July 17, 2012 Irl F. Engelhardt Chairman and Chief Executive Officer Patriot Coal Corporation 12312 Olive Boulevard St. Louis, Missouri 63141 Re: Agreement for the Provision of Interim Management Services - First Amendment Dear Mr. Engelhardt:
EXHIBIT 10.7
July 17, 2012
Irl X. Xxxxxxxxxx
Chairman and Chief Executive Officer
Patriot Coal Corporation
00000 Xxxxx Xxxxxxxxx
Xx. Xxxxx, Xxxxxxxx 00000
Re: Agreement for the Provision of Interim Management Services - First Amendment
Dear Xx. Xxxxxxxxxx:
This letter represents the first amendment (the “First Amendment”) to the agreement between AP Services, LLC, a Michigan limited liability company (“APS”) and Patriot Coal Corporation (the “Company”) dated July 9, 2012 (the “Engagement Letter”). Unless otherwise modified herein, the terms and conditions of the Engagement Letter remain in full force and effect.
STAFFING
APS will replace Xxx Xxxxxxx as Chief Restructuring Officer of Patriot Coal Corporation with Xxxxxxx X. Xxxxx, effective July 17, 2012. Attached is an updated Exhibit A to reflect this change.
If these terms meet with your approval, please sign and return the enclosed copy of the Agreement.
We look forward to working with you.
Sincerely yours,
AP Services, LLC
/s/ Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx
Authorized Representative
Acknowledged and Agreed to:
PATRIOT COAL CORPORATION
By: /s/ Xxxxxx X. Xxxx
Its: Senior Vice President - Law & Administration
Dated: 7/19/12
#PageNum#
AP Services, LLC
Exhibit A - Revised July 17, 2012
Temporary Staff
Individuals with Officer Positions
Name | Description | Hourly Rate1 | Commitment Full2 or Part3 Time |
Xxxxxxx X. Xxxxx | Chief Restructuring Officer | $880 | Full Time |
Additional Temporary Staff
Name | Description | Hourly Rate1 | Commitment Full2 or Part3 Time |
Dipes Xxxxx | Associate | $345 | Full Time |
Xxxxxxxxxxx Xxxxxxx | Director | $620 | Full Time |
Xxxxx Xxxx | Director | $665 | Full Time |
Xxxx XxXxxxxxxx | Director | $665 | Full Time |
The parties agree that Exhibit A can be amended by APS from time to time to add or delete staff, and the Monthly Staffing Reports shall be treated by the parties as such amendments.
_____________________________________
1 Standard hourly rates listed are prior to application of the 10% discount set forth on Schedule 1. The hourly rate structure is further defined on Schedule 1.
2 Full time is defined as substantially full time.
3 Part time is defined as approximately 2-3 days per week, with some weeks more or less depending on the needs and issues facing the Company at that time.
#PageNum#
