Document:

Exhibit 10.1

 

 

EXECUTION VERSION

 

 

AMENDED AND RESTATED SECURITY AGREEMENT

 

dated as of 

 

October 17, 2016, as amended on December 17, 2019

 

by

 

CLOUD PEAK ENERGY RESOURCES LLC

CLOUD PEAK ENERGY FINANCE CORP.

 

THE OTHER GRANTORS

FROM TIME TO TIME PARTY HERETO

 

in favor of

 

WILMINGTON SAVINGS FUND SOCIETY, FSB,

 

solely in its capacity as Collateral
Agent

 

 

 

 

     

     

    

TABLE
OF CONTENTS

 

	Section 1.	Definitions	1
	Section 2.	Grant of Transaction Liens	7
	Section 3.	General Representations and Warranties	9
	Section 4.	Further Assurances; General Covenants. Each Grantor covenants as follows:	11
	Section 5.	As-Extracted Collateral	13
	Section 6.	Recordable Intellectual Property	13
	Section 7.	Investment Property	14
	Section 8.	[Reserved]	15
	Section 9.	Cash Collateral Accounts	15
	Section 10.	Commercial Tort Claims	15
	Section 11.	Transfer of Record Ownership	15
	Section 12.	Right to Vote Securities	15
	Section 13.	[Reserved]	16
	Section 14.	Remedies upon Event of Default	16
	Section 15.	Application of Proceeds	17
	Section 16.	[Reserved.]	18
	Section 17.	Authority to Administer Collateral	18
	Section 18.	Limitation on Duty in Respect of Collateral	19
	Section 19.	General Provisions Concerning the Collateral Agent	19
	Section 20.	Termination of Transaction Liens; Release of Collateral	20
	Section 21.	Additional Guarantors and Grantors	20
	Section 22.	[Reserved.]	20
	Section 23.	Notices	20
	Section 24.	No Implied Waivers; Remedies Not Exclusive	20
	Section 25.	Successors and Assigns	21
	Section 26.	Amendments and Waivers	21
	Section 27.	Choice of Law	21
	Section 28.	Waiver of Jury Trial	21
	Section 29.	Severability	21
	Section 30.	Conflicts with Note Documents	22
	Section 31.	Entire Agreement	22
	Section 32.	Concerning the Collateral Agent	22

 

 

    i 

     

    

	SCHEDULES:	 
	Schedule 1	Subsidiary Guarantors
	Schedule 2	Jurisdiction of Formation
	Schedule 3	Equity Interests in Subsidiaries and Affiliates Owned by Grantors
	Schedule 4	Other Investment Property Owned by Grantors
	Schedule 5	Material Commercial Tort Claims
	Schedule 6	Material Contracts with Governmental Authorities
	Schedule 7	Locations of Equipment and Inventory
	Schedule 8	Locations of active mine sites or preparation plants and As-Extracted Collateral
	Schedule 9	Material Licenses
	Schedule 10	Material Coal Supply Agreements
	Schedule 11	Registered Intellectual Property
	EXHIBITS:	 
	Exhibit A	Security Agreement Supplement
	Exhibit B	Copyright Security Agreement
	Exhibit C	Patent Security Agreement
	Exhibit D	Trademark Security Agreement

 

    ii 

     

    

AMENDED
AND RESTATED SECURITY AGREEMENT

 

THIS
AMENDED AND RESTATED SECURITY AGREEMENT dated as of December 17, 2019 (“Agreement”) among CLOUD
PEAK ENERGY RESOURCES LLC, a Delaware limited liability company (the “Company”), CLOUD PEAK ENERGY
FINANCE CORP., a Delaware corporation (the “Co-issuer” and, together with the Company, the “Issuers”),
CLOUD PEAK ENERGY INC., a Delaware corporation (the “Parent Guarantor”), the Subsidiary Guarantors
(as defined herein) listed on ‎Schedule 1
hereto, and WILMINGTON SAVINGS FUND SOCIETY, FSB, a federal savings bank, solely in its capacity as Collateral Agent under
the Indenture (as defined below) (the “Collateral Agent”).

 

RECITALS:

 

A.       The
Issuers, the Parent Guarantor and the Subsidiary Guarantors (collectively the “Original Grantors”) have
heretofore delivered to Wilmington Trust, National Association (the “Predecessor Collateral Agent”)
the Security Agreement, dated as of October 17, 2016 (as amended, supplemented or otherwise modified from time to time prior to
the Restatement Date, the “Existing Security Agreement”), pursuant to which such Original Grantors have
granted liens and security interests on their assets (other than assets constituting Excluded Collateral) to secure their obligations
described in the Existing Security Agreement.

 

B.       The
Issuers, the Parent Guarantor, the Subsidiary Guarantors and Wilmington Trust, National Association, as trustee (the “Predecessor
Trustee”) and as Predecessor Collateral Agent are party to an Indenture, dated as of October 17, 2016 (the “Existing
Indenture”).

 

C.       Pursuant
to the Confirmation Order, with effect as of the Effective Date, the Predecessor Collateral Agent is replaced by Wilmington Savings
Fund Society, FSB as the Collateral Agent (the “Successor Collateral Agent”).

 

D.       Pursuant
to the terms of the Confirmation Order, (i) the Issuers, the Parent Guarantor, the Subsidiary Guarantors, and the Collateral Agent
have concurrently herewith entered into an Amended and Restated Indenture (the “Indenture”) and (ii)
certain terms and conditions of the Existing Security Agreement are hereby amended and the Existing Security Agreement is hereby
restated in its entirety as so amended, without novation, as of the Restatement Date in the form of this Agreement;

 

NOW, THEREFORE,
each Grantor hereby agrees with Collateral Agent as follows:

 

Section
1.          Definitions.

 

(a)              
Terms Defined in the Indenture. Terms defined in the Indenture and not otherwise defined in subsection (b) or (c)
of this Section have, as used herein, the respective meanings provided for therein. The rules of construction specified in Section
1.04 of the Indenture also apply to this Agreement.

 

(b)              
Terms Defined in UCC.  As used herein, each of the following terms has the meaning specified in the UCC:

 

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	Term	UCC
	Account	9-102
	As-Extracted
    Collateral	9-102
	Authenticate	9-102
	Certificated
    Security	8-102
	Chattel
    Paper	9-102
	Commercial
    Tort Claim	9-102
	Deposit
    Account	9-102
	Document	9-102
	Entitlement
    Holder	8-102
	Entitlement
    Order	8-102
	Equipment	9-102
	Financial
    Asset	8-102
    & 103
	Fixtures	9-102
	General
    Intangibles	9-102
	Instrument	9-102
	Inventory	9-102
	Investment
    Property	9-102
	Letter-of-Credit
    Right	9-102
	Record	9-102
	Securities
    Intermediary	8-102
	Security	8-102
    & 103
	Security
    Entitlement	8-102
	Supporting
    Obligations	9-102
	Uncertificated
    Security	8-102

 

(c)              
Additional Definitions. The following additional terms, as used herein, have the following meanings:

 

“Bankruptcy
Code” means the United States Bankruptcy Code, as amended, Title 11, U.S. Code.

 

“Cash
Distributions” means dividends, interest and other distributions and payments (including proceeds of liquidation,
sale or other disposition) made or received in cash upon or with respect to any Collateral.

 

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“Collateral”
means all, property, whether now owned or hereafter acquired, on which a Lien is granted or purports to be granted to the Collateral
Agent pursuant to the Security Documents. When used with respect to a specific Grantor, the term “Collateral” means
all its property on which such a Lien is granted or purports to be granted.

 

“Collateral
Accounts” means the Cash Collateral Accounts.

 

“Confirmation
Order” means the order of the Bankruptcy Court for the District of Delaware, dated as of December 5, 2019, confirming
the joint chapter 11 plan of reorganization of the Issuers and the Guarantors.

 

“Contingent
Secured Obligation” means, at any time, any Secured Obligation (or portion thereof) that is contingent in nature
at such time, including any Secured Obligation that is:

 

(i)       an
obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it;

 

(ii)       an
obligation under a Hedging Agreement to make payments that cannot be quantified at such time;

 

(iii)       any
other obligation (including any guarantee) that is contingent in nature at such time; or

 

(iv)       an
obligation to provide collateral tosecureany of the foregoing types of obligations.

 

“Contracts”
means all written contracts and agreements, including, but not limited to, any coal supply agreements (including the coal supply
agreements listed on ‎Schedule 10), equipment
leases and transportation contracts, between any Grantor and any other Person as the same may be amended, assigned, extended,
restated, supplemented, replaced or otherwise modified from time to time, including (i) all rights of any Grantor to receive moneys
due and to become due to it thereunder or in connection therewith, (ii) all rights of any Grantor to receive proceeds of any insurance,
indemnity, warranty or guaranty with respect thereto and (iii) all rights of any Grantor to damages arising thereunder.

 

“Control”
has the meaning specified in UCC Section 8-106, 9-104, 9-105, 9-106 or 9- 107, as may be applicable to the relevant Collateral.

 

“Copyright
License” means any agreement granting to any Grantor, or pursuant to which any Grantor grants to any other Person,
any right to use, copy, reproduce, distribute, prepare derivative works, display or publish any records or other materials on
which a Copyright is in existence or may come into existence.

 

“Copyrights”
means all the following: (i) all copyrights under the laws of the United States or any other country (whether or not the underlying
works of authorship have been published), and all registrations and applications for the foregoing including those set forth in
‎Schedule 1 to any Copyright Security Agreement,
(ii) all renewals of any of the foregoing, (iii)all claims for, and rights to sue for, past or future infringements of any of
the foregoing, and (iv)all

 

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income, royalties, damages and
payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future
infringements thereof.

 

“Copyright
Security Agreement” means a Copyright Security Agreement, substantially in the form of ‎Exhibit
B, executed and delivered by a Grantor in favor of the Collateral Agent for the benefit of the Secured Parties.

 

“Effective
Date” means the date upon which a notice of effectiveness is filed in connection with the joint chapter 11 of reorganization
of the Issuers and the Guarantors, which date is December 17, 2019.

 

“Equity
Interest” means (i) in the case of a corporation, any shares of its capital stock, (ii) in the case of a limited
liability company, any membership interest therein, (iii) in the case of a partnership, any partnership interest (whether general
or limited) therein, (iv) in the case of any other business entity, any participation or other interest in the equity or profits
thereof, (v) any warrant, option or other right to acquire any Equity Interest described in this definition or (vi) any Security
Entitlement in respect of any Equity Interest described in this definition.

 

“Expense
Account” means the account No. 1077652087 maintained with PNC Bank, National Association in the name of the Company.

 

“General
Intangibles” means all “general intangibles” as such term is defined in Section 9-102 of the UCC and,
in any event, including with respect to any Grantor, all leases, licenses, permits, concessions, franchises and authorizations
issued or granted by Governmental Authorities in any form, and portions thereof, to which such Grantor is a party or under which
such Grantor has any right, title or interest or to which such Grantor or any property of such Grantor is subject, and all pending
applications therefor filed by such Grantor, as the same may from time to time be amended, supplemented, replaced or otherwise
modified, including (i) all rights of such Grantor to receive moneys due and to become due to it thereunder or in connection therewith,
(ii) all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect thereto, and
(iii) all rights of such Grantor to damages arising thereunder.

 

“Grantors”
means the Issuers and the Guarantors.

 

“Intellectual
Property” means all intellectual property now owned or hereafter acquired by any Grantor, including Patents, Copyrights,
Licenses, Trademarks, trade secrets and confidential or proprietary technical and business information (including know-how).

 

“Intellectual
Property Filing” means (i) with respect to any Patent, exclusive Patent License, Trademark or exclusive Trademark
License, the filing of the applicable Patent Security Agreement or Trademark Security Agreement with the United States Patent
and Trademark Office, and (ii) with respect to any Copyright or exclusive Copyright License, the filing of the applicable Copyright
Security Agreement with the United States Copyright Office, in each case sufficient to record the Transaction Lien granted to
the Collateral Agent in such Recordable Intellectual Property.

 

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“Intellectual
Property Security Agreement” means a Copyright Security Agreement, a Patent Security Agreement or a Trademark Security
Agreement.

 

“License”
means any Patent License, Trademark License, Copyright License or other license or sublicense agreement relating to Intellectual
Property to which any Grantor is a party.

 

“Material
Adverse Effect” means any event or circumstance, either individually or in the aggregate, that has had or would
reasonably be expected to have a material (a) adverse effect on (i) the business, assets, operations or condition (financial or
otherwise) of the Issuers and the Guarantors taken as a whole, or (ii) the ability of the Issuers and the Guarantors (taken as
a whole) to perform any of their payment obligations under any Note Document or (b) impairment of the rights of or benefits available
to the Secured Parties under any Note Document.

 

“Material
Contract” means any Contract to which any Grantor is a party that is material to the Company and its subsidiaries,
taken as a whole, and in respect of which breach or non- performance, would reasonably be expected to have a Material Adverse
Effect.

 

“Mortgage”
means a mortgage, deed of trust, assignment of leases and rents, leasehold mortgage or other security document creating a Lien
(to the extent feasible) on real property (including any leasehold interests in real property) and improvements thereto in favor
of, the Collateral Agent (or a sub-agent appointed pursuant to ‎Section
19(b)) for the benefit of the Secured Parties.

 

“Original
Grantor” has the meaning set forth in the recitals hereto.

 

“own”
refers to the possession of sufficient rights in property to grant a security interest therein as contemplated by UCC Section
9-203, and “acquire” refers to the acquisition of any such rights.

 

“Patent
License” means any agreement granting to any Grantor, or pursuant to which any Grantor grants to any other Person,
any right with respect to any Patent.

 

“Patents”
means (i) all letters patent and design letters patent of the United States or any other country and all applications therefor,
including those set forth in ‎Schedule 1 to
any Patent Security Agreement, (ii) all reissues, divisions, continuations, continuations in part and extensions of any of the
foregoing, (iii) all claims for, and rights to sue for, past or future infringements of any of the foregoing, and (iv) all income,
royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments
for past or future infringements thereof.

 

“Patent
Security Agreement” means a Patent Security Agreement, substantially in the form of ‎Exhibit
C, executed and delivered by a Grantor in favor of the Collateral Agent for the benefit of the Secured Parties.

 

“Personal
Property Collateral” means all property included in the Collateral except Real Property Collateral.

 

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“Pledged”
when used in conjunction with any type of asset, means at any time an asset of such type that is included (or that creates rights
that are included) in the Collateral at such time.

 

For example, “Pledged
Equity Interest” means an Equity Interest that is included in the Collateral at such time.

 

“Proceeds”
means all proceeds of, and all other profits, products, rents or receipts, in whatever form, arising from the collection, sale,
lease, exchange, assignment, licensing or other disposition of, or other realization upon, any Collateral, including all claims
of the relevant Grantor against third parties for loss of, damage to or destruction of, or for proceeds payable under, or unearned
premiums with respect to, policies of insurance in respect of, any Collateral, and any condemnation or requisition payments with
respect to any Collateral.

 

“Real
Property Collateral” means all real property (including any leasehold interests in real property) and fixed improvements
thereto included in the Collateral.

 

“Recordable
Intellectual Property” means (i) any Patent registered with the United States Patent and Trademark Office and any
exclusive Patent License with respect to a Patent so registered (excluding (x) licenses for commercial off the shelf computer
software that are generally available on nondiscriminatory pricing terms and (y) nonexclusive licenses incidental to the purchase
of equipment that are generally available to others who purchase the same equipment), (ii) any Trademark registered with the United
States Patent and Trademark Office, and any exclusive Trademark License with respect to a Trademark so registered, (iii) any Copyright
registered with the United States Copyright Office and any exclusive Copyright License with respect to a Copyright so registered
(excluding (x) licenses for commercial off the shelf computer software that are generally available on nondiscriminatory pricing
terms and (y) non-exclusive licenses incidental to the purchase of equipment that are generally available to others who purchase
the same equipment), and all rights in or under any of the foregoing.

 

“Restatement
Date” means December 17, 2019.

 

“Secured
Agreement” when used with respect to any Secured Obligation, refers collectively to each instrument, agreement or
other document that sets forth obligations of an Issuer, obligations of a Guarantor and/or rights of the holder with respect to
such Secured Obligation.

 

“Secured
Obligations” means all the Obligations of the Issuers with respect to the Notes, the Obligations of the Guarantors
under the Note Guaranties and all other Obligations of the Issuers and the Guarantors under the Note Documents.

 

“Secured
Parties” means the holders from time to time of the Secured Obligations.

 

“Security
Agreement Supplement” means a Security Agreement Supplement, substantially in the form of ‎Exhibit
A, signed and delivered to the Collateral Agent for the purpose of adding a Subsidiary as a party hereto pursuant to ‎Section
21 and/or adding additional property to the Collateral.

 

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“Security
Documents” means this Agreement, the Security Agreement Supplements, the Mortgages, the Intellectual Property Security
Agreements and all other supplemental or additional security agreements, control agreements, mortgages or similar instruments
delivered pursuant to the Note Documents.

 

“Subsidiary
Guarantor” means each Subsidiary listed on ‎Schedule 1
to this Agreement and each Subsidiary that shall, at any time after the date hereof, become a Guarantor pursuant to ‎Section
21 of this Agreement.

 

“Trademark
License” means any agreement granting to any Grantor, or pursuant to which any Grantor grants to any other Person,
any right to use any Trademark.

 

“Trademarks”
means: (i) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles,
service marks, logos, brand names, and trade dress, (ii) the goodwill of the business symbolized by or associated with each of
the foregoing, (iii) all registrations and applications to register any of the foregoing, including those set forth in ‎Schedule 1
to any Trademark Security Agreement, (iv) all renewals of any of the foregoing, (v) all claims for, and rights to sue for,
past or future infringements of any of the foregoing, and (vi) all income, royalties, damages and payments now or hereafter due
or payable with respect to any of the foregoing, including damages and payments for past or future infringements thereof.

 

“Trademark
Security Agreement” means a Trademark Security Agreement, substantially in the form of ‎Exhibit
D, executed and delivered by a Grantor in favor of the Collateral Agent for the benefit of the Secured Parties.

 

“Transaction
Liens” means the Liens granted by the Grantors under the Security Documents.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if perfection
or the effect of perfection or non-perfection or the priority of any Transaction Lien on any Collateral is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in
effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect
of perfection or non-perfection or priority.

 

Section
2.          Grant
of Transaction Liens.

 

(a)              
Each Grantor, in each case in order to secure its Secured Obligations (as defined in the Original Indenture) previously
granted to the Predecessor Collateral Agent for the benefit of the Predecessor Collateral Agent, the Predecessor Trustee and the
other Secured Parties a continuing security interest in all the property of such Grantor listed in clauses (i) through (xviii)
of this paragraph (a), as the case may be, whether now owned or existing or hereafter acquired or arising and regardless of where
located (the “Existing Grant”). Each Grantor, in each case in order to secure its Secured Obligations
(as defined in the Indenture), (i) hereby ratifies and affirms the Existing Grant for the benefit of the Collateral Agent, the
Trustee and the other Secured Parties and (ii) hereby grants to the Collateral Agent for the benefit of the Collateral

 

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Agent, the Trustee and the other
Secured Parties a continuing security interest in all the following property of such Grantor, as the case may be, whether now
owned or existing or hereafter acquired or arising and regardless of where located:

 

(i)            
all Accounts;

 

(ii)           
all As-Extracted Collateral;

 

(iii)          
all Chattel Paper,

 

(iv)          
all cash and Deposit Accounts;

 

(v)           
the Commercial Tort Claims described in ‎Schedule 5;

 

(vi)          
all Contracts;

 

(vii)         
all Documents;

 

(viii)        
all Equipment;

 

(ix)           
all Fixtures;

 

(x)            
all General Intangibles;

 

(xi)           
all Instruments;

 

(xii)          
all Intellectual Property;

 

(xiii)         
all Inventory;

 

(xiv)         
all Investment Property;

 

(xv)          
all Letter-of-Credit Rights;

 

(xvi)        
all books and records (including customer lists, credit files, computer programs, printouts and other computer materials
and records) of such Grantor pertaining to any of its Collateral;

 

(xvii)       
such Grantor’s ownership interest in (A) its Collateral Accounts, (B) all Financial Assets credited to its Collateral
Accounts from time to time and all Security Entitlements in respect thereof, and (C) all cash held in its Collateral Accounts
from time to time; and

 

(xviii)      
all Proceeds of the Collateral described in the foregoing clauses (i) through (vii);

 

provided
that the Excluded Collateral is excluded from the foregoing security interests; and provided further that the security
interests granted hereunder shall include the right of the applicable Grantor to receive all proceeds derived from or in connection
with the sale,

 

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assignment or transfer of the
Excluded Collateral but only to the extent that, and only for so long as, such proceeds are not properties that would constitute
the Excluded Collateral themselves.

 

(b)              
Notwithstanding the foregoing or anything in this Agreement or any other Security Document to the contrary, (i) remedies
with respect to Collateral as to which creation and perfection is governed by a Mortgage but also included in the definition of
Collateral under this Agreement shall be governed by the provisions of the applicable Mortgage, (ii) the creation (other than
by this Agreement) or perfection of pledges of or security interests in particular assets will not be required if, and for so
long as, the creation or perfection of such security interests would require a foreign law governed security or pledge agreement,
and (iii) no Grantor shall be required (A) to take steps to perfect the security interest in Excluded Accounts, (B) to take steps
to perfect the security interests in property and assets (other than deposit, securities and commodities accounts) requiring perfection
through control agreements (other than the filing a financing statement under the Uniform Commercial Code of any applicable jurisdiction
to the extent such security interest can be perfected by such filing), (C) to take steps to perfect the security interests granted
hereunder by indicating such security interest on the certificate of title for any motor vehicle asset or other asset that is
covered by a certificate of title, (D) to take steps to perfect the security interest in Letter-of-Credit Rights (other than the
filing a financing statement under the Uniform Commercial Code of any applicable jurisdiction to the extent such security interest
can be perfected by such filing), (E) to seek any third party consent, or (F) to take steps to perfect the security interests
granted hereunder in any commercial tort claims.

 

(c)              
With respect to each right to payment or performance included in the Collateral from time to time, the Transaction Lien
granted therein includes a continuing security interest in (i) any Supporting Obligation that supports such payment or performance
and (ii) any Lien that (x) secures such right to payment or performance or (y) secures any such Supporting Obligation.

 

(d)              
The Transaction Liens are granted as security only and shall not subject the Collateral Agent or any other Secured Party
to, or transfer or in any way affect or modify, any obligation or liability of any Grantor with respect to any of the Collateral
or any transaction in connection therewith.

 

Section
3.          General
Representations and Warranties. Each Grantor represents and warrants that:

 

(a)              
Such Grantor is duly organized, validly existing and in good standing under the laws of the jurisdiction identified as
its jurisdiction of organization in Schedule 2.

 

(b)              
With respect to each Grantor, ‎Schedule 3 lists all Equity Interests in Subsidiaries and
Affiliates owned by such Grantor as of the Restatement Date.

 

(c)              
With respect to each Grantor, ‎Schedule 4 lists, as of the Restatement Date, all Securities
owned by such Grantor (except Securities evidencing Equity Interests in Subsidiaries and Affiliates).

 

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(d)              
With respect to each Grantor, ‎Schedule 6 lists, as of the Restatement Date, all Material
Contracts with Governmental Authorities to which such Grantor is a party other than those described in the Parent Guarantor’s
and the Company’s 10-K or 10-Q filings with the SEC.

 

(e)              
As of the Restatement Date, except for those locations listed on Schedule 7 where (i) mining equipment may be, from
time to time, in the possession of a third party in order to be repaired or rebuilt or (ii) coal inventory may be, from time to
time, stored on a temporary basis prior to being transported to customers, none of the Equipment or Inventory that is included
in the Collateral is in the possession of an issuer of a negotiable document (as defined in Section 7-104 of the New York
UCC) therefor or is otherwise in the possession of any bailee or warehouseman.

 

(f)               
With respect to each Grantor, ‎Schedule 9 lists, as of the Restatement Date, each Material
Contract to which such Grantor is party that is a License.

 

(g)              
With respect to each Grantor, ‎Schedule 11 lists, as of the Restatement Date, all Intellectual
Property of such Grantor that is registered or subject to applications for registration in the name of such Grantor.

 

(h)              
All Pledged Equity Interests owned by such Grantor in its Subsidiaries are owned by it free and clear of any Lien other
than any Liens permitted under Section 4.10 of the Indenture. All shares of capital stock included in such Pledged Equity Interests
(including shares of capital stock in respect of which such Grantor owns a Security Entitlement) have been duly authorized and
validly issued and are fully paid and non-assessable. None of such Pledged Equity Interests is subject to any option to purchase
or similar right of any Person. Such Grantor is not and will not become a party to or otherwise bound by any agreement (except
the Note Documents and except as otherwise permitted under the Indenture) which restricts in any manner the rights of any present
or future holder of any Pledged Equity Interest with respect thereto.

 

(i)                
Such Grantor has good and valid title to all its Collateral that is material to its business, except where the failure
to have such title or interest does not or would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. All the Collateral is free and clear of any Lien other than Liens permitted under Section 4.10 of the Indenture.

 

(j)                
No effective financing statement, security agreement, mortgage or similar or equivalent document or instrument covering
all or part of the Collateral owned by such Grantor is on file or of record in any jurisdiction in which such filing or recording
would be effective to perfect or record a Lien on such Collateral, except financing statements, mortgages or other similar or
equivalent documents with respect to Liens permitted under Section 4.10 of the Indenture. As of the Restatement Date, no Collateral
owned by such Grantor is in the possession or under the Control of any other Person having a claim thereto or security interest
therein, other than in connection with any Lien permitted under Section 4.10 of the Indenture.

 

(k)              
The Transaction Liens on all Personal Property Collateral owned by such Grantor (i) have been validly created, (ii) will
attach to each item of such Collateral on the Restatement Date (or, if such Grantor on a later date first obtains rights thereto
or obtains a consent or

 

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removes another applicable restriction
on granting a security interest thereon, then on such later date) and (iii) when so attached, will secure all of such Grantor’s
Secured Obligations.

 

(l)                
Subject to the limitations set forth therein, when the relevant Mortgages have been duly executed and delivered, the Transaction
Liens on all Real Property Collateral owned by such Grantor as of the Restatement Date will have been validly created and will
secure all such Grantor’s Secured Obligations. When such Mortgages have been duly recorded, such Transaction Liens will
rank prior to all other Liens (except for Liens permitted under Section 4.10 of the Indenture) on such Real Property Collateral.

 

(m)            
[Reserved].

 

(n)              
UCC financing statements describing the Collateral as “all personal property” have been filed in the offices
in the jurisdiction of formation specified in Schedule 2 and the Transaction Liens constitute perfected security interests
in the Personal Property Collateral owned by such Grantor to the extent that a security interest therein may be perfected by filing
pursuant to the UCC, prior to all Liens and rights of others therein except for Liens permitted under Section 4.10 of the Indenture.
In addition to the filing of such UCC financing statements, the applicable Intellectual Property Filings have been made with respect
to such Grantor’s Recordable Intellectual Property (including any future filings required pursuant to Sections ‎Section
4(a) and ‎Section 6(a)) and the Transaction Liens constitute perfected security interests in all
right, title and interest of such Grantor in its Recordable Intellectual Property to the extent that security interests therein
may be perfected by such filings, prior to all Liens and rights of others therein except for Liens permitted under Section 4.10
of the Indenture. Except for (i) the filing of such UCC financing statements, (ii) such Intellectual Property Filings (iii) the
due recordation of the Mortgages, (iv) notices of the Transactions required under the Mining Permits (including to the Bureau
of Alcohol, Tobacco and Firearms) and Environmental Permits regarding a change in control that were or will be given to the applicable
Governmental Authority on or prior to the date by which such notices were or are due, (v) the entry into control agreements and
(vi) steps which are, pursuant to ‎Section 2(b) above, not required, no registration, recordation or
filing with any governmental body, agency or official is required in connection with the execution or delivery of the Security
Documents or is necessary for the validity or enforceability thereof or for the perfection or due recordation of the Transaction
Liens.

 

(o)              
Such Grantor has taken, and will continue to take, all actions necessary under the UCC to perfect its interest in any Accounts
or Chattel Paper purchased or otherwise acquired by it, as against its assignors and creditors of its assignors to the same extent
as required for the Liens granted on the Restatement Date.

 

(p)              
[Reserved].

 

(q)              
All of such Grantor’s Inventory has or will have been produced in compliance with the applicable material requirements
of the Fair Labor Standards Act, as amended.

 

Section
4.          Further
Assurances; General Covenants. Each Grantor covenants as follows:

 

     11

     

    

(a)              
Such Grantor will, from time to time, at the Company’s expense, execute, deliver, file and record any statement,
assignment, instrument, document, agreement or other paper and take any other action (including any Intellectual Property Filing)
that from time to time may be necessary or desirable, or that the Collateral Agent may request, in order to:

 

(i)                
create, preserve, perfect, confirm or validate the Transaction Liens on such Grantor’s Collateral, subject, in each
case to the exceptions and exclusions in the Note Documents and to the same extent as required for the Liens granted on the Issue
Date;

 

(ii)             
in the case of Certificated Securities, cause the Collateral Agent to have Control thereof;

 

(iii)           
enable the Collateral Agent and the other Secured Parties to obtain the full benefits of the Security Documents; or

 

(iv)            
enable, to the extent possible, the Collateral Agent to exercise and enforce any of its rights, powers and remedies with
respect to any of such Grantor’s Collateral, subject, in each case to the exceptions and exclusions in the Note Documents.

 

Without
limiting the foregoing, such Grantor authorizes the Collateral Agent to execute and file such financing statements or continuation
statements in such jurisdictions with such descriptions of collateral (including “all assets” or “all personal
property” or other words to that effect) and other information set forth therein as the Collateral Agent may deem necessary
or desirable for the purposes set forth in the preceding sentence. Each Grantor also ratifies its authorization for the Collateral
Agent to file in any such jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof
for the purposes set forth in the preceding sentence. The Collateral Agent is further authorized to file with the United States
Patent and Trademark Office or United States Copyright Office (or any successor office or any similar office in any other country)
such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting
the security interests granted by each Grantor, without the signature of any Grantor, and naming any Grantor or the Grantors as
debtors and the Collateral Agent as secured party. The Company will pay the costs of, or incidental to, any Intellectual Property
Filings and any recording or filing of any financing or continuation statements or other documents recorded or filed pursuant
hereto.

 

(b)              
Such Grantor will not (i) change its name or organizational form or structure or (ii) change its jurisdiction of organization,
unless, in each case, it promptly informs the Collateral Agent and takes all steps reasonably that are necessary to maintain the
perfection and status of the Transaction Liens.

 

(c)              
Such Grantor will not sell, lease, exchange, assign or otherwise dispose of, or grant any option with respect to, any of
its Collateral; provided that such Grantor may do any of the foregoing unless doing so would violate a covenant in the
Indenture. Concurrently with any sale, lease, exchange, assignment or other disposition permitted by the foregoing proviso, the
Transaction Liens on the assets sold, leased, exchanged, assigned or otherwise disposed of (but not in any Proceeds arising from
such sale or disposition) will be released in accordance with Section 11.05 of the Indenture. The Collateral Agent will promptly,
at the Company’s expense,

 

     12

     

    

execute
and deliver to the relevant Grantor such documents as such Grantor shall reasonably request to evidence the fact that any asset
so sold, leased, exchanged, assigned or otherwise disposed of is no longer subject to a Transaction Lien.

 

(d)              
Such Grantor will, promptly upon request, provide to the Collateral Agent all information and evidence concerning such
Grantor’s Collateral that the Collateral Agent may reasonably request from time to time to enable it to enforce the provisions
of the Security Documents.

 

Section
5.          As-Extracted
Collateral. If any Grantor acquires any interest in any preparation plant or any As-Extracted Collateral, then, in each case,
unless such preparation plant is included on ‎Schedule 8 hereto, such Grantor will (i) provide notice
thereof to the Collateral Agent within 20 days of such acquisition, together with a supplement to ‎Schedule 8
reflecting such acquisition, (ii) prepare and file any financing statement covering such As-Extracted Collateral (which financing
statements shall include the name of the record owner of the real estate if other than the Grantor and sufficient real estate
descriptions for recording) as are necessary to record and perfect the Lien in such As-Extracted Collateral and (iii) pay all
related filing fees and any recording or stamp taxes due in connection with such filings.

 

Section
6.          Recordable
Intellectual Property. Each Grantor covenants as follows:

 

(a)              
On the Restatement Date or such later date on which it signs and delivers its first Security Agreement Supplement, such
Grantor will sign and deliver to the Collateral Agent Intellectual Property Security Agreements with respect to all Recordable
Intellectual Property then owned by it. At the request of the Collateral Agent (it being understood that the Collateral Agent
shall have no duty to make such request), Grantor will sign and deliver to the Collateral Agent an appropriate Intellectual Property
Security Agreement covering any acquired material Recordable Intellectual Property, and the provisions of this Agreement shall
automatically apply thereto.

 

(b)              
Such Grantor will notify the Collateral Agent as soon as reasonably practicable if any material Recordable Intellectual
Property owned by such Grantor is abandoned or dedicated to the public, or if there is any proceeding instituted in the United
States Copyright Office, the United States Patent and Trademark Office or any court, that challenges such Grantor’s ownership
of such material Recordable Intellectual Property. If any of such Grantor’s rights to any material Recordable Intellectual
Property are infringed, misappropriated or diluted by a third party such that there is a Material Adverse Effect, such Grantor
will notify the Collateral Agent thereof as soon as is reasonably practicable.

 

(c)              
Upon the occurrence and during the continuance of an Event of Default upon the Collateral Agent’s request, each Grantor
shall use its best efforts to obtain all requisite consents or approvals by the licensor of each Copyright License, Patent License
or Trademark License under which such Grantor is a licensee to effect the assignment of all such Grantor’s right, title
and interest thereunder to the Collateral Agent, for the ratable benefit of the Secured Parties, or its designee.

 

     13

     

    

Section
7.          Investment
Property. Each Grantor represents, warrants and covenants as follows:

 

(a)              
Certificated Securities. On the Restatement Date or the date on which it signs and delivers its first Security Agreement
Supplement, such Grantor shall have delivered to the Collateral Agent as Collateral hereunder all certificates representing Pledged
Certificated Securities then owned by such Grantor. Thereafter, whenever such Grantor acquires any other certificate representing
a Pledged Certificated Security, such Grantor will, as promptly as practicable, deliver such certificate to the Collateral Agent
as Collateral hereunder. The provisions of this subsection shall not apply to any Excluded Collateral.

 

(b)              
[Reserved].

 

(c)              
[Reserved].

 

(d)              
[Reserved].

 

(e)              
Perfection as to Certificated Securities. When (x) such Grantor delivers the certificate representing any Pledged
Certificated Security owned by it to the Collateral Agent, which delivery shall be in compliance with ‎Section
7(j) and (y) the Collateral Agent takes possession and obtains Control in the State of New York over such Pledged Certificated
Security, (i) the Transaction Lien on such Pledged Certificated Security will be perfected, subject to no prior Liens or rights
of others (other than Liens permitted under Section 4.10 of the Indenture), and (ii) the Collateral Agent will have Control of
such Pledged Certificated Security.

 

(f)               
[Reserved].

 

(g)              
[Reserved].

 

(h)              
[Reserved].

 

(i)                
Agreement as to Applicable Jurisdiction. In respect of all Security Entitlementsowned by such Grantor, and all Securities
Accounts to which the related Financial Assets are credited, the Securities Intermediary’s jurisdiction (determined as provided
in UCC Section 8- 110(e)) will at all times be located in the United States. In respect of all Commodity Contracts owned by such
Grantor and all Commodity Accounts in which such Commodity Contracts are carried, the Commodity Intermediary’s jurisdiction
(determined as provided in UCC Section 9- 305(b)) will at all times be located in the United States.

 

(j)                
Delivery of Pledged Certificates. All Pledged Certificates, when delivered to the Collateral Agent, will be in suitable
form for transfer by delivery, or accompanied by duly executed instruments of transfer or assignment in blank.

 

(k)              
Certification of Limited Liability Company and Partnership Interests. Any limited liability company and any partnership
controlled by any Grantor shall either (i) not include in its operative documents any provision that any Equity Interests in such
limited liability company or such partnership be a “security” as defined under Article 8 of the Uniform Commercial
Code, or (ii) certificate any Equity Interests in any such limited liability company or such partnership. To

 

     14

     

    

the extent
an interest in any limited liability company or partnership controlled by any Grantor and pledged hereunder is certificated or
becomes certificated, each such certificate shall be delivered to the Collateral Agent pursuant to ‎Section 7(a)
and such Grantor shall fulfill all other requirements under ‎Section 7 applicable in respect thereof.

 

Section
8.          [Reserved].

 

Section
9.          Cash
Collateral Accounts. If and when required for purposes hereof or of any other Note Document, the Collateral Agent will establish
with respect to each Grantor an account (each a “Cash Collateral Account”), in the name and under the
exclusive control of the Collateral Agent, into which all amounts owned by such Grantor that are to be deposited therein pursuant
to the Note Documents shall be deposited from time to time. Funds held in any Cash Collateral Account may, until withdrawn, be
invested and reinvested in such Cash Equivalents as the relevant Grantor shall request from time to time; provided that
if an Event of Default shall have occurred and be continuing, the Collateral Agent may, but shall not be obligated to, select
such Cash Equivalents. Subject to ‎Section 15, withdrawal of funds on deposit in any Cash Collateral
Account shall be permitted if, as and when expressly so provided in or in respect of the applicable provision of the Note Documents
pursuant to which such Cash Collateral Account was required to be established.

 

Section
10.      Commercial Tort Claims.
Each Grantor represents, warrants and covenants as follows:

 

(a)              
‎Schedule 5 accurately describes, with the specificity required to satisfy Official Comment
5 to UCC Section 9-108, each Material Commercial Tort Claim with respect to which such Grantor is the claimant as of the Restatement
Date. In the case of any Grantor , ‎Schedule 4 to its first Security Agreement Supplement will accurately
describe, with the specificity required to satisfy said Official Comment 5, each Material Commercial Tort Claim with respect to
which such Grantor is the claimant as of the date on which it signs and delivers such Security Agreement Supplement.

 

Section
11.      Transfer of Record Ownership.
At any time when an Event of Default under Section 6.01(a) of the Indenture shall have occurred and be continuing, the Collateral
Agent, may, but shall not be obligated to, (and to the extent that action by it is required, the relevant Grantor, if directed
to do so by the Collateral Agent, will as promptly as practicable) cause each of the Pledged Securities (or any portion thereof
specified in such direction) to be transferred of record into the name of the Collateral Agent or its nominee. Each Grantor will
take any and all actions reasonably requested by the Collateral Agent to facilitate compliance with this Section.

 

Section
12.      Right to Vote Securities.

 

(a)              
Unless an Event of Default shall have occurred and be continuing and Collateral Agent has provided written notice of its
exercise of rights pursuant to Section 12(b) below, each Grantor will have the right, from time to time, to vote and to
give consents, ratifications and waivers with respect to any Pledged Security owned by it and the Financial Asset underlying any
Pledged Security Entitlement owned by it.

 

     15

     

    

(b)              
If an Event of Default shall have occurred and be continuing, then with written notice to the Company, the Collateral Agent
will have the exclusive right to, but not the obligation to, the extent permitted by law (and, in the case of a Pledged partnership
interest, whether general or limited, or Pledged membership interest or similar interest in a limited liability company, by the
relevant partnership agreement, limited liability company agreement, operating agreement or other governing document) to vote,
to give consents, ratifications and waivers and to take any other action with respect to the Pledged Investment Property, the
other Pledged Equity Interests and the Financial Assets underlying the Pledged Security Entitlements, with the same force and
effect as if the Collateral Agent were the absolute and sole owner thereof, and each Grantor will take all such action as the
Collateral Agent may reasonably request from time to time to give effect to such right.

 

Section
13.      [Reserved].

 

Section
14.      Remedies upon Event of Default.

 

(a)              
If an Event of Default shall have occurred and be continuing, the Collateral Agent may, but shall not be obligated to,
exercise (or cause its sub-agents to exercise) any or all of the remedies available to it (or to such sub- agents) under the Security
Documents.

 

(b)              
Without limiting the generality of the foregoing, if an Event of Default shall have occurred and be continuing, the Collateral
Agent may, but shall not be obligated to exercise on behalf of the Secured Parties all the rights of a secured party under the
UCC (whether or not in effect in the jurisdiction where such rights are exercised) with respect to any Personal Property Collateral
and, in addition, the Collateral Agent may, without being required to give any notice, except as herein provided or as may be
required by mandatory provisions of law, sell or otherwise dispose of the Collateral or any part thereof in one or more parcels
at public or private sale, at any exchange, broker’s board or at any of the Collateral Agent’s offices or elsewhere,
for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as the
Collateral Agent may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral.
To the maximum extent permitted by applicable law, any Secured Party may be the purchaser of any or all of the Collateral at any
such sale and (with the consent of the Collateral Agent, which may be withheld in its discretion) shall be entitled, for the purpose
of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public
sale, to use and apply all of any part of the Secured Obligations as a credit on account of the purchase price of any Collateral
payable at such sale. Upon any such sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted
by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient
discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to
see to the application of any part of the purchase money paid to the Collateral Agent or such officer or be answerable in any
way for the misapplication thereof. Each purchaser at any such sale shall hold the property sold absolutely free from any claim,
or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption,
stay or appraisal that it now has or may at any time in the future have under any rule of law or statute now existing or hereafter
enacted. The Collateral Agent shall not be obliged to make any sale of Collateral regardless of notice of sale having been given.
The Collateral Agent

 

     16

     

    

may adjourn
any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without
further notice, be made at the time and place to which it was so adjourned. To the maximum extent permitted by law, each Grantor
hereby waives any claim against any Secured Party arising because the price at which any Collateral may have been sold at such
a private sale was less than the price that might have been obtained at a public sale, even if the Collateral Agent accepts the
first offer received and does not offer such Collateral to more than one offeree. The Collateral Agent may disclaim any warranty,
as to title or as to any other matter, in connection with such sale or other disposition, and its doing so shall not be considered
adversely to affect the commercial reasonableness of such sale or other disposition.

 

(c)              
Notice of any such sale or other disposition shall be given to the relevant Grantor(s) as (and if) required by ‎Section
17.

 

(d)              
For the purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement at such time as the
Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Collateral
Agent an irrevocable license (exercisable without payment of royalty or other compensation to the Grantors), to use, license or
sublicense any of the Collateral consisting of Intellectual Property now owned or hereafter acquired by such Grantor, and including
in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software
and programs used for the compilation or printout thereof. The use of such license by the Collateral Agent may be exercised only
upon the occurrence and during the continuation of an Event of Default; provided, however, that any license, sublicense
or other transaction entered into by the Collateral Agent in accordance herewith shall be binding upon each Grantor notwithstanding
any subsequent cure of an Event of Default.

 

(e)              
The foregoing provisions of this Section shall apply to Real Property Collateral only to the extent permitted by applicable
law and the provisions of any applicable Mortgage.

 

Section
15.      Application of Proceeds.

 

(a)              
If an Event of Default shall have occurred and be continuing, the Collateral Agent may apply (i) any cash held in the Collateral
Accounts and (ii) the proceeds of any sale or other disposition of all or any part of the Collateral, in the following order of
priorities:

 

first,
to pay the expenses of such sale or other disposition, including reasonable compensation to agents of and counsel for the Collateral
Agent and Trustee, and all expenses, liabilities and advances incurred or made by the Collateral Agent and Trustee in connection
with the Security Documents, and any other amounts then due and payable to the Collateral Agent and Trustee pursuant to Sections
7.07 and 11.08 of the Indenture;

 

second,
to pay (i) all Secured Obligations under the Note Documents (including without limitation principal of and interest on the Notes
and all other amounts owing thereunder), and (ii) all other Secured Obligations, in each case pro rata in accordance with their
respective amounts, until payment in full of all such interest and fees shall have been made (or so provided for); and

 

     17

     

    

third,
to pay to the relevant Grantor, or as a court of competent jurisdiction may direct, any surplus then remaining from the proceeds
of the Collateral owned by it;

 

provided
that Collateral owned by a Subsidiary Guarantor and any proceeds thereof shall be applied pursuant to the foregoing clauses
first, second and third only in a maximum aggregate amount equal to the greatest amount that would not render respective Grantor’s
obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code or
any comparable provisions of applicable state law. The Collateral Agent may make such distributions hereunder in cash or in kind
or, on a ratable basis, in any combination thereof.

 

(b)              
In making the payments and allocations required by this Section, the Collateral Agent may rely upon information supplied
to it pursuant to ‎Section 19(c). All distributions made by the Collateral Agent pursuant to this Section shall
be final (except in the event of manifest error) and the Collateral Agent shall have no duty to inquire as to the application
by any Secured Party of any amount distributed to it.

 

Section
16.      [Reserved.]

 

Section
17.      Authority to Administer Collateral.
Each Grantor irrevocably appoints the Collateral Agent its true and lawful attorney, with full power of substitution, in the name
of such Grantor, any Secured Party or otherwise, for the sole use and benefit of the Secured Parties, but at the Issuers’
expense, to the extent permitted by law, to exercise, at any time and from time to time while an Event of Default shall have occurred
and be continuing, all or any of the following powers with respect to all or any of such Grantor’s Collateral:

 

(a)              
to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon or by virtue
thereof,

 

(b)              
to obtain and adjust insurance required to be maintained by such Grantor pursuant to the Indenture, if any,

 

(c)              
to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto,

 

(d)              
to sell, lease, license or otherwise dispose of the same or the proceeds or avails thereof, as fully and effectually as
if the Collateral Agent were the absolute owner thereof, and

 

(e)              
to extend the time of payment of any or all thereof and to make any allowance or other adjustment with reference thereto;

 

provided
that, except in the case of Personal Property Collateral that is perishable or threatens to decline speedily in value or is
of a type customarily sold on a recognized market, the Collateral Agent will give the relevant Grantor at least ten days’
prior written notice of the time and place of any public sale thereof or the time after which any private sale or other intended
disposition thereof will be made. Any such notice shall (i) contain the information specified in UCC Section 9-613, (ii) be Authenticated
and (iii) be sent to the parties required to be notified pursuant to UCC Section 9-611(c); provided that, if the Collateral
Agent fails to comply with this sentence in

 

     18

     

    

any respect,
its liability for such failure shall be limited to the liability (if any) imposed on it as a matter of law under the UCC.

 

Section
18.      Limitation on Duty in Respect
of Collateral. Beyond the exercise of reasonable care in the custody and preservation thereof, the Collateral Agent will have
no duty as to any Collateral in its possession or control or in the possession or control of any sub-agent or bailee or any income
therefrom or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Collateral Agent
will be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession or control
if such Collateral is accorded treatment substantially equal to that which it accords its own property, and will not be liable
or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of any act or omission
of any sub-agent or bailee selected by the Collateral Agent in good faith, except to the extent that such liability arises from
the Collateral Agent’s gross negligence or willful misconduct.

 

Section
19.      General Provisions Concerning
the Collateral Agent.

 

(a)              
The provisions of Articles VII and XI of the Indenture shall inure to the benefit of the Collateral Agent, and shall be
binding upon all Grantors and all Secured Parties, in connection with this Agreement and the other Security Documents. Without
limiting the generality of the foregoing, (i) the Collateral Agent shall not be subject to any fiduciary or other implied duties,
regardless of whether an Event of Default has occurred and is continuing, (ii) the Collateral Agent shall not have any duty to
take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated
by the Security Documents that the Trustee directs the Collateral Agent in writing to exercise, and (iii) except as expressly
set forth in the Note Documents, the Collateral Agent shall not have any duty to disclose, and shall not be liable for any failure
to disclose, any information relating to any Grantor that is communicated to or obtained by the bank serving as Collateral Agent
or any of its Affiliates in any capacity. The Collateral Agent shall not be responsible for the existence, genuineness or value
of any Collateral or for the validity, perfection, priority or enforceability of any Transaction Lien, whether impaired by operation
of law or by reason of any action or omission to act on its part under the Security Documents and shall have no obligation to
take any action to procure or maintain such validity, perfection, sufficiency, adequacy, priority or enforceability, including
without limitation no responsibility to make any filings to perfect or maintain the perfection of the Collateral Agent’s
security interest in the Collateral. The Collateral Agent shall be deemed not to have knowledge of any Event of Default unless
and until written notice thereof is given to the Collateral Agent and the Trustee.

 

(b)              
Sub-Agents and Related Parties. The Collateral Agent may perform any of its duties and exercise any of its rights
and powers through one or more sub-agents appointed by it. The Collateral Agent and any such sub-agent may perform any of its
duties and exercise any of its rights and powers through its Affiliates and through its and its Affiliates’ respective directors,
officers, members, partners, employees, agents and advisors (jointly, the “Related Parties”). The exculpatory
provisions of ‎Section 18 and this Section shall apply to any such sub-agent and to the Related Parties of the
Collateral Agent and any such sub-agent.

 

     19

     

    

(c)              
Information as to Secured Obligations and Actions by Secured Parties. For all purposes of the Security Documents,
including determining the amounts of the Secured Obligations and whether a Secured Obligation is a Contingent Secured Obligation
or not, or whether any action has been taken under any Secured Agreement, the Collateral Agent will be entitled to rely on information
from (i) its own records for information as to the Holders, their Secured Obligations and actions taken by them, (ii) the Trustee
for information as to its Secured Obligations and actions taken by it, to the extent that the Collateral Agent has not obtained
such information from its own records, and (iii) the Issuers, to the extent that the Collateral Agent has not obtained information
from the foregoing sources.

 

(d)              
Refusal to Act. The Collateral Agent may refuse to act on any notice, consent, direction or instruction from the
Trustee or any Secured Parties, in the Collateral Agent’s opinion, (i) is contrary to law or the provisions of any Security
Document, (ii) may expose the Collateral Agent to liability (unless the Collateral Agent shall have been indemnified, to its satisfaction,
for such liability by the Secured Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial
to Secured Parties not joining in such notice, consent, direction or instruction.

 

Section
20.      Termination of Transaction Liens;
Release of Collateral.

 

(a)              
The Transaction Lien granted by any Grantor shall terminate, all without delivery of any instrument or performance of any
act by any party, at any time or from time to time in accordance with the provisions of Section 11.05 of the Indenture.

 

(b)              
The Collateral (or a portion thereof) shall be released from the Transaction Lien created by this Agreement, all without
delivery of any instrument or performance of any act by any party, at any time or from time to time in accordance with the provisions
of Section 11.05 of the Indenture.

 

(c)              
Upon any termination of a Transaction Lien or release of Collateral, the Collateral Agent will, at the expense of the relevant
Grantor, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence the termination
of such Transaction Lien or the release of such Collateral, as the case may be.

 

Section
21.      Additional Guarantors and
Grantors. Any Subsidiary of the Parent Guarantor may become a party hereto by signing and delivering to the Collateral Agent
a Security Agreement Supplement, whereupon such Subsidiary shall become a “Grantor” as defined herein.

 

Section
22.      [Reserved.]

 

Section
23.      Notices. Each notice,
request or other communication given to any party hereunder shall be given in accordance with Section 13.01 of the Indenture,
and in the case of any such notice, request or other communication to a Grantor other than the Company, shall be given to it in
care of the Company.

 

Section
24.      No Implied Waivers; Remedies
Not Exclusive. No failure by the Collateral Agent or any Secured Party to exercise, and no delay in exercising and no course
of dealing with

 

     20

     

    

respect
to, any right or remedy under any Security Document shall operate as a waiver thereof; nor shall any single or partial exercise
by the Collateral Agent or any Secured Party of any right or remedy under this Agreement or any other Note Document preclude any
other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies specified in the Note
Documents are cumulative and are not exclusive of any other rights or remedies provided by law.

 

Section
25.       Successors and Assigns.
The Liens provided for in this Agreement are for the benefit of the Collateral Agent and the Secured Parties. If all or any part
of any Secured Party’s interest in any Secured Obligation is assigned or otherwise transferred, the transferor’s rights
hereunder, to the extent applicable to the obligation so transferred, shall be automatically transferred with such obligation.
This Agreement shall be binding on each party hereto and their respective successors and assigns.

 

Section
26.      Amendments and Waivers.
Neither this Agreement nor any provision hereof may be waived, amended, modified or terminated except pursuant to an agreement
or agreements in writing entered into by the Collateral Agent, with the consent of such Holders, if any, as are required to consent
thereto under Article IX of the Indenture. No such waiver, amendment or modification shall be binding upon any Grantor, except
with its written consent.

 

Section
27.      Choice of Law. This Agreement
shall be construed in accordance with and governed by the laws of the State of New York, without regard to conflicts of laws principles
(other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York) and except to the extent that
remedies provided by the laws of any jurisdiction other than the State of New York are governed by the laws of such jurisdiction.

 

Section
28.      Waiver of Jury Trial.
EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY SECURITY DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section
29.      Severability. If any
provision of any Security Document is invalid or unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(a) the other provisions of the Security Documents shall remain in full force and effect in such jurisdiction and the Secured
Parties in order to carry out the intentions of the parties thereto as nearly as may be possible and (b) the invalidity or unenforceability
of such provision in such jurisdiction shall not affect the validity or enforceability thereof in any other jurisdiction.

 

     21

     

    

Section
30.      Conflicts with Note Documents.
To the fullest extent possible, the terms and provisions of this Agreement shall be read together with the terms and provisions
of each other Note Document so that the terms and provisions of this Agreement do not conflict with the terms and provisions of
any Note Document; provided, however, notwithstanding the foregoing, in the event that any of the terms or provisions of
the Indenture conflicts with any terms or provisions of any Note Document, including this Agreement, the terms or provisions of
the Indenture shall govern and control for all purposes; provided further that (a) the inclusion in this Agreement of terms and
provisions as to rights or remedies in favor of the Collateral Agent related to Collateral and not expressly addressed in the
Indenture shall not be deemed to be in conflict with the Indenture and all such rights or remedies contained herein shall be given
full force and effect, and (b) the inclusion in this Agreement of terms or provisions that are less restrictive to the Parent
Guarantor or any Subsidiary thereof shall not be deemed to be in conflict with the Indenture and all such terms and provisions
contained herein shall be given full force and effect.

 

Section
31.      Entire Agreement. This
Agreement, the other Note Documents and any separate letter agreements with respect to fees payable to the Collateral Agent constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof.

 

Section
32.      Concerning the Collateral
Agent. The Collateral Agent is a party to this Agreement solely in its capacity as Collateral Agent pursuant to the Indenture
and not in its individual capacity. The Collateral Agent shall have all of the rights, privileges and immunities afforded to it
as Collateral Agent under the Indenture and the other Note Documents as though fully set forth herein. Notwithstanding anything
herein to the contrary, the Collateral Agent shall not be required to take any action under this Agreement unless consented to
by the Holders of a majority in the aggregate principal amount of the outstanding Notes.

 

Section
33.      Amendment and Restatement.
Upon the execution and delivery of this Agreement by the Grantors party hereto and the Collateral Agent, this Agreement shall
supersede all provisions of the Existing Security Agreement as of the Restatement Date. The Grantors hereby agree that, notwithstanding
the execution and delivery of this Agreement, the liens and security interests created and provided for under the Existing Security
Agreement continue in effect under and pursuant to the terms of this Agreement for the benefit of all of the Secured Obligations,
as defined herein, and each of the instruments and documents executed and delivered pursuant to the terms of the Existing Security
Agreement (including, without limitation, all currently filed UCC financing statements in favor of the Predecessor Collateral
Agent, for the benefit of the Secured Parties, as amended or assigned to the Collateral Agent pursuant to the Confirmation Order)
shall continue in full force and effect securing the Secured Obligations, as defined herein, and all references therein to the
Existing Security Agreement or any other instrument or document executed and delivered in connection therewith shall be deemed
a reference to this Agreement. Nothing herein contained shall in any manner affect or impair the priority of the liens and security
interests created and provided for by the Existing Security Agreement as to the indebtedness and obligations which would otherwise
be secured thereby prior to giving effect to this Agreement.

 

 

[signature
pages follow]

     22

     

    

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as
of the day and year first above written.

 

	CLOUD PEAK ENERGY RESOURCES LLC, as an Issuer
	 
	 
	By:	/s/ Heath Hill
	 	Name: Heath Hill
	 	Title:  Chief Financial Officer

  

 

	CLOUD PEAK ENERGY FINANCE CORP., 

    as an Issuer
	 
	 
	By:	/s/ Heath Hill
	 	Name: Heath Hill
	 	Title:  Chief Financial Officer

  

 

	CLOUD PEAK ENERGY INC.

    as the Parent Guarantor
	 
	 
	By:	/s/ Heath Hill
	 	Name: Heath Hill
	 	Title:  Chief Financial Officer

  

 

 

[SIGNATURE
PAGE - SECURITY AGREEMENT]

     

     

    

 

	ANTELOPE COAL LLC,

        ARROWHEAD I LLC,

        ARROWHEAD II LLC,

        ARROWHEAD III LLC,

        BIG METAL COAL CO. LLC,

        CABALLO ROJO HOLDINGS
        LLC,

        CABALLO ROJO LLC,

        CLOUD PEAK ENERGY LOGISTICS
        LLC,

        CLOUD PEAK ENERGY LOGISTICS
        I LLC,

        CLOUD PEAK ENERGY SERVICES
        COMPANY, CORDERO MINING HOLDINGS LLC,

        CORDERO MINING LLC,

        CORDERO OIL AND GAS LLC,

        KENNECOTT COAL SALES LLC,

        NERCO COAL LLC,

        NERCO COAL SALES LLC,

        NERCO LLC,

        PROSPECT LAND AND DEVELOPMENT
        LLC,

        RESOURCE DEVELOPMENT
        LLC,

        SEQUATCHIE VALLEY COAL
        CORPORATION,

        SPRING CREEK COAL LLC,

        WESTERN MINERALS LLC,

        YOUNGS CREEK HOLDINGS
        I LLC,

        YOUNGS CREEK HOLDINGS II LLC,

        YOUNGS CREEK MINING COMPANY,
        LLC,

        as Subsidiary Guarantors

	 	 
	By:	 /s/ Heath Hill
	 	Name:  Heath Hill 
	 	Title:  Chief Financial Officer

 

  

 

[SIGNATURE
PAGE - SECURITY AGREEMENT]

     

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as
of the day and year first above written.

 

	WILMINGTON SAVINGS FUND SOCIETY, FSB, solely in its capacity as Collateral Agent
	 
	 
	By:	/s/ Geoffrey J. Lewis 
	 	Name:Geoffrey J. Lewis
	 	Title:Vice President

  

 

[SIGNATURE
PAGE - SECURITY AGREEMENT]

     

     

    

SCHEDULE 1
 

 

SUBSIDIARY
GUARANTORS

 

ANTELOPE
COAL LLC

ARROWHEAD
I LLC

ARROWHEAD
II LLC

ARROWHEAD
III LLC

BIG METAL
COAL CO. LLC

CABALLO
ROJO HOLDINGS LLC

CABALLO
ROJO LLC

CLOUD PEAK
ENERGY LOGISTICS LLC

CLOUD PEAK
ENERGY LOGISTICS I LLC

CLOUD PEAK
ENERGY SERVICES COMPANY

CORDERO
MINING HOLDINGS LLC

CORDERO
MINING LLC

CORDERO
OIL AND GAS LLC

KENNECOTT
COAL SALES LLC

NERCO COAL
LLC

NERCO COAL
SALES LLC

NERCO LLC

PROSPECT
LAND AND DEVELOPMENT LLC

RESOURCE
DEVELOPMENT LLC

SEQUATCHIE
VALLEY COAL CORPORATION

SPRING CREEK
COAL LLC

WESTERN
MINERALS LLC

YOUNGS CREEK
HOLDINGS I LLC

YOUNGS CREEK
HOLDINGS II LLC

YOUNGS CREEK
MINING COMPANY, LLC

 

    
Schedule 1 to Security Agreement

     

    

SCHEDULE 2
 

 

JURISDICTION
OF FORMATION

 

	Grantor	Jurisdiction
    of Organization
	ANTELOPE
    COAL LLC	Delaware
	ARROWHEAD
    I LLC	Delaware
	ARROWHEAD
    II LLC	Delaware
	ARROWHEAD
    III LLC	Delaware
	BIG
    METAL COAL CO. LLC	Delaware
	CABALLO
    ROJO HOLDINGS LLC	Delaware
	CABALLO
    ROJO LLC	Delaware
	CLOUD
    PEAK ENERGY INC.	Delaware
	CLOUD
    PEAK ENERGY FINANCE CORP.	Delaware
	CLOUD
    PEAK ENERGY LOGISTICS LLC	Oregon
	CLOUD
    PEAK ENERGY LOGISTICS I LLC	Delaware
	CLOUD
    PEAK ENERGY RESOURCES LLC	Delaware
	CLOUD
    PEAK ENERGY SERVICES COMPANY	Delaware
	CORDERO
    MINING HOLDINGS LLC	Delaware
	CORDERO
    MINING LLC	Delaware
	CORDERO
    OIL AND GAS LLC	Delaware
	KENNECOTT
    COAL SALES LLC	Oregon
	NERCO
    COAL LLC	Delaware
	NERCO
    COAL SALES LLC	Tennessee
	NERCO
    LLC	Delaware
	PROSPECT
    LAND AND DEVELOPMENT LLC	Oregon
	RESOURCE
    DEVELOPMENT LLC	Washington
	SEQUATCHIE
    VALLEY COAL CORPORATION	Tennessee
	SPRING
    CREEK COAL LLC	Delaware
	WESTERN
    MINERALS LLC	Oregon
	YOUNGS
    CREEK HOLDINGS I LLC	Delaware
	YOUNGS
    CREEK HOLDINGS II LLC	Delaware
	YOUNGS
    CREEK MINING COMPANY, LLC	Delaware

  

 

    
Schedule 2 to Security Agreement

     

    

SCHEDULE 3
 

 

EQUITY
INTERESTS IN SUBSIDIARIES AND AFFILIATES

OWNED BY GRANTORS

(as of the Restatement Date)

 

	Issuer	Owner
    of Equity Interest	#
        of 

         

        Shares/Units

         
	Stock
        

         

        Certificate/LLC

         
	Percentage
        

         

        Owned

         

	1)Cordero
    Mining Holdings LLC	Cloud
    Peak Energy Resources LLC	9	4	99.8%
	Cloud
    Peak Energy Services	2	3	0.2%
	2)Caballo
    Rojo Holdings LLC	Cloud
    Peak Energy Resources LLC	9	4	99.8%
	Cloud
    Peak Energy Services	2	3	0.2%
	3)NERCO
    LLC	Cloud
    Peak Energy Resources LLC	9	4	99.8%
	Cloud
    Peak Energy Services	2	3	0.2%
	4)Cloud
    Peak Energy Services	Cloud
    Peak Energy Resources LLC	1	7	100%
	5)Cloud
    Peak Energy Finance Corp.	Cloud
    Peak Energy Resources LLC	1	2	100%
	6)Cordero
    Mining LLC	Cordero
    Mining Holdings LLC	1	2	100%
	7)Caballo
    Rojo LLC	Caballo
    Rojo Holdings LLC	1	2	100%
	8)NERCO
    Coal LLC	NERCO
    LLC	1	R-1	100%
	9)NERCO
    Coal Sales LLC	NERCO
    Coal LLC	1	1	100%
	10)Western
    Minerals LLC	NERCO
    Coal LLC	1	1	100%
	11)Resource
    Development LLC	NERCO
    Coal LLC	1	2	100%
	12)Spring
    Creek Coal LLC	NERCO
    Coal LLC	1	1	100%
	13)Antelope
    Coal LLC	NERCO
    Coal LLC	1	R-1	100%
	14)Prospect
    Land and Development	NERCO
    Coal LLC	1	1	100%
	15)Kennecott
    Coal Sales LLC	NERCO
    Coal LLC	1	1	100%
	16)Cloud
    Peak Energy Logistics LLC	NERCO
    Coal LLC	100	2	100%
	17)Cloud
    Peak Energy Logistics I LL	Cloud
    Peak Energy Logistics LLC	100	1	100%
	18)Cloud
    Peak Energy Resources LLC	Cloud
    Peak Energy Inc.	61,932,736	N/A	100%
	19)Sequatchie
    Valley Coal Corporation	NERCO
    Coal LLC	2,000	5	100%
	20)Big
    Metal Coal Co. LLC	NERCO
    Coal LLC	100	1	100%
	21)Arrowhead
    I LLC	NERCO
    Coal LLC	100	1	100%
	22)Cordero
    Oil and Gas LLC	Cordero
    Mining LLC	100	1	100%

  

 

    
Schedule 3 to Security Agreement

     

    

	Issuer	Owner
    of Equity Interest	#
        of 

         

        Shares/Units

         
	Stock
        

         

        Certificate/LLC

         
	Percentage
        

         

        Owned

         

	23)Arrowhead
    II LLC	Arrowhead
    I LLC	100	1	100%
	24)Arrowhead
    III LLC	Arrowhead
    I LLC	100	1	100%
	25)Youngs
    Creek Holdings I LLC	Arrowhead
    II LLC	100	1	100%
	26)Youngs
    Creek Holdings II LLC	Arrowhead
    III LLC	100	1	100%
	27)Youngs
    Creek Mining Company, LLC	Youngs
    Creek Holdings I LLC	N	N/A	50%
	Youngs
    Creek Holdings II LLC	N	N/A	50%

 

    
Schedule 3 to Security Agreement

     

    

SCHEDULE 4
 

 

INVESTMENT
PROPERTY

(other than Equity Interests in Subsidiaries and Affiliates)

OWNED BY GRANTORS

(as of the Restatement Date)

 

None.

 

    
Schedule 4 to Security Agreement

     

    

SCHEDULE 5
 

 

MATERIAL
COMMERCIAL TORT CLAIMS 

(as of
the Restatement Date)

 

None.

 

    
Schedule 5 to Security Agreement

     

    

SCHEDULE 6
 

 

MATERIAL
CONTRACTS WITH GOVERNMENTAL AUTHORITIES 

(as
of the Restatement Date)

 

None.

 

    
Schedule 6 to Security Agreement

     

    

SCHEDULE 7
 

 

LOCATIONS
OF EQUIPMENT AND INVENTORY 

(as of
the Restatement Date)

 

None.

 

    
Schedule 7 to Security Agreement

     

    

SCHEDULE 8
 

 

LOCATIONS
OF ACTIVE MINE SITES OR PREPARATION PLANTS AND

AS-EXTRACTED COLLATERAL 

(as of
the Restatement Date)

 

None.

 

    
Schedule 8 to Security Agreement

     

    

SCHEDULE 9
 

 

MATERIAL
LICENSES 

(as of
the Restatement Date)

 

None.

 

    
Schedule 9 to Security Agreement

     

    

SCHEDULE 10
 

 

MATERIAL
COAL SUPPLY AGREEMENTS 

(as of
the Restatement Date)

 

None.

 

    
Schedule 10 to Security Agreement

     

    

SCHEDULE 11
 

 

REGISTERED
INTELLECTUAL PROPERTY 

(as of
the Restatement Date)

 

INTELLECTUAL
PROPERTY 

Patents
and Trademarks

 

U.S. TRADEMARK
REGISTRATIONS

 

	Serial Number	Registration
    Number	Registered
    Owner	Trademark	Renewal
    Deadline
	85006983	3930706	Cloud
    Peak Energy Resources LLC, a Delaware limited liability company.	

         
	03/15/21
	85006999	3924959	Cloud
    Peak Energy Resources LLC, a Delaware limited liability company.	CLOUD
    PEAK ENERGY	03/01/21
	85006998	3924958	Cloud
    Peak Energy Resources LLC, a Delaware limited liability company.	

         
	03/01/21
	76252211	2875225	Cloud
    Peak Energy Resources LLC, a Delaware limited liability company.	ENERGY
    TO POWER THE COUNTRY	08/17/24
	85803010	4580969	Cloud
    Peak Energy Resources LLC, a Delaware limited liability company.	PROVIDE
    FOR TODAY, PROTECTFOR TOMORROW	08/05/20

  

 

    
Schedule 11 to Security Agreement

     

    

U.S. TRADEMARK
APPLICATIONS

 

	OWNER	TITLE	APPLICATION
    NUMBER
	Cloud
    Peak Energy Resources LLC, a Delaware limited liability company.	BIG
    METAL COAL	85955989

  

 

PATENTS AND
DESIGN PATENTS

 

	Patent No.	Issued	Expiration	Country	Title
	N/A	 	 	 	 

  

 

PATENT APPLICATIONS

 

	Case No.	Serial
    No.	Country	Date	Filing
    Title
	N/A	 	 	 	 

  

 

    
Schedule 11 to Security Agreement

     

    

Copyrights

 

COPYRIGHT
REGISTRATIONS

 

	Registration
No.
	Registration
Date
	Title
	Expiration
    Date
	N/A	 	 	 

 

COPYRIGHT
APPLICATIONS

 

	Case No.	Serial
    No.	Country	Date	Filing
    Title
	N/A	 	 	 	 

   

 

    
Schedule 11 to Security Agreement

     

    

EXHIBIT
A

to Security Agreement

 

SECURITY
AGREEMENT SUPPLEMENT

 

SECURITY
AGREEMENT SUPPLEMENT dated as of , , between [NAME OF GRANTOR] (the “Grantor”), and WILMINGTON
SAVINGS FUND SOCIETY, FSB, as Collateral Agent.

 

RECITALS:

 

CLOUD
PEAK ENERGY RESOURCES LLC and CLOUD PEAK ENERGY FINANCE CORP. (together, the “Issuers”), CLOUD PEAK ENERGY
INC. (the “Parent Guarantor”), the Subsidiary Guarantors party thereto and Wilmington Savings Fund Society,
FSB, as Collateral Agent, are parties to the Amended and Restated Security Agreement dated as of December 17, 2019 (as may be
amended and/or supplemented, the “Security Agreement”) under which the Issuers, the Parent Guarantor and the
Subsidiary Guarantors secure certain of obligations of the Issuers (the “Issuers Secured Obligations”) and
the guaranties of the Borrower Secured Obligations (each, a “Secured Guarantee”) by the Parent Guarantor and
the Subsidiary Guarantors;

 

[Name
of Grantor] desires to become [is] a party to the Security Agreement as a Subsidiary Guarantor and Grantor thereunder;

 

Terms
defined in the Security Agreement (or whose definitions are incorporated by reference in Section 1 of the Security Agreement)
and not otherwise defined herein have, as used herein, the respective meanings provided for therein;

 

Now,
therefore, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.       Grant
of Transaction Liens. (a) In order to secure the Secured Obligations, the Grantor grants to the Collateral Agent for the benefit
of the Collateral Agent, the Trustee and the other Secured Parties a continuing security interest in all property of the Grantor
of the type described in Section 2(a) of the Security Agreement and subject to the exclusions and limitations set forth in Section
2, whether now owned or existing or hereafter acquired or arising and regardless of where located (the “New Collateral”).

 

ii.       With
respect to each right to payment or performance included in the Collateral from time to time, the Transaction Lien granted therein
includes a continuing security interest in (i) any Supporting Obligation that supports such payment or performance and (ii) any
Lien that (x) secures such right to payment or performance or (y) secures any such Supporting Obligation.

 

iii.       The
foregoing transaction Liens are granted as security only and shall not subject the Collateral Agent or any other Secured Party
to, or transfer or in any way affect or modify, any obligation or liability of the Grantor with respect to any of the New Collateral
or any transaction in connection therewith.

 

    

Exhibit A to Security Agreement
1

     

    

2.       Delivery
of Collateral. Concurrently with delivering this Security Agreement Supplement to the Collateral Agent, the Grantor is complying
with the provisions of Section 7 of the Security Agreement with respect to Investment Property, in each case if and to the extent
included in the New Collateral at such time.

 

3.       Party
to Security Agreement. Upon delivering this Security Agreement Supplement to the Collateral Agent, the Grantor will become
a party to the Security Agreement as a “Subsidiary Guarantor” and “Grantor” and will thereafter have all
the rights and obligations of a Subsidiary Guarantor and a Grantor thereunder and be bound by all the provisions thereof as fully
as if the Grantor were one of the original parties thereto; provided that provisions that expressly apply only to Original
Grantors (as defined in the Security Agreement) shall not apply to the Grantor.

 

4.       Representations
and Warranties. (a) The Grantor is duly organized, validly existing and in good standing under the laws of the jurisdiction
identified as its jurisdiction of organization in ‎Schedule 1
hereto.

 

ii.       Within
60 days after the date hereof, the Grantor will furnish to the Collateral Agent a file search report from each UCC filing office
in the state of the Grantor’s jurisdiction of formation listed in ‎Schedule 1,
showing the filing made at such filing office to perfect the Transaction Liens on the New Collateral.

 

iii.       The
execution and delivery of this Security Agreement Supplement by the Grantor and the performance by it of its obligations under
the Security Agreement as supplemented hereby (i) do not require any consent or approval of, registration or filing with, or other
action by, any Governmental Authority, except for (A) the filing of such UCC financing statements, (B) such Intellectual Property
Filings, (C) the due recordation of the Mortgages, if applicable, (D) notices of the transactions required under any Mining Permit
or Environmental Permit regarding a charge in control that will be given to the applicable Governmental Authority on or prior
to the date by which such notices are due, (E) the entry into control agreements, and (F) steps which are, pursuant to Section
2(b) of the Security Agreement, not required; (ii) are within its corporate or other powers, (iii) have been duly authorized
by all necessary corporate or other action, (iv) do not violate its organizational documents, (v) do not contravene or constitute
a default under, any provision of applicable law or regulation or of agreement, judgment, injunction, order, decree or other instrument
binding upon it, except in each case referred to in this clause (v) to the extent that failure to do so would not reasonably be
expected to have a Material Adverse Effect, or (vi) will not result in the creation or imposition of any Lien (except a Transaction
Lien) on any of its assets.

 

iv.       The
Security Agreement as supplemented hereby constitutes a valid and binding agreement of the Grantor, enforceable in accordance
with its terms, except as limited by (i) applicable bankruptcy, insolvency, fraudulent conveyance or other similar laws affecting
creditors’ rights generally and (ii) general principles of equity.

 

v.       Each
of the representations and warranties set forth in Sections 3, 7, and 10 of the Security Agreement is true as applied to the Grantor
and the New Collateral; provided that, to the extent that such representations and warranties specifically refer to an
earlier date, they shall be

 

    

Exhibit A to Security Agreement
2

     

    

true and
correct in all respects as of such earlier date (to the extent the Grantor would be a party to the Security Agreement on such
earlier date). For purposes of the foregoing sentence, references in said Sections to a “Grantor” shall be deemed
to refer to the Grantor, references to Schedules to the Security Agreement shall be deemed to refer to the corresponding Schedules
to this Security Agreement Supplement, references to “Collateral” shall be deemed to refer to the New Collateral,
and references to the “Restatement Date” shall be deemed to refer to the date on which the Grantor signs and delivers
this Security Agreement Supplement.

 

5.       Governing
Law. This Security Agreement Supplement shall be construed in accordance with and governed by the laws of the State of New
York without regard to conflicts of laws principles (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the
State of New York) and except to the extent that remedies provided by the laws of any jurisdiction other than the State of New
York are governed by the laws of such jurisdiction.

 

6.       Concerning
the Collateral Agent. The Collateral Agent is a party to this Security Agreement Supplement solely in its capacity as Collateral
Agent pursuant to the Indenture and not in its individual capacity. The Collateral Agent shall have all of the rights, privileges
and immunities afforded to it as Collateral Agent under the Indenture and the other Note Documents as though fully set forth herein.

 

    

Exhibit A to Security Agreement
3

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Security Agreement Supplement to be duly executed by their respective authorized
officers as of the day and year first above written.

 

	[NAME OF GRANTOR]
	 
	 
	By:	 
	 	Name:
	 	Title:

  

 

	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Collateral Agent
	 
	 
	By:	 
	 	Name:
	 	Title:

  

 

    

Exhibit A to Security Agreement
4

     

    

Schedule
1

to Security Agreement

Supplement

 

JURISDICTION
OF FORMATION

 

	Grantor	Jurisdiction
    of Organization	Filing
    Office
	 	 	 

  

 

    

Exhibit A to Security Agreement
5

     

    

Schedule
2

to Security Agreement

Supplement

 

EQUITY
INTERESTS IN SUBSIDIARIES AND AFFILIATES

OWNED BY GRANTOR

 

	Issuer	Jurisdiction
    of Organization	Percentage
    Owned	Number
    of Share Units
	 	 	 	 

  

 

    

Exhibit A to Security Agreement
6

     

    

Schedule
3

to Security Agreement

Supplement

 

INVESTMENT
PROPERTY

(other than Equity Interests in Subsidiaries and Affiliates)

OWNED BY GRANTOR

 

PART 1
– Securities

 

 

 

    

Exhibit A to Security Agreement
7

     

    

Schedule
4

to Security Agreement

Supplement

 

MATERIAL
COMMERCIAL TORT CLAIMS

 

 

 

    

Exhibit A to Security Agreement
8

     

    

EXHIBIT
B

to Security Agreement

 

COPYRIGHT
SECURITY AGREEMENT

 

WHEREAS,
[name of Grantor], a [corporation]1, (herein referred to as the “Grantor”) owns, or in the case of licenses
is a party to, the Copyright Collateral (as defined below);

 

WHEREAS,
CLOUD PEAK ENERGY RESOURCES LLC and CLOUD PEAK ENERGY FINANCE CORP. (together, the “Issuers”) are parties to an Amended
and Restated Indenture, dated as of December 17, 2019, among the Issuers, CLOUD PEAK ENERGY INC. (the “Parent Guarantor”),
the Subsidiary Guarantors party thereto, and Wilmington Savings Fund Society, FSB, as Trustee and the Collateral Agent.

 

WHEREAS,
pursuant to (i) the Amended and Restated Security Agreement dated as of December 17, 2019 (as may be amended and/or supplemented
from time to time, the “Security Agreement”) among the Issuers, the Parent Guarantor, the Subsidiary Guarantors party
thereto and Wilmington Savings Fund Society, FSB, as the Collateral Agent for the Secured Parties referred to therein (in such
capacity, together with its successors in such capacity, the “Grantee”), and (ii) certain other Security Documents
(including this Copyright Security Agreement), the Grantor has secured certain of its obligations (the “Secured Obligations”)
by granting to the Grantee for the benefit of such Secured Parties a continuing security interest in personal property of the
Grantor, including all right, title and interest of the Grantor in, to and under the Copyright Collateral (as defined below);

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor grants
to the Grantee, to secure the Secured Obligations, a continuing security interest in all of the Grantor’s right, title and
interest in, to and under the following (all of the following items or types, of property being herein collectively referred to
as the “Copyright Collateral”), whether now owned or existing or hereafter acquired or arising:

 

i.       each
Copyright (as defined in the Security Agreement) owned by the Grantor that is Recordable Intellectual Property (as defined in
the Security Agreement), including, without limitation, each Copyright registration or application therefor referred to in ‎Schedule
1 hereto;

 

ii.       each
Copyright License (as defined in the Security Agreement) to which the Grantor is a party, including, without limitation, each
exclusive Copyright License identified in ‎Schedule 1 hereto;
and

 

iii.       all
proceeds of, revenues from, and accounts and general intangibles arising out of, the foregoing, including, without limitation,
all proceeds of and revenues from any claim by the Grantor against third parties for past, present or future infringement of any
Copyright owned by the Grantor (including, without limitation, any

 

 

1 Modify as needed
if the Grantor is not a Corporation.

 

  

 

    

Exhibit B to Security Agreement
1

     

    

Copyright
identified in Schedule 1), and all rights and benefits of the Grantor under any Copyright License (including, without limitation,
any exclusive Copyright License identified in Schedule 1).

 

The
Grantor irrevocably constitutes and appoints the Grantee and any officer or agent thereof, with full power of substitution, as
its true and lawful attorney-in-fact with full power and authority in the name of the Grantor or in the Grantee’s name,
from time to time, in the Grantee’s discretion, so long as any Event of Default shall have occurred and be continuing, to
take with respect to the Copyright Collateral any and all appropriate action which the Grantor might take with respect to the
Copyright Collateral and to execute any and all documents and instruments which may be necessary or desirable to carry out the
terms of this Copyright Security Agreement and to accomplish the purposes hereof.

 

The
Grantor acknowledges and affirms that the rights and remedies of the Grantee with respect to the security interest in the Copyright
Collateral granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated
by reference herein as if fully set forth herein.

 

The
Collateral Agent is a party to this Copyright Security Agreement solely in its capacity as Collateral Agent pursuant to the Indenture
and not in its individual capacity. The Collateral Agent shall have all of the rights, privileges and immunities afforded to it
as Collateral Agent under the Indenture and the other Note Documents as though fully set forth herein.

 

    

Exhibit B to Security Agreement
2

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Copyright Security Agreement to be duly executed by their respective
authorized officers as of the               
day of                        ,                       .

 

	[NAME OF GRANTOR]
	 
	 
	By:	 
	 	Name:
	 	Title:

  

 

	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Collateral Agent
	 
	 
	By:	 
	 	Name:
	 	Title:

  

 

    

Exhibit B to Security Agreement
3

     

    

Schedule
l to Copyright

Security Agreement

 

[NAME
OF GRANTOR]

 

COPYRIGHT
REGISTRATIONS

 

	Registration No.	Registration
    Date	Title	Expiration
    

    Date
	 	 	 	 

 

 

COPYRIGHT
APPLICATIONS

 

	Case No.	Serial
    No.	Country	Date	Filing
    

    Title
	 	 	 	 	 

 

 

EXCLUSIVE
COPYRIGHT LICENSES

 

	Name
    of

    Agreement	Parties
    Licensor/Licensee	Date
of

        Agreement
	Subject

        Matter

	 	 	 	 

  

 

    

Exhibit B to Security Agreement
4

     

    

EXHIBIT
C

to Security Agreement

 

PATENT
SECURITY AGREEMENT

 

WHEREAS,
[name of Grantor], a [corporation]2, (herein referred to as the “Grantor”) owns, or in the case of licenses
is a party to, the Patent Collateral (as defined below);

 

WHEREAS,
CLOUD PEAK ENERGY RESOURCES LLC and CLOUD PEAK ENERGY FINANCE CORP. (together, the “Issuers”) are parties to an Amended
and Restated Indenture, dated as of December 17, 2019, among the Issuers, CLOUD PEAK ENERGY INC. (the “Parent Guarantor”),
the Subsidiary Guarantors party thereto, and Wilmington Savings Fund Society, FSB, as Trustee and the Collateral Agent.

 

WHEREAS,
pursuant to (i) the Amended and Restated Security Agreement dated as of December 17, 2019 (as may be amended and/or supplemented
from time to time, the “Security Agreement”) among the Issuers, the Parent Guarantor, the Subsidiary Guarantors party
thereto and Wilmington Savings Fund Society, FSB, as the Collateral Agent for the Secured Parties referred to therein (in such
capacity, together with its successors in such capacity, the “Grantee”), and (ii) certain other Security Documents
(including this Patent Security Agreement), the Grantor has secured certain of its obligations (the “Secured Obligations”)
by granting to the Grantee for the benefit of such Secured Parties a continuing security interest in personal property of the
Grantor, including all right, title and interest of the Grantor in, to and under the Patent Collateral (as defined below);

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor grants
to the Grantee, to secure the Secured Obligations, a continuing security interest in all of the Grantor’s right, title and
interest in, to and under the following (all of the following items or types, of property being herein collectively referred to
as the “Patent Collateral”), whether now owned or existing or hereafter acquired or arising:

 

i.       each
Patent (as defined in the Security Agreement) owned by the Grantor that is Recordable Intellectual Property (as defined in the
Security Agreement), including, without limitation, each Patent referred to in Schedule 1 hereto;

 

ii.       each
Patent License (as defined in the Security Agreement) to which the Grantor is a party, including, without limitation, each exclusive
Patent License identified in Schedule 1 hereto; and

 

iii.       all
proceeds of, and revenues from, the foregoing, including, without limitation, all proceeds of and revenues from any claim by the
Grantor against third parties for past, present or future infringement of any Patent owned by the Grantor (including, without
limitation, any Patent identified in Schedule 1 hereto), and all rights

 

_________________

2
Modify as needed if the Grantor is not a Corporation.

 

    

Exhibit C to Security Agreement
1

     

    

and
benefits of the Grantor under any Patent License (including, without limitation, any exclusive Patent License identified in Schedule
1 hereto).

 

The
Grantor irrevocably constitutes and appoints the Grantee and any officer or agent thereof, with full ower of substitution, as
its true and lawful attorney-in-fact with full power and authority in the name of the Grantor or in the Grantee’s name,
from time to time, in the Grantee’s discretion, so long as any Event of Default shall have occurred and be continuing, to
take with respect to the Patent Collateral any and all appropriate action which the Grantor might take with respect to the Patent
Collateral and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of
this Patent Security Agreement and to accomplish the purposes hereof.

 

The
Grantor acknowledges and affirms that the rights and remedies of the Grantee with respect to the security interest in the Patent
Collateral granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated
by reference herein as if fully set forth herein.

 

The
Collateral Agent is a party to this Patent Security Agreement solely in its capacity as Collateral Agent pursuant to the Indenture
and not in its individual capacity. The Collateral Agent shall have all of the rights, privileges and immunities afforded to it
as Collateral Agent under the Indenture and the other Note Documents as though fully set forth herein.

 

    

Exhibit C  to Security Agreement
2

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Patent Security Agreement to be duly executed by their respective authorized
officers as of the               day of
the                    
day of                        ,
                              .

 

	[NAME OF GRANTOR]
	 
	 
	By:	 
	 	Name:
	 	Title:

  

 

	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Collateral Agent
	 
	 
	By:	 
	 	Name:
	 	Title:

  

 

    

Exhibit C to Security Agreement
3

     

    

Schedule
l to Patent

Security Agreement

 

[NAME
OF GRANTOR] 

 

PATENTS
AND DESIGN PATENTS

 

	Patent No.	Issued	Expiration	Country	Title
	 	 	 	 	 

 

 

PATENT
APPLICATIONS

 

	Case No.	Serial
    No.	Country	Date	Filing

                                                                                Title

	 	 	 	 	 

 

 

PATENT
LICENSES

 

	Name of Agreement	Parties
    Licensor/Licensee	Date
    of Agreement	Subject

    Matter

  

 

    

Exhibit C to Security Agreement
4

     

    

EXHIBIT
D

to Security Agreement

 

TRADEMARK
SECURITY AGREEMENT

 

WHEREAS,
[name of Grantor], a [corporation]3, (herein referred to as the “Grantor”) owns, or in the case of licenses
is a party to, the Trademark Collateral (as defined below);

 

WHEREAS,
CLOUD PEAK ENERGY RESOURCES LLC and CLOUD PEAK ENERGY FINANCE CORP. (together, the “Issuers”) are parties to an Amended
and Restated Indenture, dated as of December 17, 2019 among the Issuers, CLOUD PEAK ENERGY INC. (the “Parent Guarantor”),
the Subsidiary Guarantors party thereto, and Wilmington Savings Fund Society, FSB, as Trustee and the Collateral Agent.

 

WHEREAS,
pursuant to (i) the Amended and Restated Security Agreement dated as of December 17, 2019 (as may be amended and/or supplemented
from time to time, the “Security Agreement”) among the Issuers, the Parent Guarantor, the Subsidiary Guarantors party
thereto and Wilmington Savings Fund Society, FSB, as the Collateral Agent for the Secured Parties referred to therein (in such
capacity, together with its successors in such capacity, the “Grantee”), and (ii) certain other Security Documents
(including this Trademark Security Agreement), the Grantor has secured certain of its obligations (the “Secured Obligations”)
by granting to the Grantee for the benefit of such Secured Parties a continuing security interest in personal property of the
Grantor, including all right, title and interest of the Grantor in, to and under the Trademark Collateral (as defined below);

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor grants
to the Grantee, to secure the Secured Obligations, a continuing security interest in all of the Grantor’s right, title and
interest in, to and under the following (all of the following items or types, of property being herein collectively referred to
as the “Trademark Collateral”), whether now owned or existing or hereafter acquired or arising:

 

i.       each
Trademark (as defined in the Security Agreement) owned by the Grantor that is Recordable Intellectual Property (as defined in
the Security Agreement), including, without limitation, each Trademark registration and application referred to in Schedule 1
hereto , and all of the goodwill of the business connected with the use of, or symbolized by, each Trademark;

 

ii.       each
Trademark License (as defined in the Security Agreement) to which the Grantor is a party, including, without limitation, each
exclusive Trademark License identified in Schedule 1 hereto, and all of the goodwill of the business connected with the use of,
or symbolized by, each Trademark licensed pursuant thereto; and

 

iii.       all
proceeds of and revenues from the foregoing, including, without limitation, all proceeds of and revenues from any claim by the
Grantor against third

 

3Modify
as needed if the Grantor is not a Corporation.

 

    

Exhibit D to Security Agreement
1

     

    

parties
for past, present or future unfair competition with, or violation of intellectual property rights in connection with or injury
to, or infringement or dilution of any Trademark owned by the Grantor (including, without limitation, any Trademark identified
in Schedule 1 hereto), and all rights and benefits of the Grantor under any Trademark License (including, without limitation,
any exclusive Trademark License identified in Schedule 1 hereto), or for injury to the goodwill associated with any of the foregoing.

 

The
Grantor irrevocably constitutes and appoints the Grantee and any officer or agent thereof, with full power of substitution, as
its true and lawful attorney-in-fact with full power and authority in the name of the Grantor or in the Grantee’s name,
from time to time, in the Grantee’s discretion, so long as any Event of Default shall have occurred and be continuing, to
take with respect to the Trademark Collateral any and all appropriate action which the Grantor might take with respect to the
Trademark Collateral and to execute any and all documents and instruments which may be necessary or desirable to carry out the
terms of this Trademark Security Agreement and to accomplish the purposes hereof.

 

The
Grantor acknowledges and affirms that the rights and remedies of the Grantee with respect to the security interest in the Trademark
Collateral granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated
by reference herein as if fully set forth herein.

 

The
Collateral Agent is a party to this Trademark Security Agreement solely in its capacity as Collateral Agent pursuant to the Indenture
and not in its individual capacity. The Collateral Agent shall have all of the rights, privileges and immunities afforded to it
as Collateral Agent under the Indenture and the other Note Documents as though fully set forth herein.

 

    

Exhibit D to Security Agreement
2

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Trademark Security Agreement to be duly executed by their respective authorized
officers as of the              day of                           ,
                             .

 

	[NAME OF GRANTOR]
	 
	 
	By:	 
	 	Name:
	 	Title:

  

 

	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Collateral Agent
	 
	 
	By:	 
	 	Name:
	 	Title:

  

 

    

Exhibit D to Security Agreement
3

     

    

Schedule
l to Trademark

Security Agreement

 

[NAME
OF GRANTOR]

 

TRADEMARK
REGISTRATIONS

 

U.S. TRADEMARK
REGISTRATIONS

 

	Trademark	Registration
    Number	Registration
    Date
	 	 	 

 

 

U.S. TRADEMARK
APPLICATIONS

 

	Trademark	Registration
    Number	Registration
    Date
	 	 	 

 

 

EXCLUSIVE
TRADEMARK LICENSES

 

	Name
    of

    Agreement	Parties

    Licensor/Licensee	Date
    of

    Agreement	Subject

    Matter

  

 

    

Exhibit D to Security Agreement
4Exhibit 10.2

 

STOCKHOLDERS
AGREEMENT

dated as of

December 17, 2019

among

CLOUD PEAK ENERGY, INC.

and

EACH OF THE STOCKHOLDERS PARTY HERETO

 

     

     

    

TABLE
OF CONTENTS 

Page

 

Article
1

DEFINITIONS

 

	Section 1.01.  Definitions	1
	Section 1.02.  Other Definitional and Interpretative
    Provisions	2

 

Article
2

RESTRICTIONS ON TRANSFER

 

	Section 2.01.  Restrictions on Transfer	3
	Section 2.02.  Legends	3

 

Article
3

INFORMATION

 

	Section 3.01.  Information Requirements	3

 

Article
4

ACTIONS SUBJECT TO STOCKHOLDER APPROVAL

 

	Section 4.01.  Actions Subject to Stockholder Approval	4

 

Article
5

MISCELLANEOUS

 

	Section 5.01.  Binding Effect; Intended Beneficiaries	4
	Section 5.02.  Notices	4
	Section 5.03.  Governing Law	4
	Section 5.04.  Jurisdiction	5
	Section 5.05.  WAIVER OF JURY TRIAL	5
	Section 5.06.  Specific Enforcement	5
	Section 5.07.  Counterparts; Effectiveness	5
	Section 5.08.  No Inconsistent Agreements	6
	Section 5.09.  Entire Agreement	6
	Section 5.10.  Severability	6
	Section 5.11.  Termination	6

 

Schedule A – Stockholders 

Exhibit A – Form of Joinder

 

     i

     

    

STOCKHOLDERS
AGREEMENT

 

AGREEMENT
dated as of December 17, 2019 among (i) Cloud Peak Energy, Inc., a Delaware corporation (the “Corporation”),
(ii) each Person (as defined below) identified on Schedule A hereto and (iii) any other Person who shall hereafter become
a Party hereto as set forth herein (each Person in clauses (ii) and (iii), a “Stockholder” and collectively,
the “Stockholders”).

 

W I
T N E S S E T H:

 

WHEREAS,
each of the original Stockholders party hereto as of the date hereof received Common Stock of the Corporation pursuant to the
Plan of Reorganization of the Corporation and certain of its subsidiaries under Chapter 11 of Title 11 of the United States Code
approved by the United States Bankruptcy Court for the District of Delaware (as the same may have been or may be subsequently
modified, supplemented and amended, the “Plan of Reorganization”);

 

WHEREAS,
pursuant to the Plan of Reorganization, any Person that is to receive shares of Common Stock pursuant to the Plan of Reorganization
shall be a party to this Agreement and deemed to be bound to the terms of this Agreement from and after the date hereof, even
if not a signatory hereto; and

 

WHEREAS,
the Corporation and the Stockholders desire to establish in this Agreement certain rights and obligations of the Parties relating
to the governance of the Corporation.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows:

 

Article
1

DEFINITIONS

 

Section 1.01.Definitions.
(a) As used in this Agreement, the following terms have the following meanings:

 

“Board”
means the board of directors of the Company.

 

“Business
Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized
by law to close.

 

“Bylaws”
means the Amended and Restated Bylaws of the Company, as the same may be amended from time to time.

 

“Charter”
means the Amended and Restated Certificate of Incorporation of the Company, as the same may be amended from time to time.

 

     

     

    

“Common
Stock” means the common stock, par value $0.01 per share, of the Company and any other security into which such Common
Stock may hereafter be converted or changed.

 

“Company
Securities” means (i) the Common Stock, (ii) securities convertible into or exchangeable for Common Stock and (iii)
any options, warrants or other rights to acquire Common Stock.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Joinder”
means a Joinder to this Agreement in substantially the form attached hereto as Exhibit A.

 

“Party”
means each Person who is a party to this Agreement by virtue of signing this Agreement or a Joinder.

 

“Person”
means an individual, corporation, limited liability company, partnership, association, trust or other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof.

 

“Stockholder”
means at any time, any Person (other than the Company) who shall then be a party to or bound by this Agreement, so long as such
Person shall “beneficially own” (as such term is defined in Rule 13d-3 of the Exchange Act) any Company Securities.

 

“Transfer”
means, with respect to any Company Securities, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, encumber,
hypothecate or otherwise transfer such Company Securities or any participation or interest therein, whether directly or indirectly
(including pursuant to a derivative transaction), or agree or commit to do any of the foregoing and (ii) when used as a noun,
a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of such Company
Securities or any participation or interest therein or any agreement or commitment to do any of the foregoing.

 

Section 1.02.Other Definitional
and Interpretative Provisions. The words “hereof”, “herein” and “hereunder” and words
of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation
hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement
unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made
a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise
defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include
the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not

 

    2 

     

    

they are in fact followed by
those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing
and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are
to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof;
provided that with respect to any agreement or contract listed on any schedules hereto, all such amendments, modifications or
supplements must also be listed in the appropriate schedule. References to any law include all rules and regulations promulgated
thereunder. References to any Person include the successors and permitted assigns of that Person. References from or through any
date mean, unless otherwise specified, from and including or through and including, respectively.

 

Article
2

RESTRICTIONS ON TRANSFER

 

Section 2.01.Restrictions
on Transfer. (a) Each Stockholder agrees that it shall not Transfer any Company Securities (or solicit any offers in respect
of any Transfer of any Company Securities), except in compliance with the Securities Act, any other applicable securities or “blue
sky” laws and the terms and conditions of this Agreement.

 

(b)       Each
Stockholder agrees to comply with the provisions set forth in Article 13 of the Charter (as it may be amended from time to time
in accordance with the terms of the Charter) as if such provisions were fully set forth in this Agreement mutatis mutandis.

 

(c)       Any
attempt by any Stockholder to Transfer any Company Securities not in compliance with this Agreement shall be null and void, and
the Corporation shall not, and shall cause any transfer agent not to, give any effect in the Corporation’s stock records
to such attempted Transfer.

 

Section 2.02.Legends.
In addition to any other legend that may be required, each certificate for Company Securities issued to any Stockholder other
than the depositary for a securities clearing system shall bear a legend in the form contemplated in Article 13 of the Charter,
as it may be amended from time to time.

 

Article
3

INFORMATION

 

Section 3.01.Information
Requirements. The Corporation shall comply with the provisions set forth in Article 6 of the Bylaws (as it may be amended
from time to time in accordance with the terms of the Bylaws) as if such provisions were fully set forth in this Agreement mutatis
mutandis.

 

    3 

     

    

Article
4

ACTIONS SUBJECT TO STOCKHOLDER APPROVAL

 

Section 4.01.Actions Subject
to Stockholder Approval. The Corporation shall comply with the provisions set forth in Article 8 of the Charter (as it may
be amended from time to time in accordance with the terms of the Charter) as if such provisions were fully set forth in this Agreement
mutatis mutandis.

 

Article
5

MISCELLANEOUS

 

Section 5.01.Binding Effect;
Intended Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the Parties and their heirs, executors,
administrators, successors, legal representatives and permitted assigns. Unless expressly provided in this Agreement, no provision
is intended to confer on any Person other than the Parties, and their respective heirs, successors, legal representatives and
permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

Section 5.02.Notices.
All notices, requests and other communications to any party shall be in writing and shall be delivered in person, mailed by certified
or registered mail, return receipt requested, or sent by facsimile transmission or email transmission so long as receipt of such
email is requested and received:

 

Cloud Peak Energy Inc.

606 Post Road E #624

Westport, CT 06880

Attention: Gilbert Nathan

Email: gil@jacksonsquareadvisors.com

 

All notices,
requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to
5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request
or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. Any
notice, request or other written communication sent by facsimile transmission shall be confirmed by certified or registered mail,
return receipt requested, posted within one Business Day, or by personal delivery, whether courier or otherwise, made within two
Business Days after the date of such facsimile transmissions.

 

Any Person
that becomes a Stockholder shall provide its address and fax number to the Company, which shall promptly provide such information
to each other Stockholder.

 

Section 5.03.Governing
Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by,
and construed in

 

    4 

     

    

accordance with, the laws of
the State of Delaware, without regard to the conflicts of laws rules of such state.

 

Section 5.04.Jurisdiction.
The Parties agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out
of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Court of Chancery of
the State of Delaware, or to the extent such court does not have subject matter jurisdiction, the United States District Court
for the District of Delaware, or to the extent such court also does not have subject matter jurisdiction, another court of the
State of Delaware, County of New Castle, so long as one of such courts shall have subject matter jurisdiction over such suit,
action or proceeding, and that any case of action arising out of this Agreement shall be deemed to have arisen from a transaction
of business in the State of Delaware, and each of the Parties hereby irrevocably consents to the exclusive jurisdiction of such
courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the
fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been
brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any Party anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each Party agrees that service of
process on such Party at the address provided pursuant to ‎Section 5.02 shall be deemed effective service of process on such
Party.

 

Section 5.05.WAIVER OF
JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 5.06.Specific
Enforcement. Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach
of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond,
and in addition to all other remedies that may be available, shall be entitled to obtain equitable relief in the form of specific
performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be
available.

 

Section 5.07.Counterparts;
Effectiveness. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective
when each party hereto shall have received counterparts hereof signed by all of the other parties hereto. Until and unless each
party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall
have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). Notwithstanding
the foregoing, any Person that is to receive shares of Common Stock pursuant to the Plan of Reorganization shall, for purposes
of this ‎Section 5.07, be deemed to have executed

 

    5 

     

    

and delivered a counterpart signature
as of the date hereof regardless of whether such holder does and shall be bound to the terms of this Agreement.

 

Section 5.08.No Inconsistent
Agreements. The Corporation shall not hereafter enter into any agreement with respect to its Common Stock which is inconsistent
with or violates the rights granted to the Stockholders in this Agreement.

 

Section 5.09.Entire Agreement.
This Agreement constitute the entire agreement among the parties hereto and supersede all prior and contemporaneous agreements
and understandings, both oral and written, among the parties hereto with respect to the subject matter hereof and thereof.

 

Section 5.10.Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable as applied to any circumstance
for any reason whatsoever, then, to the fullest extent permitted by applicable law, the validity, legality and enforceability
of such provisions in any other circumstance and of the remaining provisions of this Agreement (including, without limitation,
each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable that
is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby.

 

Section 5.11.Termination.
This Agreement shall terminate and cease to have any effect as it applies to any class of Company Security in the event that it
would prevent the eligibility of such class of Company Security for settlement and clearance through the Depository Trust Company,
or DTC.

 

    6 

     

    

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day
and year first above written.

 

 

	 	
	 	THE CORPORATION:
	 	 
	 	CLOUD PEAK ENERGY, INC.
	 	 
	 	 
	 	By:	/s/ Gilbert Nathan
	 	 	Name:Gilbert Nathan
	 	 	Title:Chairman and Chief Executive Officer

 

 

     

     

    

	 	WOLVERINE FLAGSHIP FUND TRADING LIMITED, as Stockholder
	 	 
	 	
        By: WOLVERINE ASSET MANAGEMENT, LLC, its investment
manager 

	 	 
	 	By:	/s/ Kenneth L. Nadel
	 	 	Name:Kenneth L. Nadel
	 	 	Title:Authorized Signatory

 

     

     

    

	 	WEXFORD CATALYST INVESTORS LLC
	 	 
	 	 
	 	By:	/s/ Arthur Amron
	 	 	Name:Arthur Amron
	 	 	Title:Vice President and Assistant Secretary

 

	 	WEXFORD SPECTRUM INVESTORS LLC
	 	 
	 	 
	 	By:	/s/ Arthur Amron
	 	 	Name:Arthur Amron
	 	 	Title:Vice President and Assistant Secretary

 

	 	DEBELLO INVESTORS LLC
	 	 
	 	 
	 	By:	/s/ Arthur Amron
	 	 	Name:Arthur Amron
	 	 	Title:Vice President and Assistant Secretary

 

     

     

    

	 	TIAA Global Public Investments, LLC – Series Loan, as Lender
	 	 
	 	 
	 	By:	Teachers Advisors, LLC, its investment manager
	 	By:	/s/ Ji Min Shin         AD
	 	 	Name:Ji Min Shin
	 	 	Title:Senior Director

 

	 	TIAA Global Public Investments, LLC – Series High Yield, as Lender
	 	 
	 	 
	 	By:	Teachers Advisors, LLC, its investment manager
	 	By:	/s/ Ji Min Shin         AD
	 	 	Name:Ji Min Shin
	 	 	Title:Senior Director

 

	 	TIAA-CREF High Yield Fund, as Lender
	 	 
	 	 
	 	By:	Teachers Advisors, LLC, its investment manager
	 	By:	/s/ Ji Min Shin         AD
	 	 	Name:Ji Min Shin
	 	 	Title:Senior Director

 

	 	TIAA-CREF Bond Plus Fund, as Lender
	 	 
	 	 
	 	By:	Teachers Advisors, LLC, its investment manager
	 	By:	/s/ Ji Min Shin         AD
	 	 	Name:Ji Min Shin
	 	 	Title:Senior Director

 

	 	Teachers Insurance and Annuity Association of America, as Lender
	 	 
	 	 
	 	By:	Nuveen Alternatives Advisors LLC, its investment manager
	 	By:	/s/ Ji Min Shin         AD
	 	 	Name:Ji Min Shin
	 	 	Title:Senior Director

 

 

     

     

    

	 	GRACE BROTHERS, LP, as Stockholder
	 	 
	 	By:	
        BRO-GP, LLC, its General Partner

         

	 	By:	/s/ Bradford T. Whitmore
	 	 	Name:Bradford T. Whitmore
	 	 	Title:Manager

 

     

     

    

	 	Arena Short Duration High Yield Fund, L.P., Series A, as Stockholder
	 	 
	 	 
	 	By:	ARENA CAPITAL ADVISORS, LLC

for and on behalf of the funds and accounts it manages its investment manager
	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

	 	Arena Short Duration High Yield Fund, L.P., Series B, as Stockholder
	 	 
	 	 
	 	By:	ARENA CAPITAL ADVISORS, LLC

for and on behalf of the funds and accounts it manages its investment manager
	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

	 	Arena Short Duration High Yield Fund, L.P., Series C, as Stockholder
	 	 
	 	 
	 	By:	ARENA CAPITAL ADVISORS, LLC

for and on behalf of the funds and accounts it manages its investment manager
	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

 

     

     

    

 

	 	Arena Short Duration High Yield Fund, L.P., Series D, as Stockholder
	 	 
	 	 
	 	By:	ARENA CAPITAL ADVISORS, LLC

for and on behalf of the funds and accounts it manages its investment manager
	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

  

	 	Arena Short Duration High Yield Fund, L.P., Series E, as Stockholder
	 	 
	 	 
	 	By:	ARENA CAPITAL ADVISORS, LLC

for and on behalf of the funds and accounts it manages its investment manager
	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

 

	 	Arena VII, LLC, as Stockholder
	 	 
	 	 
	 	By:	ARENA CAPITAL ADVISORS, LLC

for and on behalf of the funds and accounts it manages its investment manager
	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

 

 

     

     

    

	 	INKA for the account of beTurn, as Stockholder
	 	 
	 	 
	 	By:	
        ARENA CAPITAL ADVISORS, LLC 

        for and on behalf of the funds and accounts it manages
its investment manager 

	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

 

	 	TDC National Assurance Company, as Stockholder
	 	 
	 	 
	 	By:	
        ARENA CAPITAL ADVISORS, LLC 

        for and on behalf of the funds and accounts it manages
its investment manager 

	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

	 	The Doctor’s Company, an Interinsurance Exchange, as Stockholder
	 	 
	 	 
	 	By:	
        ARENA CAPITAL ADVISORS, LLC 

        for and on behalf of the funds and accounts it manages
its investment manager 

	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

     

     

    

	 	Hospitals Insurance Company, Inc., as Stockholder
	 	 
	 	 
	 	By:	
        ARENA CAPITAL ADVISORS, LLC 

        for and on behalf of the funds and accounts it manages
its investment manager 

	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

 

	 	BUMA Universal Fonds CTA., as Stockholder
	 	 
	 	 
	 	By:	
        ARENA CAPITAL ADVISORS, LLC 

        for and on behalf of the funds and accounts it manages
its investment manager 

	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

	 	T&D
Funds – Arena Short Duration High Yield Fund, as Stockholder 

	 	 
	 	 
	 	By:	
        ARENA CAPITAL ADVISORS, LLC 

        for and on behalf of the funds and accounts it manages
its investment manager 

	 	 	 
	 	By:	/s/ Sanije Perrett
	 	 	Name:Sanije Perrett
	 	 	Title:President

 

     

     

    

	 	
        ALLIANZ GLOBAL INVESTORS U.S. LLC, in its capacity as
        investment manager, investment adviser or investment sub-adviser and on behalf of the investment vehicles identified below as Stockholders:

         

         

        Allianz Short Duration High Yield Fund, a series of Allianz
        Global Investors Trust, as Stockholder

         

         

        AllianzGI Short Duration High Income Fund, a series of
        Allianz Funds Multi-Strategy Trust, as Stockholder

         

         

        Allianz US Short Duration High Income Bond Fund,
a sub-fund of Allianz Global Investors Fund, as Stockholder 

	 	 
	 	 
	 	By:	/s/ Steven Gish
	 	 	Name:Steven Gish
	 	 	Title:Director

 

     

     

    

	 	Northern Multi-Manager High Yield Opportunity Fund, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 	General Organization for Social Insurance, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 	PensionDamark Pensionforsikringsaktieselskab as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	PACE High Yield Investments, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 

     

     

    

	 	Government of Guam Retirement Fund, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	Ohio Public Employees Retirement System, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	Pinnacol Assurance, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	Nomura Funds Ireland plc – Global High Yield Bond Fund, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

      

     

    

	 	Kapitalforeningen MP Invest High Yield Obligationer V, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 	The State of Connecticut Acting Through its Treasurer, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	Blue Cross and Blue Shield Association National Retirement Trust, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc., its investment
        manager

        

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	American Century Investment Trust – NT High Income Fund, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

     

     

    

	 	Stichting Pensionfoends TNO as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 	Delta Master Trust, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 	Commonwealth of Massachusetts Employees Deferred Compensation Plan, as Lender
	 	 
	 	 
	 	By:	Nomura Corporate Research and Asset Management, Inc., its investment manager
	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 	American Century U.S. High Yield Corporate Bond Collective Fund, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

  

     

     

    

	 	Illinois State Board of Investment, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	American Century Investment Trust – High Income Fund, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 	Nomura Bond & Loan Fund, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	Louisiana State Employees’ Retirement System, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

     

     

    

	 	Stichting Pensioenfonds Hoogovens, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	Mars Associates Retirement Plan, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	Stichting Mars Pensioenfonds, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 	Montgomery County Consolidated Retiree Health Benefits Trust, as Lender
	 	By:	
        Nomura Corporate Research and Asset Management, Inc., its investment
        manager

         

	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

     

     

    

	 	Montgomery County Employees’ Retirement System, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	Nomura US Attractive Yield Corporate Bond Fund Mother Fund, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

 

	 	L-3 Communications Corporation Master Trust, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

     

     

    

	 	National Railroad Retirement Investment Trust, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

	 	Delta Pilots Disability and Survivorship Trust, as Lender
	 	 
	 	 
	 	By:	
        Nomura Corporate Research and Asset Management, Inc.,
its investment manager 

	 	 	 
	 	By:	/s/ Stephen Kotsen
	 	 	Name:Stephen Kotsen
	 	 	Title:Managing Director

 

     

     

    

SCHEDULE
A

 

Stockholders

 

	Wolverine Flagship Fund Trading Limited	c/o
Wolverine Asset Management, LLC 

        175 W. Jackson Blvd.,
Suite 340 

        Chicago, IL 60604 

	TIAA
    Global Public Investments, LLC - Series Loan	730 Third Avenue 

    New York, NY 10017
	TIAA
    Global Public Investments, LLC - Series High Yield	730 Third Avenue 

    New York, NY 10017
	TIAA-CREF
    High Yield Fund	730 Third Avenue 

    New York, NY 10017
	TIAA-CREF
    Bond Plus Fund	730 Third Avenue 

    New York, NY 10017
	Teachers
    Insurance and Annuity Association of America	730 Third Avenue 

    New York, NY 10017
	Wexford
    Catalyst Investors LLC	411 West Putnam Avenue,
    Suite 125

    Greenwich, CT 06830
	Wexford
    Spectrum Investors LLC	411 West Putnam Avenue,
    Suite 125

    Greenwich, CT 06830
	Debello
    Investors LLC	411 West Putnam Avenue,
    Suite 125

    Greenwich, CT 06830
	GRACE
    BROTHERS, LP	1603 Orrington Ave.,
    Suite 900

    Evanston, IL 60201
	Arena
    Short Duration Short Duration High Yield Fund, L.P. - Series A	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	Arena
    Short Duration Short Duration High Yield Fund, L.P. - Series B	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	Arena
    Short Duration Short Duration High Yield Fund, L.P. - Series C	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	Arena
    Short Duration Short Duration High Yield Fund, L.P. - Series D	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025

  

 

     

     

    

	Arena Short Duration Short Duration High Yield
    Fund, L.P. - Series E	12121
    Wilshire Blvd, Ste. 1010

    Los Angeles, CA 90025
	Arena
    VII, LLC	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	INKA
    for account of BeTurn	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	TDC
    National Assurance Company	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	The
    Doctor’s Company, an Interinsurance Exchange	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	Hospitals
    Insurance Company, Inc.	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	BUMA
    UNIVERSAL FONDS CTA	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	T&D
    Funds - Arena Short Duration High Yield Fund	12121 Wilshire Blvd,
    Ste. 1010

    Los Angeles, CA 90025
	Allianz
    Short Duration High Yield Fund, a series of Allianz Global Investors Trust	600 West Broadway

    San Diego, CA  92101
	AllianzGI
    Short Duration High Income Fund, a series of Allianz Funds Multi-Strategy Trust	600 West Broadway

    San Diego, CA  92101
	Allianz
    US Short Duration High Income Bond Fund, a sub-fund of Allianz Global Investors Fund	600 West Broadway
    

    San Diego, CA  92101
	American
    Century Investment Trust - High Income Fund	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	American
    Century Investment Trust – NT High Income Fund	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	American
    Century U.S. High Yield Corporate Bond Collective Fund	309 West 49th Street,
        19TH Floor

        

        New York, NY 10019-7316 

	Blue
    Cross and Blue Shield Association National Retirement Trust	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

  

 

     

     

    

	Commonwealth of Massachusetts Employees Deferred
    Compensation Plan	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Delta
    Master Trust	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Delta
    Pilots Disability and Survivorship Trust	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	General
    Organization for Social Insurance	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Government
    of Guam Retirement Fund	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Illinois
    State Board of Investment	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Kapitalforeningen
    MP Invest High yield obligationer V	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	L-3
    Communications Corporation Master Trust	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Louisiana
    State Employees' Retirement System	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Mars
    Associates Retirement Plan	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Montgomery
    County Consolidated Retiree Health Benefits Trust	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Montgomery
    County Employees' Retirement System	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	National
    Railroad Retirement Investment Trust	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Nomura
    Bond & Loan Fund	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Nomura
    Funds Ireland plc - Global High Yield Bond Fund	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Nomura
    US Attractive Yield Corporate Bond Fund Mother Fund	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

  

 

     

     

    

	Northern Multi-Manager High Yield Opportunity
    Fund	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Ohio
    Public Employees Retirement System	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	PACE
    High Yield Investments	309
West 49th Street, 19TH Floor

        New York, NY 10019-7316 

	PensionDanmark
    Pensionforsikringsaktieselskab	309 West 49th Street,
        19TH Floor

        

        New York, NY 10019-7316 

	Stichting
    Mars Pensioenfonds	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Stichting
    Pensioenfonds Hoogovens	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	Stichting
    Pensioenfonds TNO	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

	The
    State of Connecticut Acting Through Its treasurer	309
West 49th Street, 19TH Floor 

        New York, NY 10019-7316 

  

 

     

     

    

Exhibit
A

 

JOINDER
TO STOCKHOLDERS AGREEMENT OF

 

CLOUD
PEAK ENERGY, INC.

 

ANY
CAPITALIZED TERM THAT IS NOT OTHERWISE DEFINED IN THIS JOINDER SHALL HAVE THE MEANING GIVEN TO IT IN THE STOCKHOLDERS AGREEMENT
OF CLOUD PEAK ENERGY, INC. (THE “AGREEMENT”) DATED DECEMBER 5 2019, AS AMENDED FROM TIME TO TIME. A COPY OF
THE AGREEMENT IS ATTACHED TO AND INCORPORATED FOR ALL PURPOSES IN THIS JOINDER.

 

The undersigned
has acquired shares of Common Stock of Cloud Peak Energy, Inc., a Delaware corporation (the “Corporation”),
from one or more Stockholders and, by signing this Joinder, the undersigned agrees as follows:

 

1.       THE
UNDERSIGNED HAS RECEIVED, READ AND UNDERSTANDS THE AGREEMENT.

 

2.       THE
UNDERSIGNED ACKNOWLEDGES AND AGREES THAT BY SIGNING THIS JOINDER IT IS BECOMING A PARTY TO THE AGREEMENT AS A “STOCKHOLDER”
JUST AS THOUGH IT HAD SIGNED THE AGREEMENT ITSELF. ACCORDINGLY, THE UNDERSIGNED AGREES TO BE BOUND BY ALL OF THE TERMS AND PROVISIONS
OF THE AGREEMENT AND TO BE SUBJECT TO ALL OF THE OBLIGATIONS IMPOSED ON A STOCKHOLDER BY OR UNDER THE AGREEMENT AND APPLICABLE
LAW. THE UNDERSIGNED RATIFIES AND CONFIRMS EACH AND EVERY ARTICLE, SECTION AND PROVISION OF THE AGREEMENT.

 

3.       The
undersigned acknowledges that it has the ability to access the Secured Site and the opportunity to review the information contained
therein.

 

4.       FOR
THE AVOIDANCE OF DOUBT, THE UNDERSIGNED REPRESENTS AND WARRANTS THAT THE AGREEMENT CONSTITUTES THE LEGAL, VALID, AND BINDING OBLIGATION
OF THE UNDERSIGNED AND IT IS ENFORCEABLE AGAINST IT IN ACCORDANCE WITH ITS TERMS.

 

	Natural Person:	 	Entity:	 
	 	 	 	 
	(Print
Name) 
	 	(Print
Entity Name)
	 
	 	 	 	 
	 	 	 	 

	 	 	By:		 

	(Signature)	 	(Signature)	 

	 	 	Print Name:	 	 

	 	 	Title: 	 	 

  

 

     

     

    

	Address:	 	Address:	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

	Telephone No.	 	 	Telephone No.	 	 

	Facsimile No.	 	 	Facsimile No.	 	 

	Email address:	 	 	Email address:	 	 

	 	 	 	 
	 	 	 	 
	 	 	 	 

	Date Signed:	 	 	Date Signed:	 	 

 

 

The Corporation
has accepted this Joinder and admits ______________________ as a Party to the Agreement effective _______________________, _____.

 

 

Cloud Peak Energy,
Inc.

 

 

 

By:__________________________

Name:

Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]