Document:

ex10_j.htm

    
      

    

    
      Exhibit
10-j

      AMENDED AND RESTATED
AGREEMENT

      

      

      This
Amended and Restated Agreement ("Agreement") is entered into as
of October 23, 2007, by Trustmark Corporation, a Mississippi corporation (the
"Company"), and Harry M.
Walker (the "Executive").  The
Company and Executive have entered into this Agreement with reference to the
following facts:

      

      A.          The
Company and Executive entered into that certain Agreement dated as of December
22, 1997, which the Company and Executive amended and restated in its entirety
as of March 12, 2002 ("Original
Agreement"); and

      

      B.          The
Company and Executive now desire to amend and restate in its entirety the
Original Agreement as set forth in this Agreement to reflect the provisions of
Section 409A of the Internal Revenue Code of 1986, as amended (“Code”), and the final
regulations issued thereunder.

      

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

      

      1.           Definition
of Terms.  As used in this Agreement, the following terms shall
have the respective meanings indicated below:

      

      A.         
"Base Salary" means the Executive's annual base salary as in effect at any
particular time.

      

      B.          "Cause"
means that the Executive has (i) committed an act of personal dishonesty,
embezzlement or fraud; (ii) has misused alcohol or drugs; (iii) failed to pay
any obligation owed to the Company or any affiliate; (iv) breached a fiduciary
duty or deliberately disregarded any rule of the Company or any affiliate; (v)
has committed an act of willful misconduct, or the intentional failure to
perform stated duties; (vi) has willfully violated any law, rule or regulation
(other than misdemeanors, traffic violations or similar offenses) or any final
cease-and-desist  order; (vii) has disclosed without authorization any
Confidential Information of the Company or any affiliate, or has engaged in any
conduct constituting unfair competition, or has induced any customer of the
Company or any affiliate to breach a contract with the Company or any
affiliate.

      

      C.         
"Change in Control" means any one of the following events: (1) the acquisition
by any person of ownership of, holding or power to vote more than 20% of the
Company's voting stock, (2) the acquisition by any person of the ability to
control the election of a majority of the Company's board of directors, (3) the
acquisition of a controlling influence over the management or policies of the
Company by any person or by persons acting as a "group" (within the meaning of
Section 13(d) of the Securities Exchange Act of 1934 (Exchange Act), or (4)
during any period of two consecutive years, individuals (the "Continuing
Directors") who at the beginning of such period constitute the board of
directors (the "Existing Board") cease for any reason to constitute at least
two-thirds thereof, provided that any individual whose election or nomination
for election as a member of the Existing Board was approved by a vote of at
least two-thirds of the Continuing Directors then in office shall be considered
a Continuing Director.  Notwithstanding the foregoing, in the case of
(1), (2) and (3) hereof, ownership or control of the Company's voting stock by
the only subsidiary of the Company or any employee benefit plan sponsored by the
Company or any subsidiary shall not constitute a Change in
Control.  For purposes of this subparagraph, the term "person" refers
to an individual or a corporation, partnership, trust, association, joint
venture, pool, syndicate, sole proprietorship, unincorporated organization of
any other form of entity not specifically listed herein;

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      D.          "Confidential
Information" means all trade secrets, confidential information (including but
not limited to confidential information with respect to marketing, product
offerings or expansion plans) and financial matters of the Company and its
subsidiaries.

      

      E.           "Disability"
means that the Executive becomes physically or mentally disabled during the
Executive's employment with the Company so that he is unable to perform the
services required of him for a period of 90 days.

      

      F.           "Employee
Benefits" means all group life, hospitalization and disability insurance plans,
health programs, pension plans, similar benefit plans or other so called "fringe
benefit programs" of the Company as are now existing or as may hereafter be
revised or adopted and offered to senior executives of the Company or its
affiliates generally.

      

      G.           "Good
Reason" means (1) a demotion in the Executive's status, title or position, or
the assignment to the Executive of duties or responsibilities which are
materially inconsistent with such status, title or position; (2) a material
breach of this Agreement by the Company, provided the Company has not remedied
such breach within thirty (30) days of receipt of written notice of such breach;
or (3) a relocation of the executive offices of the Company to a location more
than 50 miles outside of Jackson, Mississippi without the Executive's written
consent given to the Company within thirty (30) days of the Executive's receipt
of notification of such relocation by the Company.

      

      H.          "Retirement"
means the last business day of the calendar year in which the Executive reaches
age 65.

      

      2.           Change in
Control.  If at any time during the Executive's employment the
Company experiences a Change in Control and within two (2) years after the date
the Change in Control occurs (i) the Executive's employment is terminated other
than for Cause, death, Disability or Retirement or (ii) the Executive resigns
for Good Reason, subject to Section 14 hereof, the Company shall pay to the
Executive the following amounts:

      

      A.          The
sum of (1) the Executive's Base Salary and accrued vacation benefits through the
date of termination to the extent not theretofore paid in a lump sum as soon as
administratively practicable after the effective date of termination in
accordance with the Company’s usual payroll practices (not less frequently than
monthly) and (2) the additional sum of (i) Executive's Base Salary immediately
prior to the Change in Control and (ii) the highest annual bonus amount earned
in either of the two (2) years preceding the year of the Change in Control in a
lump sum on the 60th day
after the effective date of termination.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      B.           The
Company shall continue to provide to the Executive the Employee Benefits for one
year following the effective date of termination, reduced by any employment
benefits received from later employment, as the same may be changed from time to
time for employees of the Company generally, as if the Executive had continued
employment during such period; or, as an alternative, the Company may elect to
pay Executive cash in lieu of such participation in an amount equal to the
Executive’s reasonable after-tax cost of obtaining comparable coverage or
benefits, where such participation may not be continued by the Company (or where
such participation would adversely affect the tax status of the applicable plan
pursuant to which the benefits are provided), with any such cash payments to be
made in accordance with the ordinary payroll practices of the Company (not less
frequently than monthly) for employees generally for the period during which
such cash payments are to be provided; and

      

      C.           Any
stock options granted Executive by the Company which have not vested shall vest
in the Executive in full as of the Change in Control.  Any such stock
options which were intended by the parties to be incentive stock options but
which exceed the "$100,000 first exercisable rule" shall be converted into
non-qualified stock options.

      

      3.           Confidentiality,
Nonsolicitation and Noncompete.

      

      3.1         Confidentiality.  The
Executive covenants and agrees that all trade secrets, confidential information
(including but not limited to confidential information with respect to
marketing, product offerings or expansion plans), and financial matters of the
Company and its subsidiaries (collectively "Confidential Information") which are
learned by him in the course of his employment by the Company shall be held in a
fiduciary capacity and treated as confidential by him and shall not be
disclosed, communicated or divulged by him or used by him for the benefit of any
person or entity (other than the Company, its subsidiaries or affiliates) unless
expressly authorized in writing by the Board, or unless the Confidential
Information becomes generally available to the public otherwise than through
disclosure by the Executive.

      

      3.2         Nonsolicitation.  The
Executive agrees that (1) during the period he is employed with the Company and
for a period of twelve (12) months after termination of employment, he will not,
without the prior written consent of the Board, directly or indirectly solicit,
entice, persuade, or induce any employee, director, officer, associate,
consultant, agent or independent contractor of the Company or its subsidiaries
(i) to terminate such person's employment or engagement by the Company or its
subsidiaries or (ii) to become employed by any person, firm, partnership,
corporation, or other such enterprise other than the Company, its subsidiaries
or affiliates, and (2) he shall not following the termination of his employment
hereunder represent that he is any way connected with the business of the
Company or its subsidiaries (except to the extent agreed to in writing by the
Company).

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      3.3         Noncompete.  The
Executive agrees that during the period he is employed with the Company and, for
a period of twelve (12) months following the date of termination of his
employment for any reason except Retirement, he will not (except as a
representative of the Company or with the prior written consent of the Board),
directly or indirectly, engage, participate or make any financial investment, as
an employee, director, officer, associate, consultant, agent, independent
contractor, lender or investor, in the business of any person, firm,
partnership, corporation or other enterprise that is engaged in direct
competition with the business of the Company in any geographic area in which the
Company is then conducting such business.  Nothing in this Section 3.3
shall be construed to preclude the Executive from making any investments in the
securities of any business enterprise whether or not engaged in competition with
the Company, to the extent that such securities are actively traded on a
national securities exchange or in the over-the-counter market in the United
States or on any foreign securities exchange and represent less than one-percent
(1%) of any class of securities of such business
enterprise.  Executive acknowledges that if his employment with the
Company terminates for any reason, he can earn a livelihood without violating
the foregoing restrictions and that the time period and scope of the foregoing
restrictions are reasonably required for the protection of the Company's valid
business interests.

      

      3.4.        Covenant
Payments.  In consideration for the covenants contained in
Section 3, which are considered material to the Company, the Company agrees to
pay Executive all amounts owed pursuant to this Agreement, and upon Executive's
termination without Cause or Executive’s resignation for Good Reason, to pay
Executive an amount (the "Covenant Payments") equal to
the sum of (i) the Executive's Base Salary and (ii) the highest annual bonus
earned in any one of the three years preceding the termination.  The
Covenant Payments shall be paid in twelve (12) equal monthly installments with
the first installment commencing on the 60th day
after the effective date of termination and continuing thereafter on the same
day of each following month until all twelve (12) monthly installments are
paid.  In the event of the Executive's death following such date of
termination, any unpaid installments shall be paid to the Executive's estate in
a single undiscounted cash lump sum.  Such lump sum shall be paid on
the 60th day
after the Executive's death.  Notwithstanding anything herein to the
contrary, if the Executive is terminated for Cause or the Executive voluntarily
resigns other than for Good Reason or has a Disability, the Executive will
remain subject to the covenants contained in Section 3 but will not be entitled
to the Covenant Payments.

      

      3.5         Remedies.  The
Company would be damaged irreparably if any provision of Section 3 was not
performed by the Executive in accordance with its terms or was otherwise
breached and that money damages would be an inadequate remedy for any such
nonperformance or breach.  Therefore, the Company or its successors or
assigns shall be entitled, in addition to any other rights and remedies existing
in their favor, including the right to retain the Covenant Payments, to an
injunction or injunctions to prevent any breach or threatened breach of any such
provisions and to enforce such provisions specifically (without posting a bond
or other security).  Executive agrees that Company or its successors
or assigns may retain the Covenant Payments as partially liquidated damages for
such breach and not as a penalty.  The Executive would be damaged
irreparably if any provision of Section 3 was not performed by the Company in
accordance with its terms or was otherwise breached and that money damages would
be an inadequate remedy for any such nonperformance or
breach.  Therefore, the Executive shall be entitled, in addition to
any other rights and remedies existing in his favor, to an injunction or
injunctions to prevent any breach or threatened breach of any such provisions
and to enforce such provisions specifically (without posting a bond or other
security).

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4.           Release.  The
payments and benefits to which the Executive is entitled pursuant to Sections
2A.(2), B. and C. and 3.4 are contingent upon the Executive executing a release
agreement in a form reasonably acceptable to the Company, and the applicable
revocation period having expired, before the 60th day
after the effective date of termination.

      

      5.           Excise
Tax Limitation.

      

      A.          Notwithstanding
anything contained in this Agreement (or in any other agreement between the
Executive and the Company) to the contrary, to the extent that any payments and
benefits provided under this Agreement or payments or benefits provided to, or
for the benefit of, the Executive under any plan or agreement of the Company
(such payments or benefits are collectively referred to as the "Payments") would
be subject to the excise tax (the "Excise Tax") imposed under Section 4999 of
the Internal Revenue Code of 1986, as amended (the "Code"), the Payments shall
be reduced if and to the extent that a reduction in the Payments would result in
the Executive retaining a larger amount, on an after-tax basis (taking into
account federal, state and local income taxes and the Excise Tax), than he would
have retained had he been entitled to receive all of the Payments (such reduced
amount is hereinafter referred to as the "Limited Payment
Amount").  The Company shall reduce the Payments by first reducing or
eliminating those payments or benefits which are not payable in cash and then by
reducing or eliminating cash payments, in each case in reverse order beginning
with payments or benefits which are to be paid the farthest in time from the
date the "Determination" (as hereinafter defined) is delivered to the Company
and the Executive.

      

      B.           The
determination as to whether the Payments shall be reduced to the Limited Payment
Amount and the amount of such Limited Payment Amount (the "Determination") shall
be made at the Company's expense by an accounting firm selected by the Company
and reasonably acceptable to the Executive which is designated as one of the
five (5) largest accounting firms in the United States (the "Accounting
Firm").  The Accounting Firm shall provide the Determination in
writing, together with detailed supporting calculations and documentation, to
the Company and the Executive on or prior to the date of termination of the
Executive's employment if applicable, or at such other time as requested by the
Company or by the Executive.  Within ten (10) days of the delivery of
the Determination to the Executive, the Executive shall have the right to
dispute the Determination (the "Dispute") in writing setting forth the precise
basis of the dispute.  If there is no Dispute, the Determination shall
be binding, final and conclusive upon the Company and the
Executive.

      

      C.           Any
Excise Tax payable hereunder shall be paid by the Executive.

      

      6.           Non-Assignment.  This
Agreement and all of the Executive's rights and obligations hereunder are
personal to the Executive and shall not be assignable; provided, however, that
upon his death all of the Executive's rights to cash payments under this
Agreement shall inure to the benefit of his widow, personal
representative,  designees or other legal representatives, as the case
may be.  Any person, firm or corporation succeeding to the business of
the Company by merger, purchase, consolidation or otherwise shall assume by
contract or operation of law the obligations of the Company hereunder, provided,
however, that the Company shall, notwithstanding such assumption, remain liable
and responsible for the fulfillment of its obligations under this
Agreement.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      7.           Severability.  Whenever
possible, each provision of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction such invalidity, legality or
unenforceability will not affect any other provision or any other jurisdiction,
but this Agreement will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision had never been contained
herein.

      

      8.           Notices.  Any
notice or other communication required or permitted hereunder shall be in
writing and shall be delivered personally, telegraphed, telexed, sent by
facsimile transmission or sent by certified, registered or express mail, postage
prepaid.  Any such notice shall be deemed given when so delivered
personally, telegraphed, telexed or sent by facsimile transmission, or if
mailed, five days after the date of deposit in the United States mail, as
follows:

      

      
        	
                 
      

              	
                (i)

              	
                if
      to the Company, to:

              

      

      

      Trustmark
Corporation

      248 East
Capitol Street

      Post
Office Box 291

      Jackson,
MS 39205

      Attention:
Chief Executive Officer

      

      
        	
                 
      

              	
                (ii)

              	
                if
      to the Executive, to:

              

      

      

      Harry M.
Walker

      148 St.
Andrews Drive

      Jackson,
MS 39211

      

      Any party
may change its address for notice hereunder by notice to the other parties
hereto.

      

      9.           Entire
Agreement.  This Agreement amends and restates the Original
Agreement.  This Agreement contains the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior
representations, warranties and agreements, written or oral with respect thereto
between the Company and the Executive.

      

      10.         Waivers
and Agreements.  This Agreement may be amended, modified,
superseded, canceled, renewed or extended, and the terms and conditions hereof
may be waived, only by written instrument signed by the parties or, in the case
of a waiver, by the party waiving compliance.  No delay on the part of
any party in exercising any right, power or privilege hereunder shall operate as
a waiver thereof, nor shall any waiver on the part of any party of any right,
power or privilege hereunder, nor any single or partial exercise of any right,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, power or privilege hereunder.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      11.         Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Mississippi, without regard to its
principle of conflicts of law.

      

      12.         Headings.  The
headings in this Agreement are for reference purposes only and shall not in any
way affect the meaning or interpretation of this Agreement.

      

      13.         Board
Approval.  This Agreement has been authorized by action of the
Board of Directors of the Company on October 23, 2007, as is referenced in the
minutes of their meeting on that day.

       

      14.         Omnibus
409A Provision.  Notwithstanding any other provision of this
Agreement, it is intended that any payment or benefit which is provided pursuant
to or in connection with this Agreement which is considered to be deferred
compensation subject to Section 409A of the Code shall be provided and paid in a
manner, and at such time and in such form, as complies with the requirements of
Section 409A of the Code to avoid any unfavorable tax
consequences.  For purposes of this Agreement, all rights to payments
and benefits hereunder shall be treated as rights to receive a series of
separate payments and benefits to the fullest extent allowed by Section 409A of
the Code.  Notwithstanding any other provision of this Agreement,
payments or provision of benefits in connection with a separation from service
will be delayed, to the extent applicable, until six months after the separation
from service or, if earlier, Executive’s death, if Executive is a “specified
employee” under Section 409A of the Code (the “409A Deferral
Period”).  In the event such payments are otherwise due to be made in
installments or periodically during the 409A Deferral Period, the payments which
would otherwise have been made in the 409A Deferral Period shall be accumulated
and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance
of the benefits shall be made as otherwise scheduled.  In the event
benefits are required to be deferred, any such benefit may be provided during
the 409A Deferral Period at Executive’s expense, with Executive having a right
to reimbursement from the Company once the 409A Deferral Period ends, and the
balance of the payment shall be provided as otherwise scheduled.  For
purposes of this Agreement, termination of employment will be read to mean a
“separation from service” within the meaning of Section 409A of the Code where
it is reasonably anticipated that no further services would be performed after
that date or that the level of services Executive would perform after that date
(whether as an employee or independent contractor) would permanently decrease to
less than 50% of the average level of bona fide services performed over the
immediately preceding thirty-six (36)- month period.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

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

      

      
        
          	
                  TRUSTMARK
      CORPORATION

                	 
      	
                  EXECUTIVE

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                  By:

                	 
      /s/ Richard G. Hickson	 
      	/s/
      Harry M. Walker	 
      
	 
      	
                  Richard
      G. Hickson

                	 
      	
                    Harry M.
      Walker

                
	 
      	
                  Chairman
      and Chief Executive Officerexhibit1032.htm

    
      

      

    

    
 

    
      Exhibit
10.32

      

      November
13, 2007

      

      Mr. Don
L. Blankenship

      24406
U.S. Route 119

      Belfry,
KY 41514

      

      

      Dear
Don:

      

      This
letter will summarize our agreement regarding your continued employment as
Chairman, Chief Executive Officer and President of Massey Energy Company,
through December 31, 2009.  Your current employment agreement
will expire December 31, 2007.  I am very pleased that you will
continue your leadership of Massey and look forward to the productive years
ahead.

      

      The
specifics of your compensation package are included on Appendix A to this
letter.  In addition, you generally will continue to participate in
the employee benefit plans and arrangements (e.g., the Massey Energy Retirement
Plan, the Coal Company Salary Deferral and Profit Sharing Plan, the welfare
benefit programs and the nonqualified or supplemental benefit programs) and be
entitled to receive the perquisites provided to you in keeping with past
practice, including, but not limited to, use of the Company’s
airplanes.

      

      If you
have any questions regarding the terms and conditions of your employment or the
proposed compensation package included on Appendix A, please do not
hesitate to call me.  If the offer details are acceptable, please
acknowledge by signing and dating one copy of this letter and return it to
me.

      

      Sincerely,

      

      /s/ Bobby
R. Inman

      

      Admiral
Bobby R. Inman

      Chairman,
Compensation Committee

      Massey
Energy Company

      

      Acknowledged
and agreed:

      

      /s/ Don L.
Blankenship________                                                                11/13/07

      Don L.
Blankenship                                                                Date

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX A
TO LETTER AGREEMENT

      

      THIS
APPENDIX A is part of a letter agreement dated November 13, 2007 by and
between MASSEY ENERGY COMPANY, a Delaware corporation (“Massey”), and DON L.
BLANKENSHIP (the “Executive”), and relates to the Executive’s employment by
Massey for calendar years 2008 and 2009 subject to extension as set forth in
Section 7 below.

      

      SECTION
1.                                Compensation.

      

      1.1.  Base Monthly Salary –
$83,333.

      

      1.2.  Cash Incentive Bonus
Awards – A target cash incentive bonus award for fiscal year 2008 of
$900,000 (the “2008 Cash Incentive Bonus Award”) and a target cash incentive
bonus award for fiscal year 2009 of $900,000 (the “2009 Cash Incentive Bonus
Award”), each granted pursuant to the Massey Energy Company 2006 Stock and
Incentive Compensation Plan, as such plan may be amended from time to time (the
“2006 Plan”) based on the achievement of certain performance objectives for
fiscal year 2008 (for the 2008 Cash Incentive Bonus Award) and for fiscal year
2009 (for the 2009 Cash Incentive Bonus Award) using qualifying performance
criteria contained in the 2006 Plan. The target 2008 Cash Incentive Bonus Award
was granted and performance objectives set by the Compensation Committee of the
Board of Directors on November 13, 2007. The target 2009 Cash Incentive Bonus
Award shall be granted and the performance objectives set by the Compensation
Committee of the Board of Directors of Massey prior to the commencement of
fiscal year 2009. There shall be a threshold level of performance for each
performance objective below which no payment shall occur, a target level of
performance, and a maximum level of performance, the value of which can be up to
two and a half times the target amount, above which no additional payment will
occur. The achievement of Cash Incentive Bonus Awards for purposes of this
Section 1.2 shall be confirmed by the Chief Financial Officer and the
Compensation Committee and may be adjusted at the sole discretion of the
Compensation Committee in a manner consistent with the performance-based
compensation rules of Section 162(m) of the Internal Revenue Code, as amended
(the “IRC”), and as permitted by the 2006 Plan. The 2008 Cash Incentive Bonus
Award, if payable, shall be paid on February 28, 2009 and the 2009 Cash
Incentive Bonus Award, if payable, shall be paid on February 28,
2010.

      

      1.3.  Long Term Incentive
Awards – The Executive shall participate in the Company’s 2008 Long Term
Incentive Program which covers fiscal years 2008 through 2010 and the Company’s
2009 Long Term Incentive Program which covers fiscal years 2009 through 2011.
The Executive’s long term incentive awards granted pursuant to each of the 2008
Long Term Incentive Program (the “2008 Long Term Incentive Awards”) and the 2009
Long Term Incentive Program (the “2009 Long Term Incentive Awards”) shall
include the following four components: (i) a $300,000 target cash incentive
award granted pursuant to the 2006 Plan based on the achievement of a certain
performance objective using qualifying performance criteria contained in the
2006 Plan (with a threshold level of performance below which no payment shall
occur, a target level of performance, and a maximum level of performance, the
value of which can be up to two times the target amount, above which no
additional payment will occur); (ii) 50,000 non-qualified stock options granted
under the 2006 Plan with service-based vesting; (iii) 12,700 shares of
restricted stock granted pursuant to the 2006 Plan with service-based vesting;
and (iv) 7,300 restricted units granted pursuant to the 2006 Plan with
service-based vesting. The Executive’s 2008 Long Term Incentive Awards and the
2009 Long Term Incentive Awards will be subject to all the terms, conditions,
and performance and service-based vesting requirements made to participants in
Massey’s 2008 Long Term Incentive Program and 2009 Long Term Incentive Program,
respectively, with the following exception regarding the non-qualified stock
options, such options must be exercised by the Executive in the first twenty
days exercise is permissible for the Executive pursuant to Massey’s trading
window policy and applicable securities laws following their vesting, otherwise
they will be automatically forfeited.

      

      1.4.  Performance-Based Restricted
Unit Awards – Two performance-based restricted unit awards, granted prior
to the commencement of fiscal year 2008, pursuant to the 2006 Plan, which shall
vest based on the achievement of certain performance objectives for fiscal year
2008 using qualifying performance criteria contained in the 2006 Plan (the “2008
Performance Restricted Unit Awards”) and two performance-based restricted unit
awards, granted prior to the commencement of fiscal year 2009, pursuant to the
2006 Plan, which shall vest based on the achievement of certain performance
objectives for fiscal year 2009 using qualifying performance criteria contained
in the 2006 Plan (the “2009 Performance Restricted Unit Awards”). The 2008
Performance Restricted

      
        
          
            - A-1-

          

           

        

        
           

          
            

          

        

        
           

        

      

      Unit
Awards were granted and the performance objectives were set by the Compensation
Committee on November 13, 2007 and the 2009 Performance Restricted Unit Awards
shall be granted and the performance objectives shall be set by the Compensation
Committee prior to the commencement of fiscal year 2009. Each particular
performance objective shall consist of two levels of targeted performance, a
threshold level (“Level 1”) and an enhanced level (“Level 2”), which, for
purposes of this Section 1.4, if achieved, shall be confirmed by the Chief
Financial Officer and the Compensation Committee and which may be adjusted at
the sole discretion of the Compensation Committee in a manner consistent with
the performance-based compensation rules of Section 162(m) of the IRC, and as
permitted by the 2006 Plan. The Level 1 Performance Restricted Unit Award shall
be for a total of 120,000 restricted units, comprised of a certain number of
restricted units attributed to each particular performance objective, and the
Level 2 Performance Restricted Unit Award shall be for a total of 70,000
restricted units, comprised of a certain number of restricted units attributed
to each particular performance objective. If Level 1 targeted performance for a
given performance objective is confirmed as set forth above, the Executive shall
vest in that portion of the Level 1 Performance Restricted Unit Award that has
been allocated to the achievement of the targeted performance for such
performance objective and that portion of the Level 1 Performance Restricted
Unit Award that has vested shall be paid on February 28 of the year following
the completion of the fiscal year of performance to which it relates, based on
the closing market price of Massey common stock on the New York Stock Exchange
on the last trading day of the fiscal year of performance to which it relates.
If Level 1 targeted performance for a given performance objective is not
confirmed as set forth above that portion of the Level 1 Performance Restricted
Unit Award that has been allocated to the achievement of the targeted
performance for such performance objective shall be forfeited. If Level 2
targeted performance for a given performance objective is confirmed as set forth
above, the Executive shall vest in that portion of the Level 2 Performance
Restricted Unit Award that has been allocated to the achievement of the targeted
performance for such performance objective and that portion of the Level 2
Performance Restricted Unit Award that has vested shall be paid on February 28
of the year following the completion of the fiscal year of performance to which
it relates, based on the closing market price of Massey common stock on the New
York Stock Exchange on the last trading day of the fiscal year of performance to
which it relates. If the targeted performance for a given performance objective
is confirmed, as set forth above, to have fallen between Level 1 and Level 2
targeted performance for such performance objective, the Executive shall vest in
that portion of the Level 2 Performance Restricted Unit Award that is equal to
the number of restricted units allocated to Level 2 targeted performance for
such performance objective times a fraction, the numerator of which is that
amount of performance achieved over and above Level 1 targeted performance for
such performance objective and the denominator of which is the difference
between Level 2 targeted performance for such performance objective and Level 1
targeted performance for such performance objective. For example, if the number
of restricted units allocated to Level 2 targeted performance for a certain
performance objective was 30,000 and only one-third of Level 2 targeted
performance for such performance objective was achieved, then the Executive
would vest in 10,000 restricted units. That portion of the Level 2 Performance
Restricted Unit Award that vests shall be paid on February 28 of the year
following completion of the fiscal year of performance to which it relates and
shall be based on the closing market price of Massey common stock on the New
York Stock Exchange on the last trading day of the fiscal year of performance to
which it relates and that portion of the Level 2 Performance Restricted Unit
Award which did not vest shall be forfeited. In the event the Executive
ceases to be employed on or before December 30, 2008 and is entitled to payments
and benefits under the Change in Control Agreement (as defined in Section 1.10
below), the Level 1 Performance Restricted Unit Award that relates to fiscal
year 2008 shall vest and become payable based on the closing market price of
Massey common stock on the New York Stock Exchange on the date of termination.
In the event the Executive ceases to be employed on or after January 1, 2009 and
on or before December 30, 2009 and is entitled to payments and benefits under
the Change in Control Agreement (as defined in Section 1.10 below), the Level 1
Performance Restricted Unit Award that relates to fiscal year 2009 shall vest
and become payable based on the closing market price of Massey common stock on
the New York Stock Exchange on the date of termination.

      

      1.5.  Performance-Based Cash
Incentive Awards – Two performance-based cash incentive awards
granted prior to the commencement of fiscal year 2008, pursuant to the 2006
Plan, based on the achievement of certain performance objectives for fiscal year
2008 using qualifying performance criteria contained in the 2006 Plan (the “2008
Performance Cash Awards”). Two performance-based cash incentive awards granted
prior to the commencement of fiscal year 2009, pursuant to the 2006 Plan, based
on the achievement of certain performance objectives for fiscal year 2009 using
qualifying performance criteria contained in the 2006 Plan (the “2009
Performance Cash Awards”). The 2008 Performance Cash Awards were granted and the
performance objectives set by the Compensation Committee on November 13,
2007  and the 2009 Performance Cash Awards shall be granted and the
performance objectives set by the Compensation Committee prior to the
commencement of fiscal year 2009.

      
        
          
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      Each
performance objective shall consist of two levels of targeted performance, a
further enhanced level (“Level 3”) and a superior level (“Level 4”), which, for
purposes of this Section 1.5, if achieved, shall be confirmed by the Chief
Financial Officer and the Compensation Committee and which may be adjusted at
the sole discretion of the Compensation Committee in a manner consistent with
the performance-based compensation rules of Section 162(m) of the IRC, and as
permitted by the 2006 Plan. Each Performance Cash Award shall consist of a
certain number of units attributed to each performance objective earnable, in
whole or in part, by the Executive based on the achievement, in whole or in
part, of the levels of targeted performance set for each performance objective
(the “Earned Units”). The Level 3 Performance Cash Award that may be earned by
the Executive, assuming the satisfaction of Level 3 targeted performance for all
the selected performance objectives combined, shall consist of a total of 90,000
units. The Level 4 Performance Cash Award that may be earned by the Executive,
assuming the satisfaction of Level 4 targeted performance for all the selected
performance objectives combined, shall consist of an additional 200,000 units.
If Level 3 targeted performance for a given performance objective is confirmed,
as set forth above, the Executive shall earn that portion of the Level 3
Performance Cash Award that has been allocated to the achievement of the
targeted performance for such performance objective. If the targeted performance
for a given performance objective is confirmed, as set forth above, to have
fallen between Level 2 and Level 3 targeted performance for such performance
objective, the Executive shall earn that portion of the Level 3 Performance Cash
Award that is equal to the number of units allocated to Level 3 targeted
performance for such performance objective times a fraction, the numerator of
which is that amount of performance achieved over and above Level 2 targeted
performance for such performance objective and the denominator of which is the
difference between Level 3 targeted performance for such performance objective
and Level 2 targeted performance for such performance objective. If Level 4
targeted performance for a given performance objective is confirmed, as set
forth above, the Executive shall earn that portion of the Level 4 Performance
Cash Award that has been allocated to the achievement of the targeted
performance for such performance objective. If the targeted performance for a
given performance objective is confirmed, as set forth above, to have fallen
between Level 3 and Level 4 targeted performance for such performance objective,
the Executive shall earn that portion of the Level 4 Performance Cash Award that
is equal to the number of units allocated to Level 4 targeted performance for
such performance objective times a fraction, the numerator of which is that
amount of performance achieved over and above Level 3 targeted performance for
such performance objective and the denominator of which is the difference
between Level 4 targeted performance for such performance objective and Level 3
targeted performance for such performance objective. The portions of each
Performance Cash Award that are earned by the Executive shall be equal to the
product obtained by multiplying (i) the Earned Units by (ii) the closing
market price of Massey common stock on the New York Stock Exchange on the last
trading day of the fiscal year of performance to which it relates. In the event
the Executive’s employment is terminated by Massey or the Executive prior to the
end of fiscal year 2008 then both 2008 Performance Cash Awards shall be
forfeited, except for a termination which occurs on December 31, 2008, in which
case any and all earned portions of each Performance Cash Award shall be paid in
accordance with this Section 1.5. In the event the Executive’s employment is
terminated by Massey or the Executive on or after January 1, 2009 but prior to
the end of fiscal year 2009 then both 2009 Performance Cash Awards shall be
forfeited, except for a termination which occurs on December 31, 2009, in which
case any and all earned portions of each 2009 Performance Cash Award shall be
paid in accordance with this Section 1.5. Any and all earned portions of each
Performance Cash Award shall be paid on February 28 following completion of the
fiscal year of performance to which it relates. No additional Performance Cash
Award will be granted for the achievement of performance above Level 4 for any
selected performance objective. As provided in Section 11.1 of the 2006 Plan,
the aggregate maximum amount payable as Incentive Awards under the 2006 Plan
(which in the case of this letter agreement consist of the Cash Incentive Bonus
Award in Section 1.2 above, the cash incentive award in Section 1.3 above and
the Performance Cash Award in this Section 1.5) for any fiscal year shall not
exceed $10,000,000.

      

      1.6.  Additional Stock Option Award –
For fiscal year 2008, 200,000 non-qualified stock options (the “2008 Additional
Stock Option Award”) granted under the 2006 Plan on or before December 29, 2007,
with an exercise price based on the closing market price of Massey’s common
stock on the date such grant was made, with service-based vesting on December
30, 2008. For fiscal year 2009, 200,000 non-qualified stock options (the “2009
Additional Stock Option Award”) granted under the 2006 Plan on or before
December 29, 2008, with an exercise price based on the closing market price of
Massey’s common stock on the date such grant was made, with service-based
vesting on December 30, 2009. Once vested, the stock options must be exercised
by the Executive in the first twenty days exercise is permissible for the
Executive pursuant to Massey’s trading window policy and applicable securities
laws following their vesting, otherwise they will be automatically
forfeited.

      
        
          
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      1.7.  Retention Cash Bonus
Awards – If employed through December 30, 2008, $300,000, payable on
February 28, 2009 (the “2008 Retention Cash Bonus Award”). If employed
through December 30, 2009, $300,000, payable on February 28, 2010 (the
“2009 Retention Cash Bonus Award”).

      

      1.8.  Discretionary Award –
Notwithstanding anything herein to the contrary, the Compensation Committee
retains the discretion to cause the Company to pay or provide for additional or
other compensation for extraordinary performance regardless of the outcome on
any performance-based pay contained in this letter agreement provided such
extraordinary performance relates to performance which is not based on the
performance criteria or goals contained herein.

      

      1.9.  Life Insurance –
Massey shall pay the premiums, if any, on the Executive’s $4,000,000 split
dollar life insurance policies payable in 2008 and 2009.

      

      1.10.  Severance – The
Executive entered into a certain Change in Control Agreement with Massey dated
December 21, 2005 (which agreement, as the same may hereafter be amended or
replaced, is referred to as the “Change in Control Agreement”) which governs the
Executives’ rights, duties and obligations in the event of the Executive’s
cessation of employment with Massey (or any successor) covered by the Change in
Control Agreement. In the event of the Executive’s cessation of employment with
Massey during the period commencing January 1, 2008 through December 30, 2009
for any reason other than for “Cause” (as defined, and determined pursuant to
the procedure, in the aforesaid Change in Control Agreement) under circumstances
where such cessation of employment is not covered by the Change in Control
Agreement, then Massey shall pay to the Executive, or if the Executive is
deceased to his Estate, 2.5 times the sum of the Executive’s Annual Base Salary
of $1,000,000 plus the Executive’s target Cash Incentive Bonus Award of $900,000
for the fiscal year in which he ceases employment, unless the Executive elects
to terminate his employment voluntarily during the period commencing January 1,
2008 through December 30, 2009 other than for any reason which would
constitute “a Constructive Termination Associated With a Change in Control” (as
defined, and determined pursuant to the procedure, in the aforesaid Change in
Control Agreement, under circumstances where such Constructive Termination is
not covered by the Change in Control Agreement). Any such payment shall be made
in six (6) equal monthly payments beginning the month after the Executive’s
employment with Massey terminates.

      

      1.11.  Termination of Certain
Rights on Cessation of Employment – In the event that the Executive’s
employment with Massey terminates during the period commencing January 1, 2008
through December 30, 2008 for any reason, all of the Executive’s rights
with respect to the following awards covering the 2008 fiscal year (the unearned
or unvested Performance Restricted Unit Awards, Performance Cash Awards,
Additional Stock Option Awards, and Retention Cash Bonus Awards, as set forth in
Sections 1.4, 1.5, 1.6, and 1.7 above, shall terminate and all rights thereunder
shall cease, except as otherwise is set forth in Section 1.4, and payment of
life insurance premiums as set forth in Section 1.9 above shall cease. In the
event that the Executive’s employment with Massey terminates during the period
commencing January 1, 2009 through December 30, 2009 for any reason, all of
the Executive’s rights with respect to the following awards covering the 2009
fiscal year (the unearned or unvested Performance Restricted Unit Awards,
Performance Cash Awards, Additional Stock Option Awards, and Retention Cash
Bonus Awards, as set forth in Sections 1.4, 1.5, 1.6, and 1.7 above, shall
terminate and all rights thereunder shall cease, except as otherwise is set
forth in Section 1.4, and payment of life insurance premiums as set forth in
Section 1.9 above shall cease.

      

      SECTION
2.  Expenses.  Subject
to prevailing Massey policy or such guidelines as may be established by the
Board of Massey, Massey will reimburse the Executive for all reasonable expenses
incurred by the Executive in carrying out his duties.

      

      SECTION
3.  Withholding of
Taxes.  Massey may withhold from any amounts payable under this
letter agreement all federal, state, city or other taxes as Massey is required
to withhold pursuant to any applicable law, regulation or ruling.

      

      SECTION
4.  Validity.  If
any provision of this letter agreement or the application of any provision
hereof to any person or circumstances is held invalid, unenforceable or
otherwise illegal, the remainder of this letter agreement and the application of
such provision to any other person or circumstances will not be affected, and
the

      
        
          
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      provision
so held to be invalid, unenforceable or otherwise illegal will be reformed to
the extent (and only to the extent) necessary to make it enforceable, valid or
legal.

      

      SECTION
5.  Governing Law. The
validity, interpretation, construction and performance of this letter agreement
will be governed by and construed in accordance with the substantive laws of the
State of Delaware, without giving effect to the principles of conflict of laws
of such State.

      

      SECTION
6.  Nonqualified Deferred
Compensation Omnibus Provision.  Any compensation or benefits
which are provided or available to the Executive pursuant to or in connection
with any plan or program (including without limitation this letter agreement) to
which Massey or any of its subsidiaries or affiliates is a party and which is
considered to be provided under a nonqualified deferred compensation plan or
program subject to IRC Section 409A shall be provided and paid in a manner, and
at such time and in such form, as complies with the applicable requirements of
IRC Section 409A to avoid the unfavorable tax consequences provided therein
for non-compliance. The Executive hereby consents to the amendment of any such
plan or program as may be determined by Massey to be necessary or appropriate to
evidence or further evidence required compliance with IRC Section 409A. In the
event the Executive is a specified employee described in IRC Section
409A(a)(2)(B)(i) whose nonqualified deferred compensation subject to IRC Section
409A must be deferred until six (6) months after his separation from service,
then payment of any amount or provision of any benefit under this letter
agreement which is considered to be nonqualified deferred compensation subject
to IRC Section 409A shall be deferred until six (6) months after the Executive's
separation from service (the “409A Deferral Period”), absent an intervening
payment event under IRC Section 409A such as his death. In the event such
payments are otherwise due to be made in installments or periodically during the
409A Deferral Period, the payments which would otherwise have been made in the
409A Deferral Period shall be accumulated and paid in a lump sum as soon as the
409A Deferral Period ends, and the balance of the payments shall be made as
otherwise scheduled. In the event, benefits are required to be deferred, any
such benefit may be provided during the 409A Deferral Period at the Executive’s
expense, with the Executive having a right to reimbursement from Massey once the
409A Deferral Period ends, and the balance of the benefits shall be provided as
otherwise scheduled. For purposes of this letter agreement, all rights to
payments and benefits hereunder shall be treated as rights to a series of
separate payments and benefits to the fullest extent allowable by IRC Section
409A, and for purposes of determining time of (but
not entitlement to) payment of nonqualified deferred compensation for purposes
of IRC Section 409A in connection with a termination of employment, termination
of employment will be read to mean a “separation from service” within the
meaning of IRC Section 409A where it is reasonably anticipated that no further
services would be performed after that date or that the level of bona fide
services the Executive would perform after that date (whether as an employee or
independent contractor) would permanently decrease to no more than 20 percent of
the average level of bona fide services performed over the immediately preceding
thirty-six (36)-month period.

      

      SECTION
7.  Extension. This
letter agreement may be extended by mutual agreement between the Executive and
Massey for an additional two years.

      

      
        
          
            - A-5-

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