under the Plan. In the event of a
      Participant's nonfulfillment of any condition set forth in paragraph (a) of
      this
      Article 8 such Participant's rights under any Plan Award shall be forfeited
      and
      cancelled forthwith; provided, however, that the nonfulfillment of such
      condition may at any time (whether before, at the time of or subsequent to
      termination of employment) be waived in the following manner:

    

    (i)
      with
      respect to any such Participant who at any time shall have been a Section 16
      Person, such waiver may be granted by the Committee upon its determination
      that
      in its sole judgment there shall not have been and will not be any substantial
      adverse effect upon the Company or any subsidiary thereof by reason of the
      nonfulfillment of such condition; and

    

    (ii)
      with
      respect to any other such Participant, such waiver may be granted by the
      Committee (or any committee appointed by it for the purpose) upon its
      determination that in its sole judgment there shall not have been and will
      not
      be any such substantial adverse effect.

    

    (c)
Effect
      of Inimical Conduct.
Anything contained in the Plan to the contrary notwithstanding, all
      rights of a Participant under any Plan Award shall cease on and as of the date
      on which it has been determined by the Committee that such Participant at any
      time (whether before or subsequent to termination of such Participant's
      employment) acted in a manner inimical to the best interests of the Company
      or
      any subsidiary thereof.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      16

       

    

    (d)
Tax
      and Other Withholding.
Prior to any distribution of cash, Stock or Other Stock-Based Awards
      (including payments under paragraph (d) of Article 4) to any Participant,
      appropriate arrangements (consistent with the Plan and any rules adopted
      hereunder) shall be made for the payment of any taxes and other amounts required
      to be withheld by federal, state or local law.

    

    (e)
Substitution.
The
      Committee,
      in its sole discretion, may substitute a Plan Award (except ISOs) for another
      Plan Award or Plan Awards of the same or different type.

    

    Non-Transferability
      of Plan Awards;

    Restrictions
      on Disposition and Exercise of Plan Awards

    

    9.(a)
      Restrictions on Transfer
      of
      Rights or Final Awards. (i) No PB-RSU or (ii) until the expiration of the
      applicable Restriction Period, no shares of Stock or Restricted Stock Units
      covered by any Final Award determined under paragraph (c) of Article 4, shall
      be
      transferred, pledged, assigned or otherwise disposed of by a Participant, except
      as permitted by the Plan, without the consent of the Committee, otherwise than
      by will or the laws of descent and distribution; provided, however, that the
      Committee may permit, on such terms as it may deem appropriate, use of Stock
      included in any Final Award as partial or full payment upon exercise of an
      Option under the Plan or a stock option under any Stock Option Plan of the
      Company prior to the expiration of the Restriction Period relating to such
      Final
      Award.

    

    (b)
Restrictions
      on Transfer of Options
      or Stock Appreciation Rights. Unless the Committee determines otherwise,
      no Option or related Stock Appreciation Right shall be transferable by a
      Participant otherwise than by will or the laws of descent and distribution,
      and
      during the lifetime of a Participant the Option or Stock Appreciation Right
      shall be exercisable only by such Participant or such Participant's guardian
      or
      legal representative.

    

    (c)
Restrictions
      on Transfer of Certain
      Other Stock-Based Awards. Unless the Committee determines otherwise, no
      Other-Stock Based Award which constitutes an option or similar right shall
      be
      transferable by a Participant otherwise than by will or the laws of descent
      and
      distribution, and during the lifetime of a Participant any such Other-Stock
      Based Award shall be exercisable only by such Participant or such Participant's
      guardian or legal representative.

    

    Designation
      of Beneficiaries

    

    10.
      Anything contained in the Plan to the contrary notwithstanding, a Participant
      may file with the Company a written designation of a beneficiary or
      beneficiaries under the Plan (subject to such limitations as to the classes
      and
      number of beneficiaries and contingent beneficiaries and such other limitations
      as the Committee from time to time may prescribe), subject to the provisions
      of
      paragraph (e) of Article 4, paragraph (f) of Article 5, and paragraph (e) of
      Article 6. A Participant shall be deemed to have designated as beneficiary
      or
      beneficiaries under the Plan the person or persons who receive such
      Participant's life insurance proceeds under the basic Company Life Insurance
      Plan unless such Participant shall have assigned such life insurance or shall
      have filed with the Company a written designation of a different beneficiary
      or
      beneficiaries under the Plan. A Participant may from time to time revoke or
      change any such designation of beneficiary. Any designation of beneficiary
      under
      the Plan shall be controlling over any other disposition, testamentary or
      otherwise; provided, however, that if the Committee shall be in doubt as to
      the
      entitlement of any such beneficiary to any PB-RSU, Final Award, Option, Stock
      Appreciation Right or Other Stock-Based Award, the Committee may determine
      to
      recognize only the legal representative of such Participant, in which case
      the
      Company, the Committee and the members thereof shall not be under any further
      liability to anyone. In the event of the death of any Participant, the term
      "Participant" as used in the Plan shall thereafter be deemed to refer to the
      beneficiary designated pursuant to this Article 10 or, if no such designation
      is
      in effect, the executor or administrator of the estate of such Participant,
      unless the context otherwise requires.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      17

       

    

    Merger,
      Consolidation, Stock Dividends, Etc.

    

    11.(a)
      Adjustments. In the
      event of any merger, consolidation, reorganization, stock split, stock dividend
      or other event affecting Stock, an appropriate adjustment shall be made in
      the
      total number of shares available for Plan Awards and in all other provisions
      of
      the Plan that include a reference to a number of shares, and in the numbers
      of
      shares covered by, and other terms and provisions of, outstanding Plan
      Awards.

    

    (b)
Committee
      Determinations. The
      foregoing adjustments and the manner of application of the foregoing provisions
      shall be determined by the Committee in its sole discretion. Any such adjustment
      may provide for the elimination of any fractional share which might otherwise
      become subject to a Plan Award.

    

    Acceleration
      of Payment, Modification of Plan Awards

    and
      Fair Market Value of Plan Awards

    

    12.
      (a)
Acceleration of Payment,
      Modification of Plan Awards. Notwithstanding any other provision of the
      Plan, the Committee, in the event of the death of a Participant or in any other
      circumstance, may accelerate distribution of any Plan Award in its entirety
      or
      in a reduced amount, in cash or in Stock, or modify any Plan Award, in each
      case
      on such basis and in such manner as the Committee may determine in its sole
      discretion.

    

    (b)
Fair
      Market Value of Plan
      Awards. All Plan Awards shall be valued on the date of grant at the fair
      market value of Stock determined pursuant to paragraph (b) of Article
      5.

    

    Rights
      as a Stockholder

    

    13.
      A
      Participant shall not have any rights as a stockholder with respect to any
      share
      covered by any Plan Award until such Participant shall have become the holder
      of
      record of such share.

    

    Term,
      Amendment, Modification,

    Termination
      of the Plan, and Code Section 409A

    

    14.(a)
      Term. The Plan shall
      terminate on May 1, 2018, except with respect to Plan Awards then
      outstanding.

    

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

    
      18

       

    

    (b)
Amendment,
      Modification and
      Termination. The Board of Directors, upon recommendation of the
      Committee, at any time may amend, modify or terminate the Plan, and the
      Committee at any time may amend or modify the Plan; provided, however, that
      no
      such action of the Board of Directors or the Committee, without approval of
      the
      stockholders, may (a) increase the total number of shares of Stock with respect
      to which Plan Awards may be granted under the Plan, (b) extend the term of
      the
      Plan as set forth in paragraph (a) of this Article 14 or (c) permit any person
      while a member of the Committee or any committee of the Board of Directors
      administering the Plan to be eligible to receive or hold a Plan Award; provided,
      however, that neither the Board of Directors nor the Committee may amend or
      modify the Plan so as to increase the maximum number of shares determinable
      pursuant to the last sentence of paragraph (a) of Article 3.

    

    (c)
Code
      Section 409A. The Plan
      and all Plan Awards are designed and intended to meet the requirements of
      Section 1.409A-1(b)(5) of the U.S. Treasury Department Regulations so that
      no
      Plan Award is determined to provide or is treated as providing for the deferral
      of compensation under Code Section 409A such that the Plan Award becomes subject
      to the general provisions of Code Section 409A, or the regulations issued
      thereunder.  To the extent any Plan Award ultimately is determined or
      treated as providing for the deferral of compensation under Code Section 409A,
      the Company reserves the right to take such action, on a uniform basis, as
      the
      Company deems necessary or desirable to ensure compliance with Code Section
      409A, and the regulations thereunder, or to achieve the goals of the Plan
      without having adverse tax consequences under the Plan for any employee or
      beneficiary.

    

    Indemnification
      and Exculpation

    

    15.(a)
      Indemnification. Each
      person who is or shall have been a member of the Board of Directors or of the
      Committee or of any committee of the Board of Directors administering the Plan
      or of any committee appointed by the foregoing committees shall be indemnified
      and held harmless by the Company against and from any and all loss, cost,
      liability or expense that may be imposed upon or reasonably incurred by such
      person in connection with or resulting from any claim, action, suit or
      proceeding to which such person may be or become a party or in which such person
      may be or become involved by reason of any action taken or failure to act under
      the Plan and against and from any and all amounts paid by such person in
      settlement thereof (with the Company's written approval) or paid by such person
      in satisfaction of a judgment in any such action, suit or proceeding, except
      a
      judgment in favor of the Company based upon a finding of such person's lack
      of
      good faith; subject, however, to the condition that, upon the institution of
      any
      claim, action, suit or proceeding against such person, such person shall in
      writing give the Company an opportunity, at its own expense, to handle and
      defend the same before such person undertakes to handle and defend it on such
      person's behalf. The foregoing right of indemnification shall not be exclusive
      of any other right to which such person may be entitled as a matter of law
      or
      otherwise, or any power that the Company may have to indemnify or hold such
      person harmless.

    

    (b)
Exculpation.
      Each member of
      the Board of Directors or of the Committee or of any committee of the Board
      of
      Directors administering the Plan or any committee appointed by the foregoing
      committees, and each officer and employee of the Company, shall be fully
      justified in relying or acting in good faith upon any information furnished
      in
      connection with the administration of the Plan by any appropriate person or
      persons other than such person. In no event shall any person who is or shall
      have been a member of the Board of Directors or of the Committee or of any
      committee of the Board of Directors administering the Plan or of any committee
      appointed by the foregoing committees, or an officer or employee of the Company,
      be held liable for any determination made or other action taken or any omission
      to act in reliance upon any such information, or for any action (including
      the
      furnishing of information) taken or any failure to act, if in good
      faith.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      19

       

    

    Expenses
      of Plan

    

    16.
      The
      entire expense of offering and administering the Plan shall be borne by the
      Company and its participating subsidiaries.

     

    Finality
      of Determinations

    

    17.
      Each
      determination, interpretation, or other action made or taken pursuant to the
      provisions of the Plan by the Board of Directors or the Committee or any
      committee of the Board of Directors administering the Plan or any committee
      appointed by the foregoing committees shall be final and shall be binding and
      conclusive for all purposes and upon all persons, including, but without
      limitation thereto, the Company, the stockholders, the Committee and each of
      the
      members thereof, and the directors, officers, and employees of the Company
      and
      its subsidiaries, the Participants, and their respective successors in
      interest.

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