Document:

exv10w1

Exhibit 10.1

TENDER AND VOTING AGREEMENT

     This TENDER AND VOTING AGREEMENT, dated as of May 2, 2011 (this “Agreement”), is
among Arch Coal, Inc., a Delaware corporation (“Parent”), Atlas Acquisition Corp., a
Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), and the
persons listed on Schedule I hereto (collectively, the “Company Stockholders”).

     WHEREAS, as of the date hereof, each Company Stockholder is the record or “beneficial
holder” (as defined under Rule 13d-3 under the Exchange Act) of the number of shares of common
stock (the “Company Common Stock”), par value $0.01 per share, of International Coal Group,
Inc., a Delaware corporation (the “Company”), set forth opposite such Company Stockholder’s
name on Schedule I hereto (all such shares of Company Common Stock, whether restricted or
unrestricted, together with any shares of Company Common Stock acquired by a Company Stockholder
from the Company after the date hereof, the “Subject Shares”; provided, that Company Stock
Options beneficially owned by such Company Stockholder (“Subject Options”) and Company
Restricted Share Units beneficially owned by such Company Stockholder (“Subject Units”)
shall not be considered “Subject Shares” prior to their exercise or becoming unrestricted,
whereupon shares of Company Common Stock issued upon exercise of Subject Options or Subject Units
shall be considered “Subject Shares”);

     WHEREAS, concurrently with the execution and delivery of this Agreement, Parent,
Merger Sub and the Company, are entering into an Agreement and Plan of Merger, dated as of the date
hereof (as it may be amended from time to time, the “Merger Agreement”; terms used herein
without definition shall have the respective meanings ascribed to them in the Merger Agreement to
the extent defined in the Merger Agreement), pursuant to which, among other things, (a) Merger Sub
will commence a tender offer to purchase all of the outstanding shares of Company Common Stock
(such offer as it may be amended from time to time as permitted by the Merger Agreement, the
“Offer”), and (b) following the consummation of the Offer, Merger Sub will be merged with
and into the Company (the “Merger”), with the Company being the surviving corporation, all
upon the terms and subject to the conditions set forth in the Merger Agreement; and

     WHEREAS, as a condition to their willingness to enter into and perform its
obligations under the Merger Agreement, Parent and Merger Sub have requested that each Company
Stockholder enter into this Agreement, and each Company Stockholder has agreed to do so in order to
induce Parent and Merger Sub to enter into, and in consideration of their entering into, the Merger
Agreement;

     NOW, THEREFORE, in consideration of the foregoing and of the representations,
warranties, covenants and agreements herein contained, and intending to be legally bound hereby,
the parties hereto agree as follows:

 

 

ARTICLE I

Agreement to Tender and Vote; Irrevocable Proxy.

     Section 1.1. Agreement to Tender.

     (a) Each Company Stockholder agrees that at least two Business Days prior to the first
scheduled Expiration Date (the “Tender Date”), such Company Stockholder shall tender into
the Offer all of the Subject Shares owned by such Company Stockholder on or prior to the Tender
Date, free and clear of all of all claims, liens, encumbrances and security interests of any nature
whatsoever that would prevent such Company Stockholder from tendering his shares in accordance with
this Agreement or otherwise complying with his obligations under this Agreement. If any Company
Stockholder acquires any Subject Shares after the Tender Date (including during any subsequent
offering period, if any), such Company Stockholder shall tender into the Offer such Subject Shares
within one Business Day following the date that such Company Stockholder shall acquire such Subject
Shares.

     (b) Each Company Stockholder agrees that once the Subject Shares are tendered into the
Offer, such Company Stockholder shall not withdraw the tender of such Subject Shares unless this
Agreement is terminated pursuant to Section 5.1, and in each such case Parent shall, and shall
cause Merger Sub to, immediately upon a Company Stockholder’s request, return all of the Subject
Shares to the Company Stockholder.

     (c) Nothing in this Agreement shall be deemed to require any Company Stockholder to
exercise any option or other right to acquire Company Common Stock.

     Section 1.2. Agreement to Vote.

     (a) From the date hereof until the termination of this Agreement in accordance with
Section 5.1, except to the extent waived in writing by Parent in its sole and absolute
discretion, at any meeting of the stockholders of the Company, however called, or at any
adjournment thereof, or in connection with any written consent of the stockholders of the Company
or in any other circumstances upon which a vote, consent or other approval of all or some of the
stockholders of the Company is sought, each Company Stockholder shall vote (or cause to be voted)
all of such Company Stockholder’s Subject Shares (to the extent the Subject Shares are not
purchased in the Offer) and any other shares of capital stock of the Company owned, beneficially or
of record, by such Company Stockholder during the term of this Agreement that are entitled to vote
at such meeting or in such written consent (collectively, the “Voting Shares”): (a) in
favor of adoption of the Merger Agreement; and (b) against the following actions (other than the
Merger and the transactions contemplated by the Merger Agreement): (i) any Company Takeover
Proposal; (ii) any change in the present capitalization of the Company or any amendment of the
Company’s certificate of incorporation or by-laws; and (iii) any other action, transaction or
proposal involving the Company or any of the Company Subsidiaries that would result in any of the
conditions in Article VII or Annex I not being fulfilled or satisfied.

     (b) In the event that a meeting of the stockholders of the Company is held, each Company
Stockholder shall, or shall cause the holder of record of its Voting Shares on any

2

 

applicable record date to, appear at such meeting or otherwise cause its Voting Shares to be
counted as present thereat for purposes of establishing a quorum.

     (c) No Company Stockholder shall enter into any agreement or understanding with any
Person to vote or give instructions in any manner inconsistent with the terms of this Section
1.2.

     (d) EACH COMPANY STOCKHOLDER HEREBY IRREVOCABLY GRANTS TO AND APPOINTS JOHN DREXLER AND
ROBERT JONES, IN THEIR RESPECTIVE CAPACITIES AS OFFICERS OF PARENT, AND ANY INDIVIDUAL WHO SHALL
HEREAFTER SUCCEED TO ANY SUCH OFFICE OF PARENT, AND EACH OF THEM INDIVIDUALLY, SUCH COMPANY
STOCKHOLDER’S PROXY AND ATTORNEY-IN-FACT (WITH FULL POWER OF SUBSTITUTION), FOR AND IN THE NAME,
PLACE AND STEAD OF SUCH COMPANY STOCKHOLDER, TO REPRESENT, VOTE AND OTHERWISE ACT (BY VOTING AT ANY
MEETING OF STOCKHOLDERS OF THE COMPANY, BY WRITTEN CONSENT IN LIEU THEREOF OR OTHERWISE) WITH
RESPECT TO THE VOTING SHARES OWNED OR HELD BY SUCH COMPANY STOCKHOLDER REGARDING THE MATTERS
REFERRED TO IN SECTION 1.2(a) HEREOF UNTIL THE TERMINATION OF THIS AGREEMENT, TO THE SAME
EXTENT AND WITH THE SAME EFFECT AS SUCH COMPANY STOCKHOLDER MIGHT OR COULD DO UNDER APPLICABLE LAW,
RULES AND REGULATIONS. THE PROXY GRANTED PURSUANT TO THIS SECTION 1.2(d) IS COUPLED WITH AN
INTEREST AND SHALL BE IRREVOCABLE UNTIL TERMINATION OF THIS AGREEMENT. EACH COMPANY STOCKHOLDER
WILL TAKE SUCH FURTHER ACTION AND WILL EXECUTE SUCH OTHER INSTRUMENTS AS MAY BE NECESSARY TO
EFFECTUATE THE INTENT OF THIS PROXY. EACH COMPANY STOCKHOLDER HEREBY REVOKES ANY AND ALL PREVIOUS
PROXIES OR POWERS OF ATTORNEY GRANTED WITH RESPECT TO ANY OF THE VOTING SHARES THAT MAY HAVE
HERETOFORE BEEN APPOINTED OR GRANTED WITH RESPECT TO THE MATTERS REFERRED TO IN SECTION
1.2(a) HEREOF, AND NO SUBSEQUENT PROXY (WHETHER REVOCABLE OR IRREVOCABLE) OR POWER OF ATTORNEY
SHALL BE GIVEN BY SUCH COMPANY STOCKHOLDER, EXCEPT AS REQUIRED BY ANY LETTER OF TRANSMITTAL IN CONNECTION WITH THE OFFER.

ARTICLE II

Representations and Warranties of Each Company Stockholder

     Each Company Stockholder hereby severally, and not jointly, represents and warrants to
Parent and Merger Sub (as to such Company Stockholder) as follows:

     Section 2.1. Authority. Such Company Stockholder has all necessary legal
capacity, power, and authority to execute and deliver this Agreement and to consummate the
transactions contemplated by this Agreement. The execution and delivery of this Agreement by such
Company Stockholder and the consummation of the transactions contemplated by this Agreement have
been duly authorized by all necessary action on the part of such Company Stockholder and, assuming
the due authorization, execution, and delivery of this Agreement by Parent, Merger Sub and each
other Company Stockholder, this Agreement constitutes a legal,

3

 

valid, and binding obligation of such Company Stockholder, enforceable against such Company
Stockholder in accordance with its terms.

     Section 2.2. Ownership of Subject Shares; Total Shares. As of the date hereof,
such Company Stockholder is the record or beneficial owner (as defined in Rule 13d-3 under the
Exchange Act) of, and has good title to, the Subject Shares listed beside such Company
Stockholder’s name on Schedule I attached hereto, free and clear of all claims, liens, encumbrances
and security interests of any nature whatsoever (including any restriction on the right to vote or
otherwise transfer such Subject Shares), except as provided hereunder or pursuant to any applicable
restrictions on transfer under the Securities Act. As of the date hereof, such Company Stockholder
does not own, beneficially or otherwise, any Shares, Company Options or other securities of the
Company other than as set forth opposite such Company Stockholder’s name in Schedule I hereto.

     Section 2.3. Voting Power. Such Company Stockholder has sole voting power and
sole power to issue instructions with respect to the matters set forth in this Agreement, sole
power of disposition with respect to dispositions contemplated by this Agreement, and sole power to
agree to all of the matters set forth in this Agreement, in each case with respect to all of such
Company Stockholder’s Voting Shares, with no material limitations, qualifications, or restrictions
on such rights, subject only to applicable securities laws and the terms of this Agreement.

     Section 2.4. Consents and Approvals; No Violation. (i) Except as may be set forth
in the Merger Agreement (including, without limitation, filings as may be required under applicable
securities laws) and any filing required under Section 13 or 16 under the Exchange Act, no filing
with, and no permit, authorization, consent, or approval of, any Governmental Entity is necessary
for the execution of this Agreement by such Company Stockholder and the consummation by such
Company Stockholder of the transactions contemplated by this Agreement, and (ii) none of the
execution and delivery of this Agreement by such Company Stockholder, the consummation by such
Company Stockholder of the transactions contemplated by this Agreement or compliance by such
Company Stockholder with any of the provisions of this Agreement shall (A) conflict with or result
in any breach of the organizational documents, if applicable, of such Company Stockholder, (B)
result in a material violation or material breach of, or constitute (with or without notice or
lapse of time, or both) a default (or give rise to any third party right of termination,
cancellation, amendment, or acceleration) under any of the terms, conditions, or provisions of any
material note, bond, mortgage, indenture, license, contract, commitment, arrangement,
understanding, agreement, or other instrument or obligation of any kind to which such Company
Stockholder is a party, or (C) subject to compliance with filing requirements as may be required
under applicable securities laws, violate any order, writ, injunction, decree, judgment, statute,
rule, or regulation applicable to such Company Stockholder, except in each case under clauses (A),
(B) and (C), where the absence of filing or authorization, conflict, violation, breach, or default
would not materially impair or materially adversely affect the ability of such Company Stockholder
to perform such Company Stockholder’s obligations hereunder.

     Section 2.5. No Broker’s Fees. Except as contemplated by the Merger Agreement, no
broker, investment banker, financial advisor, or other person is entitled to receive from the
Company any broker’s, finder’s, financial advisor’s, or other similar fee or commission in

4

 

connection with the transactions contemplated by this Agreement based upon arrangements made
by or on behalf of such Company Stockholder.

     Section 2.6. Acknowledgement. Such Company Stockholder understands and
acknowledges that each of Parent and Merger Sub is entering into the Merger Agreement in reliance
upon such Company Stockholder’s execution, delivery and performance of this Agreement.

ARTICLE III

Representations and Warranties of Parent and Merger Sub

     Parent and Merger Sub hereby represent and warrant to the Company Stockholders as
follows:

     Section 3.1. Organization. Each of Parent and Merger Sub is a corporation duly
organized, validly existing, and in good standing under the laws of the jurisdiction of its
incorporation.

     Section 3.2. Corporate Authorization; Validity of Agreement; Necessary Action.
Parent and Merger Sub have the corporate power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated by this Agreement. The execution and delivery of
this Agreement by Parent and Merger Sub and the consummation of the transactions contemplated by
this Agreement have been duly authorized by all necessary action on the part of Parent and Merger
Sub, and, assuming the due authorization, execution and delivery thereof by the Company and each of
the Company Stockholders, constitutes a valid and legally binding agreement of Parent and Merger
Sub enforceable against each of them in accordance with its terms.

     Section 3.3. Consents and Approvals; No Violation. (i) Except as may be set forth
in the Merger Agreement (including, without limitation, filings as may be required under applicable
securities laws) and any filing required under Section 13 or 16 under the Exchange Act, no filing
with, and no permit, authorization, consent, or approval of, any Governmental Entity is necessary
for the execution of this Agreement by each of Parent and Merger Sub and the consummation by each
of Parent and Merger Sub of the transactions contemplated by this Agreement, and (ii) none of the
execution and delivery of this Agreement by each of Parent and Merger Sub, the consummation by each
of Parent and Merger Sub of the transactions contemplated by this Agreement or compliance by each
of Parent and Merger Sub with any of the provisions of this Agreement shall (A) conflict with or
result in any breach of the organizational documents Parent or Merger Sub, (B) result in a material
violation or material breach of, or constitute (with or without notice or lapse of time, or both) a
default (or give rise to any third party right of termination, cancellation, amendment, or
acceleration) under any of the terms, conditions, or provisions of any material note, bond,
mortgage, indenture, license, contract, commitment, arrangement, understanding, agreement, or other
instrument or obligation of any kind to which Parent or Merger Sub is a party, or (C) subject to
compliance with filing requirements as may be required under applicable securities laws, violate
any order, writ, injunction, decree, judgment, statute, rule, or regulation applicable to Parent or
Merger Sub, except in each case under clauses (A), (B) or (C), where the absence of filing or
authorization, conflict, violation, breach, or default

5

 

would not materially impair or materially adversely effect the ability of each of Parent and
Merger Sub to perform its obligations hereunder.

ARTICLE IV

Covenants of Each Company Stockholder

     Each Company Stockholder severally covenants and agrees as follows:

     Section 4.1. Restriction on Transfer, Proxies, and Non-Interference. Except as
contemplated by this Agreement or the Merger Agreement, during the period beginning from the
execution and delivery by the parties of this Agreement through the earlier of (1) the Effective
Time, (2) the termination of the Merger Agreement or (3) the termination of this Agreement in
accordance with Section 5.1, each Company Stockholder shall not (i) directly or indirectly, offer
for sale, sell, transfer, tender, pledge, encumber, assign, or otherwise dispose of (each, a
“Transfer”), or enter into any contract, option, or other arrangement or understanding
(including any profit sharing arrangement) with respect to the Transfer of, any or all of such
Company Stockholder’s Voting Shares, Subject Options, Share Units or any other securities of the
Company or any interest therein to any person, other than pursuant to the Merger Agreement or the
Offer or in connection with the exercise of any Company Options or vesting Share Units (it being
understood and agreed that any shares of Company Common Stock issued upon the exercise of Company
Options or the vesting of Share Units shall be subject to the restrictions set forth in this
Section 4.1); (ii) grant any proxies or powers of attorney, or any other authorization or consent
with respect to any or all of such Company Stockholder’s Voting Shares that could reasonably be
expected to impede, interfere with or prevent the Merger; (iii) deposit any of such Company
Stockholder’s Voting Shares or Subject Options into a voting trust or enter into a voting agreement
with respect to any of such Company Stockholder’s Voting Shares or Subject Options, other than
pursuant to this Agreement or (iv) take any action that would make any representation or warranty
of such Company Stockholder contained in this Agreement to be untrue or incorrect in any material
respect or that would reasonably be expected to have the effect of preventing or disabling or
materially delaying such Company Stockholder from performing such Company Stockholder’s obligations
under this Agreement.

     Section 4.2. Stop Transfer; Changes in Voting Shares. Each Company Stockholder
agrees with, and covenants to, Parent and Merger Sub that (i) this Agreement and the obligations
hereunder shall attach to such Company Stockholder’s Voting Shares, Subject Options and Subject
Units and shall be binding upon any person or entity to which legal or beneficial ownership shall
pass, whether by operation of law or otherwise, including, without limitation, such Company
Stockholder’s successors or assigns and (ii) such Company Stockholder shall not request that the
Company register the transfer (book-entry or otherwise) of any certificate or uncertificated
interest representing any or all of the Company Stockholder’s Voting Shares, Subject Options or
Subject Units, unless such transfer is made in compliance with this Agreement. Notwithstanding any
Transfer of Voting Shares, Subject Options or Subject Units, the transferor shall remain liable for
the performance of all of the obligations of the Company Stockholder under this Agreement, except
for any such Transfer pursuant to the Merger Agreement or the Offer.

6

 

     Section 4.3. Appraisal Rights. Each Company Stockholder hereby waives any rights
of appraisal or rights to dissent from the Merger that such Company Stockholder may have
(including, without limitation, under Section 262 of the DGCL).

     Section 4.4. Stockholder Capacity. Each Company Stockholder enters into this
Agreement solely in its capacity as the record or beneficial owner of its Voting Shares. Nothing
contained in this Agreement shall limit the rights and obligations of any Company Stockholder, any
of its affiliates, Representatives or any employee of any of its affiliates in his or her capacity
as a director or officer of the Company, and the agreements set forth herein shall in no way
restrict any director or officer of the Company in the exercise of his or her fiduciary duties as a
director or officer of the Company.

     Section 4.5. Documentation and Information. Each Company Stockholder (i) consents
to and authorizes the publication and disclosure by Parent and its affiliates of its identity and
holding of such Company Stockholder’s Voting Shares and the nature of its commitments and
obligations under this Agreement in any announcement or disclosure required by the SEC or other
Governmental Entity, the Offer Documents, or any other disclosure document in connection with the
Offer, the Merger or any of the other transactions contemplated by the Merger Agreement or this
Agreement, and (ii) agrees promptly to give to Parent any information it may reasonably require for
the preparation of any such disclosure documents. Each Company Stockholder agrees to promptly
notify Parent of any required corrections with respect to any written information supplied by it
specifically for use in any such disclosure document, if and to the extent that any shall have
become false or misleading in any material respect.

     Section 4.6. No Solicitation. During the term of this Agreement, each Company
Stockholder agrees that it shall not (whether directly or indirectly through its advisors, agents
or other intermediaries), engage in any conduct prohibited by Section 5.2 of the Merger Agreement.
For the avoidance of doubt, nothing in this Section 4.6 or elsewhere in this Agreement shall be
construed to prohibit a Company Stockholder or any affiliate thereof from taking any action solely
in his capacity as an officer or member of the Board of Directors of the Company or from taking any
action that the Company is permitted to take pursuant to Section 5.2 of the Merger Agreement in his
capacity as such.

ARTICLE V

Termination

     Section 5.1.
Termination/Termination Rights. (a) This Agreement and the covenants and
agreements set forth in this Agreement shall automatically terminate (without any further action of
the parties) upon the earlier to occur of (i) a public announcement by the Company or Parent that
it has terminated the Merger Agreement or receipt by the Company of notice of Parent’s termination
of the Merger Agreement, (ii) the Company providing a Notice of Adverse Recommendation as defined
in and pursuant to Section 5.2(c) of the Merger Agreement, whether with respect to a Superior
Proposal or an Intervening Event (as such terms are defined in the Merger Agreement) and three days
having lapsed after such notice is given without such Notice of Adverse Recommendation having been
withdrawn or no longer being in effect as contemplated by Section 5.2(c) of the Merger Agreement,
(iii) the termination or expiration of the Offer, without the tendered and not withdrawn Shares
being accepted for payment thereunder

7

 

and (iv) the Effective Time. In the event of termination of this Agreement pursuant to this
Section 5.1, this Agreement shall become void and of no effect with no liability on the part of any
party; provided, however, no such termination shall relieve any party from liability for any
knowing or deliberate material breach hereof prior to such termination.

     (b) This Agreement may be terminated as to a Company Stockholder by such Company
Stockholder if the Appointment Time (as defined in the Merger Agreement) has not occurred on or
before August 2, 2011 (the “Outside Date”), provided, however, that (A) the right to terminate this
Agreement pursuant to this Section 5.1(b) is not available to any Company Stockholder whose breach
of any provision of this Agreement principally causes the failure of the Offer to be consummated by
such time and (B) if on the Outside Date, the HSR Condition (as defined in the Merger Agreement)
has not been fulfilled, then the Outside Date will, without any action on the part of the parties
hereto, be extended to November 2, 2011, and such date will become the Outside Date for purposes of
this Agreement.

ARTICLE VI

Miscellaneous

     Section 6.1. Governing Law; Jurisdiction; Waiver of Jury Trial.

     (a) This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, regardless of the laws that might otherwise govern under applicable principles
of conflicts of law thereof.

     (b) Each of the parties hereto (i) irrevocably consents to the service of the summons and
complaint and any other process in any action or proceeding relating to the transactions
contemplated by this Agreement, for and on behalf of itself or any of its properties or assets, in
accordance with Section 6.5 or in such other manner as may be permitted by applicable Law,
and nothing in this Section 6.1(b) shall affect the right of any party to serve legal
process in any other manner permitted by applicable Law; (ii) irrevocably and unconditionally
consents and submits itself and its properties and assets in any action or proceeding to the
exclusive jurisdiction of the Court of Chancery of the State of Delaware (or, only if the Court of
Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any
federal court within the State of Delaware) in the event any dispute or controversy arises out of
this Agreement or the transactions contemplated hereby, or for recognition and enforcement of any
judgment in respect thereof; (iii) agrees that it will not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court; (iv) agrees that any actions
or proceedings arising in connection with this Agreement or the transactions contemplated hereby
shall be brought, tried and determined only in the Court of Chancery of the State of Delaware (or,
only if the Court of Chancery of the State of Delaware declines to accept jurisdiction over a
particular matter, any federal court within the State of Delaware); (v) waives any objection that
it may now or hereafter have to the venue of any such action or proceeding in any such court or
that such action or proceeding was brought in an inconvenient court and agrees not to plead or
claim the same; and (vi) agrees that it will not bring any action relating to this Agreement or the
transactions contemplated hereby in any court other than the aforesaid courts. Each of Parent,
Merger Sub and the Company Stockholders agrees that a final judgment in any action or

8

 

proceeding in such courts as provided above shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by applicable Law.

     (c) EACH OF PARENT, MERGER SUB AND THE COMPANY STOCKHOLDERS HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF PARENT, MERGER SUB OR
THE COMPANY STOCKHOLDERS IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

     Section 6.2. Specific Performance. Each Company Stockholder acknowledges and
agrees that (a) the covenants, obligations and agreements of such Company Stockholder contained in
this Agreement relate to special, unique and extraordinary matters, (b) Parent is and will be
relying on such covenants, obligations and agreements in connection with entering into the Merger
Agreement and the performance of Parent’s obligations under the Merger Agreement, and (c) a
violation of any of the covenants, obligations or agreements of such Company Stockholder contained
in this Agreement will cause Parent irreparable injury for which adequate remedies are not
available at law. Therefore, each Company Stockholder agrees that Parent shall be entitled to an
injunction, restraining order or such other equitable relief (without the requirement to post bond)
as a court of competent jurisdiction may deem necessary or appropriate to restrain such Company
Stockholder, as the case may be, from committing any violation of such covenants, obligations or
agreements and to specifically enforce the terms of this Agreement. These injunctive remedies are
cumulative and in addition to any other rights and remedies Parent may have under applicable Law.

     Section 6.3. Assignment; No Third Party Beneficiaries. This Agreement shall not
be assignable or otherwise transferable by a party without the prior consent of the other parties,
and any attempt to so assign or otherwise transfer this Agreement without such consent shall be
void and of no effect; provided, however, that Parent may, in its sole discretion, assign or
transfer all or any of its rights, interests and obligations under this Agreement to any direct or
indirect wholly owned subsidiary of Parent, but no such assignment shall relieve Parent from its
obligations under this Agreement. This Agreement shall be binding upon the respective heirs,
successors, legal representatives and permitted assigns of the parties hereto. Nothing in this
Agreement shall be construed as giving any Person, other than the parties hereto and their heirs,
successors, legal representatives and permitted assigns, any right, remedy or claim under or in
respect of this Agreement or any provision hereof.

     Section 6.4. Amendments, Waivers, etc. Neither this Agreement nor any term hereof
may be amended other than by an instrument in writing signed by Parent, Merger Sub and the Company
Stockholders. No provision of this Agreement may be waived, discharged or terminated other than by
an instrument in writing signed by the party against whom the enforcement of such waiver, discharge
or termination is sought, except that this Agreement may be terminated as set forth in Section 5.1.

     Section 6.5. Notices. All notices, requests and other communications to any party
hereunder shall be in writing and shall be deemed given if delivered either personally, by

9

 

facsimile transmission (with acknowledgment received), by electronic mail (with receipt
confirmed) or by overnight courier (providing proof of delivery) to the parties at the following
addresses:

     If to the Company Stockholders: At the address set forth beside each Company
Stockholder’s name listed on Schedule I.

If to Parent or Merger Sub, to:

Arch Coal, Inc.

One CityPlace Dr., Suite 300

St. Louis, Missouri 63141

Telecopy No.: (314) 994-2734

Attention: Robert Jones, Esq., Senior Vice President — Law,

General Counsel and Secretary

with a copy (which shall not constitute notice) to:

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Telecopy No.: (212) 455-2502

Attention: Mario A. Ponce

or such other address, facsimile number or
email address as such party may hereafter specify by notice to the other parties hereto. All such
notices, requests and other communications shall be deemed received on the date of receipt by the
recipient thereof if received prior to 5 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.

     Section 6.6. Expenses. Except as otherwise provided herein, all costs and
expenses incurred in connection with the transactions contemplated by this Agreement shall be paid
by the party incurring such costs and expenses.

     Section 6.7. Remedies. No failure or delay by any party in exercising any right,
power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies provided herein shall be cumulative and
not exclusive of any rights or remedies provided by law.

     Section 6.8. Severability. If any term or provision of this Agreement is held to
be invalid, illegal, incapable of being enforced by any rule of law, or public policy, or
unenforceable for any reason, it shall be adjusted rather than voided, if possible, in order to
achieve the intent of the parties hereto to the maximum extent possible. In any event, the
invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not
affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or
the

10

 

validity or enforceability of this Agreement, including that provision, in any other
jurisdiction. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the terms of this Agreement remain as originally contemplated to
the fullest extent possible.

     Section 6.9. Entire Agreement. This Agreement constitutes the entire agreement
among the parties with respect to the subject matter of this Agreement and supersedes all other
prior agreements and understandings, both written and oral, between the parties with respect to the
subject matter of this Agreement.

     Section 6.10. Further Assurances. From time to time at the request of Parent, and
without further consideration, each Company Stockholder shall execute and deliver or cause to be
executed and delivered such additional documents and instruments and take all such further action
as may be reasonably necessary or desirable to effect the matters contemplated by this Agreement.

     Section 6.11. Section Headings. The article and section headings used in this
Agreement are inserted for convenience of reference only and are not intended to be part of or to
affect the meaning or interpretation of this Agreement.

     Section 6.12. Public Announcements. No Company Stockholder shall issue any press
release or make any other public statement with respect to the transactions contemplated by this
Agreement and the Merger Agreement without the prior written consent of Parent, except as such
release or statement as such Company Stockholder determines in good faith to be required by
applicable Law or the rules and regulations of any applicable United States securities exchange or
regulatory or Governmental Entity to which the relevant Company Stockholder is subject or submits.

     Section 6.13. Counterparts. This Agreement may be executed in two or more
counterparts, each of which when executed shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by telecopier shall be effective as delivery of a manually
executed counterpart of this Agreement.

[SIGNATURE PAGES FOLLOW]

11

 

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

	 	 	 	 	 
	 	
ARCH COAL, INC.

 	 
	 	By:  	/s/ John Eaves
 	 
	 	 	Name:  	John Eaves 	 
	 	 	Title:  	President and Chief Operating Officer 	 
	 
	 	ATLAS ACQUISITION CORP.

 	 
	 	By:  	/s/ John Eaves
 	 
	 	 	Name:  	John Eaves 	 
	 	 	Title:  	President 	 
	 

[Signature
Page to Tender and Voting Agreement]

 

 

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

	 	 	 	 	 
	 	
WLR RECOVERY FUND, L.P.

 	 
	 	By:  	WLR Recovery Associates LLC, its General
 	 
	 	 	Partner 	 
	 	 	 	 
	 	By:  	       WL Ross Group, L.P., its Managing Member
 	 
	 	 	 
	 	By:  	       El Vedado, LLC, its General Partner
 	 
	 	 	 
	 	By:  	/s/ Wilbur L. Ross, Jr.
 	 
	 	 	Wilbur L. Ross, Jr., its Managing Member 	 
	 
	 	WLR RECOVERY FUND II, L.P.

 	 
	 	By:  	WLR Recovery Associates II LLC, its General
 	 
	 	 	Partner 	 
	 	 	 
	 	By:  	       WL Ross Group, L.P., its Managing Member
 	 
	 	 	 
	 	By:  	       El Vedado, LLC, its General Partner
 	 
	 	 	 
	 	By:  	/s/ Wilbur L. Ross, Jr.
 	 
	 	 	Wilbur L. Ross, Jr., its Managing Member 	 
	 
	 	WLR RECOVERY FUND III, L.P.

 	 
	 	By:  	WLR Recovery Associates III LLC, its General
 	 
	 	 	Partner 	 
	 	 	 
	 	By:  	       WL Ross Group, L.P., its Managing Member
 	 
	 	 	 
	 	By:  	       El Vedado, LLC, its General Partner
 	 
	 	 	 
	 	By:  	       /s/ Wilbur L. Ross, Jr.
 	 
	 	 	Wilbur L. Ross, Jr., its Managing Member 	 
	 	 	 	 

[Signature
Page to Tender and Voting Agreement]

 

 

Schedule I

	 	 	 	 	 
	Stockholder	 	Number of Shares	 
	WLR RECOVERY FUND, L.P.
	 	 	2,859,927	 
	WLR RECOVERY FUND II, L.P.
	 	 	7,634,294	 
	WLR RECOVERY FUND III, L.P.
	 	 	1,774,502exv10w2

Exhibit 10.2

TENDER AND VOTING AGREEMENT

     This TENDER AND VOTING AGREEMENT, dated as of May 2, 2011 (this “Agreement”), is
among Arch Coal, Inc., a Delaware corporation (“Parent”), Atlas Acquisition Corp., a
Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), and the
persons listed on Schedule I hereto (collectively, the “Company Stockholders”).

     WHEREAS, as of the date hereof, each Company Stockholder is the record or “beneficial
holder” (as defined under Rule 13d-3 under the Exchange Act) of the number of shares of common
stock (the “Company Common Stock”), par value $0.01 per share, of International Coal Group, Inc., a
Delaware corporation (the “Company”), set forth opposite such Company Stockholder’s name on
Schedule I hereto (all such shares of Company Common Stock, whether restricted or unrestricted,
together with any shares of Company Common Stock acquired by a Company Stockholder from the Company
after the date hereof, the “Subject Shares”;
provided, that Company Stock Options
beneficially owned by such Company Stockholder (“Subject
Options”) and Company Restricted Share
Units beneficially owned by such Company Stockholder (“Subject Units”) shall not be
considered “Subject Shares” prior to their exercise or becoming unrestricted, whereupon shares of
Company Common Stock issued upon exercise of Subject Options or Subject Units shall be considered
“Subject Shares”);

     WHEREAS, concurrently with the execution and delivery of this Agreement, Parent,
Merger Sub and the Company, are entering into an Agreement and Plan of Merger, dated as of the date
hereof (as it may be amended from time to time, the “Merger
Agreement”; terms used herein without
definition shall have the respective meanings ascribed to them in the Merger Agreement to the
extent defined in the Merger Agreement), pursuant to which, among other things, (a) Merger Sub will
commence a tender offer to purchase all of the outstanding shares of Company Common Stock (such
offer as it may be amended from time to time as permitted by the Merger Agreement, the
“Offer”), and (b) following the consummation of the Offer, Merger Sub will be merged with
and into the Company (the “Merger”), with the Company being the surviving corporation, all
upon the terms and subject to the conditions set forth in the Merger Agreement; and

     WHEREAS, as a condition to their willingness to enter into and perform its obligations
under the Merger Agreement, Parent and Merger Sub have requested that each Company Stockholder
enter into this Agreement, and each Company Stockholder has agreed to do so in order to induce
Parent and Merger Sub to enter into, and in consideration of their entering into, the Merger
Agreement;

     NOW, THEREFORE, in consideration of the foregoing and of the representations, warranties,
covenants and agreements herein contained, and intending to be legally bound hereby, the parties
hereto agree as follows:

 

 

ARTICLE I

Agreement to Tender and Vote; Irrevocable Proxy.

     Section 1.1. Agreement to Tender.

     (a) Each Company Stockholder agrees that at least two Business Days prior to the first
scheduled Expiration Date (the “Tender Date”), such Company Stockholder shall tender into the Offer
all of the Subject Shares owned by such Company Stockholder on or prior to the Tender Date, free
and clear of all of all claims, liens, encumbrances and security interests of any nature whatsoever
that would prevent such Company Stockholder from tendering his shares in accordance with this
Agreement or otherwise complying with his obligations under this Agreement. If any Company
Stockholder acquires any Subject Shares after the Tender Date (including during any subsequent
offering period, if any), such Company Stockholder shall tender into the Offer such Subject Shares
within one Business Day following the date that such Company Stockholder shall acquire such Subject
Shares.

     (b) Each Company Stockholder agrees that once the Subject Shares are tendered into the
Offer, such Company Stockholder shall not withdraw the tender of such Subject Shares unless this
Agreement is terminated pursuant to Section 5.1, and in each such case Parent shall, and shall
cause Merger Sub to, immediately upon a Company Stockholder’s request, return all of the Subject
Shares to the Company Stockholder.

     (c) Nothing in this Agreement shall be deemed to require any Company Stockholder to
exercise any option or other right to acquire Company Common Stock.

     Section 1.2. Agreement to Vote.

     (a) From the date hereof until the termination of this Agreement in accordance with
Section 5.1, except to the extent waived in writing by Parent in its sole and absolute
discretion, at any meeting of the stockholders of the Company, however called, or at any
adjournment thereof, or in connection with any written consent of the stockholders of the Company
or in any other circumstances upon which a vote, consent or other approval of all or some of the
stockholders of the Company is sought, each Company Stockholder shall vote (or cause to be voted)
all of such Company Stockholder’s Subject Shares (to the extent the Subject Shares are not
purchased in the Offer) and any other shares of capital stock of the Company owned, beneficially or
of record, by such Company Stockholder during the term of this Agreement that are entitled to vote
at such meeting or in such written consent (collectively, the “Voting Shares”): (a) in
favor of adoption of the Merger Agreement; and (b) against the following actions (other than the
Merger and the transactions contemplated by the Merger Agreement): (i) any Company Takeover
Proposal; (ii) any change in the present capitalization of the Company or any amendment of the
Company’s certificate of incorporation or by-laws; and (iii) any other action, transaction or
proposal involving the Company or any of the Company Subsidiaries that would result in any of the
conditions in Article VII or Annex I not being fulfilled or satisfied.

     (b) In the event that a meeting of the stockholders of the Company is held, each Company
Stockholder shall, or shall cause the holder of record of its Voting Shares on any

2

 

applicable record date to, appear at such meeting or otherwise cause its Voting Shares to be
counted as present thereat for purposes of establishing a quorum.

     (c) No Company Stockholder shall enter into any agreement or understanding with any
Person to vote or give instructions in any manner inconsistent with the terms of this Section
1.2.

     (d) EACH COMPANY STOCKHOLDER HEREBY IRREVOCABLY GRANTS TO AND APPOINTS JOHN DREXLER AND
ROBERT JONES, IN THEIR RESPECTIVE CAPACITIES AS OFFICERS OF PARENT, AND ANY INDIVIDUAL WHO SHALL
HEREAFTER SUCCEED TO ANY SUCH OFFICE OF PARENT, AND EACH OF THEM INDIVIDUALLY, SUCH COMPANY
STOCKHOLDER’S PROXY AND ATTORNEY-IN-FACT (WITH FULL POWER OF SUBSTITUTION), FOR AND IN THE NAME,
PLACE AND STEAD OF SUCH COMPANY STOCKHOLDER, TO REPRESENT, VOTE AND OTHERWISE ACT (BY VOTING AT ANY
MEETING OF STOCKHOLDERS OF THE COMPANY, BY WRITTEN CONSENT IN LIEU THEREOF OR OTHERWISE) WITH
RESPECT TO THE VOTING SHARES OWNED OR HELD BY SUCH COMPANY STOCKHOLDER REGARDING THE MATTERS
REFERRED TO IN SECTION 1.2(a) HEREOF UNTIL THE TERMINATION OF THIS AGREEMENT, TO THE SAME
EXTENT AND WITH THE SAME EFFECT AS SUCH COMPANY STOCKHOLDER MIGHT OR COULD DO UNDER APPLICABLE LAW,
RULES AND REGULATIONS. THE PROXY GRANTED PURSUANT TO THIS SECTION 1.2(d) IS COUPLED WITH AN
INTEREST AND SHALL BE IRREVOCABLE UNTIL TERMINATION OF THIS AGREEMENT. EACH COMPANY STOCKHOLDER
WILL TAKE SUCH FURTHER ACTION AND WILL EXECUTE SUCH OTHER INSTRUMENTS AS MAY BE NECESSARY TO
EFFECTUATE THE INTENT OF THIS PROXY. EACH COMPANY STOCKHOLDER HEREBY REVOKES ANY AND ALL PREVIOUS
PROXIES OR POWERS OF ATTORNEY GRANTED WITH RESPECT TO ANY OF THE VOTING SHARES THAT MAY HAVE
HERETOFORE BEEN APPOINTED OR GRANTED WITH RESPECT TO THE MATTERS REFERRED TO IN SECTION
1.2(a) HEREOF, AND NO SUBSEQUENT PROXY (WHETHER REVOCABLE OR IRREVOCABLE) OR POWER OF ATTORNEY
SHALL BE GIVEN BY SUCH COMPANY STOCKHOLDER, EXCEPT AS REQUIRED BY ANY LETTER OF TRANSMITTAL IN CONNECTION WITH THE OFFER.

ARTICLE II

Representations and Warranties of Each Company Stockholder

     Each Company Stockholder hereby severally, and not jointly, represents and warrants to
Parent and Merger Sub (as to such Company Stockholder) as follows:

     Section 2.1. Authority. Such Company Stockholder has all necessary legal
capacity, power, and authority to execute and deliver this Agreement and to consummate the
transactions contemplated by this Agreement. The execution and delivery of this Agreement by such
Company Stockholder and the consummation of the transactions contemplated by this Agreement have
been duly authorized by all necessary action on the part of such Company Stockholder and, assuming
the due authorization, execution, and delivery of this Agreement by Parent, Merger Sub and each
other Company Stockholder, this Agreement constitutes a legal,

3

 

valid, and binding obligation of such Company Stockholder, enforceable against such Company
Stockholder in accordance with its terms.

     Section 2.2. Ownership of Subject Shares. Total Shares. As of the date hereof,
such Company Stockholder is the record or beneficial owner (as defined in Rule 13d-3 under the
Exchange Act) of, and has good title to, the Subject Shares listed beside such Company
Stockholder’s name on Schedule I attached hereto, free and clear of all claims, liens, encumbrances
and security interests of any nature whatsoever (including any restriction on the right to vote or
otherwise transfer such Subject Shares), except as provided hereunder or pursuant to any applicable
restrictions on transfer under the Securities Act. As of the date hereof, such Company Stockholder
does not own, beneficially or otherwise, any Shares, Company Options or other securities of the
Company other than as set forth opposite such Company Stockholder’s name in Schedule I hereto.

     Section 2.3. Voting Power. Such Company Stockholder has sole voting power and
sole power to issue instructions with respect to the matters set forth in this Agreement, sole
power of disposition with respect to dispositions contemplated by this Agreement, and sole power to
agree to all of the matters set forth in this Agreement, in each case with respect to all of such
Company Stockholder’s Voting Shares, with no material limitations, qualifications, or restrictions
on such rights, subject only to applicable securities laws and the terms of this Agreement.

     Section 2.4. Consents and Approvals; No Violation. (i) Except as may be set forth
in the Merger Agreement (including, without limitation, filings as may be required under applicable
securities laws) and any filing required under Section 13 or 16 under the Exchange Act, no filing
with, and no permit, authorization, consent, or approval of, any Governmental Entity is necessary
for the execution of this Agreement by such Company Stockholder and the consummation by such
Company Stockholder of the transactions contemplated by this Agreement, and (ii) none of the
execution and delivery of this Agreement by such Company Stockholder, the consummation by such
Company Stockholder of the transactions contemplated by this Agreement or compliance by such
Company Stockholder with any of the provisions of this Agreement shall (A) conflict with or result
in any breach of the organizational documents, if applicable, of such Company Stockholder, (B)
result in a material violation or material breach of, or constitute (with or without notice or
lapse of time, or both) a default (or give rise to any third party right of termination,
cancellation, amendment, or acceleration) under any of the terms, conditions, or provisions of any
material note, bond, mortgage, indenture, license, contract, commitment, arrangement,
understanding, agreement, or other instrument or obligation of any kind to which such Company
Stockholder is a party, or (C) subject to compliance with filing requirements as may be required
under applicable securities laws, violate any order, writ, injunction, decree, judgment, statute,
rule, or regulation applicable to such Company Stockholder, except in each case under clauses (A),
(B) and (C), where the absence of filing or authorization, conflict, violation, breach, or default
would not materially impair or materially adversely affect the ability of such Company Stockholder
to perform such Company Stockholder’s obligations hereunder.

     Section 2.5. No Broker’s Fees. Except as contemplated by the Merger Agreement, no
broker, investment banker, financial advisor, or other person is entitled to receive from the
Company any broker’s, finder’s, financial advisor’s, or other similar fee or commission in

4

 

connection with the transactions contemplated by this Agreement based upon arrangements made
by or on behalf of such Company Stockholder.

     Section 2.6. Acknowledgement. Such Company Stockholder understands and
acknowledges that each of Parent and Merger Sub is entering into the Merger Agreement in reliance
upon such Company Stockholder’s execution, delivery and performance of this Agreement.

ARTICLE III

Representations and Warranties of Parent and Merger Sub

     Parent and Merger Sub hereby represent and warrant to the Company Stockholders as
follows:

     Section 3.1. Organization. Each of Parent and Merger Sub is a corporation duly
organized, validly existing, and in good standing under the laws of the jurisdiction of its
incorporation.

     Section 3.2. Corporate Authorization; Validity of Agreement; Necessary Action.
Parent and Merger Sub have the corporate power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated by this Agreement. The execution and delivery of
this Agreement by Parent and Merger Sub and the consummation of the transactions contemplated by
this Agreement have been duly authorized by all necessary action on the part of Parent and Merger
Sub, and, assuming the due authorization, execution and delivery thereof by the Company and each of
the Company Stockholders, constitutes a valid and legally binding agreement of Parent and Merger
Sub enforceable against each of them in accordance with its terms.

     Section 3.3. Consents and Approvals; No Violation. (i) Except as may be set forth
in the Merger Agreement (including, without limitation, filings as may be required under applicable
securities laws) and any filing required under Section 13 or 16 under the Exchange Act, no filing
with, and no permit, authorization, consent, or approval of, any Governmental Entity is necessary
for the execution of this Agreement by each of Parent and Merger Sub and the consummation by each
of Parent and Merger Sub of the transactions contemplated by this Agreement, and (ii) none of the
execution and delivery of this Agreement by each of Parent and Merger Sub, the consummation by each
of Parent and Merger Sub of the transactions contemplated by this Agreement or compliance by each
of Parent and Merger Sub with any of the provisions of this Agreement shall (A) conflict with or
result in any breach of the organizational documents Parent or Merger Sub, (B) result in a material
violation or material breach of, or constitute (with or without notice or lapse of time, or both) a
default (or give rise to any third party right of termination, cancellation, amendment, or
acceleration) under any of the terms, conditions, or provisions of any material note, bond,
mortgage, indenture, license, contract, commitment, arrangement, understanding, agreement, or other
instrument or obligation of any kind to which Parent or Merger Sub is a party, or (C) subject to
compliance with filing requirements as may be required under applicable securities laws, violate
any order, writ, injunction, decree, judgment, statute, rule, or regulation applicable to Parent or
Merger Sub, except in each case under clauses (A), (B) or (C), where the absence of filing or
authorization, conflict, violation, breach, or default

5

 

would not materially impair or materially adversely effect the ability of each of Parent and
Merger Sub to perform its obligations hereunder.

ARTICLE IV

Covenants of Each Company Stockholder

     Each Company Stockholder severally covenants and agrees as follows:

     Section 4.1. Restriction on Transfer, Proxies, and Non-Interference. Except as
contemplated by this Agreement or the Merger Agreement, during the period beginning from the
execution and delivery by the parties of this Agreement through the earlier of (1) the Effective
Time, (2) the termination of the Merger Agreement or (3) the termination of this Agreement in
accordance with Section 5.1, each Company Stockholder shall not (i) directly or indirectly, offer
for sale, sell, transfer, tender, pledge, encumber, assign, or otherwise dispose of (each, a
“Transfer”), or enter into any contract, option, or other arrangement or understanding
(including any profit sharing arrangement) with respect to the Transfer of, any or all of such
Company Stockholder’s Voting Shares, Subject Options, Share Units or any other securities of the
Company or any interest therein to any person, other than pursuant to the Merger Agreement or the
Offer or in connection with the exercise of any Company Options or vesting Share Units (it being
understood and agreed that any shares of Company Common Stock issued upon the exercise of Company
Options or the vesting of Share Units shall be subject to the restrictions set forth in this
Section 4.1); (ii) grant any proxies or powers of attorney, or any other authorization or consent
with respect to any or all of such Company Stockholder’s Voting Shares that could reasonably be
expected to impede, interfere with or prevent the Merger; (iii) deposit any of such Company
Stockholder’s Voting Shares or Subject Options into a voting trust or enter into a voting agreement
with respect to any of such Company Stockholder’s Voting Shares or Subject Options, other than
pursuant to this Agreement or (iv) take any action that would make any representation or warranty
of such Company Stockholder contained in this Agreement to be untrue or incorrect in any material
respect or that would reasonably be expected to have the effect of preventing or disabling or
materially delaying such Company Stockholder from performing such Company Stockholder’s obligations
under this Agreement.

     Section 4.2. Stop Transfer; Changes in Voting Shares. Each Company Stockholder
agrees with, and covenants to, Parent and Merger Sub that (i) this Agreement and the obligations
hereunder shall attach to such Company Stockholder’s Voting Shares, Subject Options and Subject
Units and shall be binding upon any person or entity to which legal or beneficial ownership shall
pass, whether by operation of law or otherwise, including, without limitation, such Company
Stockholder’s successors or assigns and (ii) such Company Stockholder shall not request that the
Company register the transfer (book-entry or otherwise) of any certificate or uncertificated
interest representing any or all of the Company Stockholder’s Voting Shares, Subject Options or
Subject Units, unless such transfer is made in compliance with this Agreement. Notwithstanding any
Transfer of Voting Shares, Subject Options or Subject Units, the transferor shall remain liable for
the performance of all of the obligations of the Company Stockholder under this Agreement, except
for any such Transfer pursuant to the Merger Agreement or the Offer.

6

 

     Section 4.3. Appraisal Rights. Each Company Stockholder hereby waives any rights
of appraisal or rights to dissent from the Merger that such Company Stockholder may have
(including, without limitation, under Section 262 of the DGCL).

     Section 4.4. Stockholder Capacity. Each Company Stockholder enters into this
Agreement solely in its capacity as the record or beneficial owner of its Voting Shares. Nothing
contained in this Agreement shall limit the rights and obligations of any Company Stockholder, any
of its affiliates, Representatives or any employee of any of its affiliates in his or her capacity
as a director or officer of the Company, and the agreements set forth herein shall in no way
restrict any director or officer of the Company in the exercise of his or her fiduciary duties as a
director or officer of the Company.

     Section 4.5. Documentation and Information. Each Company Stockholder (i) consents
to and authorizes the publication and disclosure by Parent and its affiliates of its identity and
holding of such Company Stockholder’s Voting Shares and the nature of its commitments and
obligations under this Agreement in any announcement or disclosure required by the SEC or other
Governmental Entity, the Offer Documents, or any other disclosure document in connection with the
Offer, the Merger or any of the other transactions contemplated by the Merger Agreement or this
Agreement, and (ii) agrees promptly to give to Parent any information it may reasonably require for
the preparation of any such disclosure documents. Each Company Stockholder agrees to promptly
notify Parent of any required corrections with respect to any written information supplied by it
specifically for use in any such disclosure document, if and to the extent that any shall have
become false or misleading in any material respect.

     Section 4.6. No Solicitation. During the term of this Agreement, each Company
Stockholder agrees that it shall not (whether directly or indirectly through its advisors, agents
or other intermediaries), engage in any conduct prohibited by Section 5.2 of the Merger Agreement.
For the avoidance of doubt, nothing in this Section 4.6 or elsewhere in this Agreement shall be
construed to prohibit a Company Stockholder or any affiliate thereof from taking any action solely
in his capacity as an officer or member of the Board of Directors of the Company or from taking any
action that the Company is permitted to take pursuant to Section 5.2 of the Merger Agreement in his
capacity as such.

ARTICLE V

Termination

     Section 5.1. Termination /Termination Rights. (a) This Agreement and the
covenants and agreements set forth in this Agreement shall automatically terminate (without any
further action of the parties) upon the earlier to occur of (i) a public announcement by the
Company or Parent that it has terminated the Merger Agreement or receipt by the Company of notice
of Parent’s termination of the Merger Agreement, (ii) the Company providing a Notice of Adverse
Recommendation as defined in and pursuant to Section 5.2(c) of the Merger Agreement, whether with
respect to a Superior Proposal or an Intervening Event (as such terms are defined in the Merger
Agreement) and three days having lapsed after such notice is given without such Notice of Adverse
Recommendation having been withdrawn or no longer being in effect as contemplated by Section 5.2(c)
of the Merger Agreement, (iii) the termination or expiration of the Offer, without the tendered and
not withdrawn Shares being accepted for payment thereunder

7

 

and (iv) the Effective Time. In the event of termination of this Agreement pursuant to this
Section 5.1, this Agreement shall become void and of no effect with no liability on the part of any
party; provided, however, no such termination shall relieve any party from liability for any
knowing or deliberate material breach hereof prior to such termination.

     (b) This Agreement may be terminated as to a Company Stockholder by such Company
Stockholder if the Appointment Time (as defined in the Merger Agreement) has not occurred on or
before August 2, 2011 (the “Outside Date”), provided, however, that (A) the right to terminate this
Agreement pursuant to this Section 5.1(b) is not available to any Company Stockholder whose breach
of any provision of this Agreement principally causes the failure of the Offer to be consummated by
such time and (B) if on the Outside Date, the HSR Condition (as defined in the Merger Agreement)
has not been fulfilled, then the Outside Date will, without any action on the part of the parties
hereto, be extended to November 2, 2011, and such date will become the Outside Date for purposes of
this Agreement.

ARTICLE VI

Miscellaneous

     Section 6.1. Governing Law; Jurisdiction; Waiver of Jury Trial.

     (a) This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, regardless of the laws that might otherwise govern under applicable principles
of conflicts of law thereof.

     (b) Each of the parties hereto (i) irrevocably consents to the service of the summons and
complaint and any other process in any action or proceeding relating to the transactions
contemplated by this Agreement, for and on behalf of itself or any of its properties or assets, in
accordance with Section 6.5 or in such other manner as may be permitted by applicable Law,
and nothing in this Section 6.1(b) shall affect the right of any party to serve legal
process in any other manner permitted by applicable Law; (ii) irrevocably and unconditionally
consents and submits itself and its properties and assets in any action or proceeding to the
exclusive jurisdiction of the Court of Chancery of the State of Delaware (or, only if the Court of
Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any
federal court within the State of Delaware) in the event any dispute or controversy arises out of
this Agreement or the transactions contemplated hereby, or for recognition and enforcement of any
judgment in respect thereof; (iii) agrees that it will not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court; (iv) agrees that any actions
or proceedings arising in connection with this Agreement or the transactions contemplated hereby
shall be brought, tried and determined only in the Court of Chancery of the State of Delaware (or,
only if the Court of Chancery of the State of Delaware declines to accept jurisdiction over a
particular matter, any federal court within the State of Delaware); (v) waives any objection that
it may now or hereafter have to the venue of any such action or proceeding in any such court or
that such action or proceeding was brought in an inconvenient court and agrees not to plead or
claim the same; and (vi) agrees that it will not bring any action relating to this Agreement or the
transactions contemplated hereby in any court other than the aforesaid courts. Each of Parent,
Merger Sub and the Company Stockholders agrees that a final judgment in any action or

8

 

proceeding in such courts as provided above shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by applicable Law.

     (c) EACH OF PARENT, MERGER SUB AND THE COMPANY STOCKHOLDERS HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF PARENT, MERGER SUB OR
THE COMPANY STOCKHOLDERS IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

     Section 6.2. Specific Performance. Each Company Stockholder acknowledges and
agrees that (a) the covenants, obligations and agreements of such Company Stockholder contained in
this Agreement relate to special, unique and extraordinary matters, (b) Parent is and will be
relying on such covenants, obligations and agreements in connection with entering into the Merger
Agreement and the performance of Parent’s obligations under the Merger Agreement, and (c) a
violation of any of the covenants, obligations or agreements of such Company Stockholder contained
in this Agreement will cause Parent irreparable injury for which adequate remedies are not
available at law. Therefore, each Company Stockholder agrees that Parent shall be entitled to an
injunction, restraining order or such other equitable relief (without the requirement to post bond)
as a court of competent jurisdiction may deem necessary or appropriate to restrain such Company
Stockholder, as the case may be, from committing any violation of such covenants, obligations or
agreements and to specifically enforce the terms of this Agreement. These injunctive remedies are
cumulative and in addition to any other rights and remedies Parent may have under applicable Law.

     Section 6.3. Assignment; No Third Party Beneficiaries. This Agreement shall not
be assignable or otherwise transferable by a party without the prior consent of the other parties,
and any attempt to so assign or otherwise transfer this Agreement without such consent shall be
void and of no effect; provided, however, that Parent may, in its sole discretion, assign or
transfer all or any of its rights, interests and obligations under this Agreement to any direct or
indirect wholly owned subsidiary of Parent, but no such assignment shall relieve Parent from its
obligations under this Agreement. This Agreement shall be binding upon the respective heirs,
successors, legal representatives and permitted assigns of the parties hereto. Nothing in this
Agreement shall be construed as giving any Person, other than the parties hereto and their heirs,
successors, legal representatives and permitted assigns, any right, remedy or claim under or in
respect of this Agreement or any provision hereof.

     Section 6.4. Amendments, Waivers, etc. Neither this Agreement nor any term hereof
may be amended other than by an instrument in writing signed by Parent, Merger Sub and the Company
Stockholders. No provision of this Agreement may be waived, discharged or terminated other than by
an instrument in writing signed by the party against whom the enforcement of such waiver, discharge
or termination is sought, except that this Agreement may be terminated as set forth in Section 5.1.

     Section 6.5. Notices. All notices, requests and other communications to any party
hereunder shall be in writing and shall be deemed given if delivered either personally, by

9

 

facsimile transmission (with acknowledgment received), by electronic mail (with receipt
confirmed) or by overnight courier (providing proof of delivery) to the parties at the following
addresses:

     If to the Company Stockholders: At the address set forth beside each Company
Stockholder’s name listed on Schedule I.

If to Parent or MergerSub, to:

Arch
Coal, Inc.

One CityPlace Dr., Suite 300

St. Louis, Missouri 63141

Telecopy No.: (314) 994-2734

Attention: Robert Jones, Esq., Senior Vice President – Law,

           General Counsel and Secretary

with a copy (which shall not constitute notice) to:

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Telecopy No.: (212) 455-2502

Attention: Mario A. Ponce

or such other address, facsimile number or email address as such party may
hereafter specify by notice to the other parties hereto. All such notices, requests and other
communications shall be deemed received on the date of receipt by the recipient thereof if received
prior to 5 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.

     Section 6.6. Expenses. Except as otherwise provided herein, all costs and
expenses incurred in connection with the transactions contemplated by this Agreement shall be paid
by the party incurring such costs and expenses.

     Section 6.7. Remedies. No failure or delay by any party in exercising any right,
power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies provided herein shall be cumulative and
not exclusive of any rights or remedies provided by law.

     Section 6.8. Severability. If any term or provision of this Agreement is held to
be invalid, illegal, incapable of being enforced by any rule of law, or public policy, or
unenforceable for any reason, it shall be adjusted rather than voided, if possible, in order to
achieve the intent of the parties hereto to the maximum extent possible. In any event, the
invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not
affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or
the

10

 

validity or enforceability of this Agreement, including that provision, in any other
jurisdiction. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the terms of this Agreement remain as originally contemplated to
the fullest extent possible.

     Section 6.9. Entire Agreement. This Agreement constitutes the entire agreement
among the parties with respect to the subject matter of this Agreement and supersedes all other
prior agreements and understandings, both written and oral, between the parties with respect to the
subject matter of this Agreement.

     Section 6.10. Further Assurances. From time to time at the request of Parent, and
without further consideration, each Company Stockholder shall execute and deliver or cause to be
executed and delivered such additional documents and instruments and take all such further action
as may be reasonably necessary or desirable to effect the matters contemplated by this Agreement.

     Section 6.11. Section Headings. The article and section headings used in this
Agreement are inserted for convenience of reference only and are not intended to be part of or to
affect the meaning or interpretation of this Agreement.

     Section 6.12. Public Announcements. No Company Stockholder shall issue any press
release or make any other public statement with respect to the transactions contemplated by this
Agreement and the Merger Agreement without the prior written consent of Parent, except as such
release or statement as such Company Stockholder determines in good faith to be required by
applicable Law or the rules and regulations of any applicable United States securities exchange or
regulatory or Governmental Entity to which the relevant Company Stockholder is subject or submits.

     Section 6.13. Counterparts. This Agreement may be executed in two or more
counterparts, each of which when executed shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by telecopier shall be effective as delivery of a manually
executed counterpart of this Agreement.

[SIGNATURE PAGES FOLLOW]

11

 

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

	 	 	 	 	 
	 	ARCH COAL, INC.

 	 
	 	By:  	/s/ John Eaves
 	 
	 	 	Name:  	John Eaves 	 
	 	 	Title:  	President and Chief Operating Officer 	 
	 
	 	ATLAS ACQUISITION CORP.

 	 
	 	By:  	/s/ John Eaves
 	 
	 	 	Name:  	John Eaves 	 
	 	 	Title:  	President 	 
	 

[Signature
Page to Tender and Voting Agreement]

 

 

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

	 	 	 	 	 
	 	WENTWORTH INSURANCE COMPANY LTD

 	 
	 	By:  	/s/ Janice Burke
 	 
	 	 	Name:  	Janice M. Burke 	 
	 	 	Title:  	Vice President and General Manager 	 
	 
	 	ODYSSEY REINSURANCE COMPANY

 	 
	 	By:  	/s/
Peter H. Lovell
 	 
	 	 	Name:  	Peter H. Lovell 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	CLEARWATER INSURANCE COMPANY

 	 
	 	By:  	/s/ Peter H. Lovell
 	 
	 	 	Name:  	Peter H. Lovell 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	TIG INSURANCE COMPANY

 	 
	 	By:  	/s/ John J. Bator
 	 
	 	 	Name:  	John J. Bator 	 
	 	 	Title:  	Chief Financial Officer and Senior Vice President 	 
	 
	 	NSPIRE RE LIMITED

 	 
	 	By:  	s/ John Casey
 	 
	 	 	Name:  	John Casey 	 
	 	 	Title:  	President and Chief Operating Officer 	 
	 

[Signature Page to Tender and Voting Agreement]

 

Schedule I

	 	 	 	 	 
	Stockholder	 	Number of Shares	 
	WENTWORTH INSURANCE COMPANY LTD
	 	 	1,185,600	 
	ODYSSEY REINSURANCE CORPORATION
	 	 	10,483,840	 
	CLEARWATER INSURANCE COMPANY
	 	 	1,405,125	 
	TIG INSURANCE COMPANY
	 	 	5,930,229	 
	NSPIRE RE LIMITED
	 	 	3,572,994

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]