Document:

Form of Escrow Agreement

 EXHIBIT 10.4 
 FORM OF ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this
“Agreement”) is made and entered into as of this      day of             , 2012 by and among TriLinc Global Impact Fund, LLC, a Delaware limited
liability company (the “Company”), SC Distributors, LLC, a Delaware limited liability company (the “Dealer Manager”) and UMB Bank, N.A., as escrow agent, a national banking association organized and existing under
the laws of the United States of America (the “Escrow Agent”).  
 RECITALS 

WHEREAS, the Company proposes to offer and sell up to $1,500,000,000 units of the Company (the “Units”), of which
amount: (a) up to $1,250,000,000 in any combination of Class A, Class C and Class I units being offered to the public pursuant to the Company’s primary offering (collectively, the “Primary Units”); and (b) up to
$250,000,000 in any combination of Class A, Class C and Class I units being offered pursuant to the Company dividend reinvestment plan (the “DRIP Units”), at an initial subscription price of $10.00 per Class A unit, $9.60
per Class C unit and $9.20 per Class I unit, for the Primary Units and $9.025 per unit for the DRIP Units (the “Offering”) to investors pursuant to the Company’s Registration Statement on Form S-1 (File
No. 333-            ), as amended from time to time (the “Offering Document”). 
 WHEREAS, the Dealer Manager has been engaged by the Company to offer and sell the Primary Units on a best efforts basis through a network of participating broker-dealers (the “Participating
Broker-Dealers”). 
 WHEREAS, the Company has agreed that the subscription price paid by subscribers for Units
will be promptly refunded to such subscribers if at least $2,000,000 of gross offering proceeds (the “Minimum Offering Requirement”) has not been raised from the sale of any combination of Primary Units within one year from the date
that the U.S. Securities and Exchange Commission (the “SEC”) declares the Offering Document effective (the one-year period shall be referred to herein as the “Closing Date”). 

WHEREAS, the Dealer Manager and the Company desire to establish an escrow account, as further described herein, in which funds
received from subscribers (“Investor Funds”) will be deposited into an interest-bearing account entitled “TriLinc Global Impact Fund, LLC Subscription Account” and the Company desires that UMB Bank, N.A. act as escrow
agent to the escrow account and Escrow Agent is willing to act in such capacity. 
 WHEREAS, deposits received from
residents of the State of Pennsylvania (the “Pennsylvania Subscribers”) will remain in the Escrow Account until the conditions of Section 3 have been met. 

WHEREAS, the Escrow Agent has engaged DST System, Inc. as transfer agent (the “Transfer Agent”) to receive,
examine for “good order” and facilitate subscriptions into the Escrow Account as further described herein and to act as record keeper, maintaining on behalf of 

 
the Escrow Agent the ownership records for the Escrow Account. In so acting, the Transfer Agent shall be acting solely in the capacity of agent for the Escrow Agent and not in any capacity on
behalf of the Company or the Dealer Manager, nor shall they have any interest other than that provided in this Agreement in assets in Transfer Agent’s possession as the agent of the Escrow Agent. 

WHEREAS, in order to subscribe for Units during the Escrow Period (as defined below), a subscriber
must deliver the full amount of its subscription price by check in U.S. dollars payable to the Escrow Agent at the address set forth in the subscription agreement or by wire transfer of immediately available funds in U.S. dollars. 

 AGREEMENT 
 NOW, THEREFORE, the Company, Dealer Manager and Escrow Agent agree to the terms of this Agreement as follows: 
 1. Establishment of Escrow Account; Escrow Period. The Company hereby appoints the Escrow Agent as escrow agent for purposes of holding the Investor Funds on the terms and conditions set forth
herein. On or prior to the commencement of the offering of Units, the Company shall establish the escrow account with the Escrow Agent, which shall be entitled “Escrow Account for the Benefit of Subscribers for Units of TriLinc Global Impact
Fund, LLC,” or such similar designation as the Company and the Escrow Agent may agree (the “Escrow Account.”) This Agreement shall be effective as of the date the Offering Document is declared effective by the SEC. Except as
otherwise set forth herein for the Pennsylvania Subscribers, the escrow period shall commence upon the effectiveness of this Agreement and shall continue until the earlier of: (i) the date that all Investor Funds held in the Escrow Account are
distributed to the Company pursuant to Section 2(b) hereof and the Company has informed the Escrow Agent in writing that the Escrow Account is closed except with respect to Pennsylvania Subscribers; (ii) the Closing Date, in the event the
Minimum Offering Requirement is not raised on or prior thereto; or (iii) the date the Escrow Agent receives notice from the SEC or any other federal or state regulatory authority that a stop or similar order has been issued with respect to the
Offering Document and has remained in effect for at least twenty (20) days (the “Escrow Period”). After the end of the Escrow Period, the Company and its agents shall not deposit, and the Escrow Agent shall not accept, any
additional amounts representing payments by prospective investors, except with respect to Pennsylvania Subscribers, as set forth in Section 3 below. 
 2. Operation of the Escrow. 
 (a) Deposits in the Escrow Account.
During the Escrow Period, persons subscribing to purchase Units (“Subscribers”) will be instructed by the Company, the Dealer Manager and the Participating Broker-Dealers to make checks for subscriptions payable to the order of
“UMB Bank, N.A., as Escrow Agent for TriLinc Global Impact Fund, LLC” or any recognizable abbreviation thereof; provided, however, that Pennsylvania Subscribers shall continue to make checks payable to the order or “UMB Bank, N.A., as
Escrow Agent for TriLinc Global Impact Fund, LLC” until subscriptions are received resulting in total minimum capital raised equal to or exceeding $62,5000,000, and such funds are disbursed from the Escrow Account in accordance with
Section 3 hereof . Completed subscription agreements and checks 

  
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in payment for the subscription amount shall be remitted to the Escrow Agent at the address set forth in the subscription agreement. Within one (1) business day after receipt of an
instrument of payment (or as soon as possible thereafter pursuant to the internal supervisory procedures of the Dealer Manager or the Participating Broker-Dealer, as applicable), the Dealer Manager, the Company or their respective agents, as
applicable, shall remit to the Escrow Agent (i) such instrument of payment and (ii) each Subscriber’s name, address, number and class of Units purchased by such Subscriber and the subscription payment remitted by such Subscriber. The
Escrow Agent represents that the Transfer Agent will promptly deliver all monies received in good order from Subscribers for the payment of Units to the Escrow Agent for deposit in the Escrow Account. All instruments of payment delivered to the
Escrow Agent pursuant hereto shall be deposited by the Escrow Agent within one (1) business day of receipt thereof into the Escrow Account. The Escrow Agent hereby agrees to maintain the funds contributed by the Pennsylvania Subscribers in a
manner in which they may be separately accounted for so that the requirements of Section 3 of this Agreement can be met. Deposits shall be held in the Escrow Account until such Investor Funds are promptly disbursed in accordance with this
Agreement. 
 Prior to disbursement of the Investor Funds deposited in the Escrow Account, such funds shall not be subject to
claims by creditors of the Company, the Dealer Manager, any Participating Broker-Dealer or any of their respective affiliates. If any of the instruments of payment are returned to the Escrow Agent for nonpayment prior to receipt of the Minimum
Offering Requirement, the Escrow Agent shall promptly notify the Dealer Manager and the Company in writing via mail, email or facsimile of such nonpayment, and is authorized to debit the Escrow Account in the amount of such returned payment.

 (b) Distribution of the Investor Funds to Subscribers other than the Pennsylvania Subscribers. If at any time on or
prior to the Closing Date the Minimum Offering Requirement is satisfied, the Escrow Agent shall release and deliver the Investor Funds (other than any Investor Funds received from Pennsylvania Subscribers which cannot be released until the
conditions of Section 3 have been met), including all earnings thereon for Investor Funds promptly to the Company. The Escrow Agent agrees that Investor Funds in the Escrow Account shall not be released to the Company until and unless the
Escrow Agent receives a written certificate or affidavit stating that the Minimum Offering Requirement has been timely met from the Company’s Chief Executive Officer or Chief Financial Officer. 

Subject to the provisions set forth in this Agreement, if the Escrow Agent has not received a certificate or affidavit from the
Company’s Chief Executive Officer or Chief Financial Officer certifying that the Minimum Offering Requirement has been timely met during the Escrow Period, the Escrow Agent shall promptly return the Investor Funds, including interest or any
other income earned thereon, to the Subscribers (including any Pennsylvania Subscribers), per the name, address and in the amounts provided by the Company, the Dealer Manager or the Transfer Agent to the Escrow Agent without deduction, penalty or
expense, and the Escrow Agent shall notify the Company and the Dealer Manager in writing of the distribution of the Investor Funds. The subscription payments returned to each Subscriber shall be free and clear of any and all claims of the Company or
any creditors of the Company, the Dealer Manager, any Participating Broker-Dealer or any of their respective affiliates. 

  
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 (c) Escrow Income. If at any time pursuant to the provisions of this Section 2
interest income earned on Investor Funds deposited in the Escrow Account (“Escrow Income”) is to be paid to a Subscriber, the Escrow Agent shall promptly provide directly to such Subscriber the amount of Escrow Income payable to such
Subscriber; provided that the Escrow Agent is in possession of such Subscriber’s executed IRS Form W-9. In the event an executed IRS Form W-9 is not received for each Subscriber, the Escrow Agent shall remit an amount to the Subscribers in
accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any Escrow Income attributable to those Subscribers for whom the Escrow Agent does not
possess an executed IRS Form W-9. Escrow Income shall be remitted to Subscribers at the address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon, and without any deductions for
escrow expenses. 
 3. Distribution of the Investor Funds to Pennsylvania Subscribers. 

(a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may only be
distributed in compliance with the provisions of this Section 3. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof or the expiration of the Escrow Period pursuant to Section 1 hereof, the
Escrow Agent will continue to place deposits from the Pennsylvania Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts previously disbursed as directed
by the Company and the amounts then held in the Escrow Account) equal or exceed $62,500,000, whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from the Pennsylvania Subscribers received by the Escrow
Agent for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request.

 (b) If the Company has not received total subscriptions of at least $62,500,000 within 90 days of the date the Company first
receives a subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery is obtained) of the right
of Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10) days after receipt of the notification (the
“Request Period”), then the Company shall notify the Escrow Agent of such return and the Escrow Agent shall promptly refund, without interest or deduction, directly to each Pennsylvania Subscriber the funds deposited in the Escrow
Account on behalf of the Pennsylvania Subscriber. 
 (c) The funds of Pennsylvania Subscribers who do not request the return of
their funds within the Request Period shall remain in the Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow
Period, and the Company and Escrow Agent shall follow the notification and payment procedure set forth in Section 3(b) above with respect to the Initial Escrow Period for each Successive Escrow Period, provided that any refunds made to a
Pennsylvania Subscriber after a Successive Escrow Period shall include a pro rata share of any 

  
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interest earned thereon after the Initial Escrow Period, until the occurrence of the earliest of (i) the termination of the Offering, (ii) the receipt and acceptance by the Company of
total subscriptions that equal or exceed $62,500,000 and the disbursement of the Escrow Account on the terms specified in this Section 3, or (iii) all funds held in the Escrow Account that were contributed by Pennsylvania Subscribers
having been returned to the Pennsylvania Subscribers in accordance with the provisions hereof. If, upon termination of the Offering, the Company has not received and accepted total subscriptions from Pennsylvania Subscribers that equal or exceed
$62,500,000, all funds in the Escrow Account that were contributed by Pennsylvania Subscribers will be promptly returned in full to such Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon pursuant to
instructions made by the Company, upon which the Escrow Agent may conclusively rely. 
 4. Investor Funds in the Escrow
Account. Upon receipt of Investor Funds, the Escrow Agent shall hold such Investor Funds in escrow pursuant to the terms of this Agreement. All Investor Funds held in the Escrow Account shall at all times be placed in an interest-bearing account
or as may otherwise be instructed by the Company and in accordance with applicable rules and regulations (except for the funds from Pennsylvania Subscribers in the Escrow Account which must be maintained in an interest-bearing account following the
Initial Escrow Period). Interest and any other income resulting from the investment of the funds in the Escrow Account shall be retained by the Escrow Agent and distributed according to this Agreement. The Escrow Agent shall provide to the Company
monthly statements (or more frequently as reasonably requested by the Company which includes, without limitation, if such amounts are not available to the Company at least daily via UMB’s “Web Exchange” program) on the account balance
in the Escrow Account and the activity in such accounts since the last report, including without limitation as specifically relates to Pennsylvania Subscribers. The Escrow Agent will provide access to its Web Exchange program to allow the Company to
view account balances for the Escrow Account at any time, including without limitation as specifically relates to Pennsylvania Subscribers. 
 5. Duties of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement, and no implied duties or obligations shall be read
into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound by, any other agreement among the other parties hereto with respect to the subject matter hereof, and the Escrow Agent’s duties shall be determined
solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any
party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. 
 6. Liability of the Escrow Agent; Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow Agent shall not be liable, except for willful misconduct, breach of trust, or
gross negligence, for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order,
notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution

  
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and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to
be signed or presented by the proper person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by an officer or employee of either unless it shall be proved that such officer or employee was grossly negligent
or reckless in ascertaining the pertinent facts or acted intentionally in bad faith or engaged in willful misconduct or a breach of trust. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or
rescission of this Agreement or any of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior
written consent thereto. 
 The Escrow Agent may consult legal counsel and shall exercise reasonable care in the selection of
such counsel, in the event of any dispute or question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable opinion or
instructions of such counsel. 
 The Escrow Agent shall not be responsible, may conclusively rely upon and shall be protected,
indemnified and held harmless by the Company, for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or
endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any
document, property or this Agreement. 
 In the event that the Escrow Agent shall become involved in any arbitration or
litigation relating to the Investor Funds in the Escrow Account, each is authorized to comply with any decision reached through such arbitration or litigation. 
 The Company hereby agrees to indemnify the Escrow Agent for, and to hold each harmless against any loss, liability or expense incurred in connection herewith, except losses, damages or expenses due to
gross negligence, breach of trust, recklessness, bad faith or willful misconduct on the part of the Escrow Agent, including without limitation, legal or other fees arising out of or in connection with its entering into this Agreement and carrying
out its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader. The Escrow Agent shall be under no obligation to institute or defend any
action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that neither shall be indemnified against any loss, liability or expense arising out of
its own gross negligence, recklessness, bad faith or willful misconduct. 
 The terms of this Section shall survive the
termination of the Escrow Agreement and the resignation or removal of the Escrow Agent. 
 7. The Escrow Agent’s
Fee. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as set forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any
reasonable out of 

  
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pocket and extraordinary costs and expenses related to its obligations as Escrow Agent under this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow
Agent’s compensation, costs and expenses shall be paid by the Company in accordance with Exhibit A hereto. 
 8.
Security Interests. No party to this Escrow Agreement shall grant a security interest in any monies or other property deposited with the Escrow Agent under this Escrow Agreement, or otherwise create a lien, encumbrance or other claim against
such monies or borrow against the same. 
 9. Dispute. In the event of any disagreement between the undersigned or the
person or persons named in the instructions contained in this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow
Agent shall be entitled to refuse to comply with any demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow
Agent shall not be or become liable to the undersigned or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until:
(a) the rights of the adverse claimants shall have been fully and finally adjudicated in a Court assuming and having jurisdiction of the parties and money, papers and property involved herein or affected hereby, or (b) all differences
shall have been adjusted by agreement and the Escrow Agent shall have been notified thereof in writing, signed by all the interested parties. 
 10. Resignation of Escrow Agent. Escrow Agent may resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the proper parties at their respective
addresses as set forth herein, at least 60 days before the date specified for such resignation or removal to take effect. Upon the effective date of such resignation or removal: 

 

	 	(a)	All cash and other payments and all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated
in writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate; and 

  

	 	(b)	If no such successor escrow agent has been designated by such date, all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the
Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the directions of a final order or judgment of a court of
competent jurisdiction; and 

  

	 	(c)	Further, if no such successor escrow agent has been designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a
successor agent; further the Escrow Agent may pay into court all monies and property deposited with Escrow Agent under this Agreement. 

  
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 The terms of this Section shall survive the termination of the Escrow Agreement and the
resignation or removal of the Escrow Agent. 
 11. Notices. All notices, demands and requests required or permitted to be
given under the provisions hereof must be in writing and shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed by registered or
certified mail, with return receipt requested, or by overnight courier with signature required, delivered to the addresses set forth below, or to such other address as a party shall have designated by notice in writing to the other parties in the
manner provided by this Section 11: 
  

					
	(1) If to Company:	  	TriLinc Global Impact Fund, LLC
		  	1230 Rosecrans Avenue, Suite 605
		  	Manhattan Beach, CA 90266
		  	Telephone:	 	(310) 997-0580
		  	Attention:	 	Gloria Nelund
		
	(2) If to the Escrow Agent:	  	UMB Bank, N.A.
		  	1010 Grand Blvd., 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, Missouri 64106
		  	Attention:	 	Lara Stevens,
		  	Corporate Trust
		  	Telephone:	 	(816) 860-3017
		  	Facsimile:	 	(816) 860-3029
		
	(3) If to Dealer Manager:	  	SC Distributors, LLC
		  	610 Newport Center Drive, Suite 350
		  	Newport Beach, CA 92660
		  	Telephone:	 	(949) 706-8640
		  	Facsimile:	 	(949) 706-1879
		  	Attention:	 	Investor Services

 12. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of
the State of Missouri without regard to the principles of conflicts of law. 
 13. Binding Effect; Benefit. This
Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto. 
 14.
Modification. This Agreement may be amended, modified or terminated at any time by a writing executed by the Dealer Manager, the Company and the Escrow Agent. 

  
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 15. Assignability. This Agreement shall not be assigned by the Escrow Agent without
the Company’s prior written consent. 
 16. Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to
be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 
 17. Headings. The section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the meaning or interpretation of this Agreement. 

18. Severability. This Agreement constitutes the entire agreement among the parties and supersedes all prior and contemporaneous
agreements and undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor may any single or partial exercise of any
right, power or remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to be invalid, illegal or unenforceable in
any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 
 19. Earnings Allocation; Tax Matters; Patriot Act Compliance; Office of Foreign Control Search Duties. If the Escrow Agent remits Escrow Income pursuant to this Agreement, the Escrow Agent shall be
responsible for any necessary federal tax reporting associated with such income, provided that the Escrow Agent shall not be responsible for any other tax reporting under this Escrow Agreement. The Company shall provide to Escrow Agent upon the
execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time. The Escrow Agent, or its agent, shall complete an Office
of Foreign Assets Control (“OFAC”) search, in compliance with its policy and procedures, of each subscription check and shall inform the Company if a subscription check fails the OFAC search. The Dealer Manager shall provide a copy
of each subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search. 
 20.
Miscellaneous. This Agreement shall not be construed against the party preparing it, and shall be construed without regard to the identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all
parties had jointly prepared this Agreement and it shall be deemed their joint work product, and each and every provision of this Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any
uncertainty or ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of construction that a document is to be construed against the drafting party shall not be applicable. 

[SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by
their duly authorized representatives as of the date first written hereinabove: 
  

			
	SC DISTRIBUTORS, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	TRILINC
		
	By:	 	  

	Name:	 	Gloria Nelund
	Title:	 	Chief Executive Officer
	
	ESCROW AGENT:
	
	UMB BANK, N.A.
		
	By:	 	  

	Name:	 	Lara L. Stevens
	Title:	 	Vice President

  
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 EXHIBIT A 
 ESCROW FEES AND EXPENSES 
  

					
	 Acceptance Fee
	  			
	 Review document and establish account
	  	$	3,000	  
	 DST Agency Engagement
	  	$	250	  
		
	 Annual Fee
	  			
	 Annual Escrow Agent
	  	$	2,500	  
		
	 Transactional Fees
	  			
	 Outgoing Wire Transfer
	  	$	15 each	  
	 Web Exchange Access
	  	$	15 per month	  
	 Overnight Delivery/Mailings
	  	$	16.50 each	  
	 IRS Tax Reporting
	  	$	10 per K-1	  
	 Daily Recon File to Transfer Agent
	  	$	50 per month	  

 Acceptance fees and first year’s Annual Escrow Agent fee will be payable at the initiation of the escrow. Other fees
and expenses will be billed as incurred. 
 Fees specified are for the regular, routine services contemplated by the Escrow Agreement, and any
additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based upon time required at the
then standard hourly rate. In addition to the specified fees, all expenses related to the administration of the Escrow Agreement (other than normal overhead expenses of the regular staff) such as, but not limited to, travel, postage, shipping,
courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. 

  
 - 11 -Restated Employment Agreement Entered into as of December 20, 2012

 Exhibit 10.1 
 RESTATED EMPLOYMENT AGREEMENT  
 This AGREEMENT (the
“Agreement”) is entered into as of December 20, 2012 (the “Restatement Date”) by and between Peabody Energy Corporation, a Delaware corporation (the “Company”), and Kemal Williamson
(“Executive”). This Agreement is a continuation, in the form of a complete restatement to incorporate updated provisions, of the most recent restated employment agreement between the Company and Executive dated December 31,
2008 (the “Prior Agreement”). 
 RECITALS  

To induce Executive to serve as the Company’s President Americas effective as of the Restatement Date, the Company desires to amend
and restate the Prior Agreement and provide the Executive with compensation and other benefits on the terms and subject to the conditions set forth in this Agreement. 
 Executive is willing to accept such continued employment and perform continued services for the Company, on the terms and subject to the conditions hereinafter set forth. 

It is therefore hereby agreed by and between the parties as follows: 

1. Employment. 
 1.1 Subject to the terms and conditions of this Agreement, the Company agrees to continue to employ Executive during the term hereof as President Americas. In such capacity, Executive shall have the
powers, responsibilities and authority as are assigned by the Company to this position. 
 1.2 Subject to the terms and
conditions of this Agreement, Executive hereby accepts continued employment as President Americas commencing as of the Restatement Date and agrees, subject to any period of vacation or other approved leave, to devote his or her full business time
and efforts to the performance of services, duties and responsibilities in connection therewith, subject at all times to the terms and conditions of this Agreement. 
 1.3 Subject to Executive’s compliance with all of the provisions of the Company’s code of conduct and other policies, nothing in this Agreement shall preclude Executive from engaging in
charitable work and community affairs, from delivering lectures, fulfilling speaking engagements or teaching at educational institutions, from managing any investment made by him or her or his or her immediate family with respect to which Executive
is not substantially involved with the management or operation of the entity in which Executive has invested (provided that no such investment in publicly traded equity securities may exceed five percent (5%) of the equity of any entity without
the prior written approval of the Chairman and Chief Executive Officer (“Chairman and CEO”)) or from serving, subject to the prior written approval of the Chairman and CEO, as a member of boards of directors or as a trustee of any
other corporation, association or entity, to the extent that any of the above activities do not materially interfere with the performance of his or her duties hereunder. For purposes of the preceding sentence, any approval by the Chairman and CEO
required therein shall not be unreasonably withheld. 

 2. Term of Employment. Executive’s term of employment under this Agreement
shall commence on the Restatement Date and continue for three (3) years, subject to earlier termination as provided in the Agreement (the “Term of Employment”). The Agreement automatically will renew for a one (1)-year period
at the end of the initial Term of Employment and, if applicable, any renewal period, unless either the Company or Executive notifies the other party of the intention not to renew the Agreement in writing at least ninety (90) days before the end
of the applicable period. 
 3. Compensation. 

3.1 Salary. During the Term of Employment, the Company shall pay Executive a base salary (“Base Salary”) at the
initial rate of $500,000. Such Base Salary shall be payable in accordance with the ordinary payroll practices of the Company. During the Term of Employment, the Compensation Committee of the Company’s Board of Directors (the
“Compensation Committee”) and/or the Chairman and CEO shall review Executive’s Base Salary in good faith, at least annually, in accordance with the Company’s customary procedures and practices regarding the salaries of
senior executives, and may adjust Executive’s Base Salary following such review. “Base Salary” for all purposes herein shall be deemed to be a reference to the Base Salary in effect as of any date that requires the
determination of Executive’s Base Salary hereunder. 
 3.2 Annual Bonus. 

(a) In addition to Base Salary, Executive shall, commencing in 2012 and continuing for each calendar year thereafter
during the Term of Employment, be eligible to receive an annual cash bonus (the “Bonus”) in accordance with a program developed by the Compensation Committee and/or the Chairman and CEO, based on achievement of performance targets
established by the Compensation Committee and/or the Chairman and CEO as soon as practicable at or after the beginning of the calendar year to which the performance targets relate. The performance targets for the 2012 Bonus shall be determined
before or as soon as practicable after the Restatement Date. Executive’s Bonus opportunity for the 2012 fiscal year is 80% of his or her Base Salary. The Compensation Committee and/or the Chairman and CEO shall review Executive’s Bonus
opportunity in good faith from time to time in accordance with the Company’s customary procedures and practices regarding the bonus opportunities of senior executives, and may adjust Executive’s Bonus opportunity following such review.
“Bonus” for all purposes herein, except as otherwise specifically stated, shall be deemed to be a reference to the Bonus opportunity in effect as of any date that requires the determination of Executive’s Bonus hereunder.

 (b) A Bonus award for any calendar year shall be payable to Executive at the time bonuses are paid to
executive officers for such calendar year in accordance with the Company’s policies and practices, but in no event later than March 15 of the calendar year following the later of (i) the calendar year in which the Bonus is earned or
(ii) the calendar year in which the Bonus is no longer subject to a substantial risk of forfeiture within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury
regulations and other guidance in effect thereunder (collectively, “Section 409A”).  

  
 2 

 3.3 Equity-Based Compensation. Executive shall be eligible to receive, from time to
time during the Term of Employment, equity-based compensation awards under the Company’s equity incentive plan(s) (the “Long-Term Incentive Awards”). Any such Long-Term Incentive Awards shall be governed by separate written
grant agreements. Executive’s Long-Term Incentive Award is targeted at 200% of Executive’s Base Salary, but actual awards may range from 0% of Executive’s Base Salary to 350% of Executive’s Base Salary. The Compensation Committee
and/or the Chairman and CEO shall review the grant date value of Executive’s Long-Term Incentive Awards in good faith from time to time in accordance with the Company’s customary procedures and practices regarding the long-term incentive
awards of senior executives, and may adjust the grant date value of future Long-Term Incentive Awards to Executive following such review. “Long-Term Incentive Award” for all purposes herein, except as otherwise specifically stated,
shall be deemed to be a reference to the grant date Long-Term Incentive Award value in effect as of any date that requires the determination of Executive’s Long-Term Incentive Award value hereunder or under any grant agreement. 

4. Employee Benefits. 
 4.1 Employee Benefit Programs, Plans and Practices; Perquisites. The Company shall provide Executive with employee benefits and perquisites at a level (a) commensurate with his or her position
in the Company and (b) at least as favorable to Executive as the arrangements the Company provides to its other senior executives that are in effect and open to new participants on the Restatement Date, including retirement benefits, health and
welfare benefits, the Continuation Benefits (as defined in Section 6.2(b)(ii)(B)(II)), directors and officers insurance and/or an indemnification agreement that covers claims arising out of actions or inactions occurring during the Term of
Employment, and other employee benefits and perquisites which the Company may make available to its senior executives from time to time in its discretion on and after the Restatement Date. Executive’s rights, if any, under any employee benefit
plans or programs of the Company as of the Restatement Date shall continue in accordance with plan or program terms as in effect at any given time. 
 4.2 Vacation. Executive shall be entitled to the number of business days paid vacation in each calendar year as determined in accordance with the Company’s applicable vacation policies, which
shall be taken at such times as are consistent with Executive’s responsibilities hereunder. 
 5. Expenses.
Subject to prevailing Company policy or guidelines, the Company will reimburse Executive for all reasonable expenses incurred by Executive in carrying out his or her duties on behalf of the Company, provided that payment or reimbursement of expenses
shall be made promptly and in no event later than December 31 of the year following the year in which such expenses were incurred, the amount of such expenses eligible for payment or reimbursement in any year shall not affect the amount of such
expenses eligible for payment or reimbursement in any other year and no such right to payment or reimbursement shall be subject to liquidation or exchange for another benefit. 

  
 3 

 6. Termination of Employment. 

6.1 Termination of Employment for Any Reason. Except as otherwise specifically provided in this Agreement, the Company or Executive
may terminate Executive’s Term of Employment at any time for any reason by written notice to the other party at least thirty (30) days in advance of the date of termination of Executive’s employment. In the event of a termination of
Executive’s employment for any reason during the Term of Employment, the Company shall pay to Executive: 

(a) within five (5) business days following the date of termination of Executive’s employment, a lump sum that
includes: (i) Executive’s Base Salary earned on or prior to the date of such termination but not yet paid to Executive in accordance with the Company’s customary procedures and practices for the payment of executive salaries;
(ii) any business expenses incurred by Executive and properly submitted for reimbursement, but not yet reimbursed by the Company under Section 5 above as of the date of such termination; and (iii) any vacation time accrued but unused
as of the date of such termination; 
 (b) any benefits accrued and vested under any of the Company’s
employee benefit programs, plans and practices on or prior to the date of termination of Executive’s employment; and 
 (c) if Executive’s employment terminates due to retirement (as defined in the applicable plan) a prorated bonus for the calendar year of termination of Executive’s employment, calculated as the
Bonus Executive would have received in such year based on actual performance multiplied by a fraction, the numerator of which is the number of business days during the calendar year of termination that Executive was employed and the denominator of
which is the total number of business days during the calendar year of termination. Such bonus shall be payable when annual Bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the calendar year
following the later of (i) the calendar year in which the Bonus is earned or (ii) the calendar year in which the bonus is no longer subject to a substantial risk of forfeiture within the meaning of Section 409A. 

The amounts described in (a) and (b) above are collectively referred to herein as the “Accrued Obligations” and shall be
paid in accordance with the terms of such Company programs, plans and practices. The Accrued Obligations shall be paid in addition to any amounts payable under any other provision of this Section 6 due to the termination of Executive’s
employment. Any business expenses incurred by Executive before his or her employment termination date and properly submitted for reimbursement before or within ninety (90) days after the employment termination date shall be processed and paid
in accordance with Section 5. 

  
 4 

 6.2 Termination by the Company without Cause or Termination by Executive
for Good Reason. 
 (a) Notice Requirements. 

(i) General. Except as otherwise provided in paragraph (ii) below with respect to a Good Reason termination,
the Company or Executive may terminate Executive’s Term of Employment at any time for any reason by written notice to the other party at least thirty (30) days in advance of the date of termination of Executive’s employment.

 (ii) Good Reason Notice Requirements and Cure Period. If Executive terminates his or her employment
during the Term of Employment for Good Reason (as defined in Section 6.2(d) hereof), Executive shall provide written notice to the Company at least forty-five (45) days in advance of the date of termination, such notice shall describe the
conduct Executive believes to constitute Good Reason and the Company shall have the opportunity to cure the Good Reason within thirty (30) days after receiving such notice. If the Company cures the conduct that is the basis for the potential
termination for Good Reason within such thirty (30)-day period, Executive’s notice of termination shall be deemed withdrawn. If Executive does not give notice to the Company as described in this Section 6.2(a)(ii) within ninety
(90) days after an event giving rise to Good Reason, Executive’s right to claim Good Reason termination on the basis of such event shall be deemed waived. 
 (b) Severance Benefits. 
 (i) Severance Payment.
If Executive’s employment is terminated during the Term of Employment (for the avoidance of doubt, the term “terminated” does not include non-renewal of this Agreement): 

(A) by the Company for a reason other than Cause (as defined in Section 6.3(b) hereof), Disability (as defined in
Section 6.4 hereof) or death, or 
 (B) by Executive for Good Reason (as defined in Section 6.2(d)
hereof), 
 and such termination constitutes a Separation from Service (as defined in Section 6.2(c)
hereof), the Company, as severance, shall pay to Executive an amount (the “Severance Payment”) equal to the total of: 
 (I) one (1) times Executive’s Base Salary; plus 
 (II)
an additional amount equal to one (1) times the annual average of the actual Bonus awards paid to Executive by the Company for the three (3) calendar years preceding the date of Executive’s employment termination (or, if Executive has
not been 

  
 5 

 
employed by the Company for three (3) full calendar years as of the date his or her employment is terminated for the two (2) calendar years or one (1) calendar year, as applicable,
for which he or she has been so employed and eligible to receive a Bonus); plus 
 (III) six percent
(6%) of Executive’s Base Salary (to compensate Executive for Company contributions he or she otherwise might have received under the Company’s retirement plan). 

The Company shall pay to Executive (x) one-half ( 1/2) of such Severance Payment in a lump sum payment on the earlier to occur of Executive’s death or the first business day immediately following the six (6)-month anniversary of Executive’s
Separation from Service and (y) the remaining one-half ( 1/2) of the Severance Payment in six (6) substantially equal monthly payments beginning on the first day of the month
next following the initial lump sum payment. Notwithstanding the foregoing, Executive shall only be entitled to receive the Severance Payment to the extent that he or she shall execute (and, if applicable, not revoke) a release of claims against the
Company (and its officers, directors, employees, affiliates, stockholders, etc.) in a form substantially similar to that attached as Exhibit A to this Agreement (the “Release”). 

(ii) Prorated Bonus and Continuation Benefits. In addition, if Executive’s employment is terminated:

 (A) by the Company for a reason other than Cause (as defined in Section 6.3(b) hereof), Disability (as
defined in Section 6.4 hereof) or death, or 
 (B) by Executive for Good Reason (as defined in
Section 6.2(d) hereof), 
 and such termination constitutes a Separation from Service, the following provisions shall apply:

 (I) Prorated Bonus. The Company shall pay to Executive a prorated bonus (the “Prorated
Bonus”) for the calendar year of termination of Executive’s employment, calculated as the Bonus Executive would have received in such year based on actual performance multiplied by a fraction, the numerator of which is the number of
business days during the calendar year of termination that Executive was employed and the denominator of which is the total number of business days during the calendar year of termination. The Prorated Bonus shall be payable when annual bonuses are
paid to other senior executives of the Company, but in no event later than March 15 of the calendar year following the later of (aa) the calendar year in which the Bonus is earned or (bb) the calendar year in which the Bonus is no
longer subject to a substantial risk of forfeiture within the meaning of Section 409A. 

  
 6 

 (II) Continuation Benefits. Executive shall be entitled to
continuation of group health coverage (including medical, dental, and vision benefits, to the extent permitted under the applicable plan), and the health care flexible spending account (to the extent required to comply with COBRA continuation
coverage requirements) (collectively, the “Continuation Benefits”) in accordance with the applicable plan terms for a period of up to eighteen (18) months following the date of Executive’s Separation from Service (the
“Benefit Continuation Period”); provided, however, that Executive pays the full cost of his or her coverage under such plans, except that Executive shall pay only the required contributions for any health care
continuation coverage required to be provided to or on behalf of Executive under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), on the same basis as any other plan participant electing similar
COBRA continuation coverage under the Company health plan; and provided, further, that any such coverage shall terminate to the extent that Executive is offered or obtains comparable benefits from any other employer during the Benefit
Continuation Period. Executive shall be reimbursed by the Company, on an after-tax basis, for his or her cost of the Continuation Benefits (except that the reimbursement for his or her required contributions for COBRA health care continuation
coverage shall be reduced by an amount equal to the cost paid by an active employee for similar coverage under the Company health plan). The amount of expenses eligible for reimbursement or Continuation Benefits provided during one calendar year
shall not affect the expenses eligible for reimbursement or amount of Continuation Benefits provided during a subsequent calendar year (except with respect to health plan maximums imposed on the reimbursement of expenses referred to in Code
Section 105(b)), the right to reimbursement or Continuation Benefits may not be exchanged or substituted for other forms of compensation to Executive, and any reimbursement or payment under the Continuation Benefits arrangements will be paid in
accordance with applicable plan terms and no later than the last day of the calendar year following the calendar year in which Executive incurred the expense giving rise to such reimbursement or payment.  

(iii) Forfeiture. Notwithstanding the foregoing, if Executive breaches any provision of Section 12 hereof, the
remaining balances of the Severance Payment, the Prorated Bonus, and any Continuation Benefits shall be forfeited. 

  
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 (c) “Separation from Service.” For purposes of this
Agreement, the term “Separation from Service” means a “separation from service” as such term is defined under Section 409A. The terms “terminate,” “termination,” “termination of
employment,” and variations thereof, when used in this Agreement in connection with Executive’s employment, are intended to mean a termination of employment that constitutes a Separation from Service. For purposes of the determination of
whether Executive has had a “separation from service” as described under Section 409A, the terms “Company,” “employer” and “service recipient” mean Peabody Energy Corporation and any affiliate with which
Peabody Energy Corporation would be considered a single employer under Code Section 414(b) or (c), provided that, in applying Code Section 1563(a)(1), (2), and (3) for purposes of determining a controlled group of corporations under
Code Section 414(b), the language “at least 50 percent” is used instead of “at least 80 percent” each place it appears in Code Section 1563(a)(1), (2), and (3), and in applying Treasury
Regulation Section 1.414(c)-2 for purposes of determining trades or businesses (whether or not incorporated) that are under common control for purposes of Code Section 414(c), “at least 50 percent” is used instead of
“at least 80 percent” each place it appears in Treasury Regulation Section 1.414(c)-2. In addition, where the use of a definition of “Company,” “employer” or “service recipient” for purposes of
determining a “separation from service” is based upon legitimate business criteria, in applying Code Section 1563(a)(1), (2), and (3) for purposes of determining a controlled group of corporations under Code Section 414(b),
the language “at least 20 percent” is used instead of “at least 80 percent” each place it appears in Code Section 1563(a)(1), (2), and (3), and in applying Treasury Regulation Section 1.414(c)-2 for
purposes of determining trades or businesses (whether or not incorporated) that are under common control for purposes of Code Section 414(c), the language “at least 20 percent” is used instead of “at least
80 percent” each place it appears in Treasury Regulation Section 1.414(c)-2. 
 (d)
“Good Reason.” For purposes of this Agreement, the term “Good Reason” means: 

(i) a reduction, other than a reduction that generally affects all similarly-situated executives and does not exceed ten
percent (10%) in one year or fifteen percent (15%) in the aggregate over three (3) consecutive years, by the Company in Executive’s Base Salary from that in effect immediately prior to the reduction (in which event the Severance
Payment shall be calculated based on Executive’s Base Salary in effect immediately prior to any such reduction); 
 (ii) a reduction, other than a reduction that generally affects all similarly-situated executives, by the Company in Executive’s Bonus opportunity from those in effect immediately prior to any
such reduction (in which event any portion of the Severance Payment that relates to Bonus shall be calculated based on the Bonus in effect immediately prior to any such reduction); 

(iii) a material reduction in the aggregate program of employee benefits and perquisites to which Executive is entitled
(other than a reduction that generally affects all executives); 

  
 8 

 (iv) relocation of Executive’s primary office by more than 50 miles
from the location of Executive’s primary office as of the date of this Agreement; 
 (v) any material
diminution or material adverse change in Executive’s duties or responsibilities from the time immediately prior to the alleged diminution; 
 (vi) a breach by the Company of a material provision of this Agreement; or 
 (vii) a failure on the part of the Company to obtain a written assumption of its obligations under this Agreement by a successor owner of substantially all of the Company’s assets in connection with
a merger, consolidation, asset sale, liquidation, combination or other similar transaction. 
 Any amounts due to Executive in
connection with a termination of employment shall be computed without giving effect to any changes that give rise to Good Reason. 
 6.3 Voluntary Termination by Executive; Discharge for Cause. 
 (a) In the event that Executive’s employment is terminated (i) by the Company for Cause, as hereinafter defined, in which event no advance written notice is required, or (ii) by Executive
for a reason other than Good Reason, Disability or death, the Company shall pay to Executive only the Accrued Obligations. 
 (b) As used herein, the term “Cause” means: 
 (i)
any material and uncorrected breach by Executive of the terms of this Agreement, including, but not limited to, engaging in action in violation of Section 12 hereof; 

(ii) any willful fraud or dishonesty of Executive that has a detrimental effect on (A) the reputation or business of
the Company or any of its subsidiaries or affiliates or (B) Executive’s reputation or performance of his or her duties to the Company or any of its subsidiaries or affiliates; 

(iii) a deliberate or willful refusal or failure of Executive to comply with any major corporate policy of the Company or
the lawful instructions of Executive’s supervisor, which in either case is communicated to Executive in writing; or 
 (iv) Executive’s conviction of, or plea of nolo contendere to, any felony if such conviction results in his or her imprisonment or has a material detrimental effect on the reputation or
business of the Company or any of its subsidiaries or affiliates; 

  
 9 

 provided that with respect to clause (i) or (iii) above, Executive shall
have ten (10) days following written notice of the conduct which is the basis for the potential termination for Cause within which to cure such conduct to prevent termination for Cause by the Company. If Executive cures the conduct that is the
basis for the potential termination for Cause within such ten (10)-day period, the Company’s notice of termination shall be deemed withdrawn. Except for violations of Section 12 hereof or termination under Section 6.3(b)(iv) above,
only actions, conduct and events occurring during the Term of Employment with the Company shall be the subject of a termination for Cause. In the event that Executive is terminated for failure to meet performance goals, such termination shall be
considered a termination without Cause for purposes of his or her right to receive the Severance Payment, the Prorated Bonus and the Continuation Benefits. 
 6.4 Disability. 
 (a) In the event of the Disability (as
defined in (b) below) of Executive during the Term of Employment, the Company may terminate Executive’s Term of Employment upon written notice to Executive (or Executive’s personal representative, if applicable) effective upon the
date of receipt thereof (the “Disability Commencement Date”). The Company shall pay to Executive the Accrued Obligations as provided in Section 6.1 hereof and the Prorated Bonus when such bonuses are paid to other senior
executives of the Company, but in no event later than March 15 of the calendar year following the calendar year in which Executive’s employment terminated. 

(b) The term “Disability,” for purposes of this Agreement, generally shall mean Executive’s absence
from the full-time performance of Executive’s duties pursuant to a reasonable determination made in accordance with the Company’s long-term disability plan that Executive is disabled and entitled to long-term disability benefits as a
result of incapacity due to physical or mental illness that lasts, or is reasonably expected to last, for at least six (6) months. 
 6.5 Death. In the event of Executive’s death during the Term of Employment or at any time thereafter while payments are still owing to Executive under the terms of this Agreement, the Company
shall pay to Executive’s beneficiary(ies) (to the extent so designated by Executive) or his or her estate (to the extent that no such beneficiary has been designated) the Accrued Obligations as provided in Section 6.1 hereof and the
Prorated Bonus when such bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the calendar year following the calendar year in which Executive’s employment terminated. 

6.6 No Further Notice or Compensation or Damages. Executive understands and agrees that he or she shall not be
entitled to any further notice, compensation or damages upon termination of employment under this Agreement, other than amounts specified in Section 4, this Section 6, any ancillary documents or any plan, program or arrangement of the
Company. 
 6.7 Executive’s Duty to Provide Materials. Upon the termination of Executive’s employment for any
reason, Executive or his or her estate shall surrender to the Company all correspondence, letters, files, contracts, mailing lists, customer lists, advertising materials, ledgers, supplies, equipment, checks, and all other materials and records of
any kind that are the property of the Company or any of its subsidiaries or affiliates, that may be in Executive’s possession or under his or her control, including, without limitation, any “soft” copies or computerized or electronic
versions thereof. 

  
 10 

 7. Notices. All notices or communications hereunder shall be in writing,
addressed as follows: 
 To the Company: 

Chief Administrative Officer 
 Peabody Energy Corporation 
 701 Market Street 

St. Louis, Missouri 63101-1826 
 To Executive at the most recent address set forth in the Company’s personnel records. 
 Any
such notice or communication shall be delivered by hand or by courier or sent certified or registered mail, return receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in a notice duly
delivered as described above), and the third business day after the actual date of sending shall constitute the time at which notice was given. 
 8. Severability. If any provision of this Agreement is declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the remaining
provisions hereof, which shall remain in full force and effect. 
 9. Assignment. Neither this Agreement nor any
rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession) or by the Company, except that the Company may assign this Agreement, in
writing, to any successor (whether by merger, purchase, spin-off or otherwise) to all or substantially all of the stock, assets or businesses of the Company. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the
heirs and representatives of Executive and the permitted assigns and successors of the Company. 
 10. Amendment.
This Agreement may be amended only by written agreement of the parties hereto. 
 11. Code Section 409A
Compliance. 
 11.1 This Agreement is intended to comply with Section 409A and shall, to the extent practicable, be
construed in accordance therewith. Accordingly, notwithstanding anything in this Agreement to the contrary, if the Company determines that Executive is a “specified employee” (as defined in Code Section 409A(a)(2)(B)(i)) at the time
of his or her Separation from Service and any amount payable to Executive under this Agreement is a deferral of compensation subject to the additional tax described in Code Section 409A(a)(1)(B) and would be considered a payment upon
Executive’s Separation from Service, then such amount shall not be paid before the date that is the earlier of (a) six (6) months and one (1) day after Executive’s Separation from Service or (b) Executive’s death
(the “Delay Period”). Upon the expiration of the Delay Period, the initial payment following the Delay Period shall include a lump sum payment equal to those payments that otherwise would have been paid if the delay had not applied,
and any remaining payments due shall be payable in accordance with their original payment schedule. 

  
 11 

 11.2 If either party to this Agreement reasonably determines that any amount payable
pursuant to this Agreement would result in adverse tax consequences under Section 409A (including, but not limited to, the additional tax described in Code Section 409A(a)(1)(B)), then such party shall deliver written notice of such
determination to the other party, and the parties hereby agree to work in good faith to amend this Agreement so it (a) is exempt from, or compliant with, the requirements of Section 409A and (b) preserves as nearly as possible the
original intent and economic effect of the affected provisions. 
 12. Nondisclosure of Confidential Information;
Non-Competition; Non-Solicitation. 
 12.1 Executive, during the Term of Employment and thereafter, will not, directly or
indirectly, use for himself or herself or use for, or disclose to, any party other than the Company, or any subsidiary of the Company (other than in the ordinary course of Executive’s duties for the benefit of the Company or any subsidiary of
the Company), any secret or confidential information regarding the business or property of the Company or its subsidiaries or regarding any secret or confidential apparatus, process, system, or other method at any time used, developed, acquired,
discovered or investigated by or for the Company or its subsidiaries, whether or not developed, acquired, discovered or investigated by Executive. At the termination of Executive’s employment or at any other time the Company or any of its
subsidiaries may request, Executive shall promptly deliver to the Company all memoranda, notes, records, plats, sketches, plans or other documents (including, without limitation, any “soft” copies or computerized or electronic versions
thereof) made by, compiled by, delivered to, or otherwise acquired by Executive concerning the business or properties of the Company or its subsidiaries or any secret or confidential product, apparatus or process used developed, acquired or
investigated by the Company or its subsidiaries. 
 12.2 In consideration of the Company’s obligations under this
Agreement, Executive agrees that during his or her employment with the Company and (a) for a period of one (1) year thereafter, without the prior written consent of the Chairman and CEO, he or she shall not, directly or indirectly, as
principal, manager, agent, consultant, officer, stockholder, partner, investor, lender or employee or in any other capacity, carry on, be engaged in or have any financial interest in, any entity which is in competition with the business of the
Company or its subsidiaries; provided, however, that this clause (a) shall not apply if the Company does not renew this Agreement and terminates Executive’s employment and Executive does not receive severance benefits from
the Company; and (b) for a period of two (2) years thereafter, without the prior written consent of the Chairman and CEO, he or she shall not, on his or her own behalf or on behalf of any person, firm or company, directly or indirectly,
solicit or offer employment to any person who is or has been employed by the Company or its subsidiaries at any time during the twelve (12) months immediately preceding such solicitation. 

12.3 For purposes of this Section 12, an entity shall be deemed to be in competition with the Company if it is principally involved
in the purchase, sale or other dealing in any property or the rendering of any service purchased, sold, dealt in or rendered by the 

  
 12 

 
Company as a part of the business of the Company within the same geographic area in which the Company effects such sales or dealings or renders such services. Notwithstanding this
Section 12.3 or Section 12.2, nothing herein shall be construed so as to preclude Executive from investing in any publicly or privately held company, provided that Executive’s beneficial ownership of any class of securities of an
entity in competition with the Company does not exceed five percent (5%) (or such higher percentage approved in writing by the Chairman and CEO) of the outstanding securities of such class. 

12.4 Executive agrees that the covenant not to compete and the covenant not to solicit are reasonable under the circumstances and will
not interfere with his or her ability to earn a living or otherwise to meet his or her financial obligations. Executive and the Company agree that if in the opinion of any court of competent jurisdiction such restraint is not reasonable in any
respect, such court shall have the right, power and authority to excise or modify such provision or provisions of this covenant which appear unreasonable and to enforce the remainder of the covenant as so amended. Executive agrees that any breach of
the covenants contained in this Section 12 would irreparably injure the Company. Accordingly, Executive agrees that, in the event that a court enjoins Executive from any activity prohibited by this Section 12, the Company may, in addition
to pursuing any other remedies it may have in law or in equity, cease making any payments otherwise required by this Agreement and obtain an injunction against Executive from any court having jurisdiction over the matter restraining any further
violation of this Agreement by Executive. 
 13. Beneficiaries; References. Executive shall be entitled to select
(and change, to the extent permitted under any applicable law) a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following Executive’s death, and may change such election, in either case by giving the
Company written notice thereof. In the event of Executive’s death or a judicial determination of his or her incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to his or her beneficiary, estate or
other legal representative. Any reference to the masculine gender in this Agreement shall include, where appropriate, the feminine. 
 14. Dispute Resolution. Any dispute or controversy arising under or in connection with this Agreement (other than an action to enforce the covenants in Section 12 hereof) or any
ancillary documents shall be resolved by arbitration in St. Louis, Missouri. Three arbitrators shall be selected, and arbitration shall be conducted, in accordance with the rules of the American Arbitration Association. The arbitrators shall have
the discretion to award the cost of arbitration, arbitrators’ fees and the respective attorneys’ fees of each party between the parties as they see fit. Notwithstanding anything in this Section 14 to the contrary, payments made under
this Section 14 that are provided during one calendar year shall not affect the amount of such payments provided during a subsequent calendar year, payments under this Section 14 may not be exchanged or substituted for other forms of
compensation to Executive, and any such payment will be paid within sixty (60) days after Executive prevails, but in no event later than the last day of Executive’s taxable year following the taxable year in which he or she incurred the
expense giving rise to such payment.  

  
 13 

 15. Governing Law. This Agreement shall be construed, interpreted and governed
in accordance with the laws of the State of Missouri, without reference to rules relating to conflicts of law. 

16. Effect on Prior Agreements. This Agreement and any ancillary documents contain the entire understanding between the
parties hereto and this Agreement, except as provided in an ancillary document, supersedes in all respects any prior or other agreement or understanding, written or oral, between the Company, any affiliate of the Company or any predecessor of the
Company or affiliate of the Company and Executive. 
 17. Withholding. The Company shall be entitled to withhold
from payments to or on behalf of Executive any amount of tax withholding required by law. 
 18. Currency. All
dollar amounts or references contained in this Agreement and any ancillary document refer to the United States dollar. 

19. Survival. Notwithstanding the expiration of the term of this Agreement, the applicable provisions of this Agreement (such
as Sections 5 through 20) shall remain in effect as long as is reasonably necessary to give effect thereto in accordance with the terms hereof. 
 20. Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original. 
 [SIGNATURE PAGE FOLLOWS] 

  
 14 

 
			
	 PEABODY ENERGY CORPORATION

		
	By:	 	/s/ Andrew Slentz 12/20/12
	Name:	 	Sharon D. Fiehler
	Title:	 	Executive Vice President and Chief Administrative Officer
	
	EXECUTIVE
	
	/s/ Kemal Williamson 12/20/12
	Kemal Williamson

  
 15 

 EXHIBIT A 
 FORM OF RELEASE 
 (attached) 

  
 16 

 EXHIBIT A 
 FORM OF RELEASE 
 This Agreement (“Agreement”) will confirm your
termination/resignation from Peabody Energy Corporation (the “Company”) on DATE OF TERMINATION (“Termination Date”). 
 For the consideration set forth in that certain Employment Agreement between you and the Company dated as of [INSERT DATE OF EMPLOYMENT AGREEMENT] (your “Employment Agreement”), which
constitute monies and benefits to which you are not already entitled, you agree as follows: 
  

	1.	You agree that, upon the request of the Company, you will cooperate in any pending or future litigation or governmental inquiry which involves any interests of the
Company, its parent companies and their subsidiaries or affiliates (collectively the “Companies”), to which you are not a party adverse to the Companies and in relation to which you have knowledge or information. Upon the request of and at
the expense of the Companies, and upon reasonable notice, you will testify truthfully in such proceedings, in any jurisdiction, whether or not such testimony can otherwise be compelled. The Companies will attempt to schedule such testimony in a
manner that does not interfere with your professional obligations, but cannot guarantee such scheduling. 

  

	2.	 Subject to the provisions of paragraph 7, you agree to waive any and all claims, demands, causes of action, costs and expenses for damages (whether
known or unknown) which you had, now have or may have against the Companies on any grounds whatsoever, whether known or not at the time of execution of this Agreement, including without limitation any claims arising out of your employment with or in
connection with the separation of your employment with the Company, and to release and discharge forever the Companies and all of their predecessors, successors, assigns and their respective current and former employees, officers, directors,
shareholders, insurers, agents and counsel (hereinafter, with the Companies, collectively referred to as the “Releasees”) from any such claims or demands. This release includes, but is not limited to, the following: (i) any claim
under any contract, tort, or any other local, state, or federal statutory or common law, including, but not limited to, any claim that the Releasees, jointly or severally, breached any contract or promise, express or implied, or any term or
condition of your employment, and any claim for promissory estoppel or wrongful discharge arising out of your employment with the Companies or any of the Releasees and/or the termination of such employment; (ii) any claim of unjust, wrongful,
or tortious discharge (including any claim of fraud, negligence, retaliation for whistle blowing, or intentional infliction of emotional distress); (iii) any claim of defamation or other common-law action; (iv) any claims of discrimination
on any basis, including, without limitation, age, appearance, color, disability, gender identification, marital status, military status, national origin, political affiliation, race, religion, sex, sexual orientation, veteran status, or any other
characteristic (including, but not limited to, status as a “whistleblower”), under any federal, state, or local statute, ordinance, order, or law, including, but not limited to, the Civil Rights Act of 1964, 42 U.S.C. § 2000e
et seq., the Civil Rights Act of 1866, 42 U.S.C. § 1981, the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., (including but not limited to the Older Worker’s Benefit Protection
Act), the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Fair Labor Standards Act of 1938, 29 U.S.C. § 201 et seq., the Rehabilitation Act of 1973, 29 U.S.C. § 701
et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601, the Employee Retirement Income Security Act, 29 U.S.C. § 1001, et seq., the Lilly Ledbetter Fair Pay Act of 2009, the Pregnancy
Discrimination Act of 1978, or the Worker Adjustment and Retraining Notification Act, 29 U.S.C. 210l, et seq., all as amended; (v) any claim under any [Missouri] employment law; and/or (vi) any other claim relating to
your employment, the termination of your employment or the Releasees’ failure to reemploy you under any federal, state or local statute, ordinance, order or law. Except as provided in paragraph 7 below, this release is intended to cover all
possible legal and/or equitable relief, including, but not limited to, reinstatement, wages, back pay, front pay, benefits, perquisites, compensatory damages, punitive damages, liquidated damages, damages for pain or suffering, damages for emotional
distress, damages for loss of consortium, and attorneys’ fees. You further agree not to file any claim, complaint, or cause of action or lawsuit 

  
 17 

 
against the Releasees that you have released in this Agreement. You understand and acknowledge that, except as provided in paragraph 7 and for claims arising after the date hereof, the
provisions of this Paragraph mean that you cannot bring a lawsuit against the Releasees for any reason. 
  

	3.	You acknowledge that, as of the date you sign this Agreement: (a) you have properly disclosed to the Companies any work-related injury(s); (b) you have been
paid in full all wages due and owing to you for any and all work performed for the Companies; and (c) you have properly disclosed to the Companies all facts or circumstances of which you are aware that may constitute a violation by the
Companies of the Fair Labor Standards Act or a state law equivalent. 

  

	4.	You understand that you are not waiving any rights or claims that may arise after this document has been signed by you. In exchange for signing this document, you will
be given the rights and benefits provided herein and in your Employment Agreement, over and above anything of value, including benefits existing as of your termination date, to which you are already entitled. You further represent and agree that,
except as enumerated herein and in your Employment Agreement, you are not entitled to any other payment or remuneration of any kind. 

  

	5.	You hereby acknowledge that you have been advised to consult with an attorney before you sign this document and that, for a period of seven (7) days after the date
on which you execute this Agreement, you may revoke this Agreement, but such revocation would only apply to claims arising under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., (including but not limited to
the Older Worker’s Benefit Protection Act); that this Agreement is not effective or enforceable with respect to the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., (including but not limited to the Older
Worker’s Benefit Protection Act) until such seven (7) day period has expired; that, if you exercise your right to revoke this Agreement within seven (7) days after signing this Agreement, all provisions contained in this Agreement
relating to the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., (including but not limited to the Older Worker’s Benefit Protection Act) shall be null and void and the contents of this Agreement may not be
used by either party for any such purpose, but that it shall remain fully in effect and enforceable for all other purposes; that, should you decide to revoke this Agreement for the purposes set forth in this paragraph 5, such revocation must be in
writing and delivered to Vice President of Corporate and International Human Resources, Peabody Energy, 701 Market Street, St. Louis, MO 63101, by personal delivery or by first class mail, postage prepaid, or certified mail within the same seven
(7) day period (if mailed, the date of the postmark or certification will be used to determine the date of revocation); and that should any such revocation occur, you will forfeit your right to receive any and all benefits (including severance
payments) that are to be paid or provided pursuant to this Agreement or your Employment Agreement to the extent such benefits are contingent upon execution and non-revocation of a release of claims against some or all of the Releasees.

  

	6.	You acknowledge that you have been informed that you have up to twenty-one (21) days [45 days if the employee is over age 40 and being terminated in connection
with a RIF; If this bracket, applies, an OWBPA disclosure will also be required] within which to consider this Agreement prior to your execution of it. 

 

	7.	 It is specifically understood and agreed that this Agreement has no effect on your rights: (a) with regard to claims that cannot be waived by law;
however, you acknowledge and agree that you waive any right to monetary recovery should any federal, state, or local administrative agency or commission pursue any claims on your behalf arising out of or related to your employment with and/or
separation from the Company; (b) to receive retirement benefits from the Company’s retirement plans accrued and vested on or prior to the Termination Date; (c) to continue participation in any Company health insurance plan pursuant to
the provisions of COBRA following the Termination Date; (d) to continue participation in all other applicable Company benefit plans until the Termination Date, subject to the terms of such plans as they may exist from time to time; and
(e) with regard to a workers’ compensation claim, if applicable. You further 

  
 18 

 
acknowledge and agree that your participation in any of the Company’s disability, life insurance, accidental death and dismemberment, and/or other related plans shall cease in accordance
with the terms of the respective plan, and that you have been informed that the Company’s Long Term Disability plan requires as a condition of participation that the employee be “actively at work” and that you will not, therefore, be
eligible to continue to participate in such plan after the Termination Date, except as a result of your exercising any conversion rights as contained in the plan. Furthermore, nothing in this Release modifies or affects any rights that you have
(i) to be indemnified and held harmless for your acts and omissions to act as an employee of the Company under any insurance policy procured and maintained by the Company, any indemnification agreement with or indemnification policy of the
Company or of any other party, as in effect at any time and from time to time (including, but not limited to, the Company’s Amended and Restated By-Laws, Article IV, Indemnification), or under applicable law, (ii) to be paid amounts due
pursuant to, and to be provided benefits required to be provided by your Employment Agreement. 
  

	8.	You agree not to disclose the terms of this Agreement to any person other than your spouse, legal advisor, or financial advisor, except as required by court order or
other compulsory legal process and that, if you do so, you will require your agent to abide by your promise to keep the terms of this Agreement confidential. If you disclose the terms of this Agreement to any party, except as referenced in the prior
sentence, the Companies shall have no further obligation under this Agreement and have the right to reimbursement for all severance amounts paid to you under your Employment Agreement. 

 

	9.	You expressly represent that you have relied on no representations or statements other than those, which appear herein. There shall be no modifications or amendments to
this Agreement unless they are in writing and signed by all of the parties. 

  

	10.	You agree to relinquish any and all rights to reemployment or reinstatement as an employee with the Companies and you agree not to apply or otherwise seek employment or
reemployment with the Companies in any capacity. The Companies shall have the right to reject without cause any application for future employment made by you. 

 

	11.	You hereby reaffirm your obligations pursuant to your Employment Agreement to (a) not disclose the confidential information of the Companies, (b) not solicit
the employees of the Companies, (c) not solicit customers of the Companies, (d) not compete with the Companies, each as described in your Employment Agreement. In addition, you hereby reaffirm all other post-employment obligations you have
pursuant to your Employment Agreement. 

  

	12.	You acknowledge that this Agreement and the release provided hereunder does not constitute and should not be construed as an admission of liability or wrongdoing by the
Releasees with respect to any claim asserted by you or by any other employee. You also understand that, by signing this Agreement, you are giving up any rights to receive any remedial and/or monetary relief (for example, reinstatement, back pay,
front pay, emotional distress damages and punitive damages) as a consequence of any charge or complaint filed with the EEOC or any other human rights commission. 

 

	13.	You represent and warrant that you have returned all Company property and that you have not retained copies of any Company property, either electronically or in print.

  

	14.	You and the Companies agree that this Agreement shall be construed under the laws of the state of Missouri, except as otherwise preempted by the Employee Retirement
Income Security Act of 1974. 

  

	15.	You understand that, if any of the provisions of this Agreement are declared invalid, void or unenforceable, in whole or in part, all other provisions of this Agreement
shall remain in full force and effect. 

  
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	16.	You understand that other than your Employment Agreement, this Agreement supersedes and replaces any other agreement, whether written or oral, and represents the entire
agreement between the parties in respect of the subject matter hereof, and that other than your Employment Agreement, there are no other understandings or agreements between the parties regarding your employment, your benefits or termination from
the Company. You further acknowledge: that you have read this Agreement; that you have been given an opportunity to review this Agreement with legal counsel of your own choosing, at your own expense; that you have apprised yourself of sufficient
relevant information, through sources of your own selection, in order that you might intelligently exercise your own judgment in deciding whether to execute this Agreement; that this Agreement and your Employment Agreement fully and accurately
reflect the content of any and all understandings and agreements between you and the Company; that you have freely executed this Agreement on the basis of your own judgment, belief, and knowledge, and not on the basis of any representation by the
Companies, their attorneys, or anyone acting on their behalf; and that you are not relying on any promise or representation whatsoever not contained herein or in the Employment Agreement as an inducement to execute this Agreement.

 You agree and recognize that, subject to the limited revocation provisions of paragraph 5 hereof, this Agreement is final and
binding. You further agree that, if you breach any of the terms and conditions of this Agreement, you will not be entitled to receive the monies and benefits described in this Agreement and your Employment Agreement and that the Companies have the
right to seek reimbursement for all amounts previously paid to you. 
  

			
	 Sincerely,

		
	 Name
	 	 
		
	 Title
	 	 

  

	cc:	Steve Callahan; Vice President of Corporate and International Human Resources 

 

							
	 ACCEPTED AND AGREED TO:

 
	  		  	 	  	
				
	Name	  		  	Date	  	

  
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