EX-10.30



 Exhibit 10.30 

ARMSTRONG ENERGY, INC. 

AMENDED AND RESTATED 

2011 LONG-TERM INCENTIVE PLAN 

Section 1. Purpose. The purpose of this Plan is to advance the interests of Armstrong Energy, Inc. and its
stockholders by providing incentives to certain Eligible Persons who contribute significantly to the strategic and long-term performance objectives and growth of the Company. 

Section 2. Definitions. Certain capitalized terms applicable to this Plan are set forth in Appendix A. 

Section 3. Administration. This Plan shall be administered by the Committee. The Committee shall have
all the powers vested in it by the terms of this Plan, such powers to include, but not limited to, authority to select the Eligible Persons to be granted Awards under this Plan, to determine the type, size, terms and conditions of the Award to be
made to each Eligible Person selected, to modify or waive the terms and conditions of any Award that has been granted, to determine the time when Awards will be granted, to establish performance objectives, to make any adjustments necessary or
desirable as a result of the granting of Awards to Eligible Persons located outside the United States, to prescribe the form of the agreements evidencing Awards made under this Plan, and to incorporate clawback or other recoupment provisions to
Awards granted hereunder that would protect the Company and its stockholders from actions such as fraudulent activities in connection with financial restatements and/or due to ethical misconduct. Awards may, in the discretion of the Committee, be
made under this Plan in assumption of, or in substitution for, outstanding Awards previously granted by (i) the Company, (ii) any predecessor of the Company, or (iii) a company acquired by the Company or with which the Company
combines. The number of Common Shares underlying such substitute awards shall be counted against the aggregate number of Common Shares available for Awards under this Plan. 

The Committee is authorized to interpret this Plan and the Awards granted under this Plan, to establish, amend and rescind any rules and
regulations relating to this Plan, and to make any other determinations that it deems necessary or desirable for the administration of this Plan. The Committee may correct any defect or omission or reconcile any inconsistency in this Plan or in any
Award in the manner and to the extent the Committee deems necessary or desirable to carry it into effect. Any decision of the Committee in the interpretation and administration of this Plan, as described in this Plan, shall lie within its sole and
absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their Beneficiaries or Permitted Transferees). The Committee may act only by a majority of its members,
except that the members thereof may authorize any one or more of their members or any officer of the Company to execute and deliver documents or to take any other ministerial action on behalf of the Committee with respect to Awards made or to
be made to Participants. 







 No member of the Committee and no officer of the Company shall be liable for anything done or
omitted to be done by such member or officer, by any other member of the Committee or by any other officer of the Company in connection with the performance of duties under this Plan, except for his or her own willful misconduct or as
expressly provided by statute. In addition to all other rights of indemnification and reimbursement to which a member of the Committee and an officer of the Company may be entitled, the Company shall indemnify and hold harmless each such member or
officer who was or is a party or is threatened to be made a party to any threatened, pending or completed proceeding or suit in connection with the performance of duties under this Plan against expenses (including reasonable attorneys’ fees),
judgments, fines, liabilities, losses and amounts paid in settlement actually and reasonably incurred by him or her in connection with such proceeding or suit, except for his or her own willful misconduct or as expressly provided otherwise by
statute. Expenses (including reasonable attorneys’ fees) incurred by such a member or officer in defending any such proceeding or suit shall be paid by the Company in advance of the final disposition of such proceeding or suit upon receipt of a
written affirmation by such member or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification and a written undertaking by or on behalf of such member or officer to repay such amount if it
shall ultimately be determined that he or she is not entitled to be indemnified by the Company as authorized in this Section. 

Section 4. Participation. Consistent with the purposes of this Plan, the Committee shall have the power to
select the Eligible Persons who may participate in this Plan and be granted Awards under this Plan. Eligible Persons may be selected individually or by groups or categories, as determined by the Committee in its discretion. 

Section 5. Awards under this Plan. 

(a) Types of Awards. Awards under this Plan may include, but need not be limited to, one or more of the following
types, either alone or in any combination thereof: (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Restricted Stock Units, (v) Performance Grants and (vi) any other type of Award deemed
by the Committee in its discretion to be consistent with the purposes of this Plan (including, but not limited to, Other Share-Based Awards, and Awards to be made to Participants who are foreign nationals or are employed or performing services
outside the United States). 
 (b) Maximum Number of Common Shares that May be Issued. The maximum aggregate
number of Common Shares available for issuance under Awards granted under this Plan, including Incentive Stock Options, shall be 3,500,000. No Eligible Person may receive: (i) Stock Options or Stock Appreciation Rights under this Plan for more
than 300,000 Common Shares in any one fiscal year of the Company; (ii) Performance Grants (denominated in Common Shares) for more than 300,000 Common Shares in any one fiscal year of the Company and (iii) Performance Grants (denominated in
cash) for more than $7,500,000 in any one fiscal year of the Company. The foregoing limitations shall be subject to adjustment as provided in Section 16, but only to the extent that any such adjustment will not affect the status
of: (i) any Award intended to qualify as 

  
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performance-based compensation under Section 162(m) of the Code; (ii) any Award intended to qualify as an Incentive Stock Option or (iii) any Award intended to comply with, or
qualify for an exception to, Section 409A of the Code. Common Shares issued pursuant to this Plan may be either authorized but unissued shares, treasury shares, reacquired shares or any combination thereof. If any Common Shares covered by an
award terminate, lapse, are forfeited or cancelled, or such Award is otherwise settled without the delivery of the full number of Common Shares underlying the Award, including Common Shares withheld to satisfy tax withholding obligations, then such
Common Shares to the extent of any such forfeiture, termination, lapse, cancellation, payment, etc., shall again be, or shall become available for issuance under this Plan; provided, however, that Common Shares (i) delivered in payment of the
exercise price of a Stock Option, (ii) not issued upon the net settlement or net exercise of Stock Appreciation Rights, or (iii) delivered to or withheld by the Company to pay withholding taxes related to a Stock Option or Stock
Appreciation Right, shall not become available again for issuance under this Plan. 
 (c) Rights with Respect to
Common Shares and Other Securities. Except as provided in subsection 8(c) with respect to Awards of Restricted Stock and unless otherwise determined by the Committee in its discretion, a Participant to whom an Award is made (and any Person
succeeding to such a Participant’s rights pursuant to this Plan) shall have no rights as a stockholder with respect to any Common Shares or as a holder with respect to other securities, if any, issuable pursuant to any such Award until the date
a stock certificate evidencing such Common Shares or other evidence of ownership is issued to such Participant or until Participant’s ownership of such Common Shares shall have been entered into the books of the registrar in the case of
uncertificated shares. 
 Section 6. Stock Options. The Committee may grant Stock Options; provided
that an Incentive Stock Option may be granted only to Eligible Persons who are employees of Armstrong Energy, Inc. or any parent or subsidiary of Armstrong Energy, Inc. within the meaning of Code Sections 424(e) and (f), including a subsidiary which
becomes such after adoption of the plan. Each Stock Option granted or sold under this Plan shall be evidenced by an agreement in such form as the Committee shall prescribe from time to time in accordance with this Plan and shall comply with the
applicable terms and conditions of this Section and this Plan, and with such other terms and conditions, including, but not limited to, restrictions upon the Stock Option or the Common Shares issuable upon exercise thereof, as the Committee, in its
discretion, shall establish. 
 (a) The exercise price of a Stock Option shall not be less than the Fair Market Value
of the Common Shares subject to such Stock Option on the date of grant, as determined by the Committee; provided, however, if an Incentive Stock Option is granted to a Ten Percent Employee, such exercise price shall not be less than 110% of
such Fair Market Value at the time the Stock Option is granted. 
 (b) The Committee shall determine the number of
Common Shares to be subject to each Stock Option. 

  
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 (c) Any Stock Option may be exercised during its term only at such time or
times and in such installments as the Committee may establish. 
 (d) A Stock Option shall not be exercisable: 

(i) in the case of any Incentive Stock Option granted to a Ten Percent Employee, after the expiration of five years from
the date it is granted, and, in the case of any other Stock Option, after the expiration of ten years from the date it is granted; provided that no Stock Option granted to an employee who is a non-exempt employee for purposes of the Fair Labor
Standards Act of 1938, as amended, shall be first exercisable until at least six months following the date of grant of such Stock Option (except in the event of such employee’s death, disability or retirement, upon a Change in Control (as
defined in the applicable Award agreement), or as otherwise permitted by the Worker Economic Opportunity Act); and 
 (ii)
no shares shall be issued unless payment in full is made for the shares being acquired under such Stock Option at the time of exercise as provided in subsection 6(h). 

(e) The Committee shall determine in its discretion and specify in each agreement evidencing a Stock Option the
effect, if any, the termination of the Participant’s employment with or performance of services for the Company shall have on the exercisability of the Stock Option; provided, however , that an Incentive Stock Option that is exercised at
a time that is beyond the time an Incentive Stock Option may be exercised in order to qualify as such under the Code shall cease to be an Incentive Stock Option. 

(g) It is the intent of Armstrong Energy, Inc. that Nonqualified Stock Options granted under this Plan not be classified
as Incentive Stock Options, that the Incentive Stock Options granted under this Plan be consistent with and contain or be deemed to contain all provisions required under Section 422 and the other appropriate provisions of the Code and any
implementing regulations (and any successor provisions thereof), and that any ambiguities in construction shall be interpreted in order to effectuate such intent. If a Stock Option is intended to be an Incentive Stock Option, and if for any reason
such Stock Option (or portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Stock Option (or portion thereof) shall be regarded as a Nonqualified Stock Option granted under this Plan;
provided that such Stock Option (or portion thereof) otherwise complies with this Plan’s requirements relating to Nonqualified Stock Options. In no event shall any member of the Committee or the Company (or its employees, officers or directors)
have any liability to any Participant (or any other Person) due to the failure of a Stock Option to qualify for any reason as an Incentive Stock Option. 

(h) For purposes of payments made to exercise Stock Options, such payment shall be made in such form (including, but not
limited to, cash, Common Shares, the surrender of another outstanding Award under this Plan, broker assisted cashless exercise or any combination thereof) as the Committee may determine in its discretion. 

  
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 Section 7. Stock Appreciation Rights. The Committee may grant Stock
Appreciation Rights. Each Award of Stock Appreciation Rights granted under this Plan shall be evidenced by an agreement in such form as the Committee shall prescribe from time to time in accordance with this Plan and shall comply with the applicable
terms and conditions of this Section and this Plan, and with such other terms and conditions, including, but not limited to, restrictions upon the Award of Stock Appreciation Rights or the Common Shares issuable upon exercise thereof, as the
Committee, in its discretion, shall establish. 
 (a) The Committee shall determine the number of Common Shares to be
subject to each Award of Stock Appreciation Rights. 
 (b) Any Stock Appreciation Right may be exercised during its
term only at such time or times and in such installments as the Committee may establish and shall not be exercisable after the expiration of ten years from the date it is granted. 

(c) The Committee shall determine in its discretion and specify in each agreement evidencing an Award of Stock
Appreciation Rights the effect, if any, the termination of the Participant’s employment with or performance of services for the Company shall have on the exercisability of the Award of Stock Appreciation Rights. 

(d) An Award of Stock Appreciation Rights shall entitle the holder to exercise such Award and to receive from Armstrong
Energy, Inc. in exchange thereof, without payment to Armstrong Energy, Inc., that number of Common Shares having an aggregate value equal to the excess of the Fair Market Value of one Common Share, at the time of such exercise, over the exercise
price, times the number of Common Shares subject to the Award, or portion thereof, that is so exercised or surrendered, as the case may be. Stock Appreciation Rights shall have an exercise price no less than the Fair Market Value of the Common
Shares covered by the right on the date of grant. Notwithstanding the foregoing, the Committee may determine to settle the exercise of a Stock Appreciation Right in cash, Other Armstrong Energy Securities or property, or other forms of payment, or
any combination thereof. 
 (e) A Stock Appreciation Right may provide that it shall be deemed to have been exercised
at the close of business on the business day preceding the expiration date of the Stock Appreciation Right, or such other date as specified by the Committee, if at such time such Stock Appreciation Right has a positive value. Such deemed exercise
shall be settled or paid in the same manner as a regular exercise thereof as provided in subsection 7(d) of this Agreement. 

Section 8. Restricted Stock and Restricted Stock Units. The Committee may grant Awards of Restricted Stock and
Restricted Stock Units. Each Award of Restricted Stock or Restricted Stock Units under this Plan shall be evidenced by an agreement in such form as the Committee shall prescribe from time to time in accordance with this Plan and shall comply with
the applicable terms and conditions of this Section and this Plan, and with such other terms and conditions as the Committee, in its discretion, shall establish. 

(a) The Committee shall determine the number of Common Shares to be issued to a Participant pursuant to the Award of
Restricted Stock or Restricted Stock Units to be settled in Common Shares, and the extent, if any, to which they shall be issued in 

  
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exchange for cash, other consideration, or both. The Committee reserves the right in its sole discretion to provide (either at or after the grant thereof) that any Restricted Stock Unit shall
represent the right to receive the amount of cash per Restricted Stock Unit that is determined by the Committee in connection with the Award. 

(b) Until the expiration of such period as the Committee shall determine from the date on which the Award is granted and
subject to such other terms and conditions as the Committee, in its discretion, shall establish (the “Restricted Period”), a Participant to whom an Award of Restricted Stock is made shall be issued, but shall not be entitled
to the delivery of, a stock certificate or other evidence of ownership representing the Common Shares subject to such Award. 

(c) Unless otherwise determined by the Committee in its discretion, a Participant to whom an Award of Restricted Stock
has been made (and any Person succeeding to such a Participant’s rights pursuant to this Plan) shall have, after issuance of a certificate for the number of Common Shares awarded (or after the Participant’s ownership of such Common Shares
shall have been entered into the books of the registrar in the case of uncertificated shares) and prior to the expiration of the Restricted Period, ownership of such Common Shares, including the right to vote such Common Shares and to receive
dividends or other distributions made or paid with respect to such Common Shares, provided that, such Common Shares, and any new, additional or different shares, or Other Armstrong Energy Securities or property, or other forms of
consideration that the Participant may be entitled to receive with respect to such Common Shares as a result of a stock split, stock dividend or any other change in the corporation or capital structure of Armstrong Energy, Inc., shall be subject to
the restrictions set forth in the Award and this Plan. 
 (d) The Committee shall determine in its discretion and
specify in each agreement evidencing an Award of Restricted Stock or Restricted Stock Units the effect, if any, the termination of the Participant’s employment with or performance of services for the Company during the Restricted Period shall
have on such Award. 
 (e) The Committee may grant Dividend Equivalents to Participants in connection with Awards of
Restricted Stock Units. The Committee may provide, at the date of grant or thereafter, that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Common Shares, or other investment
vehicles as the Committee may specify; provided that, unless otherwise determined by the Committee, Dividend Equivalents shall be subject to all conditions and restrictions of the underlying Restricted Stock Units to which they relate.

  
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 Section 9. Performance Grants. 

(a) Grant. Subject to the limitations set forth in Section 5(b), the Committee may grant a Performance Grant
which shall consist of a right that is (i) denominated in cash, Common Shares or any other form of Award issuable under this Plan (or any combination thereof), (ii) valued, as determined by the Committee, in accordance with the achievement
of such performance goals applicable to such performance periods as the Committee shall establish and (iii) payable at such time and in such form as the Committee shall determine. Unless otherwise determined by the Committee, any such
Performance Grant shall be evidenced by an Award agreement containing the terms of the Award, including, but not limited to, the performance criteria and such terms and conditions as may be determined, from time to time, by the Committee, in each
case, not inconsistent with this Plan. In relation to any Performance Grant, the performance period may consist of one or more calendar years or other fiscal period of at least 12 months in length for which performance is being measured. 

(b) Terms and Conditions. For Awards intended to be performance-based compensation under Section 162(m) of
the Code, Performance Grants shall be conditioned upon the achievement of pre-established goals relating to one or more of the following performance measures, as determined in writing by the Committee and subject to such modifications as specified
by the Committee: cash flow; cash flow from operations; earnings (including, but not limited to, earnings before interest, taxes, depreciation and amortization or some variation thereof); earnings per share, diluted or basic; earnings per share from
continuing operations; net asset turnover; inventory turnover; capital expenditures; debt; debt reduction; working capital; return on investment; return on sales; net or gross sales; market share; economic value added; cost of capital; change in
assets; expense reduction levels; productivity; delivery performance; safety record and/or performance; stock price; return on equity; total or relative increases to stockholder return; return on invested capital; return on assets or net assets;
revenue; income or net income; operating income or net operating income; operating profit or net operating profit; gross margin, operating margin or profit margin; and completion of acquisitions, business expansion, product diversification, new or
expanded market penetration, and other non-financial operating and management performance objectives. To the extent consistent with Section 162(m) of the Code, the Committee may determine, at the time the performance goals are established, that
certain adjustments shall apply, in whole or in part, in such manner as determined by the Committee, to exclude the effect of any of the following events that occur during a performance period: the impairment of tangible or intangible assets;
litigation or claim judgments or settlements; the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results; business combinations, reorganizations and/or restructuring programs, including, but
not limited to, reductions in force and early retirement incentives; currency fluctuations; and any extraordinary, unusual, infrequent or non-recurring items, including, but not limited to, such items described in management’s discussion and
analysis of financial condition and results of operations or the financial statements and notes thereto appearing in Armstrong Energy, Inc.’s annual report for the applicable period. Performance measures may be determined either individually,
alternatively or in 

  
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any combination, applied to either the Company as a whole or to a business unit or subsidiary entity thereof, either individually, alternatively or in any combination, and measured over a period
of time including any portion of a year, annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous fiscal years’ results or to a designated comparison group, in each case as
specified by the Committee. 
 (c) Pre-established Performance Goals. For Awards intended to be
performance-based compensation under Section 162(m) of the Code, performance goals relating to the performance measures set forth above shall be pre-established in writing by the Committee, and achievement thereof certified in writing prior to
payment of the Award, as required by Section 162(m) and Treasury Regulations promulgated thereunder. All such performance goals shall be established in writing no later than ninety (90) days after the beginning of the applicable
performance period. In addition to establishing minimum performance goals below which no compensation shall be payable pursuant to a Performance Grant, the Committee, in its sole discretion, may create a performance schedule under which an amount
less than or more than the target award may be paid so long as the performance goals have been achieved. 
 (d)
Additional Restrictions/Negative Discretion. The Committee, in its sole discretion, may also establish such additional restrictions or conditions that must be satisfied as a condition precedent to the payment of all or a portion of
any Performance Grants. Such additional restrictions or conditions need not be performance-based and may include, among other things, the receipt by a Participant of a specified annual performance rating, the continued employment by the Participant
and/or the achievement of specified performance goals by the Company, business unit or Participant. Furthermore, and notwithstanding any provision of this Plan to the contrary, the Committee, in its sole discretion, may retain the discretion to
reduce the amount of any Performance Grant to a Participant if it concludes that such reduction is necessary or appropriate based upon: (i) an evaluation of such Participant’s performance; (ii) comparisons with compensation received
by other similarly-situated individuals working within the Company’s industry; (iii) the Company’s financial results and conditions or (iv) such other factors or conditions that the Committee deems relevant; provided, however,
the Committee shall not use its discretionary authority to increase any Award that is intended to be performance-based compensation under Section 162(m) of the Code. 

(e) Payment of Performance Awards. Performance Grants may be paid in a lump sum or in installments following
the close of the performance period or, in accordance with procedures established by the Committee, on a deferred basis. 

Section 10. Other Share-Based Awards. The Committee may grant Other Share-Based Awards, which shall consist of any
right that is (i) not an Award described in Sections 6 through 9 above and (ii) an Award of Common Shares or an Award denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Shares
(including, without limitation, securities convertible into Common Shares), as deemed by the 

  
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Committee to be consistent with the purposes of this Plan. Subject to the terms of this Plan and any applicable Award agreement, the Committee shall determine the terms and conditions of any such
Other Share-Based Award. The standard vesting schedule applicable to Other Share-Based Awards granted under this Section 10 shall provide for vesting of such Awards, in one or more increments, over a service period of no less than three years
(not including special vesting terms set forth therein); provided, however, this limitation shall not apply to Awards granted to non-employee directors of the Board that are received pursuant to the Company’s compensation program applicable to
non-employee directors of the Board, or adversely affect a Participant’s rights under another plan or agreement with the Company. 

Section 11. Section 409A. Notwithstanding any provision of the Plan or an Award agreement to the contrary, if
any Award or benefit provided under this Plan is subject to the provisions of Section 409A, the provisions of the Plan and any applicable Award agreement shall be administered, interpreted and construed in a manner necessary in order to comply
with Section 409A or an exception thereto (or disregarded to the extent such provision cannot be so administered, interpreted or construed), and the following provisions shall apply, as applicable: 

(a) If a Participant is a Specified Employee for purposes of Section 409A and a payment subject to
Section 409A (and not excepted therefrom) to the Participant is due upon Separation from Service, such payment shall be delayed for a period of six (6) months after the date the Participant Separates from Service (or, if earlier, the death
of the Participant). Any payment that would otherwise have been due or owing during such six-month period will be paid immediately following the end of the six-month period unless another compliant date is specified in the applicable agreement.

 (b) For purposes of Section 409A, and to the extent applicable to any Award or benefit under the Plan, it is
intended that distribution events qualify as permissible distribution events for purposes of Section 409A and shall be interpreted and construed accordingly. Whether a Participant has Separated from Service will be determined by the Committee
based on all of the facts and circumstances and, to the extent applicable to any Award or benefit, in accordance with the guidance issued under Section 409A. For this purpose, a Participant will be presumed to have experienced a Separation
from Service when the level of bona fide services performed permanently decreases to a level less than twenty percent (20%) of the average level of bona fide services performed during the immediately preceding thirty-six
(36) month period or such other applicable period as provided by Section 409A. 
 (c) The grant of
Nonqualified Stock Options, Stock Appreciation Rights and other stock rights subject to Section 409A shall be granted under terms and conditions consistent with Treas. Reg. § 1.409A-1(b)(5) such that any such Award does not constitute a
deferral of compensation under Section 409A. Accordingly, any such Award may be granted to Eligible Persons of Armstrong Energy, Inc. and its subsidiaries and affiliates in which Armstrong Energy, Inc. has a controlling interest. In
determining whether Armstrong Energy, Inc. has a controlling interest, the rules of Treas. Reg. § 1.414(c)-2(b)(2)(i) shall apply; provided that the language “at least 50 percent” shall be used instead of “at least 80
percent” in each place it appears; provided, further, where 

  
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legitimate business reasons exist (within the meaning of Treas. Reg. § 1.409A-1(b)(5)(iii)(E)(i)), the language “at least 20 percent” shall be used instead of “at least 80
percent” in each place it appears. The rules of Treas. Reg. §§ 1.414(c)-3 and 1.414(c)-4 shall apply for purposes of determining ownership interests. 

(d) In no event shall any member of the Committee or the Company (or its employees, officers or directors) have any
liability to any Participant (or any other Person) due to the failure of an Award to satisfy the requirements of Section 409A. 

Section 12. Deferred Payment of Awards. The Committee, in its discretion, may specify the conditions under
which the payment of all or any portion of any cash compensation, or Common Shares or other form of payment under an Award, may be deferred until a later date. Deferrals shall be for such periods or until the occurrence of such events, and upon such
terms and conditions, as the Committee shall determine in its discretion, in accordance with the provisions of Section 409A; provided, however, that no deferral shall be permitted with respect to Options or Stock Appreciation Rights. 

Section 13. Transferability of Awards. A Participant’s rights and interest under this Plan or any Award may not
be assigned or transferred, hypothecated or encumbered in whole or in part either directly or by operation of law or otherwise, including, but not by way of limitation, execution, levy, garnishment, attachment, pledge, bankruptcy or in any other
manner; provided, however, the Committee may permit such transfer to a Permitted Transferee; and provided, further, that, unless otherwise permitted by the Code, any Incentive Stock Option granted pursuant to this Plan shall not be
transferable other than by will or by the laws of descent and distribution, and shall be exercisable during the Participant’s lifetime only by Participant or by such Permitted Transferee. 

Section 14. Amendment or Substitution of Awards under this Plan. The terms of any outstanding Award under this Plan
may be amended or modified from time to time after grant by the Committee in its discretion in any manner that it deems appropriate (including, but not limited to, acceleration of the date of exercise of any Award and/or payments under any Award) in
accordance with the terms of the Plan; provided that no such amendment or modification shall: (i) accelerate the vesting or exercisability of any Awards other than in connection with a Participant’s death, disability, retirement or
a change in control or other transaction contemplated by Section 16 hereof; provided further, the foregoing limitation shall not apply to (A) Awards for up to five percent (5%) of the aggregate number of Common Shares
authorized for issuance under the Plan, or (B) any Performance Grant the payment of which remains contingent upon the attainment of the performance goal; or (ii) adversely affect in a material manner any right of a Participant under the
Award without his or her written consent. Notwithstanding the foregoing or any provision of an Award to the contrary, the Committee may at any time (without the consent of any Participant) modify, amend or terminate any or all of the provisions
of an Award to the extent necessary to conform the provisions of the Award with Section 162(m), Section 409A or any other provision of the Code or other applicable law, the regulations issued thereunder or an exception thereto, regardless
of whether such modification, amendment or termination of the Award shall adversely affect the rights of a Participant. The Committee may, in its discretion, permit holders of Awards under this Plan to


  
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surrender outstanding Awards in order to exercise or realize the rights under other Awards, or in exchange for the grant of new Awards, or require holders of Awards to surrender outstanding
Awards as a condition precedent to the grant of new Awards under this Plan. Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, distribution (whether in the form of cash,
Common Shares, Other Armstrong Energy Securities or other property), stock split, extraordinary cash dividend, recapitalization, change in control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of
Common Shares or Other Armstrong Energy, Inc. Securities, or similar transaction(s)), the terms of outstanding Options or SARs may not be amended to reduce the exercise price of such outstanding Options or SARs or cancel outstanding Options or SARs
in exchange for Options or SARs or cash or similar securities like stock awards with an exercise price that is less than the exercise price of the original Options or SARs without obtaining stockholder approval. 

Section 15. Termination of a Participant. For all purposes under this Plan, the Committee shall determine whether a
Participant has Separated from Service, terminated employment with, or the performance of services for, the Company; provided, however, an absence or leave approved by the Company, to the extent permitted by applicable provisions of the Code,
shall not be considered an interruption of employment or performance of services for any purpose under this Plan. 
 Section 16.
Dilution and Other Adjustments. In the event a dividend (other than a regular cash dividend) or other distribution (whether in the form of cash, Common Shares, Other Armstrong Energy Securities or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Common Shares or Other Armstrong Energy, Inc. Securities, issuance of warrants or other rights to purchase Common
Shares or Other Armstrong Energy Securities or other similar corporate transaction or event affects the Common Shares such that an adjustment is determined by the Committee to be necessary in order to prevent dilution or enlargement of the benefits
or potential benefits intended to be made available under this Plan, then the Committee shall, in an equitable manner, (i) adjust any or all of (a) the aggregate maximum number of Common Shares or Other Armstrong Energy Securities (or
number and kind of other securities or property) with respect to which Awards may be granted under this Plan pursuant to Section 5(b), (b) the individual maximum number of Common Shares that may be granted as Stock Options, Stock
Appreciation Rights and Performance Grants (denominated in Common Shares) to a Participant pursuant to Section 5(b) of this Plan, (c) the number of Common Shares or Other Armstrong Energy Securities (or number and kind of other securities
or property) subject to outstanding Awards and (d) the grant or exercise price with respect to any outstanding Award; (ii) if deemed appropriate, provide for an equivalent Award or substitute Award in respect of securities of the surviving
entity of any merger, consolidation or other transaction or event having a similar effect; or (iii) if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, that, in each case, any such
adjustment shall be performed in accordance with the applicable provisions of Code and the Treasury Regulations issued thereunder so as to not affect the status of: (A) any Award intended to qualify as performance-based compensation under
Section 162(m) of the Code; (B) any Award intended to qualify as an Incentive Stock Option under Section 422 of the Code or (C) any Award intended to comply with, or qualify for an


  
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exception to, Section 409A of the Code. Unless otherwise provided by the Committee, all outstanding Awards shall terminate immediately prior to the consummation of any dissolution or
liquidation of the Company. Any such termination or adjustment made by the Committee will be final, conclusive and binding for all purposes of this Plan. 

Section 17. Designation of Beneficiary by Participant. A Participant may name a beneficiary to receive any payment
to which such Participant may be entitled with respect to any Award under this Plan in the event of his or her death, on a written form to be provided by and filed with the Committee, and in a manner determined by the Committee in its discretion (a
“Beneficiary”). The Committee reserves the right to review and approve Beneficiary designations. A Participant may change his or her Beneficiary from time to time in the same manner, unless such Participant has made an irrevocable
designation. Any designation of a Beneficiary under this Plan (to the extent it is valid and enforceable under applicable law) shall be controlling over any other disposition, testamentary or otherwise, as determined by the Committee in its
discretion. If no designated Beneficiary survives the Participant and is living on the date on which any amount becomes payable to such a Participant’s Beneficiary, such payment will be made to the legal representatives of the
Participant’s estate, and the term “Beneficiary” as used in this Plan shall be deemed to include such Person or Persons. If there are any questions as to the legal right of any Beneficiary to receive a distribution under
this Plan, the Committee in its discretion may determine that the amount in question be paid to the legal representatives of the estate of the Participant, in which event the Company, the Board, the Committee, the Designated Administrator (if any),
and the members thereof, will have no further liability to anyone with respect to such amount. 
 Section 18.
Miscellaneous Provisions. 
 (a) Any proceeds from Awards shall constitute general funds of
Armstrong Energy, Inc. 
 (b) No fractional shares may be delivered under an Award, but in lieu thereof a cash or
other adjustment may be made as determined by the Committee in its discretion. 
 (c) No Eligible Person or other
Person shall have any claim or right to be granted an Award under this Plan. Determinations made by the Committee under this Plan need not be uniform and may be made selectively among Eligible Persons under this Plan, whether or not such Eligible
Persons are similarly situated. Neither this Plan nor any action taken under this Plan shall be construed as giving any Eligible Person any right to continue to be employed by or perform services for the Company, and the Company specifically
reserves the right to terminate the employment of or performance of services by Eligible Persons at any time and for any reason. 

(d) No Participant or other Person shall have any right with respect to this Plan, the Common Shares reserved for
issuance under this Plan or in any Award, contingent or otherwise, until written evidence of the Award shall have been delivered to the Participant and all the terms, conditions and provisions of this Plan and the Award applicable to such
Participant (and each Person claiming under or through such him or her) have been met. 

  
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 (e) Notwithstanding anything to the contrary contained in this Plan or in
any Award agreement, each Award shall be subject to the requirement, if at any time the Committee shall determine, in its sole discretion, that such requirement shall apply, that the listing, registration or qualification of any Award under this
Plan, or of the Common Shares, Other Armstrong Energy Securities or property or other forms of payment issuable pursuant to any Award under this Plan, on any stock exchange or other market quotation system or under any federal or state law, or the
consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the exercise or settlement thereof, such Award shall not be granted, exercised or settled in
whole or in part until such listing, registration, qualification, consent or approval shall have been effected, obtained and maintained free of any conditions not acceptable to the Committee. Notwithstanding anything to the contrary contained in
this Plan or in any Award agreement, no Common Shares, Other Armstrong Energy Securities or property or other forms of payment shall be issued under this Plan with respect to any Award unless the Committee shall be satisfied that such issuance will
be in compliance with applicable law and any applicable rules of any stock exchange or other market quotation system on which such Common Shares are listed. If the Committee determines that the exercise of any Stock Option or Stock Appreciation
Right would fail to comply with any applicable law or any applicable rules of any stock exchange or other market quotation system on which Common Shares are listed, the Participant holding such Stock Option or Stock Appreciation Right shall have no
right to exercise such Stock Option or Stock Appreciation Right until such time as the Committee shall have determined that such exercise will not violate any applicable law or any such applicable rule, provided that such Stock Option or Stock
Appreciation Right shall not have expired prior to such time. 
 (f) It is the intent of Armstrong Energy, Inc. that
this Plan and Awards hereunder comply in all respects with Rule 16b-3 and Sections 162(m), 409A and 422, and (i) the provisions of the Plan shall be administered, interpreted and construed in a manner necessary to comply with Rule 16b-3 and
Sections 162(m), 409A and 422, the regulations issued thereunder or an exception thereto (or disregarded to the extent the Plan cannot be so administered, interpreted or construed); and (ii) in no event shall any member of the Committee or the
Company (or its employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Award to satisfy the requirements of Rule 16b-3 and Sections 162(m), 409A and 422. 

(g) The Company shall have the right to deduct from any payment made under this Plan any federal, state, local or
foreign income or other taxes required by law to be withheld with respect to such payment. It shall be a condition to the obligation of Armstrong Energy, Inc. to issue Common Shares, Other Armstrong Energy Securities or property, other securities or
property, or other forms of payment, or any combination thereof, upon exercise, settlement or payment of any Award under this Plan, that the Participant (or any Beneficiary or Person entitled to act) pay to Armstrong Energy, Inc.,


  
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upon its demand, such amount as may be required by the Company for the purpose of satisfying any liability to withhold federal, state, local or foreign income or other taxes. If the amount
requested is not paid, Armstrong Energy, Inc. may refuse to issue Common Shares, Other Armstrong Energy Securities or property, other securities or property, or other forms of payment, or any combination thereof. Notwithstanding anything in this
Plan to the contrary, the Committee may, in its discretion, permit an Eligible Person (or any Beneficiary or Person entitled to act) to elect to pay a portion or all of the amount requested by the Company for such taxes with respect to such Award,
at such time and in such manner as the Committee shall deem to be appropriate (including, but not limited to, by authorizing Armstrong Energy, Inc. to withhold, or agreeing to surrender to Armstrong Energy, Inc. on or about the date such tax
liability is determinable, Common Shares, Other Armstrong Energy Securities or property, other securities or property, or other forms of payment, or any combination thereof, owned by such Person or a portion of such forms of payment that would
otherwise be distributed, or have been distributed, as the case may be, pursuant to such Award to such Person, having a market value equal to the amount of such taxes); provided, however, that any broker-assisted cashless exercise shall comply with
the requirements of Financial Accounting Standards Board, Accounting Standards Codification, Topic 718 and any withholding satisfied through a net-settlement shall be limited to the minimum statutory withholding requirements. 

(h) The expenses of this Plan shall be borne by the Company; provided, however, the Company may recover from a
Participant or his or her Beneficiary, heirs or assigns any and all damages, fees, expenses and costs incurred by the Company arising out of any actions taken by a Participant in breach of this Plan or any agreement evidencing such
Participant’s Award. 
 (i) This Plan shall be unfunded. The Company shall not be required to establish any
special or separate fund or to make any other segregation of assets to assure the payment of any Award under this Plan, and rights to the payment of Awards shall be no greater than the rights of the Company’s general creditors. 

(j) By accepting any Award or other benefit under this Plan, each Participant (and each Person claiming under or through
him or her) shall be conclusively deemed to have indicated his or her acceptance and ratification of, and consent to, any action taken under this Plan by the Company, the Board, the Committee or the Designated Administrator (if applicable). 

(k) The appropriate officers of the Company shall cause to be filed any reports, returns or other information regarding
Awards under this Plan or any Common Shares issued pursuant to this Plan as may be required by applicable law and any applicable rules of any stock exchange or other market quotation system on which Common Shares are listed. 

(l) Records of the Company shall be conclusive for all purposes under this Plan or any Award, unless determined by the
Committee to be incorrect. 

  
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 (m) If any provision of this Plan or any Award is held to be illegal or
invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of this Plan or any Award, but such provision shall be fully severable, and this Plan or Award, as applicable, shall be construed and enforced as if the
illegal or invalid provision had never been included in this Plan or Award, as applicable. 
 (n) The terms of this
Plan shall govern all Awards under this Plan and in no event shall the Committee have the power to grant any Award under this Plan that is contrary to any of the provisions of this Plan. 

(o) For purposes of interpretation of this Plan, the masculine pronoun includes the feminine and the singular includes
the plural wherever appropriate.
 Section 19. Plan Amendment or Suspension. This Plan may be amended or suspended
in whole or in part at any time from time to time by the Committee; provided that no such change or amendment shall be made without stockholder approval if such approval is necessary to qualify for or comply with any tax or regulatory
requirement or other applicable law for which the Committee deems it necessary or desirable to qualify or comply. No amendment of this Plan shall adversely affect in a material manner any right of any Participant with respect to any Award previously
granted without such Participant’s written consent, except as permitted under Section 14. Notwithstanding the foregoing or any provision of the Plan to the contrary, the Committee may at any time (without the consent of any
Participant) modify, amend or terminate any or all of the provisions of the Plan to the extent necessary to conform the provisions of the Plan with Section 162(m), Section 409A or any other provision of the Code or other applicable law,
the regulations issued thereunder or an exception thereto, regardless of whether such modification, amendment or termination of the Plan shall adversely affect the rights of a Participant. 

Section 20. Plan Termination. This Plan shall terminate upon the earlier of the following dates or events to
occur: 
 (a) upon the adoption of a resolution of the Board terminating this Plan; or 

(b) the tenth anniversary of the Effective Date. 

Section 21. Effective Date. This Plan shall be effective on February 10, 2015 (the “Effective
Date”); provided that, no Incentive Stock Options shall be exercisable under the Plan unless the stockholders of Armstrong Energy, Inc. approve the Plan within twelve (12) months after the Effective Date of this amendment
and restatement; provided, further, no award that is intended to be performance-based within the meaning of Section 162(m) shall be paid prior to stockholder approval of the material terms of the Plan. 

Section 22. Governing Law. This Plan and any Award granted under this Plan as well as any determinations made or
actions taken under this Plan shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Delaware without regard to its choice or conflicts of laws principles. 

  
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 Section 23. Notification of Election Under Section 83(b) of the
Code. If Participant shall, in connection with the acquisition of shares of Common Shares under the Plan, make the election permitted under Section 83(b) of the Code, Participant shall provide the Company with a copy of such election
within ten (10) days after filing notice of the election with the Internal Revenue Service. 

  
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 APPENDIX A 

The following terms shall have the meaning indicated: 

“Armstrong Energy, Inc.” shall mean Armstrong Energy, Inc., a Delaware corporation. 

“Award” shall mean an award of rights to an Eligible Person under this Plan. 

“Beneficiary” has the meaning set forth in Section 16. 

“Board” shall mean the board of directors of Armstrong Energy, Inc. 

“Code” shall mean the Internal Revenue Code of 1986, as it now exists or may be amended from time to time, and the
rules and regulations promulgated thereunder, as they may exist or may be amended from time to time. 
 “Committee”
shall mean the person or persons responsible for administering this Plan. The Board shall constitute the Committee until the Board appoints a Board Committee, after which time the Board Committee shall constitute the Committee, provided, however,
that at any time the Board may designate itself as the Committee or designate itself to administer certain of the Committee’s authority under this Plan, including administering certain Awards under this Plan; provided, however, that the Board
must approve Awards granted to non-employee directors of the Board. The Board or the Board Committee may designate a Designated Administrator to constitute the Committee or to administer the Committee’s authority under this Plan, including
granting, administering and interpreting certain Awards under this Plan, subject to the right of the Board or the Board Committee, as applicable, to revoke its designation at any time and to make such designation on such terms and conditions as it
may determine in its discretion. For purposes of this definition, the “Board Committee” shall mean a committee of the Board designated by the Board to administer this Plan. The Board Committee (i) shall be
comprised of not fewer than three directors, (ii) shall meet any applicable requirements under Rule 16b-3, including any requirement that the Board Committee consist of “Non-Employee Directors” (as defined in Rule 16b-3), (iii) shall meet any applicable requirements under Section 162(m), including any requirement that the Board Committee consist of “outside directors” (as defined in Treasury Regulation
§1.162-27(e)(3)(i) or any successor regulation), and (iv) shall meet any applicable requirements of any stock exchange or other market quotation system on which Common Shares are listed. For purposes of this definition, the
“Designated Administrator” shall mean one or more Company officers and/or directors designated by the Board or a Board Committee to act as a Designated Administrator pursuant to this Plan in compliance with applicable
law or rule. 
 “Company” shall mean Armstrong Energy, Inc. and any parent, affiliate or subsidiary of Armstrong
Energy, Inc., including any affiliates or subsidiaries which become such after adoption of this Plan. 

  
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 “Common Shares” shall mean shares of common stock, par value $0.01 per
share, of Armstrong Energy, Inc. and stock of any other class into which such shares may thereafter be changed. 
 “Dividend
Equivalents” shall mean an Award of cash or other Awards with a Fair Market Value equal to the dividends which would have been paid on the Common Shares underlying an outstanding Award of Restricted Stock Units had such Common Shares
been outstanding. 
 “Effective Date” has the meaning set forth in Section 21. 

“Eligible Person(s)” shall mean those persons who are full or part-time employees of the Company or other individuals
who perform services for the Company, including, without limitation, directors who are not employees of the Company. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as it now exists or may be amended from time to
time, and the rules promulgated thereunder, as they may exist or may be amended from time to time. 
 “Fair Market
Value” shall mean (i) with respect to the Common Shares, as of any date (A) if the Company’s Common Shares are listed on any established stock exchange, system or market, the closing market price of the Common Shares as
quoted in such exchange, system or market on such date as reported in the Wall Street Journal or such other source as the Committee deems reliable or (B) in the absence of an established market for the Common Shares, as determined in good faith
by the Committee or (ii) with respect to property other than Common Shares, the value of such property, as determined by the Committee, in its sole discretion. 

“Incentive Stock Option” shall mean a Stock Option that is an incentive stock option as defined in Section 422 of
the Code. Incentive Stock Options are subject, in part, to the terms, conditions and restrictions described in Section 6. 

“Nonqualified Stock Option” shall mean a Stock Option that is not an incentive stock option as defined in
Section 422 of the Code. Nonqualified Stock Options are subject, in part, to the terms, conditions and restrictions described in Section 6. 

“Other Armstrong Energy Securities” shall mean Armstrong Energy, Inc. securities (which may include, but need not be
limited to, unbundled stock units or components thereof, debentures, preferred stock, warrants, securities convertible into Common Shares or other property) other than Common Shares. 

“Participant” shall mean an Eligible Person to whom an Award has been granted under this Plan. 

“Performance Grant” shall mean an Award, subject, in part, to the terms, conditions and restrictions described in
Section 9, pursuant to which the recipient may become entitled to receive cash, Common Shares, Other Armstrong Energy Securities any other form of award issuable under this Plan, or any combination thereof, as determined by the Committee. 

  
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 “Permitted Transferee” means (i) any person defined as
an employee in the Instructions to Registration Statement Form S-8 promulgated by the Securities and Exchange Commission, as such Form may be amended from time to time, which persons include, as of the date of adoption of this Plan, executors,
administrators or beneficiaries of the estates of deceased Participants, guardians or members of a committee for incompetent former Participants, or similar persons duly authorized by law to administer the estate or assets of former Participants,
and (ii) Participants’ family members who acquire Awards from the Participant other than for value, including through a gift or a domestic relations order. For purposes of this definition, “family member” includes
any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any
person sharing the Participant’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the Participant) control the
management of assets, and any other entity in which these persons (or the Participant) own more than fifty percent of the voting interests. For purposes of this definition, neither (i) a transfer under a domestic relations order in settlement
of marital property rights, nor (ii) a transfer to an entity in which more than fifty percent of the voting or beneficial interests are owned by family members (or the Participant) in exchange for an interest in that entity is considered a
transfer for “value”. 
 “Person” means any individual, firm, corporation, partnership,
limited liability company, trust, incorporated or unincorporated association, joint venture, joint stock company, governmental body or other entity of any kind. 

“Plan” shall mean this Armstrong Energy, Inc. Amended and Restated 2011 Long-Term Incentive Plan. 

“Restricted Period” has the meaning set forth in subsection 8(b). 

“Restricted Stock” shall mean an Award of Common Shares that are issued subject, in part, to the terms, conditions and
restrictions described in Section 8. 
 “Restricted Stock Units” shall mean an Award of the right to receive
either (as the Committee determines) Common Shares or cash equal to the Fair Market Value of a Common Share, issued subject, in part, to the terms, conditions and restrictions described in Section 8. 

“Rule 16b-3” shall mean Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act and
any successor rule. 
 “Section 162(m)” shall mean §162(m) of the Code, any rules or regulations promulgated
thereunder, as they may exist or may be amended from time to time, or any successor to such section. 

  
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 “Section 409A” shall mean §409A of the Code, any rules or
regulations promulgated thereunder, as they may exist or may be amended from time to time, or any successor to such section. 

“Section 422” shall mean §422 of the Code, any rules or regulations promulgated thereunder, as they may exist or
may be amended from time to time, or any successor to such section. 
 “Separation from Service” and
“Separate from Service” shall mean the Participant’s death, retirement or other termination of employment or service with the Company (including all persons treated as a single employer under Section 414(b) and
414(c) of the Code) that constitutes a “separation from service” (within the meaning of Section 409A). For purposes hereof, the determination of controlled group members shall be made pursuant to the provisions of
Section 414(b) and 414(c) of the Code; provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it appears in Section 1563(a)(1), (2) and (3) of the Code
and Treas. Reg. § 1.414(c)-2; provided, further, where legitimate business reasons exist (within the meaning of Treas. Reg. § 1.409A-1(h)(3)), the language “at least 20 percent” shall be used instead of “at least 80
percent” in each place it appears. 
 “Specified Employee” means a key employee (as defined in
Section 416(i) of the Code without regard to paragraph (5) thereof) of the Company as determined in accordance with Section 409A and the procedures established by the Company. 

“Stock Appreciation Right” shall mean an Award of a right to receive (without payment to Armstrong Energy, Inc.) cash,
Common Shares, Other Armstrong Energy Securities or property, or other forms of payment, or any combination thereof, as determined by the Committee, based on the increase in the value of the number of Common Shares specified in the Stock
Appreciation Right. Stock Appreciation Rights are subject, in part, to the terms, conditions and restrictions described in Section 7. 

“Stock Option” shall mean an Award of a right to purchase Common Shares. The term Stock Option shall include
Nonqualified Stock Options and Incentive Stock Options. 
 “Ten Percent Employee” shall mean an employee of
Armstrong Energy, Inc. or any parent or subsidiary of Armstrong Energy, Inc. who owns stock representing more than ten percent of the voting power of all classes of stock of Armstrong Energy, Inc. or any parent or subsidiary of Armstrong Energy,
Inc. within the meaning of Code Sections 424(e) and (f). 
 “Treasury Regulation” shall mean a final, proposed or
temporary regulation of the Department of Treasury under the Code and any successor regulation. 

  
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