Document:

EX-10.3

 Exhibit 10.3 
  

 
  

BACKSTOP COMMITMENT AGREEMENT 

AMONG 
 PEABODY ENERGY CORPORATION

 AND 
 THE COMMITMENT PARTIES
PARTY HERETO 
 Dated as of December 22, 2016 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	4	  
	 Section 1.1
	 	Definitions	  	 	4	  
	 Section 1.2
	 	Construction	  	 	23	  
		
	 ARTICLE II BACKSTOP COMMITMENT
	  	 	24	  
	 Section 2.1
	 	The Rights Offering; Subscription Rights	  	 	24	  
	 Section 2.2
	 	The Backstop Commitment	  	 	25	  
	 Section 2.3
	 	Additional Commitment Parties	  	 	25	  
	 Section 2.4
	 	Escrow Account Funding	  	 	26	  
	 Section 2.5
	 	Commitment Party Default	  	 	27	  
	 Section 2.6
	 	Closing	  	 	27	  
	 Section 2.7
	 	Designation and Assignment Rights	  	 	28	  
		
	 ARTICLE III BACKSTOP PREMIUMS, EXPENSE REIMBURSEMENT AND WARRANTS
	  	 	30	  
	 Section 3.1
	 	Applicable Premiums	  	 	30	  
	 Section 3.2
	 	Payment of Backstop Commitment Premium	  	 	30	  
	 Section 3.3
	 	Expense Reimbursement	  	 	31	  
	 Section 3.4
	 	Warrants	  	 	32	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	32	  
	 Section 4.1
	 	Organization and Qualification	  	 	32	  
	 Section 4.2
	 	Corporate Power and Authority	  	 	32	  
	 Section 4.3
	 	Execution and Delivery; Enforceability	  	 	33	  
	 Section 4.4
	 	Authorized and Issued Equity Interests	  	 	33	  
	 Section 4.5
	 	No Conflict	  	 	34	  
	 Section 4.6
	 	Consents and Approvals	  	 	34	  
	 Section 4.7
	 	Company SEC Documents and Disclosure Statement	  	 	35	  
	 Section 4.8
	 	Absence of Certain Changes	  	 	35	  
	 Section 4.9
	 	No Violation; Compliance with Laws	  	 	35	  
	 Section 4.10
	 	Legal Proceedings	  	 	35	  
	 Section 4.11
	 	Labor Relations	  	 	35	  
	 Section 4.12
	 	Intellectual Property	  	 	36	  
	 Section 4.13
	 	Title to Real and Personal Property	  	 	36	  
	 Section 4.14
	 	No Undisclosed Relationships	  	 	37	  
	 Section 4.15
	 	Licenses and Permits	  	 	37	  
	 Section 4.16
	 	Environmental	  	 	37	  
	 Section 4.17
	 	Tax Returns	  	 	38	  
	 Section 4.18
	 	Employee Benefit Plans	  	 	39	  
	 Section 4.19
	 	Internal Control Over Financial Reporting	  	 	40	  
	 Section 4.20
	 	Disclosure Controls and Procedures	  	 	40	  
	 Section 4.21
	 	Material Contracts	  	 	40	  
	 Section 4.22
	 	No Unlawful Payments	  	 	40	  
	 Section 4.23
	 	Compliance with Money Laundering Laws	  	 	40	  
	 Section 4.24
	 	Compliance with Sanctions Laws	  	 	41	  

  
 i 

 TABLE OF CONTENTS (cont’d) 

 

							
	 	 	 	  	Page	 
	 Section 4.25
	 	No Broker’s Fees	  	 	41	  
	 Section 4.26
	 	Investment Company Act	  	 	41	  
	 Section 4.27
	 	Insurance	  	 	41	  
	 Section 4.28
	 	Alternative Transactions	  	 	41	  
	 Section 4.29
	 	Issuance	  	 	42	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE COMMITMENT PARTIES
	  	 	42	  
	 Section 5.1
	 	Organization	  	 	42	  
	 Section 5.2
	 	Organizational Power and Authority	  	 	42	  
	 Section 5.3
	 	Execution and Delivery	  	 	42	  
	 Section 5.4
	 	No Conflict	  	 	43	  
	 Section 5.5
	 	Consents and Approvals	  	 	43	  
	 Section 5.6
	 	No Registration	  	 	43	  
	 Section 5.7
	 	Purchasing Intent	  	 	44	  
	 Section 5.8
	 	Sophistication; Investigation	  	 	44	  
	 Section 5.9
	 	No Broker’s Fees	  	 	44	  
	 Section 5.10
	 	Sufficient Funds	  	 	44	  
	 Section 5.11
	 	Execution of PSA	  	 	44	  
		
	 ARTICLE VI ADDITIONAL COVENANTS
	  	 	44	  
	 Section 6.1
	 	Approval of the Commitment Parties	  	 	44	  
	 Section 6.2
	 	Conduct of Business	  	 	46	  
	 Section 6.3
	 	Material Claim Settlements	  	 	47	  
	 Section 6.4
	 	Access to Information; Confidentiality	  	 	47	  
	 Section 6.5
	 	Commercially Reasonable Efforts	  	 	48	  
	 Section 6.6
	 	Registration Rights Agreement; Reorganized Company Organizational Documents	  	 	49	  
	 Section 6.7
	 	Blue Sky	  	 	50	  
	 Section 6.8
	 	DTC Eligibility	  	 	50	  
	 Section 6.9
	 	Use of Proceeds	  	 	51	  
	 Section 6.10
	 	Securities Legend	  	 	51	  
	 Section 6.11
	 	Antitrust Approval	  	 	51	  
	 Section 6.12
	 	Alternative Transactions	  	 	52	  
	 Section 6.13
	 	Reclamation Bonding	  	 	53	  
		
	 ARTICLE VII CONDITIONS TO THE OBLIGATIONS OF THE PARTIES
	  	 	53	  
	 Section 7.1
	 	Conditions to the Obligations of the Commitment Parties	  	 	53	  
	 Section 7.2
	 	Waiver of Conditions	  	 	56	  
	 Section 7.3
	 	Conditions to the Obligations of the Debtors	  	 	56	  
		
	 ARTICLE VIII INDEMNIFICATION AND CONTRIBUTION
	  	 	57	  
	 Section 8.1
	 	Indemnification Obligations	  	 	57	  
	 Section 8.2
	 	Indemnification Procedure	  	 	58	  
	 Section 8.3
	 	Settlement of Indemnified Claims	  	 	59	  
	 Section 8.4
	 	Contribution	  	 	59	  

  
 ii 

 TABLE OF CONTENTS (cont’d) 

 

							
	 	 	 	  	Page	 
	 Section 8.5
	 	Treatment of Indemnification Payments	  	 	60	  
	 Section 8.6
	 	No Survival	  	 	60	  
		
	 ARTICLE IX TERMINATION
	  	 	60	  
	 Section 9.1
	 	Consensual Termination	  	 	60	  
	 Section 9.2
	 	Termination by the Requisite Members of the Noteholder Steering Committee	  	 	60	  
	 Section 9.3
	 	Termination by a Commitment Party	  	 	62	  
	 Section 9.4
	 	Termination by the Company	  	 	63	  
	 Section 9.5
	 	Effect of Termination	  	 	64	  
		
	 ARTICLE X GENERAL PROVISIONS
	  	 	66	  
	 Section 10.1
	 	Notices	  	 	66	  
	 Section 10.2
	 	Assignment; Third Party Beneficiaries	  	 	68	  
	 Section 10.3
	 	Prior Negotiations; Entire Agreement	  	 	68	  
	 Section 10.4
	 	Governing Law; Venue	  	 	69	  
	 Section 10.5
	 	Waiver of Jury Trial	  	 	69	  
	 Section 10.6
	 	Counterparts	  	 	69	  
	 Section 10.7
	 	Waivers and Amendments; Rights Cumulative; Consent	  	 	70	  
	 Section 10.8
	 	Headings	  	 	70	  
	 Section 10.9
	 	Specific Performance	  	 	70	  
	 Section 10.10
	 	Damages	  	 	70	  
	 Section 10.11
	 	No Reliance	  	 	71	  
	 Section 10.12
	 	Publicity	  	 	71	  
	 Section 10.13
	 	Settlement Discussions	  	 	71	  
	 Section 10.14
	 	No Recourse	  	 	71	  
	 Section 10.15
	 	Relationship Among Parties	  	 	72	  
	 Section 10.16
	 	Tax Forms	  	 	73	  
	 Section 10.17
	 	Company Fiduciary Duties	  	 	73	  

 SCHEDULES 
  

			
	Schedule 1	  	 Initial Backstop Commitment Schedule

	Schedule 2	  	 Backstop Commitment Schedule

	
	EXHIBITS
		
	Exhibit A	  	 Form of Rights Offering Procedures

	Exhibit B	  	 Form of Joinder Agreement

	Exhibit C	  	 Voting/Consent Structure

	Exhibit D	  	 Plan Support Agreement

	Exhibit E	  	 Illustrative Allocation of Common Shares (Fully-Diluted)

  
 iii 

 BACKSTOP COMMITMENT AGREEMENT 

THIS BACKSTOP COMMITMENT AGREEMENT (this “Agreement”), dated as of December 22, 2016, is made by and among
Peabody Energy Corporation, a Delaware corporation (the “Company”), on behalf of itself and each of its direct and indirect debtor subsidiaries (each a “Debtor” and, collectively, the
“Debtors” and, together with their non-Debtor affiliates, the “Company Group”) on the one hand, and each Commitment Party (as defined below), on the other hand.
The Company and each Commitment Party is referred to herein, individually, as a “Party” and, collectively, as the “Parties”. Capitalized terms that are used but not otherwise defined in this Agreement
shall have the meanings given to them in Section 1.1 hereof or, if not defined therein, shall have the meanings given to them in the Plan. 

RECITALS 
 WHEREAS, the
Company and the Commitment Parties have entered into a Plan Support Agreement, dated as of December 22, 2016, a copy of which is attached hereto as Exhibit D (including the terms and conditions set forth in the Restructuring Term Sheet
attached as Exhibit 1 to the Plan Support Agreement (the “Restructuring Term Sheet” and collectively, including all the exhibits thereto, as may be amended, supplemented or otherwise modified from time to time, the
“Plan Support Agreement”)), which (a) provides for the restructuring of the Debtors’ capital structure and financial obligations pursuant to a plan of reorganization to be filed in jointly administered cases (the
“Chapter 11 Cases”) under Title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (as it may be amended from time to time, the “Bankruptcy
Code”), in the United States Bankruptcy Court for the Eastern District of Missouri (the “Bankruptcy Court”), implementing the terms and conditions of the Restructuring and (b) requires that the Plan be
consistent with the Plan Support Agreement. 
 WHEREAS, pursuant to the Plan and this Agreement, the Company will conduct (a) a private
placement pursuant to the Private Placement Agreement and (b) a rights offering for the Rights Offering Shares at an aggregate purchase price equal to the Rights Offering Amount and a per-share purchase
price equal to the Per Share Purchase Price on the Effective Date. 
 WHEREAS, subject to the terms and conditions contained in this
Agreement and as set forth in the Restructuring Term Sheet, each Initial Commitment Party has agreed to purchase (on a several and not joint basis) its Backstop Commitment Percentage of the Unsubscribed Shares, if any pursuant to the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises, agreements, representations, warranties and
covenants contained herein, the Company (on behalf of itself and each other Debtor) and each of the Commitment Parties hereby agrees as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. Except as otherwise expressly provided in this Agreement, whenever used in this Agreement
(including any Exhibits and Schedules hereto), the following terms shall have the respective meanings specified below: 

  
 4 

 “Additional Commitment Party” means each party that is a qualified
institutional buyer (as defined in Rule 144A under the Securities Act) or an Institutional Accredited Investor (which is an “accredited investor” as such term is defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and
that is a holder of an Eligible Backstop Claim that agrees to participate in the Backstop Commitment by joining this Agreement and the Plan Support Agreement pursuant to Article II of this Agreement. Initial Commitment Parties may be
Additional Commitment Parties with respect only to additional Eligible Backstop Claims purchased in excess of the Eligible Backstop Claims held by such Initial Commitment Parties as of the execution of this Agreement. 

“Additional Commitment Party Claim Amount” means the Allowed Claim amount beneficially owned by each Additional
Commitment Party as of 5:00 p.m. New York City time on the Backstop Enrollment Outside Date (except for any Phase Two Party Claim Amounts beneficially owned by any Phase Two Commitment Party), as reported by each Additional Commitment Party
(including documentation evidencing such beneficial ownership) to the Claims and Balloting Agent promptly after becoming an Additional Commitment Party. 

“Additional Private Placement Party” has the meaning set forth in the Private Placement Agreement. 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, Controls or is
Controlled by or is under common Control with such Person, and shall include the meaning of “affiliate” set forth in section 101(2) of the Bankruptcy Code. “Affiliated” has a correlative meaning. 

“Affiliated Fund” means any investment fund the primary investment advisor to which is a Commitment Party or an
Affiliate thereof. 
 “Agreement” has the meaning set forth in the Preamble. 

“Allowed Claim” has the meaning set forth in the Plan. 

“Allowed Class 5B Claims” has the meaning set forth in the Plan. 

“Allowed Second Lien Notes Claims” has the meaning set forth in the Plan. 

“Alternative Transaction” means any dissolution, winding up, liquidation, reorganization, assignment for the benefit
of creditors, merger, transaction, consolidation, business combination, joint venture, partnership, sale of assets, financing (debt or equity), or restructuring of any Debtor or non-Debtor member of the
Company Group, other than the Restructuring. 
 “Antitrust Authorities” means the United States Federal Trade
Commission, the Antitrust Division of the United States Department of Justice, the attorneys general of the several states of the United States and any other Governmental Entity, whether domestic or foreign, having jurisdiction pursuant to the
Antitrust Laws, and “Antitrust Authority” means any of them. 

  
 5 

 “Antitrust Laws” means the Sherman Act, the Clayton Act, the HSR Act, the
Federal Trade Commission Act, and any other Law, whether domestic or foreign, governing agreements in restraint of trade, monopolization, pre-merger notification, the lessening of competition through merger or
acquisition or anti-competitive conduct, and any foreign investment Laws. 
 “Applicable Consent” has the meaning
set forth in Section 4.6. 
 “Available Shares” means the Unsubscribed Shares that any
Commitment Party fails to purchase as a result of a Commitment Party Default by such Commitment Party. 
 “Backstop
Commitment” has the meaning set forth in Section 2.2. 
 “Backstop Commitment
Percentage” means for any Commitment Party, (1) with respect to Allowed Claims in Class 2, a percentage determined by multiplying: 

(a) the Pro Rata Split applicable to the relevant Allowed Claims in Class 2 held by such Commitment Party; by 

(b) (i) if the Surplus Backstop Participation Adjustment shall apply - 

(A) in the case of an Initial Commitment Party that has elected to apply the Surplus Backstop Participation Adjustment with
respect to the Initial Commitment Party’s Allowed Claims in Class 2 (as set forth in the Initial Backstop Commitment Schedule), (I) the amount of the Allowed Claims in Class 2 of such Initial Commitment Party (as set forth in the
Initial Backstop Commitment Schedule) divided by (II) the amount of two-thirds (2/3) of all Allowed Claims within Class 2; and 

(B) in the case of a Phase Two Commitment Party, the sum of (I) (a) 50% of such Phase Two Commitment Party’s Phase
Two Party Claim Amount in Class 2 divided by (b) the amount of two-thirds of all Allowed Claims within Class 2, and (II) (a) one (1) minus the sum of all
fractions (if any) determined in accordance with clause (b)(i)(A) and/or clause (b)(i)(B)(I), multiplied by (b) (1) 50% of such Phase Two Commitment Party’s Phase Two Party Claim Amount in Class 2, divided by
(2) the amount of all Participating Commitment Claims within Class 2, other than the Allowed Claims, and/or portions thereof, to which clause (b)(i)(A) or clause (b)(i)(B)(I) is applicable; and 

(ii) in the case of (x) any other Commitment Party, if the Surplus Backstop Participation Adjustment applies, or (y) any Commitment
Party, if the Surplus Backstop Participation Adjustment does not apply— 
 (A) one (1) minus the sum of all
fractions (if any) determined in accordance with clause (b)(i)(A) and/or clause (b)(i)(B)(I), multiplied by (B) the amount of the Allowed Claims of such Commitment Party in Class 2, and divided by (C) the amount of the
Participating Commitment Claims within Class 2, other than the Allowed Claims, and/or portions thereof (if any), to which clause (b)(i)(A) or clause (b)(i)(B)(I) is applicable; and 

  
 6 

 (2) with respect to Allowed Claims in Class 5B, a percentage determined by multiplying: 

(a) the Pro Rata Split applicable to the relevant Allowed Claims in Class 5B held by such Commitment Party; by 

(b) (i) if the Surplus Backstop Participation Adjustment shall apply - 

(A) in the case of an Initial Commitment Party that has elected to apply the Surplus Backstop Participation Adjustment with
respect to the Initial Commitment Party’s Allowed Claims in Class 5B (as set forth in the Initial Backstop Commitment Schedule), (I) the amount of the Allowed Claims in Class 5B of such Initial Commitment Party (as set forth in the
Initial Backstop Commitment Schedule) divided by (II) the amount of two-thirds (2/3) of all Allowed Claims within Class 5B; and 

(B) in the case of a Phase Two Commitment Party, the sum of (I) (a) 50% of such Phase Two Commitment Party’s Phase
Two Party Claim Amount in Class 5B divided by (b) the amount of two-thirds of all Allowed Claims within Class 5B, and (II) (a) one (1) minus the sum of all
fractions (if any) determined in accordance with clause (b)(i)(A) and/or clause (b)(i)(B)(I), multiplied by (b) (1) 50% of such Phase Two Commitment Party’s Phase Two Party Claim Amount in Class 5B, divided by
(2) the amount of all Participating Commitment Claims within Class 5B, other than the Allowed Claims, and/or portions thereof, to which clause (b)(i)(A) or clause (b)(i)(B)(I) is applicable; and 

(ii) in the case of (x) any other Commitment Party, if the Surplus Backstop Participation Adjustment applies, or (y) any Commitment
Party, if the Surplus Backstop Participation Adjustment does not apply— 
 (A) one (1) minus the sum of all
fractions (if any) determined in accordance with clause (b)(i)(A) and/or clause (b)(i)(B)(I), multiplied by (B) the amount of the Allowed Claims of such Commitment Party in Class 5B, and divided by (C) the amount of the
Participating Commitment Claims within Class 5B, other than the Allowed Claims, and/or portions thereof (if any), to which clause (b)(i)(A) or clause (b)(i)(B)(I) is applicable. 

The Backstop Commitment Percentages as of the date hereof are set forth on the Backstop Commitment Schedule attached hereto as the date
hereof, which shall be updated from time to time to reflect the addition of Phase Two Commitment Parties and Additional Commitment Parties that become party hereto, which such updates shall be provided to the Noteholder Co-Proponents on a weekly basis or more frequently as requested by any of them or their respective counsels. 

“Backstop Commitment Period” means the number of days from the date on which documentation necessary to be obligated
under this Agreement has been executed and the Effective Date. 
 “Backstop Commitment Premium” has the meaning set
forth in Section 3.1(a). 

  
 7 

 “Backstop Commitment Schedule” means Schedule 2
to this Agreement, as it may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement. 

“Backstop Enrollment Outside Date” has the meaning set forth in Section 2.3(a). 

“Backstop Penny Warrants” has the meaning set forth in Section 3.4. 

“Backstop Premiums” has the meaning set forth in Section 3.1(b). 

“Backstop Ticking Premium” has the meaning set forth in Section 3.1(b). 

“Bankruptcy Code” has the meaning set forth in the Recitals. 

“Bankruptcy Court” has the meaning set forth in the Recitals. 

“Bankruptcy Rules” means the Federal Rules of Bankruptcy Procedure as promulgated by the United States Supreme Court
under section 2075 of title 28 of the United States Code, 28 U.S.C. § 2075, as applicable to the Chapter 11 Cases and the general, local, and chambers rules of the Bankruptcy Court. 

“Bonding Solution” has the meaning set forth in Section 6.13. 

“Breakup Payments” has the meaning set forth in Section 9.5(b). 

“Business Day” means any day, other than a Saturday, Sunday or legal holiday, as defined in Bankruptcy
Rule 9006(a). 
 “Bylaws” means the bylaws of the Reorganized Company, which shall become effective as of
Effective Date, and which shall be consistent in all material respects with the terms set forth in the Plan. 
 “Certificate of
Incorporation” means the certificate of incorporation of the Reorganized Company as in effect on the Effective Date, which shall be consistent in all material respects with the terms set forth in the Plan. 

“Chapter 11 Cases” has the meaning set forth in the Recitals. 

“Claim” has the meaning ascribed to it in the Bankruptcy Code. 

“Claims and Balloting Agent” has the meaning set forth in the Plan. 

“Class 2” has the meaning set forth in the Plan. 

“Class 5B” has the meaning set forth in the Plan. 

“Class 5B Claims” has the meaning set forth in the Plan. 

“Closing” has the meaning set forth in Section 2.6(a). 

  
 8 

 “Closing Date” has the meaning set forth in Section 2.6(a). 

“Code” means the Internal Revenue Code of 1986. 

“Commitment Party” means an Initial Commitment Party or an Additional Commitment Party. 

“Commitment Party Default” means the failure by any Commitment Party to (a) deliver and pay the aggregate Per
Share Purchase Price for such Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Shares by the Escrow Account Funding Date in accordance with Section 2.4(b) or (b) fully exercise all Subscription Rights that are
issued to it pursuant to the Rights Offering and duly purchase all Rights Offering Shares issuable to it pursuant to such exercise, in accordance with this Agreement and the Plan; provided, that no Commitment Party Default shall constitute a
Termination Event, a “Termination Event” as that term is defined in the Plan Support Agreement or any other right to terminate the Plan Support Agreement by any party thereto. 

“Commitment Premium Shares” means any Common Shares issued on account of the Backstop Commitment Premium in accordance
with Section 3.1(a) and the Private Placement Commitment Premium in accordance with the Private Placement Agreement. 

“Common Shares” means the shares of common stock, par value $0.001 per share, in the Reorganized Company. 

“Company” has the meaning set forth in the Preamble. 

“Company Group” has the meaning set forth in the Preamble. 

“Company Plan” means any employee pension benefit plan, as such term is defined in Section 3(2) of ERISA (other
than a Multiemployer Plan), subject to the provisions of Title IV of ERISA or Section 412 or 430 of the Code or Section 302 of ERISA, and (i) sponsored or maintained (at the time of determination or at any time within the six years
prior thereto) by any of the Debtors or any ERISA Affiliate, or with respect to which any such entity has any actual or contingent liability or obligation or (ii) in respect of which any of the Debtors or any ERISA Affiliate is (or, if such
plan were terminated, could under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Company SEC Documents” means all of the reports, schedules, forms, statements and other documents (including exhibits
and other information incorporated therein) filed with the SEC by the Company. 
 “Confirmation Hearing” has the
meaning set forth in the Plan. 
 “Confirmation Order” means a Final Order of the Bankruptcy Court confirming the
Plan pursuant to section 1129 of the Bankruptcy Code. 
 “Consideration” has the meaning set forth in Section
2.7(b). 

  
 9 

 “Contract” means any agreement, contract or instrument, including any
loan, note, bond, mortgage, indenture, guarantee, deed of trust, license, franchise, commitment, lease, franchise agreement, letter of intent, memorandum of understanding or other obligation, and any amendments thereto, whether written or oral, but
excluding the Plan. 
 “Control” means, with respect to any Person, the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or agency or otherwise. 

“Debtors” has the meaning set forth in the Preamble. 

“Defaulting Commitment Party” means in respect of a Commitment Party Default that is continuing, the applicable
defaulting Commitment Party. 
 “Definitive Documentation” means the definitive documents and agreements governing
the Restructuring. “Definitive Documents” has a correlative meaning. 
 “Disclosure
Statement” has the meaning set forth in the Plan. 
 “Disclosure Statement Motion” means the
Debtors’ motion for an order, among other things, (a) approving the Disclosure Statement; (b) establishing a voting record date for the Plan; (c) approving solicitation packages and procedures for the distribution thereof;
(d) approving the forms of ballots; (e) establishing procedures for voting on the Plan; and (f) establishing notice and objection procedures for the confirmation of the Plan. 

“Disclosure Statement Order” means an Order approving the Disclosure Statement with respect to the Plan and the
solicitation with respect to the Plan. 
 “Effective Date” means the date upon which (a) no stay of the
Confirmation Order is in effect, (b) all conditions precedent to the effectiveness of the Plan have been satisfied or are expressly waived in accordance with the terms thereof, as the case may be, and (c) on which the Restructuring and the
other transactions to occur on the Effective Date pursuant to the Plan become effective or are consummated. 
 “Eligible Backstop
Claims” means Allowed Second Lien Notes Claims and Allowed Class 5B Claims. 
 “Environmental
Laws” means all applicable laws (including common law), rules, regulations, codes, ordinances, orders in council, Orders, decrees, treaties, directives, judgments or legally binding agreements promulgated or entered into by or with any
Governmental Entity, relating in any way to the environment, preservation or reclamation of natural resources, the generation, management, Release or threatened Release of, or exposure to, any Hazardous Material. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

  
 10 

 “ERISA Affiliate” means any trade or business (whether or not
incorporated) that, together with any of the Debtors, is, or at any relevant time during the past six years was, treated as a single employer under any provision of Section 414 of the Code. 

“ERISA Event” means (a) any Reportable Event or the requirements of Section 4043(b) of ERISA apply with respect
to a Company Plan; (b) any failure by any Company Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Company Plan, whether or not waived;
(c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Company Plan, the failure to make by its due date a required installment under
Section 430(j) of the Code with respect to any Company Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the incurrence by any of the Debtors or any ERISA Affiliate of any liability under Title IV of ERISA with
respect to the termination of any Company Plan, including the imposition of any Lien in favor of the PBGC or any Company Plan or Multiemployer Plan; (e) a determination that any Company Plan is, or is expected to be, in “at-risk” status (within the meaning of Section 303 of ERISA or Section 430 of the Code); (f) the receipt by any of the Debtors or any ERISA Affiliate from the PBGC or a plan administrator of any
notice relating to an intention to terminate any Company Plan or to appoint a trustee to administer any Company Plan under Section 4042 of ERISA; (g) the incurrence by any of the Debtors or any ERISA Affiliate of any liability with respect
to the withdrawal or partial withdrawal from any Company Plan or Multiemployer Plan; (h) the receipt by any of the Debtors or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any of the Debtors or any ERISA
Affiliate of any notice, concerning the impending imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, “insolvent” (within the meaning of Section 4245 of ERISA), or in
“endangered” or “critical status” (within the meaning of Section 305 of ERISA or Section 432 of the Code); (i) the conditions for imposition of a Lien under Section 303(k) of ERISA or Section 430(k) of the Code shall
have been met with respect to any Company Plan; (j) the adoption of an amendment to a Company Plan requiring the provision of security to such Company Plan pursuant to Section 307 of ERISA; (k) the assertion of a material claim (other
than routine claims for benefits) against any Company Plan or the assets thereof, or against any of the Debtors or any of the ERISA Affiliates in connection with any Company Plan; or (l) receipt from the IRS of notice of the failure of any
Company Plan (or any other employee benefit plan intended to be qualified under Section 401(a) of the Code) to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Company Plan to qualify for exemption from
taxation under Section 501(a) of the Code. 
 “Escrow Account” has the meaning set forth in Section 2.4(a).

 “Escrow Account Funding Date” has the meaning set forth in Section 2.4(b). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exit Facility” means a senior secured credit facility that may be entered into by one or more of the Reorganized
Debtors on the Effective Date, the terms of which are no less favorable, when taken as a whole, to the Debtors than the terms of the Replacement Secured First Lien Term Loan as set forth on Exhibit 1 to the Restructuring Term Sheet, as determined by
the 

  
 11 

 
Debtors in their reasonable business judgment, and of sufficient size and on appropriate terms, including the ability to enter into up to $250 million of ABL Facilities (as defined in
Exhibit 2 to the Restructuring Term Sheet), to avoid the need to issue all or part of the Replacement Secured First Lien Term Loan and/or the New Second Lien Notes. 

“Expense Reimbursement” has the meaning set forth in Section 3.3(a). 

“Filing Deadline” has the meaning set forth in Section 6.6(a)(i). 

“Filing Party” has the meaning set forth in Section 6.11(b). 

“Final DIP Order” has the meaning set forth in Section 3.3(c). 

“Final Order” means an order or judgment of the Bankruptcy Court, or any other court of competent jurisdiction, as
entered on the docket in the Chapter 11 Cases or the docket of any other court of competent jurisdiction, that has not been reversed, stayed, modified or amended, and as to which the time to appeal or seek certiorari or move, under Bankruptcy Rule
9023 or Rule 59 of the Federal Rules of Civil Procedure, for a new trial, reargument or rehearing has expired, and no appeal or petition for certiorari or other proceeding for a new trial, reargument or rehearing has been timely taken, or as to
which any appeal that has been taken or any petition for certiorari that has been timely filed has been withdrawn or resolved by the highest court to which the order or judgment was appealed or from which certiorari was sought or the new trial,
reargument or rehearing shall have been denied or resulted in no modification of such order; provided that the possibility that a motion under Rule 60 of the Federal Rules of Civil Procedure, or any analogous rule under the Bankruptcy Rules, may be
filed relating to such order shall not prevent such order from being a Final Order. 
 “First Lien Claims” has the
meaning set forth in the Plan. 
 “First Lien Credit Agreement” has the meaning set forth in the Plan. 

“First Lien Full Cash Recovery” has the meaning set forth in the Plan. 

“Fully Diluted Common Shares” means the total number of Common Shares outstanding as of the Effective Date after
giving effect to (a) the reservation and deemed issuance of Common Shares issuable upon (i) conversion of the Preferred Equity and (ii) exercise of the Penny Warrants, and (b) the issuance of (i) any Incremental Second Lien
Shares, (ii) any Premium Shares and (iii) any Rights Offering Disputed Claims Reserve Shares, but prior to dilution from the LTIP and any post-Effective Date issuances of capital stock, including pursuant to any dividend or make-whole
provision in the Transaction Agreements. 
 “Funding Notice” has the meaning set forth in Section 2.4(a).

 “Funding Notice Date” has the meaning set forth in Section 2.4(a). 

“GAAP” means United States generally accepted accounting principles. 

“General Unsecured Claims” has the meaning set forth in the Plan. 

  
 12 

 “Governmental Entity” means a “governmental unit” as defined in
section 101(27) of the Bankruptcy Code. 
 “Hazardous Materials” means all pollutants, contaminants, wastes,
chemicals, materials, substances and constituents, including explosive or radioactive substances or petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls or radon gas, of any nature subject to
regulation or which can give rise to liability under any Environmental Law other than naturally occurring material on or inside of any mineral property. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended from time to time. 

“Incremental Additional First Lien Debt” has the meaning set forth in the Plan. 

“Incremental New Second Lien Notes” has the meaning set forth in the Plan. 

“Incremental Second Lien Notes Claims” has the meaning set forth in the Plan. 

“Incremental Second Lien Shares” has the meaning set forth in the Plan. 

“Indemnified Claim” has the meaning set forth in Section 8.2. 

“Indemnified Person” has the meaning set forth in Section 8.1. 

“Indemnifying Party” has the meaning set forth in Section 8.1. 

“Initial Backstop Commitment Schedule” means the initial commitment schedule attached hereto as Schedule 1
hereto reflecting the initial percentage allocation of the obligations of the Initial Commitment Parties to purchase Unsubscribed Shares (prior to the addition of Additional Commitment Parties as contemplated hereby) and which may be amended only
upon consent of each of the Initial Commitment Parties. 
 “Initial Commitment Parties” means the Noteholder Co-Proponents. 
 “Initial Private Placement Parties” has the meaning set forth in
the Private Placement Agreement. 
 “Initial Private Placement Schedule” has the meaning set forth in the Private
Placement Agreement. 
 “Initial Resale Registration Statement” has the meaning set forth in Section
6.6(a)(i). 
 “Intellectual Property Rights” has the meaning set forth in
Section 4.12. 
 “Investment Company Act” has the meaning set forth in
Section 4.26. 
 “IRS” means the United States Internal Revenue Service. 

  
 13 

 “Joinder Agreement” has the meaning set forth in Section 2.3(a).

 “Joint Filing Party” has the meaning set forth in Section 6.11(c). 

“Knowledge of the Company” means the actual knowledge, after reasonable inquiry of their direct reports, of the chief
executive officer or the chief financial officer of the Company. As used herein, “actual knowledge” means information that is personally known by the listed individual(s). 

“Law” means any law (statutory or common), statute, regulation, rule, code or ordinance enacted, adopted, issued or
promulgated by any Governmental Entity. 
 “Lead Arrangers” has the meaning set forth in the Restructuring Term
Sheet. 
 “Legal Proceedings” has the meaning set forth in Section 4.10. 

“Legend” has the meaning set forth in Section 6.10. 

“Lien” means any lien, adverse claim, charge, option, right of first refusal, servitude, security interest, mortgage,
pledge, deed of trust, easement, encumbrance, restriction on transfer, conditional sale or other title retention agreement, defect in title, lien or judicial lien as defined in sections 101(36) and (37) of the Bankruptcy Code or other
restrictions of a similar kind. 
 “Losses” has the meaning set forth in Section 8.1. 

“LTIP” has the meaning set forth in the Plan. 

“Material Adverse Effect” means any event, which individually, or together with all other events, has or would
reasonably be expected to have a material and adverse effect on (a) the business, assets, liabilities (including reclamation obligations, whether or not contingent), finances, properties, results of operations or condition (financial or
otherwise) of the Debtors, taken as a whole, or (b) the ability of the Debtors, taken as a whole, to perform their obligations under, or to consummate the transactions contemplated by, the Restructuring Term Sheet, including the Private
Placement and the Rights Offering, in each case, except to the extent such event results from, arises out of, or is attributable to, the following (either alone or in combination): (i) any change after the date hereof in global, national or regional
political conditions (including hostilities, acts of war, sabotage, terrorism or military actions, or any escalation or material worsening of any such hostilities, acts of war, sabotage, terrorism or military actions existing or underway) or in the
general business, market, financial or economic conditions affecting the industries, regions and markets in which the Debtors operate, including any change in the United States or applicable foreign economies or securities, commodities or financial
markets, or force majeure events or “acts of God”; (ii) any changes after the date hereof in applicable Law or GAAP, or in the interpretation or enforcement thereof; (iii) the execution, announcement or performance of the transactions
contemplated by the Plan (including any act or omission of the Debtors expressly required or prohibited, as applicable, by the Plan or consented to or required by the Requisite Members of the Noteholder Steering Committee in writing); (iv) changes
in the market price or trading volume of the claims or equity or debt securities of the 

  
 14 

 
Debtors (but not the underlying facts giving rise to such changes unless such facts are otherwise excluded pursuant to the clauses contained in this definition); (v) the departure of officers or
directors of any of the Debtors not in contravention of the terms and conditions of the Restructuring Term Sheet or the Plan (but not the underlying facts giving rise to such departure unless such facts are otherwise excluded pursuant to the clauses
contained in this definition); (vi) the filing or pendency of the Chapter 11 Cases (including events resulting from any filing made in such Chapter 11 Cases); or (vii) declarations of national emergencies in the United States or natural
disasters in the United States; provided, that the exceptions set forth in clauses (i) and (ii) shall not apply to the extent that such event is materially and disproportionately adverse to the Debtors, taken as a whole, as compared to
other companies in the industries in which the Debtors operate. 
 “Material Contracts” means all “plans of
acquisition, reorganization, arrangement, liquidation or succession” and “material contracts” (as such terms are defined in Items 601(b)(2) and 601(b)(10) of Regulation S-K under the
Exchange Act) to which any of the Debtors is a party. 
 “MEPP Claim” means any Claim arising, or related to the
period, prior to the Effective Date in connection with the United Mine Workers of America 1974 Pension Plan, including (a) proof of claim number 4722 and (b) any other Claim related to any withdrawal liability under U.S.C. § 1392(c).

 “Money Laundering Laws” has the meaning set forth in Section 4.23. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which any of the Debtors
or any ERISA Affiliate is making or accruing an obligation to make contributions, has within any of the preceding six plan years made or accrued an obligation to make contributions. 

“New Second Lien Notes” has the meaning set forth in the Plan. 

“Noteholder Co-Proponents” means (a) Contrarian Capital Management
L.L.C., Panning Capital Management, LP, PointState Capital LP, and the South Dakota Investment Council, or entities managed by such parties, acting as holders of Eligible Backstop Claims or investment advisors or managers of such holders, as
applicable, and in each case, certain of their respective Affiliates, including those designated on the Initial Private Placement Schedule, and (b) entities managed by Elliott Management Corporation, Discovery Capital Management, LLC, and
Aurelius Capital Management, LP, acting as holders of Eligible Backstop Claims or investment advisors or managers of such holders, as applicable, and in each case, certain of their respective Affiliates, including those designated on the Initial
Backstop Commitment Schedule. 
 “Noteholder Steering Committee” means a steering committee consisting of the
Noteholder Co-Proponents. 
 “Order” means any judgment, order, award,
injunction, writ, permit, license or decree of any Governmental Entity or arbitrator of applicable jurisdiction. 

  
 15 

 “Participating Commitment Claims” shall mean Allowed Claims within the
applicable Class held by all Commitment Parties. 
 “Party” has the meaning set forth in the Preamble. 

“PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any
successor thereto. 
 “Penny Warrants” means the Rights Offering Penny Warrants and the Backstop Penny Warrants, and
shall have the following terms: (a) Date of Issuance: the Effective Date; (b) Exercise Price: $0.01 per share of Common Shares; (c) Term: 90 days; and (d) Exercise Trigger: exercisable from and after the Effective Date. 

“Per Share Purchase Price” means $13.75. An illustrative allocation of Common Shares (Fully Diluted) is attached
here to as Exhibit E. 
 “Permitted Liens” means (a) Liens for Taxes that (i) are not yet
delinquent or (ii) are being contested in good faith by appropriate proceedings and for which adequate reserves have been made with respect thereto; (b) landlord’s, operator’s, vendors’, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other similar Liens for labor, materials or supplies or other like Liens arising by operation of law in the ordinary course of business or incident to the operation of
the Debtors’ businesses as described in the Company SEC Documents; (c) if such Lien is being contested in good faith by appropriate proceedings and for which adequate reserves have been made with respect thereto; (d) zoning, building
codes and other land use Laws regulating the use or occupancy of any Real Property or the activities conducted thereon that are imposed by any Governmental Entity having jurisdiction over such Real Property; provided, that no such zoning,
building codes and other land use Laws prohibit the use or occupancy of such Real Property; (e) leases, subleases, licenses and rights-of-use granted to others
incurred in the ordinary course of business and that do not materially and adversely affect the use of the property encumbered thereby for its intended purpose; (f) pledges or deposits in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other social security legislation and deposits securing liability to insurance carriers under insurance or self-insurance arrangements; (g) (i) Liens to secure the performance of bids,
trade contracts and leases, reclamation bonds, insurance bonds, statutory obligations, surety and appeal bonds, performance bonds, bank guarantees and letters of credit and other obligations of a like nature incurred in the ordinary course of
business, (ii) Liens on assets to secure obligations under surety bonds obtained as required in connection with the entering into of federal coal leases or (iii) Liens created under or by any turnover trust; (h) Liens securing
attachments or judgments for the payment of money or securing appeal or surety bonds related to such attachments or judgments; (i) easements, covenants, conditions, encroachments, restrictions on transfer and other similar matters affecting
title to any Real Property (including any title retention agreement) and other title defects and encumbrances that do not or would not materially impair the ownership, use or occupancy of such Real Property or the operation of the Debtors’
business; (j) Liens granted pursuant to existing indebtedness arrangements of the Debtors described in the Plan or Disclosure Statement; (k) Liens with respect to bailments, operating leases or consignment or retention of title
arrangements entered into in the ordinary course of business; (l) (i) production payments, royalties, dedication of reserves under supply 

  
 16 

 
agreements or similar or related rights or interests granted, taken subject to, or otherwise imposed on properties or (ii) cross charges, Liens or security arrangements entered into in
respect of a joint venture for the benefit of a participant, manager or operator of such Joint Venture, in each case, consistent with normal practices in the mining industry; (m) eases, subleases, licenses and rights-of-use granted to others incurred in the ordinary course of business and that do not materially and adversely affect the use of the property encumbered thereby for its intended purpose; (n) (i)
Liens in favor of a banking institution arising by operation of law or any contract encumbering deposits (including the right of set-off) held by such banking institutions incurred in the ordinary course of
business and which are within the general parameters customary in the banking industry or (ii) contractual rights of setoff to the extent constituting Liens; (o) Liens on capital stock and other equity interests in “Unrestricted
Subsidiaries” as defined in the First Lien Credit Agreement securing obligations of Unrestricted Subsidiaries not otherwise prohibited under the First Lien Credit Agreement; (p) Liens on receivables and rights related to such receivables
created pursuant to any “Permitted Securitization Programs” as defined in the First Lien Credit Agreement or under any other agreement under which such receivables or rights are transferred; (q) Liens granted under any Contracts to
the extent the same are ordinary and customary in the businesses or industries in which the Debtors operate and do not or would not materially impair the ownership, use or occupancy of any material Real Property or the operation of the Debtors’
businesses or, if such claim does materially impair such ownership, use, occupancy or operation, are being contested in good faith by appropriate proceedings; (r) mortgages on a lessor’s interest in a lease or sublease; provided
that no foreclosure proceedings have been duly filed (unless, in such case, such mortgage has been subordinated to the applicable lease); and (s) Liens that, pursuant to the Plan and the Confirmation Order, will be discharged and released on
the Effective Date. 
 “Person” means an individual, firm, corporation (including any
non-profit corporation), partnership, limited liability company, joint venture, association, trust, Governmental Entity or other entity or organization. 

“Phase Two Commitment Party” has the meaning set forth in Section 2.3(a). 

“Phase Two Party Claim Amount” means the Allowed Claim amount beneficially owned by each Phase Two Commitment Party by
the Phase Two Party Outside Date, as reported by each Phase Two Commitment Party (including documentation evidencing such beneficial ownership) to the Claims and Balloting Agent promptly after becoming a Phase Two Commitment Party no later than the
Backstop Enrollment Outside Date; provided, that such Phase Two Party Claim Amount shall include any Claims that are subject to an agreement to purchase or acquire such Claim that is pending as of the date of such Phase Two Commitment
Party’s entry into this Agreement or a Joinder Agreement and settled or delivered to such Phase Two Commitment Party within three (3) Business Days of the Phase Two Party Outside Date. 

“Phase Two Party Outside Date” means the date that is the third (3rd) Business Day following December 22, 2016
and by which the relevant party has executed this Agreement or a Joinder Agreement. 
 “Phase Two Private Placement
Party” has the meaning set forth in the Private Placement Agreement. 

  
 17 

 “Plan” means the Joint Chapter 11 Plan of Reorganization of Peabody
Energy Corporation and Its Debtor Affiliates, filed on December 22, 2016 (as may be amended, supplemented, or modified from time to time solely as provided for, and in accordance with, the terms and conditions of this Agreement and the Plan
Support Agreement), including all exhibits, supplements, appendices, and schedules thereto. 
 “Plan Documents” has
the meaning set forth in the Plan Support Agreement. 
 “Plan Equity Value” means $3.105 billion. 

“Plan Supplement” means the compilation of documents and forms of documents, schedules, and exhibits to the Plan (as
amended, supplemented, or modified from time to time in accordance with the Plan, the Bankruptcy Code, the Bankruptcy Rules, and the Plan Support Agreement) to be filed by the Debtors no later than ten (10) days before the Confirmation Hearing,
and additional documents or amendments to previously filed documents, filed before the Effective Date as amendments to the Plan Supplement, including the following, as applicable: (a) the Exit Facility documents; (b) the Reorganized
Company Organizational Documents; (c) the Registration Rights Agreement; (d) the Schedule of Assumed Executory Contracts and Unexpired Leases (as defined in the Plan); (e) the Schedule of Rejected Executory Contracts and Unexpired Leases
(as defined in the Plan) and (f) the certificate of designation relating to the Preferred Equity. The Debtors shall have the right to amend the documents contained in, and exhibits to, the Plan Supplement through the Effective Date consistent
with and subject to the Plan Support Agreement and this Agreement. 
 “Plan Support Agreement” has the meaning set
forth in the Recitals. 
 “Plan Support Agreement Termination Condition” means the Debtors’ termination right
under the Plan Support Agreement if holders of two-thirds (2/3) in amount of each of the Second Lien Notes Claims and the Unsecured Senior Notes Claims have not joined the Plan Support Agreement prior to the
date on which the PPA and BCA Approval Order is entered by the Bankruptcy Court. 
 “PPA and BCA Approval Motion”
means the motion to be filed by the Debtors seeking approval of the PPA and BCA Approval Order. 
 “PPA and
BCA Approval Obligations” means the obligations of the Company and the other Debtors under this Agreement, the Private Placement Agreement and the PPA and BCA Approval Order. 

“PPA and BCA Approval Order” means the Order entered by the Bankruptcy Court (a) authorizing the Company (on
behalf of itself and the other Debtors) to execute and deliver the Private Placement Agreement, this Agreement, including the authorization of all contemplated premiums, fees and expense reimbursements and the indemnification provisions contained in
both the Private Placement Agreement and this Agreement, and providing that the all contemplated premiums, fees and expense reimbursements and the indemnification provisions shall constitute allowed administrative expenses of the Debtors’
estates under sections 503(b) and 507 of the Bankruptcy Code and shall be payable by the Debtors as provided in the relevant agreement without further order of the Bankruptcy Court and (b) approving the Rights Offering Procedures. 

  
 18 

 “Pre-Closing Period” has the
meaning set forth in Section 6.4(a). 
 “Preferred Equity” has the meaning set forth in the Plan. 

“Premium Shares” means, collectively, the Commitment Premium Shares and the Ticking Premium Shares. 

“Private Placement” has the meaning set forth in the Private Placement Agreement. 

“Private Placement Agreement” means that certain Private Placement Agreement among Peabody Energy Corporation and the
private placement parties party thereto, dated as of December 22, 2016. 
 “Private Placement Commitments” has
the meaning set forth in the Private Placement Agreement. 
 “Private Placement Commitment Premium” has the meaning
set forth in the Private Placement Agreement. 
 “Private Placement Party” has the meaning set forth in the Private
Placement Agreement. 
 “Pro Rata Split” means the following percentages, based on Allowed Claims as of the Record
Date: (x) in respect of Allowed Claims in Class 2, the quotient of (A) $708,000,000 divided by (B) the Allowed Claims in Class 5B plus $708,000,000; and (y) in respect of Allowed Claims in Class 5B, the quotient of
(A) the Allowed Claims in Class 5B divided by (B) the Allowed Claims in Class 5B plus $708,000,000. 
 “Real
Property” means, collectively, all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real property owned in fee or leased by any of the Debtors, together with, in each case, all
easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures incidental to the ownership or lease thereof. 

“Record Date” means the date on which the Disclosure Statement Order is entered by the Bankruptcy Court. 

“Registration Deadline” has the meaning set forth in Section 6.6(a)(i). 

“Registration Rights Agreement” has the meaning set forth in Section 6.6(a). 

“Related Party” means, with respect to any Person, (i) any former, current or future director, officer, agent,
Affiliate, employee, general or limited partner, member, manager or stockholder of such Person and (ii) any former, current or future director, officer, agent, Affiliate, employee, general or limited partner, member, manager or stockholder of
any of the foregoing. 

  
 19 

 “Related Purchaser” has the meaning set forth in Section 2.7(a).

 “Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, dumping, disposing or migrating. 
 “Released” has a correlative meaning. 

“Reorganized Company” means Peabody Energy Corporation from and after the Effective Date. 

“Reorganized Company Organizational Documents” means, collectively, the Bylaws and the Certificate of Incorporation.

 “Reorganized Debtors” means the Debtors from and after the Effective Date. 

“Replacement Secured First Lien Term Loan” has the meaning set forth in the Plan. 

“Replacing Commitment Party” has the meaning set forth in Section 2.5(a). 

“Reportable Event” means any reportable event as defined in Section 4043(c) of ERISA or the regulations issued
thereunder, other than those events as to which the 30 day notice period referred to in Section 4043(c) of ERISA has been waived, with respect to a Company Plan. 

“Representatives” means, with respect to any Person, such Person’s directors, officers, members, partners,
limited partners, general partners, management companies, investment managers, shareholders, managers, employees, agents, investment bankers, attorneys, accountants, advisors and other representatives. 

“Requisite Consenting Noteholders” means the applicable individual(s) or group(s) of holders of Allowed Second Lien
Notes Claims and Allowed Claims in Class 5B identified in the Voting/Consent Structure attached hereto as Exhibit C. 

“Requisite First Lien Lender Co-Proponents” has the meaning set forth in the
Plan. 
 “Requisite Members of the Noteholder Steering Committee” means 75% of the Noteholder Steering Committee,
based on combined Class 2 and Class 5 holdings as set forth in the Initial Backstop Commitment Schedule and Initial Private Placement Schedule, as applicable; provided, that if one of the seven members of the Noteholder Steering Committee
transfers or assigns any of its Claims (in either Class 2 or Class 5) to a third party, such member’s Noteholder Steering Committee voting power attributable to the face amount of such transferred or assigned claims shall be
reallocated on a pro rata basis based on holdings as set forth in the Initial Backstop Commitment Schedule and Initial Private Placement Schedule, as 

  
 20 

 
applicable, to the other Noteholder Steering Committee members who belong to the same ad hoc noteholder group as the transferring or assigning member(s) of the Noteholder Steering Committee. For
the avoidance of doubt, any member of the Noteholder Steering Committee may transfer or assign, directly or indirectly, all or any portion of its Claims or commitments to purchase Private Placement Commitments or Backstop Commitments to (i) its
affiliated investment funds or (ii) any special purpose vehicle that is wholly owned by such member or its affiliated investment funds, created for the purpose of holding such Claims, Private Placement Commitment or Backstop Commitment or
holding debt or equity of the Debtors, and no such transfer or assignment shall alter the voting rights set forth herein. 

“Restructuring” has the meaning set forth in the Plan Support Agreement. 

“Restructuring Term Sheet” has the meaning set forth in the Recitals. 

“Rights Offering” means the rights offering of Rights Offering Shares that is backstopped by the Commitment Parties
for the Rights Offering Amount in connection with the Restructuring consistent with the terms reflected in the Plan Support Agreement and this Agreement, and in accordance with the Rights Offering Procedures. 

“Rights Offering Amount” means an amount equal to $750,000,000. 

“Rights Offering Disputed Claims Reserve Shares” has the meaning set forth in the Plan. 

“Rights Offering Expiration Time” means the time and the date on which the rights offering subscription forms,
together with the applicable aggregate Per Share Purchase Price, must be duly delivered to the Rights Offering Subscription Agent in accordance with the Rights Offering Procedures. 

“Rights Offering Penny Warrants” means the Penny Warrants exercisable for two and one half percent (2.5%) of the Fully
Diluted Common Shares as of the Effective Date. 
 “Rights Offering Procedures” means the procedures with respect to
the Rights Offering that are approved by the Bankruptcy Court pursuant to the PPA and BCA Approval Order, which procedures shall be in form and substance substantially as set forth on Exhibit A hereto, as they may be modified from time to
time by the Company in a manner that is not materially adverse to the Commitment Parties. 
 “Rights Offering
Shares” means the units constituting Common Shares and Rights Offering Penny Warrants (including all Unsubscribed Shares purchased by the Commitment Parties pursuant to this Agreement) distributed pursuant to and in accordance with the
Rights Offering Procedures in the Rights Offering. 
 “Rights Offering Subscription Agent” means an agent appointed
by the Debtors, and reasonably acceptable to the Requisite Members of the Noteholder Steering Committee, to administer the Rights Offering. 

“SEC” means the U.S. Securities and Exchange Commission. 

  
 21 

 “Second Lien Notes Claims” has the meaning set forth in the Plan. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Subscription Rights” means the subscription rights to purchase Rights Offering Shares. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, joint venture or other legal entity as
to which such Person (either alone or through or together with any other subsidiary), (a) owns, directly or indirectly, more than fifty percent (50%) of the stock or other equity interests, (b) has the power to elect a majority of the board of
directors or similar governing body, or (c) has the power to direct the business and policies. 
 “Surplus Backstop
Participation Adjustment” has the meaning set forth in Section 2.3(c). 
 “Taxes” means all
taxes, assessments, duties, levies or other mandatory governmental charges paid to a Governmental Entity, including all federal, state, local, foreign and other income, franchise, profits, gross receipts, capital gains, capital stock, transfer,
property, sales, use, value-added, occupation, excise, severance, windfall profits, stamp, payroll, social security, withholding and other taxes, assessments, duties, levies or other mandatory governmental charges of any kind whatsoever paid to a
Governmental Entity (whether payable directly or by withholding and whether or not requiring the filing of a return), all estimated taxes, deficiency assessments, additions to tax, penalties and interest thereon and shall include any liability for
such amounts as a result of being a member of a combined, consolidated, unitary or affiliated group. For the avoidance of doubt, such term shall exclude any tax, penalties or interest thereon that result or have resulted from the non-payment of royalties. 
 “Tax Forms” has the meaning set forth in
Section 10.16. 
 “Termination Date” has the meaning set forth in
Section 9.2. 
 “Termination Event” means an event giving rise to a right of termination
pursuant to Article IX. 
 “Ticking Premium Shares” means any Common Shares issued on account of the Backstop
Ticking Premium in accordance with Section 3.1(b) of this Agreement and on account of Private Placement Ticking Premium in accordance with Section 3.1(b) of the Private Placement Agreement. 

“Transaction Agreements” has the meaning set forth in Section 4.2(a). 

“Transfer” means to sell, transfer, assign, pledge, hypothecate, participate, donate or otherwise encumber or dispose
of, directly or indirectly (including through derivatives, options, swaps, pledges, forward sales or other transactions in which any Person receives the right to own or acquire any current or future interest). “Transfer” used
as a noun has a correlative meaning. 

  
 22 

 “Ultimate Purchaser” has the meaning set forth in Section 2.7(b).

 “Unlegended Shares” has the meaning set forth in Section 6.8. 

“Unsecured Senior Notes Claims” has the meaning set forth in the Plan. 

“Unsubscribed Shares” means the Rights Offering Shares that have not been duly purchased in the Rights Offering
by holders of Allowed Second Lien Notes Claims and Allowed Class 5B Claims in accordance with the Rights Offering Procedures and the Plan. 

“Voting/Consent Structure” means the process set forth on Exhibit C hereof. 

“willful or intentional breach” has the meaning set forth in Section 9.5(a). 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from
such Multiemployer Plan, as such terms are defined in Section 4203 of ERISA. 
 Section 1.2 Construction. In this
Agreement, unless the context otherwise requires: 
 (a) references to Articles, Sections, Exhibits and Schedules are references to the
articles and sections or subsections of, and the exhibits and schedules attached to, this Agreement; 
 (b) references in this Agreement to
“writing” or comparable expressions include a reference to a written document transmitted by means of electronic mail in portable document format (pdf), facsimile transmission or comparable means of communication; 

(c) words expressed in the singular number shall include the plural and vice versa; words expressed in the masculine shall include the feminine
and neuter gender and vice versa; 
 (d) the words “hereof”, “herein”, “hereto” and “hereunder”, and
words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, including all Exhibits and Schedules attached to this Agreement, and not to any provision of this Agreement; 

(e) the term “this Agreement” shall be construed as a reference to this Agreement as the same may have been, or may from time to time
be, amended, modified, varied, novated or supplemented; 
 (f) “include”, “includes” and “including” are deemed
to be followed by “without limitation” whether or not they are in fact followed by such words; 
 (g) references to “day”
or “days” are to calendar days; 
 (h) references to “the date hereof” means the date of this Agreement; 

  
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 (i) unless otherwise specified, references to a statute means such statute as amended from time
to time and includes any successor legislation thereto and any rules or regulations promulgated thereunder in effect from time to time; and 

(j) references to “dollars” or “$” refer to currency of the United States of America, unless otherwise expressly provided.

 ARTICLE II 

BACKSTOP COMMITMENT 

Section 2.1 The Rights Offering; Subscription Rights. On and subject to the terms and conditions hereof, including entry
of the PPA and BCA Approval Order, the Company shall conduct the Rights Offering to holders of Allowed Claims in Class 2 and Class 5B as of the Record Date pursuant to and in accordance with the Rights Offering Procedures and the PPA and
BCA Approval Order. If reasonably requested by the Requisite Members of the Noteholder Steering Committee, from time to time prior to the Rights Offering Expiration Time (and any extensions thereto), the Company shall notify, or cause the Rights
Offering Subscription Agent to notify, within 48 hours of receipt of such request by the Company, the Commitment Parties of the aggregate number of Subscription Rights known by the Company or the Rights Offering Subscription Agent to have been
exercised pursuant to the Rights Offering as of the most recent practicable time before such request. The Rights Offering will be conducted in reliance upon the exemption from registration under the Securities Act provided in Section 1145 of
the Bankruptcy Code, and all Rights Offering Shares (other than the Unsubscribed Shares purchased by the Commitment Parties pursuant to this Agreement) will be issued in reliance upon such exemption, and the Disclosure Statement shall include a
statement to such effect. After consultation with counsel and the Noteholder Steering Committee, the Debtors may decrease the number of Subscription Rights distributed to and/or exercisable by (if previously distributed to) holders of Allowed Second
Lien Notes Claims and Allowed Class 5B Claims as required by the Bankruptcy Court or the SEC, in each case, to allow the Rights Offering to be exempt from registration under the Securities Act of 1933 pursuant to section 1145 of the Bankruptcy
Code; provided, however, that (a) in no event shall such decrease in the number of Subscription Rights result in a decrease of the aggregate Per Share Purchase Price for all Rights Offering Shares offered in the Rights Offering below
$650 million, and (b) in no event shall the Per Share Purchase Price to be paid in the Rights Offering be subject to increase or decrease in connection with such decrease in the number of Subscription Rights. In the event of such decrease
or reduction, any amounts excluded shall instead be purchased directly by the Commitment Parties pursuant to this Agreement and the Rights Offering Shares otherwise distributable pursuant to such excluded Subscription Rights shall be deemed to be
Unsubscribed Shares. The offer and sale of the Unsubscribed Shares purchased by the Commitment Parties pursuant to this Agreement, as well as the issuance of Common Shares in connection with the Backstop Premiums, will be made in reliance on the
exemption from registration provided by Section 4(a)(2) of the Securities Act or another available exemption from registration under the Securities Act, and the Disclosure Statement shall include a statement to such effect. 

  
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 Section 2.2 The Backstop Commitment. On and subject to the terms and conditions
hereof, including entry of the PPA and BCA Approval Order, each Commitment Party agrees, severally and not jointly, to fully exercise all Subscription Rights that are issued to it pursuant to the Rights Offering and duly purchase all Rights Offering
Shares issuable to it pursuant to such exercise, in accordance with the Rights Offering Procedures and the Plan; provided that any Defaulting Commitment Party shall be liable to each non-Defaulting
Commitment Party, the Company and the Reorganized Debtors as a result of any breach of its obligations hereunder. On and subject to the terms and conditions hereof, including entry of the Confirmation Order, each Commitment Party agrees, severally
and not jointly, to purchase, and the Reorganized Company shall sell to such Commitment Party, on the Closing Date for the applicable aggregate Per Share Purchase Price, the number of Unsubscribed Shares equal to (x) such Commitment
Party’s Backstop Commitment Percentage multiplied by (y) the aggregate number of Unsubscribed Shares (such obligation to purchase, the “Backstop Commitment”), rounded among the Commitment Parties solely to avoid
fractional shares as the Requisite Consenting Noteholders may determine (provided that in no event shall such rounding reduce the aggregate commitment of any Commitment Party). 

Section 2.3 Additional Commitment Parties. 

(a) Additional Commitment Parties. Holders of Allowed Second Lien Notes Claims and Allowed Class 5B Claims may, in their sole
discretion, elect to participate in the rights and obligations set forth by this Agreement as an Additional Commitment Party (to the extent they meet the qualifications set forth in the definition of such term) until the date that is twenty
(20) Business Days following the Debtors’ filing of the PPA and BCA Approval Motion (the “Backstop Enrollment Outside Date”). All holders of Eligible Backstop Claims electing to become Additional Commitment Parties
must execute a joinder to this Agreement pursuant to an agreement in substantially the form attached as Exhibit B hereto or otherwise in form and substance reasonably acceptable to the Company (a “Joinder
Agreement”) and a joinder to the Plan Support Agreement. Any Additional Commitment Parties that become a Commitment Party pursuant to this Section 2.3(a) by 5:00 p.m. New York City time on the third (3rd) Business Day following
the execution of this Agreement (excluding any Defaulting Commitment Party) is deemed to be a “Phase Two Commitment Party”. Each Phase Two Commitment Party shall report its Phase Two Party
Claim Amount, and each Additional Commitment Party shall report its Additional Commitment Party Claim Amount, to the Claims and Balloting Agent promptly after becoming a Phase Two Commitment Party or Additional Commitment Party, as the case may be,
but in no event later than the Backstop Enrollment Outside Date. 
 (b) Participation Percentage. Holders of the Allowed Second Lien
Notes Claims and holders of Allowed Class 5B Claims (in their capacities as such) shall participate in the transactions contemplated by this Agreement according to the Pro Rata Split and the Rights Offering Procedures. 

(c) Surplus Adjustment. If holders of more than two-thirds of either the Allowed Second Lien
Notes Claims and/or the Allowed Unsecured Senior Notes Claims become party to this Agreement before the Backstop Enrollment Outside Date pursuant to Section 2.3(a), each Initial Commitment Party shall have the right, but not the obligation,
to elect for their respective Backstop Commitments to equal its pro rata portion of the full amount of Backstop Commitments that would be allocated to such Initial Commitment Party (a) according to its pro rata portion of the Pro Rata Split and
(b) based on, and calculated using, the Claim amounts set 

  
 25 

 
forth in the Initial Backstop Commitment Schedule, as if holders of exactly two-thirds (2/3) of the Allowed Second Lien Notes Claims or the Allowed
Unsecured Senior Notes Claims, as applicable, are party to this Agreement (a “Surplus Backstop Participation Adjustment”), and the Backstop Commitments available to Additional Commitment Parties in the respective
Class shall be reduced accordingly. For the avoidance of doubt, each Phase Two Commitment Party will be subject to the dilution protections as set forth in the Backstop Commitment Percentage. Each Initial Commitment Party must elect to apply
the Surplus Backstop Participation Adjustment no later than ten (10) Business Days following the Backstop Enrollment Outside Date. 

Section 2.4    Escrow Account Funding. 

(a)    Funding Notice. No later than the seventh (7th) Business Day following the Rights Offering Expiration
Time, the Rights Offering Subscription Agent shall, on behalf of the Company, deliver to each Commitment Party a written notice (the “Funding Notice,” and the date of such delivery, the “Funding Notice
Date”) setting forth (i) the number of Rights Offering Shares each Commitment Party is obligated to purchase, and the aggregate Per Share Purchase Price therefor; (ii) if applicable, the number of Rights Offering Shares such
Commitment Party is subscribed for in the Rights Offering and for which such Commitment Party has not yet paid to the Rights Offering Subscription Agent the aggregate Per Share Purchase Price therefor, together with such aggregate Per Share Purchase
Price; and (iii) subject to the last sentence of Section 2.4(b), the escrow account designated in escrow agreements satisfactory to the Requisite Members of the Noteholder Steering Committee and the Company, each acting reasonably, to
which such Commitment Party shall deliver and pay the aggregate Per Share Purchase Price for such Commitment Party’s Backstop Commitment Percentage of the Unsubscribed Shares and, if applicable, the aggregate Per Share Purchase Price for the
Rights Offering Shares such Commitment Party has subscribed for in the Rights Offering (the “Escrow Account”). The Company shall promptly direct the Rights Offering Subscription Agent to provide any written backup,
information and documentation relating to the information contained in the applicable Funding Notice as any Commitment Party may reasonably request. 

(b)    Escrow Account Funding. On the fifth (5th) Business Day before the Closing Date (the “Escrow
Account Funding Date”), each Commitment Party shall deliver and pay an amount equal to the sum of (i) the aggregate Per Share Purchase Price for such Commitment Party’s Backstop Commitment Percentage of the Unsubscribed
Shares, as applicable, plus (ii) the aggregate Per Share Purchase Price for the Common Shares issuable pursuant to this Agreement, by wire transfer of immediately available funds in U.S. dollars into the Escrow Account in
satisfaction of such Commitment Party’s Backstop Commitment and its obligation to fully exercise its Subscription Rights. Notwithstanding the foregoing, all payments contemplated to be made by any Commitment Party to the Escrow Account pursuant
to this Section 2.4 may instead be made, at the option of such Commitment Party, to a segregated bank account of the Rights Offering Subscription Agent designated by the Rights Offering Subscription Agent in the Funding
Notice and shall be delivered and paid to such account on the Escrow Account Funding Date. For the avoidance of doubt, any Commitment Party that fails to fulfil its obligation to fully deliver and pay the aggregate Per Share Purchase Price for such
Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Shares or fully exercise such Commitment Party’s Subscription Rights and duly purchase all Rights Offering Shares issuable to it pursuant to such exercise on the Funding
Date, as applicable, shall be deemed a Defaulting Commitment Party. 

  
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 Section 2.5 Commitment Party Default. 

(a) Upon the occurrence of a Commitment Party Default, the Company shall give prompt written notice thereof to each of the Initial Commitment
Parties and the Initial Commitment Parties (other than any Defaulting Commitment Party) shall have the obligation, within three (3) Business Days after receipt of such notice to purchase all of the Available Shares on the terms and subject to
the conditions set forth in this Agreement based upon the relative applicable Backstop Commitment Percentages of such Initial Commitment Parties (other than any Defaulting Commitment Party) (such party, the “Replacing Commitment
Party”). For the avoidance of doubt, nothing in this Section 2.5(a) shall relieve any Commitment Party of its obligation to fulfill its Backstop Commitment and all conditions in this Section 2.5(a) shall be several and not
joint. 
 (b) Any Available Shares purchased by a Replacing Commitment Party (and any commitment and applicable aggregate Per Share Purchase
Price associated therewith) shall be included, among other things, in the determination of (x) the Unsubscribed Shares of such Replacing Commitment Party for all purposes hereunder, and (y) the Backstop Commitment Percentage of such
Replacing Commitment Party for purposes of Section 2.5(d), Section 2.4(b), Section 3.1, Section 3.2, and Section 9.5(b). 

(c) If a Commitment Party is a Defaulting Commitment Party, it shall not be entitled to any of the Backstop Commitment Premium, the Backstop
Ticking Premium or the Breakup Payments hereunder, and to the extent any such amounts are received by a Defaulting Commitment Party it shall repay to the Company all such amounts by wire transfer in immediately available U.S. dollars or in another
appropriate manner within one (1) Business Day of receiving written notice from the Company or any Commitment Party demanding such repayment, and such amounts shall be thereafter allocated to any Replacing Commitment Parties or as otherwise
provided herein. 
 (d) Except as set forth in Section 2.5(a), nothing in this Agreement shall be deemed to require a Commitment Party
to purchase more than its Backstop Commitment Percentage of the Unsubscribed Shares. 
 (e) For the avoidance of doubt, notwithstanding
anything to the contrary set forth in Article IX but subject to Section 10.10, no provision of this Agreement shall relieve any Defaulting Commitment Party from liability hereunder, or limit the availability of the
remedies set forth in Section 10.9 or Section 10.10, in connection with any such Defaulting Commitment Party’s Commitment Party Default. 

Section 2.6 Closing. 

(a) Subject to Article VII and Article IX, unless otherwise mutually agreed in writing between the Company and the Requisite
Members of the Noteholder Steering Commitee, the closing of the Backstop Commitments (the “Closing”) shall take place at the offices of Jones Day, 250 Vesey Street, New York, New York 10281, on the date on which all of the
conditions 

  
 27 

 
set forth in Article VII shall have been satisfied or waived in accordance with this Agreement (other than conditions that by their terms are to be satisfied at the Closing, but subject to
the satisfaction or waiver of such conditions). The date on which the Closing actually occurs shall be referred to herein as the “Closing Date”. 

(b) At the Closing, the funds held in the Escrow Account (and any amounts paid to a Rights Offering Subscription Agent bank account pursuant
to the last sentence of Section 2.4(b)) shall, as applicable, be released and utilized in accordance with the Plan. 
 (c) At the
Closing, issuance of the Unsubscribed Shares will be made by the Reorganized Company to each Commitment Party (or to its designee in accordance with Section 2.7(a)) against payment of the aggregate Per Share Purchase Price for the
Unsubscribed Shares purchased by such Commitment Party, in satisfaction of such Commitment Party’s Backstop Commitment. Unless a Commitment Party requests delivery of a physical stock certificate, the entry of any Unsubscribed Shares to be
delivered pursuant to this Section 2.6(c) into the account of a Commitment Party pursuant to the Reorganized Company’s book entry procedures and delivery to such Commitment Party of an account statement reflecting the book entry of such
Unsubscribed Shares shall be deemed delivery of such Unsubscribed Shares for purposes of this Agreement. Notwithstanding anything to the contrary in this Agreement, all Unsubscribed Shares will be delivered with all issue, stamp, transfer, sales and
use, or similar transfer Taxes or duties that are due and payable (if any) in connection with such delivery duly paid by the Company or the Reorganized Company, as applicable. 

Section 2.7 Designation and Assignment Rights. 

(a) Each Commitment Party shall have the right to designate by written notice to the Company no later than two (2) Business Days prior to
the Closing Date that some or all of the Rights Offering Shares and Unsubscribed Shares that it is obligated to purchase hereunder be issued in the name of, and delivered to, one or more of its Affiliates or Affiliated Funds (other than any
portfolio company of such Commitment Party or its Affiliates) (each, a “Related Purchaser”) upon receipt by the Company of payment therefor in accordance with the terms hereof, which notice of designation shall (i) be
addressed to the Company and signed by such Commitment Party and each such Related Purchaser, (ii) specify the number of Rights Offering Shares and Unsubscribed Shares to be delivered to or issued in the name of such Related Purchaser and
(iii) contain representations by such Related Purchaser as to the matters set forth in Section 5.6 through Section 5.9 as if such Related Purchaser was a Commitment Party; provided,
that no such designation pursuant to this Section 2.7(a) shall relieve such Commitment Party from its obligations under this Agreement or the Plan Support Agreement. In addition, the Requisite Members of the Noteholder Steering Committee in
consultation with the other members of the Noteholder Steering Committee may agree in writing to reallocate a portion of the rights to purchase Rights Offering Shares and Unsubscribed Shares, or the economics relating thereto, committed to be
purchased by the Initial Commitment Parties (provided that no individual member of the Noteholder Steering Committee may be disproportionately affected), up until the commencement of the hearing on the PPA and BCA Approval Motion, and any Initial
Commitment Party that does not wish to participate in such reallocation may, upon written notice to such Requisite Members of the Noteholder Steering Committee, cease to be an Initial Commitment Party and an Initial Private Placement Party under the
Private Placement 

  
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Agreement. Such withdrawing Initial Commitment Party thereafter will have no rights or obligations as an Initial Commitment Party under this Agreement or as an Initial Private Placement Party
under the Private Placement Agreement. Following such a withdrawal, each of the non-withdrawing Initial Commitment Parties shall have the obligation, within three (3) Business Days after receipt of
written notice from such withdrawing Initial Commitment Party, to assume (severally and not jointly) such withdrawing Initial Commitment Party’s obligation to purchase all of the withdrawing Commitment Party’s Backstop Commitment on the
terms and conditions set forth in this Agreement based upon the relative applicable Backstop Commitment Percentages of such Initial Commitment Parties (other than any withdrawing Initial Commitment Parties). For the avoidance of doubt, the
withdrawal of an Initial Commitment Party pursuant to this Section 2.7(a) shall result in (i) the removal of such Initial Commitment Party from the Noteholder Steering Committee, and (ii) the reallocation of the voting power
attributable to the face amount of such withdrawing Initial Commitment Party’s claims as if such claims were assigned or transferred pursuant to Exhibit C hereto and the definition of “Requisite Members of the Noteholder Steering
Committee.” 
 (b) Other than as set forth in this Section 2.7(b), no Commitment Party shall be permitted to Transfer all or any
portion of its Backstop Commitment or any of the Backstop Commitment Premium, Backstop Ticking Premium or Breakup Payments or any other amounts or consideration payable (collectively, “Consideration”), even if the Company
consents to such Transfer. Each Commitment Party shall have the right to Transfer all or any portion of its Backstop Commitment and/or its Consideration to (i) an Affiliated Fund of the transferring Commitment Party or (ii) one or more
special purpose vehicles that are wholly owned by one or more of such Commitment Parties and its Affiliated Funds, created for the purpose of holding such Backstop Commitment or holding debt or equity of the Debtors (each of the Persons referred to
in clauses (i) and (ii), an “Ultimate Purchaser”); provided, that such transfer shall not relieve the Commitment Party from its obligations under this Agreement. For the avoidance of doubt, Claims held by Commitment
Parties are transferable only in accordance with the Plan Support Agreement; provided, that such transfer shall not relieve the Commitment Party from its obligations under this Agreement. Any party which purchases Claims from any Noteholder Co-Proponent, or otherwise is the transferee in respect of any Claims transferred by any Noteholder Co-Proponent, may not, in respect of such purchased or otherwise
transferred Claims, become a Phase Two Commitment Party, a Phase Two Private Placement Party, an Additional Commitment Party or Additional Private Placement Party in respect of such Claims. 

(c) After the Closing Date, nothing in this Agreement shall limit or restrict in any way the ability of any Commitment Party (or any permitted
transferee thereof) to Transfer any of the Common Shares or any interest therein; provided, that any such Transfer shall be made pursuant to an effective registration statement under the Securities Act or an exemption from the registration
requirements thereunder and pursuant to applicable securities Laws. 
 (d) If a Commitment Party does not wish to purchase some or all of the
number of Unsubscribed Shares which it is required to purchase pursuant to its Backstop Commitment in Section 2.2, one or more of the Initial Commitment Parties may, in their sole discretion, agree to purchase from the
Company (and the Company shall sell to such Initial Commitment Parties) the applicable Unsubscribed Shares, for the Per Share Purchase Price. 

  
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 ARTICLE III 

BACKSTOP PREMIUMS, EXPENSE REIMBURSEMENT AND WARRANTS 

Section 3.1 Applicable Premiums.  

(a) Backstop Commitment Premium. Subject to Section 3.2, in consideration for the Backstop Commitment and the
other agreements of the Commitment Parties in this Agreement, the Company shall pay or cause to be paid to the Commitment Parties a nonrefundable aggregate premium equal to $60,000,000, which represents 8.0% of the Rights Offering Amount (the
“Backstop Commitment Premium”). The Backstop Commitment Premium shall be payable according to the following: (i) 22.5% of the Backstop Commitment Premium to the Initial Commitment Parties or their
designees on a pro rata basis based upon the Initial Commitment Parties’ Backstop Commitment Percentage as set forth on the Initial Backstop Commitment Schedule; (ii) 57.5% of the Backstop Commitment Premium to the Initial Commitment Parties,
or their designees, and the Phase Two Commitment Parties, or their designees, (a) with respect to the Initial Commitment Parties, or their designees, each Initial Commitment Party’s Backstop Commitment Percentage, or (b) with respect
to the Phase Two Commitment Parties, or their designees, each Phase Two Commitment Party’s Backstop Commitment Percentage; and (iii) 20% of the Backstop Commitment Premium to all Commitment Parties or their designees that have executed this
Agreement or a Joinder Agreement at any time prior to the date occurring fifteen (15) Business Days after the filing of the PPA and BCA Approval Motion, based on their respective Backstop Commitment Percentages as of the Effective Date. 

(b) Backstop Ticking Premium. Subject to Section 3.2, in consideration for the Backstop Commitment and the
other agreements of the Commitment Parties in this Agreement, the Company shall pay or cause to be paid a monthly fee equal to $18,750,000, which represents 2.5% of the Rights Offering Amount, payable beginning on April 3, 2017 and ending on
the Closing Date (with proration for partial months) (the “Backstop Ticking Premium,” and together with the Backstop Commitment Premium, the “Backstop Premiums”). The Backstop Ticking Premium shall be
payable to the Commitment Parties (including any Replacing Commitment Party, but excluding any Defaulting Commitment Party) or their designees based upon their respective Backstop Commitment Percentages as of the Effective Date. 

(c) The provisions for the payment of the Backstop Premiums, the Breakup Payments, the Expense Reimbursement, the Backstop Penny Warrants, and
the indemnification obligations provided herein, are an integral part of the transactions contemplated by this Agreement and without these provisions the Commitment Parties would not have entered into this Agreement. 

Section 3.2 Payment of Backstop Commitment Premium and the Backstop Ticking Premium. The Backstop Commitment
Premium shall be fully earned, nonrefundable and non-avoidable upon entry by the Bankruptcy Court of the PPA and BCA Approval Order and any Backstop Ticking Premium shall be fully earned, nonrefundable and non-avoidable as accrued through the Effective Date, and each shall be paid promptly on the later to occur of the Closing Date and the Effective Date by the Company to the Commitment

  
 30 

 
Parties in Common Shares at Plan Equity Value as of the Effective Date, free and clear of any withholding or deduction for any applicable
Taxes (except for any Taxes arising as a result of a Commitment Party’s failure to provide a Tax Form in accordance with Section 10.16 establishing a complete exemption from withholding). 

Section 3.3 Expense Reimbursement. 

(a) In accordance with and subject to entry by the Bankruptcy Court of the PPA and BCA Approval Order and subject to the receipt of
documentation reasonably acceptable to the Debtors, the Debtors will pay all reasonably incurred and documented out-of-pocket fees and expenses incurred in connection with the Chapter 11 Cases after
April 13, 2016 of all of the attorneys, accountants, other professionals, advisors, and consultants incurred on behalf of the Noteholder Co-Proponents (including any fees incurred on behalf of any
noteholders through the applicable indenture trustee), including, but not limited to, the fees and expenses of Kirkland & Ellis LLP, Kramer Levin Naftalis & Frankel LLP, Doster, Ullom & Boyle, LLC, Skadden, Arps, Slate,
Meagher & Flom LLP, Stinson Leonard Street LLP, Houlihan Lokey, Inc., and Moelis & Company (such payment obligations, the “Expense Reimbursement”), in each case whether or not the Restructuring is ultimately
consummated. The payment of the fees set forth in this section shall (i) be approved upon entry by the Bankruptcy Court of the PPA and BCA Approval Order; and (ii) prior to the time paid, be granted administrative expense priority against
each Debtor on a joint and several basis. 
 (b) Unless otherwise ordered by the Bankruptcy Court, no recipient of any payment under this
Section 3.3 shall be required to file with respect thereto any interim or final fee application with the Bankruptcy Court. The Expense Reimbursement accrued through the date on which the PPA and BCA Approval Order is
entered shall be paid as promptly as reasonably practicable after the PPA and BCA Approval Order is entered. Thereafter, the Expense Reimbursement shall be payable by the Debtors within two weeks following their receipt of invoices. If this
Agreement and the Private Placement Agreement are terminated for any reason in accordance with their terms, the Debtors will promptly pay any accrued and outstanding amounts but will not be obligated to pay the Expense Reimbursement in respect of
any fees incurred after the date of such termination. 
 (c) Notwithstanding anything to the contrary in this
Section 3.3, in no event shall the Debtors have any obligation to make any payment on account of the Expense Reimbursement if (i) the Plan Support Agreement Termination Condition occurs prior to the date of entry of
the PPA and BCA Approval Order by the Bankruptcy Court or (ii) the PPA and BCA Approval Order is not entered by the Bankruptcy Court. For the avoidance of doubt, nothing herein shall modify or terminate the Debtors’ obligations to pay
certain fees and expenses in accordance with the Final Order (I) Authorizing Debtors (A) to Obtain Post-Petition Financing Pursuant to 11 U.S.C. §§ 105, 361, 362, 363(b),
364(c)(1), 364(c)(2), 364(c)(3), 364(d)(1) and 364(e) and (B) to Utilize Cash Collateral Pursuant to 11 U.S.C. § 363 and (II) Granting Adequate Protection to
Pre-Petition Secured Parties Pursuant to 11 U.S.C. §§ 361, 362, 363, 364 and 507(b) [Docket No. 544] (the “Final DIP Order”). 

  
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 Section 3.4 Warrants. 

On the Effective Date, the Debtors will issue the Penny Warrants (the “Backstop Penny Warrants”) exercisable for two
and one half percent (2.5%) of the Fully Diluted Common Shares as of the Effective Date. Such Backstop Penny Warrants shall be distributed among the Initial Commitment Parties based upon each Initial Commitment Party’s Backstop Commitment
Percentage as set forth on the Initial Backstop Commitment Schedule. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Except as disclosed in the Company SEC Documents filed with the SEC and publicly available on the SEC’s Electronic Data-Gathering,
Analysis and Retrieval system prior to the date hereof, the Company, on behalf of itself and each of the other Debtors, jointly and severally, hereby represents and warrants to the Commitment Parties (unless otherwise set forth herein, as of the
date of this Agreement and as of the Closing Date) as set forth below. 
 Section 4.1 Organization and Qualification. Each of
the Debtors (a) is organized and validly existing corporation, limited liability company or limited partnership, as the case may be, and, if applicable, in good standing (or the equivalent thereof) under the Laws of the jurisdiction of its
incorporation or organization, (b) has the corporate or other applicable power and authority to own its property and assets and to transact the business in which it is currently engaged and presently proposes to engage and (c) is duly
qualified and is authorized to do business and is in good standing in each jurisdiction where the conduct of its business as currently conducted requires such qualifications, in each case except where the failure to have such authority or
qualification would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 Section 4.2
Corporate Power and Authority.  
 (a) The Company has the requisite corporate
power and authority (i) subject to entry of the PPA and BCA Approval Order, to enter into, execute and deliver this Agreement and to perform its obligations under Section 9.5(b) hereunder, subject to the terms and conditions set forth in
this Agreement and (ii) subject to entry of the PPA and BCA Approval Order, the Disclosure Statement Order, and the Confirmation Order, to perform the PPA and BCA Approval Obligations and to consummate the transactions contemplated herein and
in the Plan, to enter into, execute and deliver all agreements to which it will be a party as contemplated by this Agreement and the Plan (this Agreement, the Plan, the Disclosure Statement, the Plan Support Agreement and such other agreements and
any Plan supplements or documents referred to herein or therein or hereunder or thereunder, collectively, the “Transaction Agreements”) and to perform its obligations under each of the
Transaction Agreements (other than this Agreement). Subject to the receipt of the foregoing Orders, as applicable, the execution and delivery of this Agreement and each of the other Transaction Agreements and the consummation of the transactions
contemplated hereby and thereby have been or will be duly authorized by all requisite corporate action on behalf of the Company, and no other corporate proceedings on the part of the Company are or will be necessary to authorize this Agreement or
any of the other Transaction Agreements or to consummate the transactions contemplated hereby or thereby. 

  
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 (b) Each of the other Debtors has the requisite power and authority (corporate or otherwise)
subject to entry of the PPA and BCA Approval Order, the Disclosure Statement Order and the Confirmation Order, to enter into, execute and deliver each Transaction Agreement to which such other Debtor is a party and to perform its obligations
thereunder. Subject to entry of the PPA and BCA Approval Order, the Disclosure Statement Order, and the Confirmation Order, the execution and delivery of this Agreement and each of the other Transaction Agreements and the consummation of the
transactions contemplated hereby and thereby have been or will be duly authorized by all requisite action (corporate or otherwise) on behalf of each other Debtor party thereto, and no other proceedings on the part of any other Debtor party thereto
are or will be necessary to authorize this Agreement or any of the other Transaction Agreements or to consummate the transactions contemplated hereby or thereby. 

(c) Notwithstanding the foregoing, the Company makes no express or implied representations or warranties, on behalf of itself or the other
Debtors, with respect to actions (including in the foregoing) to be undertaken by the Reorganized Company, which such actions shall be governed by the Plan. 

Section 4.3 Execution and Delivery; Enforceability. Subject to entry of the PPA and BCA Approval Order, this Agreement will have
been, and subject to the entry of the PPA and BCA Approval Order, the Disclosure Statement Order, and the Confirmation Order, each other Transaction Agreement will be, duly executed and delivered by the Company and each of the other Debtors party
thereto. Upon entry of the PPA and BCA Approval Order and assuming due and valid execution and delivery hereof by the Commitment Parties, the PPA and BCA Approval Obligations will constitute the valid and legally binding obligations of the Company
and, to the extent applicable, the other Debtors, enforceable against the Company and, to the extent applicable, the other Debtors in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium and other
similar Laws now or hereafter in effect relating to creditor’s rights generally and subject to general principles of equity. Upon entry of the PPA and BCA Approval Order and assuming due and valid execution and delivery of this Agreement and
the other Transaction Agreements by the Commitment Parties and, to the extent applicable, any other parties hereof and thereof, each of the obligations of the Company and, to the extent applicable, the other Debtors hereunder and thereunder will
constitute the valid and legally binding obligations of the Company and, to the extent applicable, the other Debtors, enforceable against the Company and, to the extent applicable, the other Debtors, in accordance with their respective terms,
subject to bankruptcy, insolvency, reorganization, moratorium and other similar Laws now or hereafter in effect relating to creditor’s rights generally and subject to general principles of equity. 

Section 4.4 Authorized and Issued Equity Interests. Except as set forth in this Agreement and in connection with the Private
Placement and the Private Placement Agreement, and as contemplated by the Plan, as of the Closing Date, none of the Debtors will be party to or otherwise bound by or subject to any outstanding option, warrant, call, right, security, commitment,
Contract, arrangement or undertaking (including any preemptive right) that (i) obligates any of the Debtors to issue, deliver, sell or transfer, or repurchase, redeem or otherwise acquire, or cause to be issued, delivered, sold or transferred,
or repurchased, redeemed or otherwise acquired, any units or shares of capital stock of, or other equity or voting interests in, any of the Debtors or any security convertible or exercisable for or 

  
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exchangeable into any units or shares of capital stock of, or other equity or voting interests in, any of the Debtors, (ii) obligates any of the Debtors to issue, grant, extend or enter into
any such option, warrant, call, right, security, commitment, Contract, arrangement or undertaking, (iii) restricts the Transfer of any units or shares of capital stock of, or other equity interests in, any of the Debtors or (iv) relates to
the voting of any units or other equity interests in any of the Debtors. For the avoidance of doubt, on the Effective Date the Reorganized Debtors shall only issue capital stock or other equity interests as expressly and specifically authorized
pursuant to the Plan and any additional issuances of capital stock or other equity interests is subject to the consent and approval of the Requisite Consenting Noteholders. 

Section 4.5 No Conflict. Assuming the consents described in clauses (a) through (g) of
Section 4.6 are obtained, the execution and delivery by the Company and, if applicable, any other Debtor, of this Agreement, the Plan and the other Transaction Agreements, the compliance by the Company and, if applicable,
any other Debtor, with the provisions hereof and thereof and the consummation of the transactions contemplated herein and therein will not (a) conflict with, or result in a breach, modification or violation of, any of the terms or provisions
of, or constitute a default under (with or without notice or lapse of time, or both), or result, except to the extent specified in the Plan, in the acceleration of, or the creation of any Lien under, or cause any payment or consent to be required
under any Contract to which any Debtor will be bound as of the Closing Date after giving effect to the Plan or to which any of the property or assets of any Debtor will be subject as of the Closing Date after giving effect to the Plan,
(b) result in any violation of the provisions of any of the Debtors’ organizational documents (other than, for the avoidance of doubt, a breach or default that would be triggered as a result of the Chapter 11 Cases or the Company’s or
any Debtor’s undertaking to implement the Restructuring through the Chapter 11 Cases), or (c) result in any violation of any Law or Order applicable to any Debtor or any of their properties, except in each of the cases described in
clause (a) or (c) for any conflict, breach, modification, violation, default, acceleration or Lien which would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 4.6 Consents and Approvals. No consent, approval, authorization, Order, registration or qualification of or with any
Governmental Entity having jurisdiction over any of the Debtors or any of their properties (each, an “Applicable Consent”) is required for the execution and delivery by the Company and, to the extent relevant, the other
Debtors, of this Agreement, the Plan and the other Transaction Agreements, the compliance by the Company and, to the extent relevant, the other Debtors, with the provisions hereof and thereof and the consummation of the transactions contemplated
herein and therein, except for (a) the entry of the PPA and BCA Approval Order authorizing the Company to enter into this Agreement and perform the PPA and BCA Approval Obligations, (b) entry of the Disclosure Statement Order,
(c) entry by the Bankruptcy Court, or any other court of competent jurisdiction, of Orders as may be necessary in the Chapter 11 Cases from time-to-time;
(d) the entry of the Confirmation Order, (e) filings, notifications, authorizations, approvals, consents, clearances or termination or expiration of all applicable waiting periods under any Antitrust Laws in connection with the
transactions contemplated by this Agreement, (f) such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or “Blue Sky” Laws in connection with the purchase of the
Unsubscribed Shares by the Commitment Parties, the issuance of the Subscription Rights, the issuance of the Rights Offering Shares 

  
 34 

 
pursuant to the exercise of the Subscription Rights, the issuance of Common Shares as payment of the Backstop Commitment Premium and the Backstop Ticking Premium, and (g) any Applicable
Consents that, if not made or obtained, would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 4.7 Company SEC Documents and Disclosure Statement. Since December 31, 2015, the Company has filed all
required Company SEC Documents with the SEC. No Company SEC Document that has been filed prior to the date this representation has been made, after giving effect to any amendments or supplements thereto and to any subsequently filed Company SEC
Documents, in each case filed prior to the date this representation is made, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading. The Disclosure Statement as approved by the Bankruptcy Court will contain “adequate information,” as such term is defined in section 1125 of the Bankruptcy Code, and will
otherwise comply in all material respects with section 1125 of the Bankruptcy Code. 
 Section 4.8 Absence of Certain Changes.
Since December 31, 2015 to the date of this Agreement, no event has occurred or, to the Knowledge of the Company, exists that constitutes, individually or in the aggregate, a Material Adverse Effect. 

Section 4.9 No Violation; Compliance with Laws. (i) The Company is not in violation of its articles of incorporation, as
amended, or bylaws, and (ii) no other Debtor is in violation of its respective charter or bylaws, certificate of formation or limited liability company operating agreement or similar organizational document in any material respect. To the
Knowledge of the Company, none of the Debtors is or has been at any time since January 1, 2016 in violation of any Law or Order, except for any such violations that have not had and would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect. 
 Section 4.10 Legal Proceedings. Other than the Chapter 11 Cases and any
adversary proceedings or contested matters commenced in connection therewith or any matters referenced in any proof of claim filed therein, or matters for which a proof of Claim must be filed to receive a distribution in the Chapter 11 Cases, there
are no material legal, governmental, administrative, judicial or regulatory investigations, audits, actions, suits, claims, arbitrations, demands, demand letters, claims, notices of noncompliance or violations, or proceedings (“Legal
Proceedings”) pending or, to the Knowledge of the Company, threatened to which any of the Debtors is a party or to which any property of any of the Debtors is the subject, in each case that in any manner draws into question the validity
or enforceability of this Agreement, the Plan or the other Transaction Agreements or that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 4.11 Labor Relations. Except as would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect: (a) there are no strikes or other labor disputes pending or, to the Knowledge of the Company, threatened against any of the Debtors; (b) the hours worked and payments made to employees of any of the Debtors have not been in
violation of the Fair Labor Standards Act or any other applicable Law dealing 

  
 35 

 
with such matters; and (c) all payments due from any of the Debtors or for which any claim may be made against any of the Debtors on account of wages and employee health and welfare
insurance and other benefits have been paid or accrued as a liability on the books of any of the Debtors to the extent required by GAAP. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
the consummation of the transactions contemplated by the Transaction Agreements will not give rise to a right of termination or right of renegotiation on the part of any union under any material collective bargaining agreement to which any of the
Debtors (or any predecessor) is a party or by which any of the Debtors (or any predecessor) is bound. 
 Section 4.12 Intellectual
Property. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (a) each of the Debtors owns, or possesses the right to use, all of the patents, patent rights, trademarks, service
marks, trade names, copyrights, mask works, domain names, and any and all applications or registrations for any of the foregoing (collectively, “Intellectual Property Rights”) that are reasonably necessary for the operation
of their respective businesses, without conflict with the rights of any other Person, (b) to the Knowledge of the Company, none of the Debtors nor any Intellectual Property Right, proprietary right, product, process, method, substance, part, or
other material now employed, sold or offered by or contemplated to be employed, sold or offered by such Person, is interfering with, infringing upon, misappropriating or otherwise violating any valid Intellectual Property Rights of any Person, and
(c) no claim or litigation regarding any of the foregoing is pending or, to the Knowledge of the Company, threatened. 

Section 4.13 Title to Real and Personal Property. 

(a) Real Property. Each of the Debtors has good and defensible title to its respective Real Properties, in each case, except for
Permitted Liens and except for defects in title that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes, and except where the failure (or
failures) to have such title would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; provided, however, the enforceability of such leased Real Properties may be limited by applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditor’s rights generally or general principles of equity, including the Chapter 11 Cases. To the Knowledge of the Company, all such properties
and assets are free and clear of Liens, except for Permitted Liens and except for such Liens as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(b) Leased Real Property. Each of the Debtors is in compliance with all obligations under all leases to which it is a party that have
not been rejected in the Chapter 11 Cases, except where the failure to comply would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and none of the Debtors has received written notice of any good
faith claim asserting that such leases are not in full force and effect, except leases in respect of which the failure to be in full force and effect would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect. Each of the Debtors enjoys peaceful and undisturbed possession under all such leases, other 

  
 36 

 
than leases in respect of which the failure to enjoy peaceful and undisturbed possession would not reasonably be expected to materially interfere with its ability to conduct its business as
currently conducted or have, individually or in the aggregate, a Material Adverse Effect. 
 Section 4.14 No Undisclosed
Relationships. Other than Contracts or other direct or indirect relationships between or among any of the Debtors, there are no Contracts or other direct or indirect relationships existing as of the date hereof between or among any of the
Debtors, on the one hand, and any director, officer or greater than five percent (5%) stockholder of the Company, on the other hand, that is required by the Exchange Act to be described in the Company’s filings with the SEC and that is not so
described, except for the transactions contemplated by this Agreement. Any Contract existing as of the date hereof between or among the Company, on the one hand, and any director, officer or greater than five percent (5%) stockholder of any of the
Debtors, on the other hand, that is required by the Exchange Act to be described in the Company’s filings with the SEC is filed as an exhibit to, or incorporated by reference as indicated in, the Annual Report on Form 10-K for the year ended December 31, 2015 or any other Company SEC Document filed since March 16, 2016 to the date hereof. 

Section 4.15 Licenses and Permits. The Debtors possess all licenses, certificates, permits and other authorizations issued by,
have made all declarations and filings with and have maintained all financial assurances required by, the appropriate Governmental Entities that are necessary for the ownership or lease of their respective properties and the conduct of the business,
except where the failure to possess, make or give the same would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. None of the Debtors (i) has received notice of any revocation or modification of
any such license, certificate, permit or authorization or (ii) has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course, except to the extent that any of the foregoing
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 Section 4.16
Environmental. Except as to matters that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (a) no written notice, claim, demand, request for information, Order, complaint or penalty
has been received by any of the Debtors, and there are no Legal Proceedings pending or, to the Knowledge of the Company, threatened which allege a violation of or liability under any Environmental Laws, in each case relating to any of the Debtors,
(b) each Debtor has received (including timely application for renewal of the same), and maintained in full force and effect, all environmental permits, licenses and other approvals, and has maintained all financial assurances, in each case to
the extent necessary for its operations to comply with all applicable Environmental Laws and is, and since January 1, 2016, has been, in compliance with the terms of such permits, licenses and other approvals and with all applicable
Environmental Laws, (c) to the Knowledge of the Company, no Hazardous Material is located at, on or under any property currently or formerly owned, operated or leased by any of the Debtors that would reasonably be expected to give rise to any
cost, liability or obligation of any of the Debtors under any Environmental Laws other than future costs, liabilities and obligations associated with remediation at the end of the productive life of a well, facility or pipeline that has produced,
stored or transported hydrocarbons, (d) no Hazardous Material has been Released, generated, 

  
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owned, treated, stored or handled by any of the Debtors, and no Hazardous Material has been transported to or Released at any location in a manner that would reasonably be expected to give rise
to any cost, liability or obligation of any of the Debtors under any Environmental Laws other than future costs, liabilities and obligations associated with remediation at the end of the productive life of a well, facility or pipeline that has
produced, stored or transported hydrocarbons, and (e) there are no agreements in which any of the Debtors has expressly assumed responsibility for any known obligation of any other Person arising under or relating to Environmental Laws that
remains unresolved other than future costs, liabilities and obligations associated with remediation at the end of the productive life of a well, facility or pipeline that has produced, stored or transported hydrocarbons, which has not been made
available to the Commitment Parties prior to the date hereof. Notwithstanding the generality of any other representations and warranties in this Agreement, the representations and warranties in this Section 4.16 constitute
the sole and exclusive representations and warranties in this Agreement with respect to any environmental, health or safety matters, including any arising under or relating to Environmental Laws or Hazardous Materials. 

Section 4.17 Tax Returns. 

(a) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) each of the
Debtors has filed or caused to be filed all U.S. federal, state, provincial, local and non-U.S. Tax returns required to have been filed by it and (ii) taken as a whole, each such Tax return is true and
correct; 
 (b) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, each of the
Debtors has timely paid or caused to be timely paid all Taxes shown to be due and payable by it on the returns referred to in clause (a) and all other Taxes or assessments (or made adequate provision (in accordance with GAAP) for the payment of
all Taxes due) with respect to all periods or portions thereof ending on or before the date hereof (except Taxes or assessments that are being contested in good faith by appropriate proceedings and for which the Debtors (as the case may be) has set
aside on its books adequate reserves in accordance with GAAP or with respect to the Debtors only, except to the extent the non-payment thereof is permitted or required by the Bankruptcy Code), which Taxes, if
not paid or adequately provided for, would reasonably be expected to be material to the Debtors taken as a whole; and 
 (c) Except as would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, as of the date hereof, with respect to the Debtors, other than in connection with the Chapter 11 Cases and other than Taxes or assessments that are
being contested in good faith and are not expected to result in significant negative adjustments that would be material to the Debtors taken as a whole, (i) no claims have been asserted in writing with respect to any Taxes, (ii) no
presently effective waivers or extensions of statutes of limitation with respect to Taxes have been given or requested and (iii) no Tax returns are being examined by, and no written notification of intention to examine has been received from,
the IRS or any other Governmental Entity. 

  
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 Section 4.18 Employee Benefit Plans. 

(a) Except for the filing and pendency of the Chapter 11 Cases or otherwise as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect: (i) each Company Plan, if any, is in compliance with the applicable provisions of ERISA and the Code; (ii) no Reportable Event has occurred during the past six years (or is reasonably likely to occur);
(iii) no ERISA Event has occurred or is reasonably expected to occur; (iv) none of the Debtors has engaged in a “prohibited transaction” (as defined in Section 406 of ERISA and Section 4975 of the Code) in connection with
any employee pension benefit plan (as defined in Section 3(2) of ERISA) that would subject any of the Debtors to Tax; and (v) no employee welfare plan (as defined in Section 3(1) of ERISA) maintained or contributed to by any of the
Debtors provides benefits to retired employees or other former employees (other than as required by Section 601 of ERISA). 
 (b) Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, there are no pending, or to the Knowledge of the Company, threatened claims, sanctions, actions or lawsuits, asserted or instituted against any
Company Plan or any Person as fiduciary or sponsor of any Company Plan, in each case other than claims for benefits in the normal course. 

(c) Within the last six years, no Company Plan has been terminated, whether or not in a “standard termination” as that term is used
in Section 4041(b)(1) of ERISA, except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(d) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, all compensation and
benefit arrangements of the Debtors comply and have complied in both form and operation with their terms and all applicable Laws and legal requirements, and none of the Debtors has any obligation to provide any individual with a “gross up”
or similar payment in respect of any Taxes that may become payable under Sections 409A or 4999 of the Code. 
 (e) Except as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, all liabilities (including all employer contributions and payments required to have been made by any of the Debtors) under or with respect to any
compensation or benefit arrangement of any of the Debtors have been properly accounted for in the Company’s financial statements in accordance with GAAP. 

(f) Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) each of the
Debtors is currently in compliance with all Laws and legal requirements in respect of personnel, employment and employment practices; (ii) all service providers of each of the Debtors are correctly classified as employees, independent
contractors, or otherwise for all purposes (including any applicable tax and employment policies or law); and (iii) the Debtors have not and are not engaged in any unfair labor practice. 

  
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 Section 4.19 Internal Control Over Financial Reporting. Except as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, the Company has established and maintains a system of internal control over financial reporting (as defined in
Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act) that complies with the requirements of the Exchange Act and has been designed to provide
reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and to the Knowledge of the Company, there are no material weaknesses in the
Company’s internal control over financial reporting as of the date hereof. 
 Section 4.20 Disclosure Controls and
Procedures. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, the Company maintains disclosure controls and procedures (within the meaning of
Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) designed to ensure that information required to be disclosed by the Company in the reports
that it files and submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including that information required to be disclosed by the Company in the reports
that it files and submits under the Exchange Act is accumulated and communicated to management of the Company as appropriate to allow timely decisions regarding required disclosure. 

Section 4.21 Material Contracts. Other than as a result of the Chapter 11 Cases, all Material Contracts are valid, binding and
enforceable by and against the Debtor party thereto and, to the Knowledge of the Company, each other party thereto (except where the failure to be valid, binding or enforceable does not constitute a Material Adverse Effect), and no written notice to
terminate, in whole or part, any Material Contract has been delivered to any of the Debtors (except where such termination would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect). Other than as a result
of the filing and pendency of the Chapter 11 Cases, none of the Debtors nor, to the Knowledge of the Company, any other party to any Material Contract, is in material default or breach under the terms thereof, in each case, except for such
instances of material default or breach that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 4.22 No Unlawful Payments. To the Knowledge of the Company, since January 1, 2016, none of the Debtors nor any of
their respective directors, officers or employees has in any material respect: (a) used any funds of any of the Debtors for any unlawful contribution, gift, entertainment or other unlawful expense, in each case relating to political activity;
(b) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (c) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977; or
(d) made any bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment. 
 Section 4.23 Compliance
with Money Laundering Laws. To the Knowledge of the Company, the operations of the Debtors are and, since January 1, 2016 have been at all times, conducted in compliance in all material respects with applicable financial recordkeeping and
reporting requirements of the U.S. Currency and Foreign Transactions 

  
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Reporting Act of 1970, the money laundering statutes of all jurisdictions in which the Debtors operate (and the rules and regulations promulgated thereunder) and any related or similar Laws
(collectively, the “Money Laundering Laws”) and no material Legal Proceeding by or before any Governmental Entity or any arbitrator involving any of the Debtors with respect to Money Laundering Laws is pending or, to the
Knowledge of the Company, threatened. 
 Section 4.24 Compliance with Sanctions Laws. To the Knowledge of the Company, none of
the Debtors nor any of their respective directors, officers, employees or other Persons acting on their behalf with express authority to so act is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of
the U.S. Treasury Department. The Company will not directly or indirectly use the proceeds of the Rights Offering, or lend, contribute or otherwise make available such proceeds to any other Debtor, joint venture partner or other Person, for the
purpose of financing the activities of any Person that, to the Knowledge of the Company, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department. 

Section 4.25 No Broker’s Fees. Except for amounts that may be paid or payable to Lazard
Frères & Co. LLC in connection with the Restructuring, none of the Debtors is a party to any Contract with any Person (other than this Agreement) that would give rise to a valid claim against the Commitment Parties for a brokerage
commission, finder’s fee or like payment in connection with the Rights Offering, the sale of the Unsubscribed Shares or the payment of the Backstop Commitment Premium or the Backstop Ticking Premium. 

Section 4.26 Investment Company Act. None of the Debtors is, or immediately after giving effect to the consummation of the
Restructuring will be, an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended (the “Investment Company Act”), and this conclusion is based on one or more bases
or exclusions other than Sections 3(c)(1) and 3(c)(7) of the Investment Company Act, including that none of the Debtors comes within the basic definition of ‘investment company’ under section 3(a)(1) of the Investment Company Act. 

Section 4.27 Insurance. Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect: (i) the Debtors have insured their properties and assets against such risks and in such amounts as are customary for companies engaged in similar businesses; (ii) all premiums due and payable in respect of insurance policies
maintained by the Debtors have been paid; (iii) the Company reasonably believes that the insurance maintained by or on behalf of the Debtors is adequate in all respects; and (iv) as of the date hereof, to the Knowledge of the Company, none
of the Debtors has received notice from any insurer or agent of such insurer with respect to any insurance policies of the Debtors of cancellation or termination of such policies, other than such notices which are received in the ordinary course of
business or for policies that have expired in accordance with their terms. 
 Section 4.28 Alternative Transactions. As of the
date hereof, the Company is not pursuing, or in discussions or negotiations regarding, any solicitation, offer, or proposal from any Person concerning any actual or proposed Alternative Transaction and, as applicable, has terminated any existing
discussions or negotiations regarding any actual or proposed Alternative Transaction. 

  
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 Section 4.29 Issuance; Valid Offering. The capital stock to be issued
pursuant to the Plan, including the Common Shares to be issued in connection with the consummation of the Rights Offering and pursuant to the terms of this Agreement, including in connection with the Backstop Commitment Premium, the Backstop Ticking
Premium or the Breakup Payments, will, when issued and delivered on the Closing Date and any time thereafter, be duly and validly authorized, issued and delivered and shall be fully paid and non-assessable,
and such Common Shares will be free and clear of all Taxes (except for any Taxes arising as a result of a Commitment Party’s failure to provide a Tax Form in accordance with Section 10.16 establishing a complete
exemption from withholding), Liens (other than transfer restrictions imposed hereunder or by applicable Law), preemptive rights, subscription and similar rights, other than any rights set forth in the Plan, the Plan Supplement, the Reorganized
Company Organizational Documents or Transaction Agreements. Assuming the accuracy of the representations and warranties of the Private Placement Parties set forth in Article V, it is not necessary in connection with the issuance and sale of
such Common Shares to the Commitment Parties in the manner contemplated by this Agreement and the Disclosure Statement to register such Common Shares under the Securities Act. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF THE COMMITMENT PARTIES 

Each Commitment Party, severally and not jointly, represents and warrants as to itself only (unless otherwise set forth herein, as of the date
of this Agreement and as of the Closing Date) as set forth below. 
 Section 5.1 Organization. Such Commitment Party is a legal
entity organized, validly existing and, if applicable, in good standing (or the equivalent thereof) under the Laws of its jurisdiction of incorporation or organization. 

Section 5.2 Organizational Power and Authority. Such Commitment Party has the requisite power and authority (corporate or
otherwise) to enter into, execute and deliver this Agreement and each other Transaction Agreement to which such Commitment Party is a party and to perform its obligations hereunder and thereunder and has taken all necessary action (corporate or
otherwise) required for the due authorization, execution, delivery and performance by it of this Agreement and the other Transaction Agreements. 

Section 5.3 Execution and Delivery. This Agreement and each other Transaction Agreement to which such Commitment Party is a party
(a) has been, or prior to its execution and delivery will be, duly and validly executed and delivered by such Commitment Party and (b) upon entry of the PPA and BCA Approval Order and assuming due and valid execution and delivery hereof
and thereof by the Company and the other Debtors (as applicable), will constitute valid and legally binding obligations of such Commitment Party, enforceable against such Commitment Party in accordance with their respective terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization or other similar Laws limiting creditors’ rights generally or by equitable principles relating to enforceability. 

  
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 Section 5.4 No Conflict. Assuming that the consents referred to in clauses (a)
and (b) of Section 5.5 are obtained, the execution and delivery by such Commitment Party of this Agreement and each other Transaction Agreement to which such Commitment Party is a party, the compliance by such
Commitment Party with all of the provisions hereof and thereof and the consummation of the transactions contemplated herein and therein (a) will not conflict with, or result in breach, modification, termination or violation of, any of the terms
or provisions of, or constitute a default under (with or without notice or lapse of time or both), or result in the acceleration of, or the creation of any Lien under, any Contract to which such Commitment Party is party or is bound or to which any
of the property or assets or such Commitment Party are subject, (b) will not result in any violation of the provisions of the certificate of incorporation or bylaws (or comparable constituent documents) of such Commitment Party and
(c) will not result in any material violation of any Law or Order applicable to such Commitment Party or any of its properties, except in each of the cases described in clauses (a) or (c), for any conflict, breach, modification,
termination, violation, default, acceleration or Lien which would not reasonably be expected, individually or in the aggregate, to prohibit or materially and adversely impact such Commitment Party’s performance of its obligations under this
Agreement. 
 Section 5.5 Consents and Approvals. No consent, approval, authorization, Order, registration or qualification of
or with any Governmental Entity having jurisdiction over such Commitment Party or any of its properties is required for the execution and delivery by such Commitment Party of this Agreement and each other Transaction Agreement to which such
Commitment Party is a party, the compliance by such Commitment Party with the provisions hereof and thereof and the consummation of the transactions (including the purchase by such Commitment Party of its Backstop Commitment Percentage of the
Unsubscribed Shares and its portion of the Rights Offering Shares) contemplated herein and therein, except (a) any consent, approval, authorization, Order, registration or qualification which, if not made or obtained, would not reasonably be
expected, individually or in the aggregate, to prohibit or materially and adversely impact such Commitment Party’s performance of its obligations under this Agreement and each other Transaction Agreement to which such Commitment Party is a
party and (b) filings, notifications, authorizations, approvals, consents, clearances or termination or expiration of all applicable waiting periods under any Antitrust Laws in connection with the transactions contemplated by this Agreement.

 Section 5.6 No Registration. Such Commitment Party understands that (a) the Unsubscribed Shares have not been
registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends on, among other things, the bona fide nature of the investment intent and the accuracy of
such Commitment Party’s representations as expressed herein or otherwise made pursuant hereto, and (b) the foregoing shares cannot be sold unless subsequently registered under the Securities Act or an exemption from registration is
available. 

  
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 Section 5.7 Purchasing Intent. Such Commitment Party is acquiring the Unsubscribed
Shares for its own account or accounts or funds over which it holds voting discretion, not otherwise as a nominee or agent, and not otherwise with the view to, or for resale in connection with, any distribution thereof not in compliance with
applicable securities Laws, and such Commitment Party has no present intention of selling, granting any other participation in, or otherwise distributing the same, except in compliance with applicable securities Laws. 

Section 5.8 Sophistication; Investigation. Such Commitment Party has such knowledge and experience in financial and business
matters such that it is capable of evaluating the merits and risks of its investment in the Unsubscribed Shares. Such Commitment Party is an “accredited investor” within the meaning of Rule 501(a) of the Securities Act or a
“qualified institutional buyer” within the meaning of Rule 144A of the Securities Act. Such Commitment Party understands and is able to bear any economic risks associated with such investment (including the necessity of holding such
shares for an indefinite period of time). Except for the representations and warranties expressly set forth in this Agreement or any other Transaction Agreement, such Commitment Party has independently evaluated the merits and risks of its decision
to enter into this Agreement and disclaims reliance on any representations or warranties, either expressed or implied, by or on behalf of any of the Debtors. 

Section 5.9 No Broker’s Fees. Such Commitment Party is not a party to any Contract with any Person (other than
the Transaction Agreements and any Contract giving rise to the Expense Reimbursement hereunder) that would give rise to a valid claim against any of the Debtors for a brokerage commission, finder’s fee or like payment in connection with the
Rights Offering or the sale of the Unsubscribed Shares or the payment of the Backstop Commitment Premium or the Backstop Ticking Premium. 

Section 5.10 Sufficient Funds. Such Commitment Party has sufficient assets and the financial capacity to perform all of its
obligations under this Agreement, including the ability to fully exercise all Subscription Rights that are issued to it pursuant to the Rights Offering and fund such Commitment Party’s Backstop Commitment. 

Section 5.11 Execution of PSA. Solely with respect to any Additional Commitment Party, such Additional Commitment Party has,
concurrently with its execution of the Joinder Agreement, executed a joinder agreement to the Plan Support Agreement. 
 ARTICLE VI

 ADDITIONAL COVENANTS 

Section 6.1 Approval of the Commitment Parties. 

(a) Approval of the Requisite Members of the Noteholder Steering Committee. Each substantive document in connection with the
Restructuring (excluding documents related to the Bonding Solution), including without limitation the following, shall be subject to the reasonable approval of the Requisite Members of the Noteholder Steering Committee: 

  
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 (i) the Disclosure Statement, the Disclosure Statement Motion and the Disclosure
Statement Order; 
 (ii) the Plan and any exhibits, supplements, appendices and other attachments thereto; 

(iii) the credit agreement and/or indenture for any Exit Facility (if applicable); 

(iv) the credit agreement for the Replacement Secured First Lien Term Loan (if applicable), provided that the Replacement
Secured First Lien Term Loan shall be consistent with the terms set forth in the Restructuring Term Sheet; 
 (v) the
Reorganized Company Organizational Documents; 
 (vi) the certificate of designation of Series A convertible preferred stock
for the Preferred Equity; 
 (vii) all documents relating to the Rights Offering and the Private Placement; 

(viii) the indenture for the New Second Lien Notes and related documentation (including, without limitation, the security and
guaranty documentation and any intercreditor agreements) (if applicable) shall be consistent with the terms set forth on Exhibit 2 to the Restructuring Term Sheet and otherwise in form and substance reasonably satisfactory to the Require Members of
the Noteholder Steering Committee; 
 (ix) the Confirmation Order; and 

(x) the PPA and BCA Approval Motion. 

(b) Approval of the Noteholder Co-Proponents. Each of the following material documents in
connection with the Restructuring shall be in form and substance satisfactory to each of the Noteholder Co-Proponents: 

(i) this Agreement; 

(ii) the Private Placement Agreement; 

(iii) the Plan Support Agreement; 

(iv) the Restructuring Term Sheet; and 

(v) the Orders relating to items (b)(i) through (b)(iii) of the above. 

(c) Amendment of Documents Subject to Approval. The Plan and any exhibits, supplements, appendices, or other documents related thereto
may not be modified in any way that adversely affects the distributions, recovery, treatment, classification, or other 

  
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rights or entitlements of the Noteholder Steering Committee (either as a group or individually) without the consent of the Requisite Members of the Noteholder Steering Committee (or the affected
Noteholder Co-Proponent, as applicable). 
 Section 6.2 Conduct of Business. 

Prior to and through the Effective Date, except as set forth in this Agreement, the Private Placement Agreement or the Plan, or with the
written consent of the Requisite Consenting Noteholders, the Company (a) shall, and shall cause its Subsidiaries to, carry on their businesses in the ordinary course of business (considering the impact of the Chapter 11 Cases) and, except as
currently subject to litigation, use their commercially reasonable efforts to preserve intact their current material business organizations, and preserve their material relationships with customers, suppliers, licensors, licensees, distributors and
others having business dealings with the Company or its subsidiaries and make any required filing with the SEC within the time periods required under the Exchange Act and (b) shall not, and shall not permit its subsidiaries to, enter into any
transactions which are material to the Company, other than transactions in the ordinary course of business that are consistent with prior business practices or in accordance with (i) with its business plan dated November 2016, (ii) the
parameters described in this Agreement, the Private Placement Agreement or (iii) the Plan. 
 For the avoidance of doubt, the following
shall be deemed to occur outside of the ordinary course of business of the Debtors and will require the prior written consent of the Requisite Members of the Noteholder Steering Committee (unless otherwise contemplated by this Agreement, the Private
Placement Agreement or the Plan): (w) except as currently subject to litigation, any amendment, modification, termination, waiver, supplement, restatement or other change to any Material Contract or any assumption of any Material Contract,
(x) any (i) termination by the Debtors without cause or (ii) reduction in title or responsibilities, in each case, of the individuals who are, as of the date of this Agreement, the Chief Executive Officer or the Chief Financial Officer of
the Company, (y) the adoption or amendment of any management incentive or equity plan by any of the Debtors, except for as provided in the Plan or (z) any sale, abandonment, or disposition of any assets other than (i) the sale of
Metropolitan Collieries Pty Ltd, Peabody (Burton Coal) Pty Ltd or Debtors’ interests in Dominion Terminal Associates, LLC or (ii) any ordinary course land sales made upon reasonable prior notice to the Noteholder Co-Proponents and in accordance with the Company’s business plan dated November 2016; provided, however, that such ordinary course land sales shall not exceed $5,000,000 individually or $20,000,000 in the
aggregate. Following a request by the Debtors for consent with respect to any operational matter that requires the consent of the Requisite Members of the Noteholder Steering Committee pursuant to this Section 6.2 section,
if the consent of such parties is not obtained or declined within three (3) Business Days following the date such request is made in writing and delivered to each of the Noteholder Co-Proponents (which
notice will be deemed delivered if given in writing to Kirkland & Ellis LLP, Kramer Levin Naftalis & Frankel LLP, and Skadden, Arps, Slate, Meagher & Flom LLP), such consent shall be deemed to have been granted by the
Requisite Members of the Noteholder Steering Committee, as applicable. If such consent is not given or deemed to be given, the Debtors shall be permitted to seek approval from the Bankruptcy Court to take such actions, and seeking such approval
shall not be a breach of this Section 6.2; provided, that in such event the Noteholder Co-Proponents shall have a termination right under the Plan Support Agreement pursuant to
the terms thereof. Except as 

  
 46 

 
otherwise provided in this Agreement, nothing in this Agreement shall give the Commitment Parties, directly or indirectly, any right to control or direct the operations of the Debtors. Prior to
the Closing Date, the Debtors shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision of the business of the Debtors. 

Section 6.3 Material Claim Settlements. The Requisite Members of the Noteholder Steering Committee shall have reasonable approval
rights over the settlement of any material Claim, including but not limited to, any such settlement related to the MEPP Claim (whether in the Chapter 11 Cases by the Bankruptcy Court or through arbitration of the MEPP Claim) above the amounts held
in reserve by the Debtors for such MEPP Claim. 
 Section 6.4 Access to Information; Confidentiality. 

(a) Subject to applicable Law and Section 6.4(b), upon reasonable notice during the period from the date of this Agreement to the
earlier of the Closing Date and the date on which this Agreement is terminated in accordance with its terms (“Pre-Closing Period”), the Debtors shall afford the Commitment Parties and
their Representatives (for the purposes of this Section 6.4(a) only, Representatives shall not include limited partners) upon request reasonable access, during normal business hours and without unreasonable disruption or interference with the
Debtors’ business or operations, to the Debtors’ employees, properties, books, Contracts and records and, during the Pre-Closing Period, the Debtors shall furnish promptly to such parties all
reasonable information concerning the Debtors’ business, properties and personnel as may reasonably be requested by any such party, provided that the foregoing shall not require the Company (i) to permit any inspection, or to
disclose any information, that in the reasonable judgment of the Company, would cause any of the Debtors to violate any of their respective obligations with respect to confidentiality to a third party if the Company shall have used its commercially
reasonable efforts to obtain, but failed to obtain, the consent of such third party to such inspection or disclosure, (ii) to disclose any legally privileged information of any of the Debtors or (iii) to violate any applicable Laws or
Orders. All requests for information and access made in accordance with this Section 6.4 shall be directed to an executive officer of the Company or such Person as may be designated by the Company’s executive officers.

 (b) From and after the date hereof until the date that is one (1) year after the expiration of the
Pre-Closing Period, each Commitment Party shall, and shall cause its Representatives to, (i) keep confidential and not provide or disclose to any Person any documents or information received or otherwise
obtained by such Commitment Party or its Representatives pursuant to Section 6.4(a) (except that provision or disclosure may be made to any Affiliate or Representative of such Commitment Party who needs to know such information for purposes
of this Agreement or the other Transaction Agreements and who agrees to observe the terms of this Section 6.4(b) (and such Commitment Party will remain liable for any breach of such terms by any such Affiliate or Representative)), and
(ii) not use such documents or information for any purpose other than in connection with this Agreement or the other Transaction Agreements or the transactions contemplated hereby or thereby. Notwithstanding the foregoing, the immediately
preceding sentence shall not apply in respect of documents or information that (A) is now or subsequently becomes generally available to the public through no violation of this Section 6.4(b), (B) becomes available to a Commitment Party
or its Representatives on a non-confidential basis from a source other than any of the Debtors or any of 

  
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their respective Representatives, (C) becomes available to a Commitment Party or its Representatives through document production or discovery in connection with the Chapter 11 Cases or other
judicial or administrative process, but subject to any confidentiality restrictions imposed by the Chapter 11 Cases or other such process, or (D) such Commitment Party or any Representative thereof is required to disclose pursuant to judicial
or administrative process or pursuant to applicable Law or applicable securities exchange rules; provided, that, such Commitment Party or such Representative shall provide the Company with prompt written notice of such legal compulsion and
cooperate with the Company to obtain a protective Order or similar remedy to cause such information or documents not to be disclosed, including interposing all available objections thereto, at the Company’s sole cost and expense;
provided, further, that, in the event that such protective Order or other similar remedy is not obtained, the disclosing party shall furnish only that portion of such information or documents that is legally required to be disclosed
and shall exercise its commercially reasonable efforts (at the Company’s sole cost and expense) to obtain assurance that confidential treatment will be accorded such disclosed information or documents. The provisions of this Section
6.4(b) shall not apply to any Initial Commitment Party that, as of the date hereof, is party to a confidentiality or non-disclosure agreement with the Debtors, for so long as such agreement remains in full
force and effect. 
 Section 6.5 Commercially Reasonable Efforts. 

(a) Without in any way limiting any other respective obligation of the Company or any Commitment Party in this Agreement, each Party shall use
(and the Company shall cause the other Debtors and their Representatives to use) commercially reasonable efforts to take or cause to be taken all actions, and do or cause to be done all things, reasonably necessary, proper or advisable in order to
consummate and make effective the transactions contemplated by this Agreement and the Plan, including, but not limited to, using commercially reasonable efforts in: 

(i) timely preparing and filing all documentation reasonably necessary to effect all necessary notices, reports and other
filings of such Person and to obtain as promptly as practicable all consents, registrations, approvals, permits and authorizations necessary or advisable to be obtained from any third party or Governmental Entity; 

(ii) defending any Legal Proceedings in any way challenging (A) this Agreement, the Plan, the Registration Rights
Agreement or any other Transaction Agreement, (B) the PPA and BCA Approval Order, the Disclosure Statement Order or the Confirmation Order or (C) the consummation of the transactions contemplated hereby and thereby, including seeking to
have any stay or temporary restraining Order entered by any Governmental Entity vacated or reversed; and 
 (iii) working
together in good faith to finalize the Reorganized Company Organizational Documents, Transaction Agreements, the Registration Rights Agreement and all other documents relating thereto for timely inclusion in the Plan and filing with the Bankruptcy
Court. 

  
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 (b) Subject to Laws or applicable rules relating to the exchange of information, and in
accordance with the Plan Support Agreement, the Commitment Parties and the Company shall have the right to review in advance, and to the extent practicable each will consult with the other on all of the information relating to Commitment Parties or
the Company, as the case may be, and any of their respective Subsidiaries, that appears in any filing made with, or written materials submitted to, any Governmental Entity in connection with the transactions contemplated by this Agreement or the
Plan; provided, however, that the Commitment Parties are not required to provide for review in advance declarations or other evidence submitted in connection with any filing with the Bankruptcy Court. In exercising the foregoing
rights, the Parties shall act as reasonably and as promptly as practicable. 
 (c) Nothing contained in this
Section 6.5 shall limit the ability of any Commitment Party to consult with the Debtors, to appear and be heard, or to file objections, concerning any matter arising in the Chapter 11 Cases to the extent not
inconsistent with the Plan Support Agreement. 
 Section 6.6 Registration Rights Agreement; Reorganized Company Organizational
Documents. 
 (a) The Plan will provide that from and after the Effective Date each Commitment Party, and any other holder of
Claims receiving at least ten percent (10%) or more of the Common Shares on a fully-converted basis issued under the Plan and/or the Rights Offering or that cannot sell its Common Shares under Rule 144 of the Securities Act without volume or manner
of sale restrictions, shall be entitled to registration rights with respect to their Common Shares that are customary for a transaction of this nature, pursuant to a registration rights agreement to be entered into as of the Effective Date, which
agreement shall be in form and substance consistent with the terms set forth in the Restructuring Term Sheet and otherwise reasonably acceptable to the Requisite Consenting Noteholders and the Company (the “Registration Rights
Agreement”). A form of the Registration Rights Agreement shall be filed with the Bankruptcy Court as part of the Plan Supplement or an amendment thereto. The Registration Rights Agreement will provide: 

(i) that the Company will (A) file a registration statement on Form S-1 (or other
appropriate form) (the “Initial Resale Registration Statement”) no later than 30 days following the Effective Date (the “Filing Deadline”) covering all registrable securities that the holders thereof
request to have included therein, (B) use its reasonable best efforts to have the Initial Resale Registration Statement declared effective by the SEC no later than (1) in the case of a “no review”, the 15th day following the
Filing Deadline; (2) in the case of a “limited review”, the 45th day following the Filing Deadline, and (3) in the case of a “review,” the 75th day following the Filing Deadline (each such date, as applicable, the
“Registration Deadline”) and (C) use its reasonable best efforts to keep such registration statement continuously effective (including filing any necessary post-effective amendment and/or subsequent registration
statements) for a period of three years (or such shorter period if all registrable securities have been disposed by the holder thereof or are no longer registrable securities); and 

  
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 (ii) for partial liquidated damages of $75,000 per day in the event that
(A) the Initial Resale Registration Statement is not filed on or prior to the Filing Deadline, (B) the Initial Resale Registration Statement is not declared effective by the SEC on or prior to the applicable Registration Deadline or
(C) holders are not permitted to use the prospectus included in the Initial Resale Registration Statement to resell the securities for fifteen (15) or more consecutive days, or more than an aggregate of thirty (30) days (which need
not be consecutive calendar dates), in any 12-month period. Notwithstanding the foregoing, the aggregate amount of such liquidated damages payable by the Company under the Registration Rights Agreement shall
not exceed $10,000,000. 
 (b) The Plan will provide that on the Effective Date, the Reorganized Company Organizational Documents will be
duly authorized, approved, adopted and in full force and effect. Forms of the Reorganized Company Organizational Documents shall be filed with the Bankruptcy Court as part of the Plan Supplement or an amendment thereto. 

(c) The Company shall further agree that in any case in which the Company asserts that any Commitment Party (including their Affiliates who
hold Common Shares, Preferred Equity or Penny Warrants), or any affiliate of any such person to whom such person has transferred shares or other securities, may sell its shares (no matter the manner herein described under which such shares were
acquired) under Rule 144 under the Securities Act without volume or manner of sale restrictions, the Company and its legal counsel shall upon request, and following receipt of all required certifications of such parties or Affiliates thereof
reasonably requested by the Company or its legal counsel, promptly provide, at the Company’s sole expense, such transfer instructions (including instructions regarding the removal of restrictive legends) and legal opinions (on which such seller
may rely), and shall undertake, also at the Company’s sole expense, such other actions, as shall be reasonably requested to permit or facilitate such sale under Rule 144 under the Securities Act. 

Section 6.7 Blue Sky. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably
determine is necessary in order to obtain an exemption for, or to qualify the offer and sale of the Unsubscribed Shares to the Commitment Parties pursuant to this Agreement under applicable securities and “Blue Sky” Laws of the states of
the United States (or to obtain an exemption from such qualification) and any applicable foreign jurisdictions, and shall provide evidence of any such action so taken to the Commitment Parties on or prior to the Closing Date. The Reorganized Company
shall timely make all filings and reports relating to the offer and sale of the Unsubscribed Shares issued hereunder required under applicable securities and “Blue Sky” Laws of the states of the United States following the Closing Date.
The Company or the Reorganized Company, as applicable, shall pay all fees and expenses in connection with satisfying its obligations under this Section 6.7. 

Section 6.8 DTC Eligibility. Unless otherwise requested by the Requisite Members of the Noteholder Steering Committee, the
Reorganized Company shall use commercially reasonable efforts to promptly make, when applicable from time to time after the Closing, all Unlegended Shares eligible for deposit with The Depository Trust Company. “Unlegended
Shares” means any Common Shares acquired by the Commitment Parties and 

  
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their respective Affiliates (including any Related Purchaser or Ultimate Purchaser in respect thereof) pursuant to this Agreement and the Plan, including all shares issued to the Commitment
Parties and their respective Affiliates in connection with the Rights Offering, that do not require, or are no longer subject to, the Legend. 

Section 6.9 Use of Proceeds. The Reorganized Company will utilize the proceeds from the exercise of the Subscription Rights, the
sale of the Unsubscribed Shares, the sale of Private Placement Shares and the Exit Facility for the purposes described in the Disclosure Statement. 

Section 6.10 Securities Legend. Each certificate evidencing securities issued hereunder, and each certificate issued in exchange
for or upon the Transfer of any such securities, shall be stamped or otherwise imprinted with a legend (the “Legend”) in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY OTHER APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN AVAILABLE EXEMPTION FROM REGISTRATION THEREUNDER.” 

In the event that any such securities are uncertificated, such securities shall be subject to a restrictive notation substantially similar to the Legend in
the stock ledger or other appropriate records maintained by the Reorganized Company or agent and the term “Legend” shall include such restrictive notation. The Reorganized Company shall remove the Legend (or restrictive notation, as
applicable) set forth above from the certificates evidencing any such securities (or the securities register or other appropriate Reorganized Company records, in the case of uncertified securities), upon request, at any time after the restrictions
described in such Legend cease to be applicable, including, as applicable, when such securities may be sold under Rule 144 of the Securities Act. The Reorganized Company may reasonably request such opinions, certificates or other evidence that such
restrictions no longer apply as a condition to removing the Legend. 
 Section 6.11 Antitrust Approval. 

(a) Each Party agrees to use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all
things necessary to consummate and make effective the transactions contemplated by this Agreement, the Plan and the other Transaction Agreements, including (i) if applicable, filing, or causing to be filed, the Notification and Report Form
pursuant to the HSR Act with respect to the transactions contemplated by this Agreement with the Antitrust Division of the United States Department of Justice and the United States Federal Trade Commission and any filings (or, if required by any
Antitrust Authority, any drafts thereof) under any other Antitrust Laws that are necessary to consummate and make effective the transactions contemplated by this Agreement as soon as reasonably practicable (and with respect to any filings required
pursuant to the HSR Act, no later than fifteen (15) Business Days following the date hereof) and (ii) promptly furnishing any documents or information reasonably requested by any Antitrust Authority. 

  
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 (b) The Company and each Commitment Party subject to an obligation pursuant to the Antitrust Laws
to notify any transaction contemplated by this Agreement, the Plan or the other Transaction Agreements that has notified the Company in writing of such obligation (each such Commitment Party, a “Filing Party”) agree to
reasonably cooperate with each other as to the appropriate time of filing such notification and its content. The Company and each Filing Party shall, to the extent permitted by applicable Law: (i) promptly notify each other of, and if in
writing, furnish each other with copies of (or, in the case of material oral communications, advise each other orally of) any material communications from or with an Antitrust Authority; (ii) not participate in any meeting with an Antitrust
Authority unless it consults with each other Filing Party and the Company, as applicable, in advance and, to the extent permitted by the Antitrust Authority and applicable Law, give each other Filing Party and the Company, as applicable, a
reasonable opportunity to attend and participate thereat; (iii) furnish each other Filing Party and the Company, as applicable, with copies of all material correspondence and communications between such Filing Party or the Company and the
Antitrust Authority; (iv) furnish each other Filing Party with such necessary information and reasonable assistance as may be reasonably necessary in connection with the preparation of necessary filings or submission of information to the
Antitrust Authority; and (v) not withdraw its filing, if any, under the HSR Act without the prior written consent of the Requisite Consenting Noteholders and the Company. 

(c) Should a Filing Party be subject to an obligation under the Antitrust Laws to jointly notify with one or more other Filing Parties (each, a
“Joint Filing Party”) any transaction contemplated by this Agreement, the Plan or the other Transaction Agreements, such Joint Filing Party shall promptly notify each other Joint Filing Party of, and if in writing, furnish
each other Joint Filing Party with copies of (or, in the case of material oral communications, advise each other Joint Filing Party orally of) any communications from or with an Antitrust Authority. 

(d) The Company and each Filing Party shall use their commercially reasonable efforts to obtain all authorizations, approvals, consents, or
clearances under any applicable Antitrust Laws or to cause the termination or expiration of all applicable waiting periods under any Antitrust Laws in connection with the transactions contemplated by this Agreement at the earliest possible date
after the date of filing. The communications contemplated by this Section 6.11 may be made by the Company or a Filing Party on an outside counsel-only basis or subject to other agreed upon confidentiality safeguards. The
obligations in this Section 6.11 shall not apply to filings, correspondence, communications or meetings with Antitrust Authorities unrelated to the transactions contemplated by this Agreement, the Plan or the other
Transaction Agreements. 
 Section 6.12 Alternative Transactions. Until the Closing Date or the date on which this Agreement
shall have terminated, the Company and the other Debtors shall not seek, solicit, or support any Alternative Transaction, and shall not cause or allow any of their Representatives to solicit any agreements relating to an Alternative Transaction;
provided, however, that nothing in this Agreement shall require the Company or any of its Subsidiaries or 

  
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Affiliates or any of their respective directors, officers or members, as applicable (each in such person’s capacity as a director, officer or member), to take any action, or refrain from
taking any action, to the extent that taking such action or refraining from taking such action would be inconsistent with, or cause such party to breach, such party’s fiduciary obligations under applicable law, or shall limit the Debtors from
considering any Alternative Transaction brought to them consistent with their fiduciary duties; provided, further, that the Debtors shall provide the Noteholder Co-Proponents (subject to mutually
agreed terms of confidentiality) and their counsel with a copy of and/or any details regarding such proposal within three (3) days of receiving such proposal; provided, further, the Breakup Payments and Expense Reimbursement shall
be payable upon exercise by the Debtors of the fiduciary out contained in this Section 6.12 in accordance with the terms of this Agreement. For the avoidance of doubt, nothing herein shall limit the Requisite Members of the
Noteholder Steering Committee’s right to terminate this Agreement pursuant to Section 9.2. 

Section 6.13 Reclamation Bonding. The Debtors shall promptly finalize a solution for all of their continuing self-bonded
reclamation obligations with Wyoming, New Mexico, Illinois and Indiana (the “Bonding Solution”). The Debtors shall provide updates every two weeks to the Initial Commitment Parties’ professionals regarding their efforts
to achieve the Bonding Solution. 
 ARTICLE VII 

CONDITIONS TO THE OBLIGATIONS OF THE PARTIES 

Section 7.1 Conditions to the Obligations of the Commitment Parties. The obligations of each Commitment Party to consummate the
transactions contemplated hereby shall be subject to (unless waived in accordance with Section 7.2) the satisfaction of the following conditions prior to or at the Closing: 

(a) Cash on Hand. The Company Group must have at least $600 million in cash on hand on the Effective Date; 

(b) Outstanding Funded Debt. The Reorganized Debtors must have no more than $1.95 billion of outstanding funded debt on the
Effective Date (excluding any capital lease obligations, borrowings under any ABL Facilities (as defined in the Restructuring Term Sheet), and, to the extent the Effective Date occurs after April 3, 2017, any Incremental Additional First Lien
Debt, Incremental New Second Lien Notes or additional amounts under the Exit Facility to finance any cash consideration on account of Incremental Second Lien Notes Claims); provided that, except in the event of a First Lien Full Cash Recovery, no
more than $1.5 billion of such outstanding funded debt may be first lien debt; 
 (c) MEPP Claim. The MEPP Claim shall be
resolved in a manner satisfactory to the Debtors, subject to the reasonable approval of the Requisite Members of the Noteholder Steering Committee and the Requisite First Lien Lender Co-Proponents if for an
amount above the amounts held in reserve by the Debtors for such claim; 

  
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 (d) Effectiveness of Plan Support Agreement. The Plan Support Agreement must remain in
effect through the Effective Date; 
 (e) Disclosure Statement Order. The Bankruptcy Court shall have entered the Disclosure Statement
Order in form and substance reasonably satisfactory to the Requisite Members of the Noteholder Steering Committee, and such Order shall be a Final Order; 

(f) Confirmation Order. The Bankruptcy Court shall have entered the Confirmation Order in form and substance reasonably satisfactory to
the Requisite Members of the Noteholder Steering Committee, and such Order shall be a Final Order; 
 (g) Plan. The Company and all of
the other Debtors shall have substantially complied with the terms of the Plan (as amended or supplemented from time to time) that are to be performed by the Company, the Reorganized Company and the other Debtors on or prior to the Effective Date
and the conditions to the occurrence of the Effective Date (other than any conditions relating to occurrence of the Closing) set forth in the Plan shall have been satisfied or waived in accordance with the terms of the Plan; 

(h) PPA and BCA Approval Order. The Bankruptcy Court shall have entered the PPA and BCA Approval Order in form and substance
satisfactory to the Requisite Members of the Noteholder Steering Committee; 
 (i) Rights Offering. The Rights Offering shall have
been conducted in accordance with the PPA and BCA Approval Order and this Agreement in all material respects; 
 (j) Effective Date.
The Effective Date shall have occurred, or shall be deemed to have occurred concurrently with the Closing, as applicable, in accordance with the terms and conditions in the Plan and in the Confirmation Order; 

(k) Registration Rights Agreement; Reorganized Company Organizational Documents. 

(i) The Registration Rights Agreement shall have been executed and delivered by the Reorganized Company, shall otherwise have
become effective with respect to the Commitment Parties and the other parties thereto, and shall be in full force and effect; 

(ii) The Reorganized Company Organizational Documents shall have been duly approved and adopted and shall be in full force and
effect; 
 (l) Expense Reimbursement. The Debtors shall have paid all Expense Reimbursements accrued through the Closing Date pursuant
to Section 3.3; 
 (m) Governmental Approvals. All waiting periods imposed by any Governmental Entity or
Antitrust Authority in connection with the transactions contemplated by this Agreement shall have terminated or expired and all notifications, authorizations, approvals, consents or clearances under the Antitrust Laws or otherwise required by any
Governmental Entity in connection with the transactions contemplated by this Agreement shall have been obtained or filed; 

  
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 (n) No Legal Impediment to Issuance. No Law or Order shall have become effective or been
enacted, adopted or issued by any Governmental Entity that prohibits the implementation of the Plan or the transactions contemplated by this Agreement; 

(o) Representations and Warranties. 

(i) The representations and warranties of the Debtors contained in Section 4.8 shall be true and
correct in all respects on and as of the Closing Date with the same effect as if made on and as of the Closing Date (except for such representations and warranties made as of a specified date, which shall be true and correct only as of the specified
date); 
 (ii) The representations and warranties of the Debtors contained in Section 4.2,
Section 4.3, Section 4.4 and Section 4.5 shall be true and correct in all material respects on and as of the Closing Date after giving effect to the Plan with the same
effect as if made on and as of the Closing Date after giving effect to the Plan (except for such representations and warranties made as of a specified date, which shall be true and correct in all material respects only as of the specified date);

 (iii) The representations and warranties of the Debtors contained in this Agreement other than those referred to in
clauses (i) and (ii) above shall be true and correct (disregarding all materiality or Material Adverse Effect qualifiers) on and as of the Closing Date after giving effect to the Plan with the same effect as if made on and as of the Closing
Date after giving effect to the Plan (except for such representations and warranties made as of a specified date, which shall be true and correct only as of the specified date), except where the failure to be so true and correct does not constitute,
individually or in the aggregate, a Material Adverse Effect; 
 (p) Covenants. The Debtors shall have performed and complied, in all
material respects, with all of their respective covenants and agreements contained in this Agreement that contemplate, by their terms, performance or compliance prior to the Closing Date; 

(q) Material Adverse Effect. Since the date of this Agreement, there shall not have occurred, and there shall not exist, any event that
constitutes, individually or in the aggregate, a Material Adverse Effect; 
 (r) Officer’s Certificate. The
Commitment Parties shall have received on and as of the Closing Date a certificate of the chief executive officer or chief financial officer of the Company confirming that the conditions set forth in Section 7.1(o), Section
7.1(p), and Section 7.1(q) have been satisfied; 

  
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 (s) Funding Notice. The Commitment Parties shall have received the Funding Notice; 

(t) Exit Facility. The Exit Facility, if it is to be entered into pursuant to the Plan, shall have become effective and shall be subject
to the reasonable approval of the Requisite Members of the Noteholder Steering Committee; 
 (u) Disputed Share Reserve. The
Debtors shall have filed a motion to establish appropriate claims reserves and related procedures necessary to effectuate the Plan, which motion and Order shall be subject to the reasonable approval of the Requisite Members of the Noteholder
Steering Committee; provided, however, that the aggregate face amount of disputed Claims permitted to receive Disputed Claims Reserve Shares shall not exceed $300 million without the approval of the Requisite Members of the Noteholder Steering
Committee; and 
 (v) Material Contracts. The assumption or rejection (in each case, pursuant to section 365 of the Bankruptcy Code)
and/or amendment of any Material Contracts and the liabilities of the Reorganized Company with respect to such Material Contracts shall, in the aggregate, be reasonably satisfactory to the Requisite Members of the Noteholder Steering Committee. 

Section 7.2 Waiver of Conditions. All or any of the conditions set forth in Section 7.1 may only be
waived in whole or in part with respect to all Commitment Parties by a written instrument executed by the Requisite Consenting Noteholders and if so waived, all Commitment Parties shall be bound by such waiver. 

Section 7.3 Conditions to the Obligations of the Debtors. The obligations of the Debtors to consummate the transactions
contemplated hereby with the Commitment Parties is subject to (unless waived by the Company) the satisfaction of each of the following conditions: 

(a) PPA and BCA Approval Order. The Bankruptcy Court shall have entered the PPA and BCA Approval Order; 

(b) Disclosure Statement Order. The Bankruptcy Court shall have entered the Disclosure Statement Order; 

(c) Confirmation Order. The Bankruptcy Court shall have entered the Confirmation Order; 

(d) Effective Date. The Effective Date shall have occurred, or shall be deemed to have occurred concurrently with the Closing, as
applicable, in accordance with the terms and conditions in the Plan and in the Confirmation Order; 
 (e) Governmental Approvals. All
waiting periods imposed by any Governmental Entity or Antitrust Authority in connection with the transactions contemplated by this Agreement shall have terminated or expired and all notifications, authorizations, approvals, consents or clearances
under the Antitrust Laws or otherwise required by any Governmental Entity in connection with the transactions contemplated by this Agreement shall have been obtained or filed; 

  
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 (f) No Legal Impediment to Issuance. No Law or Order shall have become effective or been
enacted, adopted or issued by any Governmental Entity that prohibits the implementation of the Plan or the transactions contemplated by this Agreement; 

(g) Representations and Warranties. 

(i) The representations and warranties of the Commitment Parties contained in this Agreement that are qualified by
“materiality” or “material adverse effect” or words or similar import shall be true and correct in all respects on and as of the Closing Date with the same effect as if made on and as of the Closing Date (except for such
representations and warranties made as of a specified date, which shall be true and correct in all respects only as of the specified date); 

(ii) The representations and warranties of the Commitment Parties contained in this Agreement that are not qualified by
“materiality” or “material adverse effect” or words or similar import shall be true and correct in all material respects on and as of the Closing Date with the same effect as if made on and as of the Closing Date (except for such
representations and warranties made as of a specified date, which shall be true and correct in all material respects only as of the specified date); 

(h) Covenants. The Commitment Parties shall have performed and complied, in all material respects, with all of their covenants and
agreements contained in this Agreement and in any other document delivered pursuant to this Agreement; 
 (i) Exit Facility. The Exit
Facility, if it is to be entered into pursuant to the Plan, shall have become effective; and 
 (j) Funding. Each Commitment Party
shall have delivered and paid an amount equal to (i) the aggregate Per Share Purchase Price for such Commitment Party’s Backstop Commitment Percentage of Unsubscribed Shares plus (ii) the aggregate Per Share Purchase Price for the
Rights Offering Shares issuable pursuant to such Commitment Party’s exercise of all of the Subscription Rights issued to it in the Rights Offering in accordance with Section 2.5(b). 

ARTICLE VIII 

INDEMNIFICATION AND CONTRIBUTION 

Section 8.1 Indemnification Obligations. Following the entry of the PPA and BCA Approval Order, the Debtors (the
“Indemnifying Parties” and each, an “Indemnifying Party”) shall, jointly and severally, indemnify and hold harmless each Commitment Party and its Affiliates, equity holders, members, partners, general
partners, managers and its and their respective Representatives and controlling persons (each, an 

  
 57 

 
“Indemnified Person”) from and against any and all losses, claims, damages, liabilities and costs and expenses (other than Taxes of the Commitment Parties) arising out of
a claim asserted by a third-party (collectively, “Losses”) that any such Indemnified Person may incur or to which any such Indemnified Person may become subject arising out of or in connection with this Agreement and its
obligations hereunder, including the Backstop Commitment, the Rights Offering, the payment of the Backstop Premiums, the Breakup Payments or the use of the proceeds of the Rights Offering, or any claim, challenge, litigation, investigation or
proceeding relating to any of the foregoing, regardless of whether any Indemnified Person is a party thereto, whether or not such proceedings are brought by the Company, the Reorganized Company, the Company Group, their respective equity holders,
Affiliates, creditors or any other Person, and reimburse each Indemnified Person upon demand for reasonable documented (with such documentation subject to redaction to preserve attorney client and work product privileges) legal or other third-party
expenses incurred in connection with investigating, preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect to, any lawsuit, investigation, claim or other proceeding relating to any of
the foregoing (including in connection with the enforcement of the indemnification obligations set forth herein), irrespective of whether or not the transactions contemplated by this Agreement or the Plan are consummated or whether or not this
Agreement is terminated; provided, that the foregoing indemnity will not, as to any Indemnified Person, apply to Losses (a) as to a Defaulting Commitment Party, its Related Parties or any Indemnified Person related thereto, caused by a
Commitment Party Default by such Commitment Party, or (b) to the extent they are found by a final, non-appealable judgment of a court of competent jurisdiction to arise from the bad faith, willful
misconduct or gross negligence of such Indemnified Person. 
 Section 8.2 Indemnification Procedure. Promptly after receipt by
an Indemnified Person of notice of the commencement of any claim, challenge, litigation, investigation or proceeding (an “Indemnified Claim”), such Indemnified Person will, if a claim is to be made hereunder against the
Indemnifying Party in respect thereof, notify the Indemnifying Party in writing of the commencement thereof; provided, that (a) the omission to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability
that it may have hereunder except to the extent it has been materially prejudiced by such failure and (b) the omission to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability that it may have to such
Indemnified Person otherwise than on account of this Article VIII. In case any such Indemnified Claims are brought against any Indemnified Person and it notifies the Indemnifying Party of the commencement thereof, the Indemnifying Party will
be entitled to participate therein, and, at its election by providing written notice to such Indemnified Person, the Indemnifying Party will be entitled to assume the defense thereof, with counsel reasonably acceptable to such Indemnified Person;
provided, that if the parties (including any impleaded parties) to any such Indemnified Claims include both such Indemnified Person and the Indemnifying Party and based on advice of such Indemnified Person’s counsel there are legal
defenses available to such Indemnified Person that are different from or additional to those available to the Indemnifying Party, such Indemnified Person shall have the right to select separate counsel to assert such legal defenses and to otherwise
participate in the defense of such Indemnified Claims. Upon receipt of notice from the Indemnifying Party to such Indemnified Person of its election to so assume the defense of such Indemnified Claims with counsel reasonably acceptable to the
Indemnified Person, the Indemnifying Party shall not be liable to such Indemnified Person for expenses incurred by such Indemnified Person in 

  
 58 

 
connection with the defense thereof or participation therein (other than reasonable costs of investigation) unless (i) such Indemnified Person shall have employed separate counsel (in
addition to local counsel) in connection with the assertion of legal defenses in accordance with the proviso to the immediately preceding sentence (it being understood, however, that the Indemnifying Party shall not be liable for the expenses of
more than one separate counsel representing the Indemnified Persons who are parties to such Indemnified Claims (in addition to one local counsel in each jurisdiction in which local counsel is required)), (ii) the Indemnifying Party shall not
have employed counsel reasonably acceptable to such Indemnified Person to represent such Indemnified Person within a reasonable time after the Indemnifying Party has received notice of commencement of the Indemnified Claims from, or delivered on
behalf of, the Indemnified Person, (iii) after the Indemnifying Party assumes the defense of the Indemnified Claims, the Indemnified Person determines in good faith that the Indemnifying Party has failed or is failing to defend such claim and
provides written notice of such determination and the basis for such determination, and such failure is not reasonably cured within ten (10) Business Days of receipt of such notice, or (iv) the Indemnifying Party shall have authorized in
writing the employment of counsel for such Indemnified Person. 
 Section 8.3 Settlement of Indemnified Claims. In connection
with any Indemnified Claim for which an Indemnified Person is assuming the defense in accordance with this Article VIII, the Indemnifying Party shall not be liable for any settlement of any Indemnified Claims effected by such Indemnified
Person without the written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed). If any settlement of any Indemnified Claims is consummated with the written consent of the Indemnifying Party or
if there is a final judgment for the plaintiff in any such Indemnified Claims, the Indemnifying Party agrees to indemnify and hold harmless each Indemnified Person from and against any and all Losses by reason of such settlement or judgment to the
extent such Losses are otherwise subject to indemnification by the Indemnifying Party hereunder in accordance with, and subject to the limitations of, this Article VIII. The Indemnifying Party shall not, without the prior written consent of
an Indemnified Person (which consent shall be granted or withheld, conditioned or delayed in the Indemnified Person’s sole discretion), effect any settlement of any pending or threatened Indemnified Claims in respect of which indemnity or
contribution has been sought hereunder by such Indemnified Person unless (i) such settlement includes an unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability on the
claims that are the subject matter of such Indemnified Claims and (ii) such settlement does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 

Section 8.4 Contribution. If for any reason the foregoing indemnification is unavailable to any Indemnified Person or
insufficient to hold it harmless from Losses that are subject to indemnification pursuant to Section 8.1, then the Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Person as a result of
such Loss in such proportion as is appropriate to reflect not only the relative benefits received by the Indemnifying Party, on the one hand, and such Indemnified Person, on the other hand, but also the relative fault of the Indemnifying Party, on
the one hand, and such Indemnified Person, on the other hand, as well as any relevant equitable considerations. It is hereby agreed that the relative benefits to the Indemnifying Party, on the one hand, and all Indemnified Persons, on the other
hand, shall be deemed to be in the same proportion as (a) the total value received or 

  
 59 

 
proposed to be received by the Company and the Reorganized Company pursuant to the issuance and sale of the Unsubscribed Shares in the Rights Offering contemplated by this Agreement and the Plan
bears to (b) the Backstop Premiums and the Breakup Payments paid or proposed to be paid to the Commitment Parties. The Indemnifying Parties also agree that no Indemnified Person shall have any liability based on their comparative or
contributory negligence or otherwise to the Indemnifying Parties, any Person asserting claims on behalf of or in right of any of the Indemnifying Parties, or any other Person in connection with an Indemnified Claim. 

Section 8.5 Treatment of Indemnification Payments. All amounts paid by an Indemnifying Party to an Indemnified Person under this
Article VIII shall, to the extent permitted by applicable Law, be treated as adjustments to the Per Share Purchase Price for all Tax purposes. The provisions of this Article VIII are an integral part of the transactions contemplated by
this Agreement and without these provisions the Commitment Parties would not have entered into this Agreement. The obligations of the Company and the Reorganized Company under this Article VIII shall constitute allowed administrative expenses
of the Debtors’ estate under sections 503(b) and 507 of the Bankruptcy Code and are payable without further Order of the Bankruptcy Court, and that the Company and the Reorganized Company may comply with the requirements of this
Article VIII without further Order of the Bankruptcy Court. 
 Section 8.6 No Survival. All representations, warranties,
covenants and agreements made in this Agreement shall not survive the Closing Date except for covenants and agreements that by their terms are to be satisfied after the Closing Date, which covenants and agreements shall survive until satisfied in
accordance with their terms. 
 ARTICLE IX 

TERMINATION 

Section 9.1 Consensual Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at
any time prior to the Closing Date by mutual written consent of the Company and the Requisite Consenting Noteholders. 
 Section 9.2
Termination by the Requisite Members of the Noteholder Steering Committee. Notwithstanding anything to the contrary in this Agreement, this Agreement may be terminated by the Requisite Members of the Noteholder
Steering Committee upon two (2) Business Days written notice to the Company upon the occurrence of any of the following events: 
 (a)
any Debtor accepts or supports an Alternative Transaction, including but not limited to filing with the Bankruptcy Court, or publicly announcing that it will file with the Bankruptcy Court, any plan of reorganization or liquidation other than the
Plan; 
 (b) the appointment in the Chapter 11 Cases of a trustee or receiver, the conversion of the Chapter 11 Cases to cases under chapter
7 of the Bankruptcy Code, or the dismissal of the Chapter 11 Cases by order of the Bankruptcy Court, provided, however, that the occurrence of any of the foregoing as to the Gold Fields Debtors (as defined in the Plan) shall not cause a Termination
Event; 

  
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 (c) the failure of the Debtors to have filed (i) the Plan, (ii) the Disclosure
Statement, (iii) the Disclosure Statement Motion, and (iv) the PPA and BCA Approval Motion by no later than December 22, 2016; 

(d) the failure of the Debtors to have filed a motion to approve a commitment letter or an engagement letter with the Lead Arrangers pursuant
to which the Lead Arrangers shall have provided commitments for the Exit Facility in a principal amount of not less than $1,500,000,000 or agreed to use commercially reasonable efforts to arrange for commitments for the Exit Facility in a principal
amount of not less than $1,500,000,000 by January 11, 2017; 
 (e) the failure of the Disclosure Statement Order to be entered by the
Bankruptcy Court by January 31, 2017; 
 (f) the failure of the Confirmation Hearing to have commenced by no later than five
(5) days after the date scheduled by the Bankruptcy Court in the Disclosure Statement Order for the Confirmation Hearing to occur; 

(g) the failure of the Effective Date to have occurred by April 15, 2017; 

(h) following the delivery of written notice thereof by a non-breaching Party, the occurrence of a
material breach by any of the Parties of any of its obligations, representations, warranties, covenants or commitments set forth in this Agreement that is either unable to be cured or is not cured within five (5) Business Days following the
delivery of such notice; provided, that a Commitment Party Default is not deemed to be a breach of any obligation under this Agreement for purposes of this Section 9.2(h); 

(i) the entry by the Bankruptcy Court of an order (i) terminating the Debtors’ exclusive right to file a plan of reorganization
pursuant to section 1121 of the Bankruptcy Code or (ii) invalidating, disallowing, subordinating, or limiting the enforceability, priority, or validity of the Claims of any of the Noteholder
Co-Proponents; 
 (j) any Debtor (i) amending, modifying, or filing a pleading with the
Bankruptcy Court seeking authority to, or with the effect of, amending or modifying the Plan Documents, in a manner that is inconsistent with this Agreement or the Plan Support Agreement and the exhibits hereto, or which is otherwise in a form or
substance not reasonably satisfactory to the Requisite Members of the Noteholder Steering Committee, or (ii) publicly announcing, disclosing, or otherwise publicizing its intention to take any such acts, whether independently or in conjunction
with another party; 
 (k) any Debtor files with the Bankruptcy Court any motion or application seeking authority to use, sell, abandon or
otherwise dispose of any assets, except as provided in Section 6.2, without the prior written consent of the Requisite Members of the Noteholder Steering Committee; 

  
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 (l) either the Disclosure Statement Order or the Confirmation Order is reversed, stayed,
dismissed, vacated, reconsidered or is materially modified or materially amended after entry in a manner that is not reasonably acceptable to the Debtors and the Requisite Members of the Noteholder Steering Committee; 

(m) the issuance by any governmental authority, including but not limited to the Bankruptcy Court, any regulatory authority (local, state,
federal or otherwise), or any other court of competent jurisdiction (state or federal), of any ruling, order or any other document or official record (i) denying approval of any material term or condition of the Plan, the Plan Documents, or the
Restructuring, (ii) enjoining the substantial consummation of the Restructuring, (iii) making illegal or otherwise restricting, preventing, or prohibiting the Restructuring or (iv) otherwise substantially impeding or rendering
impossible or impracticable the substantial consummation of the Restructuring; provided, however, that the Debtors shall have five (5) Business Days following the issuance of any such ruling or order to obtain relief that would
allow consummation of the Restructuring in a manner that does not prevent or diminish compliance with the terms of the Plan Documents, this Agreement and the Plan Support Agreement; 

(n) the Debtors deliver a Debtor Fiduciary Notice (as defined in the Plan Support Agreement) to the Creditor
Co-Proponents; 
 (o) the failure to obtain entry of the PPA and BCA Approval Order (including
approval of the fees and indemnification obligations set forth herein and therein as allowed administrative expense claims under section 503(b) of the Bankruptcy Code) by January 31, 2017; 

(p) the PPA and BCA Approval Order is reversed, stayed, dismissed, vacated, reconsidered or is materially modified or materially amended after
entry in a manner that is not reasonably acceptable to the Requisite Members of the Noteholder Steering Committee; provided, however, that the Debtors shall have five (5) Business Days following the reversal, stay, dismissal, vacation,
reconsideration, modification or amendment to obtain relief that would allow consummation of the Restructuring in a manner that (i) does not prevent or diminish compliance with the terms of the Transaction Agreements, or (ii) is acceptable
to the Requisite Members of the Noteholder Steering Committee; or 
 (q) a decrease of the number of Subscription Rights distributed to
holders of Second Lien Notes Claims, Unsecured Senior Notes Claims and General Unsecured Claims in Class 5B for the purpose of allowing the Rights Offering to be exempt from registration under Securities Act of 1933 pursuant to section 1145 of
the Bankruptcy Code that results in (i) the aggregate purchase price for all Rights Offering Shares offered in the Rights Offering being below $650 million or (ii) the Per Share Purchase Price to be paid in the Rights Offering
increasing or decreasing. 
 Section 9.3 Termination by a Commitment Party 

Any Commitment Party shall have the right to terminate upon written notice to the Company if the Plan Effective Date has not occurred by
June 14, 2017. Termination by a 

  
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Commitment Party in this Section 9.3 shall only terminate this Agreement as to such Commitment Party. The effect of a termination by a Commitment Party pursuant to this
Section 9.3 shall be governed by Section 9.5, and such terminating party shall be entitled to all rights and protections thereunder. 

Section 9.4 Termination by the Company. 

This Agreement may be terminated by the Company upon written notice to each Commitment Party upon the occurrence of any of the following,
subject to the rights of the Company to fully and conditionally waive, in writing, on a prospective or retroactive basis the occurrence of: 

(a) occurrence of the Plan Support Agreement Termination Condition; provided, however, the Debtors may waive the Plan Support
Agreement Termination Condition in their sole discretion, but may only exercise the Plan Support Agreement Termination Condition (or waive such condition) prior to entry of the PPA and BCA Approval Order, provided, further, however
that the timely and valid exercise of the Plan Support Agreement Termination Condition shall relieve the Debtors from any obligation to pay the Breakup Payments or Expense Reimbursement or any other obligations under the Backstop Commitment
Agreement or the Private Placement Agreement; 
 (b) the determination by any of the Company’s boards of directors or members, as
applicable, in good faith, based on the advice of its outside counsel, that (i) proceeding with the transactions contemplated by this Agreement or the Plan Support Agreement would be inconsistent with the continued exercise of its fiduciary
duties, or (ii) having received a proposal or offer for an Alternative Transaction, that such Alternative Transaction is likely to be more favorable than the Plan and that continued support of the Plan pursuant to this Agreement would be
inconsistent with its fiduciary obligations; 
 (c) the appointment in the Chapter 11 Cases of a trustee or receiver, the conversion of the
Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code, or the dismissal of the Chapter 11 Cases by order of the Bankruptcy Court, provided, however, that the occurrence of any of the foregoing as to the Gold Field Debtors
shall not cause a Termination Event; 
 (d) following the delivery of written notice thereof by the Debtors, the occurrence of a material
breach by any of the Parties of any of its obligations, representations, warranties, covenants or commitments set forth in this Agreement that adversely and materially affects the Debtors’ rights under this Agreement and is either unable to be
cured or is not cured within five (5) Business Days following the delivery of such notice; 
 (e) the entry by the Bankruptcy Court of
an order terminating the Debtors’ exclusive right to file a plan of reorganization pursuant to section 1121 of the Bankruptcy Code; 

(f) either the Disclosure Statement Order or the Confirmation Order is reversed, stayed, dismissed, vacated, reconsidered or is materially
modified or materially amended after entry in a manner that is not reasonably acceptable to the Debtors; or 

  
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 (g) the issuance by any governmental authority, including but not limited to the Bankruptcy
Court, any regulatory authority (local, state, federal or otherwise), or any other court of competent jurisdiction (state or federal), of any ruling, order or any other document or official record (i) denying approval of any material term or
condition of the Plan, the Plan Documents, or the Restructuring, (ii) enjoining the substantial consummation of the Restructuring, (iii) making illegal or otherwise restricting, preventing, or prohibiting the Restructuring or
(iv) otherwise substantially impeding or rendering impossible or impracticable the substantial consummation of the Restructuring; provided, however, that the Debtors shall have five (5) Business Days following the issuance of
any such ruling or order to obtain relief that would allow consummation of the Restructuring in a manner that does not prevent or diminish compliance with the terms of the Plan Documents and this Agreement. 

Section 9.5 Effect of Termination. 

(a) Within three (3) days following the delivery of a termination notice pursuant to Article IX, each of the Debtors and the
Requisite Members of the Noteholder Steering Committee may waive, in writing, the occurrence of the Termination Event identified in the termination notice; provided, however, that the Termination Event provided for in
Section 9.3 may not be waived. Absent such waiver, this Agreement shall be terminated on the fourth (4th) day following delivery of the termination notice pursuant to Article IX (such date, the “Termination
Date”). Upon termination of this Agreement pursuant to this Article IX, this Agreement shall forthwith become void and there shall be no further obligations or liabilities on the part of the Parties; provided, that
(i) the obligations of the Debtors to pay the Expense Reimbursement pursuant to Article III and to satisfy their indemnification obligations pursuant to Article VIII and to pay the Backstop Commitment Premium and the Backstop
Ticking Premium or the Breakup Payments pursuant to Article III and Section 9.5(b), respectively, shall survive the termination of this Agreement and shall remain in full force and effect, in each case, until such obligations have been
satisfied, (ii) the provisions set forth in Article VIII, this Section 9.5 and Article X shall survive the termination of this Agreement in accordance with their terms, in each case so long as the PPA and
BCA Approval Order has been entered by the Bankruptcy Court prior to such termination and (iii) subject to Section 10.10, nothing in this Section 9.5 shall relieve any Party from liability for
its gross negligence or any willful or intentional breach of this Agreement. For purposes of this Agreement, “willful or intentional breach” means a breach of this Agreement that is a consequence of an act undertaken by the
breaching Party with the knowledge that the taking of such act would, or would reasonably be expected to, cause a breach of this Agreement. 

(b) If following entry by the Bankruptcy Court of the PPA and BCA Approval Order, this Agreement is terminated by the Debtors for any reason
other than the occurrence of a Plan Support Agreement Termination Condition (to the extent the Debtors terminate prior to the entry of the PPA and BCA Approval Order), a termination fee equal to $60,000,000, which represents 8.0% of the Rights
Offering Amount shall be paid in cash to the Commitment Parties (the “Breakup Payments”). The Breakup Payments shall be payable according to the following: (i) 22.5% of the Breakup Payments to the Initial Commitment Parties
or their designees in accordance with the Pro Rata Split; (ii) 57.5% of the Breakup Payments to the Initial Commitment Parties, or their designees, and the Phase Two Commitment Parties, or their designees, in accordance with the Pro Rata Split and
(iii) 20% of the Breakup Payments to all 

  
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Commitment Parties or their designees in accordance with the Pro Rata Split and each Commitment Party’s Backstop Commitment Period. Notwithstanding the the provisions of Article III,
if owed, the Breakup Payments shall be payable in lieu of the Backstop Commitment Premium, the Backstop Ticking Premium and the issuance of any Penny Warrants. 

(c) The Expense Reimbursement shall be entitled to administrative expense priority, and the Breakup Payments shall be entitled to superpriority
administrative expense priority junior to any superpriority claims granted under the Final DIP Order (including any adequate protection claims in respect of holders of First Lien Claims or Second Lien Notes Claims) and any claims to which such
superpriority claims are themselves junior (including the Bonding Carve Out (as defined in the Final DIP Order) and the Fee Carve Out (as defined in the Final DIP Order)), subject to the following: 

(i) in the event of a First Lien Full Cash Recovery under a plan or consummation of a plan that provides any combination of
cash and first lien notes (on terms no less favorable than the terms of the Replacement Secured First Lien Term Loan as set forth on Exhibit 1 to the Restructuring Term Sheet, including no greater amount of first lien notes than would be issued in
accordance with Exhibit 1 to the Restructuring Term Sheet) that is equal to the allowed amount of the First Lien Lender Claims, then such fees shall be paid in cash on the Effective Date on such Plan; and 

(ii) in the event the conditions set forth in subsection (a) do not occur, then the Breakup Payments and the
administrative expense claim on account of such the Breakup Payments shall be payable on the effective date of such plan in second lien notes with a face amount equal to the amount of the fees which are on terms consistent with the terms of the New
Second Lien Notes set forth in Exhibit 2 to the Restructuring Term Sheet; provided that, (i) such New Second Lien Notes shall be subordinated to any debt received by Class 1 as a distribution on substantially the same terms as
the existing intercreditor agreement governing the First Lien Claims and Second Lien Notes Claims, and (ii) to the extent Class 2 shall receive any New Second Lien Notes, the second lien notes shall be subordinated in a chapter 11 or
liquidation to such Class 2 holder’s New Second Lien Notes. 
 (d) If any of the Private Placement Agreement, the Plan Support
Agreement, or this Agreement are terminated pursuant to their respective terms, this Agreement shall be automatically terminated notwithstanding any other provision hereof. For the avoidance of doubt, if following entry by the Bankruptcy Court of
the PPA and BCA Order any of the Private Placement Agreement, the Plan Support Agreement, or this Agreement are terminated by the Debtors for any reason, the Debtors shall pay the Breakup Payments pursuant to Section 9.5(b). 

  
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 ARTICLE X 

GENERAL PROVISIONS 

Section 10.1 Notices. All notices and other communications in connection with this Agreement shall be in writing and shall be
deemed given if delivered personally, sent via electronic facsimile or email (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to the Parties at the
following addresses (or at such other address for a Party as may be specified by like notice): 
  

	 	(a)	If to the Company or any of the other Debtors: 

 Peabody Energy Corporation 

701 Market Street 
 St. Louis, MO
63101 
 Fax No. (314) 342-7597 

Attention: A. Verona Dorch, Chief Legal Officer 

Email: vdorch@peabodyenergy.com 

with copies (which shall not constitute notice) to: 

Jones Day 
 North Point 

901 Lakeside Avenue 
 Cleveland,
OH 44114 
 Fax No. (216) 579-0212 

Attention: Heather Lennox, Esq. 

Email: hlennox@jonesday.com 
 and

 Jones Day 
 77 West Wacker

 Chicago, IL 60601 
 Fax No.
(312) 782-8585 
 Attention: Edward B. Winslow, Esq. 

Email: ebwinslow@jonesday.com 

and 
 Armstrong Teasdale LLP 

7700 Forsyth Boulevard 
 Suite
1800 
 St. Louis, MO 63105 

Fax No. (314) 621-5065 

Attention: Steven N. Cousins, Esq. and Susan K. Ehlers, Esq. 

Email: scousins@armstrongteasdale.com; sehlers@armstrongteasdale.com 

  
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	 	(b)	If to the Commitment Parties: 

 To each Commitment Party at the addresses or e-mail addresses set forth below the Commitment Party’s signature in its signature page to this Agreement. 

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

in respect of certain Ad Hoc Secured Committee Members: 

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, NY
10036 
 Fax No. (212) 735-2000 

Attention: Shana A. Elberg, Esq. and Andrea Nicolas, Esq. 

Email: shana.elberg@skadden.com; andrea.nicolas@skadden.com 

and 
 Stinson Leonard Street LLP

 7700 Forsyth Boulevard 

Suite 1100 
 St. Louis, MO 63105

 Fax No. (314) 863-9388 

Attention: John G. Young, Jr., Esq. 

Email: john.young@stinson.com 
 in
respect of the South Dakota Investment Council: 
 Woods, Fuller, Schultz & Smith P.C. 

300 South Phillips Ave, Suite 300 

Sioux Falls, SD 57104 
 Attention:
Jordan J. Feist, Esq. 
 Email: jordan.feist@woodsfuller.com 

in respect of Aurelius and Elliott: 

Kramer Levin Naftalis & Frankel LLP 

1177 Avenue of the Americas 
 New
York, NY 10036 
 Fax No. (212) 715-8000 

Attention: Kenneth H. Eckstein, Esq., Stephen D. Zide, Esq. and Jeffrey S. Trachtman, Esq. 

Email: KEckstein@kramerlevin.com; SZide@kramerlevin.com; JBessonette@kramerlevin.com 

  
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 and 

Doster, Ullom & Boyle, LLC 

16090 Swingley Ridge Road 
 Suite
620 
 St. Louis, MO 63017 
 Fax
No. (636) 532-1082 
 Attention: Gregory D. Willard, Esq., John G. Boyle, Esq. 

Email: gwillard@dubllc.com; jboyle@dubllc.com 

in respect of Discovery: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Fax No. (212) 446-4900 

Attention: Stephen E. Hessler, Esq. 

Email: shessler@kirkland.com 
 and

 Kirkland & Ellis LLP 

555 California Street 
 San
Francisco, CA 94104 
 Fax No. (415) 439-1500 

Attention: Brian Ford, Esq. and Melissa N. Koss, Esq. 

Email: Bford@kirkland.com; Melissa.koss@kirkland.com 

Section 10.2 Assignment; Third Party Beneficiaries. Neither this Agreement nor any of the rights, interests or obligations under
this Agreement shall be assigned by any Party (whether by operation of Law or otherwise) without the prior written consent of the Company and the Requisite Consenting Noteholders, other than an assignment by a Commitment Party expressly permitted by
Section 2.5 or Section 2.7 and any purported assignment in violation of this Section 10.2 shall be void ab initio. Except as provided in Article VIII
with respect to the Indemnified Persons, this Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any Person any rights or remedies under this Agreement other than the
Parties. 
 Section 10.3 Prior Negotiations; Entire Agreement. 

(a) This Agreement (including the agreements attached as Exhibits to and the documents and instruments referred to in this Agreement)
constitutes the entire agreement of the Parties and supersedes all prior agreements, arrangements or understandings, whether written or 

  
 68 

 
oral, among the Parties with respect to the subject matter of this Agreement, except that the Parties hereto acknowledge that any confidentiality agreements heretofore executed among the Parties
and the Plan Support Agreement (including the Restructuring Term Sheet) will each continue in full force and effect. 
 (b) Notwithstanding
anything to the contrary in the Plan (including any amendments, supplements or modifications thereto) or the Confirmation Order (and any amendments, supplements or modifications thereto) or an affirmative vote to accept the Plan submitted by any
Commitment Party, nothing contained in the Plan (including any amendments, supplements or modifications thereto) or Confirmation Order (including any amendments, supplements or modifications thereto) shall alter, amend or modify the rights of the
Commitment Parties under this Agreement unless such alteration, amendment or modification has been made in accordance with Section 10.7. 

Section 10.4 Governing Law; Venue. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO SUCH STATE’S CHOICE OF LAW PROVISIONS WHICH WOULD REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. BY ITS EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES
FOR ITSELF THAT ANY LEGAL ACTION, SUIT, OR PROCEEDING AGAINST IT WITH RESPECT TO ANY MATTER ARISING UNDER OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT RENDERED IN ANY SUCH ACTION, SUIT, OR
PROCEEDING, MAY BE BROUGHT IN THE BANKRUPTCY COURT, AND BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH OF THE PARTIES IRREVOCABLY ACCEPTS AND SUBMITS ITSELF TO THE EXCLUSIVE JURISDICTION OF SUCH COURT, GENERALLY AND UNCONDITIONALLY, WITH RESPECT
TO ANY SUCH ACTION, SUIT OR PROCEEDING. THE PARTIES HEREBY AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING TO AN ADDRESS PROVIDED IN WRITING BY THE RECIPIENT OF SUCH MAILING, OR IN SUCH OTHER MANNER AS
MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF AND HEREBY WAIVE ANY OBJECTIONS TO SERVICE ACCOMPLISHED IN THE MANNER HEREIN PROVIDED. 

Section 10.5 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY JURISDICTION IN ANY ACTION, SUIT
OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE AMONG THE PARTIES UNDER THIS AGREEMENT, WHETHER IN CONTRACT, TORT OR OTHERWISE. 

Section 10.6 Counterparts. This Agreement may be executed in any number of counterparts, all of which will be considered one and
the same agreement and will become effective when counterparts have been signed by each of the Parties and delivered to each other Party (including via facsimile or other electronic transmission), it being understood that each Party need not sign
the same counterpart. 

  
 69 

 Section 10.7 Waivers and Amendments; Rights Cumulative; Consent. This Agreement may
be amended, restated, modified or changed only upon written consent by the Company and the Requisite Consenting Noteholders, solely as permitted in the Voting/Consent Structure and including, for the avoidance of doubt, the rights of Commitment
Parties to dissent and withdraw from this Agreement as set forth therein. Notwithstanding the foregoing, (i) the Backstop Commitment Schedule shall be revised as necessary without requiring a written instrument signed by the Company and the
Requisite Consenting Noteholders to reflect changes in the composition of the Commitment Parties and Backstop Commitment Percentages as a result of Transfers permitted in accordance with the terms and conditions of this Agreement and
(ii) Sections 9.5(a) and 10.17 may be amended, restated, modified or changed only upon written consent of the Company and each of the Initial Commitment Parties. The terms and conditions of this Agreement (other than the conditions set forth in
Section 7.1 and Section 7.3, the waiver of which shall be governed solely by Article VII) may be waived (A) by the Debtors only by a written instrument executed by the Company and (B) by the
Requisite Consenting Noteholders only by a written instrument executed by the Requisite Consenting Noteholders solely as permitted in the Voting/Consent Structure. No delay on the part of any Party in exercising any right, power or privilege
pursuant to this Agreement will operate as a waiver thereof, nor will any waiver on the part of any Party of any right, power or privilege pursuant to this Agreement, nor will any single or partial exercise of any right, power or privilege pursuant
to this Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. 

Section 10.8 Headings. The headings in this Agreement are for reference purposes only and will not in any way affect the meaning
or interpretation of this Agreement. 
 Section 10.9 Specific Performance. Each of the Parties hereto agree that irreparable
damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that each of the parties hereto shall be entitled to an injunction or injunctions without the necessity of posting a bond to prevent
breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. Unless otherwise expressly stated in this Agreement, no right
or remedy described or provided in this Agreement is intended to be exclusive or to preclude a Party hereto from pursuing other rights and remedies to the extent available under such agreement, herein, at law or in equity. 

Section 10.10 Damages. The rights of the Company, the Reorganized Company and any
non-Defaulting Commitment Party to claim or seek to recover, any punitive, special, indirect or consequential damages or damages for lost profits against any Defaulting Commitment Party are expressly
preserved; provided, however, that the Initial Commitment Parties shall be subrogated to all rights of the non-Defaulting Commitment Parties that are not Initial Commitment Parties, the Company and the
Reorganized Company, including, but not limited to, rights to sue a Defaulting Commitment Party, control of any litigation against or settlement with a Defaulting Commitment Party and rights pertaining to any litigation against or settlement with a
Defaulting Commitment Party. 

  
 70 

 Section 10.11 No Reliance. No Commitment Party or any of its Related Parties shall
have any duties or obligations to the other Commitment Parties in respect of this Agreement, the Plan or the transactions contemplated hereby or thereby, except those expressly set forth herein. Without limiting the generality of the foregoing,
(a) no Commitment Party or any of its Related Parties shall be subject to any fiduciary or other implied duties to the other Commitment Parties, (b) no Commitment Party or any of its Related Parties shall have any duty to take any
discretionary action or exercise any discretionary powers on behalf of any other Commitment Party, (c) no Commitment Party or any of its Related Parties shall have any duty to the other Commitment Parties to obtain, through the exercise of
diligence or otherwise, to investigate, confirm, or disclose to the other Commitment Parties any information relating to the Company or any of its Subsidiaries that may have been communicated to or obtained by such Commitment Party or any of its
Affiliates in any capacity, (d) no Commitment Party may rely, and each Commitment Party confirms that it has not relied, on any due diligence investigation that any other Commitment Party or any Person acting on behalf of such other Commitment
Party may have conducted with respect to the Company or any of its Affiliates or any of their respective securities, and (e) each Commitment Party acknowledges that no other Commitment Party is acting as a placement agent, initial purchaser,
underwriter, broker or finder with respect to its Unsubscribed Shares or Backstop Commitment Percentage of its Backstop Commitment. 

Section 10.12 Publicity. At all times prior to the Closing Date or the earlier termination of this Agreement in accordance with
its terms, the Company and the Commitment Parties shall consult with each other prior to issuing any press releases (and provide each other a reasonable opportunity to review and comment upon such release) or otherwise making public announcements
with respect to the transactions contemplated by this Agreement, it being understood that nothing in this Section 10.12 shall (a) prohibit any Party from filing any motions or other pleadings or documents with the
Bankruptcy Court in connection with the Chapter 11 Cases or (b) require consultation with the Commitment Parties prior to the filing of any Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K with the SEC. 

Section 10.13 Settlement Discussions. This Agreement and the transactions contemplated herein are part of a proposed settlement
of a dispute between the Parties. Nothing herein shall be deemed an admission of any kind. Pursuant to Section 408 of the U.S. Federal Rules of Evidence and any applicable state rules of evidence, this Agreement and all negotiations
relating thereto shall not be admissible into evidence in any Legal Proceeding, except to the extent filed with, or disclosed to, the Bankruptcy Court in connection with the Chapter 11 Cases (other than a Legal Proceeding to approve or enforce
the terms of this Agreement). 
 Section 10.14 No Recourse. Notwithstanding anything that may be expressed or implied in this
Agreement, and notwithstanding the fact that certain of the Parties may be partnerships or limited liability companies, each Party covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in
connection with this Agreement shall be had against any Party’s Affiliates, or any of such Party’s Affiliates’ or respective Related Parties in each case other than the Parties to this Agreement and each of their respective successors
and permitted assignees under this Agreement, whether by the enforcement of any assessment or by any legal or equitable 

  
 71 

 
proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any of
the Related Parties, as such, for any obligation or liability of any Party under this Agreement or any documents or instruments delivered in connection herewith for any claim based on, in respect of or by reason of such obligations or liabilities or
their creation; provided, however, nothing in this Section 10.14 shall relieve or otherwise limit the liability of any Party hereto or any of their respective successors or permitted assigns for any breach or
violation of its obligations under this Agreement or such other documents or instruments. For the avoidance of doubt, none of the Parties will have any recourse, be entitled to commence any proceeding or make any claim under this Agreement or
in connection with the transactions contemplated hereby except against any of the Parties or their respective successors and permitted assigns, as applicable. 

Section 10.15 Relationship Among Parties. 

(a) Notwithstanding anything herein to the contrary, the duties and obligations of the Commitment Parties, on the one hand, and the Debtors, on
the other hand, arising under this Agreement shall be several, not joint. No Party shall have any responsibility by virtue of this Agreement for any trading by any other entity. No prior history, pattern, or practice of sharing confidences among or
between the Parties shall in any way affect or negate this Agreement. The Parties hereto acknowledge that this Agreement does not constitute an agreement, arrangement, or understanding with respect to acting together for the purpose of acquiring,
holding, voting, or disposing of any equity securities of the Debtors and the Commitment Parties do not constitute a “group” within the meaning of Rule 13d-5 under the Exchange Act, as amended.
Nothing contained herein or in any Definitive Documentation and no action taken by any Commitment Party pursuant to this Agreement shall be deemed to constitute or to create a presumption by any parties that the Commitment Parties are in any way
acting in concert or as a “group” (or a joint venture, partnership or association), and the Debtors will not assert any such claim with respect to such obligations or the transactions contemplated by this Agreement or the Definitive
Documentation, and the Debtors acknowledge that none of the Commitment Parties are acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or the Definitive Documentation. The Debtors
acknowledge and each Commitment Party confirms that it has independently participated in the negotiation of the transactions contemplated under this Agreement and the Definitive Documentation with the advice of counsel and advisors. 

(b) In connection with any matter requiring consent or a request of the Requisite Consenting Noteholders, the Noteholder Co-Proponents, or the Requisite Members of the Noteholder Steering Committee, as applicable, under this Agreement, there is no requirement or obligation that such holders agree among themselves to take such action
and no agreement among such holders with respect to any such action. In connection with any matter that may be requested by the Requisite Consenting Noteholders, the Noteholder Co-Proponents, or the Requisite
Members of the Noteholder Steering Committee, as applicable, each such holder may, through its counsel, make such request; provided, that the Company will only be required to take such action if it receives the request of the Requisite
Consenting Noteholders, the Noteholder Co-Proponents, or the Requisite Members of the Noteholder Steering Committee, as applicable, as the case may be. In connection with any matter requiring consent of the
Requisite Consenting 

  
 72 

 
Noteholders, the Noteholder Co-Proponents, or the Requisite Members of the Noteholder Steering Committee, as applicable, hereunder, the Company will
solicit consent independently from each such holder or its respective counsel; provided, that such consent shall only be granted if the approval of the Requisite Consenting Noteholders, the Noteholder
Co-Proponents, or the Requisite Members of the Noteholder Steering Committee, as applicable, is obtained. 

(c) It is understood and agreed that none of the Commitment Parties has any duty of trust or confidence in any form with any other Commitment
Party, the Debtors, or any of the Debtors’ creditors or other stakeholders and, except as expressly provided in this Agreement, there are no agreements, commitments or undertakings by, among or between any of them with respect to the subject
matter hereof. For the avoidance of doubt, the foregoing sentence does not include any fiduciary obligations owed by any party to the Plan Support Agreement that has been appointed an officer of any Debtor. 

Section 10.16 Tax Forms. If the Company (or its agent) determines in its reasonable discretion that it is necessary or
appropriate to request Internal Revenue Service tax forms (including but not limited to Form W-9, W-8BEN,
W-8BEN-E, W-8ECI, W-8IMY (and attachments thereto), or any successors thereto)
(“Tax Forms”) to determine its tax reporting and withholding obligations, if any, the Commitment Parties shall promptly provide, solely to the extent legally entitled to do so, such duly completed Tax Forms to the Company (or
its agent), and the Company (or its agent) shall be entitled to rely on such forms in determining its tax reporting and withholding obligations, if any. Notwithstanding anything to the contrary contained in this Agreement, the Debtors (and their
agents) shall have the rights to request Tax Forms and withhold as necessary in accordance with Plan Article VI.K and Disclosure Statement Sections IX.O and XII. 

Section 10.17 Company Fiduciary Duties. Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement
shall require the Company or its subsidiaries or affiliates or any of its or their respective directors, officers or members, as applicable (each in such person’s capacity as a director, officer or member), to take any action, or to refrain
from taking any action, to the extent that taking such action or refraining from taking such action would be inconsistent with, or cause such party to breach, such party’s fiduciary obligations under applicable law, subject to the Non-Solicitation Provision set forth in Section 6.02 of the Plan Support Agreement; provided, the Breakup Payments and Expense Reimbursement shall be payable upon exercise by the Debtors of the fiduciary
out contained in this Section 10.17 in accordance with the terms of this Agreement. For the avoidance of doubt, nothing herein shall limit the rights of any party or parties set forth in Section 2.7(a),
Section 9.2 and Section 9.3. 

  
 73 

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

			
	PEABODY ENERGY CORPORATION
		
	By:	 	 /s/ A. Verona Dorch

	Name:	 	A. Verona Dorch
	Title:	 	Executive VP and Chief Legal Officer

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	BLOCKHOUSE MASTER FUND LP
		
	By:	 	 /s/ Alfred J. Barbagallo

		 	Name: Alfred J. Barbagallo
		 	Title: Managing Director & General
		 	Counsel

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	CONFLUX FUND LP
		
	By:	 	 /s/ Alfred J. Barbagallo

		 	Name: Alfred J. Barbagallo
		 	Title: Managing Director & General
		 	Counsel

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	STEELMILL MASTER FUND LP
		
	By:	 	 /s/ Alfred J. Barbagallo

		 	Name: Alfred J. Barbagallo
		 	Title: Managing Director & General Counsel

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	POINTSTATE FUND LP
		
	By:	 	 /s/ Alfred J. Barbagallo

		 	Name: Alfred J. Barbagallo
		 	Title: Managing Director & General Counsel

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	 CONTRARIAN CAPITAL FUND I, L.P

BY: CONTRARIAN CAPITAL
 MANAGEMENT, L.L.C., AS

INVESTMENT MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	CCM PENSION-A, L.L.C.
	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS MANAGING
 MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	CCM PENSION-B, L.L.C.
	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS Managing
 MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	 CONTRARIAN DOME DU GOUTER

MASTER FUND, LP

	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS
 INVESTMENT MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	CONTRARIAN OPPORTUNITY FUND, L.P
	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS
 INVESTMENT MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	 CONTRARIAN CAPITAL SENIOR

SECURED, L.P.

	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS
 INVESTMENT MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	 CONTRARIAN CAPITAL TRADE

CLAIMS, L.P

	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS
 INVESTMENT MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	CONTRARIAN ADVANTAGE-B, LP
	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS GENERAL
 PARTNER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	CONTRARIAN EMERGING MARKETS, L.P
	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS
 INVESTMENT MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	CONTRARIAN EM SIF MASTER L.P.
	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS
 INVESTMENT MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	BOSTON PATRIOT SUMMER ST LLC
	 BY: CONTRARIAN CAPITAL
 MANAGEMENT,
L.L.C., AS
 INVESTMENT MANAGER

		
	By:	 	     /s/ Jon Bauer

		 	Name: Jon Bauer
		 	Title: Managing Member

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	PANNING MASTER FUND, LP
	BY: PANNING CAPITAL MANAGEMENT, LP
	ITS: INVESTMENT MANAGER
		
	By:	 	 /s/ William Kelly

		 	Name: William Kelly
		 	Title: Authorized Signatory

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	SOUTH DAKOTA INVESTMENT COUNCIL
		
	By:	 	 /s/ Matthew L. Clark

		 	Name: Matthew L. Clark
		 	Title: State Investment Officer

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	BLUE TURTLE CAPITAL, LLC, a Delaware Limited Liability Company
		
	By:	 	 /s/ Elliot Greenberg

	Name:	 	Elliot Greenberg
	Title:	 	
	
	BLUE TURTLE CAPITAL LIMITED, a Cayman Islands Limited Company
		
	By:	 	 /s/ Elliot Greenberg

	Name:	 	Elliot Greenberg
	Title:	 	

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	DISCOVERY CAPITAL MANAGEMENT, LLC
		
	By:	 	 /s/ Adam Schreck

		 	 Name: Adam Schreck

		 	 Title: General Counsel

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	AURELIUS CAPITAL MASTER, LTD.
	By:	 	Aurelius Capital Management, LP, solely as investment manager and not in its individual capacity
		
	By:	 	 /s/ Dan Gropper

	Name:	 	Dan Gropper
	Title:	 	Managing Director

  
 [Signature Page to
Backstop Commitment Agreement] 

 
			
	ACP MASTER, LTD.
	By:	 	Aurelius Capital Management, LP, solely as investment manager and not in its individual capacity
		
	By:	 	 /s/ Dan Gropper

	Name:	 	Dan Gropper
	Title:	 	Managing Director

  
 [Signature Page to
Backstop Commitment Agreement] 

 Schedule 1 

Initial Backstop Commitment Schedule 

[TO BE PROVIDED] 

 Schedule 2 

Backstop Commitment Schedule 

[TO BE PROVIDED] 

 Exhibit A 

Rights Offering Procedures 

[TO BE PROVIDED] 

 Exhibit B 

Form of Joinder Agreement 

JOINDER AGREEMENT 
 This
joinder agreement (the “Joinder Agreement”) to the Backstop Commitment Agreement dated December 22, 2016 (as amended, supplemented or otherwise modified from time to time, the “BCA”), between the Debtors (as
defined in the BCA) and the Commitment Parties (as defined in the BCA) is executed and delivered by                      (the “Joining
Party”) as of                 , 201     (the “Joinder Date”). Each capitalized term used herein but not otherwise defined
shall have the meaning set forth in the BCA. 
 Agreement to be Bound. The Joining Party hereby agrees to be bound by all of the
terms of the BCA, a copy of which is attached to this Joinder Agreement as Annex I (as the same has been or may be hereafter amended, restated or otherwise modified from time to time in accordance with the provisions hereof). The Joining
Party shall hereafter be deemed to be a “Commitment Party” for all purposes under the BCA. 
 Representations and
Warranties. The Joining Party hereby severally and not jointly makes the representations and warranties of the Commitment Parties set forth in Section 5 of the BCA to the Debtors as of the date of this Joinder Agreement. 

Governing Law. This Joinder Agreement shall be governed by and construed in accordance with the laws of the State of New York without
application of any choice of law provisions that would require the application of the laws of another jurisdiction. 
 [Signature pages
follow.] 

 IN WITNESS WHEREOF, the Joining Party has caused this Joinder Agreement to be executed as of the
Joinder Date. 
  

			
	JOINING PARTY
	
	[JOINING PARTY], by and on behalf of certain of its and its affiliates’ managed funds and/or accounts
		
	By:	 	  

		 	Name:
		 	Title:
	
	Backstop Commitment Holdings:
	
	  

	
	Holdings of Allowed Second Lien Notes Claims:
	
	  

	
	Holdings of Allowed Class 5B Claims:
	
	  

  

			
	AGREED AND ACCEPTED AS OF THE JOINDER DATE:
	
	 PEABODY ENERGY CORPORATION,

as Debtor

		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit C 

[To be provided] 

 Exhibit D 

Plan Support Agreement 

[TO BE PROVIDED] 

 Exhibit E 

Illustrative Allocation of Common Shares (Fully Diluted) 

[To be provided]EX-10.1

 EXHIBIT 10.1 

[FORM OF EMPLOYMENT AGREEMENT FOR EXECUTIVE OFFICERS] 

WISDOMTREE ASSET MANAGEMENT, INC. 

245 Park Avenue, 35th Floor 

New York, New York 10167 

December 22, 2016 
 [Name] 

Dear [Name] 
 This letter agreement
(“letter”) confirms your continued employment by WisdomTree Asset Management, Inc. (“WTAM”) to serve in the executive capacity set forth on Appendix A annexed hereto (“Appendix A”), and in the executive capacity set
forth on Appendix A of its sole stockholder, WisdomTree Investments, Inc. (“WTI”), subject to the terms herein. Except as expressly provided herein, this letter amends and restates in all respects all previous employment agreements,
arrangements, and understandings between you, WTAM, WTI, the WisdomTree Trust (“WTT”), and/or its or their subsidiaries and affiliates, including without limitation the employment agreement between you, WTAM, and (where specified) WTI if
any, referenced on Appendix A and dated as of the date set forth on Appendix A (the “Employment Agreement”). WTAM serves as the investment advisor for the exchange traded funds issued by WTT. As used in this letter, “Company”
refers to, as the context requires, either (i) WTAM, WTI, WTT and the subsidiaries of WTAM or WTI collectively, or (ii) any one or more of such entities. 

The terms of your continued employment will be as follows: 

1.    Salary. Your Base Salary will be paid at the rate per annum set forth on Appendix A, subject to
such increases as may be determined from time to time by the Board of Directors of WTI (the “WTI Board”) (or the Compensation Committee thereof (the “WTI Compensation Committee”)) in its sole discretion. Your Base Salary will be
paid in accordance with WTAM’s normal payroll policies in effect from time to time. Your Base Salary shall not be reduced during your employment by the Company unless pursuant to an equivalent reduction in the Base Salary for all executive
officers of the Company and, in any event, by not more than 25%. 
 2.    Incentive Compensation.
You shall be eligible to receive such incentive compensation as may be determined by the WTI Board or the WTI Compensation Committee from time to time. Except as otherwise provided herein, you must be employed by the Company on the day incentive
compensation is paid to earn any part of that incentive compensation. 
 3.    Stock Options and Restricted
Stock. 
 (a)    Stock Options. The parties acknowledge that the WTI Compensation Committee granted to
you (i) options to purchase shares of WTI’s common stock set forth (if any) on Appendix A, subject to terms of the associated Stock Option Agreements dated as of the dates set forth (if any) on Appendix A (such options, if any,
collectively, the “Options” and such stock option agreements, if any, collectively, the “Stock Option Agreements”). The Options are 

 
subject to the terms and conditions of their respective Stock Option Agreements, provided however, notwithstanding anything to the contrary in any of the Stock Option Agreements,
(i) for purposes of the Stock Option Agreements, Change of Control henceforth shall have the meaning as set forth below; (ii) in the event of an Involuntary Termination (as defined below) of your employment,
(I) you shall be entitled to accelerated vesting only with respect to the portion of the Options, if any, that would have vested during the 12-month period (“Post-Employment Period”)
immediately following the date of termination of your employment by the Company (the “Date of Termination”); (II) vesting shall otherwise cease as of Date of Termination, but the non-vested shares
underlying the Option will not expire and the Option will not terminate until the last day of the Post-Employment Period; and (III) if a Change of Control occurs during the Post-Employment Period, you shall be entitled to the same
vesting with respect to the Options as you would have if you had been employed on the date of the Change of Control. 

(b)    The parties acknowledge that the WTI Compensation Committee granted to you shares of Restricted Stock under the
2005 Performance Equity Plan (and in the future may grant you shares under the 2016 Equity Plan) and subject to the terms of the associated Restricted Stock Agreements dated as of the dates set forth on Appendix A (the “Restricted Stock
Agreements”). The shares of Restricted Stock are subject to the terms and conditions of the respective Restricted Stock Agreements, provided however, notwithstanding anything to the contrary in any of the Restricted Stock Agreements,
(i) for purposes of the Restricted Stock Agreements, Change of Control henceforth shall have the meaning as set forth below; (ii) in the event of an Involuntary Termination (as defined below) of your employment,
(I) you shall be entitled to accelerated vesting only with respect to the shares of Restricted Stock, if any, that would have vested during the Post-Employment Period, (II) vesting shall otherwise cease as of the Date of
Termination, but your non-vested shares of Restricted Stock will not be forfeited until the last day of the Post-Employment Period, and (III) if a Change of Control occurs during the Post-Employment Period, you shall be entitled to the
same vesting with respect to the shares of Restricted Stock as you would have if you had been employed on the date of the Change of Control. 

(c)    You and the Company agree that the arbitration provisions set forth in Appendix B to this letter shall supersede
and shall govern any arbitration proceeding between you and the Company set forth in any of the Stock Option Agreements and Restricted Stock Agreements. 

(d)    The provisions of this Paragraph 3 shall be deemed to amend each of the Stock Option Agreements and Restricted
Stock Agreements. The Company and WTI each agree that all future grants to you of stock options, restricted stock and restricted stock units with respect to WTI common stock shall provide for (i) a definition of Change of Control
consistent with this letter and acceleration of time-based vesting and continuance of the time-based stock options, restricted stock awards and restricted stock unit awards beyond termination of employment in the same manner as provided in this
Paragraph 3 and (ii) arbitration provisions consistent with the provisions of Appendix B to this letter. 

  
 2 

 4.    Protection of Confidential Information and Intellectual
Property. 
 (a)    You agree that your services hereunder are of a special, unique and extraordinary character,
and that your position with the Company places you in a position of confidence and trust. You further acknowledge that in the course of rendering services to the Company you have obtained and will obtain knowledge of confidential information and
trade secrets of the Company. Accordingly, you agree that during the Restricted Period (defined below) with respect to the clause (i) below, for a period of six years with respect to clause (ii) below, and at all times both during
and after your employment with respect to clause (iii) below, you shall not, directly or indirectly, whether as owner, partner, shareholder, director, manager, consultant, agent, employee, co-venturer or otherwise: 

(i)    solicit, entice, or attempt to persuade any officer, director, employee, or agent of the Company to
become an officer, director, employee, or agent or perform services in any other capacity on behalf of you or any other person or entity, 

(ii)     engage or participate in any business conducted under any name that will be the same as or similar
to the names of the Company or any trade names used by the Company, or 
 (iii)    disparage the
reputation of the Company or the respective directors, trustees, officers or employees of the Company, or the product and service offerings of the Company, including, without limitation, through written or spoken communication relating to the
Company, its personnel or its products and services. 
 For purposes of this letter, the “Restricted Period” shall mean during
your employment by WTAM and for a one-year period thereafter. 
 (b)    For
three months following the Date of Termination in the event of either (i) an Involuntary Termination (as defined below), or (ii) if the Company makes a Three-Month Restrictive Covenant Election under Paragraph 8, you shall
not directly or indirectly engage or participate, directly or indirectly (whether as an officer, director, employee, partner, consultant, holder of an equity or debt investment, lender, or in any other manner or capacity) (collectively,
“Participate”) in the affairs of any ETF Sponsor (as defined below), unless (A) the ETF Sponsor also engages in activities other than as an ETF Sponsor, (B) you do not occupy a corporate executive position
with the ETF Sponsor, which position provides oversight of or support to its activities as an ETF Sponsor, and (C) you do not Participate in the ETF-related activities of the ETF Sponsor (this Paragraph 4(b), the “Three-Month
Restrictive Covenant”). 
 (c)    For twelve months following the date of your Post-Change of Control Termination
(as defined below), you shall not directly or indirectly Participate in the affairs of any Competing ETF Sponsor (as defined below), unless (A) the Competing ETF Sponsor also engages in activities other than as an ETF Sponsor,
(B) you do not occupy a corporate executive position with the Competing ETF Sponsor, which position provides oversight of or support to its activities as an ETF Sponsor, and (C) you do not Participate in the ETF-related
activities of the Competing ETF Sponsor (this Paragraph 4(c), the “Twelve-Month Restrictive Covenant”). 

  
 3 

 (d)    To the extent you are an attorney admitted to practice in the State of
New York, the restrictions set forth in Paragraphs 4(a)(ii), 4(b) and (c) shall be binding on you only to the extent permissible under Rule 5.6 of the New York Rules of Professional Conduct. By way of explanation, if you are an attorney
admitted to practice in the State of New York the restrictions contained in the aforementioned paragraphs shall be enforceable to the extent they seek to prohibit you from Participating in the affairs of an ETF Sponsor or a Competing ETF Sponsor in
a position that is non-legal in nature and does not require admittance to practice law as a pre-requisite to holding such position. 

(e) 

(i)    An “ETF” means: 

(A)    Any open-end management investment company or unit investment trust registered under the Investment
Company Act of 1940, as amended (the “1940 Act”) that issues and redeems any series of redeemable securities in compliance with the conditions of an exemptive order or regulation issued or promulgated by the U.S. Securities and Exchange
Commission (the “SEC”) permitting, among other things, (I) the shares to be issued and redeemed only in large aggregations (“Creation Units”), and (II) secondary market transactions in the shares to occur
at negotiated prices on national securities exchanges, as defined in Section 2(a)(26) of the 1940 Act (an “Exchange”), and lists such redeemable securities for trading on an Exchange; and 

(B)    Any exchange traded product, such as a grantor trust or other entity registered under the
Securities Act of 1933, as amended (the “1933 Act”) that (I) is not registered as an investment company under the 1940 Act, (II) is typically treated as a pass through entity under the Internal Revenue Code of 1986,
as amended (the “Code”), (III) issues and redeems a series of redeemable securities in large aggregations, and (IV) whose redeemable securities are listed for trading on one or more Exchanges and trade through secondary market
transactions at negotiated prices on such Exchanges; or any exchange traded note (“ETN”) registered under the 1933 Act that (x) provides for payments based on the performance of an index or pool of assets,
(y) trades through secondary market transactions at negotiated prices on one or more Exchanges, and (z) is listed for trading on one or more Exchanges. 

(ii)    A “Competing ETF Sponsor” means an ETF Sponsor that is one of the top ten ETF Sponsors in
the United States based upon the AUM of its United States-listed ETFs, as of the end of the fiscal quarter immediately preceding the Date of Termination. 

(iii)    “AUM” means assets under management of an ETF Sponsor as calculated and reported by
Bloomberg or its successor, or if not so reported, then calculated by reference to shares outstanding and net asset value of its ETFs as reported by a Bloomberg terminal. 

  
 4 

 (iv)    An “ETF Sponsor” is an entity that is, or
as a result of your engagement or participation would become, a sponsor of an ETF or the investment advisor or investment manager to an ETF. 

(f)    Your ownership, in the aggregate, of less than 1% of the outstanding shares of capital stock of any corporation
with revenues in excess of $100,000,000 and one or more classes of its capital stock listed on and Exchange shall not constitute a violation of the restrictions contained in clauses (b) or (c) above. 

(g)    You also agree that during your employment and at any other time thereafter you will not divulge, furnish, or make
accessible to anyone (other than during your employment in the regular course of business of the Company) any knowledge or information with respect to confidential or secret processes, models, research procedures or modalities, inventions,
discoveries, improvements, formulae, plans, material, devices, ideas, or other know-how, whether intellectual property or not, with respect to any confidential or secret engineering, development, or research work or with respect to any other
confidential or secret aspects of the business of the Company (including, without limitation, the methodology of the market indices developed by the Company and the terms of business arrangements with service providers to the Company. You further
agree that during your employment and at any other time thereafter, you will not make use of, nor permit to be used, any confidential notes, memoranda, specifications, programs, data, information or other materials of any nature whether oral or
written relating to any matter within the scope of the business of the Company or concerning any of its respective dealings or affairs otherwise than for the benefit of the Company, it being agreed that any of the foregoing will be and remain the
sole and exclusive property of the Company and that immediately upon the termination of your employment, you will deliver any or all copies of the foregoing to the Company. 

(h)    During your employment, you will disclose to the Company all market indices, research procedures, models, ideas,
marketing concepts, slogans, advertising campaigns, characters, proposals and plans invented or developed by you which relate directly or indirectly to the business of the Company or arise out of your employment with WTAM or your service as an
officer of the other entities comprising the Company or the use of the Company’s property or resources including, without limitation, any market indices, research procedures, models, ideas, proposals and plans which may be copyrighted,
trademarked, patented or otherwise protected (collectively, “Intellectual Property”). It is understood and agreed that Intellectual Property does not include ideas, proposals or plans of a legal nature that are commonly known among
experienced attorneys counseling companies in the exchange traded funds industry. You agree that all such Intellectual Property will be the sole property of the Company. You expressly understand and agree that any and all Intellectual Property
constitutes a “work for hire” under the U.S. Copyright Law. In the event any Intellectual Property is not regarded as a “work for hire,” you hereby assign to the Company the sole and exclusive right to Intellectual Property. You
agree that you will promptly disclose to the Company any and all Intellectual Property, and that, upon request of the Company, you will execute and deliver any and all documents or instruments and take any other action which the Company will deem
necessary to assign to and vest 

  
 5 

 
completely in the Company, to perfect trademark, copyright and patent protection with respect to, or to otherwise protect the Company’s trade secrets and proprietary interest in the
Intellectual Property. Upon disclosure of any Intellectual Property to the Company, during your employment and at any time thereafter, you will, at the request and expense of the Company, sign, execute, make and do all such deeds, documents, acts
and things as the Company and its duly authorized agents may reasonably require: (i) to apply for, obtain and vest in the name of the Company alone (unless the Company otherwise directs) trademarks, copyrights or other analogous
protection in any country throughout the world and when so obtained or vested to renew and restore the same; and (ii) to defend any opposition proceedings in respect of such applications and any opposition proceedings or petitions or
applications for revocation of such trademarks, copyrights, patents or other analogous protection. In the event the you do not, within five days after delivery to you, execute and deliver such documents reasonably necessary to vest in the Company
all right, title and interest in such Intellectual Property, you hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as your agent and
attorney-in-fact, to act for and in your behalf and stead to execute and file any such application or applications and to do all other lawfully permitted acts to further
the prosecution and issuance of trademarks, copyright or other analogous protection thereon with the same legal force and effect as if executed by you. The obligations of this Paragraph will continue after the termination of your employment with
respect to such Intellectual Property conceived of or developed by you while employed by WTAM. The Company agrees to pay any and all copyright, trademark and patent fees and expenses or this costs incurred by you for any assistance rendered to the
Company pursuant to this Paragraph 4. 
 (i)    If you commit a material breach, or if there are facts that indicate
that you intend or are about to commit a material breach, of any of the provisions of Paragraph 4, the Company will have all legal and equitable rights available to it, including, without limitation, the right and remedy: 

(i)    to have the provisions of this letter specifically enforced by any court having equity jurisdiction,
including, but not limited to, granting the Company an injunction against the you, it being acknowledged and agreed by you that the services being rendered hereunder to the Company are of a special, unique, and extraordinary character and that any
such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company; and 

(ii)    (x) to require you to account for and pay over to the Company all compensation, profits, monies,
accruals, increments, or benefits (collectively “Benefits”) derived or received by you as the result of any transactions constituting a breach of any of the provisions of Paragraph 4 and you hereby agree to account for and pay over such
Benefits to the Company, and (y) to cease any severance payments that would otherwise be payable to you. 
 If the Company shall initiate any
legal proceeding to enforce the rights granted to it pursuant to this Paragraph 4(i), the substantially prevailing party in such a proceeding shall be entitled to recover from the non-prevailing party all of
its costs of enforcement or defense (as the case may be), including reasonable attorney’s fees and expenses. 

  
 6 

 If you commit a material breach of any of your obligations under Paragraph 4, the time period for which the
obligation at issue shall run shall be tolled during the time such material breach is ongoing until the first date on which the Employee ceases to be in material breach of such obligation. 

Each of the rights and remedies enumerated in this Paragraph will be independent of the other, and will be severally enforceable, and such rights and remedies
will be in addition to, and not in lieu of, any other rights and remedies available to the Company, WTI and/or WTT under law or equity. If any provision of Paragraph 4 is held to be unenforceable because of the scope, duration, or area of its
applicability, the tribunal making such determination will have the power to modify such scope, duration, or area, or all of them, and such provision or provisions will then be applicable in such modified form. 

(j)    Nothing in this letter shall be interpreted or applied to prohibit you from making any good faith report to any
governmental agency or other governmental entity concerning any acts or omissions that you may believe to constitute a possible violation of federal or state law or making other disclosures that are protected under the whistleblower provisions of
applicable federal or state law or regulation. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, you shall not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting
or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Lastly, notwithstanding anything herein to the contrary, nothing
in this letter shall limit or restrict your right to initiate a legal proceeding in a court of law or equity to seek indemnification from the Company pursuant to your Indemnification Agreement with WTI dated as of the date set forth on Appendix A
and your right to have WTI reimburse you for your expenses, including reasonable attorney’s fees, in connection with enforcing your claim for indemnification thereunder. 

5.    Representations and Indemnification. You represent and warrant to the Company that you have the
right to continue to be employed by the Company and you are not subject to any contract, commitment, agreement, arrangement or restriction of any kind which might prevent you from performing your duties and obligations hereunder. 

You agree to indemnify the Company against any loss, liability, claim, damage and expense (including but not limited to reasonable attorney’s fees) to
which the Company may be subject in any action brought by a third party arising out of or relating to a breach or alleged breach by you of any of your representations or warranties set forth above. 

6.    Termination Generally. If your employment with WTAM is terminated for any reason other than
death, Disability (as defined below) or for Cause (as defined below), each of WTAM and you agree to discuss and in good faith seek to agree on the substance and wording of any internal and external communications regarding the circumstances of your
termination. 
 If your employment with WTAM is terminated for any reason (including without limitation death or Disability (as defined below)), WTAM shall
pay or provide you (or to your authorized 

  
 7 

 
representative or estate), on or before the time required by law but in any event (i) within ten (10) business days following termination with respect to the amount set
forth in clause (a) below, (ii) upon payment of the annual incentive compensation for the Prior Year to WTAM’s other senior executives with respect to the amount set forth in clause (b) below, provided, however, that you
shall not receive any payment pursuant to clause (b) below if (I) you resign your employment without Good Reason, (II) your employment is terminated by WTAM for Cause, or (III) you received payment,
prior to the Date of Termination, of your incentive compensation for the year (“the “Prior Year”) immediately preceding the year in which the Date of Termination occurred (the “Termination Year”); and
(iii) promptly after submission of a request for reimbursement, with appropriate documentation in accordance with WTAM’s policies and procedures then in effect, with respect to the amount set forth in clause (c) below:

 (a)    all accrued but unpaid Base Salary through the Date of Termination, 

(b)    the “Prior Year Cash Incentive Compensation”, which shall be the lesser of (i) the
product of: (A) the WTI Compensation Committee’s aggregate percentage funding of the Company’s budgeted incentive compensation pool for the Prior Year, multiplied by (B) 50% of your Target Incentive Compensation (as defined
below) for the Prior Year, or (y) the maximum incentive amount to which you are entitled to under the WisdomTree 2014 Incentive Compensation Plan established pursuant to Code Section 162(m) or similar Section 162(m) program
established by the Compensation Committee for the Prior Year (i.e., the “umbrella plan”) based on achievement of the relevant pre-established goal(s) for the Prior Year (for the avoidance of doubt, the exercise of any negative discretion
permitted thereunder shall be disregarded for this purpose). If you were not employed by the Company for the entirety of the Prior Year, the foregoing amount shall be multiplied by the fraction obtained by dividing the number of days you were
employed by the Company during the Prior Year by 365. 
 (c)    reimbursement for reasonable business expenses incurred
by you in performing the services hereunder prior to the Date of Termination, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers (the “Reimbursement”). 

Your “Target Incentive Compensation” for a fiscal year shall be the average of your actual incentive compensation (including both cash and the fair
value of equity awards at the time of grant; for avoidance of doubt, the fair value of a restricted stock award or a restricted stock unit award that vests over time conditioned solely on continued employment, shall be determined based on the
closing price of a share of underlying stock on the date of grant multiplied by the number of shares subject to the award) (x) for the three most recent full fiscal years for which you have been paid incentive compensation or
(y) for such lesser number of full or partial fiscal years for which you have been paid incentive compensation (with any partial fiscal year weighted proportionally less than any full fiscal year in determining your average incentive
compensation; and in the event you never have been paid any incentive compensation for a full or partial fiscal year, your Target Incentive Compensation shall be the target annual incentive compensation for the Prior Year as may be set forth in your
Employment Agreement, or if no such amount is set forth therein, 100% of your annual Base Salary). 

  
 8 

 If you initiate or otherwise participate in any arbitration proceeding against the Company to enforce the rights
and entitlements granted to you pursuant to this Paragraph 6 and you substantially prevail in such a proceeding, you shall be entitled to recover from the Company all of your costs of enforcement, including reasonable attorney’s fees and
expenses. 
 7.    Involuntary Termination. Upon your Involuntary Termination and provided you
(i) enter into, do not revoke, and comply with a fully effective Release Agreement materially in the form attached as Exhibit A hereto (the “Release”) and (ii) comply with the Three-Month Restrictive Covenant, WTAM
will pay, in the manner set forth below, as severance to you (or in the case of your subsequent death, the legal representative of your estate or such other person or persons as you shall have designated by written notice to WTAM), an amount equal
to sum of: 
 (a)    the annual Base Salary set forth in Paragraph 1 (the “Annual Base Salary”); 

(b)    the “Termination Year Cash Incentive Compensation”, which shall be the lesser of
(i) the product of: (A) the WTI Compensation Committee’s aggregate percentage funding of the Company’s budgeted incentive compensation pool for the Termination Year, multiplied by (B) 50% of your Target Incentive
Compensation for the Termination Year, or (y) the maximum incentive amount to which you are entitled to under the WisdomTree 2014 Incentive Compensation Plan established pursuant to Code Section 162(m) or similar Section 162(m) program
established by the Compensation Committee for the Termination Year (i.e., the “umbrella plan”) based on achievement of the relevant pre-established goal(s) for the Termination Year (for the avoidance of doubt, the exercise of any negative
discretion permitted thereunder shall be disregarded for this purpose). If you were not employed by the Company for the entirety of the Termination Year, the foregoing amount shall be multiplied by the fraction obtained by dividing the number of
days you were employed by the Company during the Termination Year by 365; and 
 (c)    an amount that equals 50% of
your Target Incentive Compensation for the Termination Year (the “Average Cash Incentive Compensation”). 
 In addition, if you elect COBRA
insurance coverage, WTAM directly will pay to you on a monthly basis 100% of the amount of such premiums (the “COBRA Premiums”) for such insurance for twelve months following the Date of Termination, provided that WTAM’s
payment obligation shall cease upon the expiration of your rights under COBRA or if you became reemployed and eligible for group health benefits. 
 The
Termination Year Cash Incentive Compensation shall be paid when WTAM pays to non-terminated senior executives their year-end incentive compensation for the Termination Year, but in no event later than March 15 of the calendar year following
your Date of Termination. The Annual Base Salary and Average Cash Incentive Compensation shall be paid out in substantially equal bi-monthly or semi-weekly installments in accordance with WTAM’s payroll practice over twelve months commencing
within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, those amounts shall begin to be paid in the
second calendar year. Notwithstanding the foregoing, if you breach any of the provisions contained in Paragraph 4, all payments under this Paragraph 7 shall immediately cease, but you shall be entitled to retain any payments made to you prior to any
breach by you of the provisions of Paragraph 4. 

  
 9 

 If you initiate or otherwise participate in any arbitration proceeding against the Company to enforce the rights
and entitlements granted to you pursuant to this Paragraph 7 and you substantially prevail in such a proceeding, you shall be entitled to recover from the Company all of your costs of enforcement, including reasonable attorney’s fees and
expenses. 
 8.    Voluntary Resignation Without Good Reason or Termination for Cause. If you
resign your employment without Good Reason, you shall provide the Company with at least ten (10) business days’ written notice before the effective Date of Termination (the “Notice Period”). At any time during the Notice Period,
or in the event the Company terminates your employment for Cause, the Company may (but shall not be obligated to) elect to invoke the Three-Month Restrictive Covenant by providing you with written notice of its election (the “Three-Month
Restrictive Covenant Election”), via electronic mail, facsimile, overnight mail or in person. If the Company makes the Three-Month Restrictive Covenant Election, then you shall be subject to the Three-Month Restrictive Covenant for three months
following the Date of Termination. In the event the Company provides you with a timely Three-Month Restrictive Covenant Election following your resignation without Good Reason or the termination of your employment by the Company for Cause, then
provided you (I) enter into, do not revoke, and comply with the Release and (II) comply with the Three-Month Restrictive Covenant, WTAM will pay you the sum of: 

(a)    25% of the Annual Base Salary; 

(b)    an amount that equals 12.5% of your Target Incentive Compensation for the Termination Year; and 

(c)    an amount that equals 25% of the value (determined based on the closing price of a share of the underlying stock on
the Date of Termination multiplied by the number of shares subject to the award) of any equity awards that would have vested in the one year following the Date of Termination if no termination had occurred (assuming for the purpose of this
calculation that during such one year no event (such as a Change of Control) would occur that would provide for the acceleration of vesting under any such equity award). 

This amount shall be paid out in substantially equal bi-monthly or semi-weekly installments in accordance with
WTAM’s payroll practice over three months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second
calendar year, those amounts shall begin to be paid in the second calendar year. In addition, if you elect COBRA insurance coverage, WTAM directly will pay to you COBRA Premiums for three months following the Date of Termination provided that
WTAM’s payment obligation shall cease upon the expiration of your rights under COBRA or if you became reemployed and eligible for group health benefits. Notwithstanding the foregoing, if you breach any of the provisions contained in Paragraph
4, all payments under this Paragraph 8 shall immediately cease, but you shall be entitled to retain any payments made to you prior to any breach by you of the provisions of Paragraph 4. 

  
 10 

 If you initiate or otherwise participate in any arbitration proceeding against the Company to enforce the rights
and entitlements granted to you pursuant to this Paragraph 8 and you substantially prevail in such a proceeding, you shall be entitled to recover from the Company all of your costs of enforcement, including reasonable attorney’s fees and
expenses. 
 9.    Change of Control Severance. The provisions of this Paragraph 9 shall apply in lieu of,
and expressly supersede, the provisions of Paragraph 7 regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within eighteen months after the occurrence of a Change of Control (as defined
below). Upon a Post-Change of Control Termination, and provided you (I) enter into, do not revoke, and comply with the Release and (II) you comply with the Twelve-Month Restrictive Covenant (provided that you shall not be
obligated to comply with the Twelve-Month Restrictive Covenant following the one year anniversary of the Date of Termination), WTAM will pay, in the manner set forth below, as severance to you (or in the case of your subsequent death, the legal
representative of your estate or such other person or persons as you shall have designated by written notice to WTAM): 

(i)    the sum of (A) 1.75 times the Annual Base Salary; (B) an amount determined by multiplying the
Average Cash Incentive Compensation by the fraction obtained by dividing the number of days employed by the Company during the Termination Year by 365, and (C) 1.75 times the Average Cash Incentive Compensation. The amounts in this Paragraph 9(i)
shall be paid in a lump sum on the first payroll date following the 30th day after the Date of Termination if permissible under Section 409A of the Code without being subject to additional tax, penalty or surcharge under Section 409A of the Code (it
being understood that if a lump sum payment is not permissible thereunder, the amounts under this Paragraph 9(i) shall be paid in the same schedule as set forth in Paragraph 7 above); 

(ii)    you shall be entitled to accelerated vesting of any unvested portion of any time-based equity award
that would have vested in the twenty-one-month period following the Date of Termination as if no termination had occurred; and 

(iii)    If you elect COBRA insurance coverage, WTAM directly will pay to you COBRA Premiums for twenty-one months following the Date of Termination, provided that WTAM’s payment obligation shall cease upon the expiration of your rights under COBRA or if you became reemployed and eligible for group
health benefits. 
 Furthermore, the Company agrees to maintain, for a period of at least six years after your termination, directors’ and
officers’ liability insurance insuring you (in your capacity as an officer and/or director) and other officers and directors, with a limit of liability not less than the aggregate of the respective amounts set forth in the policy or policies
maintained by the Company immediately prior to the Change of Control. 
 Notwithstanding the foregoing, if you breach any of the provisions contained in
Paragraph 4, all payments under this Paragraph 9 shall immediately cease, but you shall be entitled to retain any payments made to you prior to any breach by you of the provisions of Paragraph 4. However, if you shall breach the provisions of
Paragraph 4(c), the Company shall be entitled to recover from you a pro-rata portion of the payments made to you under this Paragraph 9 that corresponds to the proportionate period of time that you were in
breach of Paragraph 4(c). 

  
 11 

 If you initiate or otherwise participate in any arbitration proceeding against the Company to enforce the rights
and entitlements granted to you pursuant to this Paragraph 9 and you substantially prevail in such a proceeding, you shall be entitled to recover from the Company all of your costs of enforcement, including reasonable attorney’s fees and
expenses. 
 10.    Definitions. 

(a)    “Cause” shall mean any one or more of the following acts or omissions by you: 

(i)    the willful and continued failure to (A) materially perform your duties and obligations under
this letter or (B) to carry out specific legal and lawful directions of a senior officer or the Board of Directors of the Company (in each case other than by reason of Disability); 

(ii)    the material breach of any provision of this letter (including a breach of the representations and
warranties made by you in Paragraph 5 of this letter); 
 (iii)    the material failure to comply with
the written policies or rules of the Company; 
 (iv)    the commission of an act or failure to act that
involves willful misconduct, bad faith or gross negligence; 
 (v)    the commission of any act of fraud,
misappropriation, embezzlement or similar willful and malicious conduct against the Company; or 

(vi)    the conviction of, or plea of “guilty” or “no contest” to, a felony under the
laws of the United States or any state thereof. 
 Notwithstanding the foregoing, cause shall not be deemed to exist for a reason specified in clauses
(i)(A) or (ii) above unless you have been given written notice setting forth in reasonable detail the act, omission or failure of, or breach by, you and a period of at least 10 days after such notice to cure all of such acts, omissions,
failures or breaches, and such shall not have been cured within such 10-day period; provided, further, that WTAM shall not be required to give notice and an opportunity to cure for a reason specified in
clauses (i)(A) or (ii) if you have committed the same or substantially similar acts, omissions, failures or breaches and WTAM has previously given you notice of and an opportunity to cure the same. 

(b)    “Change of Control shall mean (i) the acquisition by any “person” (as defined in Section 3(a)(9) and
13(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”)), other than a stockholder of the Company that, as of the date of this letter, is the beneficial owner (as defined in Rule
13d-3 promulgated under the Exchange Act) of 15% or more of the outstanding voting securities of the Company, of more than 50% of the combined voting power of the then outstanding voting securities of the
Company; (ii) the sale by the 

  
 12 

 
Company of all, or substantially all, of the assets of the Company to one or more purchasers, in one or a series of related transactions, where the transaction or transactions require approval
pursuant to Delaware law by the stockholders of the Company; or (iii) any occurrence of a Sale Event within the meaning of WTI’s 2016 Equity Plan. 

(c)    “Disability” shall mean the earlier to occur of either of the following events: 

(i)    you, because of physical or mental disability or incapacity, are unable to perform your obligations
to, or duties for, the Company pursuant to this letter on a full-time basis for ninety (90) consecutive days or a period in excess of one hundred fifty (150) days out of any period of three hundred sixty
(360) consecutive days; or 
 (ii)    the determination by a physician selected by WTAM, duly
licensed in New York with a medical specialty appropriate for such determination (which determination shall be binding and conclusive for the purpose of this Paragraph 10), that you are either physically or mentally, permanently disabled or
incapacitated or otherwise so disabled or incapacitated that you will be unable to perform your obligations to, or duties for, the Company pursuant to this letter for ninety (90) consecutive days or a period in excess of one hundred fifty
(150) days out of any period of three hundred sixty (360) consecutive days. Your failure to submit to an examination of a physician under this Paragraph 10 shall automatically result in a determination of disability
hereunder. 
 (d)    “Good Reason” shall mean that you have complied with the “Good Reason Process”
(as defined below) following the occurrence of any of the following events: (i) a material diminution in your responsibilities, authority or duties (except in connection with a reasonable diminution in connection with Disability); (ii) a material
diminution in your Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially
all senior management employees of the Company; (iii) a material change in the geographic location of the principal place to which you provide services to the Company, not including work-related travel or short-term assignments; or (iv) the
material breach of this letter by the Company. For purposes of this letter, “Good Reason Process” shall mean that (i) you reasonably determine in good faith that a “good reason” condition has occurred; (ii) you notify the Company
in writing of the first occurrence of the good reason condition within 60 days of the first occurrence of such condition; (iii) you cooperate in good faith with the Company’s efforts, for a period not less than 30 days following such notice
(the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the good reason condition continues to exist; and (v) you terminate your employment within 60 days after the end of the Cure Period. If the Company cures the
good reason condition during the Cure Period, good reason shall be deemed not to have occurred. 

(e)    “Involuntary Termination” means (A) your termination by WTAM other than due to: (i) your
death, (ii) your Disability or (iii) your termination by WTAM for “Cause;” or (B) your resignation from your employment for “Good Reason.” 

(f)    “Post-Change of Control Termination” means your termination by the Company without Cause or by you for
Good Reason within 18 months after a Change of Control. 

  
 13 

 11.    Section 409A. 

(a)    Anything in this letter to the contrary notwithstanding, if at the time of your separation from service within the
meaning of Section 409A of the Code, the Company determines that you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that you become entitled to under
this letter on account of your separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i)
of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after your separation from service, or (B) your death. If any such delayed cash
payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of
the installments shall be payable in accordance with their original schedule. 
 (b)    All in-kind benefits provided and expenses eligible for reimbursement under this letter shall be provided by the Company or incurred by you during the time periods set forth in this letter. All reimbursements shall be
paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of
in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for
reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c)    To the extent that any payment or benefit described in this letter constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon your termination of employment, then such payments or benefits
shall be payable only upon your “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A
1(h). 
 (d)    The parties intend that this letter will be administered in accordance with Section 409A of the Code. To
the extent that any provision of this letter is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that
this letter may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder
without additional cost to either party. 
 (e)    The Company makes no representation or warranty and shall have no
liability to you or any other person if any provisions of this letter are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

  
 14 

 12.    Section 280G. 

Notwithstanding any other provision of this letter or any other plan, arrangement or agreement to the contrary, in the event that: 

(a)    the aggregate payments or benefits provided or to be provided by the Company or its affiliates to you or for your
benefit pursuant to the terms of this letter or otherwise that are deemed to be “parachute payments” within the meaning of Section 280G of the Code or any successor thereto (“Change of Control Benefits”) would be deemed to
include an “excess parachute payment” under Section 280G of the Code (or any successor provision thereto); and 

(b)     if such Change of Control Benefits were reduced to an amount (the
“Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three (3) times your “base amount,” as determined in accordance with Section 280G of the
Code or (any successor provision thereto); and 
 (c)    (i) the Non-Triggering
Amount less the product of the aggregate marginal rate of any applicable federal, state and local income taxes times the Non-Triggering Amount would be greater than (ii) the aggregate value of the Change
of Control Benefits (without such reduction) minus (x) the aggregate amount of tax required to be paid by you thereon by Section 4999 of the Code (or any successor provision thereto) and any similar excise tax
imposed by state or local law and further minus (y) the product of the Change of Control Benefits times the aggregate marginal rate of any applicable federal, state and local income taxes times the Non-Triggering Amount; then 

(d)    the Change of Control Benefits shall be reduced to the Non-Triggering
Amount. In such event, the Aggregate Payments shall be reduced in the following order: (A) cash payments not subject to Section 409A of the Code; (B) cash payments subject to Section 409A of the Code;
(C) equity-based payments and acceleration; and (D) non-cash forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse
chronological order. 
 13.    Agreement to Arbitrate. You and the Company agree that all
disputes between you and the Company will be resolved by arbitration as set forth on Appendix B annexed hereto, except as otherwise provided in Appendix B. 

14.    Miscellaneous. You understand and agree that your employment by WTAM is on at “at
will” basis, subject to WTAM’s obligations to pay severance as provided herein. You shall be subordinate to and report directly to officers of WTAM and WTI (or, as may be indicated, to the WTI Board) set forth on Appendix A. You will be
entitled to four weeks paid vacation per year to be accrued on a pro rata basis and you will be entitled to participate in all of the employee benefit plans provided WTAM subject to the terms and conditions of those programs. 

This letter, together with the 2005 Performance Equity Plan, the 2016 Equity Plan (should any equity awards be granted to you subsequent to the date of this
letter), the Stock Option Agreements and the Restricted Stock Agreements (as amended herein), and the Indemnification 

  
 15 

 Agreement with WTI dated as of the date set forth on Appendix A, set forth all of the terms relating to your
employment by WTAM, and supersede all prior agreements, whether written or oral, including without limitation any prior employment agreement. 
 A signature
received via facsimile will be deemed an original for all purposes. 
 The rights and obligations of Company hereunder shall be binding upon and run in
favor of the successors and assigns of Company. 
 All payments made by the Company to you shall be made net of any tax or other amounts required to be
withheld by the Company under applicable law. Nothing herein or otherwise shall be construed to require the Company to minimize tax consequences to you. 

This letter shall be governed by, and construed in accordance with, the internal laws of New York without regard to principles of conflicts of law. 

This letter may not be amended, modified or amended, nor may any term or provision be waived unless such modification, amendment or waiver is in writing and
signed by the party against whom enforcement of any such modification, amendment or waiver is sought. 
 Please indicate by your signature below your
agreement with the terms set forth above. 
 Sincerely, 
  

			
	WISDOMTREE ASSET MANAGEMENT, INC.
		
	By:	 	  

	
	AGREED AND ACCEPTED:
	
	  

	
	Solely to confirm its agreement to the provisions of Paragraph 3:
	
	WISDOMTREE INVESTMENTS, INC.
		
	By:	 	  

  
 16 

 Appendix A to Employment Letter for dated December 22, 2016 

Executive:                     

  

	
	Introductory Paragraph:
	
	WTAM –
                                         
                               
	
	WTI –
                                         
                                    
	
	Employment Agreement dated
                                      
	
	Paragraph 1:
	
	$            
	
	Paragraph 3(a):
	
	                                      
                                         
         
	
	Paragraph 3(b):
	
	                                      
                                         
         
	
	Paragraph 14:
	
	                                      
                                         
         
	
	Paragraphs 4(j) and 14:
	
	Indemnification Agreement dated
                                  

  
 17 

 Appendix B to Employment Letter dated December 22, 2016 

1)    Agreement to Arbitrate. You and the Company recognize that differences may arise between them during or following your
employment by WTAM. You understand and agree that by entering into this letter, you anticipate the benefits of a speedy, impartial dispute-resolution procedure of any such differences. As used in this Appendix Band its subparts, the
“Company” shall have the meaning as described in the letter and all successors and assigns of any of them. 
  

	 	a)	Arbitrable Claims. 

 i)    ALL DISPUTES BETWEEN YOU (AND YOUR
SUCCESSORS AND ASSIGNS) AND THE COMPANY (AND ITS DIRECTORS, OFFICERS, AGENTS AND SUCCESSORS AND ASSIGNS) RELATING IN ANY MANNER WHATSOEVER TO YOUR EMPLOYMENT BY WTAM OR TO THE TERMINATION THEREOF, INCLUDING WITHOUT LIMITATION ALL DISPUTES ARISING
UNDER THIS LETTER, THE STOCK OPTION AGREEMENTS AND THE RESTRICTED STOCK AGREEMENTS (COLLECTIVELY, “ARBITRABLE CLAIMS”), SHALL BE RESOLVED EXCLUSIVELY BY BINDING ARBITRATION. Arbitrable Claims shall include, but are not limited to, contract
(express or implied) and tort claims of all kinds, as well as all claims based on any federal, state, or local law, statute, or regulation (including but not limited to claims alleging unlawful harassment or discrimination in violation of Title VII
and/or Title IX of the U.S. Code, of the Age Discrimination in Employment Act, of the Americans with Disabilities Act, of state statute, or otherwise), excepting only claims under applicable workers’ compensation law and unemployment insurance
claims. Arbitration shall be final and binding upon the parties and shall be the exclusive remedy for all Arbitrable Claims. Except as provided in Paragraph 1(a)(ii) of this Appendix B, the Arbitrator (as defined below) shall decide whether a claim
is an Arbitrable Claim. THE COMPANY AND THE EMPLOYEE HEREBY WAIVE ANY RIGHTS THAT THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS. 

ii)    Notwithstanding anything herein to the contrary, as provided in Paragraph 4(i) of the letter, the Company may
enforce in court, without prior resort to arbitration, any claim concerning a material breach of any of the provisions of Paragraph 4 of the letter. Such court shall determine whether a claim for breach presented by the Company appropriately invokes
the provisions of Paragraph 4. 
 iii)    Notwithstanding anything herein to the contrary, as provided in Paragraph 4(j)
of the letter, you may enforce in court, without prior resort to arbitration, any claim seeking indemnification pursuant to the terms of the Indemnification Agreement. 
  

	 	b)	Arbitration Procedure. 

 i)    American Arbitration Association
Rules; Initiation of Arbitration; Location of Arbitration. Arbitration of Arbitrable Claims shall be in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association (“AAA Rules”), except as provided
otherwise in this Appendix B. Arbitration shall be initiated by providing written notice to the other party with a statement of the claim(s) asserted, the facts upon which the claim(s) are based, and the remedy sought. This notice shall be provided
to the other party within six (6) 

  
 18 

 
months of the acts or omissions complained of. Any claim not initiated within this limitations period shall be null and void, and the Company and you waive all rights under statutes of limitation
of different duration. The arbitration shall take place in New York, New York. 
 ii)    Selection of Arbitrator.
All disputes involving Arbitrable Claims shall be decided by a single arbitrator (the “Arbitrator”), who shall be selected as follows. The American Arbitration Association (“AAA”) shall give each party a list of eleven
(11) arbitrators drawn from its panel of employment arbitrators (the “Name List”). Each party may strike up to six (6) names on the Name List it deems unacceptable, and shall notify the other party of the names it has stricken,
within fourteen (14) calendar days of the date the AAA gave notice of the Name List. If only one common name on the Name List remains unstricken by the parties, that individual shall be designated as the Arbitrator. If more than one common name
remains on the Name List unstricken by parties, you shall strike one of the remaining names and notify the Company, within seven (7) calendar days of notification of the list of unstricken names. If, after you strike a name as set forth in the
preceding sentence, there are still two or more unstricken names, the Company and you shall alternately strike names (with the Company having the next strike) and notify the other party of the stricken name within seven (7) calendar days, until
only one remains. If no common name on the initial Name List remains unstricken by the parties, the AAA shall furnish an additional list or lists, and the parties shall proceed as set forth above, until an Arbitrator is selected. 

iii)    Conduct of the Arbitration. 

(1)    Discovery. To help prepare for the arbitration, you and the Company shall be entitled, at their own
expense, to learn about the facts of a claim before the arbitration begins. Each party shall have the right to take the deposition of one (1) individual and any expert witness designated by another party. Each party also shall have the right to
make requests for production of documents to any party. Additional discovery may be had only where the Arbitrator so orders, upon a showing of substantial need. At least thirty (30) days before the arbitration, the parties must exchange lists
of witnesses, including any expert witnesses, and copies of all exhibits intended to be used at the arbitration. 

(2)    Authority. The Arbitrator shall have jurisdiction to hear and rule on
pre-hearing disputes and is authorized to hold pre-hearing conferences by telephone or in person as the Arbitrator deems necessary. The Arbitrator shall have the
authority to entertain a motion to dismiss and/or a motion for summary judgment by any party and shall apply the standards governing such motions under the Federal Rules of Civil Procedure. The Arbitrator shall apply the substantive law (and the law
of remedies, if applicable) of the state in which the claim arose, or federal law, or both, as applicable to the claim(s) asserted. The Arbitrator shall have the authority to award equitable relief, damages, costs and fees as provided by the law for
the particular claim(s) asserted. The Arbitrator shall not have the power to award remedies or relief that a New York court could not have awarded. The Federal Rules of Evidence shall apply. The burden of proof shall be allocated as provided by
applicable law. Except as provided in Paragraph 1(a)(ii) of this Appendix B, the Arbitrator, and not any federal, state, or local court or agency, shall have exclusive authority to resolve any dispute relating to the interpretation, applicability,
enforceability or formation of this Appendix B, including but not limited to any claim that all or any part of any of this Appendix B is void or voidable and any assertion that a dispute between you and the Company is not an Arbitrable Claim. The
arbitration shall be final and binding upon the parties. 

  
 19 

 (3)    Costs. Either party, at its expense, may arrange for and pay
the cost of a court reporter to provide a stenographic record of the proceedings. If the Arbitrator orders a stenographic record, the parties shall split the cost. Except as otherwise provided in Paragraph 1(b)(iii)(6) of this Appendix B, you and
the Company shall equally share the fees and costs of the arbitration and the Arbitrator, and the reference to “the fees and costs of the arbitration and the Arbitrator” in the preceding sentence is not intended to include the fees and
expense of either party’s legal counsel or other advisors, but only the fees and costs imposed on the parties by the AAA in connection with an arbitration conducted under the auspices of the AAA. 

(4)    Confidentiality. All proceedings and documents prepared in connection with any Arbitrable Claim shall be
confidential and, unless otherwise required by law, the subject matter thereof shall not be disclosed to any person other than the parties to the proceeding, their counsel, witnesses and experts, the Arbitrator, and, if involved, the court and court
staff. All documents filed with the Arbitrator or with a court shall be filed under seal. The parties shall stipulate to all arbitration and court orders necessary to effectuate fully the provisions of this subparagraph concerning confidentiality.

 (5)    Enforceability. Either party may bring an action in any court of competent jurisdiction to compel
arbitration under this Appendix B and to enforce an arbitration award. Except as provided above, neither party shall initiate or prosecute any lawsuit or administrative action in any way related to any Arbitrable Claim. The Federal Arbitration Act
shall govern the interpretation and enforcement of this Appendix B. 
 (6)    Limited Right to Attorney’s Fees
and Expenses. You and the Company shall be entitled to an award in their favor by the Arbitrator that includes reimbursement for (i) their costs associated with the fees and costs of the arbitration and the Arbitrator within the meaning set
forth in Paragraph 1(b)(iii)(3) of this Appendix B, and (ii) their reasonable attorney’s fees and expenses in the following circumstances: 

You: As provided in Paragraph 4(j) of the letter. 

You: As provided in Paragraphs 6, 7, 8 and 9 of the letter if you are the substantially prevailing party. 

The substantially prevailing party: As provided in Paragraph 4(i) of the letter 

  
 20 

 Exhibit A to Employment Letter dated December 22, 2016 

FORM OF RELEASE AGREEMENT 
 In
consideration for the agreement by WisdomTree Asset Management, Inc. (“WisdomTree”) to provide                     
(“Employee”) with the severance payments (the “Severance”) set forth in the Employee’s letter agreement regarding his employment by WisdomTree dated December 22, 2016 (the “letter”), and for other good and
valuable consideration as set forth therein, which Employee hereby acknowledges: 
  

	 	1.	Employee, on behalf of Employee and Employee’s heirs, representatives and assigns, hereby releases and discharges WisdomTree and the WisdomTree Trust and all of their respective subsidiaries, divisions and
affiliated or related companies (collectively, the “Primary Releasees”), and all of the respective current and former directors, officers, stockholders, successors, assigns, agents, representatives and employees of each, and their members,
trustees and attorneys (collectively, the “Secondary Releasees,” and, together with the Primary Releasees, the “Releasees”), of and from (i) any and all claims Employee ever had, now has, or may have in the future against
one or more of the Primary Releasees regarding any matter arising on or before the Effective Date of this release, and (ii) of and from any and all claims Employee ever had, now has, or may have in the future against one or more the Secondary
Releasees regarding any matter arising on or before the Effective Date of this release (but, with respect to this clause (ii), only to the extent that the matter relates to Employee’s employment by WisdomTree), including, without limitation,
all claims regarding Employee’s employment with WisdomTree or the termination thereof, any claim for equitable relief or recovery of monies or damages, claims of breach of contract, wrongful termination, unjust dismissal, defamation, libel or
slander, or under any federal, state or local law dealing with discrimination based on age, race, sex, national origin, handicap, religion, disability or sexual preference, any tort, any claim for wages, any claim for breach of a fair employment
practice law, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Older Workers Benefit Protection Act, the Civil Rights Act of 1991, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act,
the Family and Medical Leave Act, the New York State Human Rights Law, the New York City Humans Rights Law, the New York Labor Law, workers compensation laws and any violation of any other local, state or federal law, ordinance or regulation, the
common law and any other purported restriction on an employer’s right to terminate the employment of employees. It is the understanding and agreement of the parties that the release provided by this
sub-paragraph shall be a general release in all respects. Notwithstanding the foregoing, this Release does not extend to: (a) those rights that cannot be waived as a matter of law;
(b) Employee’s right to claim entitlement to the Severance as set forth in the letter; or (c) Employee’s right to indemnification protections as officers and/or directors of WTI and/or any of the Releasees as arising under
contract, statute, regulation, certificates of incorporation or comparable documents of formation, or by-laws or comparable documents of organization. 

  
 21 

	 	2.	Pursuant to and as a part of Employee’s complete, total release and discharge of the Primary Releasees as set forth in Paragraph 1 above, and as part of Employee’s limited release and discharge of the
Secondary Releasees as set forth in Paragraph 1, Employee expressly agrees, to the fullest extent permitted by law, not to sue, file a charge, claim, complaint, grievance or demand for arbitration in any forum or to assist or otherwise participate
willingly or voluntarily in any claim, arbitration, suit, action, charge, complaint, investigation or other proceeding of any kind which relates to (i) any matter that involves the Primary Releasees and that occurred on or before the Effective
Date of this Release and (ii) any matter that involves the Secondary Releasees and relates to Employee’s employment by WisdomTree and that occurred on or before the Effective Date of this Release. Employee represents that Employee has not
filed or initiated any such proceedings against any of the Releasees as of the Effective Date. Nothing in this Release shall be construed to prohibit Employee from filing a charge with or participating in any investigation or proceeding conducted by
the Equal Employment Opportunity Commission (“EEOC”) or a comparable state or local agency. Notwithstanding the foregoing, Employee agrees to waive the right to recover monetary damages in any charge, complaint, or lawsuit filed by
Employee or by anyone else on Employee’s behalf. Except as otherwise provided in this paragraph, Employee will not voluntarily participate in any judicial proceeding of any nature or description against any member of the Releasees that in any
way involves the allegations and facts that Employee could have raised against any member of the Releasees as of the date of this Release. 

  

	 	3.	If forty (40) years of age or older, Employee specifically releases all claims under the Age Discrimination in Employment Act (the “ADEA”) relating to Employee’s employment and its termination.

  

	 	4.	Employee acknowledges that Employee fully understands and agrees that this Release shall operate as a complete defense to any claim or entitlement which hereafter may be asserted by Employee against any and all of the
Releasees for or on account of any matter or thing whatsoever arising out of or in any way based upon the circumstances, facts and events relating to Employee’s employment and separation from employment, or to any claim made by Employee against
any of the Releasees arising from such circumstances, facts and events. 

  

	 	5.	Employee is specifically agreeing to the terms of this release because WisdomTree has agreed to pay Employee money to which Employee was not otherwise entitled under WisdomTree’s policies, and has provided such
other good and valuable consideration as specified herein. WisdomTree has agreed to provide this money and other benefits because of Employee’s agreement to accept it in full settlement of all possible claims Employee might have or ever had
against the Primary Releasees (and the Secondary Releasees as provided in Paragraph 1), and because of Employee’s execution of this Release. 

  

	 	6.	Employee acknowledges and agrees that in the event Employee breaches any continuing obligations pursuant to Paragraph 4 of the letter, WisdomTree may discontinue further Severance payments. For the avoidance of any
doubt, even in such an event, Employee understands and agrees that this Release would remain in full force and effect. 

  
 22 

	 	7.	Employee acknowledges that Employee has read this Release in its entirety, fully understands its meaning and is executing this Release voluntarily and of Employee’s own free will with full knowledge of its
significance. Employee acknowledges and warrants that Employee has had ample opportunity to consider the terms and provisions of the Release for at least twenty-one (21) days and that WisdomTree advised
Employee to consult with an attorney prior to executing this Release. If forty (40) years old or older, Employee further acknowledges and agrees that Employee has seven (7) days after executing the Release to revoke Employee’s
signature on the Release, and that the Release does not become valid until the eighth (8th) day after Employee signs the Release without revocation. If Employee wishes to revoke this Release, such
revocation must be in a signed writing and must arrive at WisdomTree to the attention of the Director of Human Resources at 245 Park Avenue, 35th Floor, New York, NY 10167, within the seven
(7) day revocation period. 

  

			
	Printed Name:                                 
                           
	
	Signature:                                  
                                
	
	Date:                                   
                                       

  
 23

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