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Exhibit 10.21    
    

TERM SHEET

FOR

GEORGE FISHER  

	

Title:	
 	

Non Executive Chairman of the Board of PanAmSat Corporation (the "Company")
	

Duties:	
 	

Serve as lead director, create agenda for and preside at board meetings, set meeting schedules, actively participate in monthly financial sponsor update meetings, serve on committees of the Board to be determined and engage in such other duties as
are customary for a non-executive chairman of the Board.
	

Chairman Compensation:	
 	

$100,000 per annum, payable in advance in equal quarterly installments.
	

Director Fees:	
 	

$50,000 per annum.
	

Equity:	
 	

Purchase of $500,000 (based on the purchase price per share paid by the sponsors at closing) in Company common stock.
	

 	
 	

For each share purchased by Mr. Fisher he shall receive an option to purchase one share of the Company's common stock. The options and shares purchased (either initially or upon exercise of options) will be subject to the same equity agreements with
conditions and restrictions as the senior executives of the Company, except that all options granted hereunder will be time-based and there shall be no puts/calls rights relating to the stock and options hereunder.
	

 	
 	

The exercise price per option shall be the price per share paid by the sponsors for the common stock (subject to customary adjustments for recapitalizations, splits, and similar actions).
	

 	
 	

The options will vest and become exercisable in five equal installments on each of the first five anniversaries of the grant date.
	

Expense Reimbursement:	
 	

The Company shall reimburse Mr. Fisher for reasonable out of pocket expenses incurred in accordance with the performance of his duties.
	

Change in Status:	
 	

If Mr. Fisher is for whatever reason no longer Chairman of the board of directors, he shall retain his stock and vested options but shall not be entitled to any payments (other than accrued but unpaid payments).
	

Change of Control:	
 	

Upon a change of control Mr. Fisher's options shall automatically vest and become exercisable.
	

Confidentiality:	
 	

Mr. Fisher will be subject at all times during and after Board services to a confidentiality covenant prohibiting him from disclosing or using at any time any non-public confidential or proprietary information concerning the Company, the equity
sponsors, or their respective affiliates, except as required by law or while on the Board for the benefit of the Company.
	

Directors and Officers Insurance:	
 	

Company coverage will initially be $25 million. KKR umbrella policy provides an additional $35 million of coverage for exposure above $25 million.

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Exhibit 10.21Exhibit 10.22

 

Summary Non-Employee Director Compensation
Arrangement (Except with respect to the Chairman of the Board)

 

 

On election to the Board of Directors, for
services rendered as a member of the Board of Directors, each non-employee
director was awarded options to purchase 100,000 shares of our common stock
(subsequently converted to options for Holdco common stock) and will receive an
annual fee of $50,000. We reimburse directors for reasonable travel expenses
incurred in connection with their duties as our directors.Exhibit 10.1.1

AMENDMENT NO. 1

TO

CREDIT AGREEMENT

This
Amendment No. 1 to Credit Agreement, dated as of November 12, 2004 (this “Amendment”),
is entered into among FC 2 CORP., a Delaware corporation (“Holdings”),
FOUNDATION COAL CORPORATION, a Delaware corporation (“Acquisition Corp.”
and together with Holdings, the “Parent Guarantors”), FOUNDATION PA COAL
COMPANY, a Delaware corporation (the “Borrower”) and Citicorp North
America, Inc., a Delaware corporation, in its capacity as administrative agent
for the Lenders and as agent for the Secured Parties (in such capacity, the “Administrative
Agent”), and amends the Credit Agreement dated as of
July 30, 2004 (as amended to the date hereof and as the same may be
further amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”) entered into among the Parent Guarantors, the Borrower, the
institutions from time to time party thereto as Lenders (the “Lenders”),
the Administrative Agent, UBS AG, Stamford Branch, Bear Stearns Corporate Lending,
Inc. and Natexis Banques Populaires, as Co-Documentation Agents and Citigroup
Global Markets Inc. and Credit Suisse First Boston as Co-Syndication Agents and
Joint Lead Arrangers.  Capitalized terms
used herein and not otherwise defined herein shall have the meanings ascribed
to them in the Credit Agreement.

W I T N E S S E T H:

Whereas, the Borrower
has requested that the Lenders amend the Credit Agreement to effect the changes
described below;

Whereas,
Foundation Coal Holdings, Inc., a Delaware corporation and indirect parent of
the Parent Guarantors and Borrower (the “Public Parent”), intends to
engage in an initial public offering of its common stock (the “Public
Offering”);

Now,
therefore, in consideration of the premises and for other good and valuable
consideration (the receipt and sufficiency of which is hereby acknowledged),
the parties hereto hereby agree as follows:

Section
1.              Amendments to the Credit
Agreement

Section
6.06 of the Credit Agreement is amended by replacing clause (b) thereof with
the following:

                “(b)         Holdings
and each Subsidiary may declare and pay dividends or make other distributions
to any Parent Company:  (x) in
respect of overhead of such Parent Company or its direct or indirect owners,
including, without limitation, to make distributions under Section 6.06(e)
hereof, legal, accounting and professional fees and other fees and expenses in
connection with the maintenance of its existence and its ownership of Holdings,
in each case, to the extent attributable to the ownership of such Parent
Company in Holdings or such Subsidiary and (y) if no Event of Default has
occurred or is continuing, to the extent necessary to pay an

 

ordinary cash dividend on
the common stock of Public Parent after the Public Offering, provided that the
aggregate of such dividend amount for any quarter (together with the preceding
three quarters), shall not exceed $12,500,000, provided that if the Leverage
Ratio as of the last day of any two consecutive fiscal quarters is less than or
equal to 3.0 to 1.0 (as set forth in the officer’s certificates for such fiscal
quarters), then such aggregate permitted dividend amount for the quarter after
such two consecutive fiscal quarters (together with the preceding three
quarters) shall increase to $30,000,000, and if the Leverage Ratio as of the
last day of any two consecutive fiscal quarters is less than or equal to 2.0 to
1.0 (as set forth in the officer’s certificates for such fiscal quarters), then
such aggregate permitted dividend amount for the quarter after such two
consecutive fiscal quarters (together with the preceding three quarters) shall
increase to $45,000,000.

Section
2.              Conditions Precedent to
the Effectiveness of this Amendment

This Amendment shall become effective as of the date first written above
when, and only when, each of the following conditions precedent shall have been
satisfied or waived (the “Amendment No. 1 Effective Date”) by the Administrative
Agent:

(a)           Executed Counterparts.  The Administrative Agent shall have received this
Amendment, duly executed by the Parent Guarantors, the Borrower, the
Administrative Agent and the Required Lenders;

(b)           Initial Public Offering.  The Public Offering shall have been consummated;
and

(b)           Corporate and Other Proceedings.  All corporate and other proceedings, and all
documents, instruments and other legal matters in connection with the transactions
contemplated by this Amendment shall be reasonably satisfactory in all respects
to the Administrative Agent.

Section
3.              Representations and
Warranties

On
and as of the Amendment No. 1 Effective Date, after giving effect to this
Amendment, the Borrower hereby represents and warrants to the Administrative
Agent and each Lender as follows:

(a)           this Amendment has
been duly authorized, executed and delivered by the Borrower and constitutes
the legal, valid and binding obligations of the Borrower enforceable against
the Borrower in accordance with its terms and the Credit Agreement as amended
by this Amendment and constitutes the legal, valid and binding obligation of
the Borrower enforceable against the Borrower in accordance with its terms;

(b)           each of the
representations and warranties contained in Article III  (Representations and Warranties)
of the Credit Agreement and each other Loan Document is true and correct in all
material respects on and as of the Amendment No. 1 Effective Date, as if made
on and as of such date and except to the extent that such representations and
warranties specifically relate to a specific date, in which case such
representations and

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warranties
shall be true and correct in all material respects as of such specific date; provided,
however,
that references therein to the “Credit Agreement” shall be deemed to refer to
the Credit Agreement as amended hereby and after giving effect to the consents
and waivers set forth herein; and

(c)           no Default or Event
of Default has occurred and is continuing (except for those that are waived).

Section
4.              Fees and Expenses

                                The Borrower and each other Loan
Party agrees to pay on demand in accordance with the terms of Section 9.05
(Expenses; Indemnity) of the Credit Agreement all reasonable
out-of-pocket costs and expenses of the Administrative Agent in connection with
the preparation, reproduction, execution and delivery of this Amendment
(including, without limitation, the reasonable fees and out-of-pocket expenses
of counsel for the Administrative Agent with respect thereto).

Section
5.              Reference to the Effect on
the Loan Documents

(a)           As of the Amendment
No. 1 Effective Date, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein,”
or words of like import, and each reference in the other Loan Documents to the
Credit Agreement (including, without limitation, by means of words like “thereunder”,
“thereof”
and words of like import), shall mean and be a reference to the Credit
Agreement as amended hereby, and this Amendment and the Credit Agreement shall
be read together and construed as a single instrument.  Each of the table of contents and lists of
Exhibits and Schedules of the Credit Agreement shall be amended to reflect the
changes made in this Amendment as of the Amendment No. 1 Effective Date.

(b)           Except as expressly
amended hereby or specifically waived above, all of the terms and provisions of
the Credit Agreement and all other Loan Documents are and shall remain in full
force and effect and are hereby ratified and confirmed.

(c)           The execution,
delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the
Lenders, the Borrower or the Administrative Agent under any of the Loan
Documents, nor constitute a waiver or amendment of any other provision of any
of the Loan Documents or for any purpose except as expressly set forth herein.

(d)           This Amendment is a
Loan Document.

Section
6.              Execution in Counterparts

This
Amendment may be executed in any number of counterparts and by different
parties in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one
and the same agreement.  Signature pages
may be detached from multiple separate counterparts and attached to a single

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counterpart so that all signature pages are attached to the same
document.  Delivery of an executed
counterpart by telecopy shall be effective as delivery of a manually executed
counterpart of this Amendment.

Section
7.              Governing Law

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

Section
8.              Section Titles

The
section titles contained in this Amendment are and shall be without substantive
meaning or content of any kind whatsoever and are not a part of the agreement between
the parties hereto, except when used to reference a section.  Any reference to the number of a clause,
sub-clause or subsection of any Loan Document immediately followed by a
reference in parenthesis to the title of the section of such Loan Document
containing such clause, sub-clause or subsection is a reference to such clause,
sub-clause or subsection and not to the entire section; provided, however,
that, in case of direct conflict between the reference to the title and the
reference to the number of such section, the reference to the title shall govern
absent manifest error.  If any reference
to the number of a section (but not to any clause, sub-clause or subsection
thereof) of any Loan Document is followed immediately by a reference in
parenthesis to the title of a section of any Loan Document, the title reference
shall govern in case of direct conflict absent manifest error.

Section
9.              Notices

All
communications and notices hereunder shall be given as provided in the Credit
Agreement.

Section
10.            Severability

The
fact that any term or provision of this Agreement is held invalid, illegal or
unenforceable as to any person in any situation in any jurisdiction shall not
affect the validity, enforceability or legality of the remaining terms or
provisions hereof or the validity, enforceability or legality of such offending
term or provision in any other situation or jurisdiction or as applied to any
person.

Section
11.            Successors

The
terms of this Amendment shall be binding upon, and shall inure to the benefit
of, the parties hereto and their respective successors and assigns.

Section
12.            Waiver of Jury Trial

Each
of the parties hereto irrevocably waives trial by jury in any action or proceeding
with respect to this Amendment or any other Loan Document.

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[SIGNATURE
PAGES FOLLOW]

 

 

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In Witness Whereof, the parties
hereto have caused this Amendment to be executed by their respective officers
and general partners thereunto duly authorized, as of the date first written
above.

	
   

  	
  FC
  2 CORP., as
  a Parent GuarantorTitle:

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  FOUNDATION
  COAL CORPORATION, as a Parent Guarantor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  FOUNDATION
  PA COAL COMPANY, as the Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Amendment No. 1

 

	
   

  	
  CITICORP
  NORTH AMERICA, INC. as Administrative Agent and Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Amendment No. 1

 

 

	
   

  	
  [LENDER],
  as a
  Lender

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Amendment
No. 1

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