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EXHIBIT NUMBER 10.34.1
AMENDMENT NO. 1
This Amendment No. 1 ("Amendment No. 1") is entered into as of July 25,
2000 among Xxxxxxx X. Xxxxxxx, Xx., an individual ("Executive"), Anker Energy
Corporation, a Delaware corporation (the "Company"), and Anker Coal Group, Inc.,
a Delaware corporation ("ACGI"), for the purpose of amending that certain
Employment Agreement dated May 1, 1999 among the parties hereto (the "Employment
Agreement").
NOW, THEREFORE, the parties agree to amend the Employment as provided
herein.
1. AMENDMENT. Section 3(b)(iii)(C) of the Employment Agreement is
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hereby stricken and replaced in full by the following:
(C) If the Equity Proceeds are greater than $45,000,000 or the
Target EBITDA is greater than $30,000,000, the amount of the Bonus
shall be equal to $2,500,000.
2. EFFECT. Except as herein amended, the Employment Agreement shall
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remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1
effective as of the date first above written.
ANKER ENERGY CORPORATION
By:
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Name: Xxxxx Xxxxxx
Title: President
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XXXXXXX X. XXXXXXX, XX.
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ANKER COAL GROUP, INC.
By:
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Name: Xxxxx Xxxxxx
Title: President
