Document:

EX-10.1

 Exhibit 10.1 

Execution Copy  

SETTLEMENT AGREEMENT 

This Settlement Agreement (the “Settlement Agreement”) is made this 13th day of March 2017 by and between (i) Peabody
Energy Corporation (“PEC”) and 152 of its direct and indirect subsidiaries, as debtors and debtors in possession (collectively, the “Debtors”), each of which is identified in Schedule 1 (ii) Peabody Australia Holdco
Pty Ltd (“PAH”) and the entities listed in Schedule 2 (such entities and PAH collectively, “Affiliated Non-Debtors”) and (iii) the United Mine Workers of America 1974
Pension Plan and Trust (“1974 Plan”). The Debtors, the Affiliated Non-Debtors, and the 1974 Plan are referred to in this Settlement Agreement collectively as the “Parties.”

 RECITALS 

WHEREAS, on October 29, 2015, the 1974 Plan served a Notice and Demand for withdrawal liability on PEC and Peabody Holding
Company, LLC (together with PEC, the “Defendants”) in the amount of $644,213,301.74 on the grounds that a principal purpose of the Defendants’ spinoff of Patriot Coal Corporation in 2007 was to evade or avoid withdrawal
liability and therefore that spinoff transaction was disregarded pursuant to ERISA § 4212(c) (the “Demand”); and 

WHEREAS, on January 26, 2016, the Defendants filed with the 1974 Plan a request for review of the Demand pursuant to ERISA §
4219(b)(2)(A) in which they, in part, denied the allegations in the Demand and provided notice to the 1974 Plan that the Defendants invoked their rights under ERISA § 4221(f); and 

WHEREAS, on March 18, 2016, the 1974 Plan denied the Defendants’ request for review; and 

WHEREAS, on April 7, 2016, the 1974 Plan initiated an arbitration proceeding (the ”Arbitration”) against the
Defendants pursuant to ERISA § 4221 before the American Arbitration Association (“AAA”) regarding the Demand; and 

WHEREAS, on April 13, 2016 (the “Petition Date”), the Debtors commenced their bankruptcy cases by filing
voluntary petitions for relief in the United States Bankruptcy Court of the Eastern District of Missouri (the “Bankruptcy Court”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) which
chapter 11 cases have been consolidated for procedural purposes only and are being jointly administered by the Bankruptcy Court and captioned In re Peabody Energy Corp. et al, Case
No. 16-42529 (Bankr. E.D. Mo. 2016) (the “Bankruptcy Case”); and 

WHEREAS, on August 15, 2016, the 1974 Plan filed Claim No. 4722 in the Bankruptcy Case pertaining to the Demand in the amount
of $642,657,881.00 jointly and severally against each of the Debtors (the “Claim”); and 
 WHEREAS, on
September 8, 2016, the Debtors filed an objection to the Claim (the “Objection”); and 

 WHEREAS, between September and December 2016, the Debtors and the 1974 Plan exchanged
discovery and took depositions relevant to the Claim; and 
 WHEREAS, the Parties arbitrated the Claim before Arbitrator Martin
Scheinman (the “Arbitrator”) during a hearing in Washington, D.C. on December 19th through 21st, 2016; and 

WHEREAS, while a decision on the Claim was pending, the Debtors and the 1974 Plan negotiated in good faith concerning a settlement of
the Claim, with the Debtors regularly consulting during such negotiations with major stakeholders in the Bankruptcy Case; and 

WHEREAS, the Debtors, while denying the merits of the Claim, recognize that an Arbitrator’s award allowing the Claim in full or in
substantial part would be disruptive to the Debtors’ reorganization efforts in the United States and to the businesses of the Affiliated Non-Debtors, and accordingly believe that it is in the best
interest of the Debtors, the Debtors’ chapter 11 estates, and the Affiliated Non-Debtors to settle the Demand and treat the Claim by means of a commitment to pay in full a compromised sum under the terms
of this Settlement Agreement; and 
 WHEREAS, on January 25, 2017, while the Arbitrator’s decision was pending, the Parties
reached an agreement in principle to settle the Claim, subject to further documentation, and instructed the Arbitrator not to release his decision; and 

WHEREAS, on January 27, 2017, the Debtors filed the Second Amended Joint Plan of Reorganization of Debtors and Debtors in
Possession [Docket No. 2229] (the “Plan”); and 
 WHEREAS, the Parties now desire to document their
settlement, which resolves all potential or existing claims and disputes between them relating to the Demand and the Claim under ERISA and in the Bankruptcy Case; and 

WHEREAS, no award has been issued by the Arbitrator concerning the Claim, nor will be issued, pending the execution and performance of
this Settlement Agreement. 
 NOW THEREFORE, for and in sufficient consideration of the promises and mutual covenants contained
herein, the Debtors, the Affiliated Non-Debtors and the 1974 Plan agree as follows: 

AGREEMENT 

1.    Effectiveness of Settlement Agreement. This Settlement Agreement shall become effective on the date
this Settlement Agreement is fully executed and has been approved by an order of the Bankruptcy Court (the “Agreement Effective Date”). 

  
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 2.    The Debtors’ Commitments. 

2.1.    The Plan may be amended, modified or supplemented in the Debtors’ discretion, provided that such amended,
modified or supplemented Plan provides for the allowance, payment and other treatment of the 1974 Plan’s Claim set forth in this Section 2 (a “Permitted Plan”). 

2.2.    The Plan or any Permitted Plan shall classify the Claim in Class 7 against every Debtor Group (substantially
as defined in the Plan) in the amount of Seventy-Five Million Dollars and zero cents ($75,000,000.00), which shall be an allowed claim (the “Allowed Claim”). 

2.3.     On and after the effective date of the Plan or Permitted Plan (the “Plan Effective Date”), the
Allowed Claim shall be paid according to the following schedule (the “Payment Schedule”),1 and time shall be considered of the essence: 

 

					
	 Payment Date

(or first business day thereafter)
	  	Amount	 
	Plan Effective Date (“Payment 1”)	  	$	5,000,000.00	 
	90 days following Payment 1 (“Payment 2”)	  	$	10,000,000.00	 
	One year anniversary of Payment 2	  	$	15,000,000.00	 
	Two year anniversary of Payment 2	  	$	15,000,000.00	 
	Three year anniversary of Payment 2	  	$	15,000,000.00	 
	Four year anniversary of Payment 2	  	$	15,000,000.00	 

 2.4.    Payments shall be made to the 1974 Plan by wire transfer in accordance with
instructions provided by the 1974 Plan. 
 2.5.    The Debtors shall promptly seek approval of this Settlement Agreement
and the allowance and treatment of the Claim set forth above in connection with confirmation of the Plan or any Permitted Plan. 

2.6.    Upon the Agreement Effective Date, the Objection, styled Objection of the Debtors to Claim Number 4722 Filed by
the United Mine Workers of America 1974 Pension Plan and Trust [Docket No. 1264], will be deemed resolved and withdrawn with prejudice. 

 

	1 	Payment Schedule payments will be made by the “Reorganized Debtors,” as that term is defined in the Plan. 

  
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 3.    No Further Obligations to the 1974 Plan. Upon the
Agreement Effective Date, the payment obligations set forth in this Settlement Agreement are all the payments owed to the 1974 Plan related to the Demand and the Claim. Under no circumstances shall the 1974 Plan receive more than $75,000,000.00,
absent a breach of this Settlement Agreement as governed by Section 21 herein. 
 4.    Termination.
This Settlement Agreement shall automatically terminate, and shall have no further force or effect, if the Bankruptcy Court refuses to approve this Settlement Agreement or if the Plan Effective Date has not occurred by October 13,
2017.    (The date of the earliest of those events shall be the “Termination Date.”) 

5.    Joint and Several Liability. On and after the Agreement Effective Date, the Reorganized Debtors and
Affiliated Non-Debtors shall be jointly and severally liable to the 1974 Plan for all obligations under this Settlement Agreement. 

6.    The 1974 Plan’s Commitments. Prior to the Termination Date, the 1974 Plan agrees that it shall:

 (a)    subject to the receipt by the 1974 Plan of a disclosure statement and other solicitation materials that have
been approved by the Bankruptcy Court as complying with section 1126(b) of the Bankruptcy Code, to the extent solicited, timely vote or cause or direct to be voted the Claim in favor of the Plan or any Permitted Plan by delivering its duly executed
and completed ballots accepting such chapter 11 plan on a timely basis following the commencement of solicitation; 

(b)    subject to the receipt by the 1974 Plan of a disclosure statement and other solicitation materials that have been
approved by the Bankruptcy Court as complying with section 1126(b) of the Bankruptcy Code, not change or withdraw (or cause or direct to be changed or withdrawn) such vote; 

(c)     not take any action that is inconsistent in any material respect with, or is intended to frustrate or impede
approval and consummation of the Plan or any Permitted Plan; 
 (d)    not directly or indirectly object to, delay,
impede or take any other action to materially interfere with acceptance, confirmation, consummation or implementation of the Plan or any Permitted Plan; 

(e)    file a statement in support of the approval of the Plan or any Permitted Plan and this Settlement Agreement; and

 (f)    not take any action to enforce this Settlement Agreement against any Affiliated
Non-Debtor (other than the provision of a notice of Payment Default in accordance with Section 21.3) until after the 1974 Plan has first taken action to enforce this Settlement Agreement against PEC and
PEC’s first tier domestic subsidiaries. 
 7.    Stipulation Resolving Contested Matter. Upon the
Agreement Effective Date, the Objection will deemed resolved through the implementation of this Settlement Agreement. Thereafter, the Debtors and the 1974 Plan will cause the filing of any stipulation of

  
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dismissal necessary to terminate the Objection (the “Stipulation”). On or before three (3) business days after the Agreement Effective Date, the Reorganized Debtors shall
file the Stipulation with the Bankruptcy Court. 
 8.    Mutual Releases. 

 

	 	a)	Except for the rights and obligations either arising from or expressly reserved in this Settlement Agreement, the 1974 Plan, on behalf of itself and its respective representatives, successors, and assigns (the
“1974 Plan Releasors”) discharges and releases the Debtors, the Reorganized Debtors, Metropolitan Collieries Pty Ltd, Helensburgh Coal Pty Ltd, the Affiliated Non-Debtors and their respective
affiliates, parents and subsidiaries, and each of their principals, shareholders, directors, officers, members, employees, professionals, insurers, representatives and agents, from any and all claims, damages, causes of actions, judgments,
obligations, attorneys’ fees, indemnities, subrogations, duties, contracts, liens, demands, controversies and liabilities of any and every nature at law or in equity, liquidated or unliquidated, known or unknown, suspected or unsuspected,
disclosed or undisclosed, matured or unmatured, foreseeable or unforeseeable that the 1974 Plan Releasors now have or may have had, or thereafter claim to have, from the beginning of time through the date of this Settlement Agreement related to the
Demand and/or the Claim. 

  

	 	b)	Except for the rights and obligations either arising from or expressly reserved in this Settlement Agreement, the Debtors, the Reorganized Debtors, Metropolitan Collieries Pty Ltd, Helensburgh Coal Pty Ltd, and the
Affiliated Non-Debtors on behalf of themselves and their respective representatives, successors, and assigns (the “Affiliated Releasors”) discharge and release the 1974 Plan and its respective
affiliates, parents and subsidiaries, trustees, principals, shareholders, directors, officers, members, employees, professionals, insurers, beneficiaries, representatives and agents, from any and all claims, damages, causes of actions, judgments,
obligations, attorneys’ fees, indemnities, subrogations, duties, contracts, liens, demands, controversies and liabilities of any and every nature at law or in equity, liquidated or unliquidated, known or unknown, suspected or unsuspected,
disclosed or undisclosed, matured or unmatured, foreseeable or unforeseeable that the Affiliated Releasors now have or may have had, or thereafter claim to have, from the beginning of time through the date of this Settlement Agreement related to the
Demand and/or the Claim. 

 9.    Non-Disparagement.
The Parties, including their respective officers, employees, agents, and representatives, hereby agree: 
 9.1.    That,
other than what is necessary and appropriate for inclusion in formal court submissions in conjunction with seeking court approval of this Settlement Agreement, they will not make or cause or encourage others to make statements, written or
oral defaming, disparaging 

  
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or criticizing the reputation, practices or conduct of the other Parties or its present or former directors, officers, employees or agents in relation to the matters encompassed by this
Settlement Agreement or any matter, transaction or activity related thereto. It is understood, however, that a Party’s reference to the Claim (and any attachments filed therewith) or the Motion for Relief From the Automatic Stay [Dkt
No. 1338] (and any attachments filed therewith) is not a breach of this Section 9. Notwithstanding the previous sentence, a Party’s entire statement is not automatically shielded from this Section 9 merely because the statement
refers to the Claim or Motion for Relief From the Automatic Stay. 
 9.2.    That they will not materially encourage or
materially assist any other person or entity in developing, commencing, maintaining or prosecuting any claims or causes of action against the other Parties or such other Parties’ present or former directors, officers, employees or agents
relating in any way to the matters encompassed by this Settlement Agreement or any matter, transaction or activity related thereto. 

9.3.    That this Section 9 of this Settlement Agreement shall not apply to circumstances in which a Party is
compelled to provide information in response to legal process that it has not solicited, in the form of regulatory request or demand, deposition, subpoena or similar process, provided such Party shall provide the other Parties with prompt written
notice under Section 22 of this Settlement Agreement of any such event so that the other Parties shall have the opportunity to oppose or otherwise contest any such process, at no cost to the Party receiving such process. 

10.    No Collective Bargaining Agreement. The Debtors’ and the Affiliated Non-Debtors’ entry into this Settlement Agreement shall not cause any of the Debtors, the Reorganized Debtors or the Affiliated Non-Debtors to be deemed a party to any
collective bargaining agreement with the United Mine Workers of America (“UMWA”) or any UMWA-represented employee or create any collective bargaining relationship between the Debtors, the Reorganized Debtors or the Affiliated Non-Debtors and the UMWA or any employees represented by the UMWA for any purpose under the National Labor Relations Act, the Labor Management Relations Act, or any other labor and employment laws; and nothing
herein shall affect any contract or bargaining relationship with the UMWA that may otherwise exist without regard to this Settlement Agreement. 

11.    Authority. The Debtors and the 1974 Plan each represent that the person executing this Settlement
Agreement on their behalf has the full authority and power to execute for and bind such Party to the terms hereof. PAH represents that the person executing this Settlement Agreement has the full authority and power to execute for and bind the
Affiliated Non-Debtors to the terms hereof, and to bind Metropolitan Collieries Pty Ltd and Helensburgh Coal Pty Ltd to the terms of Section 8 hereof. 

12.    Entire Agreement, Modification, Amendment, or Supplement. This Settlement Agreement, together with
the terms of the Plan or any Permitted Plan shall constitute the entire agreement among the Parties with respect to the subject matter hereof and supersedes all previous agreements, promises, representations, understandings and negotiations whether
written or oral. No modification, amendment, supplement to or waiver of this Settlement Agreement shall be binding upon the Parties hereto unless made in writing and duly signed by 

  
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the Parties to this Settlement Agreement. Each Party represents that it has reviewed the terms of the Settlement Agreement and hereby acknowledges its intent to be bound by the terms of each of
the same. 
 13.    Binding Agreement. This Settlement Agreement shall inure to the benefit of and be
binding upon the signatories hereto and their respective legal representatives, successors and assigns. PAH holds any releases or any other covenants made in favor of any entity that is not a Party and that may have the benefit of any such release
or covenant (including Metropolitan Collieries Pty Ltd and Helensburgh Coal Pty Ltd) on trust for and on behalf of and for the benefit of such entity. 

14.    Governing Law. This Settlement Agreement shall be governed by and construed in accordance with the
laws of the State of Missouri without regard to choice of law rules. 
 15.    Counterparts. This
Settlement Agreement may be executed in multiple counterparts, all of which together shall constitute one and the same instrument. 

16.    Voluntary Execution. Each of the Parties to this Settlement Agreement, and each person executing this
Settlement Agreement on behalf of a Party hereto, represents and warrants that the signatory is duly authorized to execute this Settlement Agreement on the Party’s behalf, and that the Party is fully bound under the law of its domicile to the
terms hereof. Each of the Parties to this Settlement Agreement acknowledges that it is executing this Settlement Agreement voluntarily and of its own free will, and that it fully understands the terms of this Settlement Agreement. Each such Party
further acknowledges that it has had an opportunity to review all of the terms of this Settlement Agreement fully and to discuss its terms with its legal counsel prior to its execution. 

17.    No Admission of Fault or Liability. This Settlement Agreement shall not be construed or deemed to be
an admission or concession by any signatory hereto of any jurisdiction, claim, fault, liability or damages whatsoever. 

18.    No Assignment of Claim. The signatories hereto represent and warrant that they have not previously
assigned or purported to assign or to transfer to any person or entity any of the claims herein settled, released or waived. 

19.    Fees and Expenses. Each signatory hereto shall be responsible for their own fees and expenses in
connection with this Settlement Agreement. 
 20.    No Waiver. No failure or delay by the Parties in
exercising any right or remedy provided by law under or pursuant to this Settlement Agreement shall impair such right or remedy or be construed as a waiver or variation of it or preclude its exercise at any subsequent time, and no single or partial
exercise of any such right or remedy shall preclude any other or further exercise of it or the exercise of any other right or remedy. 

  
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 21.    Default and Remedies for Breach. 

21.1.    The Parties acknowledge and agree that a breach of the provisions of this Settlement Agreement by any Party would
cause irreparable damage to the others and that such others would not have an adequate remedy at law for such damage. Therefore, the obligations set forth in this Settlement Agreement shall be enforceable by a decree of specific performance issued
by any court of competent jurisdiction, and appropriate injunctive relief may be applied for and granted in connection therewith. Such remedies shall, however, be cumulative and not exclusive and shall be in addition to any other remedies that the
signatories hereto may have under this Settlement Agreement or otherwise. 
 21.2.    The failure of the Reorganized
Debtors to pay the Allowed Claim to the 1974 Plan, in whole or in part, in accordance with the Payment Schedule shall be deemed a “Payment Default”. From and after the date of any Payment Default until all amounts then due under
this Settlement Agreement shall have been paid in full, interest shall accrue for each such day on all amounts then due under this Settlement Agreement at the annual rate of 6.0%, compounded monthly. 

21.3.    The payments listed in the Payment Schedule shall be accelerated and immediately due and payable in full on the
earlier of (i) the date any Reorganized Debtor files a voluntary petition for relief under title 11 of the U.S. Code or is the subject of an order for relief as debtor in a case under title 11 of the U.S. Code and (ii) thirty (30) days
after provision by the 1974 Plan of notice in accordance with Section 22 of this Settlement Agreement to the Reorganized Debtors and Affiliated Non-Debtors of a Payment Default unless such Payment Default
has been cured by payment of all amounts then due under this Settlement Agreement before the expiration of the thirty (30) day period. 

21.4.    In the event of a Payment Default, the 1974 Plan shall comply with Section 6(f) of this Settlement Agreement
before the 1974 Plan may commence proceedings against one or more of the Affiliated Non-Debtors for the payment of any unpaid portion of the Allowed Claim in a superior court of record in Australia. The
relevant Affiliated Non-Debtors shall submit to the jurisdiction of the relevant Australian Court. 

21.5.    For the avoidance of doubt, nothing in section 21.4 shall operate or be construed to prevent, preclude, inhibit
or restrict the right of any Affiliated Non-Debtor from contesting the jurisdiction of any court in Australia, the United States or elsewhere in relation to any claim made, or legal proceeding commenced or
maintained, against it by the 1974 Plan (including the 1974 Plan’s related entities, affiliates or assignees) which is made, commenced or maintained for a purpose other than to cure the Payment Default (and any associated legal costs orders).

 21.6.    Each of the Parties irrevocably waives any right to jury trial that might arise in connection with an action
enforcing rights under this Settlement Agreement against such Party. 

  
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 22.    Notices. All notices hereunder shall be deemed
given if in writing and delivered, if sent by courier or by registered or certified mail (return receipt requested) to the following addresses: 
  

	 	a)	If to the Debtors/Reorganized Debtors: 

 A. Verona Dorch 

EVP, Chief Legal Officer & Government Affairs 

Peabody Energy 
 701 Market Street

 Saint Louis, Missouri 63101 

With a copy to 
 Miguel F.
Eaton 
 Jones Day 
 51
Louisiana Ave, N.W. 
 Washington, D.C. 20001 
  

	 	b)	If to the Affiliated Non-Debtors: 

 Janette
Hewson 
 VP Government Relations & General Counsel 

Peabody Energy Australia 

Level 5, 100 Melbourne Street 

South Brisbane Qld 4101 
 With
a copy to 
 Katie Higgins 

Jones Day 
 Aurora Place,
Level 41, 88 Phillip Street 
 Sydney NSW 2000 Australia 
  

	 	c)	If to the 1974 Plan: 

 Glenda Finch, General Counsel 

UMWA Health and Retirement Funds 

2121 K Street NW, Suite 350 

Washington, DC 20037 

gfinch@umwafunds.org 
 With a
copy to 
 John C. Goodchild, III 

Morgan, Lewis & Bockius LLP 

1701 Market Street 
 Philadelphia,
PA 19103-2921 
 john.goodchild@morganlewis.com 

  
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 23.    Drafting. This Settlement Agreement has been drafted by
all Parties and shall not be construed against one or in favor of any other by reason of any presumption concerning the drafting of the Settlement Agreement. 

[Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Parties have executed this Settlement Agreement effective as of the date
above written. 
  

													
	Peabody Energy Corporation, on its own behalf and on behalf of each affiliate Debtor	 		 	The United Mine Workers of America 1974 Pension Plan and Trust
					
	By:	  	 /s/ A. Verona Dorch
	 		 	By:	 	 /s/ Glenda A. Finch

		  	A. Verona Dorch	 		 		 	
		  	Chief Legal Officer	 		 		 	
							
	On:	  	 March 14
	 	, 2017	 		 	On:	 	 March 14
	 	, 2017

  

			
	 Executed for and on behalf of each of Peabody Australia Holdco Pty Ltd,

and each of the entities listed on Schedule 2 ACN 154 820 130:
  

/s/ Maria Da Conceicao de
Santana                March 15, 2017
	 	
	Signature of director	 	
		
	 MARIA DA CONCEICAO DE SANTANA
	 	
	Full name of director	 	

  
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 Schedule 1 – 152 Direct and Indirect Subsidiaries as Debtors and Debtors in Possession 

 

									
	 	 	  	 Debtor’s Name
	  	
Debtor’s Case No.
	 
	 	1.	 	  	American Land Development, LLC	  	 	16-42535	 
	 	2.	 	  	American Land Holdings of Colorado, LLC	  	 	16-42540	 
	 	3.	 	  	American Land Holdings of Illinois, LLC	  	 	16-42600	 
	 	4.	 	  	American Land Holdings of Indiana, LLC	  	 	16-42546	 
	 	5.	 	  	American Land Holdings of Kentucky, LLC	  	 	16-42589	 
	 	6.	 	  	American Land Holdings of New Mexico, LLC	  	 	16-42579	 
	 	7.	 	  	American Land Holdings of West Virginia, LLC	  	 	16-42571	 
	 	8.	 	  	Arid Operations, Inc.	  	 	16-42562	 
	 	9.	 	  	Big Ridge, Inc.	  	 	16-42553	 
	 	10.	 	  	Big Sky Coal Company	  	 	16-42530	 
	 	11.	 	  	Black Hills Mining Company, LLC	  	 	16-42544	 
	 	12.	 	  	BTU Western Resources, Inc.	  	 	16-42554	 
	 	13.	 	  	Caballo Grande, LLC	  	 	16-42559	 
	 	14.	 	  	Caseyville Dock Company, LLC	  	 	16-42537	 
	 	15.	 	  	Central States Coal Reserves of Illinois, LLC	  	 	16-42688	 
	 	16.	 	  	Central States Coal Reserves of Indiana, LLC	  	 	16-42551	 
	 	17.	 	  	Century Mineral Resources, Inc.	  	 	16-42567	 
	 	18.	 	  	Coal Reserve Holding Limited Liability Company No. 1	  	 	16-42543	 
	 	19.	 	  	COALSALES II, LLC	  	 	16-42570	 
	 	20.	 	  	Colorado Yampa Coal Company, LLC	  	 	16-42560	 
	 	21.	 	  	Conservancy Resources, LLC	  	 	16-42564	 
	 	22.	 	  	Cottonwood Land Company	  	 	16-42572	 
	 	23.	 	  	Cyprus Creek Land Company	  	 	16-42534	 
	 	24.	 	  	Cyprus Creek Land Resources LLC	  	 	16-42602	 
	 	25.	 	  	Dyson Creek Coal Company, LLC	  	 	16-42612	 
	 	26.	 	  	Dyson Creek Mining Company, LLC	  	 	16-42621	 
	 	27.	 	  	El Segundo Coal Company, LLC	  	 	16-42691	 
	 	28.	 	  	Empire Land Holdings, LLC	  	 	16-42692	 
	 	29.	 	  	Falcon Coal Company, LLC	  	 	16-42547	 
	 	30.	 	  	Four Star Holdings, LLC	  	 	16-42556	 
	 	31.	 	  	Francisco Equipment Company, LLC	  	 	16-42568	 
	 	32.	 	  	Francisco Land Holdings Company, LLC	  	 	16-42580	 
	 	33.	 	  	Francisco Mining, LLC	  	 	16-42591	 
	 	34.	 	  	Gallo Finance Company, LLC	  	 	16-42586	 
	 	35.	 	  	Gold Fields Chile, LLC	  	 	16-42548	 
	 	36.	 	  	Gold Fields Mining, LLC	  	 	16-42561	 
	 	37.	 	  	Gold Fields Ortiz, LLC	  	 	16-42578	 
	 	38.	 	  	Hayden Gulch Terminal, LLC	  	 	16-42583	 
	 	39.	 	  	Highwall Mining Services Company	  	 	16-42588	 
	 	40.	 	  	Hillside Recreational Lands, LLC	  	 	16-42594	 
	 	41.	 	  	HMC Mining, LLC	  	 	16-42566	 
	 	42.	 	  	Illinois Land Holdings, LLC	  	 	16-42599	 
	 	43.	 	  	Independence Material Handling, LLC	  	 	16-42606	 
	 	44.	 	  	James River Coal Terminal, LLC	  	 	16-42569	 
	 	45.	 	  	Juniper Coal Company, LLC	  	 	16-42577	 
	 	46.	 	  	Kayenta Mobile Home Park, Inc.	  	 	16-42607	 
	 	47.	 	  	Kentucky Syngas, LLC	  	 	16-42618	 
	 	48.	 	  	Kentucky United Coal, LLC	  	 	16-42573	 

  
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	 	  	 Debtor’s Name
	  	
Debtor’s Case No.
	 
	49.	  	Lively Grove Energy, LLC	  	 	16-42595	 
	50.	  	Marigold Electricity, LLC	  	 	16-42628	 
	51.	  	Midco Supply and Equipment Corporation	  	 	16-42585	 
	52.	  	Midwest Coal Acquisition Corp.	  	 	16-42576	 
	53.	  	Midwest Coal Reserves of Illinois, LLC	  	 	16-42597	 
	54.	  	Midwest Coal Reserves of Indiana, LLC	  	 	16-42611	 
	55.	  	Midwest Coal Reserves of Kentucky, LLC	  	 	16-42620	 
	56.	  	Moffat County Mining, LLC	  	 	16-42636	 
	57.	  	Mustang Energy Company, LLC	  	 	16-42657	 
	58.	  	New Mexico Coal Resources, LLC	  	 	16-42647	 
	59.	  	NM Equipment Company, LLC	  	 	16-42582	 
	60.	  	Pacific Export Resources, LLC	  	 	16-42598	 
	61.	  	Peabody America, LLC	  	 	16-42609	 
	62.	  	Peabody Archveyor, L.L.C.	  	 	16-42623	 
	63.	  	Peabody Arclar Mining, LLC	  	 	16-42545	 
	64.	  	Peabody Asset Holdings, LLC	  	 	16-42555	 
	65.	  	Peabody Bear Run Mining, LLC	  	 	16-42565	 
	66.	  	Peabody Bear Run Services, LLC	  	 	16-42574	 
	67.	  	Peabody Caballo Mining, LLC	  	 	16-42533	 
	68.	  	Peabody Cardinal Gasification, LLC	  	 	16-42542	 
	69.	  	Peabody China, LLC	  	 	16-42552	 
	70.	  	Peabody Coalsales, LLC	  	 	16-42539	 
	71.	  	Peabody COALTRADE International (CTI), LLC	  	 	16-42590	 
	72.	  	Peabody COALTRADE, LLC	  	 	16-42575	 
	73.	  	Peabody Colorado Operations, LLC	  	 	16-42563	 
	74.	  	Peabody Colorado Services, LLC	  	 	16-42531	 
	75.	  	Peabody Coulterville Mining, LLC	  	 	16-42550	 
	76.	  	Peabody Development Company, LLC	  	 	16-42558	 
	77.	  	Peabody Electricity, LLC	  	 	16-42532	 
	78.	  	Peabody Employment Services, LLC	  	 	16-42538	 
	79.	  	Peabody Energy Generation Holding Company	  	 	16-42656	 
	80.	  	Peabody Energy Investments, Inc.	  	 	16-42642	 
	81.	  	Peabody Energy Solutions, Inc.	  	 	16-42632	 
	82.	  	Peabody Gateway North Mining, LLC	  	 	16-42624	 
	83.	  	Peabody Gateway Services, LLC	  	 	16-42581	 
	84.	  	Peabody Holding Company, LLC	  	 	16-42592	 
	85.	  	Peabody Holdings (Gibraltar) Limited	  	 	16-42604	 
	86.	  	Peabody IC Funding Corporation	  	 	16-42615	 
	87.	  	Peabody IC Holdings, LLC	  	 	16-42601	 
	88.	  	Peabody Illinois Services, LLC	  	 	16-42610	 
	89.	  	Peabody Indiana Services, LLC	  	 	16-42619	 
	90.	  	Peabody International Investments, Inc.	  	 	16-42536	 
	91.	  	Peabody International Services, Inc.	  	 	16-42541	 
	92.	  	Peabody Investments Corp.	  	 	16-42549	 
	93.	  	Peabody Magnolia Grove Holdings, LLC	  	 	16-42587	 
	94.	  	Peabody Midwest Management Services, LLC	  	 	16-42593	 
	95.	  	Peabody Midwest Mining, LLC	  	 	16-42667	 
	96.	  	Peabody Midwest Operations, LLC	  	 	16-42660	 
	97.	  	Peabody Midwest Services, LLC	  	 	16-42608	 
	98.	  	Peabody Mongolia, LLC	  	 	16-42617	 

  
 -13- 

									
	 	 	  	 Debtor’s Name
	  	
Debtor’s Case No.
	 
	 	99.	 	  	Peabody Natural Gas, LLC	  	 	16-42626	 
	 	100.	 	  	Peabody Natural Resources Company	  	 	16-42634	 
	 	101.	 	  	Peabody New Mexico Services, LLC	  	 	16-42646	 
	 	102.	 	  	Peabody Operations Holding, LLC	  	 	16-42678	 
	 	103.	 	  	Peabody Powder River Mining, LLC	  	 	16-42666	 
	 	104.	 	  	Peabody Powder River Operations, LLC	  	 	16-42676	 
	 	105.	 	  	Peabody Powder River Services, LLC	  	 	16-42613	 
	 	106.	 	  	Peabody PowerTree Investments, LLC	  	 	16-42596	 
	 	107.	 	  	Peabody Recreational Lands, L.L.C.	  	 	16-42605	 
	 	108.	 	  	Peabody Rocky Mountain Management Services, LLC	  	 	16-42603	 
	 	109.	 	  	Peabody Rocky Mountain Services, LLC	  	 	16-42616	 
	 	110.	 	  	Peabody Sage Creek Mining, LLC	  	 	16-42625	 
	 	111.	 	  	Peabody School Creek Mining, LLC	  	 	16-42633	 
	 	112.	 	  	Peabody Services Holdings, LLC	  	 	16-42645	 
	 	113.	 	  	Peabody Southwest, LLC	  	 	16-42631	 
	 	114.	 	  	Peabody Southwestern Coal Company, LLC	  	 	16-42641	 
	 	115.	 	  	Peabody Terminal Holding Company, LLC	  	 	16-42650	 
	 	116.	 	  	Peabody Terminals, LLC	  	 	16-42614	 
	 	117.	 	  	Peabody Trout Creek Reservoir LLC	  	 	16-42622	 
	 	118.	 	  	Peabody Twentymile Mining, LLC	  	 	16-42627	 
	 	119.	 	  	Peabody Venezuela Coal Corp.	  	 	16-42651	 
	 	120.	 	  	Peabody Venture Fund, LLC	  	 	16-42637	 
	 	121.	 	  	Peabody-Waterside Development, L.L.C.	  	 	16-42662	 
	 	122.	 	  	Peabody Western Coal Company	  	 	16-42644	 
	 	123.	 	  	Peabody Wild Boar Mining, LLC	  	 	16-42672	 
	 	124.	 	  	Peabody Wild Boar Services, LLC	  	 	16-42677	 
	 	125.	 	  	Peabody Williams Fork Mining, LLC	  	 	16-42630	 
	 	126.	 	  	Peabody Wyoming Gas, LLC	  	 	16-42640	 
	 	127.	 	  	Peabody Wyoming Services, LLC	  	 	16-42653	 
	 	128.	 	  	PEC Equipment Company, LLC	  	 	16-42673	 
	 	129.	 	  	PG INVESTMENTS SIX, L.L.C.	  	 	16-42638	 
	 	130.	 	  	Point Pleasant Dock Company, LLC	  	 	16-42655	 
	 	131.	 	  	Pond River Land Company	  	 	16-42629	 
	 	132.	 	  	Porcupine Production, LLC	  	 	16-42648	 
	 	133.	 	  	Porcupine Transportation, LLC	  	 	16-42665	 
	 	134.	 	  	Riverview Terminal Company	  	 	16-42664	 
	 	135.	 	  	Sage Creek Holdings, LLC	  	 	16-42670	 
	 	136.	 	  	Sage Creek Land & Reserves, LLC	  	 	16-42635	 
	 	137.	 	  	School Creek Coal Resources, LLC	  	 	16-42643	 
	 	138.	 	  	Seneca Coal Company, LLC	  	 	16-42652	 
	 	139.	 	  	Seneca Property, LLC	  	 	16-42659	 
	 	140.	 	  	Shoshone Coal Corporation	  	 	16-42668	 
	 	141.	 	  	Southwest Coal Holdings, LLC	  	 	16-42674	 
	 	142.	 	  	Star Lake Energy Company, L.L.C.	  	 	16-42639	 
	 	143.	 	  	Sugar Camp Properties, LLC	  	 	16-42649	 
	 	144.	 	  	Thoroughbred Generating Company, L.L.C.	  	 	16-42679	 
	 	145.	 	  	Thoroughbred Mining Company LLC.	  	 	16-42680	 
	 	146.	 	  	Twentymile Coal, LLC	  	 	16-42669	 
	 	147.	 	  	Twentymile Equipment Company, LLC	  	 	16-42675	 
	 	148.	 	  	Twentymile Holdings, LLC	  	 	16-42654	 

  
 -14- 

							
	 	  	 Debtor’s Name
	  	
Debtor’s Case No.
	 
	149.	  	United Minerals Company, LLC	  	 	16-42663	 
	150.	  	West Roundup Resources, LLC	  	 	16-42671	 
	151.	  	Wild Boar Equipment Company, LLC	  	 	16-42658	 
	152.	  	Wild Boar Land Holdings Company, LLC	  	 	16-42661	 

  
 -15- 

 Schedule 2 – List of Affiliated Non-Debtors 

 

					
	 Peabody Entity

		
	 	1.	 	  	Peabody Acquisition Co. No. 5 Pty Ltd
		
	 	2.	 	  	Peabody Australia Intermediate Pty Ltd
		
	 	3.	 	  	Peabody Energy Australia Pty Ltd
		
	 	4.	 	  	Peabody MCC Holdco Pty Ltd
		
	 	5.	 	  	Peabody Acquisition Co. No. 2 Pty Ltd
		
	 	6.	 	  	Peabody Acquisition Coöperatie U.A. The Netherlands
		
	 	7.	 	  	Peabody AMBV2 B.V. The Netherlands
		
	 	8.	 	  	PEAMCoal Holdings Pty Ltd
		
	 	9.	 	  	PEAMCoal Pty Ltd
		
	 	10.	 	  	Peabody Energy Australia PCI Pty Ltd
		
	 	11.	 	  	Peabody Olive Downs Pty Ltd
		
	 	12.	 	  	Peabody Capricorn Pty Ltd
		
	 	13.	 	  	Peabody West Burton Pty Ltd
		
	 	14.	 	  	Peabody BB Interests Pty Ltd
		
	 	15.	 	  	Peabody Moorvale West Pty Ltd
		
	 	16.	 	  	Peabody West Walker Pty Ltd
		
	 	17.	 	  	Peabody West Rolleston Pty Ltd
		
	 	18.	 	  	Peabody Custom Mining Pty Ltd
		
	 	19.	 	  	Peabody Energy Australia PCI Equipment Pty Ltd
		
	 	20.	 	  	Peabody Energy Australia PCI Mine Management Pty Ltd
		
	 	21.	 	  	Peabody Moorvale Pty Ltd
		
	 	22.	 	  	Peabody Coppabella Pty Ltd

  
 -16- 

			
	 Peabody Entity

		
	23.	  	Peabody Energy Australia PCI Rush Pty Ltd
		
	24.	  	Peabody Budjero Holdings Pty Ltd
		
	25.	  	Peabody Budjero Pty Ltd
		
	26.	  	Peabody Energy Australia PCI (Berrigurra) Pty Ltd
		
	27.	  	Peabody Australia Mining Pty Ltd
		
	28.	  	Peabody Energy Australia Coal Pty Ltd
		
	29.	  	Peabody COALSALES Australia Pty Ltd
		
	30.	  	Peabody COALTRADE Australia Pty Ltd
		
	31.	  	Peabody Pastoral Holdings Pty Ltd
		
	32.	  	Peabody (Kogan Creek) Pty Ltd
		
	33.	  	Peabody (Wilkie Creek) Pty Ltd
		
	34.	  	Peabody CHPP Pty Ltd
		
	35.	  	Peabody (Bowen) Pty Ltd
		
	36.	  	North Goonyella Coal Mines Pty Ltd
		
	37.	  	Peabody (Burton Coal) Pty Ltd
		
	38.	  	Burton Coal Pty Ltd
		
	39.	  	Millennium Coal Pty Ltd
		
	40.	  	Wilpinjong Pty Ltd
		
	41.	  	Excel Equities International Pty Ltd
		
	42.	  	Wambo Coal Pty Ltd
		
	43.	  	North Wambo Pty Ltd
		
	44.	  	Wambo Coal Terminal Pty Ltd
		
	45.	  	Wambo Open Cut Pty Ltd

  
 -17- 

			
	 Peabody Entity

		
	46.	  	Peabody Coaltrade Asia Private Ltd
		
	47.	  	Peabody Global Services Pte. Ltd – Singapore
		
	48.	  	Peabody Investment & Development Business Services Beijing Co., Ltd – China
		
	49.	  	Peabody COALSALES Pacific Pty Ltd

  
 -18-EX-4.1

 Exhibit 4.1 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT
REQUIRED UNDER SUCH ACT OR UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SUCH ACT. 
  

			
	WARRANT NO. 2017-[    ]	  	NUMBER OF SHARES: [    ]
	DATE OF ISSUANCE: March [    ], 2017	  	(subject to adjustment hereunder)
	EXPIRATION DATE: March [    ], 2020	  	

 WARRANT TO PURCHASE SHARES 

OF COMMON STOCK OF 
 AERPIO
PHARMACEUTICALS, INC. 
 This Warrant is issued to [    ], or its registered assigns (including any successors or
assigns, the “Warrantholder”), in connection with that certain Subscription Agreement, dated as of March [    ], 2017, by and among Aerpio Pharmaceuticals, Inc. (f/k/a Zeta Acquisition Corp. II), a
Delaware corporation (the “Company”), and each of those persons and entities listed as a Purchaser on Annex A thereto (the “Purchase Agreement”). 

1. EXERCISE OF WARRANT. 
 (a)
Number and Exercise Price of Warrant Shares; Expiration Date. Subject to the terms and conditions set forth herein and set forth in the Purchase Agreement, the Warrantholder is entitled to purchase from the Company up to
[    ] shares of the Company’s Common Stock, $0.0001 par value per share (the “Common Stock”) (as adjusted from time to time pursuant to the provisions of this Warrant) (the “Warrant
Shares”), at a purchase price of $5.00 per share (the “Exercise Price”), on or before 5:00 p.m. New York City time on March [    ], 2020 (the “Expiration Date”) (subject to earlier
termination of this Warrant as set forth herein). 
 (b) Method of Exercise. While this Warrant remains outstanding and exercisable
in accordance with Section 1(a) above, the Warrantholder may exercise this Warrant in accordance with Section 5 herein, by either: 

(1) wire transfer to the Company or cashier’s check drawn on a United States bank made payable to the order of the Company, or 

(2) exercising of the right to credit the Exercise Price against the Fair Market Value of the Warrant Shares (as defined below) at the time of
exercise (the “Net Exercise”) pursuant to Section 1(c). 
  

 Notwithstanding anything herein to the contrary, the Warrantholder shall not be required to
physically surrender this Warrant to the Company until the Warrantholder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Warrantholder shall surrender this Warrant to the
Company for cancellation within three (3) trading days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Warrantholder and the Company shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases. 
 (c) Net Exercise. If the Company shall receive written notice
from the Warrantholder at the time of exercise of this Warrant that the holder elects to Net Exercise the Warrant, the Company shall deliver to such Warrantholder (without payment by the Warrantholder of any exercise price in cash) that number of
Warrant Shares computed using the following formula:  
  
 

 
 Where 
  

			
	X =	  	The number of Warrant Shares to be issued to the Warrantholder.
		
	Y =	  	The number of Warrant Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being cancelled (at the date of such calculation).
		
	A =	  	The Fair Market Value of one (1) share of Common Stock on the trading date immediately preceding the date on which Warrantholder elects to exercise this Warrant.
		
	B =	  	The Exercise Price (as adjusted hereunder).

 The “Fair Market Value” of one share of Common Stock shall mean (x) the last reported
sale price and, if there are no sales, the last reported bid price, of the Common Stock on the business day prior to the date of exercise on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg Financial
Markets (or a comparable reporting service of national reputation selected by the Company and reasonably acceptable to the holder if Bloomberg Financial Markets is not then reporting sales prices of the Common Stock) (collectively,
“Bloomberg”), (y) if the foregoing does not apply, the last sales price of the Common Stock in the over-the-counter market on the pink sheets or
bulletin board for such security as reported by Bloomberg, and, if there are no sales, the last reported bid price of the Common Stock as reported by Bloomberg or, (z) if fair market value cannot be calculated as of such date on either of the
foregoing bases, the price determined in good faith by the Company’s Board of Directors. 

  
 -2- 

 “OTC Markets” shall mean either OTC QX or OTC QB of the OTC Markets Group, Inc.

 “Trading Market” shall mean any of the following markets or exchanges on which the Common Stock is listed or quoted for
trading on the date in question: the NYSE MKT, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market, the New York Stock Exchange or the OTC Markets (or any successors to any of the foregoing). 

(d) Deemed Exercise. In the event that immediately prior to the close of business on the Expiration Date, the Fair Market Value of one
share of Common Stock (as determined in accordance with Section 1(c) above) is greater than the then applicable Exercise Price, this Warrant shall be deemed to be automatically exercised on a net exercise issue basis pursuant to
Section 1(c) above, and the Company shall deliver the applicable number of Warrant Shares to the Warrantholder pursuant to the provisions of Section 1(c) above and this Section 1(d). 

2. CERTAIN ADJUSTMENTS. 
 (a)
Adjustment of Number of Warrant Shares and Exercise Price. The number and kind of Warrant Shares purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

(1) Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the Date of Issuance but prior to the
Expiration Date subdivide its shares of capital stock of the same class as the Warrant Shares, by split-up or otherwise, or combine such shares of capital stock, or issue additional shares of capital stock as
a dividend with respect to any shares of such capital stock, the number of Warrant Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately
decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the total number of Warrant Shares purchasable under this Warrant (as adjusted)
shall remain the same. Any adjustment under this Section 2(a)(1) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no
record date is fixed, upon the making of such dividend. 
 (2) Reclassification, Reorganizations and Consolidation. In case of any
reclassification, capital reorganization or change in the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 2(a)(1) above) that occurs after the Date of Issuance,
then, as a condition of such reclassification, reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Warrantholder, so that the
Warrantholder shall thereafter have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and/or other securities
or property (including, if applicable, cash) receivable in connection with such reclassification, reorganization or change by a holder of the same number and type of securities as were purchasable as Warrant Shares by the Warrantholders immediately
prior to such reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the 

  
 -3- 

 
Warrantholder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate
adjustments shall be made to the Exercise Price payable hereunder, provided the aggregate Exercise Price shall remain the same (and, for the avoidance of doubt, this Warrant shall be exclusively exercisable for such shares of stock and/or other
securities or property from and after the consummation of such reclassification or other change in the capital stock of the Company). 
 (b)
Notice to Warrantholder. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any
granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Change of Control or
(iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Warrantholder a notice of such transaction at least ten (10) business days prior to the applicable
record or effective date on which a person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the
validity of the corporate action required to be described in such notice. 
 (c) Calculations. All calculations under this
Section 2 shall be made to the nearest cent or the nearest whole share, as the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 

(d) Treatment of Warrant upon a Change of Control.

(1) If, at any time while this Warrant is outstanding, the Company consummates a Change of Control, then a holder shall have the right
thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Change of Control if it had been, immediately prior to such Change
of Control, a holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate Consideration”). The Company shall use commercially reasonable efforts to cause any successor to the Company,
surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or entity to assume the obligation to deliver to the holder, such Alternate Consideration as, in accordance with the foregoing
provisions, the holder may be entitled to purchase, and the other obligations under this Warrant. 
 (2) As used in this Warrant, a
“Change of Control” shall mean (i) a merger or consolidation of the Company with another corporation (other than a merger effected exclusively for the purpose of changing the domicile of the Company), (ii) the sale, assignment,
transfer, conveyance or other disposal of all or substantially all of the properties or assets or all or a majority of the outstanding voting shares of capital stock of the Company, (iii) a purchase, tender or exchange offer accepted by the
holders of a majority of the outstanding voting shares of capital stock of the Company, or (iv) a “person” or “group” (as these terms are used for purposes of Section 13(d) and 14(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange  

  
 -4- 

 
Act”)) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly at least a
majority of the voting power of the capital stock of the Company; provided that the Merger (as defined in the Purchase Agreement) shall not be deemed to be a Change of Control for purposes of this Warrant; and provided further, that a transaction in
which the Company is issuing securities primarily for the purpose of raising capital shall not be deemed to be a Change of Control for purposes of this Warrant. 

3. NO FRACTIONAL SHARES. No fractional Warrant Shares or scrip representing fractional shares will be issued upon exercise of this Warrant. In
lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Fair Market Value of one Warrant Share. 

4. NO STOCKHOLDER RIGHTS. Until the exercise of this Warrant or any portion of this Warrant, the Warrantholder shall not have, nor exercise,
any rights as a stockholder of the Company (including without limitation the right to notification of stockholder meetings or the right to receive any notice or other communication concerning the business and affairs of the Company) except as
provided in Section 8 below. 
 5. MECHANICS OF EXERCISE. 

(a) Delivery of Warrant Shares Upon Exercise. This Warrant may be exercised by the holder hereof, in whole or in part, by delivering to
the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Warrantholder at the address of the Warrantholder appearing on the books of the Company) of a duly completed and executed copy of
the Notice of Exercise in the form attached hereto as Exhibit A by facsimile or e-mail attachment and paying the Exercise Price (unless the Warrantholder has elected to Net Exercise) then in effect with
respect to the number of Warrant Shares as to which the Warrant is being exercised. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of the delivery to the Company of the Notice of Exercise
as provided above, and the person entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the holder of such shares of record as of the close of business on such date. Warrant Shares purchased
hereunder shall be transmitted by the Company’s transfer agent to the holder by crediting the account of the holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the holder or
(B) the shares are eligible for resale by the holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery to the
address specified by the holder in the Notice of Exercise by the end of the day (such date, the “Warrant Share Delivery Date”) on the date that is three (3) trading days from the delivery to the Company of the Notice of
Exercise and payment of the aggregate Exercise Price (unless exercised by means of a cashless exercise pursuant to Section 1(c)). The Warrant Shares shall be deemed to have been issued, and the holder or any other person so designated to be
named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by Net Exercise) and all taxes required to be paid
by the holder, if any, prior to the issuance of such shares, having been paid. 

  
 -5- 

 (b) Rescission Rights. If the Company fails to cause the transfer agent to transmit to the
Warrantholder the Warrant Shares pursuant to Section 5(a) by the Warrant Share Delivery Date, then the Warrantholder will have the right to rescind such exercise. 

(c) Warrantholder’s Exercise Limitations. A holder shall not have the right to exercise this Warrant, pursuant to
Section 1 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the holder (together with the holder’s affiliates, and any other persons
acting as a group together with the holder or any of the holder’s affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the aggregate number of
shares of Common Stock beneficially owned by the holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the holder or any of its affiliates and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this section, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder, it being acknowledged by the holder that the Company is not representing to the holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the holder is solely
responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 5(c) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the holder together with any affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the holder, and the submission of a Notice of Exercise shall be deemed to be the holder’s determination of
whether this Warrant is exercisable (in relation to other securities owned by the holder together with any affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercise of the Warrant that are not in compliance with the Beneficial Ownership Limitation. In addition, a determination as to any
group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 5(c), in determining the number of outstanding
shares of Common Stock, a holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the U.S. Securities and Exchange Commission, as the case may
be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request
of a holder, the Company shall within two (2) trading days confirm in writing to the holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the holder or its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial 

  
 -6- 

 
Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in strict conformity with the terms
of this Section 5(c) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

6. CERTIFICATE OF ADJUSTMENT. Whenever the Exercise Price or number or type of securities issuable upon exercise of this Warrant is adjusted,
as herein provided, the Company shall, at its expense, promptly deliver to the Warrantholder a certificate of an officer of the Company setting forth the nature of such adjustment and showing in detail the facts upon which such adjustment is based.

 7. COMPLIANCE WITH SECURITIES LAWS. 

(a) The Warrantholder understands that this Warrant and the Warrant Shares are characterized as “restricted securities” under the
federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations this Warrant and the Warrant Shares may be resold without registration
under the Securities Act only in certain limited circumstances. In this connection, the Warrantholder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act. The Warrantholder represents, covenants and agrees that as of the date hereof, it is, and on each date on which it exercises the Warrants it will be, an “accredited investor” as defined in Rule 501(a)
under the Securities Act. 
 (b) Prior and as a condition to the sale or transfer of the Warrant Shares issuable upon exercise of this
Warrant, the Warrantholder shall furnish to the Company such certificates, representations, agreements and other information, including an opinion of counsel, as the Company or the Company’s transfer agent reasonably may require to confirm that
such sale or transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, unless such Warrant Shares are being sold or transferred pursuant to an effective
registration statement. 
 (c) The Warrantholder acknowledges that the Company may place a restrictive legend on the Warrant Shares issuable
upon exercise of this Warrant in order to comply with applicable securities laws, in substantially the following form and substance, unless such Warrant Shares are otherwise freely tradable under Rule 144 of the Securities Act or pursuant to an
effective registration statement: 
 “THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN 

  
 -7- 

 
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION WHICH IS EXEMPT FROM, OR NOT SUBJECT TO,
SUCH REGISTRATION, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 
 8. REPLACEMENT OF
WARRANTS. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation of such Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. 

9. NO IMPAIRMENT. Except to the extent as may be waived by the holder of this Warrant, the Company will not, by amendment of its charter or
through a Change of Control, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment. 

10. TRADING DAYS. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be
other than a day on which the Common Stock is traded on the Trading Market, then such action may be taken or such right may be exercised on the next succeeding day on which the Common Stock is so traded. 

11. TRANSFERS; EXCHANGES. 
 (a)
Subject to compliance with applicable federal and state securities laws and Section 7 hereof, this Warrant may be transferred by the Warrantholder to any Affiliate (as defined below) with respect to any or all of the
Warrant Shares purchasable hereunder (a “Permitted Transfer”). For a transfer of this Warrant as an entirety by the Warrantholder, upon surrender of this Warrant to the Company, together with the Notice of Assignment in the form
attached hereto as Exhibit B duly completed and executed on behalf of the Warrantholder, the Company shall issue a new Warrant of the same denomination to the assignee. For a transfer of this Warrant with respect to a portion of the Warrant
Shares purchasable hereunder, upon 

  
 -8- 

 
surrender of this Warrant to the Company, together with the Notice of Assignment in the form attached hereto as Exhibit B duly completed and executed on behalf of the Warrantholder, the
Company shall issue a new Warrant to the assignee, in such denomination as shall be requested by the Warrantholder, and shall issue to the Warrantholder a new Warrant covering the number of shares in respect of which this Warrant shall not have been
transferred. The term “Affiliate” as used herein means, with respect to any person, any other person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such
person, and any officers, employees or partners of the Warrantholder. 
 (b) Upon any Permitted Transfer, this Warrant is exchangeable,
without expense, at the option of the Warrantholder, upon presentation and surrender hereof to the Company for other warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number of shares of Common
Stock purchasable hereunder. This Warrant may be divided or combined with other warrants that carry the same rights upon presentation hereof at the principal office of the Company together with a written notice specifying the denominations in which
new warrants are to be issued to the Warrantholder and signed by the Warrantholder hereof. The term “Warrants” as used herein includes any warrants into which this Warrant may be divided or exchanged. 

12. VALID ISSUANCE; AUTHORIZED SHARES. The Company hereby represents, covenants and agrees that: (i) this Warrant is duly authorized and
validly issued;: (ii) the issuance of this Warrant shall constitute full authority to the Company’s officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant;
(iii) all Warrant Shares issuable upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith shall be, upon issuance, and the Company shall take all such reasonable actions as may
be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid and non-assessable, free and clear of all taxes, liens and charges created by the Company in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue); (iv) the Company shall take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be quoted or listed; (v) during the period the Warrant is outstanding, the Company shall reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant; and (vi) the Company shall use its reasonable efforts to cause the Warrant
Shares, immediately upon such exercise, to be listed on the Trading Market which shares of Common Stock or other securities constituting Warrant Shares are quoted or listed at the time of such exercise. 

13. MISCELLANEOUS. 
 (a) This
Agreement shall be governed by and construed in accordance with the laws of the United States of America and the State of New York, both substantive and remedial, without regard to New York conflicts of law principles. Any judicial proceeding
brought under this Agreement or any dispute arising out of this Agreement or any matter related hereto shall be brought in the courts of the State of New York, New York County, or in the United States District Court for the Southern District of New
York. 

  
 -9- 

 (b) All notices, requests, consents and other communications hereunder shall be in writing, shall
be sent by confirmed facsimile or electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of facsimile or
electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows: (a) if to the Company, at 9987 Carver Road, Suite 420, Cincinnati, OH 45242, Attention: Joseph Gardner, Chief Executive Officer,
Facsimile: 513-985-0999, Email: jgardner@aerpio.com; with a copy to (which shall not constitute notice) Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210, Attention: Kingsley Taft and Danielle Lauzon, Esq., Facsimile: 617-801-8775, E-Mail:ktaft@goodwinlaw.com and dlauzon@goodwinlaw.com; and (b) if to the Warrantholder, at such address or addresses (including copies to counsel) as may have been furnished by the Warrantholder to the Company
in writing. 
 (c) The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any
other provisions. 
 [Signature Page Follows] 

  
 -10- 

 IN WITNESS WHEREOF, this Common Stock Purchase Warrant is issued effective as of the date first
set forth above. 
  

			
	AERPIO PHARMACEUTICALS, INC.
		
	By:	 	  

	Name:	 	Joseph Gardner
	Title:	 	Chief Executive Officer

 [Signature Page to Warrant
No. 2017-[        ]] 

  

 EXHIBIT A 

NOTICE OF EXERCISE 
 (To be signed
only upon exercise of Warrant) 
 To: Aerpio Pharmaceuticals, Inc. 

The undersigned, the Warrantholder of the attached Warrant, hereby irrevocably elects to exercise the purchase right represented by such
Warrant for, and to purchase thereunder,
                                        
(                    ) shares of Common Stock of Aerpio Pharmaceuticals, Inc. and (choose one) 

                     herewith makes
payment of
                                        
Dollars ($                    ) thereof 

or 

                     elects to Net
Exercise the Warrant pursuant to Section 1(b)(2) thereof. 
 The undersigned requests that the certificates or book entry position
evidencing the shares to be acquired pursuant to such exercise be issued in the name of, and delivered to
                                         
               , whose address is
                                         
                                         
                                         
                                         
                            . 

By its signature below the undersigned hereby represents and warrants that it is an “accredited investor” as defined in Rule 501(a)
of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the attached Warrant as of the date hereof, including Section 7 thereof. 

DATED:                       

 

	
	(Signature must conform in all respects to name of the Warrantholder as specified on the face of the
	Warrant)
	
	  

	[                ]
	Address:                                     
                                   
	
	 
	
	 

 EXHIBIT B 

NOTICE OF ASSIGNMENT FORM 
 FOR
VALUE RECEIVED, [                ] (the “Assignor”) hereby sells, assigns and transfers all of the rights of the undersigned Assignor under the
attached Warrant with respect to the number of shares of common stock of Aerpio Pharmaceuticals, Inc. (the “Company”) covered thereby set forth below, to the following “Assignee” and, in connection with such
transfer, represents and warrants to the Company that the transfer is in compliance with Section 7 of the Warrant and applicable federal and state securities laws: 

 

							
	NAME OF ASSIGNEE	  		  	ADDRESS/FAX NUMBER
				
	Number of shares:                    	 		  		  	
				
	Dated:                    	 		  	Signature:	  	  

				
		 		  	Witness:	  	  

 ASSIGNEE ACKNOWLEDGMENT 

The undersigned Assignee acknowledges that it has reviewed the attached Warrant and by its signature below it hereby represents and warrants
that it is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the Warrant as of the date hereof, including
Section 7 thereof. 
  

			
	Signature:	 	  

		
	By:	 	  

	Its:	 	  

  

	
	Address:

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