Document:

First Amendment to Fuel Reserve Agreement

 Exhibit 10.22 
  

					
	 [*]
	 	=	 	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
Securities Act of 1933, as amended.

 Amendment I 
 Fuel Reserve Agreement 
 This Fuel Reserve Agreement
Amendment I, by and between Global Energy, Inc., of Cincinnati, Ohio (hereinafter “Purchaser”) and Midwest Minerals, Inc., (hereinafter “Seller”) of Terre Haute, Indiana, effective this 19th day of January, 2005, shall
modify, change, clarify or enhance a certain Fuel Reserve Agreement created and established by and between the parties on January 20th, 2004. 
 Whereas, Global Energy, Inc, desires to modify certain terms, conditions and obligations previously established by
and between the parties, and 
 Whereas, Midwest Minerals, Inc., desires to modify certain terms, conditions and obligations previously established by
and between the parties, and 
 Whereas, Midwest Minerals and Global Energy, Inc., deem the
Fuel Reserve Agreement of January 20th, 2004 and this Fuel Reserve Agreement Amendment I to be an
important and valued business asset to each of the parties. 
 Provisions and Conditions 
  

	 	 I.
	 Said Fuel Reserve Agreement dated January 20th, 2004 required Purchaser to take certain specific actions and make certain specified payments to Seller prior to 11:59 pm, December 31st, 2004, and 

  

	 	 II.
	 Said Fuel Reserve Agreement included the provision that Seller may, at its sole election extend the terms of the Fuel
Reserve Agreement by providing its written notice to Global prior to 11:59pm on January 30th, 2005, and

  

	 	III.	The Purchaser and Seller individually and jointly desire to extend and modify the Fuel Reserve Agreement to the full benefit of both parties, so 

  

	 	 IV.
	 Purchaser and Seller hereby agree on the following as a modified schedule, statement of conditions and acceptance of
obligations, one to another, to provide for the real estate transfer and closing contemplated by the Fuel Reserve Agreement of January 20th, 2004 

  

	 	 1.
	 Purchaser and Seller shall meet in the office of the Purchaser on Wednesday, February 16th, 2005 for the purpose of closing the transaction or at such other mutually acceptable time prior to that date as the parties
may elect. 

  

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	 	2.	At closing, Purchaser shall provide to the benefit of the Seller the sum of [*], said payment being made by wire transfer to an account of the Seller in the First Financial Bank of
Terre Haute or other account as may be directed by Seller. 

  

	 	 3.
	 At closing, Seller shall provide deed conveying to Purchaser any and all rights it claims to the minerals and rights to
mine for all properties as described in the documents of January 20th, 2004 and surrendering to Purchaser any
and all rights that it may come to acquire to the minerals and for the rights to mine the minerals for the subject tracts. 

  

	 	4.	At closing, Purchaser shall sign an unsecured Promissory Note to the benefit of Seller in the principal amount of [*] with a schedule of payments as follows:

  

	 	a.	[*] paid to Seller by Purchaser by means of wire transfer to Seller’s account in the First Financial Bank of Terre Haute, IN (or other institution as Seller may direct) not
later than June 1, 2005 and, 

  

	 	b.	in the event Purchaser does not deliver said [*] to the account of Seller by the end of the business day, June 1, 2005, a “late fee” of [*] shall be assessed by
Seller to Purchaser and said sum shall be added to the accrued balance. 

  

	 	c.	Beginning June 1, 2005, Purchaser shall pay Seller interest at the rate of [*] annually on the unpaid balance and late fee (if any). Said interest shall be accrued until
December 31, 2005. 

  

	 	d.	Purchaser shall, prior to December 31, 2005, pay the Seller by means of wire transfer to Seller’s account in the First Financial Bank of Terre Haute, IN (or other
institution as Seller may direct) the outstanding balance of the original [*] (plus all interest accrued plus late fees if applicable). 

  

	 	e.	In the event Purchaser does not make payment in full by December 31, 2005, an additional “late fee” of [*] shall be assessed by Seller to Purchaser.

  

	 	f.	Beginning January 1, 2006, Purchaser shall pay Seller interest at the rate of [*] annually on the unpaid balance and on the accrued late fees. Said interest shall accrue until
complete payment has been made by the Purchaser to the Seller. 

  

	 	g.	Mandatory payment provision: Said Promissory Note will contain the provision that should the Purchaser, complete an 

  

					
	 [*]
	 	=	 	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
Securities Act of 1933, as amended.

  

 Page 2 of 3 

	 	 
initial public offering of its stock at any time subsequent to closing, Purchaser shall be obligated to pay all outstanding sums, plus late fees (if any),
plus interest accrued (if any) within ten calendar days of said initial public offering. 

  

	 	V.	Purchaser and Seller acknowledge that said terms of the contemplated Promissory Note define Seller’s interest as “unsecured” and as such, in the event that Seller
should incur any legal fees after January 1, 2007, to procure sums it is owed or to otherwise protect its interests pursuant to the contemplated Promissory Note, the full and complete amount of any and all said legal fees shall be paid by
Purchaser. 

  

	 	VI.	Purchaser and Seller agree and acknowledge that the terms of this Fuel Reserve Agreement Amendment I shall be binding on their affiliates, assigns and successors in interest.

  

	 	 VII.
	 The initial Fuel Reserve Agreement dated January 20th, 2004 contained a Section VI: Refund Provisions. Said Section VI: Refund Provisions is hereby deleted and otherwise null and void.

  

	 	 VIII.
	 All other terms and conditions of the Fuel Reserve Agreement dated January 20th, 2004 shall remain in full force and effect. 

 The parties, by their authorized agents, hereby execute this Fuel Reserve Agreement Amendment I, this 19th day of January, 2005. 
  

									
	 Global Energy, Inc.
	 		 	Midwest Minerals, Inc.
					
	By:	 	Harry H. Graves	 		 	By:	 	Charles B. Lee
	Title:	 	President	 		 	Title:	 	President
					
	Signed:	 	 /s/ H. H. Graves
	 		 	Signed:	 	 /s/ Charles B. Lee

	Date:	 	1/19/05	 		 	Date:	 	1/19/05

  

 Page 3 of 3Coal Supply Agreement

 Exhibit 10.23 
  

					
	 [*]
	 	=	 	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
Securities Act of 1933, as amended.

 COAL SUPPLY AGREEMENT 
 This Coal Supply Agreement, by and between Wabash River Energy, Ltd., Terre Haute, Indiana, (hereinafter “Buyer”) and Midwest Mining Company, LLC, (hereinafter “Supplier”) effective this 20th day
of January, 2004, establishes the terms and conditions for the sale and purchase of coal as follows: 
 I. Coal Source. The parties hereto agree and
acknowledge that this Coal Supply Agreement shall primarily be served from certain coal properties within Fayette Township, Vigo County, Indiana and that this Coal Supply Agreement shall serve as the basis for developing a mine or mines on said
properties. Said properties are included as a “dedicated” reserve to this Coal Supply Agreement and are indicated as Exhibit I, attached hereto and made a part of hereof. 
 II. Third Party Contractors- Supplier states and Buyer hereby acknowledges that it is the intent of the Supplier to contract with a third party(ies) for the construction and development of a mine or mines to
recover and produce coal from the properties identified as Exhibit I. 
 Buyer states that is shall, upon request of Supplier, meet with
parties pre-qualified by Supplier who are investigating the coal reserves and/or who may be negotiating with the Supplier to serve as a contract miner of said properties. Said discussions between third parties and Buyer shall be to confirm the coal
requirements of Buyer and all such meetings shall be in the presence of Supplier. 
 Supplier shall accept full and complete responsibility
for all day to day supervision of any and all third party contractors who may be required to perform to meet the Supplier’s obligations pursuant to this Coal Supply Agreement. 
 III. Coal Delivery. Supplier and Buyer acknowledge that the acquisition of surface properties, permitting, surface development, construction and subsurface development required to bring a new coal mine(s) into
production will require approximately twenty-four months from the date of execution of this agreement. Therefore, Supplier shall have the right to “source” coal for this Coal Supply Agreement from other properties and/or producers.

 The parties hereto acknowledge that coal deliveries from the mine contemplated in this agreement may occur by truck, by rail or by coal
slurry pipeline. Buyer and Supplier shall negotiate in good faith throughout the term of this Coal Supply Agreement to provide for economical and efficient delivery of coal product to the Buyer’s facility at the Wabash River Energy, Ltd.
Facility. 
  

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 In the event that the parties desire to investigate, design, construct and build a coal slurry pipeline,
a separate agreement shall be negotiated to designate costs and responsibilities of the parties. 
 Supplier shall have the full and complete
right to supply coal from other properties to enhance, augment or replace coal from the subject properties providing that the quality and quantity fit the parameters as defined in this COAL SUPPLY AGREEMENT. 
 IV. Quality. The total quantity of coal shall be approximately 50 million tons over the life of the contract with the primary source of coal being the
reserves of Global Energy, Inc., in Fayette Township, Vigo County, Indiana. Specific production targets are as outlined in the table below. 
  

							
	 Calendar Year
	  	 Guaranteed
 “Take or Pay”
 Tons
	  	 Target Coal
 Quantity
 Tons
	  	 Maximum Coal
 Quantity
 Tons

	 2004-2029
	  	500,000	  	750,000	  	2,000,000

 The annual tonnage is to be prorated and delivered on a monthly basis. Buyer will provide sixty
days notice for changes to the prorated monthly Target Coal Quantity if such changes result in a variation of greater than 15% of normal monthly scheduled production. 
 System of measure (scale weights) shall be determined by mutual agreement as part of the development of a mine on the subject properties. In the event that shipments of a coal are made prior to construction of a mine
from the properties of others, truck weights shall be used at point of origin or, if shipments are by train, by scale weights at the facility of Buyer. 
 V.
Term. The term of this Coal Supply Agreement be from January, 20, 2004 through December 31, 2029. 
 Coal shipments shall commence
pursuant to this Coal Supply Agreement on or about, April 1, 2004. The parties will confirm coal delivery, coal production and coal operating plans during the ninety day period from the date of this agreement and either party may cancel this
agreement within the ninety day period if production and operating plans are not compatible. 
 Supplier expects initial deliveries from the
properties listed on Exhibit I in the first quarter of 2006, and states it will supply coal from other sites until that approximate date. 
  

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 VI. Price. The parties hereto agree that the optimal, targeted Base Price for coal delivered under this Coal
Supply Agreement shall be [*] per ton delivered to the Wabash River Energy Ltd. Facility. Said base price shall be determined by deducting any and all costs that may be credited against investments made by Buyer including but not limited to, costs
of transportation systems, investment in mineral rights, etc. Supplier acknowledges that it shall consistently and always make good faith, workmanlike efforts to acquire and produce coal to the Buyer at the lowest practical price. 
 In the event that coal is acquired from mines of others and supplied under this agreement during the initial twenty-four months of the contract the Base
Price shall not exceed [*] delivered to the plant. 
 In the event that coal is ultimately produced from properties owned by Global Energy and
located in Fayette Township, Vigo County, Indiana the delivered price shall be [*] per ton delivered. Seller will make every workmanlike endeavor to cause the delivered price for coal to be not more than [*] per ton delivered as soon as is
practicable upon the acquisition of the Fayette Township coal reserves by Global. 
 Beginning January 1, 2005, the Base Price shall be
increased [*] each year, compounded. The Base Price (and all subsequent adjusted pricing) shall be subject to quality adjustments as outlined in Exhibit II and include all taxes and fees. The parties hereto agree that in the first three years of
this Coal Supply Agreement some additional costs may be necessary and hereby acknowledge that said additional costs shall not exceed [*] (specifically excluding charges for transportation). The parties reaffirm that all best efforts will be made to
minimize or eliminate such additional costs at all times. 
 VII. Coal Quality Standards. Unless otherwise agreed, Supplier shall deliver coal
complying with the following specifications and the coal specifications sheet in Exhibit III. All analytical procedures employed to determine sizing, moisture, ash, sulfur and BTU shall be based on ASTM procedures. 
 VIII. Preparation. The coal shall be free from excess impurities or extraneous materials, with a two inch maximum top size. 
 BTU content- Minimum heating value shall be 10,200 as received, BTUs per pound. The BTU guarantee for establishing the base price is 10,500. 

Moisture content- The moisture of the coal shall not exceed 16% as received on a shipment average. 
 Ash content- Coal ash shall not exceed 16% as received on a shipment weighted average unless otherwise agreed. 
  

					
	 [*]
	 	=	 	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
Securities Act of 1933, as amended.

  

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 Sulfur content- Sulfur content shall not exceed a weighted average basis of 2.3% nor exceed 5.9% on as
received basis. 
 Sampling-Samples shall be taken by Supplier in accordance with ASTM standards and a representative split of each sample
will be made available to Buyer. Said samples shall be held for thirty days unless otherwise requested by Buyer. 
 Analysis-Supplier’s
analyses, performed in accordance with ASTM standards, shall establish the quality of the coal unless a referee analysis has been performed, in which case the referee analysis shall control. Except as otherwise agreed to in writing by the parties,
if Buyer performs analyses in accordance with ASTM standards of Supplier’s governing sample split which indicate differences from Supplier’s analysis which exceed ASTM reproducibility specifications, such differences shall be resolved by
forwarding a referee split to an independent commercial laboratory for analyses; provided, however, if Buyer does not provide all analyses actually performed by or for Buyer for the month to Supplier within thirty days after the end of the month,
Buyer shall not be entitled to any referee analyses for such month. If the referee analysis is for a parameter in the short proximate analysis, then the test for all the parameters in the short proximate analysis shall be performed by the referee
laboratory. The referee laboratory shall be Commercial Testing and Engineering in Henderson, Kentucky, Standard Laboratories in Evansville, Indiana, or such other independent laboratory as mutually agreed to in writing by the parties. The cost of
such testing by the independent commercial laboratory shall be shared equally by the Buyer and Supplier. The results of any referee analysis shall be controlling. 
 IX. Weights. Weights shall be determined by Supplier on all truck deliveries and by Buyer on all rail deliveries, using certified scales that are maintained at industry standards. 
 X. Vitrified Frit. Supplier agrees to discuss the possible use of the vitrified frit by-product and / or other waste materials from the Buyer’s facility as
structural fill at the mine site however, such handling or placement of the materials will only result after the parties agree in writing to an acceptable rate of compensation for the handling of such materials by Supplier. 
 XI. Coal Quality Price Adjustment. Pricing of coal shall be adjusted based upon variances in the BTU per pound of the coal as set forth in Exhibit II. All such
adjustments shall be made based on monthly shipments and paid monthly. 
 XII. Payment. Supplier shall invoice Buyer on a monthly basis.
Supplier’s invoices are to be paid within thirty days after invoice dates. 
  

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 XIII. Force Majeure. Supplier and Buyer agree to the following as rights and obligations: 
 Events of Force Majeure. Neither Supplier nor Buyer shall be deemed in default for failure to deliver or accept coal pursuant to this Coal Supply
Agreement where such failure is the result of any cause beyond the reasonable control and without the fault or negligence of the party failing to perform, that wholly or partly prevents the mining, blending, processing, loading or transporting of
the coal by Supplier, or the transportation, receiving, unloading, or utilization of the coal by Buyer, which may include, by way of illustration but not limitation, the following: acts of God, the public enemy, or a governmental or military entity,
including changes to applicable laws, rules, regulations or verification interpretations thereof; insurrection or riots, strikes, boycotts, embargoes, organizational attempts or other labor disputes; shortages of supplies, equipment or
transportation; high or low water, fog, fires, explosions, foods or material unforeseeable geological conditions; breakdown or damage to plants, equipment or facilities; or other cause of similar nature. A force majeure event claimed by
Supplier may wholly or partly excuse Supplier’s obligation to deliver the Coal, but it shall not excuse either party’s obligations with respect to coal, which is delivered. 
 Notice of Force Majeure. The party claiming a force majeure event shall provide prompt written notice to the other party describing the
nature of the force majeure event and its expected duration, and shall use all reasonable efforts to mitigate the effect of the event. 
 XIV.
Assignment. This Coal Supply Agreement may not be assigned wholly or in part by either party without the prior written consent of the other party, said consent shall not be unreasonably withheld. 
 XV. Exclusive rights. Buyer hereby designates Supplier as its sole and exclusive supplier of coal to the Wabash River Energy Station. 
 XVI. Termination Right. Buyer shall have the right to terminate this Coal Supply Agreement upon 30 days written notice if, as a result of the issuance by the
Indiana Utility Regulatory Commission (the “IURC”) of any final order, finding or decree of the effectiveness of any new legislation that has the effect of denying PSI Energy, Inc. (“PSI”) the full recovery through rates to its
customers of the amounts paid for Syngas under the Agreement for Purchase and Sale of Synthetic Gas by Wabash River Energy Ltd., and PSI, that agreement is terminated. Buyer shall make available to Supplier the filings to and responses from the IURC
applicable to this Right to Terminate upon the request of Supplier. Said right to terminate held by Buyer does not invalidate or alter its obligations under Section IV to compensate Supplier for tonnage it is required to purchase under the
“Take or Pay” provisions of Section IV. 
 XVII. Non-waiver. The failure of Buyer or Supplier to demand strict performance of the terms
of this Coal Supply Agreement or the failure of Buyer or Supplier to exercise any of its rights shall not be construed as a waiver or relinquishment of its right to assert or rely on any such terms or rights in the future, but the same shall
continue and remain in full force and effect. 
  

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 XVIII. Notices. All notices required to be given under this Coal Supply Agreement and sent by either certified
United States mail, postage prepaid or overnight delivery, addressed, if to Buyer, Tom Lynch, Wabash River Energy, Ltd., 444. W. Sandford Avenue, West Terre haute, Indiana 47885, and if to Supplier, Midwest Minerals Company, Inc., Suite 805, 19
South Sixth Street, Terre Haute, IN 47807, or at such addresses as one party may also be given by facsimile transmission, but shall be confirmed by certified mail or overnight delivery promptly thereafter. Such notice by facsimile transmission shall
be deemed first in time. 
 XIX. Entire Agreement. This agreement constitutes the entire agreement between Buyer and Supplier and there are no other
understandings or agreements between the Buyer and Supplier with respect to this Agreement that shall supercede the terms herein. Specifically, this agreement fully replaces and negates the terms of a certain Coal Supply Agreement between the
parties dated September 2, 2003. 
 XX. Jurisdiction. This Coal Supply Agreement shall be governed by and interpreted under the laws of the State
of Indiana. 
 The parties, by their authorized agents, hereby execute this Coal Supply Agreement, this 20th day of January, 2004. 
  

									
	Wabash River Energy, Ltd.	 		 	Supplier
					
	By:	 	 /s/ H. H. Graves
	 		 	By:	 	 /s/ Charles B. Lee

	Title:	 	Chairman	 		 	Title:	 	President

  

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