Massey Energy Company
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April 1, 2011 |
Post Office Box 26765
Richmond, Virginia 23261
4 North Fourth Street
Richmond, Virginia 23219
Tel (804) 788-1800
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Years of Service
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Salary Continuation
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Less than 5
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4 months
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5, but less than 6
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5 months
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6, but less than 7
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6 months
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7, but less than 8
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7 months
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8, but less than 9
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8 months
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9, but less than 10
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9 months
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10, but less than 11
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10 months
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11, but less than 12
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11 months
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12 or more
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12 months
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Years of Service
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Subsidized COBRA Coverage
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Less than 5
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3 months
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5, but less than 10
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6 months
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10, but less than 15
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9 months
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15 or more
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12 months
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Sincerely,
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Baxter F. Phillips, Jr.
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Chief Executive Officer & President
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TABLE OF CONTENTS
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Page
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ABOUT THE SEVERANCE PLAN
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1
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QUESTIONS
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1
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DURATION OF SEVERANCE PLAN
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2
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WHO IS ELIGIBLE TO PARTICIPATE IN THE SEVERANCE PLAN
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2
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WHO IS ENTITLED TO RECEIVE BENEFITS UNDER THE SEVERANCE PLAN
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2
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SEVERANCE PAY
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3
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MEDICAL, DENTAL AND VISION BENEFITS COVERAGE
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4
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CHANGE OF ADDRESS
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5
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CODE SECTION 409A
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5
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PLAN ADMINISTRATOR
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6
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MANDATORY BENEFIT CLAIMS AND APPEALS PROCEDURE
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6
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Notice Of Benefits Claim Denial
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7
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How To Appeal If Your Claim For Benefits Is Denied
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7
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The Plan Administrator's Review Of The Appeal
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8
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Notice Of Plan Administrator's Decision About The Appeal
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8
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GLOSSARY
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8
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Company
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9
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Plan Administrator
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9
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Relevant Document
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9
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Severance Pay
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9
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Severance Plan
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9
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OTHER INFORMATION
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9
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Plan Year
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9
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Funding
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9
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Plan and Tax ID Numbers
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9
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Agent for Legal Process
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9
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Plan Sponsor:
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10
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Participating Companies
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10
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YOUR RIGHTS UNDER ERISA
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10
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Throughout this plan description certain words or phrases appear in bold, italic type. The definitions of these terms can be found in the Glossary located towards the end of this document.
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u
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Be actively employed by the Company as a Salaried General & Administrative employee;
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u
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Be a full-time salaried employee. For purposes of the Severance Plan, an employee will be considered "full-time" if he/she is regularly scheduled to work 35 or more hours per week; and
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u
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Not have an individual employment, change in control or similar agreement (excluding change in control provisions in any incentive pay arrangement) which may provide for any separation or severance benefits.
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u
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Must have been terminated from employment due to causes which are not the fault of the employee and, instead are proximately due to the Merger, such as a job elimination, consolidation of departments, reorganization, etc., and the termination must constitute a Separation From Service (as defined below):
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u
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Must not have turned down an opportunity to be employed in a Comparable Position (as defined below); and
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u
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Must execute and not revoke a general release in a form substantially the same as the General Release Agreement attached to this Severance Plan.
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u
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The position is at the eligible employee's then current work location or within a 50- mile driving radius of that location; and
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u
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The position provides a compensation and benefits package that, in the aggregate, is the same or better than the compensation and benefits package for which the employee is then currently eligible.
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Accordingly, a participant will NOT be entitled to severance benefits under this Severance Plan if the participant:
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u
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Turned down a Comparable Position;
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u
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Voluntarily quit, including voluntarily leaving before a termination date that the Company designated;
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u
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Is terminated from employment for reasons that do not constitute a “Separation From Service”;
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u
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Is terminated for poor performance or due to misconduct;
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u
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Is terminated due to disability (as defined below) or death;
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u
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Is hired by any person or company that purchases a business unit, subsidiary or asset of the Company (other than Alpha);
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u
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Violated any of the Company’s or Alpha’s or their respective subsidiaries’ policies, including the code of ethics;
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u
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Acts in a manner detrimental to Massey or Alpha and/or their respective affiliates and subsidiaries; or
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u
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Refuses to sign or timely revokes the required release agreement.
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Years of Service
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Salary Continuation Period
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Less than 5
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4 months
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5, but less than 6
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5 months
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6, but less than 7
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6 months
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7, but less than 8
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7 months
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8, but less than 9
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8 months
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9, but less than 10
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9 months
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10, but less than 11
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10 months
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11, but less than 12
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11 months
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12 or more
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12 months
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Years of Service
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COBRA Supplement Period
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Less than 5
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3 months
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5, but less than 10
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6 months
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10, but less than 15
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9 months
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15 or more
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12 months
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Mailing Address
Benefits Committee
c/o A. T. Massey Coal Company, Inc.
Post Office Box 26765
Richmond, Virginia 23261
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Delivery Address
Benefits Committee
c/o A. T. Massey Coal Company, Inc.
4 North Fourth Street
Richmond, Virginia 23219
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Mailing Address
Benefits Committee
c/o A. T. Massey Coal Company, Inc.
Post Office Box 26765
Richmond, Virginia 23261
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Delivery Address
Benefits Committee
c/o A. T. Massey Coal Company, Inc.
4 North Fourth Street
Richmond, Virginia 23219
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u
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The specific reason(s) for the adverse benefit determination;
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u
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The reference(s) to the specific Severance Plan provision(s) on which the denial is based;
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u
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A description of any additional material or information you will need to provide to the Plan Administrator in order for your claim to be reconsidered and an explanation of why such material or information is necessary; and
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u
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An explanation of how you can request review of the denial, the time limits applicable to making such appeal, and your right, upon request and at no charge, to have reasonable access to and to obtain copies of all relevant documents.
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u
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Take into account all comments, documents, records and other information submitted by you or your authorized representative without regard to whether such information was previously submitted or considered in the initial decision about the claim; and
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u
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Review the appeal in a manner that does not afford deference to the initial decision to deny your claim.
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u
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The specific reason(s) for the decision;
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u
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The reference(s) to the specific Severance Plan provision(s) on which the decision is based; and
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u
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A statement of your right, upon request and at no charge, to have reasonable access to and to obtain copies of all relevant documents and a statement of your right to bring a civil action under Section 502(a) of ERISA following an adverse decision and a statement about other voluntary alternative dispute resolution options, such as mediation, that may be available to you.
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Plan Sponsor’s Tax Identification Number (EIN):
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54-0295165
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Plan Number:
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520
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Mailing Address
c/o A. T. Massey Coal Company, Inc.
Post Office Box 26765
Richmond, Virginia 23261
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Delivery Address
A. T. Massey Coal Company, Inc.
4 North Fourth Street
Richmond, Virginia 23219
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●
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examine, without charge, at the Plan Administrator’s office and at other specified locations, all documents governing the Severance Plan and a copy of the latest annual report (Form 5500 series), if any, filed by the Plan Administrator with the U.S. Department of Labor, and available at the Public Disclosure Room of the Employee Benefits Security Administration; and
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●
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obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Severance Plan and copies of the latest annual report (Form 5500 series), if any, and updated summary plan descriptions. The Plan Administrator may make a reasonable charge for the copies; and
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●
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receive a summary of the Severance Plan’s annual financial report (if any).
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1.
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The Employee’s employment with the Company or one of its direct or indirect subsidiaries was terminated effective ____________, 201_. The Employee has been or will be paid for all wages and benefits Employee earned through Employee’s termination date regardless of whether Employee signs this Release.
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2.
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The Employee is eligible for and has elected to receive severance pay and related severance benefits provided under the Plan in the form of continued periodic pay of current salary for ___ weeks, less all ordinary deductions for local, state or federal taxes, FICA, and other deductions which are required or authorized by law to be withheld, and continued employer subsidized medical, dental and vision benefits coverage during the applicable COBRA Supplemental Period; however, to receive the foregoing severance pay and benefits provided pursuant to the Plan, the Employee must sign and not revoke this Release.
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3.
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In consideration of the severance pay and benefits to be provided pursuant to the Plan, as set forth above, which the Employee warrants to be good and valuable consideration for this Release, the Employee for himself/herself and his/her heirs, assigns, and personal representatives hereby forever waives and releases the Company, its subsidiaries, divisions, parents, affiliates, companies under the common control of any of the foregoing, predecessors, successors and assigns, and its and their past, present and future shareholders, members, managers, directors, officers, employees, agents, employee benefits plans and their respective trustees and fiduciaries, and all others acting in concert with them (the “Releasees”) from any and all claims, demands, rights, liabilities, causes of action and grievances, known, unknown, or hereafter discovered, including, without limitation, those relating to or arising from matters asserted or that could have been asserted by the Employee, and all other claims of any nature whatsoever, including, but not limited to, claims of negligence, breach of contract, wrongful refusal to hire, wrongful discharge, invasion of privacy, attorneys’ fees, violation of federal, state, and local laws that prohibit discrimination on the basis of race, color, national origin, religion, sex, age, and disability, arising directly or indirectly from the Employee’s employment, resignation, termination, any severance or other termination-related benefits he/she may have been entitled to receive from the Company, or from any other event that occurred or did not occur before the date of this Release, excluding only claims for vested pension or welfare benefits, workers’ compensation benefits, and claims for any wages that he/she may have been entitled to receive under the Fair Labor Standards Act, as amended, 29 U.S.C. §§ 201, et seq; provided, however, that the Employee represents and agrees that he/she has received all of the pay that he/she was or may have been entitled to receive under those Acts. By way of example only and without limitation, this waiver and release is applicable to any claims under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Rehabilitation Act of 1973, the Employee Retirement Income Security Act of 1974, as amended, the Americans with Disabilities Act, the Civil Rights Act of 1991, 42 U.S.C. § 1981, the Equal Pay Act of 1963, all as amended, and all other Federal, state, and local laws and regulations of wrongful discharge, implied or express contract, covenant of good faith and fair dealing, intentional or negligent infliction of emotional distress, defamation and any other claim in contract or tort.
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4.
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In addition to any existing common law obligation to do so, the Employee hereby promises and covenants for all time that all confidential information (whether written, graphic, oral, committed to memory or otherwise in his/her possession) regarding the operations or businesses of the Company remains strictly confidential and secret. This includes but is not limited to the terms of this Release which is deemed by both parties to be secret. No disclosure by the Employee of any such information is authorized or permissible except as may be necessary to enforce the terms of this Release or as otherwise required by law. The Employee further agrees that he/she will not, in any manner, directly or indirectly, disparage any of the Releasees to any other person or entity, including, but not limited to, current and former customers, vendors, contractors, employees, and competitors of the Releasees and current, former and potential investors in the Releasees, and if the Employee breaches any provision of this General Release, or if the Company has a reasonable belief that he/she has breached the provisions of this Paragraph 4 in particular, then, in addition to any other remedies the Company may have, the Company shall be permitted to immediately terminate all payments and other benefits to be provided in consideration herefor.
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5.
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The Employee has returned all property belonging to the Company of any kind or character. This includes employee identification cards, any equipment, books, keys, journals, tapes, computer disks, records, publications, files, memoranda and documents of any kind or description, or any other property belonging to the Company which may be in his/her possession. All expense account advances received as an employee and any other indebtedness will be settled prior by offset against the severance pay referred to herein, if not collected in full from the final paycheck.
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6.
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The Employee understands, and it is his/her intent, that in the event this Release is ever held to be invalid or unenforceable (in whole or in part) as to any particular type of claim or as to any particular circumstances, it shall remain fully valid and enforceable as to all other claims and circumstances.
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7.
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The parties have entered into this Release knowingly and voluntarily and have carefully read its contents and clarified any point not fully understood. The Employee acknowledges that in executing this Release he/she has not relied upon any representation or statement not set forth in this Release and that this Release may not be modified orally. Each party has reviewed, or had the opportunity to review this Release with legal counsel. The Employee is encouraged to engage legal counsel to review this Release.
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8.
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The Employee shall have twenty-one (21) days from ______________, 201_, the date on which he/she received this Release, to review, sign and return this Release to the Plan Administrator. After signing and returning this Release to the Plan Administrator, the Employee shall have seven (7) days in which to revoke this Release, and the Release shall not become effective or enforceable until after the expiration of that revocation period.
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9.
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The Employee understands that the severance pay and other benefits provided under the Plan are conditional upon his/her timely execution, delivery and non- revocation of this Release and shall be paid as soon as administratively feasible subsequent to the seven (7) day revocation period in accordance with the Plan.
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10.
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This Release shall be governed by Virginia law.
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Employee
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A. T. Massey Coal Company, Inc.
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By
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Date of Execution
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Title
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Date of Execution
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