Document:

EX-10.3

 Exhibit 10.3 

Execution Copy 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of April 17, 2013, by and between Hannon Armstrong Sustainable
Infrastructure Capital, Inc., a Maryland corporation (the “Company”), and Daniel McMahon, residing at the address set forth in the Company’s records (the “Executive”). 

WHEREAS, in connection with the initial public offering of the Company (the “Company’s IPO”), the Company will engage in
a series of transactions that will enable the Company to qualify as a real estate investment trust for U.S. federal income tax purposes and will result in Hannon Armstrong becoming a subsidiary of the Company (collectively, the “Formation
Transactions”); and 
 WHEREAS, the Company wishes to offer employment to the Executive, and the Executive wishes to accept such
offer on the terms set forth below, to be effective as of the completion of the Company’s IPO and the Formation Transactions, at which time this Agreement will become in effect; and 

WHEREAS, the Company and the Executive are entering into an Indemnification Agreement (the
“Indemnification Agreement”) simultaneously herewith. 
 NOW THEREFORE, in consideration of the mutual covenants
contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, for an initial term commencing as
of the date on which the Company’s IPO and the Formation Transactions are consummated (the “Commencement Date”) and continuing for a four-year period (the “Initial Term”), unless sooner terminated in
accordance with the provisions of Section 4 or Section 5; with such employment to automatically continue following the Initial Term for additional successive one-year periods (each, a “Subsequent Term”) in accordance with
the terms of this Agreement (subject to termination as aforesaid) unless either party notifies the other party in writing of its intention not to continue such employment at least 90 days prior to the expiration of the Initial Term or any Subsequent
Term, as applicable (the Initial Term, together with all Subsequent Terms hereunder, shall hereinafter be referred to as the “Term”). 

 2. Duties. During the Term, the Executive shall be employed by the Company as Senior Vice
President of the Company, and, as such, the Executive shall faithfully perform for the Company the duties of such office and shall have such responsibilities and authority as are customary for a Senior Vice President employed by a public company of
similar size and nature and shall report directly to the Chief Executive Officer of the Company (the “CEO”). The Executive shall devote substantially all of the Executive’s business time and effort to the performance of the
Executive’s duties hereunder; provided, however, that the Executive shall be permitted to continue service as set forth in Exhibit A and, subject to the approval of the Board of Directors of the Company (the
“Board”), the Executive may serve on the board of directors or trustees of any business corporation or charitable organization and such service shall not be a violation of this Agreement, provided that such other activities do not
materially interfere with the performance of the Executive’s duties hereunder. 
 3. Compensation. 

3.1 Salary. The Company shall pay the Executive during the Term a salary at the minimum rate of $270,000 per annum, in accordance with
the customary payroll practices of the Company applicable to senior executives from time to time. The CEO shall make recommendations to the Compensation Committee of the Board (the “Compensation Committee”) with respect to
Executive’s Annual Salary on an annual basis and the Compensation Committee shall review such recommendation and provide for any increase as it shall determine in its sole discretion (such annual salary, the “Annual Salary”).
Once increased, the Annual Salary shall not thereafter be decreased. 
 3.2 Bonus. For the Company’s 2013 fiscal year, the
Executive shall be eligible to receive a cash bonus with a target amount equal to 60% of Executive’s Annual Salary (the “2013 Bonus”), subject to satisfaction of Company performance measures as determined in the sole discretion
of the Compensation Committee. For each fiscal year during the Term following the 2013 fiscal year, the Executive shall be eligible to receive a cash bonus with a target amount equal to at least 100% of 

  
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Executive’s Annual Salary, subject to satisfaction of both Company and individual performance goals as determined by the Compensation Committee (each, an “Annual Bonus”).
The 2013 Bonus and Annual Bonuses shall be paid in the fiscal year following the fiscal year for which such bonuses are awarded, but in all events shall be paid no later than March 15 of such following fiscal year. 

3.3 Benefits - In General. Except with respect to benefits of a type otherwise provided for under Section 3.4, the Executive shall
be permitted during the Term to participate in any group life, hospitalization and disability insurance plans, health programs, equity incentive plans, long-term incentive programs, 401(k) and other retirement plans, fringe benefit programs and
similar benefits that may be available (currently or in the future) to other senior executives of the Company generally, in each case to the extent that the Executive is eligible under the terms of such plans or programs. 

3.4 Vacation. Without limiting the generality of Section 3.3, the Executive shall be entitled to paid vacation of 20 business days
per year (to be taken at reasonable times in accordance with the Company’s policies). 
 3.5 Equity Incentive Compensation. 

(a) On the Commencement Date, the Executive shall be granted an award (the “Initial Award”) consisting of 43,714 shares of
restricted stock under the Company’s 2013 equity incentive plan (the “Equity Incentive Plan”) and the respective award agreement (the “Award Agreement”). The restricted stock granted on the Commencement Date
will vest based on continued service in four (4) equal annual installments following the Commencement Date, with the final tranche vesting on the 4th anniversary of the Commencement Date. Dividends will be paid to Executive on vested and
unvested shares of restricted stock if and when dividends are paid to holders of Company common stock generally. Following the Company’s 2013 Fiscal Year, the Executive shall be eligible for regular annual grants of restricted stock, stock
options or other awards under the Equity Incentive Plan on such terms and in such amounts (if any) as may be determined by the Compensation Committee in its sole discretion. All (x) stock option, restricted stock and other stock-settled
equity-based awards granted to Executive shall provide to Executive the right to direct the Company or an affiliate to satisfy the 

  
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minimum statutory tax withholding obligations arising with respect to such awards by withholding from the shares that would otherwise be delivered such number of shares having a fair market value
equal to such minimum statutory tax withholding obligation and (y) stock options granted to Executive shall permit the Executive to “net exercise” the stock options by directing the Company to withhold from the number of shares that
would otherwise be issued upon exercise of the stock option such number of shares having a fair market value as of the date of exercise equal to the exercise price of the option (or portion thereof that the Executive has elected to net exercise).

 (b) Upon the effective date of a Change in Control (as defined below), all of the Executive’s outstanding shares of restricted stock
or other stock-based compensation shall vest in full and become free of restrictions. 
 3.6 Expenses. The Company shall promptly pay
or reimburse the Executive for all ordinary and reasonable out-of-pocket expenses actually incurred (and, in the case of reimbursement, paid) by the Executive during the Term in the performance of the Executive’s services under this Agreement;
provided that the Executive documents such expenses with the properly completed forms as prescribed from time to time by the Company in accordance with the Company’s policies, plans and programs. 

4. Termination upon Death or Disability. If the Executive dies during the Term, the Executive’s employment shall terminate
effective as of the date of death. If there is a good faith determination by the Board that the Executive has become physically or mentally incapable of performing the Executive’s duties under this Agreement and such disability has disabled the
Executive for a cumulative period of 180 days within any 12-month period (a “Disability”), the Company shall have the right after such determination and passage of time, to the extent permitted by law, to terminate the employment of
the Executive upon notice in writing to the Executive. 
 4.1 Compensation due to Death. Upon the effective date of termination of
employment due to death , (i) the Executive’s estate or beneficiaries shall be entitled to receive, in a lump sum payment (subject to Section 7.16 of this Agreement) within 30 days following the effective date of

  
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Executive’s termination of employment equal to: (x) Annual Salary, Annual Bonus, and other benefits earned and accrued under this Agreement but not yet paid prior to the effective date
of termination (and reimbursement under this Agreement for expenses incurred prior to the date of termination) (the “Accrued Benefits”) and (y) a pro rata (based on the number of days employed up to the effective date of
termination in the applicable fiscal year) target Annual Bonus for the fiscal year in which Executive’s termination occurs, calculated based on actual results for such fiscal year, paid at the time that the Annual Bonus would otherwise be paid
in accordance with Section 3.2 hereof; (ii) for a period of 24 months after the effective date of termination of employment, such continuing medical benefits under the Company’s health plans and programs applicable to senior
executives of the Company generally as the Executive and the Executive’s eligible beneficiaries would have received under this Agreement (and at such costs to the Executive or the Executive’s estate, as applicable) in the absence of such
termination (but not taking into account any post-termination increases in Annual Salary that may otherwise have occurred without regard to such termination and that may have favorably affected such benefits) (or, if such continuation of subsidized
coverage would violate Section 105(h) of the Code, the Company will make monthly payments to the Executive in an amount so that after payment of taxes on the payments, the Executive retains an amount equal to the monthly premium he is required
to pay to continue the coverage); (iii) the Executive’s estate or beneficiaries shall be entitled to receive the death benefits provided under any group insurance plan offered by the Company; and (iv) with respect to (x) the
Initial Award, all outstanding shares of restricted stock shall vest and become free of restrictions and (y) with respect to any outstanding unvested equity-based awards other than the Initial Award, a pro rata portion (based on the number of
days until death over 365) of any shares that would have vested for the year of Executive’s death shall vest and become free of restrictions and be exercisable in accordance with their terms, and any remaining portion of such awards shall be
forfeited unless otherwise provided in an applicable award agreement, or as otherwise agreed by the Company. 
 4.2 Compensation due to
Disability. Upon the effective date of termination of employment due to Disability (i) the Executive shall be entitled to receive, in a lump sum payment 

  
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(subject to Section 7.16 of this Agreement) within 30 days following the effective date of Executive’s termination of employment equal to: (x) the Accrued Benefits and
(y) the target Annual Bonus for the fiscal year in which Executive’s termination occurs, calculated based on actual results for such fiscal year, paid at the time that the Annual Bonus would otherwise be paid in accordance with
Section 3.2 hereof; (ii) for a period of 24 months after the effective date of termination of employment, such continuing medical benefits under the Company’s health plans and programs applicable to senior executives of the Company
generally as the Executive and the Executive’s eligible beneficiaries would have received under this Agreement (and at such costs to the Executive or the Executive’s estate, as applicable) in the absence of such termination (but not taking
into account any post-termination increases in Annual Salary that may otherwise have occurred without regard to such termination and that may have favorably affected such benefits) (or, if such continuation of subsidized coverage would violate
Section 105(h) of the Code, the Company will make monthly payments to the Executive in an amount so that after payment of taxes on the payments, the Executive retains an amount equal to the monthly premium that the Executive is required to pay
to continue the coverage); (iii) the Executive, or the Executive’s estate or beneficiaries shall be entitled to receive the disability benefits provided under any group insurance plan offered by the Company; and (iv) with respect to
(x) the Initial Award, all outstanding shares of restricted stock shall vest and become free of restrictions and (y) with respect to any outstanding unvested equity-based awards other than the Initial Award, a pro rata portion (based on
the number of days until Disability over 365) of any shares that would have vested for the year of Disability shall vest and become free of restrictions and be exercisable in accordance with their terms, and any remaining portion of such awards
shall be forfeited unless otherwise provided in an applicable award agreement, or as otherwise agreed by the Company. 
 5. Certain
Terminations of Employment. 
 5.1 Termination by the Company for Cause; Termination by the Executive without Good Reason. 

(a) For purposes of this Agreement, “Cause” shall mean, the Executive’s: 

(i) commission of, and indictment for or formal admission to, a felony involving moral turpitude, deceit, dishonesty or fraud (but excluding
traffic violations); 

  
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 (ii) willful and material misconduct or gross misconduct in connection with the performance of
the Executive’s duties, including, without limitation, embezzlement or the misappropriation of funds or property of the Company; 

(iii) failure to adhere to the lawful directions of the CEO, to adhere to the Company’s policies and practices or, as required in
Section 2 hereof, to devote substantially all of the Executive’s business time and efforts to the Company, which failure continues for a period of 30 business days after written demand for corrective action is delivered by the Company; or

 (iv) material breach of (x) any covenant contained in Section 6 of this Agreement; or (y) the other terms and provisions of
this Agreement and, in each case, failure to cure such breach within 10 days following written notice from the Company specifying such breach; 

provided, that the Company shall not be permitted to terminate the Executive for Cause except on written notice given to the Executive at any time
within 30 days following the occurrence of any of the events described above (or, if later, the Company’s knowledge thereof). 
 (b)
The Company may terminate the Executive’s employment hereunder for Cause, and the Executive may terminate the Executive’s employment on at least 30 days’ written notice. If the Company terminates the Executive for Cause, or the
Executive terminates the Executive’s employment and the termination by the Executive is not covered by Section 4 or 5.2, the Executive shall receive the Accrued Benefits in a lump sum payment (subject to Section 7.16 of this
Agreement) within 30 days following Executive’s termination of employment. 
 5.2 Termination by the Company without Cause;
Termination by the Executive for Good Reason; Expiration/Non-Renewal by the Company. 
 (a) For purposes of this Agreement,
“Good Reason” shall mean the following, unless consented to by the Executive: 
 (i) any change in job title or material
diminution in the Executive’s roles and responsibilities from those set forth in this Agreement (including, without limitation, the assignment of duties materially inconsistent with Executive’s position) that cause a reduction in the
Executive’s Annual Salary or Annual Bonus potential; 

  
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 (ii) a material reduction in the Executive’s Annual Salary or Annual Bonus potential; 

(iii) a relocation of the Company’s headquarters outside a 30 mile radius of Annapolis, MD or moving of the Executive’s office or
place of performance from the Company’s headquarters; or 
 (iv) a material breach by the Company of this Agreement or any other
material agreement between the Executive and the Company. 
 Notwithstanding the foregoing, following a Change in Control, the definition
of “Good Reason” as set forth above shall be modified to delete all references to the term “material” (namely, in Section 5.2(a)(i), Section 5.2(a)(ii) and Section 5.2(a)(iv)), and the definition of “Good
Reason” shall otherwise remain in effect as provided herein. Furthermore, (x) Good Reason shall not be deemed to exist unless written notice of termination on account thereof is given by the Executive no later than 60 days after the time
at which the event or condition purportedly giving rise to Good Reason first occurs or arises (or, if later, the Executive’s knowledge thereof); and (y) if there exists (without regard to this clause (y)) an event or condition that
constitutes Good Reason (pursuant to Section 5.2(a)(i), Section 5.2(a)(ii) or Section 5.2(a)(iv), the Company shall have 30 days from the date written notice of such a termination is given by the Executive to cure such event or
condition and, if the Company does so, such event or condition shall not constitute Good Reason hereunder. 
 (b) The Company may terminate
the Executive’s employment at any time for any reason or no reason. The Executive may terminate the Executive’s employment with the Company at any time for any reason or no reason, and for Good Reason. If (x) the Company terminates
the Executive’s employment and the termination is not covered by Section 4 or 5.1, (y) the Executive terminates the Executive’s employment for Good Reason, or (z) the Executive’s termination of employment results from
the Company’s notice of non-renewal following the Initial Term or any Subsequent Term in accordance with Section 1, then (i) the Executive shall be entitled to receive, in a lump sum payment (subject to Section 7.16 of this
Agreement) on the 30th day following the Executive’s termination of employment, (A) the Accrued Benefits, and (B) an amount equal to one and one-half times the sum of (x) the
Executive’s Annual Salary and (y) an amount equal to the greater of (1) the Executive’s average Annual Bonus actually received in respect of the three fiscal years (or such fewer number of fiscal years with respect to

  
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which Executive received an Annual Bonus) prior to the year of termination and (2) the Executive’s target Annual Bonus for the fiscal year in which such termination of employment
occurs; (ii) for a period of 24 months after termination of employment, such continuing medical benefits under the Company’s health plans and programs applicable to senior executives of the Company generally as the Executive would have
received under this Agreement (and at such costs to the Executive) in the absence of such termination (but not taking into account any post-termination increases in Annual Salary that may otherwise have occurred without regard to such termination
and that may have affected such benefits) (or, if such continuation of subsidized coverage would violate Section 105(h) of the Code, the Company will make monthly payments to the Executive in an amount so that after payment of taxes on the
payments, the Executive retains an amount equal to the monthly premium that the Executive is required to pay to continue the coverage); and (iii) all outstanding equity (or equity-based) incentives and awards held by the Executive shall
thereupon immediately vest and become free of restrictions and all stock options shall be exercisable in accordance with their terms and shall not expire prior to the earlier of the term of such stock option and the first anniversary after the date
of termination (or, in the case of a Change in Control, the earlier of the term of stock option and the third anniversary of the Change in Control). 

(c) Notwithstanding clause 5.2(b)(ii), (i) nothing herein shall restrict the ability of the Company to amend or terminate the insurance,
health and welfare plans and programs referred to in such clause 5.2(b)(ii) from time to time in its sole discretion, provided that any such amendments or termination are made applicable generally on the same terms to all actively employed senior
executives of the Company and does not result in a proportionately greater reduction in the rights of or benefits to the Executive compared with any other officers of the Company, but the Company may not reduce benefits already earned and accrued
by, but not yet paid to, the Executive and (ii) the Company shall in no event be required to provide any benefits otherwise required by such clause 5.2(b)(ii) after such time as the Executive becomes entitled to receive benefits of the same
type and at least as favorable to the Executive from another employer or recipient of the Executive’s services (such entitlement being determined without regard to any individual waivers or other similar arrangements). 

  
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 (d) Notwithstanding any other provision of this Agreement, the Company shall not be required to
make the payments and provide the benefits provided for under Section 5.2(b) unless the Executive executes and delivers to the Company a waiver and release substantially in the form attached hereto as Exhibit B and such waiver and
release becomes effective and irrevocable within 21 days following the date of termination; provided, that the Company shall have provided the Executive with such waiver and release within 10 business days following the Executive’s
termination of employment. 
 (e) For purposes of this Agreement, “Change in Control” shall have the same meaning as
prescribed in the Equity Incentive Plan. 
 (f) No Mitigation. The Company agrees that, if the Executive’s employment is
terminated during the Term, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company. 

6. Covenants of the Executive. 

6.1 Covenant Against Competition; Other Covenants. The Executive acknowledges that (i) the principal business of the Company (which
expressly includes for purposes of this Section 6 (and any related enforcement provisions hereof), its successors and assigns) is to provide debt and equity financing for sustainable infrastructure projects that increase energy efficiency,
provide cleaner energy sources, positively impact the environment and make more efficient use of natural resources (such businesses, and any and all other businesses in which, at the time of the Executive’s termination, the Company is actively
and regularly engaged or actively pursuing, herein being collectively referred to as the “Business”); (ii) the Company is one of the limited number of persons who have developed such a business; (iii) the Company’s
Business is national in scope; (iv) the Executive’s work for the Company has given and will continue to give him access to the confidential affairs and proprietary information of the Company; (v) the covenants and agreements of the
Executive contained in this Section 6 are essential to the business and goodwill of the Company; and (vi) the Company would not have entered into this 

  
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Agreement but for the covenants and agreements set forth in this Section 6. Accordingly, the Executive covenants and agrees that: 

(a) By and in consideration of the salary and benefits to be provided by the Company hereunder, including the severance
arrangements set forth herein, and further in consideration of the Executive’s exposure to the proprietary information of the Company, the Executive covenants and agrees that, during the period commencing on the date hereof and ending 12 months
following the date upon which the Executive shall cease to be an employee of the Company and its affiliates (the “Restricted Period”), the Executive shall not in the Restricted Territory (as defined below), directly or
indirectly, whether as an owner, partner, shareholder, principal, agent, employee, consultant or in any other relationship or capacity, (i) engage in the Business (other than for the Company or its affiliates) or otherwise compete with the
Company or its subsidiaries in the Business or (ii) render to a person, corporation, partnership or other entity engaged in the Business the same services that the Executive renders to the Company; provided, however, that,
notwithstanding the foregoing, (A) the Executive may invest in securities of any entity, solely for investment purposes and without participating in the business thereof, if (x) such securities are listed on any national securities
exchange, (y) the Executive is not a controlling person of, or a member of a group which controls, such entity, and (z) the Executive does not, directly or indirectly, own 5% or more of any class of securities of such entity; and
(B) the Executive may continue to serve on any board of directors on which the Executive was serving as of the date of the Executive’s termination of employment; and (C) the Executive may be employed by or provide services for a
company (a “Conglomerate”) with multiple lines of businesses, including a line of business competitive with the Company, so long as the following conditions are satisfied: (w) the Conglomerate derives less than ten percent
(10%) of its total annual revenue from the line of business that is competitive with the Company (the “Competitive Division”), (x) the Executive is employed by or provides services to a line of business of Conglomerate
that is not competitive with the Company; and (y) the Executive does not perform services for the Competitive Division; and (z) the Executive (A) provides the Company with advance notice of such employment or service and
(B) informs the Conglomerate in writing of its obligations under this Section 6. 

  
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 For purposes of this Agreement, the “Restricted Territory” shall mean any
(i) state in the United States and (ii) foreign country or jurisdiction, in the case of clause (i) or (ii), in which the Company (x) is actively conducting the Business during the Term or (y) has initiated a plan adopted by
the Board to conduct the Business in the two years following the Term. 
 (b) During and after the Term, the Executive shall keep secret and
retain in strictest confidence, and shall not use for the Executive’s benefit or the benefit of others, except in connection with the business and affairs of the Company and its affiliates, all non-public confidential matters relating to the
Company’s Business and the business of any of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore or hereafter directly or indirectly from the Company or any of its affiliates (the
“Confidential Company Information”), and shall not disclose such Confidential Company Information to anyone outside of the Company except in the course of the Executive’s duties or with the CEO’s express written consent.
Confidential Company Information does not include information which is at the time of receipt or thereafter becomes publicly known through no wrongful act of the Executive or is received from a third party not under an obligation to keep such
information confidential and without breach of this Agreement or which is independently developed or obtained by the Executive on the Executive’s own time without reliance upon any confidential information of the Company or use of any Company
resources. Notwithstanding anything in this agreement to the contrary, the Executive may disclose Confidential Company Information where the Executive is required to do so by law, regulation, court order, subpoena, summons or other valid legal
process; provided, that the Executive, so long as legally permitted to do so, first (i) promptly notifies the Company, (ii) uses commercially reasonable efforts to consult with the Company with respect to and in advance of the
disclosure thereof, and (iii) reasonably cooperates with the Company to narrow the scope of the disclosure required to be made, in each case, solely at the Company’s expense. 

(c) During the Restricted Period, the Executive shall not, without the Company’s prior written consent, directly or indirectly,
(i) solicit or encourage to leave the employment or other service of the Company or any of its subsidiaries, any person or entity who is or was during the 6-month 

  
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period preceding the Executive’s termination of employment, an employee, agent or independent contractor of the Company or any of its subsidiaries. During the Restricted Period, the
Executive shall not, whether for the Executive’s own account or for the account of any other person, firm, corporation or other business organization, solicit for a competing business or intentionally interfere with the Company’s or any of
its subsidiaries’ relationship with, or endeavor to entice away from the Company for a competing business, any person who is or was during the 6-month period preceding the Executive’s termination of employment, a customer, client, agent,
or independent contractor of the Company or any of its subsidiaries. For purposes hereof, “customer” and “client,” as such terms relate to government customers, mean the program office to which the Company is or was
providing any goods or services as of the date hereof or during the one-year period prior to the date hereof. 
 (d) All memoranda, notes,
lists, records, property and any other tangible product and documents (and all copies thereof), whether visually perceptible, machine-readable or otherwise, made, produced or compiled by the Executive or made available to the Executive containing
Confidential Company Information (i) shall at all times be the property of the Company (and, as applicable, any affiliates) and shall be delivered to the Company at any time upon its request, and (ii) upon the Executive’s termination
of employment, shall be promptly returned to the Company. This section shall not apply to materials that the Executive possessed prior to the Executive’s business relationship with the Company, to the Executive’s personal effects and
documents, and to materials prepared by the Executive for the purposes of seeking legal or other professional advice. 
 (e) At no time
during the Executive’s employment by the Company or at any time thereafter shall the Executive or any representative of the Company publish any statement or make any statement under circumstances reasonably likely to become public that is
critical of the other party, or in any way otherwise be materially injurious to the Business or reputation of the other party, unless otherwise required by applicable law or regulation or by judicial order. 

  
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 6.2 Rights and Remedies upon Breach. 

(a) The parties hereto acknowledge and agree that any breach of any of the provisions of Section 6.1 or any subparts thereof (individually
or collectively, the “Restrictive Covenants”) may result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if either party breaches, or threatens to commit a breach of, any of
the provisions of Section 6.1 or any subpart thereof, the other party and its affiliates, in addition to, and not in lieu of, any other rights and remedies available to the other party and its affiliates under law or in equity (including,
without limitation, the recovery of damages), shall have the right and remedy to seek to have the Restrictive Covenants or other obligations herein specifically enforced (without posting bond and without the need to prove damages) by any court
having equity jurisdiction, including, without limitation, the right to seek an entry of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, whether or not then continuing, of such covenants. 

(b) The Executive agrees that the provisions of Section 6.1 of this Agreement and each subsection thereof are reasonably necessary for
the protection of the Company’s legitimate business interests and if enforced, will not prevent the Executive from obtaining gainful employment should the Executive’s employment with the Company end. The Executive agrees that in any action
seeking specific performance or other equitable relief, the Executive will not assert or contend that any of the provisions of this Section 6 are unreasonable or otherwise unenforceable as drafted. The existence of any claim or cause of action
by the Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of the Restrictive Covenants. 

7. Other Provisions. 
 7.1
Severability. The Executive acknowledges and agrees that (i) the Executive has had an opportunity to seek advice of counsel in connection with this Agreement and (ii) the Restrictive Covenants are reasonable in geographical and
temporal scope and in all other respects as drafted. If it is determined that any of the provisions of this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder
of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid portions. 

  
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 7.2 Duration and Scope of Covenants. If any court or other decision-maker of competent
jurisdiction determines that any of the Executive’s covenants contained in this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is unenforceable because of the duration or geographical scope of
such provision, then the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced. 

7.3 Enforceability; Jurisdiction; Arbitration. 

(a) The Company and the Executive intend to and hereby confer jurisdiction to enforce the Restrictive Covenants set forth in Section 6
upon the courts of any jurisdiction within the geographical scope of the Restrictive Covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of breadth of scope or otherwise it
is the intention of the Company and the Executive that such determination not bar or in any way affect the Company’s right, or the right of any of its affiliates, to the relief provided above in the courts of any other jurisdiction within the
geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective jurisdictions, such Restrictive Covenants as they relate to each jurisdiction’s being, for this purpose, severable, diverse
and independent covenants, subject, where appropriate, to the doctrine of res judicata. The parties hereby agree to waive any right to a trial by jury for any and all disputes hereunder (whether or not relating to the Restricted Covenants). 

(b) Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement (other than a controversy or claim
arising under Section 6, to the extent necessary for the Company (or its affiliates, where applicable) to avail itself of the rights and remedies referred to in Section 6.2) that is not resolved by the Executive and the Company (or its
affiliates, where applicable) shall be submitted to arbitration in Maryland in accordance with Maryland law and the employment arbitration rules and procedures of the American Arbitration Association, before an

  
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arbitrator experienced in employment disputes who is licensed to practice law in the State of Maryland. The determination of the arbitrator shall be conclusive and binding on the Company (or its
affiliates, where applicable) and the Executive and judgment may be entered on the arbitrator(s)’ award in any court having jurisdiction. The arbitration shall be held in Annapolis, Maryland. 

7.4 Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally,
sent by facsimile transmission or sent by certified, registered or express mail, or overnight courier, postage prepaid. Any such notice shall be deemed given when so delivered personally, sent by facsimile transmission or, if mailed, five days after
the date of deposit in the United States mails as follows: 
  

	 	(i)	If to the Company, to: 

 Hannon Armstrong Sustainable Infrastructure Capital, Inc. 

1906 Towne Centre Blvd 
 Suite
370 
 Annapolis, Maryland 21401 

Attention: General Counsel 
  

	 	(ii)	If to the Executive, to the address in the records of the Company. 

 Any such person may by notice given in
accordance with this Section 7.4 to the other parties hereto designate another address or person for receipt by such person of notices hereunder. 

7.5 Entire Agreement. This Agreement, together with the Indemnification Agreement and the Award Agreements contain the entire agreement
between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. 

7.6 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be
waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. Except as expressly provided herein, no delay on the part of any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the
exercise of any other such right, power or privilege. 

  
 16 

 7.7 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF MARYLAND WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND. 

7.8 Assignment. This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the Executive; any
purported assignment by the Executive in violation hereof shall be null and void. Except as otherwise provided by operation of law, in the event of any sale, transfer or other disposition of all or substantially all of the Company’s assets or
business, whether by merger, consolidation or otherwise, the Company may assign this Agreement and its rights hereunder, provided that the successor or purchaser agrees, as a condition of such transaction, to assume all of the Company’s
obligations hereunder. 
 7.9 Withholding. The Company shall be entitled to withhold from any payments or deemed payments any amount
of tax withholding it determines to be required by law. 
 7.10 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representatives. 
 7.11
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument.
Each counterpart may consist of two copies hereof each signed by one of the parties hereto. 
 7.12 Survival. Anything contained in
this Agreement to the contrary notwithstanding, the provisions of Sections 4, 5, 6, and 7, shall survive any termination of the Executive’s employment hereunder and continue in full force until performance of the obligations thereunder, if any,
in accordance with their respective terms. 

  
 17 

 7.13 Existing Agreements. The Executive represents to the Company that the Executive is
not subject or a party to any employment or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit the Executive from executing this Agreement or limit the Executive’s ability to
fulfill the Executive’s responsibilities hereunder. 
 7.14 Headings. The headings in this Agreement are for reference only and
shall not affect the interpretation of this Agreement. 
 7.15 Parachute Payments. If there is a change in ownership or control of
the Company that would cause any payment or distribution by the Company or any other person or entity to the Executive or for the Executive’s benefit (whether paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise) (a “Payment”) to be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) (such excise tax, together with any interest or
penalties incurred by the Executive with respect to such excise tax, the “Excise Tax”), then the Executive will receive the greatest of the following, whichever gives the Executive the highest net after-tax amount (after taking into
account federal, state, local and social security taxes): (a) the Payments or (b) one dollar less than the amount of the Payments that would subject the Executive to the Excise Tax (the “Safe Harbor Amount”). If a
reduction in the Payments is necessary so that the Payments equal the Safe Harbor Amount and none of the Payments constitutes non-qualified deferred compensation (within the meaning of Section 409A of the Code), then the reduction shall occur
in the manner the Executive elects in writing prior to the date of payment. If any Payment constitutes non-qualified deferred compensation or if the Executive fails to elect an order, then the Payments to be reduced will be determined in a manner
which has the least economic cost to the Executive and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when payment would have been made to the Executive, until the reduction is achieved. All determinations
required to be made under this Section 7.15, including whether and when the Safe Harbor Amount is required and the amount of the reduction of the Payments and the assumptions to be utilized in arriving at such determination, shall be made by a
certified public accounting firm designated by the Company (the “Accounting Firm”). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm shall be binding upon
Company and the Executive. 

  
 18 

 7.16 Section 409A Compliance. Any payments under this Agreement that are deemed to be
deferred compensation subject to the requirements of Section 409A of the Code are intended to comply with the requirements of Section 409A and this Agreement shall be interpreted accordingly. To this end and notwithstanding any other
provision of this Agreement to the contrary, if at the time of the Executive’s termination of employment with the Company, (i) the Company’s securities are publicly traded on an established securities market; (ii) Executive is a
“specified employee” (as defined in Section 409A); and (iii) the deferral of the commencement of any payments or benefits otherwise payable pursuant to this Agreement as a result of such termination of employment is necessary in
order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of such payments (without any reduction in amount ultimately paid or provided to the Executive) that are not paid within the
short-term deferral rule under Section 409A (and any regulations thereunder) or within the “involuntary separation” exemption of Treasury Regulation § 1.409A-1(b)(9)(iii). Such deferral shall last until the date that is six
months following the Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A). Any amounts the payment of which are so deferred shall be paid in a lump sum payment within 10 days
after the end of such deferral period. If the Executive dies during the deferral period prior to the payment of any deferred amount, then the unpaid deferred amount shall be paid to the personal representative of the Executive’s estate within
60 days after the date of the Executive’s death. For purposes of Section 409A, the Executive’s right to receive installment payments pursuant to this Agreement including, without limitation, each COBRA (Consolidated Omnibus Budget
Reconciliation Act) continuation reimbursement shall be treated as a right to receive a series of separate and distinct payments. The Executive will be deemed to have a date of termination for purposes of determining the timing of any payments or
benefits hereunder that are classified as deferred compensation only upon a “separation from service” within the meaning of Section 409A. Any amount that the Executive is entitled to be reimbursed under this Agreement will be

  
 19 

 
reimbursed to the Executive as promptly as practical and in any event not later than the last day of the calendar year after the calendar year in which the expenses are incurred, any right to
reimbursement or in kind benefits will not be subject to liquidation or exchange for another benefit, and the amount of the expenses eligible for reimbursement during any taxable year will not affect the amount of expenses eligible for reimbursement
in any other taxable year. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within 30 days following the date of termination”), the actual date of payment
within the specified period shall be within the sole discretion of the Company. 
 The parties agree to consider any amendments or
modifications to this Agreement or any other compensation arrangement between the parties, as reasonably requested by the other party, that is necessary to cause such agreement or arrangement to comply with Section 409A (or an exception
thereto), provided that such proposed amendment or modification does not change the economics of the agreement or arrangement and does not provide for any additional cost to either party. Notwithstanding the foregoing, the parties will not be
obligated to make any amendment or modification and the Company makes no representation or warranty with respect to compliance with Section 409A and shall have no liability to the Executive or any other person if any provision of this Agreement
or such other arrangement are determined to constitute deferred compensation subject to Section 409A that does not satisfy an exemption from, or the conditions of, such Section. 

[remainder of the page left purposefully blank] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above
written. 
  

			
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
		
	By:		 /s/ Jeffrey W. Eckel

	Name:		Jeffrey W. Eckel
	Title:		President and Chief Executive Officer
	
	DANIEL MCMAHON
	
	         /s/ Daniel McMahon

  
 21 

 EXHIBIT A 

[Purposefully Left Blank] 

  
 22 

 EXHIBIT B 

Form of Waiver and Release 

This Waiver and General Release of all Claims (this “Agreement”) is entered into by
[                    ] (the “Executive”) and Hannon Armstrong Sustainable Infrastructure Capital, Inc., a Maryland corporation (the
“Company”), effective as of [DATE] (the “Effective Date”). 
 In consideration of the promises set forth
in the Employment Agreement between the Executive and the Company, dated [            ], 2013 (the “Employment Agreement”), the Executive and the Company agree as follows:

 1. General Releases and Waivers of Claims. 

(a) Executive’s Release of Company. In consideration of the payments and benefits provided to the Executive under
Section 5.2(b) of the Employment Agreement and after consultation with counsel, the Executive (or the Executive’s estate, as applicable) hereby irrevocably and unconditionally releases and forever discharges the Company and its past,
present and future parent entities, subsidiaries, divisions, affiliates and related business entities, any of its or their successors and assigns, assets, employee benefit plans or funds, and any of its or their respective past, present and/or
future directors, officers, fiduciaries, agents, trustees, administrators, managers, supervisors, stockholders, employees and assigns, whether acting on behalf of the Company or in their individual capacities (collectively, “Company
Parties”) from any and all claims, actions, causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively, “Claims”), including, without
limitation, any Claims under any federal, state, local or foreign law, that the Executive (or the Executive’s estate, as applicable) may have, or in the future may possess, arising out of the Executive’s employment relationship with and
service as an employee, officer or director of the Company, and the termination of such relationship or service; provided, however, that the Executive (or the Executive’s estate, as applicable) does not release, discharge or waive
(A) any rights to payments and benefits provided under the Employment Agreement, (B) any right the Executive (or the Executive’s 

  
 23 

 
estate, as applicable) may have to enforce this Agreement, the Award Agreements or the Employment Agreement, (C) the Executive’s rights under the Indemnification Agreement and rights to
indemnification and advancement of expenses in accordance with the Company’s certificate of incorporation, bylaws or other corporate governance document, or any applicable insurance policy, (D) any claims for benefits under any employee
benefit or pension plan of the Company Parties subject to the terms and conditions of such plan and applicable law including, without limitation, any such claims under the Employee Retirement Income Security Act of 1974, or (E) any right or
claim that the Executive (or the Executive’s estate, as applicable) may have to obtain contributions as permitted by applicable law in an action in which both the Executive on the one hand or any Company Party on the other hand are held jointly
liable. 
 (b) Executive’s Specific Release of ADEA Claims. In further consideration of the payments and benefits provided to
the Executive under Section 5.2(b) of the Employment Agreement, the Executive hereby unconditionally release and forever discharge the Company Parties from any and all Claims that the Executive may have as of the date the Executive signs this
Agreement arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”). By signing this Agreement, the Executive hereby acknowledges and
confirms the following: (i) the Executive was advised by the Company in connection with the Executive’s termination to consult with an attorney of the Executive’s choice prior to signing this Agreement and to have such attorney
explain to the Executive the terms of this Agreement, including, without limitation, the terms relating to the Executive’s release of claims arising under ADEA, and the Executive has been given the opportunity to do so; (ii) the Executive
was given a period of not fewer than 21 days to consider the terms of this Agreement and to consult with an attorney of the Executive’s choosing with respect thereto; and (iii) the Executive knowingly and voluntarily accepts the terms of
this Agreement. The Executive also understands that the Executive has seven days following the date on which the Executive signs this Agreement within which to revoke the release contained in this paragraph, by providing the Company a written notice
of the Executive’s revocation of the release and waiver contained in this paragraph. 

  
 24 

 (c) No Assignment. The Executive (or the Executive’s estate, as applicable)
represents and warrants that the Executive (or the Executive’s estate, as applicable) has not assigned any of the Claims being released under this Agreement. 

2. Waiver of Relief. The Executive (or the Executive’s estate, as applicable) acknowledges and agrees that by virtue of the
foregoing, the Executive (or the Executive’s estate, as applicable) has waived any relief available to him/it (including without limitation, monetary damages and equitable relief, and reinstatement) under any of the Claims waived in paragraph
2. Therefore the Executive (or the Executive’s estate, as applicable) agrees that he/it will not accept any award or settlement from any source or proceeding (including but not limited to any proceeding brought by any other person or by any
government agency) with respect to any Claim or right waived in this Agreement. Nothing in this Agreement shall be construed to prevent the Executive (or the Executive’s estate, as applicable) from cooperating with or participating in an
investigation conducted by, any governmental agency, to the extent required or permitted by law. 
 3. Severability Clause. In the
event any provision or part of this Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Agreement, will be inoperative. 

4. Non-admission. Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or liability on the
part of the Company or any other Company Party or the Executive. 
 5. Governing Law. All matters affecting this Agreement, including
the validity thereof, are to be governed by, and interpreted and construed in accordance with, the laws of the State of Maryland applicable to contracts executed in and to be performed in that State. 

6. Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be resolved in accordance with
Section 7.3 of the Employment Agreement. 
 7. Notices. All notices or communications hereunder shall be made in accordance with
Section 7.4 of the Employment Agreement. 

  
 25 

 THE EXECUTIVE (OR THE EXECUTIVE’S ESTATE, AS APPLICABLE) ACKNOWLEDGES THAT THE EXECUTIVE
HAS READ THIS AGREEMENT AND THAT HE/IT FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT HE/IT HEREBY EXECUTES THE SAME AND MAKES THIS AGREEMENT AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HIS/ITS OWN FREE
WILL. 
  

			
	DANIEL MCMAHON
	
	  

	
	Date:                    
	
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 26Exhibit 10.1

 Exhibit 10.1 

EXECUTION COPY 
 COLLATERAL
SUBSTITUTION, RELEASE, AND CONVEYANCE AGREEMENT 
 This Collateral Substitution, Release, and Conveyance Agreement is dated as of
August 6, 2015 (this “Agreement”), by and among General Electric Capital Corporation (“GECC”), as Administrative Agent, Lender, Swing Line Lender and LC Lender under the Credit Agreement (defined below), ANR
Second Receivables Funding, LLC (the “SPE Borrower”), as Borrower under the Credit Agreement, Alpha Coal Sales Co., LLC, as originator (in such capacity, the “Originator”) and as servicer (in such capacity, the
“Servicer”) under the Credit Agreement, and Alpha Natural Resources, Inc. (the “Parent”). This Agreement is acknowledged and consented to by GE Asset Based Master Note LLC (“GEABMN”), as a Lender
under the Credit Agreement, and Webster Business Credit Corporation (“WBCC”), as LC Lender and Lender under the Credit Agreement. 

RECITALS 

A. The SPE Borrower, GECC, GEABMN and WBCC are parties to (i) the Credit and Security Agreement, dated as of September 19, 2014 (as
heretofore amended, the “Credit Agreement”), by and between the SPE Borrower, as borrower, the financial institutions signatory thereto as Lenders, GECC, as Administrative Agent, Lender, Swing Line Lender and LC Lender, and WBCC and
(ii) certain other Transaction Documents (as defined in the Credit Agreement). Capitalized terms used herein but not defined herein have the meanings ascribed thereto in the Credit Agreement. 

B. Pursuant to the Receivables Sale Agreement, dated as of September 19, 2014, by and between the SPE Borrower and the Originator, the
Originator conveyed to the SPE Borrower certain Receivables originated by it (including, without limitation, all interests in and relating to such Receivables, which interests were conveyed by the Sellers to the Originator pursuant to the Sale
Agreement, dated as of September 19, 2014, by and among the sellers party thereto and the Originator). As part of the consideration for its purchases of the Receivables from the Originator, the SPE Borrower, from time to time, caused the
LC Lenders to issue Letters of Credit on behalf of the Originator or one or more of its affiliates pursuant to the terms of the Credit Agreement. The Receivables and their proceeds are the exclusive property of the SPE Borrower. 

C. The Servicer and the SPE Borrower are parties to that certain Servicing Agreement, dated as of September 19, 2014 (the
“Servicing Agreement”), pursuant to which the Servicer has instructed all obligors with respect to the Receivables to make payments in respect of the Receivables only (i) by check or money order mailed to a post office box in
the name of the Borrower (the “Lockbox”) or (ii) by wire transfer or moneygram directly to a bank account in the name of the SPE Borrower (the “Lockbox Account”). Collections received into the Lockbox Account
are deposited directly into the Collection Account and applied pursuant to Section 2.8(c) of the Credit Agreement. 
 D. On
August 3, 2015 (the “Petition Date”), each of the Originator, the Servicer, the Parent, and certain of their affiliates other than the SPE Borrower (collectively, the “Debtors”) filed voluntary petitions
(collectively, the “Petition”) for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) with the United States Bankruptcy 

 
Court for the Eastern District of Virginia (the “Bankruptcy Court”). Pursuant to an order of the Bankruptcy Court, the Debtors’ chapter 11 cases are being jointly
administered under Case No. 15-33896 (KRH) (the “Chapter 11 Cases”). 
 E. The commencement of the Chapter 11 Cases by
the Debtors constitutes a Termination Event under the Credit Agreement and, as a result, an Event of Servicer Termination under the Servicing Agreement. Upon the occurrence of a Termination Event, the Administrative Agent may declare the Facility
Maturity Date and an Account Control Event to have occurred. 
 F. Upon and after the occurrence of such Termination Event, (a) the
Lenders and the LC Lenders have no further commitment to provide any financial accommodations under the Credit Agreement, (b) the SPE Borrower has no further obligation under the Transaction Documents to purchase or acquire new Receivables, and
(c) the SPE Borrower is not permitted to, and shall not purchase or acquire any new Receivables. As of the Petition Date, the outstanding amount of Receivables owned by the SPE Borrower totaled approximately $207,180,916, and the SPE Borrower
had cash in the Lockbox Account in the aggregate amount of $1,000,000. 
 G. On each Business Day while a Termination Event is continuing,
the Credit Agreement requires that Collections be deposited (in accordance with the priority of payments in Section 2.8(c) of the Credit Agreement) into the LC Collateral Account until the amount on deposit in such account is equal to the
product of (i) the undrawn amounts of all outstanding Letters of Credit and (ii) 1.05. As of the date hereof, Letters of Credit in the undrawn face amount of $102,790,766 are issued and outstanding. 

H. The Debtors propose to enter into that certain Superpriority Secured Debtor-in-Possession Credit Agreement dated as of August 6, 2015
by and among the Parent, the Debtors party thereto, the Lenders party thereto and Citibank, N.A., as Administrative Agent and Collateral Agent (the “DIP Credit Agreement”). In connection with the financing provided under the DIP
Credit Agreement, the Debtors have requested GECC, GEABMN, WBCC and the SPE Borrower to amend the Credit Agreement to allow, subject to the terms and conditions set forth herein, (1) the substitution of the Back-to-Back LC (as hereinafter
defined) in lieu of deposits of Collections into the LC Collateral Account and (2) on or after the Release Date (as hereinafter defined), the conveyance to the Originator of the Receivables, all proceeds of the Receivables, the Lockbox and the
SPE Borrower’s interest in the Lockbox Account and the Collection Account. 
 I. As provided herein, the Originator and the Parent
shall cause the Back-to-Back LC to be issued to GECC, as Administrative Agent under the Credit Agreement. As consideration for the agreement of GECC, the Lenders and the LC Lenders to accept the Back-to-Back LC and release Borrower Collateral under
the terms of this Agreement, the SPE Borrower agrees that GECC may retain cash proceeds of the Receivables in an amount equal to $5,140,000 as provided in Paragraph 6 to secure the obligations of the SPE Borrower to pay Fees, including, without
limitation, Fees due to the Administrative Agent and each Lender, LC Lender Fees and fronting fees due to LC Lenders, Reimbursement Obligations, and those obligations that survive the termination of the Credit Agreement and the other Transaction
Documents on the Release Date. 

  
 2 

 AGREEMENT 

1. Incorporation of Recitals. The above recitals are hereby made a part of the Agreement, and the SPE Borrower, the Servicer, the
Originator and the Parent finally and irrevocably admit, stipulate, acknowledge, and agree that each of the Recitals is true and correct. In addition, the SPE Borrower, the Servicer, the Originator and the Parent finally and irrevocably admit,
stipulate, acknowledge, and agree that the SPE Borrower has no further obligation under the Transaction Documents to purchase or acquire new Receivables, and the SPE Borrower agrees that it shall not purchase or acquire any new Receivables under the
Transaction Documents. 
 2. SPE Borrower’s Bank Accounts. Except as provided herein, from and after the Petition Date, neither
the SPE Borrower nor the Servicer shall deposit any funds representing proceeds of Receivables (including, for the avoidance of doubt, amounts received by the SPE Borrower pursuant to Section 2.8(c)(x) of the Credit Agreement) into any
account other than the Lockbox Account or the Collection Account. 
 3. Back-to-Back Letter of Credit. The Originator will cause to
be issued and delivered to GECC, as Administrative Agent for the benefit of the LC Lenders, a letter of credit issued by Citibank, N.A., as the letter of credit issuing bank under the DIP Credit Agreement, in form and substance conforming to the
form attached hereto as Exhibit A (the “Back-to-Back LC”) in the face amount of $107,930,304.30. GECC’s receipt of the Back-to-Back LC shall be deemed to satisfy the requirement under Section 2.8 of the Credit
Agreement to cash collateralize the Letters of Credit. The SPE Borrower, the Parent and the Originator hereby covenant to the Administrative Agent that they will use commercially reasonable efforts to replace the outstanding Letters of Credit as
soon as practicable. GECC agrees not to draw on the Back-to-Back LC (i) with respect to any amount representing the Administration Fee (as defined in the Back-to-Back LC) unless the SPE Borrower, the Originator or the Parent has failed to pay
such Administration Fee on the date due in accordance with Exhibit B hereto and (ii) with respect to any other amount (other than Reimbursement Obligations arising from a drawing under a Letter of Credit) unless the SPE Borrower, the Originator
or the Parent has failed to pay such amount on or before the first Business Day following the Business Day on which GECC invoices the SPE Borrower (with a copy to the Originator and the Parent) for such amount. 

4. Waiver of Event of Servicer Termination and Account Control Event; Agreement to Continue Servicing. (a) GECC, GEABMN and WBCC
hereby waive any Event of Servicer Termination resulting from the filing of the Petition. Furthermore, for so long as there is no breach of this Agreement by the SPE Borrower, the Originator, the Servicer or the Parent, GECC and WBCC hereby agree to
forbear from sending a notice to the Account Bank or the Lockbox Processor that any Account Control Event has occurred as a result of the filing of the Petition. 

(b) The Servicer hereby agrees to continue performing all of its obligations as Servicer under the Servicing Agreement and to continue to be
bound under the terms thereof until the 

  
 3 

 
Release Date (as defined in Paragraph 7 hereof). The Servicer further acknowledges and agrees that all funds constituting proceeds of Receivables that are from time to time on deposit in the
Lockbox Account are to be deposited into the Collection Account on each Business Day. In addition, to the extent that the Servicer determines that funds received in the Lockbox Account or the Lockbox do not constitute proceeds of Receivables, the
Servicer shall promptly advise the Administrative Agent, and the Administrative Agent will, by the end of the Business Day following the Business Day on which the Servicer has advised the Administrative Agent of such funds, direct the release
thereof from the Collection Account to an account designated by the Originator. 
 5. Application of Collections. The SPE Borrower,
the Administrative Agent, the undersigned Lenders, and the LC Lenders hereby amend Section 2.8(c)(vi) of the Credit Agreement by deleting the text thereof in its entirety and replacing it with the following: 

“(vi) sixth, if (A) the Facility Maturity Date has occurred or any Termination Event or Incipient Termination Event has
occurred and is continuing and (B) the LC Participation Amount is greater than $0, to the LC Collateral Account for the benefit of the LC Lenders and the Lenders, until the amount on deposit in the LC Collateral Account is equal to the LC
Deposit Amount; provided, with respect to this clause (B), that if the Back-to-Back LC (as defined in the Collateral Substitution, Release and Conveyance Agreement dated as of August 6, 2015 (the “CSRCA”)) has
been delivered to the Administrative Agent on or before such day, then all amounts on deposit in the LC Collateral Account and the Specified Account shall (x) first, be paid to the Administrative Agent to reduce the amount of any unpaid
Reimbursement Obligations and unpaid fees and expenses of the Administrative Agent as of such date to zero, (y) second, be paid to the Administrative Agent on account of the Retained Amount (as defined in the CSRCA) to the extent that the
aggregate amounts previously paid to the Administrative Agent pursuant to this clause (y) on any prior day are less than the Retained Amount, and (z) third, paid to the Borrower for conveyance to the Originator in accordance with
Paragraph 8 of the CSRCA;” 
 6. Retained Amount. As additional consideration for the agreement of GECC, the Lenders and the LC
Lenders to accept the Back-to-Back LC and release Borrower Collateral under the terms of this Agreement, the SPE Borrower agrees that GECC may retain cash proceeds of the Receivables in an amount equal to $5,140,000 (the “Retained
Amount”) to secure the obligations of the SPE Borrower, including, without limitation, the SPE Borrower’s obligation to pay Fees, including, without limitation, Fees due to the Administrative Agent and each Lender, LC Lender Fees and
fronting fees due to LC Lenders, Reimbursement Obligations, and those obligations that survive the termination of the Credit Agreement and the other Transaction Documents on the Release Date. The SPE Borrower agrees that the security interest of the
Administrative Agent under the Credit Agreement shall continue in the Retained Amount after any release of other collateral pursuant to Paragraph 7. The Administrative Agent shall deposit funds representing the Retained Amount in a segregated
deposit account or other account 

  
 4 

 
of the Administrative Agent to be held as collateral for such obligations. Any portion of the Retained Amount that has not been applied to pay such obligations as of the later of (i) the
effective date of the Debtors’ plan of reorganization in the Chapter 11 Cases and (ii) the second (2nd) anniversary of the Petition Date shall be returned to the Originator by the Administrative Agent on such date without further
demand required therefor or other action required with respect thereto; provided, however, if any suits, actions, proceedings or claims are pending or threatened against any Indemnified Person asserting any damages, losses or
liabilities that are Indemnified Amounts, then the Administrative Agent may continue to hold the Retained Amount as collateral until the resolution of any such suit, action, proceeding or claim at which time such Retained Amounts may be applied to
any Indemnified Amounts then owing. Upon the return of the portion of the Retained Amount to the Originator by the Administrative Agent pursuant hereto, the security interest of the Administrative Agent in the Retained Amount or any portion thereof
shall be automatically released on such date. 
 7. Release of Borrower Collateral. Each of the Administrative Agent, the Lenders and
the LC Lenders hereby agrees that upon (and only upon) the occurrence of the Release Date (as defined below), the Borrower Collateral shall be released as follows: 

(a) Automatically and without further action, any and all of the Administrative Agent’s security interests in and liens on the Borrower
Collateral (other than the cash proceeds thereof constituting the Retained Amount) granted by or arising under the Credit Agreement or any other Transaction Document shall be terminated, released and discharged. 

(b) Except as expressly provided herein and for those provisions of the Credit Agreement and the Transaction Documents that by their terms
expressly survive the termination or discharge thereof, the Credit Agreement and the other Transaction Documents shall, without further action, automatically terminate and be of no further force or effect, and the SPE Borrower, the Originator, the
Parent, and the Sellers shall have no further obligations, liabilities, and indebtedness of any kind to the Administrative Agent or the Secured Parties arising under or in connection with the Credit Agreement or the Transaction Documents, and shall
be released and discharged from any and all obligations, covenants and agreements under the Credit Agreement and the Transaction Documents. For the avoidance of doubt, the Back-to-Back LC shall survive such termination and discharge. 

(c) The SPE Borrower and the Servicer are authorized to prepare all UCC termination statements, amendments, and releases as the SPE Borrower
or the Servicer may reasonably deem necessary or desirable in connection with the termination of the security interests and liens set forth in Paragraph 7(a) above, and to file such UCC termination statements, amendments, and releases on or after
the Release Date. 
 (d) Without limiting the foregoing, all remaining Receivables and proceeds of Receivables, including all funds held in
the Collection Account and the LC Collateral Account, shall be released to the SPE Borrower for conveyance to the Originator in accordance with Paragraph 8 hereof. 

  
 5 

 The “Release Date” is the later of (1) the date on which the Back-to-Back
LC has been issued and delivered to GECC and (2) the date the Administrative Agent has received the full Retained Amount. 
 8.
Conveyance of Receivables, Proceeds, and Bank Account by the SPE Borrower to the Originator. Any amounts released to the SPE Borrower pursuant to Section 2.8(c)(vi) of the Credit Agreement (as amended by this Agreement) or pursuant to
Paragraph 6 or 7 hereof shall be conveyed to the Originator, and the Servicer shall promptly transfer such amounts to an account designated by the Originator. On the Release Date, at the request of the Originator, the SPE Borrower shall take all
actions as may be necessary to assign the Lockbox Account to the Originator and transfer the Lockbox Account into the name of the Originator and to take any and all other actions as may be necessary or appropriate at the request of the Originator to
transfer ownership of the Receivables and the proceeds thereof to the Originator. 
 9. Further Assurances. At the request of the SPE
Borrower or the Servicer, the Administrative Agent shall promptly execute and/or endorse such additional instruments and other writings, and take such other action, as the SPE Borrower or the Servicer may reasonably request to effect or evidence the
satisfaction of the Borrower Obligations, the termination of the Credit Agreement and the other Transaction Documents, or the release of any liens or security interests in favor of the Administrative Agent referred to in Paragraph 7(a) above. The
Administrative Agent shall not be required to take any additional actions unless and until it receives from the SPE Borrower the Retained Amount in full. 

10. No Release of Rights. Except as provided in this Agreement, prior to the Release Date all the terms and conditions of the Credit
Agreement and the other Transaction Documents, including, without limitation, all rights and remedies of the Administrative Agent and the other Secured Parties thereunder shall continue in full force and effect. The parties hereto agree that on the
Release Date, a Termination Date with respect to the Transaction Documents shall be deemed to have occurred. 
 11. Conditions to
Effectiveness. This Agreement shall be effective upon satisfaction of the following conditions: 
 (a) Each of the parties has executed
a counterpart to this Agreement. 
 (b) Other than the Chapter 11 Cases, there shall exist no action, suit, investigation, litigation or
proceeding affecting the SPE Borrower, the Originator, the Servicer, any Seller or the Parent pending or threatened before any Governmental Authority that purports to affect the legality, validity or enforceability of this Agreement or the
transactions to be effected hereby. 
 12. Representations and Warranties. Each party hereto represents and warrants as follows: 

(a) Authorization. The execution, delivery and performance of this Agreement by such party have been duly authorized by all necessary
corporate or limited liability company action (as applicable). 

  
 6 

 (b) No Conflict. The execution, delivery and performance of this Agreement by such party
do not and will not (i) contravene such party’s charter or by-laws or its limited liability company or operating agreement, as applicable or any applicable law, or (ii) result in or require the creation of any lien upon or with
respect to any of its properties. 
 (c) Enforceability. This Agreement is a legal, valid and binding obligation of such party,
enforceable against such party in accordance with its terms. 
 13. Amendments. This agreement may be amended, modified or waived
only in a writing signed by each of the parties hereto. 
 14. Counterparts; Headings. This agreement may be executed by each party
hereto on a separate counterpart, each of which when so executed and delivered shall be an original, but all of which together shall constitute one agreement. Delivery of an executed counterpart by facsimile or electronic mail shall be equally
effective as delivery of an original executed counterpart. Headings in this Agreement are for reference only and shall not form part of this Agreement. 

15. Binding Effect. This Agreement shall be binding on and shall inure solely to the benefit of the parties hereto and their respective
successors and assigns, and no other Person shall have any rights herein as a third party beneficiary or otherwise. 
 16.
Assignment. Neither party may assign this Agreement or any interest in this Agreement or delegate any obligations under this Agreement without the prior written consent of the other party; provided that GECC may assign this Agreement or
any interest in this Agreement, or delegate any obligations under this Agreement in connection with an assignment or delegation of any right, title or interest under the Credit Agreement or any Transaction Document that is (i) permitted under
the terms of the Credit Agreement or (ii) to any affiliate of GECC. 
 17. Notices. All notices under this Agreement shall be
effective if delivered in the manner and at the applicable address specified for such party in the Transaction Documents, with copy provided to the Office of the United States Trustee for Region 4, counsel to the Debtors, and counsel to the lenders
under the DIP Credit Agreement. 
 18. Governing Law; Jury Trial Waiver; Jurisdiction. 

(a) This Agreement shall be governed by and construed in accordance with the law of the State of New York. 

(b) EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (c) Each of the parties hereto hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Bankruptcy Court, in any action 

  
 7 

 
or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and determined by the Bankruptcy Court; provided, however, if it is determined that the Bankruptcy Court does not have jurisdiction, or the Bankruptcy Court declines to exercise
jurisdiction, the parties hereto hereby irrevocably and unconditionally submit to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any
thereof. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction. 

(d) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(e) Each party hereto irrevocably consents to service of process in the manner provided for notices in Paragraph 17 hereof. Nothing in this
Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 
 [Remainder of
Page Intentionally Left Blank] 

  
 8 

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

			
	GENERAL ELECTRIC CAPITAL CORPORATION, as Administrative Agent, Lender, Swing Line Lender and LC Lender under the Credit Agreement
		
	By:	 	 /s/ Phillip F. Carfora

	Name:	 	Phillip F. Carfora
	Title:	 	Duly Authorized Signatory

  
 9 

 
			
	ANR SECOND RECEIVABLES FUNDING, LLC, as Borrower under the Credit Agreement
		
	By:	 	 /s/ Philip J. Cavatoni

	Name:	 	Philip J. Cavatoni
	Title:	 	VP & Treasurer

 
			
	ALPHA COAL SALES CO., LLC, as Originator and as Servicer
		
	By:	 	 /s/ Philip J. Cavatoni

	Name:	 	Philip J. Cavatoni
	Title:	 	VP & Treasurer

 
			
	ALPHA NATURAL RESOURCES, INC.
		
	By:	 	 /s/ Philip J. Cavatoni

	Name:	 	Philip J. Cavatoni
	Title:	 	EVP, Chief Financial and Strategy Officer

					
	ACKNOWLEDGED AND AGREED TO BY:
	
	WEBSTER BUSINESS CREDIT CORPORATION, as LC Lender and as Lender
		
	By:	 	 /s/ Harvey Winter

		 	Name:	 	Harvey Winter
		 	Title:	 	Senior Vice President

					
	GE ASSET BASED MASTER NOTE LLC,
	as LC Lender and as Lender
		
	By:	 	 /s/ Philip F. Carfora

		 	Name:	 	Philip F. Carfora
		 	Title:	 	Duly Authorized Signatory

 EXHIBIT A 

BACK-TO-BACK LC 

 (Citibank, N.A.’s Letterhead) 

IRREVOCABLE LETTER OF CREDIT NO. [XXXXXXXX] 

AUGUST 6, 2015 
 BENEFICIARY: 

GENERAL ELECTRIC CAPITAL CORPORATION, AS ADMINISTRATIVE AGENT 

500 WEST MONROE, 10.E.232 
 CHICAGO, IL 60661 

ATTN: STRUCTURED OPERATIONS LETTER OF CREDIT TEAM 
 APPLICANT:

 ALPHA NATURAL RESOURCES, INC. 
 ON BEHALF OF ALPHA COAL
SALES CO., LLC 
 C/O ALPHA SECOND RECEIVABLES FUNDING LLC 
 ONE
ALPHA PLACE 
 BRISTOL, VA 24202 
 ATTN: JODI MARKO 

(276) 739-4961 
 LADIES AND GENTLEMEN: 

WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. [XXXXXXXX] IN FAVOR OF GENERAL ELECTRIC CAPITAL CORPORATION, AS ADMINISTRATIVE AGENT
(“BENEFICIARY”) FOR THE ACCOUNT OF ALPHA NATURAL RESOURCES, INC. (“APPLICANT”) ON BEHALF OF ALPHA COAL SALES CO., LLC A SUBSIDIARY OF ALPHA NATURAL RESOURCES INC. FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE USD107,930,304.30
(ONE HUNDRED SEVEN MILLION NINE HUNDRED THIRTY THOUSAND THREE HUNDRED FOUR DOLLARS AND 30/100 U.S. DOLLARS, AS THE SAME MAY BE REDUCED FROM TIME TO TIME AS PROVIDED BELOW (THE “STATED AMOUNT”). THIS LETTER OF CREDIT IS EFFECTIVE
IMMEDIATELY AND WILL EXPIRE AT OUR COUNTERS ON ONE YEAR FROM THE DATE OF ISSUANCE (THE “EXPIRATION DATE”). 
 PAYMENT UNDER THIS LETTER OF CREDIT
IS AVAILABLE AGAINST PRESENTATION OF THE FOLLOWING DOCUMENTS: 
  

	 	1.	A DRAFT DRAW ON US AT SIGHT MARKED “DRAWN UNDER CITIBANK, N.A. STANDBY LETTER OF CREDIT NO. [XXXXXXXX]. 

  

	 	2.	 BENEFICIARY’S SIGNED AND DATED STATEMENT WORDED AS FOLLOWS: “WE HEREBY DEMAND USD (INSERT AMOUNT) UNDER CITIBANK, N.A. STANDBY LETTER OF
CREDIT NO. [XXXXXXXX] WHICH AMOUNT REPRESENTS FUNDS DUE AND OWING TO BENEFICIARY (i) IN 

			
	LETTER OF CREDIT NO. [XXXXXXXX]	  	DATE: AUGUST 6, 2015

  

	 	
REIMBURSEMENT OF PAYMENT BY BENEFICIARY IN RESPECT OF A DRAWING AND/OR PAYMENT OF EXPENSES, FEES AND CHARGES UNDER OUTSTANDING LETTER OF CREDIT NO(S). (INSERT APPROPRIATE NUMBER(S) FROM EXHIBIT A
TO THIS LETTER OF CREDIT), (ii) IN RESPECT OF ADMINISTRATION FEES, OR (iii) IN REIMBURSEMENT OF OUT-OF-POCKET EXPENSES (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES AND DISBURSEMENTS) RELATING TO THE BENEFICIARY’S
ADMINISTRATION OF, AND OBLIGATIONS IN RESPECT OF, ALL OR ANY OF THE LETTERS OF CREDIT LISTED ON EXHIBIT A TO CITIBANK, N.A. STANDBY LETTER OF CREDIT NO. [XXXXXXXX]. 

OR 
 WE HEREBY DEMAND USD (INSERT
AMOUNT) UNDER CITIBANK, N.A. STANDBY LETTER OF CREDIT NO. [XXXXXXXX] AS WE RECEIVED NOTICE THAT THE LETTER OF CREDIT WILL NOT BE EXTENDED FOR AN ADDITIONAL PERIOD AND THE FOLLOWING LETTER OF CREDIT NO(S). (INSERT APPROPRIATE NUMBER(S) FROM EXHIBIT A
TO THIS LETTER OF CREDIT) REMAIN OUTSTANDING. WE HEREBY AGREE THAT SHOULD ANY PORTION OF THE AMOUNT DEMANDED NOT BE NEEDED OR USED WITH REGARDS TO OBLIGATIONS UNDER, OR IN RESPECT OF, THE CITED LETTERS OF CREDIT WE WILL REFUND SUCH UNUSED FUNDS TO
YOU.” 
 DEMAND(S) FOR PAYMENT MAY ALSO BE MADE BY FACSIMILE TRANSMISSION TO
                     OR SUCH OTHER FAX NUMBER AS CITIBANK, N.A. MAY IDENTIFY IN A WRITTEN NOTICE TO YOU. TO THE EXTENT PRESENTATION IS MADE BY
FACSIMILE TRANSMISSION YOU MUST PROVIDE TELEPHONE NOTIFICATION THEREOF TO CITIBANK, N.A AT TELEPHONE NUMBER:                      PRIOR TO OR
SIMULTANEOUSLY WITH THE SENDING OF SUCH FACSIMILE TRANSMISSION. HOWEVER, THE ABSENCE OF SUCH TELEPHONE CONFIRMATION AS DESCRIBED ABOVE DOES NOT AFFECT OUR OBLIGATION TO HONOR SUCH DRAWING, IF SUCH DRAWING IS OTHERWISE IN COMPLIANCE WITH THE TERMS
AND CONDITIONS OF THIS LETTER OF CREDIT. IF DEMAND FOR PAYMENT IS MADE BY FAX, PRESENTATION OF ORIGINAL DOCUMENTS IS NOT REQUIRED. 
 PARTIAL AND MULTIPLE
DRAWINGS ARE PERMITTED. 
 IF A DRAWING IS RECEIVED BY CITIBANK, N.A. AT OR PRIOR TO 11:00 A.M. EASTERN STANDARD TIME ON A BUSINESS DAY, AND PROVIDED THAT
SUCH DRAWING CONFORMS TO THE TERMS AND CONDITIONS HEREOF, PAYMENT OF THE DRAWING AMOUNT SHALL BE MADE TO BENEFICIARY IN IMMEDIATELY AVAILABLE FUNDS ON THE NEXT BUSINESS DAY. IF A DRAWING IS RECEIVED BY CITIBANK, N.A. AFTER 11:00 A.M. EASTERN
STANDARD TIME, ON A BUSINESS DAY, AND PROVIDED THAT SUCH DRAWING CONFORMS TO THE TERMS AND 

			
	LETTER OF CREDIT NO. [XXXXXXXX]	  	DATE: AUGUST 6, 2015

  

 
CONDITIONS HEREOF, PAYMENT OF THE DRAWING AMOUNT SHALL BE MADE TO BENEFICIARY IN IMMEDIATELY AVAILABLE FUNDS ON THE SECOND FOLLOWING BUSINESS DAY. 

IF A DEMAND FOR PAYMENT BY YOU HEREUNDER DOES NOT, IN ANY INSTANCE CONFORM TO THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT, WE WILL GIVE PROMPT NOTICE
THAT THE DEMAND FOR PAYMENT WAS NOT EFFECTED IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT, WE WILL STATE THE REASONS THEREFOR AND WILL, UPON YOUR INSTRUCTIONS, HOLD ANY DOCUMENTS AT YOUR DISPOSAL OR RETURN THE SAME TO YOU.
UPON BEING NOTIFIED THAT THE DEMAND FOR PAYMENT WAS NOT EFFECTED IN CONFORMITY WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT, YOU MAY ATTEMPT TO CORRECT ANY SUCH NON-CONFORMING DEMAND FOR PAYMENT TO THE EXTENT THAT YOU ARE ABLE TO DO SO ON
OR BEFORE THE EXPIRATION DATE. 
 THIS LETTER OF CREDIT EXPIRES AT THE BELOW OFFICE ON AUGUST 6, 2016. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT SUCH
EXPIRATION DATE SHALL BE DEEMED AUTOMATICALLY EXTENDED, WITHOUT AMENDMENT, FOR ONE YEAR PERIODS TO AUGUST 6 IN EACH SUCCEEDING CALENDAR YEAR, UNLESS AT LEAST NINETY (90) DAYS PRIOR TO SUCH EXPIRATION DATE WE SEND WRITTEN NOTICE TO YOU AT YOUR
ADDRESS ABOVE BY OVERNIGHT COURIER OR REGISTERED MAIL THAT WE ELECT NOT TO EXTEND THE EXPIRATION DATE OF THIS LETTER OF CREDIT BEYOND THE DATE SPECIFIED IN SUCH NOTICE. 

IT IS A FURTHER CONDITION OF THIS LETTER OF CREDIT THAT IF THE EXPIRATION DATE OF ANY LETTER OF CREDIT LISTED ON EXHIBIT A IS EXTENDED AS A RESULT OF ANY
INTERRUPTION OF THE RELATED ISSUING BANK’S BUSINESS OR OTHER CLOSURE (ANY SUCH LETTER OF CREDIT, AN “EXTENDED LC”), THEN, WITH RESPECT TO DRAWS HEREUNDER RELATING TO SUCH EXTENDED LC THE EXPIRATION DATE OF THIS LETTER OF CREDIT SHALL
BE EXTENDED UNTIL THE THIRTIETH (30TH) DAY AFTER THE EXTENDED EXPIRATION DATE OF SUCH EXTENDED LC PROVIDED YOU NOTIFY US IN WRITING ABOUT SUCH EXTENSION OF YOUR LETTERS OF CREDIT. 

IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT IS TRANSFERABLE AND MAY BE TRANSFERRED IN ITS ENTIRETY, BUT NOT IN PART, AND MAY BE SUCCESSIVELY
TRANSFERRED BY YOU OR ANY TRANSFEREE HEREUNDER TO A SUCCESSOR TRANSFEREE(S). TRANSFER UNDER THIS LETTER OF CREDIT TO SUCH TRANSFEREE SHALL BE EFFECTED UPON PRESENTATION TO US OF THE ORIGINAL OF THIS LETTER OF CREDIT AND ANY AMENDMENTS HERETO

			
	LETTER OF CREDIT NO. [XXXXXXXX]	  	DATE: AUGUST 6, 2015

  

 
ACCOMPANIED BY A REQUEST DESIGNATING THE TRANSFEREE IN THE FORM OF EXHIBIT C ATTACHED HERETO APPROPRIATELY COMPLETED, ALONG WITH PAYMENT OF 1/4 OF ONE PERCENT (MINIMUM $100) AS A TRANSFER FEE.

 AS USED IN THIS LETTER OF CREDIT, “ADMINISTRATION FEE” MEANS AN AMOUNT EQUAL TO THE PRODUCT OF (I) 2.25%, (II) ONE-TWELFTH, (III) THE
LESSER OF (X) 1.0 AND (Y) A FRACTION, THE NUMERATOR OF WHICH IS THE NUMBER OF DAYS SUCH LETTER OF CREDIT WAS OUTSTANDING DURING THE PRECEDING CALENDAR MONTH AND THE DENOMINATOR OF WHICH IS 30, AND (IV) THE AGGREGATE FACE AMOUNT OF SUCH
LETTER OF CREDIT. 
 UPON OUR RECEIPT OF YOUR WRITTEN STATEMENT OF A REDUCTION AUTHORIZATION IN THE FORM OF EXHIBIT B HERETO, APPROPRIATELY COMPLETED, THE
THEN STATED AMOUNT AVAILABLE FOR DRAWING UNDER THIS LETTER OF CREDIT SHALL BE REDUCED AUTOMATICALLY, WITHOUT AMENDMENT, BY THE AMOUNT SET FORTH IN SUCH REDUCTION CERTIFICATE EFFECTIVE UPON THE DATE OF ITS RECEIPT BY COURIER OR TELEFAX AT OUR OFFICES
AS SPECIFIED ABOVE. 
 THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED
OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT OR INSTRUMENT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR TO WHICH THIS LETTER OF CREDIT RELATES, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY
DOCUMENT OR INSTRUMENT. 
 ALL INQUIRIES REGARDING THIS LETTER OF CREDIT SHOULD BE DIRECTED TO US AT OUR PHONE NUMBER(S)
                    . 
 KINDLY DIRECT ALL
CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO CITIBANK, N.A., AT THE OFFICE OF OUR SERVICER, CITICORP NORTH AMERICA, INC AT 3800 CITIBANK CENTER, BUILDING B, 3RD FLOOR, TAMPA, FLORIDA 33610,
ATTENTION: STANDBY LETTER OF CREDIT DEPARTMENT, MAKING REFERENCE TO OUR LETTER OF CREDIT NUMBER. 
 EXCEPT AS EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT
IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES, ICC PUBLICATION NO. 590 (THE “ISP98”) EXCEPT THAT, AS TO MATTERS NOT GOVERNED BY THE ISP98, THIS LETTER OF CREDIT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK 

			
	LETTER OF CREDIT NO. [XXXXXXXX]	  	DATE: AUGUST 6, 2015

  

 ALL PARTIES TO THIS LETTER OF CREDIT ARE ADVISED THAT THE U.S. GOVERNMENT HAS IN PLACE CERTAIN SANCTIONS
AGAINST CERTAIN COUNTRIES, INDIVIDUALS, ENTITIES, AND VESSELS. CITIGROUP ENTITIES, INCLUDING BRANCHES AND, IN CERTAIN CIRCUMSTANCES, SUBSIDIARIES, ARE/WILL BE PROHIBITED FROM ENGAGING IN TRANSACTIONS OR OTHER ACTIVITIES WITHIN THE SCOPE OF
APPLICABLE SANCTIONS. 

			
	LETTER OF CREDIT NO. [XXXXXXXX]	  	DATE: AUGUST 6, 2015

  

 
			
	VERY TRULY YOURS,
	
	  

	NAME:	 	
	TITLE:	 	

 EXHIBIT A 

TO IRREVOCABLE STANDBY LETTER OF CREDIT NO. [XXXXXXXX] 

COVERED LETTERS OF CREDIT 
  

											
	 LETTER OF CREDIT NO.
	  	 APPLICANT
	  	AMOUNT
OUTSTANDING
(USD)	 	  	EXPIRATION
DATE	 
		  	Alpha Natural Resources Inc. F/B/O Cumberland Resources Corporation and Resource Development, LLC	  	 	4,297,754	  	  	 	09/15/2015	  
		  	Alpha Natural Resources, Inc.	  	 	16,812,887	  	  	 	09/15/2015	  
		  	Alpha Natural Resources, Inc.	  	 	1,546,779	  	  	 	09/15/2015	* 
		  	Alpha Natural Resources, Inc.	  	 	4,000,000	  	  	 	09/15/2015	* 
		  	Alpha Natural Resources, Inc.	  	 	7,611,830	  	  	 	09/15/2015	* 
		  	Alpha Natural Resources, Inc.	  	 	3,200,000	  	  	 	09/15/2015	* 
		  	Alpha Natural Resources, Inc.	  	 	175,000	  	  	 	01/26/2016	  
		  	Alpha Natural Resources, Inc.	  	 	58,846,516	  	  	 	02/04/2016	  
		  	Alpha Natural Resources, Inc.	  	 	6,300,000	  	  	 	02/11/2016	  

  

	*	This expiration date will automatically extend to September 15, 2016. 

 EXHIBIT B 

TO IRREVOCABLE STANDBY LETTER OF CREDIT NO. [XXXXXXXX] 

(ON BENEFICIARY’S LETTERHEAD) 

REDUCTION AUTHORIZATION 
 TO: CITIBANK, N.A. 

RE: IRREVOCABLE STANDBY LETTER OF CREDIT NO. [XXXXXXXX] 

GENERAL ELECTRIC CAPITAL CORPORATION HEREBY CERTIFIES TO CITIBANK, N.A. WITH RESPECT TO THE ABOVE DESCRIBED LETTER OF CREDIT ISSUED BY YOU IN OUR FAVOR THAT:

 WE HEREBY CONSENT TO A REDUCTION OF THE STATED AMOUNT OF THE STANDBY CREDIT BY USD         WITH RESPECT TO THE
COVERED LETTER OF CREDIT NO(S).      
 ISSUER IS HEREBY INSTRUCTED AND AUTHORIZED TO REDUCE THE STATED AMOUNT OF THE STANDBY CREDIT TO
USD              
  

	
	  

	AUTHORIZED SIGNATURE

			
	LETTER OF CREDIT NO. [XXXXXXXX]	  	DATE: AUGUST 6, 2015

  

 Exhibit C 

REQUEST FOR FULL TRANSFER 

RELINQUISHING ALL RIGHTS AS BENEFICIARY 

Date: 
 Citibank, N.A.

 c/o Citicorp North America, Inc. 
 3800
Citibank Center 
 Building B, 3rd Floor 
 Tampa,
Fl 33610 
  

					
	Re: L/C No.	  	  
	  	
	Issued by:	  	CITIBANK, N.A.	  	
	Citibank, N.A. Ref:	  	  
	  	

 Gentlemen: 
 Receipt is
acknowledged of the original instrument which you forwarded to us relative to the issuance of a Letter of Credit (herein called the “Credit”) bearing your reference number as above in favor of ourselves and/or Transferees and we hereby
request you to transfer the said Letter of Credit, in its entirety, to: 

			
	  

			
	whose address is	  	  

			
	  

 (Optional) Please advise Beneficiary through the below-indicated Advising Bank: 

 
  
  

 
 We are returning the original instrument to you
herewith in order that you may deliver it to the Transferees together with your customary letter of transfer. 
 It is understood that any amendments to the
Letter of Credit which you may receive are to be advised by you directly to the Transferee and that the drafts and documents of the Transferee, if issued in accordance with the conditions of the Letter of Credit, are to be forwarded by you directly
to the party for whose account the credit was opened (or any intermediary) without our intervention. 

			
	LETTER OF CREDIT NO. [XXXXXXXX]	  	DATE: AUGUST 6, 2015

  

			
	Page 2	  	Request for Full Transfer relinquishing all Rights as Beneficiary

  

							
		 	Citibank, N.A. reference	  	  
	  	

 We understand that the Transfer charge is 1/4 of 1% on the amount being transferred (minimum $100.00) and in addition thereto
we agree to pay to you on demand any expenses that may be incurred by you in connection with this transfer. 

         We enclose our check for $              to
cover your charges. 
 (Note : Payment of charges must be in the form of a certified check if not drawn on Citibank, N.A.) 

         We authorize you to charge our Citibank N.A. account No.
             
  

					
	SIGNATURE GUARANTEED	 		 	Sincerely yours,
			
	The First Beneficiary’s signature(s) with title(s) conforms to that on file with us and such is/are authorized for the execution of this instrument.	 		 	
			
	  
	 		 	  

	(Name of Bank)	 		 	(Name of First Beneficiary)
			
	  
	 		 	  

	(Bank Address)	 		 	(Telephone Number)
			
	  
	 		 	  

	(City, State, Zip Code)	 		 	(Authorized Name and Title)
			
	  
	 		 	  

	(Telephone Number)	 		 	(Authorized Signature)
			
	  
	 		 	  

	(Authorized Name and Title)	 		 	(Authorized Name and Title)
		 		 	(If applicable)
			
	  
	 		 	  

	(Authorized Signature)	 		 	(Authorized Signature)
		 		 	(If applicable)

 EXHIBIT B 

ADMINISTRATION FEE SCHEDULE 

On the first (1st) Business Day of each calendar month, the Administration Fee shall
be due and payable with respect to each Letter of Credit in an amount equal to the product of (i) 2.25%, (ii) one-twelfth, (iii) the lesser of (x) 1.0 and (y) a fraction, the numerator of which is the number of days such
Letter of Credit was outstanding during the preceding calendar month and the denominator of which is 30, and (iv) the aggregate face amount of such Letter of Credit.

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