Document:

EX-10.33

 Exhibit 10.33 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT
AGREEMENT (the “Agreement”) is made as of the 1st day of October, 2011 by and between ARMSTRONG ENERGY, INC. (the “Company”) with offices at
7733 Forsyth Boulevard, Suite 1625, St. Louis, Missouri 63105; and MARTIN D. WILSON (the “Executive”) of 12 Babler Lane, St. Louis, Missouri 63124. 

WHEREAS, the Company desires to enter an employment contract with Executive upon the terms and conditions set forth
herein, and Executive desires to accept employment upon the same terms and conditions; 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants herein set forth, the parties hereto agree as follows: 

1. EMPLOYMENT; POSITION AND RESPONSIBILITIES. 

The Company agrees to continue to employ the Executive as its President, and the Executive agrees to continue to be employed by the
Company in such capacity, subject to the terms and conditions set forth in this Agreement. The Executive shall during the continuance of his employment: 
  

	 	(a)	serve the Company to the best of his ability in the capacity of President or in such other capacity or capacities, consistent with the Executive’s level of
experience and expertise as may be specified from time to time by the Chief Executive Officer in his sole discretion; 

  

	 	(b)	faithfully and diligently perform such duties and exercise such powers consistent with such office, subject to the direction and supervision of the Chief Executive
Officer; 

  

	 	(c)	if and so long as the Chief Executive Officer so directs, perform and exercise the said duties and powers on behalf of any Affiliated Company and act as a director or
other officer of any Affiliated Company; and 

  

	 	(d)	unless prevented by sickness, injury or otherwise agreed by the Chief Executive Officer, devote the necessary time and attention and abilities during his hours of work
(which shall be normal business hours and such reasonable additional hours as may be necessary for the proper performance of his duties) to the performance of his duties under this Agreement. 

2. COMPENSATION. 
 2.1 Salary and Bonus. The Company shall pay to the Executive during the continuance of his employment a salary at the rate of $300,000 per year (the “Salary”), prorated for any partial
period of employment, and, at the Executive’s option, either the use of an automobile appropriate for his position or an automobile allowance in conformity with 

 
Employer’s existing policy at the time, either of which may be discontinued at any time at the sole discretion of the Board of Directors. The Salary shall be payable in equal semi-monthly
installments in arrears or as otherwise determined by the Company on a company-wide basis. During the term of his employment as defined herein, the Executive shall also be entitled to be considered for an annual discretionary bonus based upon the
achievement of performance criteria established by the Company in its sole discretion and to be awarded an amount for such bonus as determined by the Company’s Board of Directors in its sole discretion, and the target amount will not be less
that 75% of the Executive’s then annual Salary (the “Bonus”). The Salary and Bonus shall be reviewed from time to time and the rates thereof may be increased by the Company. Unless otherwise specifically provided for in this
Agreement, the Executive must be employed by the Company or an affiliate on the date the Bonus or other discretionary payment is made to be entitled to receive the Bonus or other discretionary payment. Any Bonus or other discretionary payments due
under this Agreement shall be paid to the Executive at the time specified by the Board of Directors at the time any such Bonus or other discretionary payment is awarded, but in no event later than 21/2 months after the end of the taxable year in which any substantial
risk of forfeiture with respect to such Bonus or other payment lapses. 
 2.2 Vesting and Exercise of Incentive Awards.
This Agreement nor any term or provision herein shall be deemed to alter, amend or modify any provision in any agreement related to any (i) stock options, (ii) stock appreciation rights, (iii) restricted stock, membership units or
limited partnership units, (iv) restricted stock units, (v) performance grants and (vi) any other type of award granted to the Executive under any incentive plan, stock option plan or other award plan by the Company or any of its
affiliates or subsidiaries, including, without limitation, Elk Creek, L.P. (the foregoing collectively being referred to herein as “Incentive Awards”) (but subject, however, to any restriction contained in any stock incentive plan as in
effect on the date hereof). 
 3. INSURANCE AND RELATED BENEFITS. 

 The Executive shall be entitled to participate in any Benefit Plans (including any medical expense insurance and health
and accident insurance and travel insurance plans) of the Company enjoyed by or made available to other senior executive officers of the Company to the extent that the Executive qualifies under the eligibility provisions of any such plan, as
presently in effect or as they may be modified from time to time. Any employment benefits provided to the Executive pursuant to this Agreement shall be governed by the applicable plan documents, insurance policies, and/or employment policies, and
may be modified, suspended, revoked, or terminated in accordance with the terms of the applicable documents or policies without violating this Agreement. 
 4. REIMBURSEMENT OF EXPENSES.  
 The Company shall reimburse the Executive in respect of all reasonable and appropriate travel, accommodation, entertainment and other similar out-of-pocket expenses actually incurred or expended by him in
the performance of his duties hereunder during the Term (as defined below). All expenses shall be reimbursed in accordance with Company policy subject to the Executive providing appropriate authorized evidence (including receipts, invoices, tickets
and/or vouchers as may be appropriate) of the expenditure with respect to which he seeks reimbursement. 

  
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 5. VACATION.  

The Executive shall, in addition to the holidays recognized by the Company, be entitled during the term of his employment to 25 business
days paid vacation each calendar year. Such vacation will be carried over from calendar year to calendar year or forfeited if not used by the end of the calendar year in which it was granted in conformity with Employer’s existing policy at the
time. 
 6. INTELLECTUAL PROPERTY. 

If at any time in the course of his employment the Executive makes or discovers or participates in the making or discovery of any
Intellectual Property relating to or capable of being used in the business of the Company or any Affiliated Company, he shall immediately disclose full details of such Intellectual Property to the Company and all such Intellectual Property shall be
the sole property of the Company. At the request and expense of the Company he shall do all things which may be necessary or desirable for obtaining appropriate forms of protection for the Intellectual Property in such parts of the world as may be
specified by the Company and for vesting all rights in the same in the Company or its nominee. All rights and obligations under this Paragraph 6 with respect to Intellectual Property made or discovered by the Executive during his employment shall
continue in full and force and effect after the termination of his employment and shall be binding upon the Executive’s personal representatives. The Executive acknowledges that all original works of authorship protectable by copyright that are
produced by the Executive in the performance of his duties, responsibilities, or authorities for the Company are “works made for hire” as defined in the United States Copyright Act (17 U.S.C. § 101). In addition, to the extent that
any such works are not works made for hire under the United States Copyright Act, the Executive hereby assigns without further consideration all right, title, and interest in such works to the Company. 

7. CONFIDENTIALITY. 
 Except as necessary or appropriate to the proper performance of his duties, or with the prior written consent of the Company, or as ordered by a court of competent jurisdiction, the Executive shall not,
at any time either during the term of his employment or after its termination, disclose or communicate to any person, or use for his own benefit or the benefit of any person other than the Company or any Affiliated Company, any information relating
to the Company or any Affiliated Company that is not generally known to the public (“Confidential Information”) which may come to his knowledge or be made available to him in the course of his employment. All notes and memoranda of any
trade secret or other Confidential Information concerning the business of the Company and the Affiliated Companies or any of its or their suppliers, agents, contractual counterparties, clients, customers or others which shall have been acquired,
received or made by the Executive during the course of his employment shall be the property of the Company and shall be immediately surrendered by the Executive to someone duly authorized in that behalf at the termination of his employment or at the
request of the Board of Directors at any time during the course of his employment. 

  
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 9. TERM; TERMINATION.  

9.1 Term. The term of the Executive’s employment under this Agreement shall be three years from the date first set forth above
unless sooner terminated as set forth herein and, unless sooner terminated as set forth herein, shall automatically renew for successive one year terms thereafter unless either party gives the other a written notice of non-renewal at least 90 days
before the end of the then current term (the “Term”). 
 9.2 Termination by the Company without Cause; Termination
by the Executive for Good Reason. The Company may terminate the employment of the Executive at any time without Cause by giving the Executive written notice of such termination within ten (10) business days prior to the effective date of
such termination. The Executive may terminate his employment by the Company at any time for Good Reason by giving the Company written notice of such termination within ten (10) business days prior to the effective date of such termination.

 9.3. Effect of Termination without Cause by Company or for Good Reason by Executive. Except as provided in Paragraph
9.4, in the event of a termination by the Company without Cause, failure to renew this Agreement by the Company pursuant to Paragraph 9.1, or termination by the Executive for Good Reason, the Company shall have no further obligation to the Executive
under this Agreement or otherwise, except the Executive shall be entitled to receive the Accrued Obligations and the following severance benefits: 
  

	 	(a)	the Company shall continue to pay the Executive’s Salary for a period of 24 months after the Executive’s Separation from Service; and

  

	 	(b)	the Company shall pay to the Executive, within 30 days following the Executive’s Separation from Service (as defined below), a bonus for that year equal to 75% of
his Salary then in effect, provided, however, that in the event of a termination for Good Reason pursuant to Paragraph 15.1(h)(ii) the annual salary used for computation under this Paragraph 9.3(b) shall be the one in effect prior to the reduction
referred to in Paragraph 15.1(h)(ii); and 

  

	 	(c)	during the portion, if any, of the 24-month period (unless otherwise limited by COBRA or similar state law) commencing on the date of the Executive’s Separation
from Service (as defined below) that the Executive is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s or an affiliate’s group heath plan pursuant to the Consolidated Omnibus
Budget Reconciliation Act (COBRA) or similar state law, the Company shall reimburse the Executive on a monthly basis for the difference between the amount the Executive pays to effect and continue such coverage and the employee contribution amount
that active senior executive employees of the Company pay for the same or similar coverage. 

  
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 9.4 Effect of Change of Control. Notwithstanding the other provisions of Paragraph
9.3, in the event that: (i) the Company terminates the Executive’s employment without Cause in anticipation of, or pursuant to a notice of termination delivered to the Executive within 24 months after, a Change in Control; (ii) the
Executive terminates his employment for Good Reason pursuant to a notice of termination delivered to the Company in anticipation of, or within 24 months after, a Change in Control; or (iii) the Company fails to renew this Agreement in
anticipation of, or within 24 months after, a Change of Control, the Company shall have no further obligation to the Executive under this Agreement or otherwise, except the Executive shall be entitled to receive the Accrued Obligations and the
following benefits: 
  

	 	(a)	the Company shall pay to the Executive, within 30 days following the Executive’s Separation from Service (as defined below), a lump-sum cash amount equal to:
(i) two times the sum of (A) his Salary then in effect and (B) 75% of his then current Salary; plus (ii) a bonus for the then current fiscal year equal to 75% of his Salary (irrespective of whether performance objectives have
been achieved); plus (iii) if such notice is given within the first 12 months after the date first set forth above, then, the Salary the Executive should have been paid from the date of termination through the end of such 12 month period,
provided, however, that in the event of a termination for Good Reason pursuant to Clause Paragraph 15.1(h)(ii), the annual salary used for computation under this Paragraph 9.4(a) shall be the one in effect prior to the reduction referred to in
Paragraph 15.1(h)(ii); and 

  

	 	(b)	during the portion, if any, of the 24-month period (unless otherwise limited by COBRA or similar state law) commencing on the date of the Executive’s Separation
from Service (as defined below) that the Executive is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s or an affiliate’s group heath plan pursuant to COBRA or similar state law,
the Company shall reimburse the Executive on a monthly basis for the difference between the amount the Executive pays to effect and continue such coverage and the employee contribution amount that active senior executive employees of the Company pay
for the same or similar coverage. 

 For purposes of this Agreement, a Change of Control shall not be considered to
be anticipated unless (a) the sale of the Company is being actively marketed, (b) a letter of intent outlining provisional sale terms and conditions are being negotiated and/or have been offered and/or exchanged,
(c) nondisclosure/confidentiality agreements have been proposed to allow further due diligence for a prospective buyer(s) of the Company and/or its assets, and/or (d) a contract for the sale/purchase of the Company and/or its assets is
being/has been negotiated or has been executed. 
 9.5 Other Benefits upon Termination without Cause by Company or for Good
Reason by Executive. In the event of a termination without Cause by the Company, failure to renew this Agreement by the Company or termination for Good Reason by the Executive, in addition to the rights and benefits to which the Executive would
be entitled under Paragraphs 9.3 or 9.4: 

  
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	 	(a)	the Company shall provide the Executive with appropriate outplacement services through a nationally recognized outplacement firm at a cost to the Company of no more
than 15% of the Executive’s Salary immediately prior to termination (without giving effect to any reduction thereto unless such reduction was made with the Executive’s consent); provided that such services are provided to the Executive
prior to the end of the second calendar year following the calendar year in which the Executive’s Separation from Service (as defined below) occurs; and 

 

	 	(b)	the Executive shall also be entitled to a contribution under the Company’s Executive Retirement Benefit Plan for that fiscal year equal to the greater of
(i) the amount that would have been contributed for that fiscal year determined in accordance with past practice or (ii) the highest amount contributed by the Company on behalf of the Executive under that Plan for any of the three prior
fiscal years. 

 9.6 Termination by the Company for Cause. The Company may at any time terminate the
Executive’s employment for Cause by giving the Executive written notice, effective upon delivery of such notice. In the event of a termination by the Company for Cause, the Company shall have no further obligation to the Executive under this
Agreement or otherwise, except the Executive shall be entitled to receive the Accrued Obligations. 
 9.7 Retirement. The
employment of the Executive shall terminate automatically upon his Retirement. “Retirement” shall mean a termination of the Executive’s employment initiated by the Executive, other than for Good Reason, whereby the Executive is
entitled to receive an immediately payable benefit, including any applicable early retirement benefit, under any pension or retirement plan then generally applicable to the Company’s salaried employees or under any retirement arrangement
established with respect to the Executive with his prior written consent; in either case, whether or not the Executive commences to receive such benefit at the time of such termination. In the event of the termination of the Executive’s
employment pursuant to his Retirement, the Company shall have no further obligation to the Executive under this Agreement or otherwise, except the Executive shall be entitled to receive the Accrued Obligations. 

9.8 Disability. Subject to the requirements of the Americans with Disabilities Act of 1990, as amended, the Family and Medical
Leave Act of 1993, as amended, and/or any other law applicable to the Executive’s employment by the Company, the Company may terminate the employment of the Executive, by giving him not less than 30 days written notice prior to the effective of
such termination, if the Executive shall have been absent from work due to sickness, injury or other incapacity for a continuous period of more than 120 days or if, in the opinion of a physician reasonably selected by the Company, the Executive is
likely to be unable to perform his duties for a continuous period of more than 120 days; provided, however, the Company shall withdraw such notice if during its pendency the Executive fully resumes his performance hereunder and provides the Company
with a certificate from a physician reasonably acceptable to the Company certifying the Executive’s ability to perform his duties hereunder. Circumstances justifying termination of the Executive’s employment by the Company pursuant to this
Paragraph 9.8 

  
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are referred to herein as “Disability”. Any refusal by the Executive to submit to a medical examination by a physician or other appropriate expert selected by the Company for the
purposes of certifying his ability to perform his duties and responsibilities hereunder shall, at the option of the Company, be deemed to constitute conclusive evidence of the Executive’s inability to perform such duties and responsibilities.
In the event of a termination by the Company for Disability, the Company shall have no further obligation to the Executive under this Agreement or otherwise, except the Executive shall be entitled to receive the Accrued Obligations. 

9.9 Death. In the event of the death of the Executive while employed by the Company, his employment shall terminate automatically
and the Company shall have no further obligation to the Executive under this Agreement or otherwise, except for payment of the Accrued Obligations to the Executive’s surviving spouse, or if there is no surviving spouse, then to the
Executive’s heirs, designee or representative (as the case may be). 
 9.10 Vacation upon Termination. Upon the
termination of his employment, the Executive shall be entitled to accrued vacation pay calculated on a pro rata basis in respect of each completed month of service in the calendar year in which his employment terminates and the appropriate amount
shall be paid in cash to the Executive within 60 days of his termination of employment, provided that if the Executive shall have taken more days than his accrued entitlement the Company is hereby authorized to make an appropriate deduction from the
Executive’s final salary payment. 
 9.11 Mitigation; Offset. The Executive shall have no obligation to take any
action to mitigate or offset any amounts payable by the Company pursuant to this Paragraph 9, by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Agreement be reduced by any compensation earned by the
Executive as the result of employment by another employer after the date of termination of this Agreement or otherwise. 
 9.12
Survival. The termination of the Executive’s employment for any reason whatsoever shall not operate to terminate this Agreement as an entirety or to adversely affect the respective continuing rights and obligations of the parties under
Paragraphs 6, 7 and 10, all of which shall survive the effective date of such termination of employment in accordance with their respective terms. 
 9.13 Affiliated Companies and Related Positions. Upon the termination of his employment (for whatever reason and howsoever arising), the Executive shall, at the request of the Company, immediately
resign without claim for compensation from office as a Director of the Company and any Affiliated Company and from any other office held by him in the Company or any Affiliated Company (but without prejudice to any claim he may have for damages for
breach of this Agreement), and the Executive hereby irrevocably authorizes the Company to appoint some person in his name and on his behalf to sign and deliver such resignations to the Board in the event of the Executive’s failure to so resign.

  
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 9.14 Treatment of Severance and Change of Control Benefits. Any severance or change
of control benefits paid to the Executive pursuant to this Paragraph 9 are intended to be exempt from the application of Internal Revenue Code (the “Code”) Section 409A (“Code Section 409A”) as short term deferrals or
as exempt separation pay and the provisions of this Agreement shall be construed and administered in a manner consistent therewith, and any amounts payable to the Executive as severance or change of control benefits are to be treated as separate
payments for purposes of Code Section 409A; provided, however, that if the total amount of severance or change of control benefits payable to the Executive exceeds the amount that may be provided to the Executive as exempt separation pay
pursuant Treasury Regulation section 1.409A-1(b)(9)(iii) or any successor provision thereto or similar applicable guidance (the “Exempt Amount”), then the total amount of severance or change of control benefit payments due pursuant to this
Paragraph 9 in excess of such Exempt Amount shall be accelerated by payment to the Executive in a single lump sum as soon as practicable following his Separation from Service (as defined below) with the Company and in no event later than the 15th
day of the third month following the end of the calendar year in which such Separation from Service occurs. 
 9.15 Conditions
on Receipt of Severance Benefits. 
 (a) Compliance with Restrictive Covenants and Execution and
Non-Revocation of General Release Agreement. Notwithstanding any other provision in this Agreement, the Company’s payment to the Executive pursuant to this Paragraph 9 of any severance benefits, except in the event of the termination of
this Agreement as the result of or in anticipation of a Change of Control, is subject to the conditions that (i) the Executive fully complies with all applicable restrictive covenants under this Agreement and the Company shall have the right to
cease payment of the severance benefits, and the Executive shall immediately repay to the Company any such severance benefits already paid, if such covenants have been breached by the Executive but all other provisions of this Agreement shall remain
in full force and effect; and (ii) within 55 days after the date of the Executive’s Separation from Service (as defined below), the Executive executes, delivers to the Company, and not revoke as permitted by applicable law a General
Release Agreement in a form reasonably acceptable to the Company that fully and finally releases and waives any and all claims, demands, actions, and suits whatsoever which he has or may have against the Company and its affiliates, whether under
this Agreement or otherwise, that arose before the General Release Agreement was executed (the “Release”). For purposes of this Agreement, the Release shall not become fully enforceable and irrevocable until the Executive has timely
executed the Release and not revoked his acceptance of the Release within seven days after its execution. 
 (b)
Separation from Service Requirement. Notwithstanding any other provision of this Agreement, the Executive shall not be entitled to the severance or change of control benefits under this Paragraph 9 unless the termination of the
Executive’s employment constitutes a Separation from Service. For purposes of this Agreement, “Separation from Service” means separation from service (within the meaning of Code Section 409A and the regulations and other guidance
promulgated thereunder) with the group of employers that includes the Company and each of its Affiliates. For this purpose, “Affiliate” means any incorporated or unincorporated trade or business or other entity or person, other than the
Company, that along with the Company is considered a single employer under Code Section 414(b) or Code Section 

  
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414(c), but (i) in applying Code Section 1563(a)(1), (2), and (3) for the purposes of determining a controlled group of corporations under Code Section 414(b), the phrase
“at least 50 percent” shall be used instead of the phrase “at least 80 percent” in each place the phrase “at least 80 percent” appears in Code Section 1563(a)(1), (2), and (3), and (ii) in applying Treasury
Regulation Section 1.414(c)-2 for the purposes of determining trades or businesses (whether or not incorporated) that are under common control for the purposes of Code Section 414(c), the phrase “at least 50 percent” shall be
used instead of the phrase “at least 80 percent” in each place the phrase “at least 80 percent” appears in Treasury Regulation Section 1.414(c)-2. 
 10. NON-COMPETITION; NON-SOLICITATION. 

To protect the Confidential Information, goodwill, and other legitimate business interests of the Company and its affiliates, the
Executive hereby covenants with the Company that during the term of his employment he will not either directly or indirectly engage or participate in any activity competitive with or adverse to the business or interests of the Company or any of its
Affiliated Companies. The Executive hereby covenants with the Company that during the 18 month period following the last day of the Executive’s employment (or 24 months with respect to Paragraph 10.1(c)), the Executive shall not, directly or
indirectly, as a stockholder (other than as a less than 1% stockholder of a publicly and traded Company), partner, officer, director, agent, consultant, employee, or otherwise: 

 

	 	(a)	engage in any business that competes with the business then conducted by the Company or any Affiliated Company (“Company” defined in this clause to mean all
Affiliated Companies, divisions, successors, and assigns of the Company); 

  

	 	(b)	purposefully interfere or attempt to interfere with any of the Company’s or any Affiliated Company’s contracts (regardless of whether these contracts are in
writing or verbal) or business relationships or advantages existing and in effect as of the employment date of termination of Executive’s employment; 

  

	 	(c)	solicit for employment, either directly or indirectly, for himself or for another, any persons who are or were employed by the Company or any Affiliated Company during
the six month period prior to the termination of his employment; or 

  

	 	(d)	request or cause or attempt to cause any customer or supplier of the Company or an Affiliated Company to alter or terminate, reduce, or curtail any business
relationship with the Company or any Affiliated Company. 

 The covenants contained in this Paragraph 10 are
intended to be separate and severable and enforceable as such. The Executive acknowledges that the restrictive covenants contained in this Agreement are of a special nature and that any actual or threatened breach, violation, or evasion of the
restricted covenants of this Agreement will (i) result in damages to the Company or its Affiliated Companies in amounts difficult to ascertain, and (ii) give rise to irreparable injury to the Company or its Affiliated Companies. Therefore,
in the event of a breach of this Paragraph 10, the Executive acknowledges and agrees that in addition to any other remedies 

  
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available under law to the Company and any Affiliated Company, the Company and any Affiliated Company shall be entitled to equitable relief, including without limitation injunctive relief (in the
form of a temporary restraining order, temporary injunction, and permanent injunction) and specific performance, without the necessity of proof of actual damage or posting a bond against the Executive or any person or persons acting for or with the
Executive in any capacity whatsoever from violating any of the terms thereof. The Company may pursue any remedy available to it concurrently or consecutively in any order as to any breach, violation, or threatened breach or violation of this
Agreement, and the pursuit of one of such remedies at any time shall not be deemed an election of remedies or waiver of the right to pursue any other of such remedies as to such breach, violation, or threatened breach or violation, or as to any
other breach, violation, or threatened breach or violation. 
 11. ASSIGNMENT. 

This Agreement shall be binding upon and shall inure to the benefit of the Company and any successor or assign of the Company. This
Agreement shall be binding upon and shall inure to the benefit of Executive, his legal representatives, heirs, legatees, executors, administrators and assigns, except that Executive’s obligations to perform services and rights to receive
payments and benefits under this Agreement are personal and are expressly declared to be non-assignable and non-transferable by him without the consent in writing of the Company. In the event of a Change in Control, the Company shall require the
successor to the Company as the Executive’s employer (whether such succession is direct or indirect, by purchase, merger, consolidation or otherwise, to all or a substantial portion of the business and/or assets of the Company) to expressly
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, the term “Company” as hereinbefore
defined and any successor to all or a substantial portion of its business and/or assets as aforesaid. 
 12.
NOTICES. 
 Any notice to be given under the Agreement shall be given in writing and
shall be deemed to be sufficiently served by one party on the other if it is delivered personally or is sent by facsimile transmission, overnight service or registered or recorded delivery prepaid post addressed to either the Company’s
principal office for the time being or the Executive’s last known address as the case may be. Any purported termination of the Executive’s employment by the Company or by the Executive or non-renewal of this Agreement shall not be
effective unless communicated in writing to the other party hereto in accordance with this Section 12. A notice of termination shall identify the specific termination provision of this Agreement relied upon and shall specify the intended
effective date of such termination (which date shall comply with the notice period requirements of the provision so identified) and shall summarize in reasonable detail the facts and circumstances claimed to provide a basis for termination under the
provision so identified; provided, however, that any failure to provide such detail shall not delay the effectiveness of the termination. 

  
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 13. PARACHUTE PAYMENT
LIMITATION. 
 Notwithstanding any contrary provision in this Agreement, if the Executive
is a “disqualified individual” (as defined in Section 280G of the Code), and the severance or change of control payments and benefits described in Paragraph 9, together with any other payments which the Executive has the right to
receive from the Company, would constitute a “parachute payment” (as defined in Section 280G of the Code), the payments and benefits provided hereunder shall be reduced (but not below zero) so that the aggregate present value of such
payments and benefits received by the Executive from the Company shall be $1.00 less than three times the Executive’s “base amount” (as defined in Section 280G of the Code) and so that no portion of such payments received by the
Executive shall be subject to the excise tax imposed by Section 4999 of the Code. The determination as to whether any such reduction in the amount of the payments and benefits is necessary shall be made by the Company in good faith and such
determination shall be conclusive and binding on the Executive. If a reduced payment is made to the Executive and through error or otherwise that payment, when aggregated with other payments from the Company (or its affiliates) used in determining
if a parachute payment exists, exceeds $1.00 less than three times the Executive’s base amount, the Executive shall immediately repay such excess to the Company upon notification that an overpayment has been made. 

14. MISCELLANEOUS. 
 14.1 Authority. The Executive hereby warrants that by virtue of entering into this Agreement he will not be in breach of any express or implied terms of any court order, contract or of any other
obligation legally binding upon him. The Executive further represents and warrants that his execution of this Agreement and employment with the Company or its affiliates do not constitute a breach of any other agreement between the Executive and any
third party. 
 14.2 Additional Benefits. Any benefits provided by the Company to the Executive or his family which are
not expressly referred to in this Agreement shall be regarded as ex gratia benefits provided at the entire discretion of the Company and shall not form part of the Executive’s agreement for employment. 

14.3 Taxes. The Executive shall be responsible for the payment of all individual taxes on all amounts paid or benefits provided to
him under this Agreement. All compensation (including with limitation, salary and any severance or change of control payments) paid to the Executive shall be subject to such deductions as from time to time may be required by law or regulation or by
agreement with or with the consent of the Executive. 
 14.4 Waiver. Any waiver by either party of any breach of any
provision of this Agreement must be set forth in a writing signed by such party, in order for it to be effective, and no such waiver shall operate as a waiver of any subsequent breach of that provision or any breach of any other provision of this
Agreement. 
 14.4 Indemnification. The Company will indemnify the Executive and advance all costs related thereto (and
his legal representatives, heirs, estate or other successors) to the fullest extent permitted (including payment of expenses in advance of final disposition of any proceeding) by the laws of the State of Delaware as in effect at the time of the
subject act or 

  
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omission, or by the certificate of incorporation and by-laws of the Company as in effect at such time or on the date of this Agreement, or by the terms of any indemnification agreement between
the Company and the Executive, whichever affords or afforded greatest protection to the Executive, and the Executive shall be entitled to the protection of any insurance policies the Company or an Affiliated Company may elect to maintain generally
for the benefit of its directors and officers (and to the extent the Company or an Affiliated Company maintains such an insurance policy or policies, the Executive shall be covered by such policy or policies, in accordance with its or their terms,
to the maximum extent of the coverage available for a person serving or having served in the positions and offices in which the Executive is serving or has served), against all costs, charges and expenses whatsoever incurred or sustained by him (or
his legal representative, heirs, estate or other successors) at the time such costs, charges and expenses are incurred or sustained, in connection with any action, suit or proceeding to which he (or his legal representatives, heirs, estate or other
successors) may be made a party by reason of his being or having been a director, officer or employee of the Company or any Affiliated Company, or be reason of he serving or having served any other enterprise as a director, officer or employee at
the request of the Company or any Affiliated Company; provided, however, that any such indemnification obligations shall not apply with respect to any liability imposed in connection with any such action, suit, or proceeding caused in whole or in
part by the gross negligence or intentional or willful misconduct of the Executive. 
 15. DEFINITIONS;
RULES OF INTERPRETATION; MISCELLANEOUS. 

15.1 Defined Terms. In this Agreement unless the context otherwise requires or as otherwise defined herein the following
expressions have the following meanings: 
  

	 	(a)	“Accrued Obligations.” Accrued Obligations means (i) payment to the Executive of all earned but unpaid Salary through the date of termination, prorated
as provided above, within 60 days of such date of termination (ii) payment to the Executive, in accordance with the terms of the applicable benefit plan of the Company or to the extent required by law, of any benefits to which the Executive has
a vested entitlement as of the date of termination (other than any entitlement to severance or separation pay, if any, or any similar benefits), and (iii) payment to the Executive of any approved but un-reimbursed business expenses incurred in
accordance with applicable Company policy and the terms of this Agreement, all of which shall be payable in accordance with the Company’s plans and policies and applicable law. 

 

	 	(b)	“Affiliated Company.” Any legal entity that, directly or indirectly, controls, is controlled by or is under common control with the Company, where
“control” means the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities, by contract or otherwise. 

 

	 	(c)	“Benefit Plans.” The 401(k) plan and any other pension, retirement, life insurance, medical, health, accident, disability, welfare, savings, deferred
compensation or similar plans of the Company and its Affiliated Companies. 

  
 12 

	 	(d)	“Board of Directors.” The Board of Directors for the time being of the Company including any duly appointed committee thereof. 

 

	 	(e)	“Cause.” Any of the following: (i) the Executive’s willful and continued failure substantially to perform his duties hereunder (other than as a
result of sickness, injury or other physical or mental incapacity or as a result of termination by the Executive for Good Reason); provided, however, that such failure shall constitute “Cause” only if (x) the Company delivers a
written demand for substantial performance to the Executive that specifies the manner in which the Company believes the Executive has failed substantially to perform his duties hereunder and (y) the Executive shall not have corrected such
failure within 10 business days after his receipt of such demand; (ii) willful misconduct by the Executive in the performance of his duties hereunder that is demonstrably and materially injurious to the Company or any Affiliated Company for
which he is required to perform duties hereunder; (iii) the Executive’s conviction of (or plea of nolo contendere or similar plea to) any financial-related felony or other similarly material crime under the laws of the United States or any
state thereof; or (iv) any material violation of this Agreement by the Executive. No action, or failure to act, shall be considered “willful” if it is done by the Executive in good faith and with the reasonable belief that he action
or omission was in the best interest of the Company. If the Board of Directors determines in its sole discretion that a cure of the acts or omissions just described above is possible and appropriate, the Company will give the Executive written
notice of the acts or omissions constituting Cause and no termination of this Agreement shall be for Cause unless and until the Executive fails to cure such acts or omissions within 20 business days following receipt of such written notice. If the
Board of Directors determines in its sole discretion that a cure is not possible and appropriate, the Executive shall have no notice or cure rights before this Agreement is terminated for Cause. 

 

	 	(f)	“Change in Control.” The occurrence of any of the following: (i) a merger, consolidation, exchange, combination or other transaction involving the
Company and another entity (or the securities of the Company and such other entity) as a result of which the holders of all of the shares of Common Stock of the Company outstanding prior to such transaction do not hold, directly or indirectly,
shares of the outstanding voting securities of, or other voting ownership interest in, the surviving, resulting or successor entity in such transaction in substantially the same proportions as those in which they held the outstanding shares of
Common Stock of the Company immediately prior to such transaction; (ii) the sale, transfer, assignment or other disposition by the Company in one transaction or a series of transactions within any period of 18 consecutive calendar months
(including, without limitation, by means of the sale of capital stock of any subsidiary or subsidiaries of the Company) of assets which account for an aggregate of 50% or more of the consolidated revenues of the Company and its subsidiaries, as
determined in accordance with U.S. generally accepted accounting principles, for the fiscal year most recently ended prior to the date of such transaction (or, in the case of a series of transactions as described above, the first such transaction);
provided, however, that no such transaction shall be taken into account if substantially all the proceeds thereof (whether in cash or in kind) are 

  
 13 

	 	
used after such transaction in the ongoing conduct by the Company and/or its subsidiaries of the business conducted by the Company and/or its subsidiaries prior to such transaction;
(iii) the Company is dissolved; or (iv) a majority of the directors of the Company are persons who were not members of the Board of Directors as of the date (the “Reference Date”) which is the more recent of the date hereof and
the date which is two years prior to the date on which such determination is made, unless the first election or appointment (or the first nomination for election by the Company’s shareholders) of each director who was not a member of the Board
of Directors on the Reference Date was approved by a vote of at least two-thirds of the Board of Directors in office prior to the time of such first election, appointment or nomination. Notwithstanding the foregoing, a “Change in Control”
shall not be deemed to occur upon any merger or consolidation effecting a reincorporation of the Company in another state or any other merger or consolidation in which the equity holders of the surviving corporation and their proportionate interests
therein immediately after the merger or consolidation are substantially similar to the equity holders of the Company and their proportionate interests therein immediately prior to the merger or consolidation. 

 

	 	(g)	“Chief Executive Officer.” The Chief Executive Officer of the Company. 

 

	 	(h)	“Good Reason.” The occurrence of any of the following (other than by reason of a termination of the Executive for Cause or Disability or with the consent of
the Executive): (i) the authority, duties or responsibilities of the Executive are significantly and materially reduced (including, without limitation, by reason of the elimination of the Executive’s position or the failure to elect the
Executive to such position or by reason of a change in the reporting responsibilities to and of such position, or, following a Change in Control, by reason of a substantial reduction in the size of the Company or other substantial change in the
character or scope of the Company’s operations); (ii) the Salary provided in Section 2 hereof (as the same may be increased from time to time) is materially reduced (except if such reduction occurs prior to a Change in Control and is
part of an across-the board reduction applicable to all senior level executives of the Group); (iii) the Executive is required to change his regular work location to a location that is more than 75 miles from his regular work location prior to
such change; or (iv) any other action or inaction that constitutes a material breach by the Company of this Agreement. To exercise his right to terminate for Good Reason, the Executive must provide written notice to the Company of his belief
that Good Reason exists within 90 days of the initial existence of the condition(s) giving rise to Good Reason, and that notice shall describe the condition(s) believed to constitute Good Reason. The Company shall have 20 days to remedy the Good
Reason condition(s). If not remedied within that 20-day period, the Executive may terminate his employment; provided, however, that such termination must occur no later than 180 days after the date of the initial existence of the condition(s) giving
rise to the Good Reason; otherwise, the Executive is deemed to have accepted the condition(s), or the Company’s correction of such condition(s), that may have given rise to the existence of Good Reason. 

  
 14 

	 	(i)	“Intellectual Property.” Letters patent, trademarks, trade names, service marks, designs, copyrights, utility models, design rights, applications for
registration of any of the foregoing and the right to apply for them in any part of the world, inventions, drawings, computer programs, trade secrets (as defined by applicable law) and other nonpublic proprietary information, know-how and right of
like nature arising or subsisting anywhere in the world in relation to all of the foregoing whether registered or unregistered. 

  

	 	(j)	“IRS.” The United States Internal Revenue Service, or any successor agency of the United States Government. 

15.2 Headings. The headings in this Agreement are for convenience only and shall not affect its construction or interpretation.

 15.3 Statutory References. Any reference in this Agreement to a statutory provision shall be deemed to include a
reference to any statutory amendment, modification or re-enactment of it or to any legislation that supersedes it. 
 15.4
Entire Agreement. This Agreement contains the entire understanding between the parties, and all prior agreements, arrangements and understandings (written or oral) between the Company and the Executive, relating to the employment of the
Executive with the Company which such agreements, arrangements and understandings shall be deemed to have been terminated by mutual consent; provided, however, that this Agreement shall not terminate any agreement in effect on the date hereof
between the Company and the Executive as reflected on Exhibit B to this Agreement granting or otherwise relating to any stock option, and any such agreement shall be deemed to be modified and amended hereby to the extent that the terms of such
agreement are inconsistent with the terms hereof. 
 15.5 Severability. The provisions of this Agreement are severable and
if any provision or identifiable part thereof is held to be invalid or unenforceable by an court of competent jurisdiction then such invalidity or unenforceability shall not affect the validity or enforceability of the remaining provisions or
identifiable parts thereof in this Agreement, and the parties hereto agree that the portion so held invalid, unenforceable or void shall, if possible, be deemed amended or reduced in scope, or otherwise be stricken from this agreement, to the extent
required for the purposes of the validity and enforcement hereof. 
 15.6 Legal Fees and Expenses. In the event of a
dispute between the Executive and the Company with respect to any provision of this Agreement, prevailing party as determined by a court of competent jurisdiction shall be entitled to receive from the non-prevailing party reimbursement of the
prevailing party’s reasonable legal fees and disbursements incurred by him or it in connection with enforcing such rights, at the time such fees and disbursements are incurred (but in no event more frequently than monthly). 

15.7 Governing Law. This Agreement is governed by and shall be construed in accordance with the laws of the State of Missouri and
the parties to this Agreement hereby submit to the exclusive jurisdiction of the federal and state courts sitting in St. Louis County, Missouri. Nothing in this Agreement, however, precludes either party from seeking to remove a civil action from
any state court to federal court. 

  
 15 

 15.8 Code Sections 409A. 

(a) Code Section 409A. The parties intend for all payments provided to the Executive under this Agreement to be exempt from or
comply with the provisions of Code Section 409A and not be subject to the tax imposed by Code Section 409A. The provisions of this Agreement shall be interpreted in a manner consistent with this intent. Any reimbursement or in-kind benefit
provided under this Agreement which constitutes a “deferral of compensation” within the meaning of Treasury Regulation Section 1.409A-1(b) shall be made or provided in accordance with the requirements of Code Section 409A,
including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided,
during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last day of the
calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(b) Specified Employee Postponement. Notwithstanding any contrary provision of this Agreement, if the Company or an affiliate is
publicly traded on an established securities market (or otherwise) and the Executive is a “specified employee” (as defined below) and is entitled to receive a payment that is subject to Code Section 409A on account of his Separation
from Service, such payment may not be made earlier than six months following the date of his Separation from Service if required by Code Section 409A and the regulations thereunder, in which case, the accumulated postponed amount shall be paid
in a lump sum payment on the second day after the end of the six-month period. If the Executive dies during the postponement period prior to the payment of the postponed amount, the amounts withheld on account of Code Section 409A shall be paid
to the personal representative of his estate within 30 days after the date of death. The determination of whether the Executive is a “specified employee” shall be made in accordance with Code Section 409A and the applicable
regulations and other guidance thereunder using the default provisions in such regulations and other guidance unless another method permitted pursuant to such regulations and other guidance has been prescribed for such purpose by the Company.

 15.9 Right to Consult a Tax Advisor. Notwithstanding any contrary provision in this Agreement, the Executive shall be
solely responsible for any risk that the tax treatment of all or part of any payments provided by this Agreement may be affected by Code Section 409A, which may impose significant adverse tax consequences on him, including accelerated taxation,
a 20% additional tax, and interest. Because of the potential tax consequences, the Executive has the right, and is encouraged by this paragraph, to consult with a tax advisor of his choice before signing this Agreement. 

15.10 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all
of which together shall be considered one and the same agreement. The delivery of this Agreement in the form of a clearly legible facsimile or electronically scanned version by e-mail shall have the same force and effect as delivery of the
originally executed document. 

  
 16 

 15.12 Amendment of Agreement. This Agreement may not be modified or amended in any
respect except by an instrument in writing signed by the party against whom such modification or amendment is sought to be enforced. Notwithstanding the previous sentence, the Company may modify or amend this Agreement in its sole discretion at any
time without the further consent of the Executive in any manner necessary to comply with applicable law and regulations or the listing or other requirements of any stock exchange upon which the Company is or may become listed. No modification or
amendment may be enforced against the Company unless such modification or amendment is in writing and signed by the Board of Directors. 

IN WITNESS WHEREOF, this Agreement has been executed and delivered by an authorized representative of
the Company and by the Executive as of the date first above written. 
  

	
	ARMSTRONG ENERGY, INC.:
	
	/s/ J. Hord Armstrong, III
	J. HORD ARMSTRONG, III 
	CHIEF EXECUTIVE OFFICER 
	
	EXECUTIVE:
	
	/s/ Martin D. Wilson
	MARTIN D. WILSON 

  
 17EX-10.34

 Exhibit 10.34 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT
(“Agreement”) is entered into this 1st day of
June, 2007 by and between Armstrong Coal Co. (“Employer”), 7701 Forsyth Boulevard, Suite 1000, St. Louis, Missouri 63105 and Kenneth E. Allen (“Allen”), 6100 White Plains Road, White Plains, Kentucky 42464 

In consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the adequacy and
receipt of which are hereby acknowledged, Employer and Allen hereby agree as follows. 
 1. Duties and
Position. Allen shall be employed as the Vice President of Operations of Employer and shall report to Employer’s Chairman of the Board of Directors. Allen shall have such duties as are customarily performed by persons serving in
similar capacities in other businesses similar to Employer’s business. Allen shall devote his full working time, attention, and best efforts to performing all reasonably assigned responsibilities. Allen shall not, while employed by Employer,
engage in any other business or employment without the prior written approval of Employer’s Board of Directors (the “Board”); provided, however, Allen shall be permitted to continue his engagement in and with the other business
relationships set forth on Exhibit A attached hereto (the “Excluded Businesses”). Notwithstanding the foregoing, nothing herein is intended or shall be construed as preventing Allen from engaging in such civic, charitable, or political
activities as do not interfere with the performance of Allen’s duties hereunder. 
 2. Term of Employment.
 
 2.1 On-Going Term. Allen’s employment under this agreement shall be for 3 years commencing on the
date set forth above. However, the term of Allen’s employment under this Agreement shall automatically extend for additional one (1) year terms until such time, if any, as Employer or Allen give written notice to the other that such
automatic extension shall cease, the same of which shall be given with no less than sixty (60) days notice prior to the expiration of the then current term. 
 2.2 Exemption. Notwithstanding the foregoing, Allen’s employment hereunder may be earlier terminated in accordance with the terms of Section 6 of this Agreement. 

3. Compensation.  
 3.1 Base Salary Compensation. Employer shall pay Allen an initial annual base salary of Two Hundred Forty Thousand Dollars ($240,000.00) (the “Salary Compensation”), which Employer’s
Board may elect to adjust, in their sole discretion and without any requirement that they do so, on each anniversary of the date first written above. Allen’s Salary Compensation shall be payable in equal periodic installments according to
Employer’s customary payroll practices, but no less frequently than bi-monthly. 

  
 1 

 3.2 Overriding Royalty. Allen will be paid a royalty of $0.05 per ton of coal mined
and sold from Employer properties as referenced in the Overriding Royalty Agreement(s) executed by Employer and Allen of even date herewith (collectively, the “Overriding Royalty Agreement”). 

3.3 Withholding. All payments under this Section 3 shall be less such amounts as are required to be withheld by law or as
otherwise authorized by Allen in writing. 
 4. Benefits.  

Allen shall be eligible to participate in such benefits as may be authorized and adopted from time to time by the Board for Employer
employees including, without limitation, any pension plan, profit-sharing plan, or other qualified retirement plan and any group insurance plan. Employer shall reimburse Allen for normal and reasonable business expenses incurred in performance of
his responsibilities as determined in the sole discretion of Employer. During each calendar year Allen shall be entitled to the greater of three (3) weeks of vacation or such greater vacation as Employer employees would be entitled to under
Employer’s standard vacation policy. Employer may furnish such other benefits to Allen as it shall determine, from time to time, within its discretion, to be in the best interests of Employer and Allen. Nothing herein is intended or shall be
construed as precluding Employer from modifying or discontinuing any benefit plan, policy or program. 
 5. Termination
of Employment. Allen’s employment with Employer under this Agreement shall terminate: 
 5.1 Cause. For
“Cause” immediately upon notice from Employer to Allen. As used herein, “Cause” shall mean: 
 A.
Allen’s failure substantially to perform his duties hereunder in a manner satisfactory to Employer’s Board, as determined in good faith by Employer’s Board, provided that Employer’s Board has given Allen written notice of the
action(s) or omission(s) which are claimed to constitute such failure and Allen does not fully remedy such failure within ten (10) calendar days after receipt of the written notice; 

B. Allen has engaged in gross misconduct, dishonest, disloyal, illegal or unethical conduct, or any other conduct which has or could
reasonably have a detrimental impact on Employer or its reputation, all facts to be determined in good faith by Employer’s Board; 
 C. Allen has acted in a dishonest or disloyal manner, or breached any fiduciary duty to Employer, that, in either case, results or was intended to result in personal profit to Allen at the expense of
Employer or any of its customers; 
 D. Allen has been convicted of, pleads guilty, or enters a nolo plea, Alford plea or plea
or no contest to any felony. 

	

  
 2 

 E. Allen has one or more physical or mental impairments which have substantially impaired
his ability to perform the essential functions of his job under this Agreement. Any dispute as to whether Allen has been so impaired shall be determined by Employer’s Board in consultation with a physician appointed by Employer’s Board;

 F. Allen’s death; 
 G. Any breach by Allen of his obligations under Sections 7-11 or 13 of this Agreement; or 
 H. Allen resigns under circumstances where a termination for “Cause” was impending or could have reasonably been foreseen. 

5.2 Good Reason. For “Good Reason” immediately upon written notice from Allen to Employer’s Board or at such later
time as such notice may specify, which date shall not be more than fourteen (14) calendar days after the date on which Employer is deemed to receive such notice. As used herein, Good Reason shall mean a material demotion or reduction, without
Allen’s consent, in Allen’s duties. 
 5.3 Change in Control. Upon the occurrence of a “Change in
Control,” provided Allen’s employment with Employer or an acquiring entity is terminated, other than for Cause, within twelve (12) months of an event constituting a Change in Control. As used herein, “Change in Control”
means: 
 A. any purchase or other acquisition by an individual or group of person(s) (including entity(ies)) acting in concert,
which results in persons who are shareholders of Employer as of the date first written above no longer being the legal and beneficial owners of fifty-one percent (51%) or more of the outstanding equity in Employer, excluding any affiliates,
parents, subsidiaries or related parties of Employer; 
 B. consummation of a reorganization, merger, recapitalization,
consolidation, or any other transaction, in each case with respect to which persons who were shareholders of Employer as of the date first written above do not, immediately thereafter, legally and beneficially own fifty-one percent (51%) or
more of the equity in the newly-organized, merged, recapitalized, consolidated, or other resulting entity; or 
 C. the sale of
all or substantially all of the assets of Employer in a transaction approved by the Board. 
 5.4 Without Cause. Upon
notice from Employer’s Board to Allen. 
 5.5 Miscellaneous. Employer may pay Allen in lieu of having him work during
all or part of any notice period under this Section 5. Following any notice of termination, Allen shall fully cooperate with Employer in all matters relating to the winding up of his pending work on behalf of Employer and the orderly transfer
of any such pending work to such others as may be designated by Employer’s Board. To that end Employer shall be entitled to such full-time or part-time services of Allen as Employer may reasonably require during all or any part of the period
from the time of giving any such notice until the effective date of such termination. 

  
 3 

 6. Separation Package  

6.1 Cause. In the event Employer terminates Allen’s employment for Cause, Allen shall not be entitled to any compensation or
benefits beyond his termination date except for as set forth in the Overriding Royalty Agreement. 
 6.2 Good Reason. In
the event of resignation for Good Reason, Employer shall: 
 A. continue, for twelve (12) months following such
termination, Allen’s Salary Compensation at the same rate as such Salary Compensation was set hereunder on the day prior to Allen’s termination; 
 B. The overriding royalty will run with the land per the provisions of the Overriding Royalty Agreement. 
 C. pay, for twelve (12) months, the premiums for Allen and his dependents to continue group health insurance under such group policy(ies), if any, on the same terms as Employer provides to Employer
employees, provided such payments may cease earlier than twelve (12) months following termination if: 

(i) the applicable group policy does not permit continuation coverage beyond the maximum time periods established by
applicable law for continuation coverage, in which case payments shall cease when the applicable maximum period is reached for each covered individual; or 
 (ii) Allen and/or any covered dependent(s) advise Employer that Allen and/or any covered dependent(s) have obtained other satisfactory group health coverage in which case coverage shall cease only for
such individuals who have obtained such other group coverage; and 
 (iii) Employer ceases to provide any group
health policy to any employees. 
 6.3 Without Cause. In the event Employer terminates Allen’s employment without
Cause, Employer shall provide Allen with the payments and benefits described in Section 6.2 (A) — (C). 
 6.4
Change in Control. In the event of a termination under Section 5.3, Employer shall provide Allen with the benefits on the terms described in Section 6.2 (B) and (C) for twelve (12) months following termination. In
addition, Employer shall, promptly following such termination, pay Allen a lump sum payment equal to one (1) times Allen’s Salary Compensation at the time of his termination plus any accrued and unpaid bonus pursuant to section 3.2.

 6.5 Miscellaneous. Any payments under this Section 6 shall be subject to such deductions as may be required by
law. In addition, in the event Allen violates any of the terms of Section 7 or 9-11 of this Agreement, as determined in good faith by Employer’s Board, any payments and benefits otherwise due under this Section 6 shall immediately
cease and Allen shall be required to repay to Employer any amounts already paid to him under this Section 6. Any payments under this agreement associated with termination of employment are conditional upon Allen’s execution of an
appropriate release of all future claims against Employer or its successors. 

  
 4 

 7. Confidential Information and Relationships. Allen acknowledges and
agrees that, in the course of his employment with Employer, he has and will continue to come into possession of technical, financial and/or business information pertaining to Employer which is not published or readily available to the public,
including, but not limited to: financing opportunities; market research and analyses; customer contact information, specifications, needs and histories; contract terms; sales figures, reports and projections; marketing concepts and plans; cost and
pricing information; plans for future developments including product and market expansion; and lists of and other information pertaining to and/or received from customers, suppliers and/or employees (“Confidential Information”). Allen also
acknowledges and agrees that he has received training regarding Employer’s business and shall have contact with Employer’s customers and suppliers. Such contacts will enable Allen to establish and maintain, at Employer’s expense,
favorable relationships and goodwill with such person/entities, and to influence with whom such persons/entities do business. Allen acknowledges that Confidential Information and such relationships and goodwill are important to and will greatly
affect the success of Employer. Allen agrees that during employment with Employer and at all times thereafter, regardless of how, when and why employment may end, he shall hold in the strictest confidence, and shall not disclose, duplicate and/or
use for himself or any other person or entity any Confidential Information without the prior written consent of the Chairman of the Board, or unless required to do so in order to perform his responsibilities while employed by Employer. Allen also
agrees that at all times during his employment with Employer, he shall comply with all of Employer’s policies and procedures relating to the protection and confidentiality of Confidential Information. 

8. No Other Contract. Allen warrants that he is not bound by any other agreement, oral or written, which would limit
or preclude him from performing any responsibility reasonably assigned by Employer hereunder. Allen also agrees not to disclose to Employer or seek to induce Employer to use, any confidential information, material or trade secret belonging to any
other person or entity. 
 9. Work Product. Any and all designs, plans, inventions, products, improvements,
programs, specifications, methods, reports, notebooks, databases, notes, analyses, memoranda, files, correspondence, rolodexes, and other embodiments of work conceived, made, discovered and/or produced by Allen during his employment by Employer,
either solely or jointly with others: (A) in the course of performing any duties for Employer, (B) which are based, in whole or part, upon Confidential Information, the supplies, facilities or business, financial or technical information
of Employer, or (C) which relate to the business of Employer (“Work Product”), shall be the sole property of Employer or its designee and available to Employer or its designee at all times. Allen agrees promptly to disclose and hereby
assigns in perpetuity to Employer or its designee, without royalty or other additional consideration, any and all of his rights to any and all Work Product. Allen further agrees that during his employment by Employer and after that employment ends,
regardless of how, when and why, he shall, upon request from the Chairman of the Board or his designee: (i) execute any and all applications for copyright, patent, trademark 

	

  
 5 

 
or other intellectual or proprietary right relating to Work Product which may be prepared for his signature, (ii) assign to Employer or its designee any and all such applications,
copyrights, patents, trademarks or other intellectual or proprietary rights relating thereto, and (iii) assist Employer or its designee, as Employer or its designee deems necessary, in order for Employer or its designee to apply for, defend or
enforce any copyright, patent, trademark or other intellectual or proprietary right or otherwise protect its interests in Work Product. Employer or its designee shall pay all expenses of preparing, filing and prosecuting any such application and of
obtaining such copyrights, patents, trademarks or other intellectual or proprietary right. 
 10. Return of
Property. All documents, records, reports, lists, databases, software, analyses, notes and similar items relating to Employer’s business that Allen has or may prepare or receive in the course of his employment are and shall remain
Employer’s property. At such times as Employer’s Board may request, and upon separation from employment with Employer, regardless of how, when and why employment may end, Allen shall immediately deliver to Employer’s Chairman of the
Board all Confidential Information, Work Product and other property of Employer in his possession or control, including, but not limited to, all records, documents, notes and disks (including copies), containing, excerpting or relating, in whole or
in part, to Confidential Information. 
 11. Non-Competition. Allen recognizes that Employer will or has
spent substantial money, time and effort to develop and maintain its relationships with its customers, suppliers and employees, Employer is paying Allen to, among other things, develop and preserve business information, methods of doing business and
goodwill, and Employer has agreed to employ or continue employing Allen based on his assurances and promises not to divert or misuse Employer’s Confidential Information, Work Product or goodwill or to put himself in a position following
employment with Employer in which the confidentiality of Confidential Information or Work Product might somehow be comprised. Therefore, Allen agrees that while employed by Employer and for twelve (12) months following termination of that
employment, regardless of how, when or why employment may end, he shall not in any manner or in any capacity, directly or indirectly, for himself or any other person or entity, actually or attempt: 

A to acquire any interest in, be employed by or otherwise associated or affiliated with any person or entity which offers any product or
service which is competitive with any product or service offered by Employer or its affiliates, parent companies, subsidiary companies or related entities; 
 B. to solicit, interfere with, divert or take away from Employer any business with or from any person or entity who/that was a customer or prospective customer of Employer: 

(i) in the case of Allen’s on-going employment, during all or part of the twelve (12) months immediately preceding any dispute
under this Section 11; and 
 (ii) in the case of employment having ended, during all or part of the twelve
(12) months preceding termination of Allen’s employment. 

  
 6 

 A prospective customer shall mean any person/entity who/that, within the relevant period
described in subsection (B)(i) and (ii) above, was in negotiation with Employer or received a written proposal from Employer; or 
 C. to hire or solicit for work any employee of Employer or otherwise to induce any employee of Employer to leave employment with Employer. 
 Allen further agrees that if he has any question regarding the scope of activities restricted by this Section 11, he shall submit the question in writing to Employer’s Board. Allen also agrees
to keep Employer’s Board advised of the identity of any employer (including, without limitation, any contractors or consulting arrangements), his work location and general responsibilities during the twelve (12) month post-employment
period covered by this Section 11. The provisions of this Section 11 shall not apply to those business relationships set forth on Exhibit A. 
 12. Securities. Notwithstanding the terms of Sections 1 and 11 above, nothing in this Agreement is intended or shall be construed as limiting Allen’s right, as an investor, to
hold or acquire the stock of any business that is registered on a national securities exchange or regularly traded on a generally recognized over-the-counter market, so long as his interest in any such business does not exceed five percent
(5%) of the ownership of that business. 
 13. Remedies. The parties agree that the terms of Sections 7
and 9-11 of this Agreement are intended and shall be construed not as personal services but as terms governing the ownership and use of property, including Confidential Information and goodwill. Allen agrees that the covenants in Sections 7 and 9-11
of this Agreement are reasonable and necessary to protect the legitimate business interests of Employer, that any violation by Allen of any such covenant would result in great damage and irreparable injury to Employer, and that his experience,
knowledge and skills are such that enforcement of Sections 7 and 9-11 by way of injunction would not cause him unreasonable hardship or prevent him from earning a living. Allen further acknowledges and agrees that if he were to violate the terms of
Section 11, the unauthorized disclosure or use of Confidential Information, goodwill and/or Work Product would be inevitable. Allen, therefore, agrees that, in the event of actual or threatened violation of any of the covenants in Sections 7 or
9-11 of this Agreement, in addition to whatever other legal and/or equitable remedies allowed by law, Employer shall be entitled to enforce the terms of this Agreement by way of injunction and/or specific performance. In addition, Allen and Employer
agree that any dispute or controversy arising between/among them relating to this Agreement shall be brought in the Missouri or federal court with jurisdiction in the County of St. Louis, State of Missouri (the “Courts”), and that the
Courts shall have exclusive jurisdiction over any such dispute or controversy. Furthermore, each of the parties hereby voluntarily consents to the jurisdiction of the Courts and stipulates that the Courts are not an unreasonable forum within which
to litigate any dispute or controversy related to this Agreement. Allen further agrees that if there is any question as to the enforceability of any of the covenants in Sections 7 or 9-11 of this Agreement, he shall not engage in any conduct
inconsistent with or contrary to any such covenant until after the question has been resolved by a final judgment of the Courts. In the event Employer has to consult with or retain any attorney to enforce the terms of this Agreement, Allen agrees
that he shall pay Employer for all costs, expenses and attorneys’ fees Employer incurs in enforcing this Agreement, whether or not litigation is commenced. 

  
 7 

 14. Binding Effect.  

A. Allen may not sell, assign or transfer this Agreement or any of his rights, interests or obligations under this
Agreement, in whole or in part, by operation of law or otherwise. 
 B. Employer may sell, assign or transfer any
of its rights and/or interests under Sections 7, 9-11 and 13-21 of this Agreement without any additional consent of or notice to Allen. In such event, said Sections shall remain in full force after such sale, assignment or other transfer, shall
inure to the benefit of and may be enforced by (i) any successor, assignee, or transferee of all or any part of Employer’s business as fully and completely as it would inure to the benefit of and it could be enforced by Employer if no such
sale, assignment or transfer had occurred, and (ii) Employer in the case of any sale, assignment or other transfer of a part, but not all, of the business. 
 C. Whether or not Employer assigns any of its rights and/or interests under Sections 7, 9-11 and 13-21 of this Agreement, the parties intend and agree that any successor or transferee of all or part of
Employer’s business shall be a third party beneficiary of the terms of said Sections. The parties further intend and agree that, in the event of any sale, merger or other change in the ownership or structure of Employer, in whole or in part,
the resulting entity shall step into the place of Employer under Sections 7, 9-11 and 13-21 of this Agreement, without any additional consent of or notice to Allen, as if the term “Employer” were defined in this Agreement to include such
person/entity. In addition, the parties agree that, in the event Employer sells, transfers or merges part, but not all, of its business, the terms of Sections 7, 9-11 and 13-21 shall be enforceable by both Employer and the successor or transferee of
part of Employer’s business. As used herein, a “successor” or “transferee” includes any person/entity which, at any time, merges with, or purchases all or substantially all of the stock or assets of Employer. 

15. Severability/Interpretation. The parties acknowledge and agree that the terms of Sections 7, 9-11 and 13-21 are
severable from the remainder of this Agreement and supported by adequate consideration. In the event any one or more whole or partial provisions of this Agreement shall be adjudicated to be invalid or unenforceable in any respect, the validity and
enforceability of the remaining whole or partial provisions shall not be affected, and such adjudication shall not affect the validity or enforceability of such whole or partial provision in any other jurisdiction. The parties further agree that if
any whole or partial restrictive covenant in this Agreement is deemed invalid or unenforceable because overly broad in geographic scope, activity or time duration, this Agreement shall be interpreted as if such invalid or unenforceable whole or
partial provision were not contained herein; provided, however, if, under applicable law, such whole or partial provision may be modified or interpreted so as to be enforceable, that provision shall be so modified or interpreted so as to be
enforceable to the maximum extent permitted by applicable law. 
 16. Preservation of Rights. Allen agrees
that termination of his employment with Employer, regardless of how, when or why employment may end, shall in no manner affect his promises contained in Sections 7, 9-11 and 13-21 of this Agreement. In order to preserve its rights hereunder,
Employer may advise any third party with whom Allen may consider, establish or contract a relationship of the existence of this Agreement and its terms, and Employer shall have no liability for so acting. 

  
 8 

 17. Notice. Any written notice required under this
Agreement shall be deemed given on the date of hand delivery, the calendar day following the day sent by a next day mail or delivery service, and two (2) calendar days following the date postmarked by U.S. mail, all postage or delivery charges
prepaid. Any such notice shall be given: 
  

			
	to Employer, addressed to its Chairman at:	  	7701 Forsyth Suite 1000.
		  	St. Louis, Mo. 63105
		
	to Allen at:	  	6100 White Plains Road
		  	White Plains, Kentucky 42464

 or such other address as specified in notice given in accordance with the foregoing. 

18. Entire Agreement. This Agreement contains the entire agreement between Allen and Employer and supersedes any
prior oral or written agreement between them pertaining to the subject matter of this Agreement except for the Overriding Royalty Agreement. Each party warrants that, in entering into this Agreement, it is not relying on any representation or
promise other than those set forth in this Agreement. This Agreement may be modified only by a writing signed by Allen and the Chairman of the board. 
 19. Waiver of Breach. Failure of either party to exercise any right under this Agreement, in the event the other party breaches this Agreement, shall not be construed as a waiver of
such breach or prevent the non-breaching party from later enforcing strict compliance with the terms of this Agreement. Waiver of any right by Employer hereunder must be in writing signed by Employer’s Chairman of the Board. 

20. Choice of Law. The parties agree that this Agreement shall be governed and construed in accordance with the laws
of the State of Missouri without giving effect to any choice of law or conflict of law rule or principle that would cause application of the law of a jurisdiction other than the State of Missouri. 

21. Miscellaneous. The headings of each Section herein are for convenience only and shall have no significance in the
interpretation of this Agreement. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute but one instrument. 

22. Acknowledgment. Allen acknowledges and agrees that, to the extent desired, he has discussed this Agreement with
the advisors of his choice, he has read, fully understands and intends to comply with all of the provisions of this Agreement, and he is voluntarily signing it below. 

  
 9 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

							
	 Allen:
	 		 	Armstrong Coal Co.
				
	 /s/ Kenneth E. Allen
	 		 	By:	 	 /s/ Martin D. Wilson

	Kenneth E. Allen	 		 		 	Title:President

  
 10 

 EXHIBIT A 
 Excluded Business Activities 
 Per Section 1 of Employment Agreement dated
June 1, 2007, the following is a list of business relationships allowed to continue under this agreement without violation of said agreement. 
  

	 	1.	Farming or Agricultural Pursuits 

  

	 	2.	Passive investor, allowed to hold equity or debt of any business so long as interest remains passive (i.e., not involved in management or as an officer or director and
not in control of such business.)

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