Document:

EX-10.1

Separation Agreement and Release

This document is a Separation Agreement and Release (this “Release Agreement”) and is
between Ferro Corporation (“Ferro”) and Barry D. Russell (“Mr. Russell”).

For good and valuable consideration, and intending to be legally bound, Ferro and Mr. Russell
hereby agree as follows:

1. Termination of Employment

	 	A.	 	Ferro has employed Mr. Russell since April 24, 2006.

	 	B.	 	Mr. Russell and Ferro signed a confidentiality agreement (the “Confidentiality
Agreement”).

	 	C.	 	Ferro and Mr. Russell signed a Change in Control Agreement effective as of
January 1, 2009 (the “Change in Control Agreement”).

	 	D.	 	Mr. Russell has served as Vice President for the Electronic Material Systems
business unit of Ferro.

	 	E.	 	Mr. Russell’s employment relationship with Ferro has ended as of August 15,
2009 (the “Termination Date”). His departure reflects Ferro’s continuing efforts to
adjust corporate costs during the current recessionary environment.

2. Normal Package and Other Matters

	 	A.	 	Regardless of whether Mr. Russell signs this Release Agreement, Mr. Russell
will be paid for time worked through the Termination Date and will be entitled to
receive a payment equal to the value of current year accrued but unused vacation.

	 	B.	 	Regardless of whether Mr. Russell signs this Release Agreement, Mr. Russell
will be permitted to extend existing medical, dental, and vision insurance coverage, if
any, at his own expense, consistent with federal COBRA law and any applicable state
laws.

	 	C.	 	Regardless of whether Mr. Russell signs this Release Agreement, Mr. Russell
will be entitled to exercise any stock options awarded to him by Ferro (that have
vested as of the Termination Date) at any time up to and including November 15, 2009.
After November 15, 2009, Mr. Russell will not be entitled to exercise any further Ferro
stock options. Any stock options that did not vest as of the Termination Date will be
forfeited as of the Termination Date.

	 	D.	 	Regardless of whether Mr. Russell signs this Release Agreement, in accordance
with the terms of Performance Share Awards and Restricted Share Awards under the 2006
Long-Term Incentive Compensation Plan, any Performance Shares or Restricted Shares
awarded to Mr. Russell will be forfeited as of the Termination Date.

	 	E.	 	Regardless of whether Mr. Russell signs this Release Agreement, Mr. Russell’s
rights with respect to any benefits payable under the Ferro Corporation Savings and
Stock Ownership Plan and the Ferro Corporation Supplemental Defined Contribution Plan
for Executive Employees shall be governed by the terms and conditions of such plans.

	 	F.	 	Regardless of whether Mr. Russell signs this Release Agreement, in accordance
with the terms of Ferro’s annual incentive plan (including the suspension of payment of
all bonuses thereunder for the year 2009) Mr. Russell will not be entitled to any bonus
for the year 2009.

3. Enhanced Package

In consideration of the agreements and promises made by Mr. Russell in this Release
Agreement, Ferro is prepared to provide Mr. Russell with, and Mr. Russell hereby elects to
receive, the following enhanced separation pay and benefits (the “Enhanced Package”) in
addition to the benefits described in paragraph 2 above and subject to the terms and
conditions of this Release Agreement:

	 	A.	 	Severance Period

The “Severance Period” will be the period beginning on August 16, 2009, and ending
the earlier of February 15, 2011, or the date on which Mr. Russell begins employment
with another employer.

	 	B.	 	Severance Payments

During the Severance Period, Ferro will pay Mr. Russell as severance Mr. Russell’s
current base salary of $13,541.67, per twice-monthly pay period; provided, however
that no amount of severance otherwise payable to Mr. Russell shall be paid prior to
the Effective Date (as defined in Paragraph 7E below). With respect to any
severance payment(s) which would have been paid to Mr. Russell but for the
applicable pay period being prior to the Effective Date, such amount shall be paid
to Mr. Russell no later than the second pay period following the Effective Date.

	 	C.	 	Continuation of Benefits

During the Severance Period, Ferro will continue to provide Mr. Russell coverage
under Ferro’s employee medical, dental, and vision care health plans offered to
Corporate Lakeside employees, consistent with Mr. Russell’s current elections.
Ferro will pay the employer’s portion of Mr. Russell’s premium costs under such
plans during the Severance Period.

	 	D.	 	Cash Payment in Lieu of Outplacement Services

In lieu of Ferro providing Mr. Russell with the services of an executive
outplacement firm selected by Ferro, Ferro will provide Mr. Russell a cash payment
of Eight Thousand Dollars ($8,000), less applicable taxes, deductions, and
withholdings.

1

4. Confidentiality and Noncompetition

In consideration of the Enhanced Package, Mr. Russell promises that:

	 	A.	 	For the period beginning on the date Mr. Russell signs this Release Agreement
and ending February 15, 2011, Mr. Russell will not use or disclose to any persons any
proprietary or confidential business information or trade secrets concerning Ferro or
any of its affiliated companies, obtained or which came to Mr. Russell’s attention
during the course of his employment with Ferro.

	 	B.	 	For the period beginning on the date Mr. Russell signs this Release Agreement
and ending February 15, 2011, Mr. Russell will not make any statements or disclose any
information concerning Ferro, its directors, officers, management, staff, employees,
representatives, or agents (collectively, “Ferro or its management”), which are likely
to disparage Ferro or its management, which are likely to damage the reputation or
business prospects of Ferro or its management, or which are likely to interfere in any
way with the business relations Ferro has with its customers (including potential
customers), suppliers, alliance partners, employees, investors, or shareholders.

	 	C.	 	For the period beginning on the date Mr. Russell signs this Release Agreement
and ending February 15, 2011, Mr. Russell will not, directly or indirectly, engage in,
or assist or have an ownership interest in, or act as an employee, agent, advisor or
consultant of, for, or to any person, firm, partnership, corporation or other entity
that is engaged in, the manufacture or sale of products that compete with Ferro’s
Electronic Material Systems group products or any products which are logical
extensions, on a manufacturing or technological basis, of such products.

	 	D.	 	Mr. Russell represents and warrants that, from the Termination Date through the
date he signed this Release Agreement, he has not engaged in any activity inconsistent
with the requirements of paragraph 4.

In addition, Mr. Russell hereby reaffirms the commitments made to Ferro in the
Confidentiality Agreement, which are in no way diminished or overridden by the restrictions
set forth in this paragraph 4. This paragraph 4 is not intended to reduce any of
the obligations that the law may impose on former employees, such as any legal obligation
not to disclose trade secrets or other types of confidential information.

5. Waiver

Mr. Russell acknowledges that Ferro is providing the Enhanced Package in lieu of all other
benefits to which he is or may be entitled arising out of his termination of employment.
Mr. Russell hereby waives any and all rights to any other severance benefits offered to
Ferro employees and any other right or benefit under any agreement, understanding, or
promise, whether written or oral, between Mr. Russell and Ferro (or any of the Released
Parties, as defined below). This waiver does not affect Mr. Russell’s right to continuation
of coverage under Ferro’s health insurance plans at his own expense pursuant to any rights
Mr. Russell may have under federal COBRA law or any applicable state law.

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6. Release

In consideration of the Enhanced Package, Mr. Russell hereby releases Ferro Corporation and
all of Ferro Corporation’s predecessors, successors, assigns, acquirers, parents, direct and
indirect subsidiaries, affiliates, and all such entities’ officers, directors, agents,
representatives, partners, shareholders, insurers, attorneys, and employees (both current
and former) (all released entities are collectively referred to as the “Released Parties”)
from any and all claims, demands, actions, causes of action, suits, damages, losses, costs,
interest, attorneys’ fees, and expenses, known or unknown, which Mr. Russell has or may
claim to have against any of the foregoing arising from or relating to his employment or
termination of employment with Ferro.

Mr. Russell agrees not to assert any such claims, demands, actions, or causes of action in
any court of law.

Mr. Russell acknowledges that the foregoing release includes (but is not limited to) all
claims arising under federal, state, or local law in the United States prohibiting
employment discrimination or retaliation, including, without limitation, the Age
Discrimination in Employment Act of 1967, Title VII of the Civil Rights Act of 1964, the
Civil Rights Act of 1991, the Employee Retirement Income Security Act, the Equal Pay Act, 42
U.S.C. §1981, Section 1981 of the Civil Rights Act of 1866, the Vietnam Era Veterans
Readjustment Assistance Act, the Rehabilitation Act of 1973, the Americans with Disabilities
Act, the Family and Medical Leave Act, the Older Workers Benefit Protection Act, Chapters
4112 and 4113 of the Ohio Revised Code, including all amendments to such laws, and all
claims under any other federal or state laws, local ordinances or common law and other laws
restricting an employer’s right to terminate the employment relationship. Mr. Russell
further acknowledges that such release includes (but is not limited to) any claims he may
have under any internal grievance procedure at Ferro.

The foregoing release does not waive rights or claims that may arise after the date this
Release Agreement is executed. Mr. Russell agrees that he will neither seek nor accept,
from any source whatsoever, any further benefit, payment, or other consideration relating to
any rights or claims that have been released in this Release Agreement.

7. Voluntary Election

Mr. Russell acknowledges that:

	 	A.	 	The only consideration being given for signing this Release Agreement is set
forth herein. In exchange for signing this Release Agreement, Mr. Russell is being
provided consideration to which he would not otherwise be entitled.

	 	B.	 	No other promises or agreements have been made to or with Mr. Russell by any
person or entity to induce Mr. Russell to sign this Release Agreement.

	 	C.	 	Mr. Russell has been given twenty-one (21) calendar days to consider the effect
of this Release Agreement, including the release contained above, before signing this
Release Agreement. By signing below, Mr. Russell expressly acknowledges that he has
been afforded the opportunity to take twenty-one (21) calendar days to consider this
Release Agreement and that his execution of this document is with full knowledge of the
consequences thereof and is of his own free will.

	 	D.	 	Mr. Russell is encouraged to discuss this Release Agreement and any matters
related to the termination of his employment with an attorney of his own choosing. Mr.
Russell acknowledges that, before signing, he has had sufficient opportunity to do so.

	 	E.	 	Mr. Russell may revoke this Release Agreement during the seven-day period
beginning immediately after he signs this Release Agreement. Such revocation must be
made in writing delivered to Ferro at the address listed below before the end of the
seven-day period:

Ferro Corporation

1000 Lakeside Avenue

Cleveland, Ohio 44114

Attention: General Counsel

The “Effective Date” of this Release Agreement will be the day after the seven-day
revocation period has expired. This Release Agreement will be neither effective nor
enforceable before the Effective Date. If timely revoked, all portions of this
Release Agreement will be void.

8. Return of Company Property

Within four calendar days after executing this Release Agreement, Mr. Russell shall (a)
return to Ferro all company property in his possession, including but not limited to, all
paper documents, electronic documents, physical property, or other materials; and (b) delete
all copies he has of any electronic records or documents of Ferro and agrees that he will
not, at any time in the future, seek to recover or permit recovery of any such deleted files
unless required by law. Mr. Russell certifies that he has not disclosed any Ferro
proprietary, confidential, or trade secret information to anyone outside of Ferro and that
he will not do so before complying with this paragraph. If Mr. Russell has any questions
about the scope or applicability of this paragraph, he agrees to contact the General
Counsel’s office at Ferro.

9. Withholding and Date of Payments

All payments under this Release Agreement will be subject to withholding, deductions and
contributions as required by law.

10. Notice of Other Employment; Repayment of Severance

Mr. Russell understands that the severance pay described in paragraph 3B is intended to
compensate him for a period of weeks during which he is not employed and that his right to
severance pay ends on the earlier of February 15, 2011 or the date he begins employment with
another employer. Accordingly, Mr. Russell agrees to promptly notify Ferro of his
employment with another employer commencing prior to February 15, 2011. In addition, Mr.
Russell agrees to repay to Ferro any severance pay erroneously received after the
commencement of such employment.

11. Executive Availability

Mr. Russell agrees to make himself reasonably available to Ferro to respond to requests by
Ferro for information pertaining to or relating to Ferro and/or its affiliates,
subsidiaries, agents, officers, directors or employees which may be within the knowledge of
Mr. Russell. Mr. Russell agrees to cooperate fully with Ferro in connection with any and
all existing or future litigation, charges, or investigations brought by or against Ferro or
any of its past or present affiliates, agents, officers, directors or employees, whether
administrative, civil or criminal in nature, in which and to the extent Ferro deems Mr.
Russell’s cooperation necessary. In conjunction with Mr. Russell’s commitments under this
paragraph, Ferro will reimburse Mr. Russell for reasonable out-of-pocket expenses incurred
as a result of such cooperation.

	12.	 	Termination of Change in Control Agreement

In accordance with the provisions of the Change in Control Agreement, the “Term” of the
Change in Control Agreement (as defined therein) shall expire immediately upon Mr. Russell’s
Termination Date.

13. Governing Law

This Release Agreement will be governed by the internal substantive laws of the State of
Ohio.

14. Notification of Alleged Breach

Unless there is a risk of imminent harm to Ferro, Ferro will provide Mr. Russell with at
least seven days written notice of any alleged violation or breach of the agreement, so that
he may respond to the allegations prior to Ferro ceasing any payments or benefits, returning
any payments, or taking any legal action under this agreement.

15. Entire Agreement

This Release Agreement, together with the Confidentiality Agreement, contains the entire
agreement between the parties hereto and replaces any prior agreements, contracts and/or
promises, whether written or oral, with respect to the subject matters included herein.
This Release Agreement may not be changed orally, but only in writing, signed by each of the
parties hereto.

16. Invalidity

The parties to this Release Agreement agree that the invalidity or unenforceability of any
one provision or part of this Release Agreement will not render any other provision(s) or
part(s) hereof invalid or unenforceable and that the other provision(s) or part(s) will
remain in full force and effect.

3

	 
	By signing this Release Agreement, Mr. Russell affirms that he has read this

Release Agreement carefully, that he knows and understands its contents,

that he is signing this Release Agreement voluntarily, and that signing this

Release Agreement is his own free act and deed.

To evidence their agreement and intention to be bound legally by this document, Barry D. Russell
and Ferro Corporation have signed and dated this Separation Agreement and
Release.

	 	 	 	 	 
	 	 	 	 	Ferro Corporation

	/s/ Barry D. Russell
	 	By:
	 	/s/ James F. Kirsch

	 
	 	 	 	 

	Barry D. Russell
	 	 	 	James F. Kirsch

Chairman, President &

Chief Executive Officer

	Date: September 23, 2009
	 	Date:
	 	September 24, 2009

	 
	 	 	 	 

4ex10-1.htm

EXHIBIT 10.1

EXECUTION VERSION

FOURTH AMENDMENT

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This FOURTH AMENDMENT, dated as of September 28, 2009 (this “Fourth Amendment”), is by and among International Coal Group, Inc., a Delaware corporation (“Holdings”), ICG, LLC, a Delaware limited
liability company and a wholly owned direct subsidiary of Holdings (“Borrower”), UBS AG, Stamford Branch, as administrative agent (the “Administrative Agent”) and the Lenders (as defined below) party hereto, and is with respect to the Second Amended and Restated Credit Agreement, dated as of June 23, 2006 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among Holdings, Borrower, the Guarantors party thereto, the lenders party thereto (the “Lenders”), J.P. Morgan Securities Inc. and UBS Securities LLC, as Joint Lead Arrangers and Joint Bookrunners, JPMorgan Chase Bank, N.A. and CIT Capital USA Inc., as Co-Syndication Agents, Bank of America, N.A. and Wachovia Bank, N.A., as Co-Documentation
Agents, JPMorgan Chase Bank, N.A. and Bank of America, N.A., as Issuing Banks, UBS Loan Finance LLC, as Swingline Lender, and UBS AG, Stamford Branch, as Issuing Bank, Administrative Agent and Collateral Agent, as amended by the First Amendment, dated as of January 31, 2007, the Second Amendment, dated as of July 31, 2007 and the Third Amendment and Limited Waiver, dated as of February 20, 2009.  Capitalized terms used but not defined in this Fourth Amendment have the meanings given to such terms in
the Credit Agreement.

 

RECITALS

 

WHEREAS, Borrower wishes to make certain amendments to the Credit Agreement, as more particularly described in Article I of this Fourth Amendment; and

 

WHEREAS, the Lenders party hereto are willing to grant such waiver and to agree to such amendments on the terms and subject to the conditions contained herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the promises and the mutual agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

 

ARTICLE I

 

AMENDMENTS TO CREDIT AGREEMENT

 

Section 1.01 Amendments Related to Defined Terms.  The
following defined terms are added to Section 1.01 of the Credit Agreement in their proper alphabetical order:

 

 ““Fourth Amendment” shall mean the Fourth Amendment to this Agreement, dated as of September 28, 2009.”

 

  

  

  

““Fourth Amendment Effective Date” shall mean the date on which of each of the conditions set forth in Article II of the Fourth Amendment has been either satisfied or waived.”

 

Section 1.02 Amendments Related to Financial Covenants.

 

 

(a) Sections 6.10(a) and (b) of the Credit Agreement are deleted in their entirety and replaced
with the following:

 

“(a)           Maximum Leverage Ratio.  Permit the Leverage Ratio, at any date during any period set forth in the table below, to exceed the ratio set forth opposite such period in the table below:

 

	
Period
	
Leverage Ratio

	
March 31, 2007 to December 31, 2007
	
8.75 to 1.0

	
January 1, 2008 to March 31, 2008
	
8.50 to 1.0

	
April 1, 2008 to June 30, 2008
	
7.50 to 1.0

	
July 1, 2008 to September 30, 2008
	
6.25 to 1.0

	
October 1, 2008 to December 31, 2008
	
5.50 to 1.0

	
January 1, 2009 to March 31, 2009
	
4.50 to 1.0

	
April 1, 2009 to June 30, 2009
	
4.25 to 1.0

	
July 1, 2009 to September 30, 2009
	
3.75 to 1.0

	
October 1, 2009 to December 31, 2009
	
3.25 to 1.0

	
January 1, 2010 and thereafter
	
3.00 to 1.0

(b)           Minimum Interest Coverage Ratio.  Permit the Consolidated Interest Coverage Ratio, at the last day of any period set forth in the table below, to exceed the ratio set forth opposite such
period in the table below:

 

	
Period
	
Interest Coverage Ratio

	
March 31, 2007 to June 30, 2008
	
1.25 to 1.0

	
July 1, 2008 to September 30, 2008
	
1.75 to 1.0

	
October 1, 2008 to December 31, 2008
	
2.00 to 1.0

	
January 1, 2009 to March 31, 2009
	
2.00 to 1.0

	
April 1, 2009 to June 30, 2009
	
2.00 to 1.0

	
July 1, 2009 to September 30, 2009
	
2.25 to 1.0

	
October 1, 2009 to December 31, 2009
	
2.75 to 1.0

	
January 1, 2010 and thereafter
	
2.75 to 1.0

”

 

  

2

  

(b) The table and the proviso following the table in Section 6.10(d) of the Credit Agreement are deleted
in their entirety and replaced with the following:

 

“

	
Period
	
Amount (in millions)

	
January 1, 2007 to December 31, 2007
	
$180.0

	
January 1, 2008 to December 31, 2008
	
$180.0

	
January 1, 2009 to December 31, 2009
	
$100.0

	
January 1, 2010 to December 31, 2010
	
$100.0

	
January 1, 2011 to December 31, 2011
	
$100.0

; provided, however, that, with respect to fiscal year 2009, the aggregate amount of Capital Expenditures made in each of the following fiscal periods in such fiscal year shall not exceed (i) $32.5 million in the fiscal quarter ending on March 31, 2009, (ii) without duplication,
$57.5 million in the aggregate in the two consecutive fiscal quarters ending on June 30, 2009, (iii) without duplication, $82.5 million in the aggregate in the three consecutive fiscal quarters ending on September 30, 2009 and (iv) without duplication, $100.0 million in the aggregate in such fiscal year; provided, further, however, that (x) if
the aggregate amount of Capital Expenditures made in any fiscal year shall be less than the maximum amount of Capital Expenditures permitted under this Section 6.10(d) for such fiscal year (before giving effect to any carryover), then an amount of such shortfall not exceeding 50% of such maximum amount (without giving effect to clause (z) below) may be added to the amount of Capital Expenditures permitted under this Section 6.10(d) for
the immediately succeeding (but not any other) fiscal year, (y) in determining whether any amount is available for carryover, the amount expended in any fiscal year shall first be deemed to be from the amount allocated to such fiscal year (in respect of any carryover from a prior year) and (z) the amount set forth in the table above for any period may be increased by an amount equal to (1) 50% of (2) the amount of (I) any Indebtedness incurred under Section
6.01(n) and/or Section 6.01(o) which a Responsible Officer of the Borrower has certified to the Administrative Agent will be used prior to the Revolving Maturity Date to finance Capital Expenditures and (II) any Equity Interests issued under Section 6.13 which a Responsible Officer of the Borrower has certified to the Administrative Agent will be used prior to the Revolving
Maturity Date to finance Capital Expenditures, so long as the aggregate increase in Capital Expenditures permitted by this proviso since the First Amendment Effective Date does not exceed $250.0 million.”

 

(c) Section 6.10(e) of the Credit Agreement is deleted in its entirety and replaced with the following:

 

“(e)           Minimum Liquidity.  Permit the aggregate amount of the Loan Parties’ and their Subsidiaries’ Minimum Liquidity, at the last day of each calendar month in any period set
forth in the table below, to be less than the amount set forth opposite such period in the table below or fail to deliver a Minimum Liquidity Certificate as required pursuant to Section 5.01(j):

 

	
Period
	
Amount (in millions)

	
Third Amendment Effective Date to March 31, 2009
	
$25.0

	
April 1, 2009 to April 30, 2009
	
$20.0

	
May 1, 2009 to May 31, 2009
	
$22.5

	
June 1, 2009 to June 30, 2009
	
$30.0

	
July 1, 2009 to July 31, 2009
	
$22.5

	
August 1, 2009 to August 31, 2009
	
$27.5

	
September 1, 2009 to October 31, 2009
	
$35.0

	
November 1, 2009 to December 31, 2009
	
$40.0

	
January 1, 2010 to January 31, 2010
	
$40.0

	
February 1, 2010 to February 28, 2010
	
$40.0

	
March 1, 2010 to March 31, 2010
	
$40.0

	
April 1, 2010 to April 30, 2010
	
$40.0

	
May 1, 2010 to May 31, 2010
	
$40.0

	
June 1, 2010 to June 30, 2010
	
$40.0

	
July 1, 2010 to July 31, 2010
	
$40.0

	
August 1, 2010 to August 31, 2010
	
$40.0

	
September 1, 2010 to September 30, 2009
	
$40.0

	
October 1, 2010 to October 31, 2010
	
$40.0

	
November 1, 2010 to November 30, 2010
	
$40.0

	
December 1, 2010 to December 31, 2010
	
$40.0

”

 

Section 1.03 Amendments Related to Applicable Margins. The
table entitled “Applicable Margin for Revolving Loans, Swingline Loans and LC Participation Fee” (including the footnotes thereto) in Annex I of the Credit Agreement is deleted in its entirety and replaced with the following (including the footnotes thereto):

 

  

3

  

“

	  	  	
Revolving Loans and Swingline Loans

(and LC Participation Fee)

	
Leverage Ratio*
	  	
Eurodollar
	  	
ABR

	
Level I

≥3.75:1.0
	  	
4.50%
	  	
3.50%

	
Level II

<3.75:1.0 but

≥2.50:1.0
	
  
	
4.25%
	  	
3.25%

	
Level III

<2.50:1.0 but

>2.00:1.0
	
  
	
4.00%
	  	
3.00%

	
Level IV

<2.00:1.0
	
  
	
3.75%
	  	
2.75%

 

”

	
*
	
Note:  Neither (i) cash charges reducing Consolidated Net Income incurred (directly, or otherwise) in connection with the Sago Mine Incident and the Viper Mine Incident nor (ii) extraordinary, non-recurring cash charges for any twelve-month period following the twelve-month period in which the Sago Mine Incident and/or
the Viper Mine Incident occurred are added to Consolidated EBITDA for the purposes of calculating the Leverage Ratio to determine the Applicable Margin and the Commitment Fee pursuant to this Annex I.

 

 

ARTICLE II.

 

CONDITIONS TO EFFECTIVENESS

 

Section 2.01 Conditions to Amendments.   The
effectiveness of the amendments contained in Article I of this Fourth Amendment is conditioned upon satisfaction of the following conditions precedent (the date on which all such conditions precedent have been satisfied being referred to herein as the “Fourth Amendment Effective Date”).

 

(a) Fees and Expenses.

 

(i) The Arrangers and the Administrative Agent shall have received all Fees and other amounts due and payable on or prior to the Fourth Amendment Effective Date, including, to the extent invoiced, reimbursement or payment
of all reasonable out-of-pocket expenses (including the reasonable legal fees and expenses of Latham & Watkins LLP, special counsel to the Agents, and the reasonable fees and expenses of any local counsel, appraisers, consultants and other advisors) required to be reimbursed or paid by Borrower hereunder or under any other Loan Document.

 

  

4

  

(ii) The Administrative Agent shall have received, for the benefit of each Lender whose signature page to this Fourth Amendment has been received no later than the date on which each of the other conditions in this Section
2.01 are satisfied, a fee equal to 0.50% of the aggregate Revolving Commitments, as of the Fourth Amendment Effective Date, of such Lender, which such fee shall be allocated pro rata among such consenting Lenders.

 

(b) Loan Documents.  All legal matters incident to this Fourth Amendment and the transactions contemplated hereby and the other Loan Documents shall
be satisfactory to the Lenders and to the Administrative Agent and there shall have been delivered to the Administrative Agent an executed counterpart of each of the Loan Documents required to be executed and delivered on the Fourth Amendment Effective Date, including, but not limited to, (i) this Fourth Amendment and (ii) the consent of the Guarantors attached hereto as Exhibit A executed by each of the Guarantors (including any persons becoming
Guarantors on the date hereof).

 

(c) Officers’ Certificate.  The Administrative Agent shall have received a certificate, dated the Fourth Amendment Effective Date and signed
by the senior vice president and the chief financial officer of Borrower or such other person reasonably acceptable to the Administrative Agent, confirming compliance with the conditions precedent set forth in this Section 2.01 hereof and Sections 4.02(b), (c) and (d) of
the Credit Agreement.

 

(d) Opinion of Counsel.  The Administrative Agent shall have received, on behalf of itself, the other Agents and the Lenders, a favorable written
opinion of Jones Day, special counsel for the Loan Parties, reasonably satisfactory in form and substance to the Administrative Agent, dated the Fourth Amendment Effective Date, addressed to the Agents and the Lenders and covering such matters relating to the transactions contemplated by this Fourth Amendment as the Administrative Agent shall reasonably request.

 

(e) Solvency Certificate.  The Administrative Agent shall have received a solvency certificate substantially in the form of Exhibit N to
the Credit Agreement, dated the Fourth Amendment Effective Date and signed by the chief financial officer of Borrower or such other person reasonably acceptable to the Administrative Agent.

 

(f) Representations and Warranties; No Default.  (i) Each of the representations and warranties contained in Article
III of the Credit Agreement shall be true and correct in all material respects as of the Fourth Amendment Effective Date, except that any representation and warranty that is qualified as to “Materiality” or “Material Adverse Effect” shall be true and correct in all respects as of the Fourth Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date and (ii) both before and after giving effect to this Fourth Amendment, no
event shall have occurred and be continuing that constitutes a Default or an Event of Default.

 

 

ARTICLE III.

 

MISCELLANEOUS

 

Section 3.01 Execution of this Fourth Amendment; Authorization.

 

This Fourth Amendment is executed and shall be construed as an amendment to the Credit Agreement and forms a part of the Credit Agreement to the extent applicable thereto.

 

  

5

  

Section 3.02 Representations and Warranties.

 

Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, as of the date hereof:

 

(a) Authority; Enforceability.  (i) All consents, approvals and authorizations necessary for Borrower’s and Guarantors’ execution, delivery
and performance of this Fourth Amendment and the Consent of Guarantors, as applicable, have been obtained or made and (ii) this Fourth Amendment and the Consent of Guarantors, as applicable, have been duly executed and delivered by Borrower and Guarantors and constitute the legal, valid and binding obligations of Borrower and Guarantors, respectively, enforceable against Borrower and Guarantors in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(b) No Conflict.  Neither the execution and delivery of this Fourth Amendment, the Consent of Guarantors nor any other agreement or instrument contemplated
hereby, nor the performance of, and compliance with the terms and provisions of, this Fourth Amendment, the Consent of Guarantors or any such other agreement or instrument by any Loan Party will, at the time of such execution, delivery or performance, (i) violate or conflict with any provision of such Loan Party’s articles or certificate of incorporation or bylaws or other organizational or governing documents of such Loan Party, (ii) violate, contravene or materially conflict with any Requirements
of Law or any other law, regulation, order, writ, judgment, injunction, decree or permit applicable to such Loan Party, except for any violation, contravention or conflict which would not reasonably be expected to have a Material Adverse Effect, (iii) (A) violate, contravene or conflict with the contractual provisions of, or cause an event of default under, any Loan Document or (B) violate, contravene or conflict with the contractual provisions of, or cause an event of default under, any other loan agreement,
indenture, mortgage, deed of trust, contract or other agreement or instrument to which such Loan Party is a party or by which such Loan Party may be bound, except, with respect to clause (A) above, for any violation, contravention, conflict or default that would not reasonably be expected to have a Material Adverse Effect, or (iv) result in or require the creation of any Lien (other than those contemplated in or created in connection with the Loan Documents) upon or with respect to such Loan Party’s properties.  No
consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other person is required in connection with the performance of and compliance with the terms and provisions of this Fourth Amendment, the Consent of Guarantors or any other agreement or instrument contemplated hereby.

 

(c) Representations and Warranties in Credit Agreement.  Each of the representations and warranties contained in Article
III of the Credit Agreement is true and correct in all material respects as of the date hereof, except that any representation and warranty that is qualified as to “Materiality” or “Material Adverse Effect” shall be true and correct in all respects as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date.

 

(d) No Default.  Both before and after giving effect to this Fourth Amendment, no event has occurred and is continuing that constitutes a Default
or an Event of Default.

 

  

6

  

Section 3.03 No Waiver.

 

Except as specifically modified pursuant to the terms of this Fourth Amendment, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect and are hereby ratified and confirmed.  Nothing herein shall limit in any way the rights and remedies of the Administrative Agent
and the Lenders under the Credit Agreement and the other Loan Documents.  The execution and delivery by the Lenders of this Fourth Amendment shall not constitute a waiver, forbearance or other indulgence with respect to any Default or Event of Default now existing or hereafter arising.

 

Section 3.04 Counterparts; Integration;
Effectiveness.

 

This Fourth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Fourth Amendment and any agreements referred to herein constitute the entire contract
among the parties hereto relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Fourth Amendment shall become effective when it shall have been executed by each of Borrower and each of the requisite Lenders, and thereafter shall be binding upon and inure to the benefit of the parties to the Credit Agreement and, subject to and in accordance with Section
11.04 of the Credit Agreement, their respective successors and assigns; provided that the effectiveness of the waiver and amendments contained herein is conditioned upon the satisfaction of the applicable conditions set forth in Article II of this Fourth Amendment.  Delivery of an executed counterpart of a signature page of this Fourth Amendment by telecopy shall be as effective
as delivery of a manually executed counterpart of this Fourth Amendment.

 

Section 3.05 Severability.

 

Any provision of this Fourth Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality or enforceability of the remaining provisions hereof, and the invalidity
of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

Section 3.06 GOVERNING LAW.

 

THIS FOURTH AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

Section 3.07 Headings.

 

Article and Section headings used herein are for convenience of reference only, are not part of this Fourth Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Fourth Amendment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

7

  

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

	
ICG, LLC,

	
as Borrower

	  	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
Sen. V.P., CFO, Treasurer and Asst Secretary

	
INTERNATIONAL COAL GROUP, INC.

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
Sen. V.P., CFO and Treasurer

  

  [SIGNATURE PAGE TO FOURTH AMENDMENT]

  

	
UBS AG, STAMFORD BRANCH,

	
as Issuing Bank, Administrative Agent and Collateral

	
Agent

	  
	
By:
	  	

/s/ Mary E. Evans

	
Name:
	  	
Mary E. Evans

	
Title:
	  	
Associate Director

	  	  	
Banking Products Services, US

	  	  	  
	
By:
	  	

/s/ Irja R. Otsa

	
Name:
	  	
Irja R. Otsa

	
Title:
	  	
Associate Director

	  	  	
Banking Products Services, US

	  	  	  

	
UBS LOAN FINANCE LLC, as Lender

	  
	
By:
	  	

/s/ Mary E. Evans

	
Name:
	  	
Mary E. Evans

	
Title:
	  	
Associate Director

	  	  	
Banking Products Services, US

	  	  	  
	
By:
	  	

/s/ Irja R. Otsa

	
Name:
	  	
Irja R. Otsa

	
Title:
	  	
Associate Director

	  	  	
Banking Products Services, US

	  	  	  

  

[SIGNATURE PAGE TO FOURTH AMENDMENT]

  

	
NATIONAL CITY BANK,

	
as Lender

	  
	
By:
	  	

/s/ David M. Metz

	
Name:
	  	
David M. Metz

	
Title:
	  	
Senior Vice President

	  	  	  

  

[SIGNATURE PAGE TO FOURTH AMENDMENT]

  

	
STYX PARTNERS, L.P.,

	
as Lender

	  
	
By:
	  	
Styx Associates LLC, its General Partner

	  	  	  
	
By:
	  	

/s/ Kevin Genda

	
Name:
	  	
Kevin Genda

	
Title:
	  	
Senior Managing Director

	  	  	  

  

[SIGNATURE PAGE TO FOURTH AMENDMENT]

  

	
BANK OF AMERICA, N.A.,

	
as Lender

	  
	
By:
	  	

/s/ Tyler D. Levings

	
Name:
	  	
Tyler D. Levings

	
Title:
	  	
Senior Vice President

	  	  	  

  

SIGNATURE PAGE TO FOURTH AMENDMENT]

  

	
GENERAL ELECTRIC CAPITAL CORPORATION,

	
as a Bank and Lender

	  
	
By:
	  	

/s/ Randall F. Hornick

	
Name:
	  	
Randall F. Hornick

	
Title:
	  	
Authorized Signatory

	  	  	  

  

[SIGNATURE PAGE TO FOURTH AMENDMENT]

  

	
CIT CAPITAL USA INC.,

	
as Lender

	  
	
By:
	  	

/s/ Marc Theisinger

	
Name:
	  	
Marc Theisinger

	
Title:
	  	
Vice President

	  	  	  

  

[SIGNATURE PAGE TO FOURTH AMENDMENT]

  

	
BRANCH BANKING AND TRUST COMPANY,

	
As Lender

	  
	
By:
	  	

/s/ Richard E. Whisner, Jr.

	
Name:
	  	
Richard E. Whisner, Jr.

	
Title:
	  	
Senior Vice President

	  	  	  

  

[SIGNATURE PAGE TO FOURTH AMENDMENT]

  

	
WACHOVIA BANK, NA,

	
as Lender

	  
	
By:
	  	

/s/ Matthew J. Levenson

	
Name:
	  	
Matthew J. Levenson

	
Title:
	  	
Vice President

	  	  	  

  

[SIGNATURE PAGE TO FOURTH AMENDMENT]

  

EXHIBIT A

CONSENT OF GUARANTORS

Each of the undersigned is a Guarantor of the Obligations of Borrower under the Credit Agreement and hereby (a) consents to the foregoing Fourth Amendment, (b) acknowledges that notwithstanding the execution and delivery of the foregoing Fourth Amendment, the obligations of each of the undersigned Guarantors are not impaired
or affected and all guaranties given to the holders of Obligations and all Liens granted as security for the Obligations continue in full force and effect, and (c) confirms and ratifies its obligations under the Credit Agreement and each other Loan Document executed by it.  Capitalized terms used herein without definition shall have the meanings given to such terms in the Fourth Amendment to which this Consent of Guarantors is attached or in the Credit Agreement referred to therein, as applicable.

IN WITNESS WHEREOF, each of the undersigned has executed and delivered this Consent of Guarantors as of September 28, 2009.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

  

  

	
INTERNATIONAL COAL GROUP, INC.

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
Sen. V.P., CFO and Treasurer

	
HUNTER RIDGE HOLDINGS, INC.

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
Secretary

	
HUNTER RIDGE, INC.

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
Secretary

	
BRONCO MINING COMPANY, INC.

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
Secretary

	
COALQUEST DEVELOPMENT LLC

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
V.P. and Secretary

	
HAWTHORNE COAL COMPANY, INC.

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
V.P. and Secretary

  

  

  

 

	
HUNTER RIDGE COAL COMPANY

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
Secretary

	
ICG ADDCAR SYSTEMS, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

	
ICG BECKLEY, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

	
ICG EAST KENTUCKY, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

	
ICG EASTERN, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

	
ICG EASTERN LAND, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

  

  

  

	
ICG HAZARD, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
Vice President and Treasurer

	
ICG HAZARD LAND, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

	
ICG ILLINOIS, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

	
ICG, INC.

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
Sen. V.P., CFO, Treasurer and Asst. Secretary

	
ICG KNOTT COUNTY, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

	
ICG NATURAL RESOURCES, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

  

  

  

 

	
ICG TYGART VALLEY, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
V.P. and Treasurer

	
JULIANA MINING COMPANY, INC.

	  
	
By:
	  	

/s/ Charles G. Snavely

	
Name:
	  	
Charles G. Snavely

	
Title:
	  	
President

	
KING KNOB COAL CO., INC.

	  
	
By:
	  	

/s/ Christina T. Brumley

	
Name:
	  	
Christina T. Brumley

	
Title:
	  	
Secretary

	
MARINE COAL SALES COMPANY

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
Secretary

	
MELROSE COAL COMPANY, INC.

	  
	
By:
	  	

/s/ Christina T. Brumley

	
Name:
	  	
Christina T. Brumley

	
Title:
	  	
Secretary

	
PATRIOT MINING COMPANY, INC.

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
Secretary

  

  

  

	
POWELL MOUNTAIN ENERGY, LLC

	  
	
By:
	  	

/s/ Bradley W. Harris

	
Name:
	  	
Bradley W. Harris

	
Title:
	  	
Vice President and Treasurer

	
SIMBA GROUP, INC.

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
Secretary

	
UPSHUR PROPERTY, INC.

	  
	
By:
	  	

/s/ Christina T. Brumley

	
Name:
	  	
Christina T. Brumley

	
Title:
	  	
Secretary

	
VINDEX ENERGY CORPORATION

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
Secretary

	
WHITE WOLF ENERGY, INC.

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
V.P. and Secretary

	
WOLF RUN MINING COMPANY

	  
	
By:
	  	

/s/ Roger L. Nicholson

	
Name:
	  	
Roger L. Nicholson

	
Title:
	  	
Secretary

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