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Exhibit
10.55
SECOND
AMENDMENT
TO THE AMENDED AND
RESTATED
ALLIANCE RESOURCE
MANAGEMENT GP, LLC
DEFERRED COMPENSATION PLAN
FOR DIRECTORS
WHEREAS ,
Section 5.4 of the Alliance Amended and Restated Alliance
Resource Management GP, LLC Deferred Compensation Plan for
Directors (the “Plan”) provides that it may be amended
by the Compensation Committee of the Board of Directors of Alliance
Resource Management GP, LLC (the “Compensation
Committee”); and
WHEREAS , the
Compensation Committee has approved amending the Plan as set forth
herein.
NOW, THEREFORE , the
Plan is hereby amended as follows:
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1. |
Section 4.4 is amended to read as follows: |
4.4 Payment of
Accounts . Upon the earlier of a Participant’s
Termination or Designated Payment Date, as applicable, the Company
shall pay to such Participant (or to his or her Beneficiary in the
case of the Participant’s death) an amount of cash equal to
the Fair Market Value of the Phantom Units then credited to his or
her Account. Payment of Accounts shall be made as soon as
reasonably practical, and not later than thirty (30) days,
following the Participant’s Termination or Designated Payment
Date, whichever is applicable.
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2. |
Section 4.5 is amended to read as follows: |
4.5 Unforeseeable
Emergency . The Committee may accelerate the payment of all or
part of a Participant’s Account upon its determination that
the Participant has incurred an “unforeseeable
emergency,” as defined in Section 409A of the Internal
Revenue Code, to the extent such accelerated payment would not
result in the additional 20% tax being imposed on the Director by
Section 409A. In addition, the Committee may, to the extent
permitted by Section 409A, provide that the director’s
deferral election shall automatically ter
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