Document:

Ex 10.2 - PLS BNP Guaranty (11-17-17)

		

			Exhibit 10.2

		

		

			EXECUTION VERSION

		

		
			GUARANTY
		

		
			GUARANTY, dated as of November 17, 2017 (as amended, restated, supplemented, or otherwise modified from time to time, this “Guaranty”), made by Private National Mortgage Acceptance Company, LLC, a Delaware limited liability company  (the  “Guarantor”), in favor of BNP Paribas (the “Buyer”). 
		

		
			RECITALS
		

		
			Pursuant to the Master Repurchase Agreement, dated as of November 17, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”), among PennyMac Loan Services, LLC (the “Seller”), the Guarantor and the Buyer, the Buyer has agreed from time to time to enter into transactions with Seller upon the terms and subject to the conditions set forth therein.  It is a condition precedent to the obligation of the Buyer to enter into Transactions with the Seller under the Repurchase Agreement that the Guarantor shall have executed and delivered this Guaranty to the Buyer.
		

		
			Now, therefore, in consideration of the premises and to induce the Buyer to enter into the Repurchase Agreement and engage in Transactions with the Seller, and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Guarantor hereby agrees to guarantee the Seller’s obligations under the Repurchase Agreement, as may be amended from time to time.
		

			
	
			
				 1.
			Defined Terms.

			
	
			
				 (a)
			Unless otherwise defined herein, terms defined in the Repurchase Agreement and used herein shall have the meanings given to them in the Repurchase Agreement.

			
	
			
				 (b)
			For purposes of this Guaranty, “Obligations” shall mean all obligations and liabilities of the Seller to the Buyer, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, or whether for payment or for performance (including, without limitation, Price Differential accruing after the Repurchase Date for the Transactions and Price Differential accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Seller, whether or not a claim for post filing or post-petition interest is allowed in such proceeding), which may arise under, or out of or in connection with the Repurchase Agreement, this Guaranty and/or any other Facility Documents and/or any other document made, delivered or given in connection therewith or herewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to the Buyer that are required to be paid by the Seller pursuant to the terms of such documents), all “claims” (as defined in Section 101 of the Bankruptcy Code) of the Buyer against the Seller, or otherwise, which, for the avoidance of doubt, shall include, without limitation, the “Obligations” (as defined in the Repurchase Agreement).

			
	
			
				 (c)
			The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not to any particular 

		 

		

			 

		

 

		

			 

		

	provision of this Guaranty and section and paragraph references are to this Guaranty unless otherwise specified.

			
	
			
				 (d)
			The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

			
	
			
				 2.
			Guarantee.   Guarantor hereby, unconditionally and irrevocably, guarantees to the Buyer and its successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Seller when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations.  The guarantee provided hereunder is a guarantee of payment when due and not of collectability, and is a primary obligation of the Guarantor and not merely a contract of surety.

			
	
			
				 (a)
			Guarantor further agrees to pay any and all expenses (including, without limitation, all fees and disbursements of counsel) which may be paid or incurred by the Buyer in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or collecting, any or all of the Obligations and/or enforcing any rights with respect to, or collecting against, the Guarantor under this Guaranty.  This Guaranty shall remain in full force and effect until the later of (i) the termination of the Repurchase Agreement or (ii) the Obligations are paid in full and the obligations of Guarantor hereunder are paid in full, notwithstanding that from time to time prior thereto the Seller may be free from any Obligations.

			
	
			
				 (b)
			No payment or payments made by the Seller, the Guarantor, any other guarantor or any other Person or received or collected by the Buyer from the Seller, the Guarantor, any other guarantor or any other Person by virtue of any action or proceeding or any set‐off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of the Guarantor hereunder which shall, notwithstanding any such payment or payments other than payments made by the Guarantor in respect of the Obligations or payments received or collected from the Guarantor in respect of the Obligations, remain liable for the Obligations until the Obligations are paid in full and the Repurchase Agreement is terminated, subject to the reinstatement provisions of Section 7 hereof.

			
	
			
				 (c)
			Guarantor agrees that whenever, at any time, or from time to time, Guarantor shall make any payment to the Buyer on account of Guarantor’s liability hereunder, Guarantor will notify the Buyer in writing that such payment is made under this Guaranty for such purpose.

			
	
			
				 3.
			Right of Set‐off.  In addition to any rights and remedies of Buyer hereunder and by law, Buyer has the right (but shall not be obligated), without prior notice to Guarantor or any other person, any such notice being expressly waived by Guarantor to the extent permitted by applicable Requirements of Law to set-off and appropriate and apply against any Obligation from Guarantor or any Affiliate thereof to Buyer or any of its Affiliates any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other obligation (including to return excess margin), credits, indebtedness or claims, in any currency, at any place of payment or booking office, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by or due from Buyer or any Affiliate thereof to or for the 

		 

		

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	credit or the account of Guarantor or any Affiliate thereof.  Buyer agrees to promptly and in good faith notify Guarantor after any such set-off and application made by Buyer; provided that the failure to give such notice will not affect the validity of such set-off and application.

			
	
			
				 4.
			No Subrogation.  Notwithstanding any payment or payments made by the Guarantor hereunder or any set‐off or application of funds of the Guarantor by the Buyer, the Guarantor shall not be entitled to be subrogated to any of the rights of the Buyer against the Seller or any other guarantor or any collateral security or guarantee or right of offset held by the Buyer for the payment of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or reimbursement from the Seller or any other guarantor in respect of payments made by the Guarantor hereunder, until all amounts owing to the Buyer by the Seller on account of the Obligations are paid in full and the Repurchase Agreement is terminated. The Guarantor hereby subordinates all of its subrogation rights against Seller to the full payment of Obligations due Buyer under the Repurchase Agreement for a period of 91 days following the final payment of the last of all of the Obligations under the Facility Documents.  If any amount shall be paid to the Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Guarantor in trust for the Buyer, segregated from other funds of Guarantor, and shall, forthwith upon receipt by the Guarantor, be turned over to the Buyer in the exact form received by the Guarantor (duly indorsed by the Guarantor to the Buyer, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Buyer may determine.

			
	
			
				 5.
			Amendments, Etc. with Respect to the Obligations; Waiver of Rights.  Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against Guarantor and without notice to or further assent by Guarantor, any demand for payment of any of the Obligations made by the Buyer may be rescinded by the Buyer and any of the Obligations continued, and the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Buyer, and the Repurchase Agreement, and the other Facility Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Buyer may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Buyer for the payment of the Obligations may be sold, exchanged, waived, surrendered or released.  The Buyer shall not have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations or for this Guaranty or any property subject thereto.  When making any demand hereunder against Guarantor, the Buyer may, but shall be under no obligation to, make a similar demand on the Seller or any other guarantor, and any failure by the Buyer to make any such demand or to collect any payments from the Seller or any such other guarantor or any release of the Seller or such other guarantor shall not relieve Guarantor of its obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of the Buyer against Guarantor.  For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.

		
			

		 

		

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				 6.
			Guaranty Absolute and Unconditional.  

			
	
			
				 (a)
			Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by the Buyer upon this Guaranty or acceptance of this Guaranty, the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Guaranty; and all dealings between the Seller and the Guarantor, on the one hand, and the Buyer, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty.

			
	
			
				 (b)
			Guarantor hereby expressly waives all set‐offs and counterclaims and all diligence, presentments, demands for payment, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, notices of acceptance of this Guaranty, notices of sale, notice of default or nonpayment to or upon the Seller or the Guarantor, surrender or other handling or disposition of assets subject to the Repurchase Agreement, any requirement that Buyer exhaust any right, power or remedy or take any action against the Seller or against any assets subject to the Repurchase Agreement, and other formalities of any kind.

			
	
			
				 (c)
			Guarantor understands and agrees that this Guaranty shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (i) the validity, enforceability, discharge, disaffirmance, settlement or compromise (by any Person, including any trustee in bankruptcy or other similar official) of the Obligations or of the Facility Documents, (ii) the absence of any attempt to collect the Obligations from the Seller or any guarantor or other Person, (iii) the waiver or consent by Buyer or any other Person with respect to any provision of any instrument or agreement evidencing the Obligations, any delay or lack of diligence in the enforcement of the Obligations, or any failure to institute proceedings, file a claim, give any required notices or otherwise protect the Obligations, (iv) any change of the time, manner or place of payment or performance or any other term of any of the Obligations, (v) any law, regulation or order of any jurisdiction affecting any term of any of the Obligations or rights of Buyer with respect thereto, (vi) the failure by Buyer to take any steps to perfect and maintain perfected its interest in any security or collateral related to the Obligations, (vii) the commencement of any bankruptcy, insolvency or similar proceeding with respect to Seller or any affiliate of Seller,  (viii) any full or partial release of, compromise or settlement with, or agreement not to sue, Seller or any guarantor or other Person liable in respect of any Obligations, (ix) any release, surrender, cancellation or other discharge of any evidence of the Obligations or the acceptance of any instrument in renewal or substitution thereof, (x) any collection, sale, or disposition of, or any other enforcement of or realization on, any Mortgage Loan or Purchased Asset, (xi) any assignment, pledge or other transfer of the Obligations or any evidence thereof, (xii) any acceptance of collateral security, guarantors, accommodation parties or sureties for any or all Obligations, or (xiii) any legal or equitable discharge or defense of the Guarantor. The Guarantor waives any and all defenses and discharges available to a surety, guarantor or accommodation co-obligor.

			
	
			
				 (d)
			When pursuing its rights and remedies hereunder against the Guarantor, the Buyer may, but shall be under no obligation to, pursue such rights and remedies as it may have against the Seller or any other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any failure by the Buyer to pursue such other rights or remedies or to collect any payments from the Seller or any such other Person or to 

		 

		

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	realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Seller or any such other Person or any such collateral security, guarantee or right of offset, shall not relieve the Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Buyer against the Guarantor. 

			
	
			
				 (e)
			This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantor and the successors and assigns thereof, and shall inure to the benefit of the Buyer, and its successors, indorsees, transferees and assigns, until all the Obligations and the obligations of the Guarantor under this Guaranty shall have been satisfied by payment in full and the Repurchase Agreement shall be terminated, notwithstanding that from time to time prior thereto the Seller may be free from any Obligations.

			
	
			
				 (f)
			Guarantor waives, to the fullest extent permitted by applicable law, all defenses of surety to which it may be entitled by statute or otherwise.

			
	
			
				 7.
			Reinstatement.  The Obligations of the Guarantor under this Guaranty, and this Guaranty shall continue to be effective, or be reinstated, as the case may be, and be continued in full force and effect, if at any time any payment, or any part thereof, of any of the Obligations is rescinded, invalidated, declared fraudulent or preferentially set aside or must otherwise be restored, returned or repaid by the Buyer upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Seller or the Guarantor or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, Seller or the Guarantor or any substantial part of its or their property, or for any other reason, all as though such payments had not been made.

			
	
			
				 8.
			Payments.  Guarantor hereby guarantees that Obligations will be paid to the Buyer without set‐off or counterclaim in U.S. Dollars.

			
	
			
				 9.
			Event of Default.  If an Event of Default under the Repurchase Agreement shall have occurred and be continuing, Guarantor agrees that, as between Guarantor and Buyer, the Obligations may be declared to be due for purposes of this Guaranty notwithstanding any stay, injunction or other prohibition which may prevent, delay or vitiate any such declaration as against Seller and that, in the event of any such declaration (or attempted declaration), such Obligations shall forthwith become due by Guarantor for purposes of this Guaranty.

			
	
			
				 10.
			Waiver of Rights.  Guarantor hereby waives: (i) notice of or proof of reliance by the Buyer upon this Guaranty or acceptance of this Guaranty and the Obligations shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Guaranty, and all other dealings between the Seller and Guarantor, on the one hand, and the Buyer, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty; (ii) diligence, presentment, protest, all demands whatsoever, and notice of default or nonpayment with respect to the Obligations; (iii) the filing of claims with any court in case of the insolvency, reorganization or bankruptcy of the Seller, except to the extent unrelated to the Buyer’s collection of this Guaranty and the Obligations; and (iv) any fact, event or circumstance that might otherwise constitute a legal or equitable defense to or discharge of Guarantor, including (but without typifying or limiting this 

		 

		

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	waiver), failure by the Buyer to perfect a security interest in any collateral securing performance of any Obligation or to realize the value of any collateral or other assets which may be available to satisfy any Obligation and any delay by the Buyer in exercising any of its rights hereunder or against the Seller.    

			
	
			
				 11.
			Notices.  All notices, requests and other communications provided for herein (including without limitation any modifications of, or waivers, requests or consents under, this Guaranty) shall be given or made in writing (including without limitation by electronic transmission) delivered to the intended recipient at the “Address for Notices” specified below its name on the signature pages of the Repurchase Agreement; or, as to any party, at such other address as shall be designated by such party in a written notice to each other party.  All such communications shall be deemed to have been duly given when transmitted electronically or personally delivered or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid.

			
	
			
				 12.
			Entire Agreement; Severability; Single Agreement.  This Guaranty, together with the other Facility Documents, constitutes the entire understanding between Buyer and Guarantor with respect to the subject matter they cover and supersedes any existing agreements between the parties containing general terms and conditions for a guaranty related to repurchase transactions involving Purchased Assets.  By acceptance of this Guaranty, Buyer and Guarantor acknowledge that they have not made, and are not relying upon, any statements, representations, promises or undertakings not contained in this Guaranty or any other Facility Document.  Each provision and agreement herein will be treated as separate and independent from any other provision or agreement herein and will be enforceable notwithstanding the unenforceability of any such other provision or agreement.  If for any reason any provision of this Guaranty shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.

			
	
			
				 13.
			Amendments in Writing; No Waiver; Cumulative Remedies.   None of the terms or provisions of this Guaranty may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the Guarantor and the Buyer, provided that any provision of this Guaranty may be waived by the Buyer.

			
	
			
				 (a)
			The Buyer shall not by any act (except by a written instrument pursuant to clause (a) above), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the terms and conditions hereof.  No failure to exercise, nor any delay in exercising, on the part of the Buyer, any right, power or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  A waiver by the Buyer of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Buyer would otherwise have on any future occasion.

			
	
			
				 (b)
			The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

		
			

		 

		

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				 14.
			Captions.  The captions and headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Guaranty.

			
	
			
				 15.
			Successors and Assigns.  This Guaranty shall be binding upon the successors and assigns of the Guarantor and shall inure to the benefit of the Buyer and its successors and assigns.  This Guaranty may not be assigned by the Guarantor without the express written consent of the Buyer.  Without limiting the generality of the foregoing, Buyer may assign and/or participate its rights and interests in and to this Guaranty as permitted in Section 19 of the Repurchase Agreement.

			
	
			
				 16.
			Governing Law.  THIS GUARANTY IS GOVERNED BY, AND INTEPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

			
	
			
				 17.
			SUBMISSION TO JURISDICTION; WAIVERS.  THE GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY:

			
	
			
				(a)
			SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY AND THE OTHER FACILITY DOCUMENTS, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK CITY, BOROUGH OF MANHATTAN, AND APPELLATE COURTS FROM ANY THEREOF;

			
	
			
				(b)
			CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, 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;

			
	
			
				(c)
			AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO ITS ADDRESS SET FORTH UNDER ITS SIGNATURE BELOW OR AT SUCH OTHER ADDRESS OF WHICH BUYER WILL HAVE BEEN NOTIFIED;

			
	
			
				(d)
			AGREES THAT NOTHING HEREIN AFFECTS THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR LIMITS THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND

			
	
			
				(e)
			IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT SUCH PARTY 

		 

		

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	MAY HAVE TO JURY TRIAL IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT WITH RESPECT TO THIS GUARANTY, ANY OTHER FACILITY DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.  

			
	
			
				(f)
			TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW, GUARANTOR SHALL NOT ASSERT,  AND GUARANTOR HEREBY WAIVES, ANY CLAIMS AGAINST BUYER, ON ANY THEORY OF LIABILITY, FOR EXEMPLARY OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS GUARANTY, ANY OTHER FACILITY DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, ANY TRANSACTION HEREUNDER OR THEREUNDER OR THE USE OF PROCEEDS THEREOF.

			
	
			
				 18.
			Intent.  The parties intend and agree that (i) this Guaranty, as it relates to the Repurchase Agreement, is a security agreement and credit enhancement related to a “repurchase agreement,” a “securities contract” and a “master netting agreement” and as such, is also a “repurchase agreement,” a “securities contract” and a “master netting agreement” and (ii) each of Buyer’s rights – specifically, the termination, liquidation or acceleration or offset of net termination values, payment amounts or other transfer obligations -- arising under or in connection with this Guaranty, is, in each case, a contractual right as such term is used in (x) Sections 741(7)(A), 101(47), 555, 559, and 362(b)(6) and 362(b)(7) of the Bankruptcy Code when relating to a “securities contract” or a “repurchase agreement” and (y) Sections 101(38A)(A), 561 and 362(b)(27) of the Bankruptcy Code when relating to “a master netting agreement”.

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed and delivered by its duly authorized officer as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC, as Guarantor

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:  Pamela Marsh

				
	
					
						 

					
					
						Title:  Managing Director, Treasurer

				

		
			 
		

		
			 
		

		
			 
		

		 

		

			Signature Page to the GuarantyEX-4.3

 Exhibit 4.3 

CONSOL Mining Corporation 

Omnibus Performance Incentive Plan 

Capitalized terms shall have the meaning set forth in Section 17 of the Plan. 
  

	1.	PURPOSE. 

 The purposes of the CONSOL Mining Corporation Omnibus Performance Incentive Plan are to
promote the interests of the Company and its stockholders by (i) attracting and retaining Eligible Directors, executive officers, and other key employees of the Company and its Affiliates; (ii) motivating such individuals by means of cash
and equity performance-related incentives to achieve annual and long-range performance goals; (iii) enabling such individuals to acquire Shares of the Company; (iv) assuming and governing the awards originally granted under the Parent
Equity Plan (as defined in the Employee Matters Agreement) in accordance with the terms of the Employee Matters Agreement; and (v) enabling such individuals to participate in the long-term growth and financial success of the Company. 

 

	2.	RESPONSIBILITY FOR ADMINISTRATION. 

 (a) Authority of Board. Subject to the terms of the Plan and
applicable law, and in addition to other express powers and authorizations conferred on the Board by the Plan, the Board shall have full power and discretionary authority to decide all matters relating to the administration and interpretation of the
Plan; provided, however, that ministerial responsibilities of the Plan (e.g., management of day-to-day matters) may be delegated to the Company’s officers, as set
forth in Section 2(d) below. The Board’s powers include the authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to an eligible Employee; (iii) determine the number of Shares to
be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award, including the discretion to determine the extent to which Awards
will be structured to conform to the requirements applicable to performance-based compensation described in Section 162(m) of the Code; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised
in cash, Shares, other securities, other Awards, or other property, or canceled, forfeited, or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what
extent, and under what circumstances cash, Shares, other securities, other Awards, other property, and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the holder thereof or of the Board;
(vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (viii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate
for the proper administration of the Plan; (ix) advance the lapse of any waiting period, accelerate any exercise date, waive, or modify any restriction applicable to Awards (except those restrictions imposed by law); (x) correct any defect
or supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect; (xi) determine whether, and the extent to which, adjustments are
required pursuant to Section 3(c) hereof and authorize the termination, conversion, substitution, or succession of Awards upon the occurrence of a transaction or an event of the type described in Section 3(c) below; and (xii) make any
other determination and take any other action that the Board deems necessary or desirable for the administration of the Plan. All decisions and determinations of the Board shall be final, conclusive, and binding on the Company, the Participant, and
any and all interested parties. 
 (b) Board Discretion Binding. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Board, may be made at any time, and shall be final, conclusive, and 

 
binding upon all Persons, including the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, any stockholder, and any Employee. All Awards shall be made conditional
upon the Participant’s acknowledgement, in writing or by acceptance of the Award, that all decisions and determinations of the Board shall be final and binding on the Participant, his or her beneficiaries, and any other person having or
claiming an interest under such Award. 
 (c) Delegation to Committee. The Board may delegate to the Committee any or all of its authority for the
administration of the Plan and may revoke such delegation at any time; provided, however, that the Board shall approve (i) any Awards to the Company’s Eligible Directors and (ii) amendments to the Plan. If authority is delegated to
the Committee, all references to the Board in the Plan shall mean and relate to the Committee except as otherwise provided by the Board. 
 (d)
Delegation to Officers. Except to the extent prohibited by applicable law or regulation, the Board or the Committee may delegate all or any portion of its responsibilities and powers to any person or persons selected by it, and may revoke
such delegation at any time. The ministerial responsibilities of the Plan (e.g., management of day-to-day matters) are a function that has been delegated to the
Company’s officers as permitted by the terms of the Plan and in compliance with applicable law and regulation. No officer to whom administrative authority has been delegated pursuant to this provision may waive or modify any restriction
applicable to an award to such officer under the Plan. 
 (e) No Liability. No member of the Board or the Committee, or any person to whom the Board
or Committee delegates responsibilities and/or duties, shall be liable for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder. 

 

	3.	SHARES AVAILABLE FOR AWARDS; LIMITATIONS. 

 (a) Shares Available. Subject to adjustment as set
forth in Section 3(c) below, the aggregate number of Shares with respect to which Awards may be granted under the Plan shall be 2,600,000, which includes any number of Shares that are subject to Converted Awards. The aggregate number of Shares
available with respect to Awards under the Plan shall be reduced by one (1) Share for each Share to which an Award, including a Converted Award, relates; provided, however, that any Award (or any portion thereof) settled in cash will not be
counted against, or have any effect upon, the number of Shares available for issuance under this Plan. If, after the Effective Date, any Shares covered by an Award granted under the Plan, or to which such an Award relates, are forfeited, or the
Award (or portion thereof) otherwise terminates or is canceled without the delivery of Shares, then the Shares covered by such Award, or to which such Award relates, to the extent of any such forfeiture, termination, or cancellation, shall again
become Shares with respect to which Awards may be granted; provided, however, that Shares (i) delivered in payment of the exercise price of an Option or Stock Appreciation Right, (ii) not issued upon the settlement of Stock Appreciation
Rights, (iii) repurchased by the Company using proceeds from Option exercises, or (iv) delivered to or withheld by the Company to pay federal, state or local withholding taxes, shall not become available again for issuance under this Plan.

 (b) Limitations on Awards. No Participant may be granted under this Plan: (i) Stock Options or Stock Appreciation Rights for
more than 500,000 Shares in any one calendar year of the Company; (ii) Performance Awards (payable in Shares) and that are intended to be performance-based compensation under Section 162(m) of the Code for more than 500,000 Shares
(based on a maximum Award level on the Grant Date) in any one calendar year of the Company, and (iii) Performance Awards (payable in cash) and that are intended to be performance-based compensation under Section 162(m) of the Code for more
than $4,000,000 (based on a maximum Award level on the Grant Date) in any one calendar year of the Company. The foregoing limitations shall be subject to adjustment as provided in Section 3(c). 

  
 2 

 Notwithstanding anything in this Plan to the contrary and subject to adjustment pursuant to Section 3(c)
hereof, no Eligible Director may be granted, in any one fiscal year of the Company, Awards specifically awarded under this Plan with an aggregate maximum value, calculated as of their respective Grant Dates, of more than $400,000. 

The number of Shares subject to Awards that are converted or substituted in the event of a corporation transaction or event involving the Company of the type
described in Section 3(c), shall be disregarded for purposes of the limitations set forth in this Section 3(b). 
 (c) Adjustments. In the
event a dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other
securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is determined by the Board to be necessary in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, then the Board shall, in an equitable manner, adjust any or all of (A) the number of Shares or other securities of the Company (or number and kind of other securities or property) with respect to
which Awards may be granted, (B) the maximum number of Shares subject to an Award granted to a Participant pursuant to Section 3(b) of the Plan, (C) the number of Shares or other securities of the Company (or number and kind of other
securities or property) subject to outstanding Awards, (D) the grant or exercise price with respect to any Award, and (E) any applicable performance goals with respect to Awards; provided, in each case, that (A) with respect to Awards
of Incentive Stock Options, no such adjustment shall be authorized to the extent that such authority would cause the Plan to violate Section 422(b)(1) of the Code, as from time to time amended, unless the Board determines otherwise,
(B) with respect to any Award, no such adjustment shall be authorized to the extent that such authority would be inconsistent with the ability of the Plan to meet the requirements of Section 162(m) of the Code, unless otherwise determined
by the Board, (C) with respect to any Award subject to Section 409A of the Code, no such adjustment shall be authorized to the extent that such authority would cause the Plan to fail to comply with, or qualify for, an exception to
Section 409A of the Code, and (D) any fractional shares resulting from such adjustment shall be eliminated. 
 In the event of a corporate
transaction or event involving the Company of the type described in this Section 3(c), the Board may, in its sole discretion, provide that outstanding Awards will be assumed by another entity or otherwise equitably converted or substituted into
the securities of such entity in connection with such transaction or event. 
 Notwithstanding the foregoing, in the event of a transaction in which the
Company is not the surviving entity, or any other transaction in which the stockholders of the Company exchange their Shares in the Company for stock or equity securities of another company or entity, or in the event of complete liquidation or
dissolution of the Company, or in the case of a tender offer accepted by the Board, all outstanding Awards shall thereupon terminate, provided that the Board may, prior to the effective date of any such transaction, either (i) make all
outstanding Awards immediately exercisable or vested or (ii) arrange to have the surviving entity grant to the Participants replacement awards (including cash) on terms which the Board shall determine to be fair and reasonable. The Board, in
its sole discretion and to the extent not inconsistent with Section 14(r) hereof, may determine that, in the event of a transaction in which the Company is not the surviving entity, each outstanding Award shall terminate within a specified
number of days after notice to the Participant, and such Participant shall receive, with respect to each such Award, cash or other property, including securities of any entity acquiring the Company, in an amount equal to the fair market value of
such Award (if any) as determined by the Board in its sole discretion. In addition, for each Option or Stock Appreciation Right with an exercise price or base price, as the case may be, greater than the consideration offered in connection with any
such transaction or event or Change 

  
 3 

 
in Control, the Board may, in its sole discretion, elect to cancel such Option or Stock Appreciation Right without any payment to the person holding such Option or Stock Appreciation Right. 

(d) Substitute Awards. Any Shares underlying Substitute Awards shall not, unless required by law, be counted against the Shares available for Awards
under the Plan. 
 (e) Sources of Shares Deliverable under Awards. Shares to be issued under the Plan may be made available from authorized and
unissued Shares or of treasury Shares. During the term of the Plan, the Company will, at all times, reserve and keep available the number of Shares of Stock that shall be sufficient to satisfy the requirements of the Plan. 

 

	4.	ELIGIBILITY. 

 Any Employee, including any officer or employee-director of the Company, or any Affiliate,
who is not a member of the Committee, shall be eligible to be designated a Participant. Eligible Directors shall be eligible for Awards as described in Section 10. 
  

	5.	STOCK OPTIONS. 

 (a) Grant. Subject to the provisions of the Plan, the Board shall have sole and
complete authority to determine the Participants to whom Options shall be granted (provided that Incentive Stock Options may only be granted to employees of the Company or a parent or subsidiary of the Company within the meaning of Code Sections 424
(e) and (f), respectively), the number of Shares to be covered by each Option, the Option price, and the conditions and limitations applicable to the exercise of the Option. The Board shall have the authority to grant Incentive Stock Options,
or to grant Non-Qualified Stock Options, or to grant both types of Options. In the case of Incentive Stock Options, the terms and conditions of such grants shall be subject to such rules as may be prescribed
by Section 422 of the Code, as from time to time amended, and any regulations implementing such statute. If an Option that is intended to be an Incentive Stock Option fails to meet the requirements thereof, the Option shall automatically be
treated as a Non-Qualified Stock Option to the extent of such failure. 
 (b) Exercise Price. The Board in
its sole discretion shall establish the exercise price at the time each Option is granted. The exercise price of an Option may not be less than the Fair Market Value on the Grant Date (or 110% of the Fair Market Value in the case of an Incentive
Stock Option granted to a 10% Stockholder), except in the case of Converted Awards and Substitute Awards. 
 (c) Exercise. Each Option shall be
exercisable at such times and subject to such terms and conditions as the Board may, in its sole discretion, specify in the applicable Award Agreement or thereafter. The Board may impose such conditions with respect to the exercise of Options,
including without limitation, any relating to the application of federal or state securities laws, as it may deem necessary or advisable. Notwithstanding the foregoing, an Option shall not be exercisable after the expiration of ten years from the
Grant Date (or five years in the case of an Incentive Stock Option granted to a 10% Stockholder). 
 (d) Payment. No Shares shall be delivered
pursuant to any exercise of an Option until payment in full of the Option price is received by the Company. Such payment may be made in cash or its equivalent, by exchanging, actually or constructively, Shares owned by the Participant (for any
minimum period set forth in the Award Agreement or as may otherwise be required by the Board and which are not the subject of any pledge or other security interest), by another means approved by the Board, or by a combination of the foregoing,
provided that the combined value of all cash and cash equivalents and the Fair Market Value of any such Shares so tendered to the Company as of the date of such tender is at least equal to such Option price. A Participant may elect to pay all or any
portion of the aggregate exercise price by 

  
 4 

 
having Shares with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Company or sold by a broker-dealer. 

(e) Extension of Exercise Period. If the exercise of an Option is prevented by Section 14(d), the Option shall remain exercisable until thirty
days after the date that such exercise first would no longer be prevented by such provision, but in any event no later than the expiration date of such Option. 
  

	6.	STOCK APPRECIATION RIGHTS. 

 (a) Grant. Subject to the provisions of the Plan, the Board shall
have sole and complete authority to determine the Participants to whom Stock Appreciation Rights shall be granted, the number of Shares to be covered by each Stock Appreciation Right Award, the grant price thereof, and the conditions and limitations
applicable to the exercise thereof. Stock Appreciation Rights may be granted in tandem with another Award, in addition to another Award, or freestanding and unrelated to another Award. Stock Appreciation Rights granted in tandem with or in addition
to an Award may be granted either at the same time as the Award or, except in the case of Incentive Stock Options, at a later time. Stock Appreciation Rights shall be exercisable at such times and subject to such terms and conditions as the Board
may, in its sole discretion, specify in the applicable Award Agreement or thereafter, and shall have a grant price no less that the Fair Market Value of Shares covered by the right on the Grant Date (except with respect to a Converted Award or
Substitute Award). 
 (b) Exercise and Payment. A Stock Appreciation Right shall entitle the Participant to receive an amount equal to the excess of
the Fair Market Value of a Share on the date of exercise of such Stock Appreciation Right over the grant price thereof. The Board shall determine whether a Stock Appreciation Right shall be settled in cash, Shares, or a combination of cash and
Shares. 
 (c) Other Terms and Conditions. Subject to the terms of the Plan and any applicable Award Agreement, the Board shall determine, at or
after the grant of a Stock Appreciation Right, the term (up to a maximum of ten years from the Grant Date), methods of exercise, methods and form of settlement, and any other terms and conditions of any Stock Appreciation Right. Any such
determination by the Board may be changed by the Board from time to time and may govern the exercise of Stock Appreciation Rights granted or exercised prior to such determination, as well as Stock Appreciation Rights granted or exercised thereafter.
The Board may impose such conditions or restrictions on the exercise of any Stock Appreciation Right as it shall deem appropriate. 
 (d) Extension of
Exercise Period. If the exercise of a Stock Appreciation Right is prevented by Section 14(d), the Stock Appreciation Right shall remain exercisable until thirty days after the date that such exercise first would no longer be prevented by
such provision, but in any event no later than the expiration date of such Stock Appreciation Right. 
  

	7.	RESTRICTED STOCK AND RESTRICTED STOCK UNITS. 

 (a) Grant. Subject to the provisions of the Plan,
the Board shall have sole and complete authority to determine the Participants to whom Shares of Restricted Stock and Restricted Stock Units shall be granted, the number of Shares of Restricted Stock and/or the number of Restricted Stock Units to be
granted to each Participant, the duration of the period during which, and the conditions under which, the Restricted Stock and Restricted Stock Units may be forfeited to the Company, and the other terms and conditions of such Awards. 

(b) Transfer Restrictions. Shares of Restricted Stock and Restricted Stock Units may not be sold, assigned, transferred, pledged, or otherwise
encumbered, except, in the case of Shares of Restricted Stock, 

  
 5 

 
as provided in the Plan or the applicable Award Agreements. Certificates issued in respect of Shares of Restricted Stock shall be registered in the name of the Participant and deposited by such
Participant, together with a stock power endorsed in blank, with the Company. Upon the lapse of the restrictions applicable to such Shares of Restricted Stock, the Company shall deliver such certificates to the Participant or the Participant’s
legal representative. 
 (c) Payment. Each Restricted Stock Unit shall have a value equal to the Fair Market Value of a Share on the settlement or
payment date of such Award. Restricted Stock Units shall be paid in cash, Shares, other securities, or other property, as determined in the sole discretion of the Board, upon the lapse of the restrictions applicable thereto, or otherwise in
accordance with the applicable Award Agreement. 
 (d) Dividends and Distributions. Dividends and other distributions paid on or in respect of any
Shares of Restricted Stock or Restricted Stock Units may be paid directly to the Participant, or may be reinvested in additional Shares of Restricted Stock or in additional Restricted Stock Units, as determined by the Board in its sole discretion;
provided, however, that no such dividends or distributions shall be paid with respect to unvested Restricted Stock or unvested Restricted Stock Units, including any unvested Awards subject to performance measures. 

(e) Section 83(b) Election. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to a
Restricted Stock Award, the Participant shall file, within 30 days following the date of grant, a copy of such election with the Company and the Internal Revenue Service in accordance with the regulations under Section 83 of the Code. The
Committee may provide in the applicable Award Agreement that the Restricted Stock Award is conditioned upon the Participant’s making or refraining from making an election with respect to the Award under Section 83(b) of the Code. 

 

	8.	PERFORMANCE AWARDS. 

 (a) Grant. Subject to the limitations set forth in Section 3, the Board
shall have sole and complete authority to determine the eligible individuals who shall receive a “Performance Award,” which shall consist of a right that is (i) denominated and/or payable in cash, Shares, or any other form of Award
issuable under this Plan (or any combination thereof), (ii) valued, as determined by the Board, in accordance with the achievement of such performance goals during such performance periods as the Board shall establish, and (iii) payable at
such time and in such form as the Board shall determine. Unless otherwise determined by the Board, any such Performance Award shall be evidenced by an Award Agreement containing the terms of such Award, including, but not limited to, the performance
criteria and such terms and conditions as may be determined from time to time by the Board, in each case, not inconsistent with this Plan. In relation to any Performance Award, the performance period may consist of one or more calendar years or
other period for which performance is being measured. 
 (b) Terms and Conditions. For Awards intended to be performance-based compensation under
Section 162(m) of the Code, Performance Awards shall be conditioned upon the achievement of pre-established, objective goals relating to one or more of the following performance measures, as determined in writing by the Board and subject to
such modifications as specified by the Board in advance in writing in the Board or Committee minutes or applicable Award Agreement: cash flow; cash flow from operations; earnings (including earnings before interest, taxes, depreciation, and
amortization or some variation thereof); earnings per share, diluted or basic; earnings per share from continuing operations; internal rate of return; net asset turnover; inventory turnover; capital expenditures; debt; debt reduction; working
capital; return on investment; return on sales; net or gross sales; market share; share price; equity ratios; economic value added; cost of capital; assets or change in assets; expenses; expense reduction levels; productivity; delivery performance;
safety record and/or performance; environmental record and/or performance; mine closures; stock price; interest-sensitivity gap levels; return on equity or capital 

  
 6 

 
employed; total or relative increases to stockholder return; return on capital; return on assets or net assets; revenue; income or net income; operating income or net operating income; operating
profit or net operating profit; gross margin, operating margin, or profit margin; finding and development costs; volumes metrics (including volumes sold, volumes produced, volumes transported, and similar measures); operating efficiency metrics;
charge-offs; non-performing assets; asset sale targets; asset quality levels; value of assets; employee retention/attrition rates; investments; regulatory compliance; satisfactory internal or external audits;
improvement of financial ratings; value creation; achievement of balance sheet or income statement objectives; and completion of acquisitions, business expansion, product diversification and other
non-financial operating and management performance objectives. To the extent consistent with Section 162(m) of the Code, the Board may determine that certain adjustments shall apply, in whole or in part,
in such manner as determined by the Board, to include or exclude the effect of any of the following events that occur during a performance period including the following: the impairment of tangible or intangible assets; asset write-downs; litigation
or claim judgments or settlements; acquisitions or divestitures; gains/losses on the sale of assets; foreign exchange gains and/or losses; expenses related to stock offerings and stock repurchases; the effect of changes in tax law, accounting
principles, or other such laws or provisions affecting reported results; business combinations, reorganizations, and/or restructuring programs, including, but not limited to, reductions in force and early retirement incentives; currency
fluctuations; and any unusual, infrequent or non-recurring items, including, but not limited to, such items described in management’s discussion and analysis of financial condition and results of
operations or the financial statements and notes thereto appearing in the Company’s annual report to stockholders for the applicable year. Performance measures may be determined either individually, alternatively or in any combination, applied
to either the Company as a whole or to a business unit or subsidiary entity thereof (except in the case of the Converted Awards), either individually, alternatively, or in any combination, and measured over a period of time including any portion of
a year, annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as
specified by the Board. 
 (c) Preestablished Performance Goals. For Awards intended to be performance-based compensation under Section 162(m)
of the Code, performance goals relating to the performance measures set forth above shall be preestablished in writing by the Board and achievement thereof certified in writing prior to payment of the Award, as required by Section 162(m) and
regulations promulgated thereunder. All such performance goals shall be established in writing by the Board no later than ninety (90) days after the beginning of the applicable performance period or within such other timeframe as may be
required or permitted by Section 162(m) and the regulations promulgated thereunder. In addition to establishing minimum performance goals below which no compensation shall be payable pursuant to a Performance Award, the Board, in its
discretion, may create a performance schedule under which an amount less than or more than the target award may be paid so long as the performance goals have been achieved. 

(d) Additional Restrictions/Negative Discretion. The Board, in its sole discretion, may also establish such additional restrictions or conditions that
must be satisfied as conditions precedent to the payment of all or a portion of any Performance Awards. Such additional restrictions or conditions need not be performance-based and may include, among other things, the receipt by a Participant of a
specified annual performance rating, the continued employment by the Participant, and/or the achievement of specified performance goals by the Company, business unit, or Participant. Furthermore, and notwithstanding any provision of this Plan to the
contrary, the Board, in its sole discretion, may retain the discretion to reduce the amount of any Performance Award to a Participant if it concludes that such reduction is necessary or appropriate based upon: (i) an evaluation of such
Participant’s performance; (ii) comparisons with compensation received by other similarly situated individuals working within the Company’s industry or peer group; (iii) the Company’s financial results and conditions; or
(iv) such other factors or conditions that the Board deems relevant; provided, however, the Board shall not use its discretionary authority to 

  
 7 

 
increase any Award that is intended to be performance-based compensation under Section 162(m) of the Code. 

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

	9.	OTHER STOCK-BASED AWARDS AND CASH AWARDS. 

 (a) Other Stock-Based Awards. The Board shall have
authority to grant to Participants Other Stock-Based Awards, which shall consist of any right that is (i) not an Award described in Sections 5 through 8 above and (ii) an Award of Shares or an Award denominated or payable in, valued in
whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares), as deemed by the Board to be consistent with the purposes of the Plan. Subject to the terms of the
Plan and any applicable Award Agreement, the Board shall determine the terms and conditions of any such Other Stock-Based Award. 
 (b) Cash Awards.
An Award may also be in the form of a Cash Award, with such vesting or other restrictions, if any, as determined by the Board. 
  

	10.	ELIGIBLE DIRECTORS. 

 Except as otherwise determined by the Board in its sole discretion, Eligible
Directors shall receive Awards in accordance with this Section. Except as otherwise provided in this Section, Awards to Eligible Directors shall be subject to the remaining provisions of the Plan. 

(a) Terms of Grants. The exercise price per Share of each Option granted to an Eligible Director shall be the Fair Market Value of a Share on the Grant
Date. Options shall vest ratably and become exercisable in one-third increments on each anniversary of the Grant Date. Except as otherwise provided in this paragraph, Options shall expire ten (10) years
from the Grant Date. Unvested Options shall immediately vest and become exercisable if an individual ceases to be a director on account of death, Disability, or retirement at normal retirement age for directors, and shall remain exercisable until
the normal expiration of the Option. Upon termination as a director for any other reason other than Cause, unvested Options shall be forfeited and vested Options shall remain exercisable for three months following the termination date. Upon
termination as a Director for Cause, all Options (whether or not vested) shall be forfeited as of the termination date. 
 (b) Deferred Stock Unit
Grants. The Board may grant Deferred Stock Units to Eligible Directors in lieu of all or any portion of the annual retainer or meeting fees otherwise payable to the Eligible Directors. Each Deferred Stock Unit shall entitle the Eligible Director
to receive one Share or an amount of cash equal to the Fair Market Value of a Share on the payment date, on terms and conditions established by the Board. The Board may also permit Eligible Directors to elect to receive Deferred Stock Units in lieu
of all or any portion of the annual retainer or meeting fees otherwise payable to the Eligible Director in cash, or to defer receipt of Shares or cash to be paid pursuant to Deferred Stock Units, in accordance with a deferred compensation policies
established by the Company. 
 (c) Other Awards. The Board in its sole discretion may grant other types of Awards to Eligible Directors other than
those specifically described in this Section 10. 
  

	11.	TERMINATION OF EMPLOYMENT/SERVICE. 

  
 8 

 The Board shall have the full power and authority to determine the terms and conditions that shall apply to any
Award upon a termination of employment/service, including a termination by the Company or an Affiliate of the Company without Cause, by a Participant voluntarily, or by reason of death, Disability, or Retirement. 

 

	12.	CHANGE IN CONTROL. 

 To the extent not inconsistent with Section 14(r) hereof, in the event that the
Company engages in a transaction constituting a Change in Control, the Board shall have complete authority and discretion, but not the obligation, to accelerate the vesting of outstanding Awards and the termination of restrictions on Shares. In
addition, the Board may, if deemed appropriate, in its discretion, in connection with a Change in Control, (i) provide for an equivalent award or Substitute Award in respect of securities of the surviving entity of such transaction;
(ii) upon advance notice to the affected Participants, cancel any outstanding Options or Stock Appreciation Rights and pay to the holders thereof, in cash, stock, or other property (including the property, if any, payable in such a transaction)
(or any combination thereof), an amount equal to the excess of the fair market value of the Shares covered by the Award, based on the price per Share received or to be received by other stockholders of the Company in such a transaction or such other
value as determined by the Board (the “Transaction Fair Market Value”), over the exercise price of the Award, or (iii) make provision for a cash payment or payment of other property (including the property, if any, payable in such
transaction) to the holder of any other outstanding Award in settlement of such Award; provided that, in the case of an Option or Stock Appreciation Right with an exercise price that equals or exceeds the Transaction Fair Market Value, the Board may
cancel such Options or Stock Appreciation Right without payment or consideration therefor. Any such action taken shall be performed in accordance with the applicable provisions of the Code and treasury regulations issued thereunder so as not to
affect the status of (A) any Award intended to qualify as an Incentive Stock Option under Section 422 of the Code, unless the Board determines otherwise, (B) any Award intended to comply as performance-based compensation under
Section 162(m) of the Code, unless the Board determines otherwise, or (C) any Award intended to comply with, or qualify for an exception to, Section 409A of the Code. Any such action taken by the Board will be final, conclusive, and
binding for all purposes of this Plan. 
  

	13.	AMENDMENT AND TERMINATION. 

 (a) Amendments to the Plan and Award Agreements. Except to the extent
prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board may amend, alter, suspend, discontinue, cancel, or terminate the Plan or an Award Agreement or any portion thereof at any time;
provided, however, that no such amendment, alteration, suspension, discontinuation, cancellation, or termination shall: (i) be made without stockholder approval if such approval is necessary to comply with any applicable law, tax, or regulatory
requirement, or listing requirement of the New York Stock Exchange or any other national exchange on which the Shares are listed, for which or with which the Board deems it necessary or desirable to qualify or comply; or (ii) be made without
the consent of the affected Participant, if such action would adversely affect any material rights of such Participant under any outstanding Award. Notwithstanding the foregoing or any provision of the Plan or an Award Agreement to the contrary, the
Board may at any time (without the consent of any Participant) modify, amend, or terminate any or all of the provisions of this Plan or an Award Agreement to the extent necessary to: (i) conform the provisions of the Plan and/or Award with
Section 162(m), Section 409A, or any other provision of the Code or other applicable law, the regulations issued thereunder or an exception thereto, regardless of whether such modification, amendment, or termination of the Plan and/or
Award shall adversely affect the rights of a Participant; and (ii) to enable the Plan to achieve its stated purposes in any jurisdiction outside the United States in a tax-efficient manner and in
compliance with local rules and regulations. 

  
 9 

 (b) Adjustment of Awards upon the Occurrence of Certain Unusual or Nonrecurring Events. The Board is
authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 3(c) hereof) affecting the
Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, whenever the Board determines that such adjustments are appropriate; provided that no such
adjustment shall be authorized to the extent that such authority would be inconsistent with the Plan’s meeting the requirements of Section 162(m) or Section 409A. 

(c) Cancellation. Any provision of this Plan or any Award Agreement to the contrary notwithstanding, the Board may cause any Award granted hereunder to
be canceled in consideration of a cash payment or alternative Award made to the holder of such canceled Award equal in value to the Fair Market Value of such canceled Award except to the extent that such payment would violate the requirements of
Section 409A of the Code. Notwithstanding the foregoing and any other provision of this Plan, except for adjustment provided in Section 3(c) or in connection with a corporate transaction involving the Company (including, without
limitation, any stock dividend, distribution (whether in the form of cash, other Company securities, or other property), stock split, extraordinary cash dividend, recapitalization, Change in Control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other Company securities, or similar transaction(s)), the terms of outstanding Options or Stock
Appreciation Rights may not be (i) amended to reduce the exercise price of such outstanding Options or Stock Appreciation Rights or (ii) cancelled in exchange for cash, other Awards, or Options or Stock Appreciation Rights with an exercise
price that is less than the exercise price of the original Options or Stock Appreciation Rights without obtaining stockholder approval. 
  

	14.	GENERAL PROVISIONS. 

 (a) Dividend Equivalents. In the sole and complete discretion of the Board,
an Award may provide the Participant with dividends or dividend equivalents, payable in cash, Shares, other securities, or other property on a current or deferred basis; provided, however, that no such dividend or dividend equivalent shall be paid
with respect to unvested Awards, including any unvested Awards subject to performance measures. 
 (b) Nontransferability. Except to the extent
provided in an Award Agreement, no Award shall be assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered by a Participant, except by will or the laws of descent and distribution. 

(c) No Rights to Awards. No Employee, Participant, or other Person shall have any claim to be granted any Award, and there is no obligation for
uniformity of treatment of Employees, Eligible Directors, consultants, Participants, or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. 

(d) Share Certificates and Legal Restrictions. All certificates for Shares or other securities of the Company or any Affiliate delivered under the Plan
pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Board may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, the listing standards of
the New York Stock Exchange or any stock exchange upon which such Shares or other securities are then listed, and any applicable federal or state laws, and the Board may cause a legend or legends to be put on any such certificates to make
appropriate reference to such restrictions. 

  
 10 

 (e) Withholding. A Participant may be required to pay to the Company or any Affiliate and the Company or
any Affiliate shall have the right and is hereby authorized to withhold from any Award, from any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant an amount (in cash,
Shares, other securities, other Awards, or other property) sufficient to cover any federal, state, local, or foreign income taxes or such other applicable taxes required by law in respect of an Award, its exercise, or any payment or transfer under
an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes. The Company may, in its discretion, permit a Participant (or any beneficiary or
other Person entitled to act) to elect to pay a portion or all of the amount such taxes in such manner as the Committee shall deem to be appropriate, including, but not limited to, authorizing the Company to withhold, or agreeing to surrender to the
Company, Shares owned by such Participant or a portion of such forms of payment that would otherwise be distributed pursuant to an Award. Notwithstanding the foregoing or any provisions of the Plan to the contrary, any broker-assisted cashless
exercise shall comply with the requirements of Financial Accounting Standards Board, Accounting Standards Codification, Topic 718 and any withholding satisfied through a net-settlement shall be limited to the
minimum statutory withholding requirements or as otherwise determined in the discretion of the Board. 
 (f) Award Agreements. Unless otherwise
determined by the Board, each Award hereunder shall be evidenced by an Award Agreement that shall be delivered to the Participant and shall specify the terms and conditions of the Award and any rules applicable thereto. 

(g) No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing
in effect other compensation arrangements, which may, but need not, provide for the grant of Options, Restricted Stock, Shares, and other types of Awards provided for hereunder (subject to stockholder approval if such approval is required), and such
arrangements may be either generally applicable or applicable only in specific cases. 
 (h) No Right to Employment. The grant of an Award shall not
be construed as giving a Participant the right to be retained in the employ of the Company or any Affiliate. Further, the Company or an Affiliate may at any time dismiss a Participant from employment, free from any liability or any claim under the
Plan, unless otherwise expressly provided in the Plan or in any Award Agreement. 
 (i) No Rights as Stockholder. Subject to the provisions of the
applicable Award, no Participant or holder or beneficiary of any Award shall have any rights as a stockholder with respect to any Shares to be distributed under the Plan until he or she has become the holder of such Shares. Notwithstanding the
foregoing, in connection with each grant of Restricted Stock hereunder, the applicable Award shall specify if and to what extent the Participant shall not be entitled to the rights of a stockholder in respect of such Restricted Stock. 

(j) Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan and any Award Agreement shall
be determined in accordance with the laws of the State of Delaware without giving effect to the conflict of law principles thereof. 
 (k)
Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed
applicable by the Board, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of the Plan or
the Award, such provision shall be stricken as to such jurisdiction, Person, or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

  
 11 

 (l) Other Laws. The Board may refuse to issue or transfer any Shares or other consideration under an Award
if, acting in its sole discretion, it determines that the issuance or transfer of such Shares or such other consideration might violate any applicable law or regulation or entitle the Company to recover the same under Section 14(t), and any
payment tendered to the Company by a Participant, other holder, or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder, or beneficiary. Without limiting the generality of the
foregoing, no Award granted hereunder shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the Board in its sole discretion has determined that any such offer, if made, would be
in compliance with all applicable requirements of the U.S. federal securities laws and any other laws to which such offer, if made, would be subject. 
 (m)
No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person. To
the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate. 

(n) No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Board shall determine whether
cash, other securities, or other property shall be paid or transferred in lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall be canceled, terminated, or otherwise eliminated. 

(o) Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not
be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
 (p) Parachute Payments. The
Board may provide in an Award Agreement that no amounts shall be paid or considered paid to the extent that any such payments would be nondeductible by the Company under Code Section 280G. 

(q) Section 162(m). Notwithstanding any provision of the Plan or Award Agreement to the contrary if an Award under this Plan is
intended to qualify as performance-based compensation under Section 162(m) of the Code and the regulations issued thereunder and a provision of this Plan or an Award Agreement would prevent such Award from so qualifying, such provision shall be
administered, interpreted, and construed to carry out such intention (or disregarded to the extent such provision cannot be so administered, interpreted, or construed). In no event shall any member of the Board, the Committee, or the Company (or its
employees, officers, or directors) have any liability to any Participant (or any other Person) due to the failure of an Award to satisfy the requirements of Section 162(m) of the Code. 

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

(i) If a Participant is a Specified Employee and a payment subject to Section 409A (and not excepted therefrom) to the Participant is due upon Separation
from Service, such payment shall be delayed for a period of six (6) months after the date the Participant Separates from Service (or, if earlier, the death of the Participant). Any payment that would otherwise have been due or owing during such
six-month 

  
 12 

 
period will be paid immediately following the end of the six-month period in the month following the month containing the
six-month anniversary of the date of termination unless another compliant date is specified in the applicable agreement. 

(ii) For purposes of Section 409A, and to the extent applicable to any Award or benefit under the Plan, it is intended that distribution events qualify
as permissible distribution events for purposes of Section 409A and shall be interpreted and construed accordingly. With respect to payments subject to Section 409A, the Company reserves the right to accelerate and/or defer any payment to
the extent permitted and consistent with Section 409A. Whether a Participant has Separated from Service or employment will be determined based on all of the facts and circumstances and, to the extent applicable to any Award or benefit, in
accordance with the guidance issued under Section 409A. For this purpose, a Participant will be presumed to have experienced a Separation from Service when the level of bona fide services performed permanently decreases to a level less
than twenty percent (20%) of the average level of bona fide services performed during the immediately preceding thirty-six (36) month period or such other applicable period as provided by
Section 409A. 
 (iii) The Board, in its discretion, may specify the conditions under which the payment of all or any portion of any Award may be
deferred until a later date. Deferrals shall be for such periods or until the occurrence of such events, and upon such terms and conditions, as the Board shall determine in its discretion, in accordance with the provisions of Section 409A, the
regulations, and other binding guidance promulgated thereunder; provided, however, that no deferral shall be permitted with respect to Options, Stock Appreciation Rights, and other stock rights subject to Section 409A. An election shall be made
by filing an election with the Company (on a form provided by the Company) on or prior to December 31st of the calendar year immediately preceding the beginning of the calendar year (or other applicable service period) to which such election
relates (or at such other date as may be specified by the Board to the extent consistent with Section 409A) and shall be irrevocable for such applicable calendar year (or other applicable service period). To the extent authorized, a Participant
who first becomes eligible to participate in the Plan may file an election (“Initial Election”) at any time prior to the 30-day period following the date on which the Participant initially becomes
eligible to participate in the Plan (or at such other date as may be specified by the Board to the extent consistent with Section 409A). Any such Initial Election shall only apply to compensation earned and payable for services rendered after
the effective date of the Election. 
 (iv) The grant of Non-Qualified Stock Options, Stock Appreciation Rights, and
other stock rights subject to Section 409A shall be granted under terms and conditions consistent with Treas. Reg. § 1.409A-1(b)(5) such that any such Award does not constitute a deferral of
compensation under Section 409A. Accordingly, any such Award may be granted to Employees and Eligible Directors of the Company and its subsidiaries and affiliates in which the Company has a controlling interest. In determining whether the
Company has a controlling interest, the rules of Treas. Reg. § 1.414(c)-2(b)(2)(i) shall apply; provided that the language “at least 50 percent” shall be used instead of “at least 80
percent” in each place it appears; provided, further, where legitimate business reasons exist (within the meaning of Treas. Reg. § 1.409A-1(b)(5)(iii)(E)(i)), the language “at least 20
percent” shall be used instead of “at least 80 percent” in each place it appears. The rules of Treas. Reg. §§ 1.414(c)-3 and 1.414(c)-4 shall
apply for purposes of determining ownership interests. 
 (s) Disclaimer. Although it is the intent of the Company that this Plan and Awards
hereunder, to the extent the Committee deems appropriate and to the extent applicable, comply with Rule 16b-3 and Sections 162(m), 409A and 422 of the Code: (a) none of the Company, the Board, or the
Committee warrants that any Award under the Plan will qualify for favorable tax treatment under any provision of the federal, state, local, or non-United States law; and (b) in no event shall any member
of the Board or the Committee or the Company (or its employees, officers, or directors) have any liability to any Participant 

  
 13 

 
(or any other Person) due to the failure of an Award to satisfy the requirements of Rule 16b-3 or Section 162(m), 409A, or 422 of the Code or for any
tax, interest, or penalties the Participant might owe as a result of the grant, holding, vesting, exercise, or payment of any Award under the Plan. 
 (t)
Clawback. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation, stock exchange listing requirement, or Company policy, shall be subject to such deductions, recoupment,
and clawback as may be required to be made pursuant to such law, government regulation, stock exchange listing requirement, or Company policy, as may be in effect from time to time, and which may operate to create additional rights for the Company
with respect to Awards and recovery of amounts relating thereto. By accepting Awards under the Plan, Participants agree and acknowledge that they are obligated to cooperate with, and provide any and all assistance necessary to, the Company to
recover or recoup any Award or amounts paid under the Plan subject to clawback pursuant to such law, government regulation, stock exchange listing requirement, or Company policy. Such cooperation and assistance shall include, but is not limited to,
executing, completing, and submitting any documentation necessary to recover or recoup any Award or amounts paid under the Plan from a Participant’s accounts, or pending or future compensation or Awards. 

 

	15.	TERM OF THE PLAN. 

 (a) Effective Date. This Plan shall be effective as of November 22, 2017 (the
“Effective Date”). 
 (b) Expiration Date. No Awards may be granted under the Plan after the day immediately preceding the tenth
anniversary of the Effective Date. Unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award granted hereunder may, and the authority of the Board or the Committee to amend, alter, adjust, suspend, discontinue,
or terminate any such Award or to waive any conditions or rights under any such Award shall, continue after the authority for grant of new Awards hereunder has been exhausted. 

 

	16.	EMPLOYEE MATTERS AGREEMENT. 

 Notwithstanding anything in the Plan to the contrary, to the extent that
the terms of this Plan are inconsistent with the terms of a Converted Award, the terms of the Converted Award shall be governed by the Employee Matters Agreement and related award agreement granted thereunder. 

 

	17.	DEFINITIONS. 

 As used in the Plan, the following terms shall have the meanings set forth below: 

“10% Stockholder” shall mean an Employee who, as of the date on which an Incentive Stock Option is granted to such Employee, owns more than ten
percent (10%) of the total combined voting power of all classes of Shares then issued by the Company or any of its subsidiaries. 

“Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by the Company, (ii) any entity in which the Company has
a significant equity interest, and (iii) an Affiliate of the Company as defined in Rule 12b-2 promulgated under Section 12 of the Exchange Act, in either case as determined by the Committee. 

“Award” shall mean any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit, Performance Award, Other Stock-Based Award,
Converted Award, or other Award permitted under the Plan. 

  
 14 

 “Award Agreement” shall mean any written agreement, contract, or other instrument or document
evidencing the terms and conditions associated with any Award, which shall not become effective until executed, acknowledged, or accepted by a Participant. 

“Board” shall mean the Board of Directors of the Company. 

“Cash Award” means an Award denominated and/or paid in cash. 

“Cause” shall mean, unless otherwise defined in the applicable Award Agreement, a determination by the Committee that a Participant has:
(1) committed an act of embezzlement, fraud, dishonesty or breach of fiduciary duty to the Company; (2) deliberately and repeatedly violated the rules of the Company or the valid instructions of the Board or an authorized officer of the
Company; (3) made any unauthorized disclosure of any of the material secrets or confidential information of the Company; or (4) violation of any restrictive covenant in an Award Agreement or other agreement between the Participant and the
Company; or (5) engaged in any conduct that could reasonably be expected to result in material loss, damage or injury to the Company. 
 “Change
in Control” shall mean, unless otherwise defined in the applicable Award Agreement, the earliest to occur of: (1) any one “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the
Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (C) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of Shares), or more than one “person” acting as a “group,” is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of Shares
that, together with the Shares held by such “person” or “group,” possess more than 50% of the total fair market value or total voting power of the Shares and other stock of the Company; (2) a majority of members of the Board
is replaced during any 12 month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or (3) the sale of all or substantially all of the
Company’s assets (which shall be determined in the sole discretion of the Committee); provided, however, that, in addition to the foregoing, such event must also qualify as a “Change in Control” event within the meaning of Treas. Reg.
Section 1.409A-3(i)(5)(i) with respect to the Company. For the avoidance of doubt, references within this definition of “Change in Control” to the “Company” are solely to CONSOL Mining
Corporation, such that a sale of a subsidiary of CONSOL Mining Corporation shall not constitute a “Change in Control” under the Plan unless otherwise determined in the sole discretion of the Committee. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” shall mean a committee of the Board designated by the Board to be responsible for the administration of the Plan (though excluding day-to-day administration). To the extent deemed appropriate by the Board, the Committee shall be composed of not less than two individuals who are “outside
directors” within the meaning of Code Section 162(m), “non-employee directors” within the meaning of Section 16, and “independent directors” within the meaning of
Section 303A of the New York Stock Exchange Listed Company Manual. 
 “Company” shall mean CONSOL Mining Corporation. 

“Converted Award” shall mean an Award that is issued to satisfy the automatic adjustment and conversion of awards for CONSOL Energy Inc. common
stock contemplated under the Employee Matters Agreement. For the avoidance of doubt, any Converted Award shall be governed by the provisions of the original Award Agreement applicable to such Converted Award. 

  
 15 

 “Deferred Stock Unit” shall mean a right, granted to Eligible Directors in accordance with
Section 10, to acquire a Share for no consideration or some other amount determined by the Board. 
 “Disability” shall mean, unless
otherwise defined in the applicable Award Agreement, a Participant’s inability, because of physical or mental incapacity or injury (that has continued for a period of at least 12 consecutive calendar months), to perform for the Company or an
Affiliate substantially the same services as he or she performed prior to incurring such incapacity or injury. Notwithstanding the foregoing, with respect to any Award that is subject to Section 409A (and not excepted therefrom) and payable
upon Disability, such term shall mean the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to last for a continuous
period of not less than 12 months. 
 “Effective Date” shall have the meaning set forth in Section 15(a) hereof. 

“Eligible Director” shall mean a director who is not an employee of the Company or any of its Affiliates. 

“Employee” shall mean an employee or consultant of the Company or of any Affiliate, including any individual who enters into an employment agreement
with the Company or an Affiliate which provides for commencement of employment within three months of the date of the agreement. 
 “Employee Matters
Agreement” shall mean that certain Employee Matters Agreement to be entered into on or about November 28, 2017 by and between CONSOL Energy Inc. and the Company relating to the transfer of employees in connection with the separation of the
Company’s business from the business of CONSOL Energy Inc. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” shall mean the fair market value of the property or other items being valued, as determined by the Board in its sole discretion.
Fair Market Value with respect to the Shares, as of any date, shall mean (i) if the Shares are listed on a securities exchange, the closing sales price of the Shares on such exchange or over such system on such date, or in the absence of
reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported, (ii) if the Shares are not so listed or traded, the mean between the bid and offered prices of the Shares for such date, or
(iii) in the event there is no public market for the Shares, the fair market value as determined by the Board in its sole discretion. 
 “Grant
Date” shall mean, with respect to an Award, date on which the Board makes the determination to grant such Award, or such other date as is determined by the Board. Within a reasonable time thereafter, the Company will deliver an Award Agreement
to the Participant. 
 “Incentive Stock Option” shall mean a right to purchase Shares from the Company that is granted under Section 5 of the
Plan and that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto. 

“Non-Qualified Stock Option” shall mean a right to purchase Shares from the Company that is granted under
Section 5 of the Plan and that is not intended to be an Incentive Stock Option. 
 “Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option. 
 “Other Stock-Based Award” shall mean any right granted under Section 9 of
the Plan. 

  
 16 

 “Participant” shall mean any Employee or Eligible Director who receives an Award under the Plan. 

“Performance Award” shall mean any right granted under Section 8 of the Plan. 

“Person” shall mean any individual, corporation, partnership, association, joint-stock company, trust, unincorporated organization, government, or
political subdivision thereof or other entity. 
 “Plan” shall mean this CONSOL Mining Corporation Omnibus Performance Incentive Plan, as may be
amended from time to time. 
 “Restricted Stock” shall mean any Share granted under Section 7 of the Plan. 

“Restricted Stock Unit” shall mean any unit granted under Section 7 of the Plan. 

“Retirement” shall mean with respect to a Participant other than an Eligible Director retirement of a Participant from the employ or service of the
Company or any of its Affiliates in accordance with the terms of the applicable Company retirement plan or, if a Participant is not covered by any such plan, retirement or termination on or after such Participant’s 65th birthday, unless
otherwise defined or provided in the applicable Award Agreement. 
 “SEC” shall mean the Securities and Exchange Commission or any successor
agency thereto, and shall include the staff thereof. 
 “Section 16” shall mean Section 16 of the Exchange Act and the rules promulgated
thereunder and any successor provision thereto as in effect from time to time. 
 “Section 162(m)” shall mean Section 162(m) of the Code
and the rules promulgated thereunder or any successor provision thereto as in effect from time to time. 
 “Section 409A” shall mean
Section 409A of the Code, the regulations and other binding guidance promulgated thereunder. 
 “Separation from Service” and “Separate
from Service” shall mean the Participant’s death, retirement, or other termination of employment or service with the Company (including all persons treated as a single employer under Section 414(b) and 414(c) of the Code) that
constitutes a “separation from service” (within the meaning of Section 409A). For purposes hereof, the determination of controlled group members shall be made pursuant to the provisions of Section 414(b) and 414(c) of the Code;
provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it appears in Section 1563(a)(1),(2) and (3) of the Code and Treas. Reg.
§ 1.414(c)-2; provided, further, where legitimate business reasons exist (within the meaning of Treas. Reg. § 1.409A-1(h)(3)), the language
“at least 20 percent” shall be used instead of “at least 80 percent” in each place it appears. Whether a Participant has Separated from Service will be determined based on all of the facts and circumstances and, to the extent
applicable to any Award or benefit, in accordance with the guidance issued under Section 409A. A Participant will be presumed to have experienced a Separation from Service when the level of bona fide services performed permanently
decreases to a level less than twenty percent (20%) of the average level of bona fide services performed during the immediately preceding thirty-six (36) month period or such other applicable
period as provided by Section 409A. 
 “Shares” shall mean shares of the common stock, $0.01 par value, of the Company, or such other
securities of the Company as may be designated by the Board from time to time. 

  
 17 

 “Specified Employee” shall mean a key employee (as defined in Section 416(i) of the Code without
regard to paragraph (5) thereof) of the Company as determined in accordance with the regulations issued under Code Section 409A and the procedures established by the Company. 

“Stock Appreciation Right” shall mean any right granted under Section 6 of the Plan. 

“Substitute Awards” shall mean Awards granted in assumption of, or in substitution for, outstanding awards previously granted by a company acquired
by the Company or with which the Company combines. 
 “Transaction Fair Market Value” shall have the meaning set forth in Section 12. 

  
 18

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