Document:

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                                                                Exhibit 10.1
                               CHAIRMAN AGREEMENT

         THIS CHAIRMAN AGREEMENT is entered into as of the 12th day of April,
2002 by and between NORTH COUNTRY FINANCIAL CORPORATION (the "Company"), with
its principal executive offices located at 1011 Noteware Drive, Traverse City,
Michigan, and RONALD G. FORD (the "Executive").

                                    RECITALS

         The Executive has elected to retire from his position as Chief
Executive Officer ("CEO") of the Company and of North Country Bank & Trust (the
"Bank") effective April 30, 2002. Starting on May 1, 2002, the Company and the
Executive desire the Executive to serve as the non-executive Chairman of the
Company and the Bank (the "Chairman"). The purpose of this Chairman Agreement is
to set forth the terms, conditions and parameters associated with the Executive
serving as the Chairman.

         NOW, THEREFORE, in consideration of the premises and mutual consents
and agreements contained herein, the parties hereto hereby agree as follows:

         1. Duties. The Executive will serve as the Chairman for the period
beginning on May 1, 2002 and ending on April 30, 2003 (the "Term"). The
Executive's primary duties will be (a) to perform those duties delegated to the
Chairman under the By-Laws of the Company and the Bank, (b) to work with others
at the Company and the Bank, as well as with customers of the Bank, to resolve
delinquent and problem loans and make recommendations as to and otherwise
address non-performing assets, and (c) to perform such other duties as shall be
delegated to him by the Board of Directors of the Company or the Bank.

         2. Status as Independent Contractor. The parties hereto acknowledge and
agree that the Executive shall be an independent contractor during the Term and
that he shall not be deemed an employee of the Company. In acknowledging that he
is providing services as an independent contractor, the Executive acknowledges
and agrees that, except as specifically provided in an Amended and Restated
Consulting Agreement dated December 21, 2002 between the Company and the
Executive (the "Consulting Agreement"), he shall not be entitled to participate
in any insurance, qualified or nonqualified benefit plans or other fringe
benefits provided by the Company to its employees and that, except as required
by federal, state or local law, the Company shall not be required to withhold
nor shall the Company withhold any income, social security, unemployment or
other taxes or similar payments from the amounts payable to the Executive
hereunder. In the event the Company shall be required by law to withhold any
such taxes or payments from amounts payable to the Executive hereunder, the
amounts payable to the Executive shall be reduced accordingly.

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         3. Compensation. The Executive will be paid $37,500 per month, payable
in arrears, starting on June 1, 2002 and ending on May 1, 2003 for serving as
Chairman. With the exception of compensation and benefits that he may receive
pursuant to the Consulting Agreement, the Executive will not be entitled to any
other compensation or benefits from the Company other than the regular Board of
Directors retainer and fees for serving on the Boards of the Company and the
Bank.

         4. Reimbursement of Expenses and Office Space. The Company shall pay or
reimburse the Executive for all reasonable travel and other expenses incurred by
the Executive in the performance of his duties hereunder upon submission to the
Company of substantiation sufficient to comply with the applicable rules
promulgated under the Internal Revenue Code from time to time. Upon the
Executive's request, the Company shall, during the Term and at its expense,
furnish the Executive with secretarial services and office space sufficient for
the Executive to perform his duties hereunder at a location mutually convenient
for the Company and the Executive.

         5. Consequences of the Executive's Death or Disability, Voluntary
            Termination or Termination by the Company for Cause.

                  A. Death or Disability. The Executive's obligations under this
         Chairman Agreement shall terminate upon the death or Disability of the
         Executive. In the event of the death or Disability of the Executive,
         the Company's obligations to pay the compensation discussed in
         Paragraph 3 shall not terminate and shall continue for the Term hereof.
         The Company shall have the obligation to reimburse the Executive for
         expenses allowed under Paragraph 4 hereof which were incurred prior to
         the date of death or Disability. For purposes of this Chairman
         Agreement, the Executive shall have suffered a "Disability" if he is
         disabled within the meaning of the Company's long-term disability plan.
         If the Company does not have such a plan, the Executive shall have
         suffered a "Disability" if he is unable to perform his duties with or
         without reasonable accommodation for ninety (90) consecutive business
         days or one hundred twenty (120) business days in the aggregate during
         a 365-day period as a result of incapacity due to mental or physical
         illness which is determined to be total and permanent by a physician
         selected by the Company or its insurers and acceptable to the Executive
         or the Executive's legal representative, provided if the parties are
         unable to agree, the parties shall request that the President of the
         Schoolcraft County Medical Society choose such physician.

                  B. Voluntary Termination. This Chairman Agreement may be
         voluntarily terminated upon the mutual written agreement between the
         parties. In such case, the Company's obligation to pay the compensation
         discussed in Paragraph 3 shall not terminate and shall continue for the
         Term. However, in the event that the Executive voluntarily terminates
         or ceases to fulfill the Executive's obligations pursuant to this
         Chairman Agreement, other than for good cause attributable to the
         Company, then and in such case, the Executive shall no longer

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         be entitled to receive any further compensation provided under
         Paragraph 3 hereof.

                  C. Termination by the Company for Cause. The Company may
         terminate the Executive's services hereunder for Cause. There will be
         Cause for termination under any of the following circumstances: (i) any
         act of Personal Dishonesty (as hereinafter defined) by the Executive;
         (ii) any act of Willful Misconduct (as hereinafter defined) by the
         Executive; (iii) any act by the Executive constituting a breach of his
         fiduciary duty to the Company which results in gain to, or personal
         enrichment of, the Executive at the Company's expense; or (iv) any
         breach by the Executive of Paragraph 6A through 6D of the Consulting
         Agreement (noncompetition, confidential information, and
         nonsolicitation). For purposes of this Chairman Agreement: "Personal
         Dishonesty" means conduct on the part of the Executive which evinces a
         want of integrity or an intentional breach of trust and which directly
         causes material injury to the Company; and "Willful Misconduct" means
         conduct on the part of the Executive which evinces a deliberate
         disregard of the interest of the Company and which causes material
         injury to the Company. The Executive acknowledges and agrees that if he
         is terminated for cause pursuant to this Paragraph 5C, he shall no
         longer be entitled to receive any further compensation provided under
         Paragraph 3 hereof.

                  D. Termination Notice and Procedure. Any termination by the
         Company for Cause pursuant to Paragraph 5C hereof shall be made by
         written Notice of Termination to the Executive delivered by hand or
         certified mail (postage prepaid), return receipt requested, addressed,
         to the Executive at the address set forth on the signature page of this
         Chairman Agreement (or such other address as shall be specified in
         writing by either party to the other). Any such Notice of Termination
         shall be made in accordance with the following procedures:

                           (i) Any Notice of Termination for Cause shall
                  indicate the specific termination provision in this Chairman
                  Agreement relied upon and shall set forth in reasonable detail
                  the facts and circumstances alleged to provide a basis for
                  termination.

                           (ii) Any Notice of Termination for Cause shall be
                  approved by a resolution duly adopted by a majority of the
                  Directors of the Company (or any successor corporation) then
                  in office, specifying in detail the basis for such
                  termination.

                           (iii) In the event of a purported termination by the
                  Company for Cause, if within thirty (30) days following the
                  date of receipt of the Notice of Termination, the Executive
                  notifies the Company that a dispute exists concerning the
                  basis for termination, this Chairman Agreement shall not be
                  terminated until the dispute is finally resolved either by
                  mutual written

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                  agreement of the parties, or by arbitration pursuant to
                  Paragraph 9E hereof.

                  6. Release as Precondition to this Chairman Agreement.
         Notwithstanding the foregoing, the Company will not pay to the
         Executive, and the Executive will not have any right to receive any
         payments described in Paragraphs 3 and 4, above, unless and until the
         Executive or his legal representative (in the case of the Executive's
         death or if the Executive is disabled such that he is unable to
         consent) executes, and there shall be effective following any statutory
         period for revocation, a release, in a form reasonably acceptable to
         the Company, that irrevocably and unconditionally releases, waives, and
         fully and forever discharges the Company and its past and current
         shareholders, members of the Board of Directors, officers, employees,
         and agents from and against any and all claims, liabilities,
         obligations, covenants, rights, demands and damages of any nature
         whatsoever, whether known or unknown, anticipated or unanticipated,
         relating to or arising out of the Executive's employment with the
         Company, including without limitation claims arising under the Age
         Discrimination in Employment Act of 1977, as amended, Title VII of the
         Civil Rights Act of 1974, as amended, the Civil Rights Act of 1991, as
         amended, the Equal Pay Act, as amended, and any other federal, state,
         or local law or regulation.

         7. Effect on Other Agreements. An Amended and Restated Employment
Agreement between the Executive and the Company dated December 21, 2002 (the
"Employment Agreement") will terminate at the close of business on April 30,
2002, unless otherwise earlier terminated, and thereafter, the Executive will
not be entitled to any further cash payments or benefits thereunder other than
those accrued prior to May 1, 2002. Specifically, the Executive will not be
entitled to any payments under Section 8 of the Employment Agreement. The term
of the Consulting Agreement will begin, in accordance with its terms, on May 1,
2002, immediately subsequent to the retirement by the Executive from his
employment as CEO of the Company and the Bank. This Chairman Agreement does not
affect or supersede any provision of the Consulting Agreement.

         8. Successors. This Chairman Agreement is personal to the Executive and
without the prior written consent of the Company shall not be assignable by the
Executive. This Chairman Agreement shall inure to the benefit of and be binding
upon the Company and its successors.

         9. Miscellaneous.

                  (a) This Chairman Agreement shall be governed by and construed
         in accordance with the laws of the State of Michigan, without reference
         to principles of conflict of laws. The captions of this Chairman
         Agreement are not part of the provisions hereof and shall have no force
         or effect. This Chairman Agreement may not be amended or modified
         otherwise than by a written agreement executed by

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         the Company and the Executive or their respective successors and legal
         representatives.

                  (b) All notices and other communications hereunder shall be in
         writing and shall be given by hand delivery to the other party,
         delivered by overnight courier, or by certified mail, return receipt
         requested, postage prepaid, addressed as follows:

                  If to the Executive:       Ronald G. Ford
                                             1385 Opal Lake Road
                                             Gaylord, MI  49735

                  If to the Company:         North Country Financial Corporation
                                             1011 Noteware Drive
                                             Traverse City, Michigan  49686
                                             Attention: Compensation Committee
                                                          Chairperson

         or to such other address as either party shall have furnished to the
         other in writing in accordance herewith. Notice and communications
         shall be effective when actually received by the addressee.

                  (c) The invalidity or unenforceability of any provision of
         this Chairman Agreement shall not affect the validity or enforceability
         of any other provision of this Chairman Agreement. By way of example
         and not by wary of limitation, if any payments provided for hereunder
         are found to be beyond limits permissible to be paid by the Company or
         the Bank by statute or regulation, it is intended that the payments
         shall be made to the maximum of any such lesser amount as is
         permissible to be paid by the Company or the Bank.

                  (d) The failure by the Executive or the Company to insist upon
         strict compliance with any provision hereof shall not be deemed to be a
         waiver of such provision or any other provision thereof.

                  (e) Any controversy or claim arising out of or relating to
         this Chairman Agreement or the breach hereof, other than a controversy
         or claim arising in connection with Section 5C hereof where the Company
         is seeking injunctive relief, shall be settled exclusively by
         arbitration by a single arbitrator mutually agreed to by the disputing
         parties in accordance with the Commercial Arbitration Rules of the
         American Arbitration Association as then in effect. Such arbitration
         shall be held in Traverse City, Michigan or such other place as is
         mutually agreed to by the disputing parties. Judgment on the award
         rendered by the arbitrator may be entered in any Court having
         jurisdiction thereof. The Arbitrator may award costs

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         and reasonable attorneys' fees to the prevailing party in any
         arbitration conducted pursuant to this Chairman Agreement.

                   (f) This Chairman Agreement contains the entire understanding
         of the Company and the Executive with respect to the subject matter
         hereof.

         IN WITNESS WHEREOF, the parties hereto have executed this Chairman
Agreement as of the date first above written.

                          COMPANY: NORTH COUNTRY FINANCIAL CORPORATION:

                          By:      /s/ Sherry Littlejohn
                                   ----------------------------------------
                                   Sherry Littlejohn, its President & Authorized
                                   Signatory

                          EXECUTIVE: RONALD G. FORD:

                          /s/ Ronald G. Ford
                          ---------------------------------------------------
                          Ronald G. Ford

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                                                                    EXHIBIT 4.17

                   FOURTH SUPPLEMENTAL SENIOR NOTE INDENTURE

         FOURTH SUPPLEMENTAL SENIOR NOTE INDENTURE (this "SUPPLEMENTAL SENIOR
NOTE INDENTURE"), dated as of February 16, 2000 among Peabody Natural Gas, LLC,
a Delaware limited liability company (the "GUARANTEEING SUBSIDIARY"), a
subsidiary of Peabody Holding Company, Inc. (or its permitted successor), a New
York corporation (the "COMPANY") the Company, the other Senior Note Guarantors
(as defined in the Senior Note Indenture referred to herein) and State Street
Bank and Trust Company, as Senior Note Trustee under the Senior Note Indenture
referred to below (the "SENIOR NOTE TRUSTEE").

         WHEREAS, the Company has heretofore executed and delivered to the
Senior Note Trustee a Senior Note Indenture (the "SENIOR NOTE INDENTURE"), dated
as of May 18, 1998 providing for the issuance of an aggregate principal amount
of up to $550.0 million of 8-7/8% Senior Notes due 2008 (the "SENIOR NOTES")

         WHEREAS, the Senior Note Indenture provides that under certain
circumstances the Guaranteeing Subsidiary shall execute and deliver to the
Senior Note Trustee a supplemental Senior Note Indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Company's
Obligations under the Senior Notes and the Senior Note Indenture on the terms
and conditions set forth herein (the "SENIOR SUBSIDIARY GUARANTEE"); and

         WHEREAS, pursuant to Section 9.01 of the Senior Note Indenture, the
Senior Note Trustee is authorized to execute and deliver this Supplemental
Senior Note Indenture.

         NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Senior Note Trustee mutually covenant and agree
for the equal and ratable benefit of the Holders of the Senior Notes as follows:

         1. CAPITALIZED TERMS. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Note Indenture.

         2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees as
follows:

                  (a) Along with all Senior Note Guarantors named in the Senior
         Note Indenture, to jointly and severally Guarantee to each Holder of a
         Senior Note authenticated and delivered by the Senior Note Trustee and
         to the Senior Note Trustee and its successors and assigns, of the
         validity and enforceability of the Senior Note Indenture the Senior
         Notes or the obligations or the Company hereunder or thereunder that:

                      (i) the principal of and interest on the Senior Notes will
                      be promptly paid in full when due, whether at maturity, by
                      acceleration, redemption or otherwise, and interest on the
                      overdue principal and interest on the Senior Notes, if
                      any, if lawful, and all other obligations of the Company
                      to the Holders or the Senior

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                      Note Trustee hereunder or thereunder will be promptly paid
                      in full or performed all in accordance with the terms
                      hereof and thereof, and

                      (ii) in case of any extension of time of payment or
                      renewal of any Senior Notes or any of such other
                      obligations, that same will be promptly paid in full when
                      due or performed in accordance with the terms of the
                      extension or renewal, whether at stated maturity, by
                      acceleration or otherwise. Failing payment when due of any
                      amount so guaranteed or any performance so guaranteed for
                      whatever reason, the Senior Note Guarantors shall be
                      jointly and severally obligated to pay the same
                      immediately.

                  (b) The obligations hereunder shall be unconditional,
         irrespective of the validity, regularity or enforceability of the
         Senior Notes or the Senior Note Indenture, the absence of any action to
         enforce the same, any waiver or consent by any Holder of the Senior
         Notes with respect to any provisions hereof or thereof, the recovery of
         any judgment against the Company, any action to enforce the same or any
         other circumstance which might otherwise constitute a legal or
         equitable discharge or defense of a Senior Note Guarantor.

                  (c) The following is hereby waived: diligence presentment,
         demand of payment, filing of claims with a court in the event of
         insolvency or bankruptcy of the Company, any right to require a
         proceeding first against the Company, protest, notice and all demands
         whatsoever.

                  (d) This Senior Subsidiary Guarantee shall not be discharged
         except by complete performance of the obligations contained in the
         Senior Notes and the Senior Note Indenture.

                  (e) If any Holder or the Senior Note Trustee is required by
         any court or otherwise to return to the Company, the Senior Note
         Guarantors, or any custodian, Senior Note Trustee, liquidator or other
         similar official acting in relation to either the Company or the Senior
         Note Guarantors, any amount paid by either to the Senior Note Trustee
         or such Holder, this Senior Subsidiary Guarantee, to the extent
         theretofore discharged, shall be reinstated in full force and effect.

                  (f) The Guaranteeing Subsidiary shall not be entitled to any
         right of subrogation in relation to the Holders in respect of any
         obligations guaranteed hereby until payment in full of all obligations
         guaranteed hereby.

                  (g) As between the Senior Note Guarantors, on the one hand,
         and the Holders and the Senior Note Trustee, on the other hand, (x) the
         maturity of the obligations guaranteed hereby may be accelerated as
         provided in Article 6 of the Senior Note Indenture for the purposes of
         this Senior Subsidiary Guarantee, notwithstanding any stay, injunction
         or other prohibitions preventing such acceleration in respect of the
         obligations guaranteed hereby, and (y) in the event any declaration of
         accelaration of such obligations as provided in Article 6 of the Senior
         Note Indenture, such obligations (whether or not due and payable) shall
         forthwith

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         become due and payable by the Senior Note Guarantors for the purpose of
         this Senior Subsidiary Guarantee.

                  (h) The Senior Note Guarantors shall have the right to seek
         contribution from any non-paying Senior Note Guarantor so long as the
         exercise of such right does not impair the rights of the Holders under
         the Senior Subsidiary Guarantee.

                  (i) Pursuant to Section 10.04 of the Senior Note Indenture,
         after giving effect to any maximum amount and any other contingent and
         fixed liabilities that are relevant under any applicable Bankruptcy or
         fraudulent conveyance laws, and after giving effect to any collections
         from, rights to receive contribution from or payments made by or on
         behalf of any other Senior Note Guarantor in respect of the obligations
         of such other Senior Note Guarantor under Article 10 of the Senior Note
         Indenture shall result in the obligations of such Senior Note Guarantor
         under its Senior Subsidiary Guarantee not constituting a fraudulent
         transfer or conveyance.

         3. EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary agrees that the
Senior Subsidiary Guarantees shall remain in full force and effect
notwithstanding any failure to endorse on each Senior Note a notation of such
Senior Subsidiary Guarantee.

         4. GUARANTEEING SUBSIDIARY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS

                  (a) The Guaranteeing Subsidiary may not consolidate with or
         merge with or into (whether or not such Senior Note Guarantor is the
         surviving Person) another corporation, Person or entity whether or not
         affiliated with such Senior Note Guarantor unless:

                      (i) subject to Section 10.04 of the Senior Note Indenture,
                      the Person formed by or surviving any such consolidation
                      or merger (if other than a Senior Note Guarantor or the
                      Company) unconditionally assumes all the obligations of
                      such Senior Note Guarantor, pursuant to a supplemental
                      Senior Note Indenture in form and substance reasonably
                      satisfactory to the Senior Note Trustee, under the Senior
                      Notes, the Senior Note Indenture and the Senior Subsidiary
                      Guarantee on the terms set forth herein or therein; and

                      (ii) immediately after giving effect to such transaction,
                      no Default or Event of Default exists.

                  (b) In case of any such consolidation, merger, sale or
         conveyance and upon the assumption by the successor corporation, by
         supplemental Senior Note Indenture, executed and delivered to the
         Senior Note Trustee and satisfactory in form to the Senior Note
         Trustee, of the Senior Subsidiary Guarantee endorsed upon the Senior
         Notes and the due and punctual performance of all of the covenants and
         conditions of the Senior Note Indenture to be performed by the Senior
         Note Guarantor, such successor corporation shall succeed to and be
         substituted for the Senior Note Guarantor with the same effect as if it
         had been named herein as a Senior Note Guarantor. Such successor
         corporation thereupon may cause to be signed any or all of the Senior
         Subsidiary Guarantees to be endorsed upon all of the Senior Notes
         issuable hereunder which theretofore shall not have been signed by the
         Company and

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         delivered to the Senior Note Trustee. All the Senior Subsidiary
         Guarantees so issued shall in all respects have the same legal rank and
         benefit under the Senior Note Indenture as the Senior Subsidiary
         Guarantees theretofore and thereafter issued in accordance with the
         terms of the Senior Note Indenture as though all of such Senior
         Subsidiary Guarantees had been issued at the date of the execution
         hereof,

                  (c) Except as set forth in Articles 4 and 5 of the Senior Note
         Indenture, and notwithstanding clauses (a) and (b) above, nothing
         contained in the Senior Note Indenture or in any of the Senior Notes
         shall prevent any consolidation or merger of a Senior Note Guarantor
         with or into the Company or another Senior Note Guarantor, or shall
         prevent any sale or conveyance of the property of a Senior Note
         Guarantor as an entirety or substantially as an entirety to the Company
         or another Senior Note Guarantor.

         5. RELEASES.

                  (a) In the event of a sale or other disposition of all of the
         assets of any Senior Note Guarantor, by way of merger, consolidation or
         otherwise, or a sale or other disposition of all to the capital stock
         of any Senior Note Guarantor, then such Senior Note Guarantor (in the
         event of a sale or other disposition, by way of merger, consolidation
         or otherwise, of all of the capital stock of such Senior Note
         Guarantor) or the corporation acquiring the property (in the event of a
         sale or other disposition of all or substantially all of the assets of
         such Senior Note Guarantor) will be released and relieved of any
         obligations under its Senior Subsidiary Guarantee; provided that the
         Net Proceeds of such sale or other disposition are applied in
         accordance with the applicable provisions of the Senior Note Indenture,
         including without limitation Section 4.10 of the Senior Note Indenture.
         Upon delivery by the Company to the Senior Note Trustee of an Officers'
         Certificate and an Opinion of Counsel to the effect that such sale or
         other disposition was made by the Company in accordance with the
         provisions of the Senior Note Indenture, including without limitation
         Section 4.10 of the Senior Note Indenture, the Senior Note Trustee
         shall execute any documents reasonably required in order to evidence
         the release of any Senior Note Guarantor from its obligations under its
         Senior Subsidiary Guarantee.

                  (b) Any Senior Note Guarantor not released from its
         obligations under its Senior Subsidiary Guarantee shall remain liable
         for the full amount of principal of and interest on the Senior Notes
         and for the other obligations of any Senior Note Guarantor under the
         Senior Note Indenture as provided in Article 10 of the Senior Note
         Indenture.

         6. NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, as such, shall have any liability for any obligations of the Company
or any Guaranteeing Subsidiary under the Senior Notes, any Senior Subsidiary
Guarantees, the Senior Note Indenture or this Supplemental Senior Note Indenture
or for any claim based on, in respect of, or by reason of, such obligations or
their creation Each Holder of the Senior Notes by accepting a Senior Note waives
and releases all such liability. The waiver and release are part of the
consideration for issuance of the Senior Notes. Such waiver may not be effective
to waive liabilities under the federal securities laws and it is the view of the
Commission that such a waiver is against public policy.

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         7. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL SENIOR NOTE INDENTURE BUT
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

         8. COUNTERPARTS. The parties may sign any number of copies of this
Supplemental Senior Note Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement.

         9. EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction hereof.

         10. THE SENIOR NOTE TRUSTEE. The Senior Note Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Senior Note Indenture or for or in respect of
the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiary and the Company.

         IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Senior Note Indenture to be duly executed and attested, all as of the date first
above written

                                        PEABODY NATURAL GAS, LLC

Dated: February 16, 2000
                                          By:  /S/ S. F. Schaab
                                               ---------------------------------
                                          Name:  S. F. Schaab
                                          Title: Vice President & Treasurer

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