Massey Energy CEO Exercises Options Within Limited Trading Window and to
Diversify Assets
RICHMOND, Va., Feb. 8 /PRNewswire-FirstCall/ -- Massey Energy Company
(NYSE: MEE) announced today that Don L. Blankenship, the Company's chairman
and chief executive officer, executed cashless stock option exercise
transactions for 320,110 shares of Massey Energy Company common stock over a
period of two days ending February 7, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20071031/MASSEYENERGYLOGO )
The non-qualified stock options were granted under various employment
agreements between Blankenship and the Company. The majority, once vested,
were required to be exercised in the first twenty days that exercise is
permissible pursuant to Massey's trading window policy and applicable
securities laws or they would otherwise be forfeited.
The exercise price of the options averaged $21.78 and the shares were sold
at an average price of $39.26.
Blankenship also exercised 112,500 stock appreciation rights (SARs)
granted pursuant to a prior employment agreement. The average share value for
the SARs exercised was $39.02 and the grant price per SAR was $19.45.
The transactions did not reduce Blankenship's beneficial ownership of
Massey Energy stock, which totals 284,235 common shares.
All of the stock option and SAR exercise transactions were executed by
Blankenship to avoid forfeiture and/or to diversify his personal financial
profile. Blankenship has previously indicated to the Massey Energy board of
directors that he expects to have occasional exercises of options and sales of
stock to diversify his personal financial profile.
Company Description
Massey Energy Company, headquartered in Richmond, Virginia, with
operations in West Virginia, Kentucky and Virginia, is the fourth largest coal
company in the United States based on produced coal revenue.
SOURCE Massey Energy Company
Roger Hendriksen, Director, Investor Relations of Massey Energy Company,
+1-804-788-1824
