Document:

exv10w33

     Exhibit 10.33

ARMSTRONG RESOURCE PARTNERS, L.P.

RESTRICTED UNIT AWARD AGREEMENT

     This Restricted Unit Award Agreement (the “Agreement”) is made this 1st day of October, 2011
(the “Effective Date”), between ARMSTRONG RESOURCE PARTNERS, L.P., a Delaware limited partnership
(the “Partnership”), and Martin D. Wilson (“Grantee”).

     WHEREAS, Grantee provides services directly and indirectly to the Partnership;

     WHEREAS, the Partnership desires to afford Grantee the opportunity to acquire restricted
partnership interests in the Partnership; and

     WHEREAS, capitalized terms used herein and not otherwise defined shall have those meanings
assigned to them in the Amended and Restated Agreement of Limited Partnership dated October 1, 2011
(the “Partnership Agreement”);

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the parties hereto agree as follows:

     1. Grant of Award. Subject to Grantee’s execution of the Addendum Agreement (as
defined in the Partnership Agreement) and, if applicable, Grantee’s spouse’s execution of the
spousal consent (as set forth in the Partnership Agreement), the Partnership hereby grants to
Grantee as of the Effective Date an aggregate of 20,000 Units, such number of Units being subject
to adjustment as provided in Paragraph 7 hereof, and on the terms and conditions herein set forth.
The Units granted pursuant to this Agreement are granted as restricted partnership units and are
subject to vesting and forfeiture as provided herein (the “Restricted Units”).

     2. Restricted Period. Except as otherwise provided in Paragraph 5(b) and
Paragraph 6,
100% of the Restricted Units shall vest on March 31, 2012; provided that Grantee has continually
provided services to the Partnership or any of its Affiliates commencing on the Effective Date
through March 31, 2012.

     3. Notation of Units. The Restricted Units are uncertificated. The Restricted Units
will be recorded on the books and records of the Partnership and are considered as held by the
Partnership in escrow for Grantee’s benefit until such time as the Restricted Units are either
forfeited by Grantee to the Partnership or the restrictions thereon terminate as set forth in this
Agreement. If the restrictions terminate as set forth in this Agreement, the books and records of
the Partnership will be changed to reflect the release of the Restricted Units from escrow to
Grantee.

     4. Forfeiture. All Restricted Units granted pursuant to this Agreement that have not
vested in accordance with Paragraph 2, Paragraph 5(b) or Paragraph 6, as the case may be, shall be
forfeited to the Partnership upon the date Grantee is no longer providing services to the
Partnership or any of its Affiliates on a continuing basis, and such forfeiture shall be reflect on
the books and records of the Partnership.

[Signature Page to Armstrong Resource Partners, L.P.

Restricted Unit Award Agreement]

 

 

	 	5.	 	Taxes.

	 	(a)	 	Grantee shall elect, within 30 days of the Effective Date and on notice to the Partnership, to
realize income for federal income tax purposes equal to the fair market value of the Restricted
Units on the Effective Date by making an election under Section 83(b) of the Internal Revenue Code
of 1986, as amended. In such event, Grantee shall make arrangements satisfactory to the Partnership
(or the appropriate Affiliate of the Partnership) to pay at the time required by applicable law any
federal, state or local taxes required to be withheld with respect to such Restricted Units.
	 
	 	(b)	 	Upon Grantee making an election pursuant to Section 83(b) of the Internal Revenue Code of 1986,
as amended, as contemplated by subparagraph (a) of this Paragraph 5, Grantee shall deliver to the
Partnership (or the appropriate Affiliate of the Partnership) that number (or fraction thereof) of
Restricted Units, valued at the fair market value of such Units at the time of such delivery, to
satisfy the obligation of Grantee under subparagraph (a), and such Restricted Units delivered to
the Partnership (or the appropriate Affiliate of the Partnership) shall be deemed fully vested.
	 
	 	(c)	 	Any provision of this Agreement to the contrary notwithstanding, if Grantee does not satisfy
his obligations under subparagraphs (a) or (b) of this Paragraph 5, the Partnership (or the
appropriate Affiliate of the Partnership) shall, to the extent permitted by law, have the right to
deduct from any payments made under this Agreement or the Partnership Agreement, including
withholding from the Restricted Units, regardless of the form of such payment, or from any other
compensation payable to Grantee, whether or not pursuant to this Agreement or the Partnership
Agreement and regardless of the form of payment, any federal, state or local taxes of any kind
required by law to be withheld with respect to the Restricted Units.
	 
	 	6.	 	Acceleration of Vesting Date.
	 
	 	(a)	 	Notwithstanding the provisions of Paragraph 2 above relating to the vesting period, all of the
outstanding Restricted Units shall be fully vested upon (i) a Change of Control, (ii) the closing
of the first underwritten public offering of the Units (or other securities issued by the
Partnership or any successor to the Partnership) that is pursuant to a registration statement filed
with, and declared effective by, the Securities and Exchange Commission under the Securities Act of
1933, as amended, covering the offer and sale of any Units (or other Partnership Securities) to the
public for the Partnership’s account, (iii) the closing of a private placement of Units (or other
Partnership securities) pursuant to Rule 144A under the Securities Act of 1933, as amended, for the
Partnership’s account; provided that Grantee has continually provided services to the Partnership
or any of its Affiliates commencing on the Effective Date through the closing date of the
transactions described in clauses (i), (ii) or (iii) of this Paragraph 6(a), or (iv) the
involuntary cessation of Grantee’s provision of services to the Partnership or any of its Affiliates for reason other than
Cause.

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	 	(b)	 	For purposes of this Agreement a “Change of Control” shall mean any person or group of persons
(as defined in Rule 13d-5 under the Securities Exchange Act of 1934, as amended) together with such
person or its affiliates, becoming the owner, directly or indirectly, of 51% or more of the total
fair market value or total voting power of the Partnership; provided that if one or more persons
acting as a group currently owns more than 51% of the Partnership, the acquisition of additional
partnership Units by the same person or persons is not considered to cause a Change in Control.

	 	(c)	 	For purposes of this Agreement, “Cause” shall mean:

	 	(i)	 	the failure by Grantee to substantially perform his duties for the Partnership or its
Affiliates (other than any such failure resulting from Grantee’s Disability);
	 
	 	(ii)	 	any misconduct in the course and scope of Grantee’s provision of services, including
but not limited to dishonesty, disloyalty, disorderly conduct, insubordination, harassment
of employees or third parties, abuse of alcohol or controlled substances or other
violations of rules and policies implemented by the Partnership or any of its Affiliates;
	 
	 	(iii)	 	Grantee’s conviction of a felony or other crime involving moral turpitude; or
	 
	 	(iv)	 	any material breach or violation of any agreement between Grantee, on the one hand,
and the Partnership or any of its Affiliates, on the other hand, including, without
limitation, the Partnership Agreement.

	 	(d)	 	For purposes of this Agreement, a “Disability” shall be deemed to have occurred when:

	 	(i)	 	Grantee is determined to be eligible to receive long-term disability benefits under
either Social Security or the long-term disability plan, if any, of his employer;
	 
	 	(ii)	 	the Partnership, upon the written report of a qualified physician designated by the
Partnership or its insurers, shall have determined (after a complete physical examination
of Grantee at any time after he has been absent from his performance of services for the
Partnership or any of its Affiliates for a period of at least 120
calendar days since the date of this Agreement), that Grantee has become physically and/or
mentally incapable of performing his essential services with or without reasonable
accommodation as required by law; or

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	 	(iii)	 	Grantee is otherwise unable for a continuous period of 180 calendar days to perform
his essential services with or without reasonable accommodation as required by law due to
injury, illness, or other incapacity (physical or mental).

	 	(e)	 	The determination of whether Cause or a Disability exists shall be made by the Partnership in
its good faith and sole discretion and shall be conclusive. If the
Partnership believes that Cause exists for terminating Grantee’s services and forfeiting
all unvested Restricted Units, it shall give Grantee written notice of the acts or
omissions constituting Cause, and no termination of services and related forfeiture of
unvested Restricted Units shall be effective unless and until Grantee fails to cure such
acts or omissions within 10 calendar days after receiving such notice, unless such acts or
omissions cannot reasonably be cured within such 10 day period.

     7. Adjustments of Units Subject to Award. If any Units shall at any time be changed or
exchanged by reason of reorganization, merger, consolidation or recapitalization, then the
aggregate number of Restricted Units subject to this Agreement shall be automatically adjusted such
that Grantee’s proportionate interest shall be maintained as before the occurrence of such event.
The determination of any such adjustment by the Company shall be final, binding and conclusive.
Units distributed in connection with or resulting from any such adjustment with respect to
Restricted Units that have not yet vested shall enjoy the same privileges and be subject to the
same restrictions pursuant to this Agreement that are applicable to the related Restricted Units.

     8. No Contract for Employment. Notwithstanding anything to the contrary contained
herein, this Agreement does not constitute a contract for employment and shall not affect the right
of the Partnership or any of its Affiliates to terminate Grantee’s services for any reason
whatsoever or for no reason.

     9. Restrictions on Transfer. None of the Restricted Units may be sold, transferred,
assigned, pledged or otherwise encumbered or disposed of prior to vesting. Upon vesting, the
Restricted Units are subject to the restrictions on transfer set forth in the Partnership
Agreement, the terms of which are incorporated herein by reference.

     10. Rights as Partner. Grantee shall be the record owner of the Restricted Units until
or unless such Restricted Units are forfeited pursuant to Paragraph 4 hereof, and as record owner
shall be entitled to the rights and subject to all of the obligations of a partner of the
Partnership subject to the terms and conditions of the Partnership Agreement. Without limiting the
generality of the foregoing, prior to vesting (i) Grantee shall not be entitled to any voting
rights with respect to the Restricted Units, and (ii) the Restricted Units shall be subject to the
limitations on transfer set forth in Paragraph 9 hereof. Grantee shall be entitled to receive and
retain all cash dividends or cash distributions that may be paid with respect to the Restricted
Units.

     11. Restriction on Issuance of Partnership Interest. The Partnership shall not be
required to issue Units covered by this Agreement prior to the obtaining of any approval from any
governmental agency that the Partnership shall, in its sole discretion,
determine to be necessary or advisable, and the completion of any registration or other
qualification of such Units or their offering

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or sale under any state or federal law or ruling or regulations of any governmental body that the
Partnership shall, in its sole discretion, determine to be necessary or advisable. In addition, if
the offering and sale of Units reserved for issuance pursuant to this Agreement shall not then be
registered under the Securities Act of 1933, as amended, the Partnership may, upon Grantee’s
receipt of Units issued pursuant to this Agreement, require Grantee or his permitted transferee to
represent in writing that the Units being acquired are for investment and not with a view to
distribution.

     12. Acknowledgment. Grantee acknowledges that Thompson & Knight LLP has not
represented Grantee in connection with the preparation and negotiation of this Agreement, and such
counsel shall owe no duties directly to Grantee. Grantee confirms that Grantee has been advised to
consult with Grantee’s own attorney regarding legal matters concerning the Partnership and to
consult with independent tax advisors regarding the tax consequences of receiving the Restricted
Units.

     13. Binding Effect. This Agreement shall be binding upon the heirs, executors,
administrators, and successors of the parties hereto.

     14. Modification. No change or modification of this Agreement shall be valid or
binding upon the parties unless the change or modification is in writing and signed by the parties;
provided, however, that the Partnership may change or modify this Agreement without Grantee’s
consent or signature if the Partnership determines, in its sole discretion, that such change or
modification is necessary or desired for purposes of compliance with or exemption from the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended, or any regulations
or other guidance issued thereunder.

     15. Governing Instrument and Law. This Agreement shall be governed by the laws of the
State of Delaware, without regard to its conflict of laws principles.

[Remainder of this Page Intentionally Left Blank]

[Signature Page Follows]

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\

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
Effective Date.

	 	 	 	 	 
	 	ARMSTRONG RESOURCE PARTNERS, L.P.

 	 
	 	By:  	Elk Creek GP LLC, its General Partner
 	 

	 	 	 	 	 
	 	By:  	/s/ Martin D. Wilson
 	 
	 	 	Name: 	Martin D. Wilson 	 
	 	 	Title:  	President
 	 

	 	 	 	 	 
	 	GRANTEE

 	 
	 	/s/ Martin D. Wilson
 	 
	 	Martin D. Wilson 	 
	 	 	 
	 

[Signature Page to Armstrong Resource Partners, L.P.

Restricted Unit Award Agreement}exv10w36

Exhibit 10.36

AMENDED OVERRIDING ROYALTY AGREEMENT

     This Amended Overriding Royalty Agreement (this “Agreement”) is made and entered into
as of the 3rd day of December, 2008, by and among Western Land Company, LLC
(“Western Land”), a Kentucky limited liability company, Western Diamond, LLC (“Western
Diamond”), a Nevada limited liability company, Ceralvo Holdings, LLC (“Ceralvo”), a
Delaware limited liability company, Armstrong Mining, Inc. (“Armstrong Mining”), a
Delaware corporation, Armstrong Coal Company, Inc., a Delaware corporation (“Armstrong
Coal”), Armstrong Land Company, LLC (“Armstrong Land”), a Delaware limited liability
company (together, with each of the foregoing and their respective successors and assigns, the
“Armstrong Parties”), and Mr. Kenneth E. Allen (“Allen”), 6100 White Plains Road,
White Plains, Kentucky 42464 (collectively, the “Parties).

     Whereas, on February 9, 2007, Armstrong Mining f/k/a Honeywood Mining, Inc., entered
into an Overriding Royalty Agreement with Allen, pursuant to which Allen was granted a royalty
interest on certain real property pursuant to the terms and conditions stated therein; and

     Whereas, on February 9, 2007, Armstrong Coal entered into an Overriding Royalty
Agreement with Allen, pursuant to which Allen was granted a royalty interest on certain real
property pursuant to the terms and conditions stated therein; and

     Whereas, the Parties desire to fully amend and restate the terms of each of the
foregoing Overriding Royalty Agreements, and Ceralvo, Western Diamond and Western Land desire to
join in this Agreement upon such terms and conditions as set forth herein;

     Now, Therefore, in accordance with the foregoing Recitals and in exchange for good
and valuable consideration, the receipt and sufficiency of which all of the parties to this
Agreement hereby acknowledge, the parties hereby covenant and agree as follows:

     1. Western Diamond Grant of Overriding Royalty. Western Diamond, together with its
successors and assigns, hereby grants to Allen and agrees to pay to Allen an overriding royalty
(the “Western Diamond Royalty”) in the amount of Five Cents ($0.05) of all coal hereafter mined or
extracted and subsequently sold from all of the coal reserves and real property described in, and
conveyed, demised or otherwise granted in or under, the following deeds and instruments:

     (i) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC
and Beaver Dam Coal Company to Western Diamond, LLC, dated September 19, 2006, of record in Deed
Book 363, page 369, in the Office of the Ohio County Clerk;

     (ii) The Partial Assignment of Coal Mining Lease from Central States Coal Reserves of
Kentucky, LLC to Western Diamond, LLC dated September 19, 2006, of record in Deed Book 363, page
428, in the Office of the Ohio County Clerk;

     (iii) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC
and Beaver Dam Coal Company to Western Diamond, LLC, dated September 19, 2006, of record in Deed
Book 363, page 414, in the Office of the Ohio County Clerk;

 

 

     (iv) The Corporation Special Warranty Deed from Beaver Dam Coal Company to Western Diamond,
LLC, dated September 19, 2006, of record in Deed Book 363, page 393, in the Office of the Ohio
County Clerk;

     (v) The Corporation Special Warranty Deed from Beaver Dam Coal Company to Western Diamond,
LLC, dated September 19, 2006, of record in Deed Book 363, page 403, in the Office of the Ohio
County Clerk;

     (vi) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC
to Western Diamond, LLC, dated May 31, 2007, of record in Deed Book 528, page 284, in the Office of
the Muhlenberg County Clerk, and the Deed of Confirmation between Central States Coal Reserves of
Kentucky, LLC, Western Diamond, LLC and Armstrong Coal Reserves, Inc., dated September 30, 2007, of
record in Deed Book 531, page 205, in the Office of the Muhlenberg County Clerk;

     (vii) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC
and Beaver Dam Coal Company to Western Diamond, LLC, dated May 31, 2007, of record in Deed Book
368, page 17, in the Office of the Ohio County Clerk, and the Deed of Correction between Central
States Coal Reserves of Kentucky, LLC, Beaver Dam Coal Company, LLC and Western Diamond, LLC, of
record in Deed Book 369, page 759, in the Office of the Ohio County Clerk;

     (viii) The Partial Assignment and Assumption of Mineral Leasehold Estate from Central States
Coal Reserves of Kentucky, LLC to Western Diamond, LLC, dated May 31, 2007, of record in Deed Book
528, page 320, in the Office of the Muhlenberg County Clerk; and

     (ix) The Partial Assignment and Assumption of Mineral Leasehold Estate from Central States
Coal Reserves of Kentucky, LLC to Western Diamond, LLC, dated May 31, 2007, of record in Deed Book
528, page 330, in the Office of the Muhlenberg County Clerk.

     2. Western Land Grant of Overriding Royalty. Western Land, together with its
successors and assigns, hereby grants to Allen and agrees to pay to Allen an overriding royalty
(the “Western Land Royalty”) in the amount of Five Cents ($0.05) per ton, of all coal hereafter
mined or extracted and subsequently sold from all of the coal reserves and real property described
in, and conveyed, demised or otherwise granted in or under, the following deeds and instruments:

     (i) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC
to Western Land Company, LLC, dated December 12, 2006, of record in Deed Book 524, page 505, in the
Office of the Muhlenberg County Clerk;

     (ii) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC
and Beaver Dam Coal Company to Western Land Company, LLC, dated December 12, 2006, of record in
Deed Book 365, page 36, in the Office of the Ohio County Clerk;

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     (iii) The Partial Assignment and Assumption of Mineral Leasehold Estate from Central States
Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated November 20, 2006, of record in
Deed Book 524, page 523, in the Office of the Muhlenberg County Clerk, as amended and restated in
Deed Book 527, page 186, in the Office of the Muhlenberg County Clerk;

     (iv) The Partial Assignment and Assumption of Surface and Mineral Leasehold Estate from
Central States Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated November 20,
2006, of record in Deed Book 365, page 57, in the Office of the Muhlenberg County Clerk;

     (v) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC,
Beaver Dam Coal Company, Ohio County Coal Company, LLC and Grand Eagle Mining, Inc. to Western Land
Company, LLC, dated March 30, 2007, of record in Deed Book 367, page 1, in the Office of the Ohio
County Clerk;

     (vi) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC
to Western Land Company, LLC, dated March 30, 2007, of record in Deed Book 527, page 118, in the
Office of the Muhlenberg County Clerk, as corrected by Deed of Correction dated September 30, 2007,
of record in Deed Book 531, page 213, in the Office of the Muhlenberg County Clerk; and

     (vii) The Partial Assignment and Assumption of Surface and Mineral Leasehold Estate from
Central States Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated March 30, 2007,
of record in Deed Book 527, page 161, in the Office of the Muhlenberg County Clerk.

     3. Ceralvo Grant of Overriding Royalty. Ceralvo, together with its
successors and assigns, hereby grants to Allen and agrees to pay to Allen an overriding royalty
(the “Ceralvo Royalty”) in the amount of Five Cents ($0.05) per ton, of all coal hereafter mined or
extracted and subsequently sold from all of the coal reserves and real property described in, and
conveyed, demised or otherwise granted in or under, the following deeds and instruments:

     (i) The Corporation Special Warranty Deed from Cyprus Creek Land Resources, LLC and Cyprus
Creek Land Company to Ceralvo Holdings, LLC, dated March 31, 2008, of record in Deed Book 373, page
262, in the Office of the Ohio County Clerk;

     (ii) The Memorandum of Assignment and Assumption of Mineral Leasehold Estate from Cyprus Creek
Land Resources, LLC to Ceralvo Holdings, LLC, dated March 31, 2008, of record in Deed Book
373, page 199, in the Office of the Ohio County Clerk; and

     (iii) The Memorandum of Assignment and Assumption of Coal Lease Agreement from Cyprus Creek
Land Resources, LLC to Ceralvo Holdings, LLC, dated March 31, 2008, of record in Deed Book 373,
page 210, in the Office of the Ohio County Clerk.

     4. Armstrong Coal Grant of Overriding Royalty. Armstrong Coat, together with
its successors and assigns, hereby grants to Allen and agrees to pay to Allen an overriding

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royalty (the “Armstrong Coal Royalty”) (together with the Western Diamond Royalty, the Western Land
Royalty, and the Ceralvo Royalty, the “Overriding Royalty”) in the amount equal to Five Cents
($0.05) per ton, of all coal hereafter mined or extracted and subsequently sold from all of the
coal reserves and real property described in, and conveyed, demised or otherwise granted in or
under, the following deeds and instruments:

     (i) The Deed from Delois Jane Geary, Mary Etta Hurst and Ronald Hurst to Armstrong Coal
Company, Inc., dated March 19, 2008, of record in Deed Book 373, page 514, in the Office of the
Ohio County Clerk; and

     (ii) The unrecorded Coal Mining Lease between Warren C. Roe, Josephine Roe, Joseph Michael Roe
and Sara Kelly Roe, lessors, and Armstrong Coal Company, Inc., lessee, dated March 7, 2008.

     5. Payment. Payment of the Overriding Royalty shall be paid to Allen on or before the
25th day of each calendar month on all coal mined and produced from the subject properties which
was sold during the preceding calendar month. All payments shall be paid by check payable to Allen.
Each payment of the Overriding Royalty hereunder shall be accompanied by a statement from the
Armstrong Parties showing the number of tons of coal mined and sold during the preceding calendar
month (showing separately coal produced by the strip, surface, auger or open pit method of mining
and coal produced by any other method of mining) and the computation of the Overriding Royalty
payable on such coal so mined and sold during such calendar month. All payments due hereunder shall
be mailed to Allen at the address listed herein or as otherwise directed by Allen from time to
time.

     6. Records. The Armstrong Parties shall keep records of truck scale weights,
or river barge dead weight surveys, or railroad car weights, whichever is applicable, together with
accurate surveys and progress maps used in conjunction with accepted and recognized engineering
methods which shall be taken as the basis for payment of the Overriding Royalty.

     7. Term. The term of the Royalty shall commence as of February 9, 2007 and
shall continue to the later of: (i) February 9, 2027 or (ii) until such time as all of the mineable
and saleable coal from the subject properties has been mined (the “Term”). Notwithstanding any
provision to the contrary, this Agreement will terminate immediately and without any further action
by any party should Allen voluntarily terminate his employment with Armstrong Coal prior to
February 16, 2010.

     8. Indemnification. The Armstrong Parties shall, at their own cost and expense,
indemnify and hold, Allen and his assigns harmless of, from and against, any and all claims
damages, demands, expenses, fines, liabilities and taxes (of any character or nature whatsoever,
regardless of by whom imposed), and losses of every conceivable kind, character and nature
whatsoever (including, but not limited to, claims for losses or damages to any property or injury
to or death of any person) asserted by or on behalf of any person arising out of, resulting from or
in any way connected with the mining of the coal on the subject properties or from this Agreement.
The Armstrong Parties also covenant and agree at their expense, to pay, and to indemnify and save
Allen and his assigns harmless of, from and against, all costs, reasonable

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attorneys’ fees, expenses and liabilities incurred in any action or proceeding brought by reason of
any such claim or demand.

     9. Obligations to Run With Land. The Parties agree that the Overriding
Royalty shall constitute an independent and enforceable obligation that shall run with the land and
shall be binding on the Armstrong Parties, their respective assigns and successors, and any
subsequent owner of the subject properties unless otherwise agreed to by Allen. The Parties further
agree that Allen shall not encumber this Agreement or the Overriding Royalty conveyed herein
without written permission from all of the Parties. Furthermore, Armstrong Land hereby guarantees
to Allen the full, prompt and proper payment of the Overriding Royalty, this guaranty being one of
payment and not of collection. This guaranty shall not be in any way impaired or affected by the
bankruptcy or other releaser of any of the other Armstrong Parties or of any other party liable for
the payment in full or in part of the Overriding Royalty.

     10. Notices. All notices and other communications with respect to this
Agreement shall be in writing and shall be deemed effectively given when delivered personally or
seventy-two (72) hours after mailing by certified mail, postage prepaid, to the following
addresses of the parties:

     If to the Armstrong Parties:

Martin D. Wilson

7701 Forsyth Boulevard, 10th Floor

St. Louis, Missouri 63105

With Required Copy To:

Mason L. Miller
 Miller + Wells, PLLC

300 East Main Street, Ste. 360

Lexington, Kentucky 40507

     If to Allen:

Kenneth E. Allen

6100 White Plains Road

White Plains, Kentucky 42464

     Each party may change its address by giving written notice of such change to the other
party.

     11. Miscellaneous Provisions.

          11.1. Effectiveness. This Agreement shall become effective upon its execution and
delivery by each Party.

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               11.2. Complete Understanding. This Agreement represents the complete
understanding between the Parties hereto with respect to the subject matter hereof, and supersedes
all prior negotiations, representations, guarantees, warranties, promises, statements, or
agreements, either written or oral, between the Parties hereto as to the same.

               11.3. Amendment. This Agreement may be amended only by an instrument
executed and delivered by each Party.

               11.4. Waiver. No Party shall be deemed to have waived any right which it
holds hereunder unless the waiver is made expressly and in writing (and, without limiting the
generality of the foregoing, no delay or omission by any party in exercising any such right shall
be deemed a waiver of its future exercise). No waiver shall be deemed a waiver as to any other
instance or any other right.

               11.5. Recording. The parties acknowledge and agree to record a memorandum of
this Agreement in a form that shall provide notice of the obligations created hereunder.

               11.6. Applicable Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Kentucky without regard to its conflict of law
rules.

               11.7. Assignment. This Agreement shall be binding upon, and shall inure to
the benefit of, the Parties hereto and their respective executors, administrators, heirs,
successors, and assigns, and shall be freely assignable by the Parties, in whole or in part.

               11.8. Severability. No determination by any court, governmental body, or
otherwise that any provision of this Agreement or any amendment hereof is invalid or unenforceable
in any instance shall affect the validity or enforceability of (a) any other provision thereof, or
(b) that provision in any circumstance not controlled by the determination. Each such provision
shall be valid and enforceable to the fullest extent allowed by, and shall be construed wherever
possible as being consistent with, applicable law.

               11.9. Further Assurances. The Parties shall cooperate with each other and
shall execute and deliver, or cause to be delivered, all other instruments and shall take all other
actions, as either Party hereto may reasonably request from time to time in order to effectuate the
provisions hereof.

               11.10. Counterparts; Facsimile. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same Agreement. This Agreement may be executed and delivered via facsimile, with a copy
sent to each Party.

               11.11. Amendment and Restatement of Prior Overriding Royalty Agreements.
This Agreement shall fully restate, amend and replace, in their entirety, the Overriding Royalty
Agreement dated February 9, 2007, by and between Armstrong Mining and

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Allen, and the Overriding Royalty Agreement dated February 9, 2007, by and between Armstrong Coal
and Allen.

               11.12. Vesting. Upon the earlier of the happening of either: (i) the
involuntary termination of Allen’s employment with Armstrong or (ii) February 16, 2010, all of
Allen’s right, title and interest to the Overriding Royalty conveyed herein shall vest fully and
immediately for the entire duration of the Term.

     In Witness Whereof, the parties have executed this Agreement as of the date set forth
above.

					
	 	

Armstrong Coal Company, Inc.

 	 
	 	By:  	/s/ Martin D. Wilson
 	 
	 	 	Martin D. Wilson, President 	 
	 	 	 	 
	 
	 	Armstrong Mining, Inc.

 	 
	 	By:  	/s/ Martin D. Wilson
 	 
	 	 	Martin D. Wilson, President 	 
	 	 	 	 
	 
	 	Western Land Company, LLC

 	 
	 	By:  	/s/ Martin D. Wilson
 	 
	 	 	Martin D. Wilson, Manager 	 
	 	 	 	 
	 
	 	Western Diamond, LLC

 	 
	 	By:  	/s/ Martin D. Wilson
 	 
	 	 	Martin D. Wilson, Manager 	 
	 	 	 	 
	 
	 	Ceralvo Holdings, LLC

 	 
	 	By:  	/s/ Martin D. Wilson
 	 
	 	 	Martin D. Wilson, Manager 	 
	 	 	 	 
	 

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	Armstrong Land Company, LLC	 	 
	 
	By:

	 	/s/ Martin D. Wilson
	 	 
	 

	 	 	 	 
	 

	 	Martin D. Wilson, President	 	 
	 
	 	 	 	 
	/s/ Kenneth E. Allen	 	 
	 	 	 
	Mr. Kenneth E. Allen	 	 

-8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}]]