Document:

Long-Term Incentive Program (2009-2011)

 Exhibit 10.1 
 Execution Copy 
 CONSOL ENERGY INC. 
 LONG-TERM INCENTIVE PROGRAM (2009 - 2011) 
 CONSOL ENERGY INC., a Delaware corporation (the “Company”), hereby establishes this CONSOL ENERGY INC. LONG-TERM INCENTIVE PROGRAM (2009 - 2011) (the “Program”), in accordance with the provisions of
the CONSOL Energy Inc. Equity Incentive Plan, as amended (the “Plan”), and the terms provided herein. 
 WHEREAS, the
Company maintains the Plan for the benefit of its key employees and that of its Affiliates and wishes to further align the interests of key employees with the interests of the stockholders by providing long-term incentive compensation; and

 WHEREAS, the Program is intended to enhance the Company’s ability to retain the employment of participants in the Program, and also
to protect the Company’s legitimate business interests, including its confidential information, customer relationships, and goodwill, through the use of restrictive covenants; and 
 WHEREAS, Section 8 of the Plan authorizes the Company to make performance-based awards. 
 NOW, THEREFORE, the Compensation Committee of the Board of Directors of the Company hereby adopts the Program on the following terms and conditions:

 1. Purpose. The purposes of the Program are to: (i) provide long-term incentive compensation to key employees to further align
their interests with those of the Company’s stockholders; and (ii) protect the Company’s legitimate business interests, including its confidential information, customer relationships, and goodwill, through the use of restrictive
covenants. In addition to the terms and conditions set forth herein, awards under the Program are subject to, and governed by, the terms and conditions set forth in the Plan, which are hereby incorporated by reference. Unless the context otherwise
requires, capitalized terms used in this Program and not otherwise defined herein shall have the meanings set forth in the Plan. In the event of any conflict between the provisions of the Program and the Plan, the Committee shall have full authority
and discretion to resolve such conflict and any such determination shall be final, conclusive and binding on the Participant and all interested parties. 
 2. Effective Date. The effective date of this Program is February 17, 2009. The Program will remain in effect until the earlier of December 31, 2011, unless otherwise terminated sooner as
provided herein. 
 3. Eligibility. The Chief Executive Officer of the Company (the “CEO”) shall nominate the
employees of the Company and its Affiliates (other than the CEO) who shall be eligible to participate in the Program. The Committee shall select from a group consisting of the CEO and the nominated employees those individuals who shall participate
in the Program (each a “Participant” and collectively the “Participants”), subject to the Board’s ratification of awards to the CEO. In the event that an employee is hired by the Company or an Affiliate during the
Performance Period, upon nomination by the CEO and to the extent consistent with Section 162(m) of the Code, the Committee shall determine whether such employee will become a Participant in the Program, subject to such terms, conditions and
adjustments as the Committee determines to be necessary or desirable. 
 4. Performance Share Unit Awards. 
 4.1 The Committee shall determine the number of performance share units (the “Performance Share Units”) to be awarded to each
Participant. Each Performance Share Unit awarded 

 
under the Program shall represent a contingent right to receive one share of the Company’s common stock as described more fully herein, to the extent
such Performance Share Unit is earned and becomes payable pursuant to the terms of this Program. Notwithstanding, Performance Share Units as initially awarded have no independent economic value, but rather are mere units of measurement used for
purpose of calculating the value of benefits, if any, to be paid under the Program. 
 4.2 Performance Share Units shall be increased and/or
decreased in accordance with the terms of the Program as described more fully herein. Notwithstanding any provision of this Plan to the contrary, (i) the Committee, in its sole discretion, may reduce the amount of any Performance Share Units
that would otherwise be earned by a Participant upon attainment of the Performance Condition (as defined below) if it concludes that such reduction is necessary or appropriate in accordance with the guidelines established by the Committee, and
(ii) the Committee shall not use its discretionary authority to increase the number of Performance Share Units that would otherwise be earned upon attainment of the Performance Condition (as defined below) with respect to any award that is
intended to be performance-based compensation under Section 162(m) of the Code. 
 5. Performance Condition of the Performance Share
Units. The total number of Performance Share Units awarded a Participant will be earned (at a maximum award level of 200% of Performance Share Units awarded), subject to the Committee’s exercise of its negative discretion to reduce the
number of Performance Share Units earned, if any one or more of the performance goals are achieved for the following performance measures: (i) the Company’s total stockholder return relative to the total stockholder return of each company
in the peer group (as set forth on Attachment A); (ii) cumulative earnings before income, taxes, depreciation and amortization (EBITDA) of the Company; or (iii) cumulative net income of the Company, each as approved by (and in accordance
with the procedures established by) the Committee on February 17, 2009 and on file with the Committee (each a “Performance Condition”), for the performance period of January 1, 2009 to December 31, 2011 (the
“Performance Period”); provided, however, that except as otherwise specifically provided herein, the ability to earn Performance Share Units and to receive payment thereon under the Program is expressly contingent upon achievement
of the performance goal for one or more Performance Condition and otherwise satisfying all other terms and conditions of the Program. 
 6.
Issuance and Distribution. 
 6.1 After the end of the Performance Period, the Committee shall certify in writing prior to payment the
extent to which the applicable Performance Condition and any other material terms of the Program have been achieved. For purposes of this provision, and for so long as the Code permits, the approved minutes of the Committee meeting in which the
certification is made may be treated as written certification. 
 6.2 Subject to the terms and conditions of this Program, Performance Share
Units earned by a Participant will be settled and paid in shares of the Company’s common stock in calendar year 2012 on a date determined in the Committee’s discretion, but in no event later than March 15th of such year (the
“Payment Date”). 
 6.3 Notwithstanding any other provision of this Program, in the event of a Change in Control the
Performance Condition will be deemed to have been achieved (at a target award level of 100% of Performance Share Units awarded) and the value of such units will be settled on the closing date of the Change in Control transaction (the “CiC
Payment Date”); provided, further, in the event of a Change in Control, Performance Share Units may, in the Committee’s discretion, be settled in cash and/or securities or other property. 
  

 2 

 7. Dividends. Each Performance Share Unit will be cumulatively credited with dividends that are
paid on the Company’s common stock in the form of additional units. These additional units shall be deemed to have been purchased on the record date for the dividend using the closing stock price of the Company’s common stock as reported
in The Wall Street Journal and shall be subject to all the same conditions and restrictions as provided in this Program applicable to Performance Share Units. 
 8. Change in Participant’s Status. 
 8.1 In the event a Participant Separates from Service
(i) on or after the date the Participant has reached the age of 55 by reason of an “Early Retirement” or “Incapacity Retirement,” (ii) by reason of a “Normal Retirement,” (iii) on account of death or
Disability (other than an Incapacity Retirement), or (iv) by reason of a reduction in force as specified and implemented by the Company, prior to the Payment Date or the CiC Payment Date, as applicable, the Participant shall be entitled to
retain the Performance Share Units and receive payment therefore to the extent earned and payable pursuant to the provisions of this Program; provided, however, that in the case of a Separation from Service on account of Disability, the Participant
shall only be entitled to retain a prorated portion of the Performance Share Units determined at the end of the Performance Period and based on the ratio of the number of complete months the Participant is employed or serves during the Performance
Period to the total number of months in the Performance Period (or the number of remaining months in the Performance Period if the Participant is admitted after the start of the Performance Period). In the event a Participant Separates from Service
for any other reason, including, but not limited to, by the Participant voluntarily, or by the Company with Cause or without Cause (other than in connection with a reduction in force as specified above), prior to the Payment Date or the CiC Payment
Date, as applicable, the Performance Share Units awarded to the Participant shall be cancelled and forfeited, whether payable or not, without payment by the Company or any Affiliate. Any payments due a deceased Participant shall be paid to his
estate as provided herein after the end of the Performance Period. 
 8.2 For purposes of the Program: the terms “Early
Retirement,” “Incapacity Retirement” and “Normal Retirement,” shall have the meaning ascribed thereto under the CONSOL Energy Inc. Employee Retirement Plan, as amended, or any successor thereto applicable to the Participant;
provided, however, for purposes of the Program a Participant shall not be considered to have Separated from Service on account of (i) “Early Retirement” unless the Participant shall also have completed at least one year of continuous
service with the Company after the Effective Date of this Program, or (ii) “Normal Retirement” unless the Participant shall also have attained the age of sixty-two (62). 
 9. Responsibilities of the Committee. In addition to the authority granted to the Committee under the Plan, the Committee has responsibility for
all aspects of the Program’s administration, including but not limited to: ensuring that the Program is administered in accordance with the provisions of the Program and the Plan; approving Participants; authorizing Performance Share Unit
awards to Participants; and adjusting Performance Share Units as authorized hereunder consistent with the terms of the Program. The ministerial responsibility of the Program (e.g., management of day-to-day matters) is a function that has been
delegated to the Company’s officers as permitted by the terms of the Plan and in compliance with applicable law and regulation. All decisions of the Committee under the Program shall be final, conclusive and binding on all interest parties. No
member of the Committee shall be liable for any action or determination made in good faith on the Program or any Performance Share Units awarded thereunder. 
 10. Tax Consequences/Withholding. 
 10.1 It is intended that: (i) a Participant’s
Performance Share Units shall be considered to be subject to a substantial risk of forfeiture in accordance with those terms as defined in Section 409A 

  

 3 

 
and 3121(v)(2) of the Code; and (ii) a Participant shall have merely an unfunded, unsecured promise to be paid a benefit, and such unfunded promise
shall not consist of a transfer of “property” within the meaning of Code Section 83. 
 10.2 A Participant shall timely remit
to the Company all applicable federal, state and local income and employment taxes (including taxes of any foreign jurisdiction) which the Company is required to withhold at any time with respect to the Performance Share Units. Such payment shall be
made to the Company in full, in cash or check, or as otherwise authorized under the terms of the Plan. 
 10.3 This Program is intended to be
excepted from coverage under Section 409A of the Code and the regulations promulgated thereunder and shall be administered, interpreted and construed accordingly. Notwithstanding any provision of this Program to the contrary, if any benefit
provided under this Program is subject to the provisions of Section 409A of the Code and the regulations issued thereunder (and not excepted therefrom), the provisions of the Program shall be administered, interpreted and construed in a manner
necessary to comply with Section 409A (or disregarded to the extent such provision cannot be so administered, interpreted, or construed). Notwithstanding, Section 409A may impose upon the Participant certain taxes or other charges for
which the Participant is and shall remain solely responsible, and nothing contained in this Program or the Plan shall be construed to obligate any member of the Committee or Board, the Company or any Affiliate (or its employees, officers or
directors) for any such taxes or other charges. 
 10.4 Notwithstanding any provision of the Program to the contrary, if an award of
Performance Share Units under this Program is intended to qualify as performance-based compensation under Section 162(m) of the Code and the regulations issued thereunder and a provision of this Program would prevent such award from so
qualifying, such provision shall be administered, interpreted and construed to carry out such intention (or disregarded to the extent such provision cannot be so administered, interpreted or construed). 
 11. Non-Competition. 
 11.1 The
Participants hereunder agree that this Section 11 is reasonable and necessary in order to protect the legitimate business interests and goodwill of the Company, including the Company’s trade secrets, valuable confidential business and
professional information, substantial relationships with prospective and existing customers and clients, and specialized training provided to Participants and other employees of the Company. The Participants acknowledge and recognize the highly
competitive nature of the business of the Company and its Affiliates and accordingly agree that during the term of each of their employment and for a period of two (2) years after the termination thereof: 
 (a) The Participants will not directly or indirectly engage in any business substantially similar to any line of business conducted by the Company or any
of its Affiliates, including, but not limited to, where such engagement is as an officer, director, proprietor, employee, partner, investor (other than as a holder of less than 1% of the outstanding capital stock of a publicly traded corporation),
consultant, advisor, agent or sales representative, in any geographic region in which the Company or any of its Affiliates conducted business; 
 (b) The Participants will not contact, solicit, perform services for, or accept business from any customer or prospective customer of the Company or any of its Affiliates; 
 (c) The Participants will not directly or indirectly induce any employee of the Company or any of its Affiliates to: (1) engage in any activity or
conduct which is prohibited pursuant 

  

 4 

 
to subparagraph 11.1(a); or (2) terminate such employee’s employment with the Company or any of its Affiliates. Moreover, the Participants will not
directly or indirectly employ or offer employment (in connection with any business substantially similar to any line of business conducted by the Company or any of its Affiliates) to any person who was employed by the Company or any of its
Affiliates unless such person shall have ceased to be employed by the Company or any of its Affiliates for a period of at least 12 months; and 
 (d) The Participants will not directly or indirectly assist others in engaging in any of the activities, which are prohibited under subparagraphs (a) — (c) above. 
 11.2 It is expressly understood and agreed that although the Participants and the Company consider the restrictions contained in this Section 11 to
be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Program is an unenforceable restriction against any Participant, the provisions of
this Program shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable against such Participant.
Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Program is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any
of the other restrictions contained herein. The restrictive covenants set forth in this Section 11 shall be extended by any amount of time that a Participant is in breach of such covenants, such that the Company receives the full benefit of the
time duration set forth above. 
 12. Confidential Information and Trade Secrets. The Participants and the Company agree that certain
materials, including, but not limited to, information, data and other materials relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes,
financing methods, plans or the business and affairs of the Company and its Affiliates, constitute proprietary confidential information and trade secrets. Accordingly, the Participants will not at any time during or after a Participant’s
employment with the Company (including any Affiliate) disclose or use for such Participant’s own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association, corporation or other business
organization, entity or enterprise other than the Company and any of its Affiliates, any proprietary confidential information or trade secrets, provided that the foregoing shall not apply to information which is not unique to the Company or any of
its Affiliates or which is generally known to the industry or the public other than as a result of such Participant’s breach of this covenant. The Participants agree that upon termination of employment with the Company (including any Affiliate)
for any reason, the Participants will immediately return to the Company all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, which in any way relate to the business of the Company and its
Affiliates, except that the Participants may retain personal notes, notebooks and diaries. The Participants further agree that the Participants will not retain or use for their own account at any time any trade names, trademark or other proprietary
business designation used or owned in connection with the business of the Company or any of its Affiliates. 
 13.
Remedies/Forfeiture. 
 13.1 The Participants acknowledge that a violation or attempted violation on a Participant’s part of
Sections 11 and 12 will cause irreparable damage to the Company and its Affiliates, and the Participants therefore agree that the Company and its Affiliates shall be entitled as a matter of right to an injunction, out of any court of competent
jurisdiction, restraining any violation or further violation of such promises by the Participants or a Participant’s employees, partners or agents. The Participants agree that such right to an injunction is cumulative and in addition to
whatever other 

  

 5 

 
remedies the Company (including any Affiliate) may have under law or equity. Specifically, the Participants agree that such right to an injunction is
cumulative and in addition to the Participants’ obligations to make timely payment to the Company as set forth in Section 13.2 of this Program. The Participants further acknowledge and agree that a Participant’s Performance Share
Units shall be cancelled and forfeited without payment by the Company if such Participant breaches any of his or her obligations set forth in Sections 11 and 12 herein. 
 13.2 At any point after becoming aware of a breach of any obligation set forth in Sections 11 and 12 of this Program, the Company shall provide notice of such breach to a Participant. By agreeing to participate in
this Program, the Participants agree that within ten (10) days after the date the Company provides such notice, a Participant shall pay to the Company in cash an amount equal to any and all distributions paid to or on behalf of such Participant
under of this Program within the six (6) months prior to the date of the earliest breach. The Participants agree that failure to make such timely payment to the Company constitutes an independent and material breach of the terms and conditions
of this Program, for which the Company may seek recovery of the unpaid amount as liquidated damages, in addition to all other rights and remedies the Company may have resulting from a Participant’s breach of the obligations set forth in
Sections 11 and 12. The Participants agree that timely payment to the Company as set forth in this provision of the Program is reasonable and necessary because the compensatory damages that will result from breaches of Sections 11 and/or 12 cannot
readily be ascertained. Further, the Participants agree that timely payment to the Company as set forth in this provision of the Program is not a penalty, and it does not preclude the Company from seeking all other remedies that may be available to
the Company, including without limitation those set forth in this Section 13. 
 14. Assignment/Nonassignment. 
 14.1 The Company shall have the right to assign this Program, including without limitation Sections 11 and 12, and the Participants agree to remain
obligated by all provisions of this Program that are assigned to any successor, assign or surviving entity. Any successor to the Company is an intended third party beneficiary of this Program. 
 14.2 The Performance Share Units shall not be sold, pledged, assigned, hypothecated, transferred or disposed of (a “Transfer”) in any manner,
other than by will or the laws of descent and distribution. Any attempt by a Participant to Transfer the Performance Share Units in violation of the terms of the Program shall render the Performance Share Units null and void, and result in the
immediate forfeiture of such Performance Share Units, without payment by the Company. 
 15. Impact on Benefit Plans. Payments under
the Program shall not be considered as earnings for purposes of the Company’s and/or Affiliate’s qualified retirement plans or any such retirement or benefit plan unless specifically provided for therein. Nothing herein shall prevent the
Company or any Affiliate from maintaining additional compensation plans and arrangements for its employees. 
 16. Successors; Changes in
Stock. The obligation of the Company under the Program shall be binding upon the successors and assigns of the Company. If a dividend or other distribution shall be declared upon the Company’s common stock payable in shares of Company
common stock, the Performance Share Units and the shares of Company common stock on which the Performance Condition is based shall be adjusted by adding thereto the number of shares of Company common stock which would have been distributable thereon
if such shares and Performance Share Units had been actual Company shares and outstanding on the date fixed for determining the stockholders entitled to receive such stock dividend or distribution. In the event of any spin-off, split-off or
split-up, dividend in property other than cash, recapitalization or other change in the capital structure of the Company, or any merger, 

  

 6 

 
consolidation, reorganization, partial or complete liquidation or other distribution of assets (other than a normal cash dividend), or any other corporate
transaction or event having an effect similar to any of the foregoing, or extraordinary distribution to stockholders of the Company’s common stock, the Performance Share Units and the shares of Company common stock on which the Performance
Condition is based shall be appropriately adjusted to prevent dilution or enlargement of the rights of Participants which would otherwise result from any such transaction, provided such adjustment shall be consistent with Code Section 162(m)
and Section 409A, as applicable. 
 In the case of a Change in Control, any obligation under the Program shall be handled in accordance
with the terms of Sections 6 hereof. In any case not constituting a Change in Control in which the Company’s common stock is changed into or becomes exchangeable for a different number or kind of shares of stock or other securities of the
Company or another corporation, or cash or other property, whether through reorganization, reclassification, recapitalization, stock split-up, combination of shares, merger or consolidation, then (i) the value of the Performance Share Units
constituting an award shall be calculated based on the closing price of such common stock on the closing date of the transaction on the principal market on which such common stock is traded, (ii) there shall be substituted for each Performance
Share Unit constituting an award, the number and kind of shares of stock or other securities (or cash or other property) into which each outstanding share of the Company’s common stock shall be so changed or for which each such share shall be
exchangeable, and (iii) the share of Company common stock on which the Performance Condition is based shall be appropriately and equitably adjusted, provided any such adjustments shall be consistent with Code Section 162(m) and
Section 409A, as applicable. In the case of any such adjustment, the Units shall remain subject to the terms of the Program. 
 17.
Governing Law, Jurisdiction, and Venue. 
 17.1 This Program shall be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to the principles of conflicts of law. 
 17.2 Participant hereby irrevocably submits to the
personal and exclusive jurisdiction of the United States District Court for the Western District of Pennsylvania or the Court of Common Pleas of Allegheny County, Pennsylvania in any action or proceeding arising out of, or relating to, this Program
(whether such action or proceeding arises under contract, tort, equity or otherwise). Participant hereby irrevocably waives any objection which Participant now or hereafter may have to the laying of venue or personal jurisdiction of any such action
or proceeding brought in said courts. 
 17.3 Jurisdiction over, and venue of, any such action or proceeding shall be exclusively vested in
the United States District Court for the Western District of Pennsylvania or the Court of Common Pleas of Allegheny County, Pennsylvania. 
 17.4 Provided that the Company commences any such action or proceeding in the courts identified in Section 17(3), Participant irrevocably waives Participant’s right to object to or challenge the above selected forum on the basis
of inconvenience or unfairness under 28 U.S.C. § 1404, 42 Pa. C.S. § 5322 or similar state or federal statutes. Participant agrees to reimburse the Company for all of the attorneys fees and costs it incurs to oppose Participant’s
efforts to challenge or object to litigation proceeding in the courts identified in Section 17(3) with respect to actions arising out of or relating to this Program (whether such actions arise under contract, tort, equity or otherwise).

 18. Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Program shall in no
way be construed to be a waiver of such provision or of any other provision hereof. 
  

 7 

 19. Severability. In the event that any one or more of the provisions of this Program shall be
held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 20. Funding. The Program is not funded and all amounts payable hereunder, if any, shall be paid from the general assets of the Company or its Affiliate, as applicable. No provision contained in this Program or
the Plan and no action taken pursuant to the provisions of this Program or the Plan shall create a trust of any kind or require the Company to maintain or set aside any specific funds to pay benefits hereunder. To the extent a Participant acquires a
right to receive payments from the Company under the Program, such right shall be no greater than the right of any unsecured general creditor of the Company. 
 21. Headings. The descriptive headings of the Sections of this Program are inserted for convenience of reference only and shall not constitute a part of this Program. 
 22. Amendment or Termination of this Program. This Program may be modified, amended, suspended or terminated by the Committee at any time;
provided, however, that no modification, amendment, suspension or termination of this Plan shall adversely affect the rights of a Participant under the Program without the consent of such Participant. Notwithstanding the foregoing or any provision
of this Program to the contrary, that the Company may, in its sole discretion and without the Participant’s consent, modify or amend the terms of the Program or a Performance Share Unit award, or take any other action it deems necessary or
advisable, to cause the Program to comply with Section 409A or Section 162(m) (or an exception thereto). Any modification, amendment, suspension or termination shall only be effective upon a writing issued by the Company, and a Participant
shall not offer evidence of any purported oral modifications or amendments to vary or contradict the terms of this Program document. 
 IN
WITNESS WHEREOF, the undersigned have executed this Program on the day and year indicated below. This Program may be executed in more than one counterpart, each of which is deemed to be an original and all of which taken together constitute one and
the same agreement. 
  

			
	Dated: March     , 2009	 	  

		 	John Whitmire, Chairman, on behalf of the
		 	Board of Directors
		
	Dated: March     , 2009	 	  

		 	William Powell, Chairman, on behalf of the
		 	Compensation Committee

  

 8 

 ATTACHMENT A 
 Total Shareholder Return Peer Companies* 
  

			
	Alliance Resource Partners, L.P.	  	International Coal Group Inc.
	Alpha Natural Resources, Inc.	  	James River Coal Company
	Anadarko Petroleum Corporation	  	Massey Energy Company
	Apache Corporation	  	Newfield Exploration Company
	Arch Coal Inc.	  	Nexen Inc.
	Cabot Oil & Gas Corporation	  	Noble Energy Inc.
	Callon Petroleum Co/DE	  	Peabody Energy Corporation
	Chesapeake Energy Corporation	  	Penn Virginia Corporation
	Cimarex Energy Co.	  	Pioneer Natural Resources Company
	Comstock Resources Inc.	  	Rio Tinto Group (GBR) – ADR
	Denbury Resources Inc.	  	St. Mary Land & Explor Company
	Devon Energy Corporation	  	Stone Energy Corporation
	Encana Corporation	  	Ultra Petroleum Corporation
	EOG Resources, Inc.	  	Westmoreland Coal Company
	Foundation Coal Holdings Inc.	  	

  

	*	In the event a Peer Group company ceases to exist during the performance period, such Peer Group company shall be excluded from the calculation of Total Shareholder Return.Election Form to Exchange CNX Perf. Share Units to CONSOL Restricted Stock Units

 Exhibit 10.2 
 SURRENDER FORM 
 I, [INSERT NAME], hereby surrender the indicated 2006, 2007 and 2008 restricted stock units granted
to me by CNX Gas Corporation (“CNX Gas”) (collectively, the “Gas RSUs”) to CNX Gas in exchange for CONSOL Energy Inc. (“CONSOL Energy”) issuing to me the indicated number of Restricted Stock Units
of CONSOL Energy (“CONSOL RSUs”). 
  

							
	     Gas RSU Awards
 (Outstanding Number of
             Units)
	  	Exchange
Ratio	  	Number of
CONSOL RSUs to
be Issued	  	 Elect to Replace Gas
RSU Award

	 2006 Gas RSU Award
 (________)
	  	.96	  		  	 Yes  ̈
  No  ̈

				
	 2007 Gas RSU Award
 (________)
	  	.96	  		  	 Yes  ̈
  No  ̈

				
	 2008 Gas RSU Award
 (________)
	  	.96	  		  	 Yes  ̈
  No  ̈

 You must surrender all of the awards in any class of awards which is surrendered. (For example, if you hold 2006
Gas RSUs, 2007 Gas RSUs and 2008 Gas RSUs, then you could elect to surrender the 2006 Gas RSU Awards, in which case all of those awards would be surrendered, but decide not to surrender any of the 2007 or 2008 Gas RSU Awards). This Surrender Form
shall also operate as my acceptance of the terms and conditions contained in the CONSOL Energy Inc. Restricted Stock Unit Agreement attached hereto as Exhibit A and the terms and conditions of the CONSOL Energy Inc. Equity Incentive Plan.

 I agree that my decision to surrender or not surrender the Gas RSUs is entirely voluntary. I further understand and agree I am not required to surrender
my Gas RSUs. 
 I acknowledge and agree that neither the surrender of Gas RSUs nor the issuance of CONSOL RSUs shall be construed as a right to continued
service with CONSOL Energy or CNX Gas. I agree that CONSOL Energy has made no representations or warranties to me regarding this Surrender or the future pricing of CONSOL Energy or CNX Gas stock, and that my decision to surrender is at my own
discretion. 
 I understand that neither the CONSOL RSUs nor the shares of CONSOL Energy Common Stock issuable thereon have been registered under the
Securities Act of 1933, that the shares of CONSOL Energy Common Stock issuable thereon cannot be transferred absent such registration or an exemption therefrom, that I am an “accredited investor” within the meaning of Regulation D
promulgated under the Securities Act of 1933 and that a restrictive transfer legend will be placed upon the certificates representing any shares of CONSOL Energy Common Stock issuable pursuant to the CONSOL RSUs. I acknowledge that I have been
afforded the opportunity to consult with my own financial, legal and tax advisors before making this election and that I have knowingly done so or knowingly declined to do so. 
  

									
					
		 	 	 		 		 	
		 	Signature	 		 		 	

  

									
					
		 	 	 		 		 	 

  

									
		 	Name (Please Print)	 		 		 	Date

 PLEASE SEND THE COMPLETED SURRENDER FORM BY EMAIL TO SUSANMODISPACHER@CONSOLENERGY.COM OR BY FACSIMILE
TO SUSAN MODISPACHER
 AT (724) 485-4994, SO THAT IT IS RECEIVED NO LATER THAN 11:59 P.M., EASTERN STANDARD TIME,
 ON MARCH 31, 2009. 
  

 1 

 Exhibit A 
 Restricted Stock Unit Award(s) Under CONSOL Energy Inc. Equity Incentive Plan 
 WHEREAS, CNX Gas
Corporation (“CNX Gas”), a subsidiary of CONSOL Energy Inc. (the “Company”), previously granted Grantee each of the restricted stock unit awards identified on Schedule I attached hereto (each a “Gas RSU
Award” and, collectively, the “Gas RSU Awards”) under CNX Gas’ Equity Incentive Plan (the “Gas Plan”). 
 WHEREAS, CNX Gas and Grantee entered into an award agreement (the “Gas RSU Agreement”) evidencing each such Gas RSU Award. 
 WHEREAS, the Company implemented a private offer (the “Offer”) which allowed Grantee, with respect to the Gas RSU Awards identified on Schedule I attached hereto (“Schedule I”), to surrender the Gas
RSU Awards to CNX Gas for Restricted Stock Units (“CONSOL RSUs”) of the Company to be issued under the Company’s Equity Incentive Plan (the “CONSOL Plan”). 
 WHEREAS, Grantee has executed and delivered to the Company an election form in connection with the Offer pursuant to which Grantee has accepted the Offer and
agreed to accept the “Terms and Conditions” attached hereto. 
 NOW THEREFORE, in consideration of the mutual covenants and conditions set
forth herein and in the “Terms and Conditions” and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Company makes the following award(s) to the
Grantee as follows: 
 Capitalized terms not otherwise defined herein or in the “Terms and Conditions” attachment hereto shall have the meanings
ascribed to them in the CONSOL Plan. 
  

			
	Grantee:	 	 
		
	Award Date:	 	                                      
    , 2009
		
	Vesting Schedule:	 	See Schedule I attached hereto
		
	Issuance Schedule:	 	The shares of CONSOL common stock will be issued to you as soon as reasonably practicable following the vesting date of such award (the vesting schedule and number of CONSOL RSUs subject to
each award is set forth on Schedule I), but in no event later than March 15th of the year following the vesting date of such award(s).

  

	
	ACKNOWLEDGMENT:
	
	  
	 John Whitmire
 Chairman of the Board of
Directors

  
  

 2 

 TERMS AND CONDITIONS 
 The restricted stock units under the CONSOL Plan will entitle you to receive shares of the Company’s common stock on vesting and subject to continued service with the Company. Each unit represents the right to
receive one share of common stock following the vesting date of that unit. Unlike a typical stock option program, the shares will be issued to you, without any cash payment required from you. However, you must pay the applicable income taxes
(described below) when due. 
 The terms and provisions of your award(s) are subject to the provisions of the CONSOL Plan. A copy of the CONSOL Plan is
available upon request from Human Resources. 
 Other important features of your award(s) may be summarized as follows: 
 Acceleration of Vesting Events: All of the shares subject to your award(s) will vest (i.e., will not be subject to forfeiture) upon the
occurrence of any of the following events, and (except as otherwise specified below) such vested shares will be delivered to you on such date (or as soon as administratively practical thereafter but in no event later than the 15th day of the third
month following such date): 
  

	 	-	your Separation from Service by reason of death or due to Disability; or 

  

	 	 -
	 completion of a Change in Control (as such term is defined in the CONSOL Plan).1 

 Notwithstanding the foregoing, no acceleration of
vesting of your shares will occur if (A) it is determined by the Board that you have: (1) committed an act of embezzlement, fraud, dishonesty or breach of fiduciary duty to the Company; (2) deliberately and repeatedly violated the
rules of the Company or the valid instructions of the Board; (3) made any unauthorized disclosure of any of the material secrets or confidential information of the Company as provided under the proprietary information covenant set forth below;
or (4) engaged in any conduct that could reasonably be expected to result in material loss, damage or injury to the Company; or (B) you leave the Company’s service for any reason other than in connection with one of the events
specified above. 
 Notwithstanding the foregoing or any provision contained herein to the contrary, the delivery of any vested shares shall
be delayed until six (6) months after your Separation from Service to the extent required by Section 409A(a)(2)(B)(i) of the Code as provided under the terms of the CONSOL Plan. 
 Forfeitability: Should you Separate from Service under circumstances which do not otherwise entitle you to accelerated vesting of the
unvested shares subject to your award(s) on the date of your Separation from Service, then your award(s) will be cancelled with respect to those unvested shares, and the number of your restricted stock units will be reduced accordingly. You will
thereupon cease to have any right or entitlement to receive any shares of common stock under those cancelled units. 
  
  
 
1 However, if accelerated vesting of the shares subject to your award occurring in connection with a Change in Control, either alone or together
with any other payments or benefits to which you may otherwise become entitled from the Company in connection with the Change in Control, would, in the Company's good faith opinion, be deemed to be a parachute payment under Section 280G of the
Code (or any successor provision), then, unless any agreement between you and the Company provides otherwise, the number of shares which are to vest on such an accelerated basis under your award will be reduced to the extent necessary to assure, in
the Company’s good faith opinion, that no portion of your accelerated award will be considered such a parachute payment. The Company’s good faith opinion on this matter will be conclusive and binding upon you and your successors.

  

 3 

 Transferability: The shares issued to you following the vesting of your award(s) will be
registered under the federal securities laws. Sales of those shares will be subject to any market black-out periods the Company may impose from time to time and must be made in compliance with the Company’s insider trading policies and
applicable securities laws. 
 Prior to your actual receipt of the shares in which you vest under your award(s), you may not transfer any
interest in your award(s) or the underlying shares or pledge or otherwise hedge the sale of those shares, including (without limitation) any short sale, put or call option or any other instrument tied to the value of those shares. However, your
right to receive any shares which have vested under your restricted stock units but which remain unissued at the time of your death may be transferred pursuant to the provisions of your will or the laws of inheritance following your death.

 Federal Income Taxation: You will recognize ordinary income for federal income tax purposes on the date the shares which
vest under your award(s) are actually issued to you, and you must satisfy your income and other tax obligations applicable to that income. The amount of your taxable income will be equal to the closing selling price per share of the Company’s
common stock on the New York Stock Exchange on the issue date times the number of shares issued to you on that date. 
 Stockholder
Rights: You will not have any stockholder rights, including voting rights and actual dividend rights, with respect to the shares subject to your award(s) until you become the record holder of those shares following their actual issuance to
you. 
 Dividend Equivalent Rights: Should a regular cash dividend be declared on the Company’s common stock at a time
when unissued shares of such common stock are subject to your award(s), then the number of shares at that time subject to your award(s) will automatically be increased by an amount determined in accordance with the following formula, rounded down to
the nearest whole share: 
 X = (A x B)/C, where 
  

	 	X  =	the additional number of shares which will become subject to your award(s) by reason of the cash dividend; 

	 	A  =	the number of unissued shares subject to the applicable award as of the record date for such dividend; 

	 	B  =	the per share amount of the cash dividend; and 

	 	C  =	the closing selling price per share of the Company’s common stock on the New York Stock Exchange on the payment date of such dividend. 

 The additional shares resulting from such calculation will be subject to the same terms and conditions (including, without limitation, any applicable
vesting requirements and forfeiture provisions) as the unissued shares of common stock to which they relate under the applicable award. 
 Other Adjustments: In the event of any stock split, stock dividend, recapitalization, combination of shares, exchange of shares or other similar change affecting the Company’s outstanding common stock as a class without
the Company’s receipt of consideration, the number and/or class of securities subject to your award(s) will be appropriately adjusted to preclude any dilution or enlargement of your rights under such award(s). 
 Proprietary Information Covenant: As a further condition to your right and entitlement to receive the shares of the Company’s common
stock subject to your award, you hereby agree to abide by the terms and conditions of the following proprietary information covenant: 
  

 4 

 You and the Company agree that certain materials, including (without limitation) information, data and
other materials relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes, financing methods, plans or the business and affairs of the Company
and its Affiliates, constitute proprietary confidential information and trade secrets. Accordingly, you will not at any time during or after your service with the Company disclose or use for your own benefit or purposes or the benefit or purposes of
any other person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise other than the Company and any of its Affiliates, any proprietary confidential information or trade secrets,
provided that the foregoing shall not apply to information which is not unique to the Company or any of its Affiliates or which is generally known to the industry or the public other than as a result of your breach of this covenant. You agree
that upon termination of your service with the Company for any reason, you will immediately return to the Company all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, which in any way relate
to the business of the Company and its Affiliates. You further agree that you will not retain or use for your own account at any time any trade names, trademark or other proprietary business designation used or owned in connection with the business
of the Company or any of its Affiliates. 
 Notwithstanding anything contained herein to the contrary, this Agreement shall not prohibit
disclosure of proprietary confidential information if (i) it is required by law or by a court of competent jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which your
legal rights and obligations as a director or under this Agreement are at issue; provided, however, that you shall, to the extent practicable and lawful in any such event, give prior notice to the Company of your intent to disclose proprietary
confidential information so as to allow the Company an opportunity (which you shall not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate. 
 Failure to Enforce Not A Waiver: The failure of the Company to enforce at any time any provision of this Agreement shall in no way be
construed to be a waiver of such provision or of any other provision hereof. 
 Legends: The Company may at any time place
legends referencing the provisions of this Agreement, and any applicable federal or state securities law restrictions on all certificates, if any, representing the shares relating to this award. 
 Governing Law: This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to
the conflicts of laws provisions thereof. 
 Amendments: This Agreement may be amended or modified at any time by an instrument
in writing signed by the parties hereto, or as otherwise provided under the CONSOL Plan. Notwithstanding, the Company may, in its sole discretion and without your consent, modify or amend the terms and conditions of the award(s), impose conditions
on the timing and effectiveness of the issuance of the shares, or take any other action it deems necessary or advisable, to cause the award(s) to comply with Section 409A of the Code (or an exception thereto). 
 Section 409A: The award(s) are intended to comply with Section 409A of the Code (or an exception thereto) and the
regulations promulgated thereunder and shall be construed accordingly. Notwithstanding, you recognize and acknowledge that Section 409A of the Code may impose upon you certain taxes or interest charges for which you are and shall remain solely
responsible. 
 Notices: Any notice, request, instruction or other document given under this Agreement shall be in
writing and shall be addressed and delivered, in the case of the Company, to the Corporate Secretary of 

  

 5 

 
the Company at the principal office of the Company and, in your case, to your address as shown in the records of the Company or to such other address as may
be designated in writing by either party. 
 Award(s) Subject to Plan: The award(s) are subject to the CONSOL Plan. The terms
and provisions of the CONSOL Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the CONSOL Plan, the
applicable terms and provisions of the Agreement will govern and prevail. 
 Entire Agreement: Except as otherwise provided in
this Agreement, this Agreement and the CONSOL Plan: (i) are intended to be the final, complete, and exclusive statement of the terms of the agreement between you and the Company with regard to the subject matter of this Agreement;
(ii) supersede all other prior agreements, communications, and statements, whether written or oral, express or implied, pertaining to that subject matter; and (iii) may not be contradicted by evidence of any prior or contemporaneous
statements or agreements, oral or written, and may not be explained or supplemented by evidence of consistent additional terms. 
  

 6 

 Schedule I 
  

					
	 Total Number of Units
Subject to Gas RSU
 Award
	    	 Number of
CONSOL
RSUs Awarded
	  	Vesting Schedule of
CONSOL RSU
Award(s)
			
	 2006 Award:
	    		  	
			
	 2007 Award:
	    		  	
			
	 2008 Award:
	    		  	

  

 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]