Document:

jrcc_10k-ex1009a.htm

 

    
      

    

     

    Exhibit 10.9a

     

    

      
        Confidential
Treatment Requested

        

        Confidential
provisions of this document have been redacted and been filed separately with
the Commission

      

      

      

      

      

      April 7,
2009

      

      

      

      Mr. David
Ensor

      Manager,
Fuel Planning and Supply

      South
Carolina Public Service Authority

      P.O. Box
2946101

      1
Riverwood Drive

      Moncks
Corner, SC 29461-2901

      

      Re:           Fuel
Supply Agreement #141944

      

      Dear
David:

      

      Reference is made to that certain Fuel
Supply Agreement #141944, effective March 1, 2004, as amended (as amended and
revised, the “Agreement”), between South Carolina Public Service Authority and
James River Coal Company and James River Coal Sales, Inc.

      

      The purpose of this letter is to set
forth our agreement, effective as of April 7, 2009, to amend certain provisions
of the Agreement addressing the term and the quantities and pricing of the coal
to be sold and purchased thereunder.

      

      1.           With
respect to the tonnage to be sold and delivered in calendar year 2009, the
parties have agreed to defer the delivery of * * * of those tons
priced at the Base Price of $* * * per ton from
calendar year 2009, with * * * of such deferred
tons to be delivered in calendar year 2011 and the remaining * * * tons to be
delivered in calendar year 2012.  In connection with such deferment,
the parties have further agreed to the sale and purchase of an additional * * * tons of coal in
calendar year 2009 at a Base Price of $* * * per
ton.  For ease of administration and billing, all 2009 tonnage shipped
on or before April 6, 2009 shall be billed at the Base Price of $* * * per ton and the
remaining tonnage for the year (* * * tons less the
2009 tonnage shipped on or before April 6, 2009) shall be billed at the blended
price per ton determined on the basis of the remaining tons to be delivered at
$* * * per ton
(* * * tons less
the 2009 tonnage shipped on or before April 6, 2009) and the * * * tons to be
delivered at $* * * per
ton.

      

      2.           The
parties have agreed that the Market Price for the * * * Market Price
Tons in calendar year 2010 shall be $* * * per
ton.

      

      3.           The
parties have agreed that the term of the Agreement shall now extend through
December 31, 2012 to allow for the delivery of the * * * deferred tons to
be delivered in that calendar year.

      

      As a result of these modifications, the
quantity and pricing for tonnage to be sold and delivered in calendar years
2009-2012 shall be as follows:

       

      
        ________________

        
          *** -
confidential material redacted and filed separately with the
commission.

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      * * *

      

      For ease of administration and billing,
the * * * Base
Price Tons to be delivered in calendar year 2010 shall be billed at the blended
price of $* * *
per ton and the * * * Base Priced Tons
to be delivered in calendar year 2011 shall be billed at the blended price of
$* * * per
ton.

      

      This agreement supersedes all prior
understandings and agreements of the parties with respect to the term, quantity,
Base Prices, Market Price and time of delivery of the coal to be sold and
purchased under the Agreement in calendar years 2009-2012 and it shall not be
subject to further amendment, modification or termination absent the mutual
written agreement of all of the parties hereto; provided, however, that nothing
herein contained is intended to alter, amend or supersede the price adjustment
provisions of the Agreement.

      

      Please confirm your agreement to the
foregoing by signing and dating this letter in the space provided below and
return one original to me at your earliest convenience.

      

      
        	 
      	
                Sincerely,

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                Mark
      W. Dooley

              
	 
      	
                Executive
      Vice President

              
	 
      	
                James
      River Coal Sales, Inc.

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                James
      River Coal Company

              	
                South
      Carolina Public Service Authority

              
	 
      	 
      
	
                Peter
      T.
      Socha                                           
      

              	
                /s/
      W. David
      Ensor                                      
      

              
	
                Printed
      Name

              	
                Printed
      Name

              
	 	 
	
                Chairman
      &
      CEO                                        

              	
                Manager,
      Fuel Planning &
      Supply             
      

              
	
                Title

              	
                Title

              
	 	 
	
                /s/
      Peter T.
      Socha                                      
      

              	
                /s/
      W. David
      Ensor                                        
      

              
	
                Signature

              	
                Signature

              
	 	 
	
                April
      7, 2009 
                                                   
      

              	
                April
      20,
      2009                                                   
      

              
	
                Date

              	
                Date

              

      

      

      
        ________________

        
          *** -
confidential material redacted and filed separately with the
commission.AFG Non-Employee Directors' Comp Plan 2009

AMERICAN FINANCIAL GROUP, INC.

NON-EMPLOYEE DIRECTORS' COMPENSATION PLAN

(Amended and Restated as of December 1, 2009)

P R E A M B L E

The purpose of the Non-Employee Directors' Compensation Plan ("Plan") of American Financial Group, Inc. (the "Company") is to provide compensation to the Company's non-employee directors to be paid through cash and through the issuance of shares of the Company's common stock ("Common Stock").

Directors who are not employees of the Company or of a Company subsidiary are paid an annual retainer ("Board Retainer"), an additional annual Board Committee retainer, including additional amounts paid for service as Chairman of a Board committee ("Committee Retainer") and an attendance fee for each Board or Committee meeting attended ("Meeting Fees"), in amounts which shall be established, from time to time, by the Board of Directors.  The amounts established by the Board of Directors for the retainers and fees shall be set forth on the attached Schedule 1.

	PAYMENT OF COMPENSATION TO NON-EMPLOYEE DIRECTORS.

	Retainers and Meeting Fees in Cash.  The Board Retainer and Committee Retainer (if applicable) shall be paid by the Company in cash, quarterly in arrears, as soon as practicable following the end of each calendar quarter.  The Meeting Fees accrued during each calendar quarter, if any, shall be paid by the Company at the end of such quarter in cash, together with the applicable quarterly retainers.  The amount of the Board Retainer and Committee Retainer may be changed by the Board of Directors from time to time without shareholder approval.

	Restricted Stock Grant.  On or as soon as practicable after June 1 of each year during which a non-employee director is a member of the Company's Board of Directors, such non-employee director shall receive a restricted stock grant payable in shares of Common Stock.  The number of shares of Common Stock to be issued to each non-employee director pursuant to this Section shall be determined by dividing $85,000 (the "Stock Grant Value") by the per share Fair Market Value of the Common Stock (as defined in Section 2 below) on the last business day prior to June 1 of the applicable year; the resulting number shall then be rounded up to the nearest share.  The Board of Directors may change the Stock Grant Value to be granted to non-employee directors pursuant to this Section from time to time, or may determine that a fixed number of shares be granted in lieu of using the "Stock Grant Value" method described above, in each case without shareholder approval.

	FAIR MARKET VALUE OF COMPANY COMMON STOCK.

The "Fair Market Value" of a share of Common Stock shall be the average of the high and low sales prices of the shares on the New York Stock Exchange ("NYSE") Composite Tape (the "NYSE Tape") (or the principal market in which the Common Stock is traded, if the shares are not listed on that NYSE on such date (the "Principal Market")).

	RESTRICTIVE LEGEND; HOLDING PERIOD FOR SHARES OF COMMON STOCK; OTHER RESTRICTIONS CONSISTENT WITH STOCK OWNERSHIP GUIDELINES.

	Restrictive Legend and Holding Period.  In order to address certain provisions of the Federal securities laws, including Section 16(b) of the Securities Exchange Act of 1934, all certificates representing shares of Common Stock issued pursuant to the Plan shall bear the following restrictive legend which will prevent the recipient from disposing of such shares for six months from the date of issuance:

THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED UNTIL THE EXPIRATION OF THE SIX MONTH PERIOD BEGINNING ON THE DATE OF THE ORIGINAL ISSUANCE BY AMERICAN FINANCIAL GROUP, INC. (THE "COMPANY") AS PROVIDED BY SECTION 3 OF THE COMPANY'S NON-EMPLOYEE DIRECTORS' COMPENSATION PLAN, A COMPLETE AND CORRECT COPY OF THE FORM OF WHICH WILL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF WITHIN FIVE DAYS AFTER RECEIPT OF A WRITTEN REQUEST.

When the legend requirement imposed by this Section shall terminate, the Company (at its expense) shall issue a replacement certificate representing such shares without the legend.

	Stock Ownership Guidelines.  It shall be the objective of each non-employee director to beneficially own, not later than three years after receiving his or her first annual restricted stock award contemplated by Section 1(b) of this Plan (the "Share Ownership Target Date"), a minimum number of shares of Common Stock, the market value of which shall be equal to six times the then-current annual Board Retainer (the "Share Ownership Target").  After a non-employee director's Share Ownership Target Date, such non-employee director shall thereafter endeavor to meet or exceed the Share Ownership Target.  The market value for purposes of this Section for any date shall be the highest sales price of the shares during the last twenty-four months, as reported on the NYSE Tape or the Principal Market, as the case may be.

	Additional Transfer Restrictions.  No non-employee director may dispose of any shares received as an annual restricted stock award contemplated by Section 1(b) of this Plan until such time as all shares of Common Stock beneficially owned by such non-employee director reaches the Share Ownership Target.  Thereafter, no non-employee director shall dispose of any shares received as an annual restricted stock award contemplated by Section 1(b) of this Plan such that such non-employee director's direct or indirect ownership of shares of Common Stock would be less that the Share Ownership Target.

	NO RIGHT TO CONTINUANCE AS A DIRECTOR.

Neither the action of the Company in establishing the Plan nor the issuance of Common Stock hereunder shall be deemed to create any obligation on the part of the Board of Directors to nominate any non-employee director for reelection by the Company's shareholders or to be evidence of any agreement or understanding, express or implied, that the non-employee director has a right to continue as a director for any period of time or at any particular rate of compensation.

	SHARES SUBJECT TO THE PLAN.

One hundred fifty thousand (150,000) shares of Common Stock are authorized for issuance under the Plan in accordance with the provisions hereof.  The Company shall at all times during the term of the Plan retain as authorized and unissued Common Stock at least the number of shares from time to time required under the provisions of the Plan, or otherwise assure itself of its ability to perform its obligations hereunder.

	EFFECTIVE DATE AND EXPIRATION OF PLAN.

Pursuant to New York Stock Exchange Rule 303A.08, the Plan is subject to approval by a majority of the votes cast at the next annual meeting of shareholders of the Company by the holders of shares of Common Stock entitled to vote thereon, and, if so approved, shall be effective beginning on the first day of the calendar quarter immediately following such vote (the "Effective Date").  Unless earlier terminated by the Board of Directors pursuant to Section 8, the Plan shall terminate on the tenth anniversary of the Effective Date.  No shares of Common Stock shall be issued pursuant to the Plan after its termination date.

	PAYMENT IN EVENT OF DEATH.

If a non-employee director dies, any portion of his or her compensation pursuant to the Plan then unpaid shall be paid to the beneficiaries of the director named in the most recent beneficiary designation filed with the Secretary of the Company.  In the absence of such a designation, such compensation shall be paid to, or as directed by, the director's personal representative, in one or more installments as the non-employee director may have elected in writing.

	AMENDMENT, SUSPENSION AND TERMINATION OF PLAN.

The amount, pricing, and timing of Company Common Stock issuances pursuant to the Plan shall not be amended more than once every six months, other than to comport with changes in the Internal Revenue Code of 1986, as amended, the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder.

The Board of Directors may suspend or terminate the Plan or any portion of it at any time, and may amend it, subject only to the preceding paragraph, from time to time in such respects as the Board may deem advisable in order that any awards hereunder shall conform to any change in applicable laws or regulations or in any other respect the Board may deem to be in the best interests of the Company; provided, however, that no such amendment shall, without the further approval with the affirmative vote of shareholders entitled to cast at least a majority of the total number of votes represented at a meeting of shareholders of the Company, increase the number of shares of Common Stock which may be issued under the Plan, materially modify the requirements as to eligibility for participating in the Plan, or extend the termination date of the Plan. 

[Amended and Restated as of December 15, 2009] 

 

SCHEDULE 1

 (EFFECTIVE AS OF DECEMBER 1, 2009)

	
Annual Board Retainer
	
$40,000

	 	 
	
Annual Committee Retainer for non-Chair Member (1) 
	
$6,000

	 	 
	
Annual Audit Committee Chair Retainer (1) 
	
$30,000

	 	 
	
Annual Retainer for Chair of Committees (including

Special Committee) other than Audit Committee (1)
	
$12,000

	 	 
	
Attendance Fee per Board Meeting
	
$1,750

	 	 
	
Attendance Fee per Committee (including Special

Committee) Meeting  (2)
	
$1,250

 

 

 

 

	 	
______________________________

	
(1)
	
Committee Chairs will not receive member retainers in addition to retainers for Chair.

	
(2)
	
Committee Meeting fees shall be paid also to Non-Employee Board members who attend meetings for Committees on which they do not serve, and to Board members who attend executive session meetings of the Non-Employee directors.

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