Coal Tattoo

Blankenship gets $12 million retirement package

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Massey Energy late today detailed its severance package for retiring CEO Don Blankenship. The deal is outlined in this document filed with the U.S. Securities and Exchange Commission.

On first glance, the deal appears to include:

— $12 million, in two payments — one of $2 million this Dec. 31 and another of $10 million on July 1, 2011.

— Health-care coverage for two years.

— This clause regarding secretarial help and office space:

… Secretarial assistance in the form of a single secretary, who will be available to perform reasonable administrative and clerical tasks (but will not be permitted to perform any services related to any business or activities that are competitive with the Company or its subsidiaries or affiliates) and continued use of Mr. Blankenship’s office and standard office equipment at Lauren Land Company during the Consulting Period (as defined below), and, in the Company’s sole discretion, during the three subsequent calendar years.

— Blankenship will continue to consult for Massey for two years, and will not compete with Massey nor hire away Massey employees for that same period of time. He will be paid a $5,000 per month retainer as a consultant.