X0303 4 2010-10-05 0001089575 NATIONAL COAL CORP NCOC 0001133521 STEELHEAD PARTNERS LLC 333 108TH AVE. NE SUITE 2010 BELLEVUE WA 98004 0 0 0 1 See footnotes 0001327721 JOHNSTON JAMES MICHAEL 333 108TH AVE. NE SUITE 2010 BELLEVUE WA 98004 0 0 0 1 See footnotes 0001327722 KLEIN BRIAN KATZ 333 108TH AVE. NE SUITE 2010 BELLEVUE WA 98004 0 0 0 1 See footnotes Common Stock par value $.0001 per share 2010-10-05 4 S 0 18610 .975 D 794102 I See footnotes Common Stock par value $.0001 per share 2010-10-06 4 S 0 275 .975 D 793827 I See footnotes The reporting persons are: (i) Steelhead Partners, LLC ("Steelhead"), a registered investment advisor within the meaning of Rule 16a-1(a)(1)(v) under the Exchange Act; and (ii) each of James Michael Johnston and Brian Katz Klein, Steelhead's member-managers. The shares of common stock reported on this Form 4 are directly held by Steelhead Navigator Master, L.P. ("Navigator"). Steelhead is the investment manager of Navigator. As a greater than 10% beneficial owner, Navigator is separately reporting this transaction in the issuer's securities on a Form 4 filed concurrently herewith. Steelhead and the other reporting persons may be deemed to beneficially own the securities owned by Navigator insofar as they may be deemed to have the power to direct the voting or disposition of such securities. The reporting persons have elected therefore to file this Form 4 voluntarily, notwithstanding the reporting exemption applicable to registered investment advisors under Rule 16a-1(a)(1)(v) and to control persons under Rule 16a-1(a)(1)(vii). The filing of this Form 4 should not, however, be deemed an admission by any of the reporting persons that such person falls outside the scope of the foregoing exemptions, or that the reporting persons and/or Navigator form a group within the meaning of Rule 16a-1(a)(1). Each of Steelhead, Mr. Johnston, Mr. Klein and Navigator expressly disclaims beneficial ownership in these securities, except to the extent of their respective pecuniary interests therein. Steelhead Partners, LLC; By: James Michael Johnston, its Member-Manager; /s/ James Michael Johnston 2010-10-07 James Michael Johnston; /s/ James Michael Johnston 2010-10-07 Brian Katz Klein; /s/ Brian Katz Klein 2010-10-07