Massey Energy Company Non-Employee Director Compensation Summary

Summary

This document outlines the compensation program for non-employee directors of Massey Energy Company. Directors receive an annual retainer, additional fees for serving as committee chairmen, and meeting attendance fees. They may defer compensation into interest-bearing accounts or phantom stock units. Directors also receive one-time and annual grants of restricted stock or units, subject to the terms of the company's stock plans. Insurance benefits include life, travel accident, and liability coverage. The summary details the structure and options for director compensation and benefits.

EX-10.1 2 dex101.htm NON-EMPLOYEE DIRECTOR COMPENSATION SUMMARY Non-Employee Director Compensation Summary

EXHIBIT 10.1

MASSEY ENERGY COMPANY

NON-EMPLOYEE DIRECTORS – COMPENSATION SUMMARY


Annual Retainer		$40,000 annual retainer, payable quarterly, plus $5,000 annual retainer, payable quarterly, for Chairmen of Board Committees ($15,000 for Chairman of Audit Committee).

Meeting Fees		$2,000 for each Board meeting attended, plus $2,000 for each Committee meeting attended ($3,000 for each Audit Committee meeting).

Deferred Compensation		Annually directors may defer all or a portion of their retainer and meeting fees and elect to have such deferred amounts invested in: (1) an interest-bearing account or (2) phantom stock units based on Massey Energy common stock.

Initial Grant of Restricted Stock		4,056 restricted shares one-time grant. The terms and conditions of the restricted shares are set forth in the Massey Energy Company Stock Plan for Non-Employee Directors (as amended and restated November 30, 2000) [filed as Exhibit 10.14 to Massey’s annual report on Form 10-K for the fiscal year ended October 31, 2000].

Initial Grant of Restricted Units		2,705 restricted units one-time grant. The terms and conditions of the restricted units are set forth in the Massey Energy Company Stock Plan for Non-Employee Directors (See above).

Annual Grant of Restricted Stock		2,028 restricted shares annual grant. The terms and conditions of the restricted shares are set forth in the Massey Energy Company 1997 Restricted Stock Plan for Non-Employee Directors (as amended and restated November 30, 2000) [filed as Exhibit 10.12 to Massey’s annual report on Form 10-K for the fiscal year ended October 31, 2000].

Insurance		$75,000 life insurance (requires medical examination).

		$250,000 travel accident insurance while traveling for Massey Energy Company.

		Directors and Officers liability insurance.