Sample Business Contracts

Employment Agreement [Amendment No. 2] - Peabody Energy Corp. and Irl F. Engelhardt

Employment Forms

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Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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                               SECOND AMENDMENT TO
                           PEABODY ENERGY CORPORATION
                              EMPLOYMENT AGREEMENT
                              (FOR LISTED OFFICERS)

      THIS AMENDMENT (this "Amendment") is entered into as of the date set forth
on the signature page hereof, by and between Peabody Energy Corporation, a
Delaware corporation (the "Company") and Irl F. Engelhardt (the "Executive").

                                    RECITALS

      WHEREAS, the Company and Executive previously entered into that certain
Employment Agreement dated May 19, 1998 (the "Employment Agreement");

      WHEREAS, the Company deems it appropriate, for purposes of providing
Executive with adequate incentive to continue to serve in Executive's current
position with the Company, to provide Executive with added protection in the
event of certain corporate transactions;

      WHEREAS, pursuant to Section 10 of the Employment Agreement, the
Employment Agreement may be amended by written agreement of the parties thereto;

      NOW, THEREFORE, the parties hereto have agreed to amend the Employment
Agreement as follows:

                                       I.

      Section 6(1)(d)(i) of the Employment Agreement is hereby amended by
deleting the words "; provided, however, that such Gross-Up Payment shall not
exceed $3,501,627" at the end thereof.

                                       II.

      In all other respects, the Employment Agreement shall remain in full force
and effect.

      IN WITNESS WHEREOF, this Amendment has been executed and delivered by the
parties hereto.

                                         PEABODY ENERGY CORPORATION

                                         By: /s/ Robert B. Karn III
                                             _______________________________
                                             Robert B. Karn III
                                             Compensation Committee Chairperson


                                         /s/ Irl F. Engelhardt
                                         ___________________________________
                                         Irl F. Engelhardt

                                         June 15, 2004