Document:

Stock Option Plan

 Exhibit 4.2 
  

HOPFED BANCORP, INC. 
 2000 STOCK
OPTION PLAN 
  

	 	1.	Purpose of the Plan. 

  
 The purpose of this Plan is to advance the interests of the Company through providing select key Employees and Directors of the Bank, the Company, and
their Affiliates with the opportunity to acquire Shares. By encouraging such stock ownership, the Company seeks to attract, retain and motivate the best available personnel for positions of substantial responsibility and to provide additional
incentives to Directors and key Employees of the Company or any Affiliate to promote the success of the business. 
  

	 	2.	Definitions. 

  
 As used herein, the following definitions shall apply. 
  
 (a) “Affiliate” shall mean any “parent corporation” or “subsidiary corporation” of the Company, as such terms are
defined in Section 424(e) and (f), respectively, of the Code. 
  
 (b) “Agreement” shall mean a written agreement entered into in accordance with Paragraph 5(c). 
  
 (c) “Bank” shall mean Hopkinsville Federal Savings Bank. 
  
 (d) “Board” shall mean the Board of Directors of the Company. 
  
 (e) “Change in Control” shall mean (1) a change in the
ownership, holding or power to vote more than 25% of the Bank’s or the Company’s voting stock, (2) a change in the ownership or possession of the ability to control the election of a majority of the Bank’s or the Company’s
directors, or (3) a change in the ownership or possession of the ability to exercise a controlling influence over the management or policies of the Bank or the Company by any person or by persons acting as a “group” (within the meaning of
Section 13(d) of the Securities Exchange Act of 1934) (except that, in the case of (1), (2) and (3) hereof), ownership or control of the Bank or its directors by the Company itself shall not constitute a change in control. The term
“person” means an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. The decision of
the Committee as to whether a Change in Control has occurred shall be conclusive and binding. 
  
 (f) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 (g) “Committee” shall mean the Stock Option Committee appointed by the Board in accordance with Paragraph 5(a) hereof; provided that the
Board may act in lieu of the Committee with respect to any matter as to which the Committee may act. 
  
 (h) “Common Stock” shall mean the common stock of the Company. 
  
 (i) “Company” shall mean HopFed Bancorp, Inc. 
  
 (j) “Continuous Service” shall mean the absence of any interruption or termination of service as an
Employee or Director of the Company or an Affiliate. Continuous Service shall not be considered interrupted in the case of sick leave, military leave or any other leave of absence approved by the Company, in the case of transfers between payroll
locations of the Company or between the Company, an Affiliate or a successor, or in the case of a Director’s performance of services in an emeritus or advisory capacity. 
  
 (k) “Director” shall mean any member of the Board, and any member of the board of directors of any
Affiliate that the Board has by resolution designated as being eligible for participation in this Plan. 
  

 (l) “Disability” shall mean a physical or mental condition, which in the sole and
absolute discretion of the Committee, is reasonably expected to be of indefinite duration and to substantially prevent a Participant from fulfilling his or her duties or responsibilities to the Company or an Affiliate. 
  
 (m) “Effective Date” shall mean the date specified in
Paragraph 12 hereof. 
  
 (n) “Employee” shall
mean any person employed by the Company, the Bank, or an Affiliate. 
  
 (o) “Exercise Price” shall mean the price per Optioned Share at which an Option may be exercised. 
  
 (p) “ISO” means an option to purchase Common Stock which meets the requirements set forth in the Plan, and which is intended to be and is
identified as an “incentive stock option” within the meaning of Section 422 of the Code. 
  
 (q) “Market Value” shall mean the fair market value of the Common Stock, as determined under Paragraph 7(b) hereof. 
  
 (r) “Non-Employee Director” shall have the meaning provided
in Rule 16b-3. 
  
 (s) “Non-ISO” means an option
to purchase Common Stock which meets the requirements set forth in the Plan but which is not intended to be and is not identified as an ISO. 
  
 (t) “Option” means an ISO and/or a Non-ISO. 
  
 (u) “Optioned Shares” shall mean Shares subject to an Option granted pursuant to this Plan. 
  
 (v) “Participant” shall mean any person who receives an
Option pursuant to the Plan. 
  
 (w) “Plan” shall
mean this HopFed Bancorp, Inc. 2000 Stock Option Plan. 
  
 (x)
“Rule 16b-3” shall mean Rule 16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended. 
  
 (y) “Share” shall mean one share of Common Stock. 
  
 (z) “Year of Service” shall mean a full 12-month period, measured from the date of an Option and each
annual anniversary of that date, during which a Participant has not terminated Continuous Service for any reason. 
  

	 	3.	Term of the Plan and Options. 

  
 (a) Term of the Plan. The Plan shall continue in effect for a term of 10 years from the Effective Date, unless sooner terminated pursuant to
Paragraph 14 hereof. No Option shall be granted under the Plan after ten years from the Effective Date. 
  
 (b) Term of Options. The term of each Option granted under the Plan shall be established by the Committee, but shall not exceed 10 years; provided,
however, that in the case of an Employee who owns Shares representing more than 10% of the outstanding Common Stock at the time an ISO is granted, the term of such ISO shall not exceed five years. 
  

	 	4.	Shares Subject to the Plan. 

  
 Except as otherwise required under Paragraph 9 hereof, the aggregate number of Shares deliverable pursuant to Options shall not exceed 40,000 Shares. Such
Shares may either be authorized but unissued Shares, Shares held in treasury, or Shares held in a grantor trust created by the Company. If any Options should expire, 

  

 
become unexercisable, or be forfeited for any reason without having been exercised, the Optioned Shares shall, unless the Plan shall have been terminated, be
available for the grant of additional Options under the Plan. 
  

	 	5.	Administration of the Plan. 

  
 (a) Composition of the Committee. The Plan shall be administered by the Committee, appointed by the Board, and consisting of at least two members
of the Board who are Non-Employee Directors. Members of the Committee shall serve at the pleasure of the Board. In the absence at any time of a duly appointed Committee, the Plan shall be administered by those members of the Board who are
Non-Employee Directors. 
  
 (b) Powers of the Committee.
Except as limited by the express provisions of the Plan or by resolutions adopted by the Board, the Committee shall have sole and complete authority and discretion (i) to select Participants and grant Options, (ii) to determine the form and content
of Options to be issued in the form of Agreements under the Plan, (iii) to interpret the Plan, (iv) to prescribe, amend and rescind rules and regulations relating to the Plan, and (v) to make other determinations necessary or advisable for the
administration of the Plan. The Committee shall have and may exercise such other power and authority as may be delegated to it by the Board from time to time. A majority of the entire Committee shall constitute a quorum and the action of a majority
of the members present at any meeting at which a quorum is present, or acts approved in writing by a majority of the Committee without a meeting, shall be deemed the action of the Committee. 
  
 (c) Agreement. Each Option shall be evidenced by a written agreement
containing such provisions as may be approved by the Committee. Each such Agreement shall constitute a binding contract between the Company and the Participant, and every Participant, upon acceptance of such Agreement, shall be bound by the terms
and restrictions of the Plan and of such Agreement. The terms of each such Agreement shall be in accordance with the Plan, but each Agreement may include such additional provisions and restrictions determined by the Committee, in its discretion,
provided that such additional provisions and restrictions are not inconsistent with the terms of the Plan. In particular, the Committee shall set forth in each Agreement (i) the Exercise Price of an Option, (ii) the number of Shares subject to, and
the expiration date of, the Option, (iii) the manner, time and rate (cumulative or otherwise) of exercise or vesting of such Option, and (iv) the restrictions, if any, to be placed upon such Option, or upon Shares which may be issued upon exercise
of such Option. 
  
 The Chairman of the Committee and such other
Directors and officers as shall be designated by the Committee are hereby authorized to execute Agreements on behalf of the Company and to cause them to be delivered to the recipients of the Options. 
  
 (d) Effect of the Committee’s Decisions. All decisions,
determinations and interpretations of the Committee shall be final and conclusive on all persons affected thereby. 
  
 (e) Indemnification. In addition to such other rights of indemnification as they may have, the members of the Committee shall be indemnified by the
Company in connection with any claim, action, suit or proceeding relating to any action taken or failure to act under or in connection with the Plan or any Option, granted hereunder to the full extent provided for under the Company’s governing
instruments with respect to the indemnification of Directors. 
  

	 	6.	Grant of Options. 

  
 (a) General Rule. The Committee shall have the discretion to make discretionary grants of Options to Employees and Directors (including members of
the Committee). In addition, the Committee shall automatically make the awards specified in Paragraph 6(b) hereof. 
  
 (b) Automatic Grants to Employees. On a date that the Committee selects in its discretion for initial grants, each of the following Employees shall
receive an Option to purchase the number of Shares listed below, at an Exercise Price per Share equal to the Market Value of a Share on the Effective Date; provided that such grant shall not be made to an Employee whose Continuous Service terminates
on or before the Effective Date: 
  

			
	 Participant

	  	Number of Shares

	 Peck
	  	40,000

  

 With respect to each of the above-named Participants, the Option granted to the Participant hereunder (i)
shall vest in accordance with the general rule set forth in Paragraph 8(a) of the Plan, (ii) shall have a term of ten years from the Effective Date, and (iii) shall be subject to the general rule set forth in Paragraph 8(c) with respect to the
effect of a Participant’s termination of Continuous Service on the Participant’s right to exercise his Options. 
  
 (c) Special Rules for ISOs. The aggregate Market Value, as of the date the Option is granted, of the Shares with respect to which ISOs are
exercisable for the first time by an Employee during any calendar year (under all incentive stock option plans, as defined in Section 422 of the Code, of the Company or any present or future Affiliate of the Company) shall not exceed $100,000.
Notwithstanding the foregoing, the Committee may grant Options in excess of the foregoing limitations, in which case such Options granted in excess of such limitation shall be Options which are Non-ISOs. 
  

	 	7.	Exercise Price for Options. 

  
 (a) Limits on Committee Discretion. The Exercise Price as to any particular Option shall not be less than 100% of the Market Value of the Optioned
Shares on the date of grant. In the case of an Employee who owns Shares representing more than 10% of the Company’s outstanding Shares of Common Stock at the time an ISO is granted, the Exercise Price shall not be less than 110% of the Market
Value of the Optioned Shares at the time the ISO is granted. 
  
 (b) Standards for Determining Exercise Price. If the Common Stock is listed on a national securities exchange (including the NASDAQ National Market System) on the date in question, then the Market Value per Share shall be the last
sale price on such exchange on such date, or if there were no sales on such date, then on the next prior business day on which there was a sale. If the Common Stock is traded otherwise than on a national securities exchange on the date in question,
then the Market Value per Share shall be the mean between the bid and asked price on such date, or, if there is no bid and asked price on such date, then on the next prior business day on which there was a bid and asked price. If no such sale price
or bid and asked price is reasonably available, then the Market Value per Share shall be its fair market value as determined by the Committee, in its sole and absolute discretion. 
  

	 	8.	Exercise of Options. 

  
 (a) Generally. The Committee may impose a vesting schedule in an Agreement granting an Option. Notwithstanding the foregoing, an Option shall
become fully (100%) exercisable immediately upon termination of the Participant’s Continuous Service due to (i) the Participant’s Disability, (ii) death, (iii) retirement at or after age 62, or (iv) upon a Change in Control. An Option may
not be exercised for a fractional Share. 
  
 (b) Procedure for
Exercise. A Participant may exercise an Option, subject to provisions relative to its termination and limitations on its exercise, only by (1) written notice of intent to exercise the Option with respect to a specified number of Shares, and (2)
payment to the Company (contemporaneously with delivery of such notice) in cash, in Common Stock, or a combination of cash and Common Stock, of the amount of the Exercise Price for the number of Shares with respect to which the Option is then being
exercised. Each such notice (and payment where required) shall be delivered, or mailed by prepaid registered or certified mail, addressed to the Treasurer of the Company at its executive offices. Common Stock utilized in full or partial payment of
the Exercise Price for Options shall be valued at its Market Value at the date of exercise, and may consist of Shares subject to the Option being exercised. 
  
 (c) Period of Exercisability. Except to the extent otherwise provided in the terms of an Agreement, an Option may be exercised by a Participant
only while he is an Employee and has maintained Continuous Service from the date of the grant of the Option, or within one year after termination of such Continuous Service (but not later than the date on which the Option would otherwise expire),
except if the Employee’s Continuous Service terminates by reason of – 
  
 (1) “Just Cause” which for purposes hereof shall have the meaning set forth in any unexpired employment or severance agreement
between the Participant and the Bank and/or the Company (and, in the absence of any such agreement, shall mean termination because of the Employee’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order), then the Participant’s rights to exercise such
Option shall expire on the date of such termination; 
  

 (2) death, then to the extent that the Participant would have been entitled to exercise
the Option immediately prior to his death, such Option of the deceased Participant may be exercised within two years from the date of his death (but not later than the date on which the Option would otherwise expire) by the personal representatives
of his estate or person or persons to whom his rights under such Option shall have passed by will or by laws of descent and distribution. 
  
 (d) Effect of the Committee’s Decisions. The Committee’s determination whether a Participant’s Continuous Service has ceased, and
the effective date thereof, shall be final and conclusive on all persons affected thereby. 
  
 (e) Mandatory Six-Month Holding Period. Notwithstanding any other provision of this Plan to the contrary, Common Stock that is purchased upon exercise of an Option may not be sold within the six-month period
following the grant date of that Option, except in the event of the Participant’s death or Disability, or such other event as the Board may specifically deem appropriate. 
  

	 	9.	Change in Control; Effect of Changes in Common Stock Subject to the Plan. 

  
 (a) Change in Control. Upon a Change in Control or, if earlier, the execution of an agreement to effect a Change in
Control, all Options shall become fully exercisable, notwithstanding any other provision of the Plan or any Agreement. 
  
 (b) Recapitalizations; Stock Splits, Etc. The number and kind of shares reserved for issuance under the Plan, and the number and kind of shares
subject to outstanding Options, and the Exercise Price thereof, shall be proportionately adjusted for any increase, decrease, change or exchange of Shares for a different number or kind of shares or other securities of the Company which results from
a merger, consolidation, recapitalization, reorganization, reclassification, stock dividend, split-up, combination of shares, or similar event in which the number or kind of shares is changed without the receipt or payment of consideration by the
Company. 
  
 (c) Transactions in which the Company is Not the
Surviving Entity. In the event of (i) the liquidation or dissolution of the Company, (ii) a merger or consolidation in which the Company is not the surviving entity, or (iii) the sale or disposition of all or substantially all of the
Company’s assets (any of the foregoing to be referred to herein as a “Transaction”), all outstanding Options, together with the Exercise Prices thereof, shall be equitably adjusted for any change or exchange of Shares for a different
number or kind of shares or other securities which results from the Transaction. 
  
 (d) Special Rule for ISOs. Any adjustment made pursuant to subparagraphs (a) or (b) hereof shall be made in such a manner as not to constitute a modification, within the meaning of Section 424(h) of the Code,
of outstanding ISOs. 
  
 (e) Conditions and Restrictions on
New, Additional, or Different Shares or Securities. If, by reason of any adjustment made pursuant to this Paragraph, a Participant becomes entitled to new, additional, or different shares of stock or securities, such new, additional, or
different shares of stock or securities shall thereupon be subject to all of the conditions and restrictions which were applicable to the Shares pursuant to the Option before the adjustment was made. 
  
 (f) Other Issuances. Except as expressly provided in this Paragraph,
the issuance by the Company or an Affiliate of shares of stock of any class, or of securities convertible into Shares or stock of another class, for cash or property or for labor or services either upon direct sale or upon the exercise of rights or
warrants to subscribe 

  

 
therefor, shall not affect, and no adjustment shall be made with respect to, the number, class, or Exercise Price of Shares then subject to Options or
reserved for issuance under the Plan. 
  

	 	10.	Non-Transferability of Options. 

  
 Options may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent and
distribution. Notwithstanding the foregoing, or any other provision of this Plan, a Participant who holds Options may transfer such Options (but not ISOs) to his or her spouse, lineal ascendants, lineal descendants, or to a duly established trust
for the benefit of one or more of these individuals. Options so transferred may thereafter be transferred only to the Participant who originally received the grant or to an individual or trust to whom the Participant could have initially transferred
the Options pursuant to this Paragraph 10. Options which are transferred pursuant to this Paragraph 10 shall be exercisable by the transferee according to the same terms and conditions as applied to the Participant. 
  

	 	11.	Time of Granting Options. 

  
 The date of grant of an Option shall, for all purposes, be the later of the date on which the Committee makes the determination of granting such Option,
and the Effective Date. Notice of the determination shall be given to each Participant to whom an Option is so granted within a reasonable time after the date of such grant. 
  

	 	12.	Effective Date; Stockholder Approval. 

  
 The Plan shall become effective immediately. Subject to the Plan’s approval by a favorable vote of stockholders owning at least a majority of the
total votes cast at a duly called meeting of the Company’s stockholders held in accordance with applicable laws, Options granted hereunder may be ISOs. If the Plan is not approved by the stockholders, Options granted hereunder shall not be
ISOs. 
  

	 	13.	Modification of Options. 

  
 At any time, and from time to time, the Board may authorize the Committee to direct execution of an instrument providing for the modification of any
outstanding Option, provided no such modification shall confer on the holder of said Option any right or benefit which could not be conferred on him by the grant of a new Option at such time, or impair the Option without the consent of the holder of
the Option. 
  

	 	14.	Amendment and Termination of the Plan. 

  
 The Board may from time to time amend the terms of the Plan and, with respect to any Shares at the time not subject to Options, suspend or terminate the
Plan. No amendment, suspension or termination of the Plan shall, without the consent of any affected holders of an Option, alter or impair any rights or obligations under any Option theretofore granted. 
  

	 	15.	Conditions Upon Issuance of Shares. 

  
 (a) Compliance with Securities Laws. Shares of Common Stock shall not be issued with respect to any Option unless the issuance and delivery of such
Shares shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, any applicable state securities law, and the requirements of any stock
exchange upon which the Shares may then be listed. 
  
 (b)
Special Circumstances. The inability of the Company to obtain approval from any regulatory body or authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder shall relieve the
Company of any liability in respect of the non-issuance or sale of such Shares. As a condition to the exercise of an Option, the Company may require the person exercising the Option to make such representations and warranties as may be necessary to
assure the availability of an exemption from the registration requirements of federal or state securities law. 
  

 (c) Committee Discretion. The Committee shall have the discretionary authority to impose in
Agreements such restrictions on Shares as it may deem appropriate or desirable, including but not limited to the authority to impose a right of first refusal, or to establish repurchase rights, or to pay an Optionee the in-the-money value of his
Option in consideration for its cancellation, or all of these restrictions. 
  

	 	16.	Reservation of Shares. 

  
 The Company, during the term of the Plan, will reserve and keep available a number of Shares sufficient to satisfy the requirements of the Plan.

  

	 	17.	Withholding Tax. 

  
 The Company’s obligation to deliver Shares upon exercise of Options shall be subject to the Participant’s satisfaction of all applicable
federal, state and local income and employment tax withholding obligations. The Committee, in its discretion, may permit the Participant to satisfy the obligation, in whole or in part, by irrevocably electing to have the Company withhold Shares, or
to deliver to the Company Shares that he already owns, having a value equal to the amount required to be withheld. The value of the Shares to be withheld, or delivered to the Company, shall be based on the Market Value of the Shares on the date the
amount of tax to be withheld is to be determined. As an alternative, the Company may retain, or sell without notice, a number of such Shares sufficient to cover the amount required to be withheld. 
  

	 	18.	No Employment or Other Rights. 

  
 In no event shall an Employee’s or Director’s eligibility to participate or participation in the Plan create or be deemed to create any legal or
equitable right of the Employee, Director, or any other party to continue service with the Company, the Bank, or any Affiliate of such corporations. Except to the extent provided in Paragraphs 6(b) and 9(a), no Employee or Director shall have a
right to be granted an Option or, having received an Option, the right to again be granted an Option. However, an Employee or Director who has been granted an Option may, if otherwise eligible, be granted an additional Option or Options. 

 

	 	19.	Governing Law. 

  
 The Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Kentucky, except to the extent that federal law shall be deemed to apply.Directors' Deferred Fee Plan

 Exhibit 10.53 
  
 CONSOL ENERGY INC. 
  
 DIRECTORS’ DEFERRED FEE PLAN 
  
 Effective as of July 20 , 2004 

 ARTICLE I 
  
 GENERAL 
  
 1.1 Purpose. This Plan is established and maintained by the Company to allow non-employee Directors to defer payment of all or a portion of their
annual Board Retainer Fees and/or Director Meeting Fees. 
  
 1.2
Definitions. Unless a different meaning is plainly implied by the context, the following terms as used in this Plan shall have the following meanings: 
  
 (a) “Account” shall mean the bookkeeping account established and maintained for each Participant for
recording amounts deferred pursuant to Section 3.1. 
  
 (b)
“Administrator” shall mean the Board or any person, group or entity designated by the Board in accordance with the provisions of Article V to administer the Plan. 
  
 (c) “Beneficiary” shall mean the person or persons designated to receive benefits after the death of
the Participant as provided in Section 4.3. 
  
 (d)
“Board” shall mean the Board of Directors of the Company. 
  
 (e) “Board Retainer Fees” shall mean the annual retainer fee payable to members of the Board in cash. 
  

(f) “Change in Control” shall have the same meaning ascribed to it under the CONSOL Energy Inc. Equity Incentive Plan.

  
 (g) “Code” shall mean the Internal
Revenue Code of 1986, or any provision or section thereof herein specifically referred to, as such provision or section may from time to time be amended or replaced. 
  
 (h) “Deferral Agreement” shall mean a written agreement, in the form attached hereto as
Exhibit 1, entered into between the Company and a Participant pursuant to Section 2.3 of the Plan. 
  
 (i) “Company” shall mean CONSOL Energy Inc. 
  
 (j) “Director” shall mean a member of the Board who is not an employee of the Company or any of its
affiliates. 
  
 (k) “Director Meeting
Fees” shall mean attendance fees payable in cash for each meeting of the Board attended by the Director or any committee meeting the Director attends for a committee on which such Director serves. 
  

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 (l) “Effective Date” shall mean the effective date of the Plan, which shall be
July 20, 2004. 
  
 (m) “Interest Rate”
shall mean the ten year Moody AAA Bond Rate. 
  
 (n)
“Participant” shall mean a Director who is eligible to participate in the Plan and has elected to do so pursuant to Section 2.3. 
  
 (o) “Plan” shall mean the CONSOL Energy Inc. Directors’ Deferred Fee Plan. 
  
 (p) “Plan Year” shall mean the one-year period
between the annual stockholders’ meeting and the next following annual stockholders’ meeting; provided, however, for the year in which the Plan becomes effective, “Plan Year” shall mean the period beginning on the Effective Date
and ending on the next following annual stockholders’ meeting. 
  
 1.3
Plurals and Gender. Where appearing in the Plan, the masculine gender shall include the feminine and neuter genders, and the singular shall include the plural and vice versa, unless the context clearly indicates a different
meaning. 
  
 1.4 Headings. The headings and subheadings in
this Plan are inserted for the convenience of reference only and are to be ignored in any construction of the provisions thereof. 
  
 1.5 Severability. In case any provision or portion of this Plan shall be held illegal or void, such provision or portion shall not affect the
remainder of this Plan, but shall by fully severable, and the Plan shall be construed and enforced as if said provision had never been inserted herein. 
  
 ARTICLE II 
  
 ELIGIBILITY AND PARTICIPATION 
  
 2.1 Eligibility. Each member of the Board who is a Director on the Effective Date shall be eligible to participate in the Plan beginning on the
Effective Date. Any person who becomes a Director after the Effective Date shall be eligible to participate in the Plan on the day such person becomes a Director. 
  
 2.2 Participation. Each Director shall become a Participant in the Plan as of the date on which such Director completes
and submits an irrevocable Deferral Agreement in accordance with Section 2.3. 
  
 2.3 Election Procedure. A Director may file a Deferral Agreement at any time during the 30-day period following the date on which the Director becomes eligible to participate in the Plan. Any such
initial Deferral Agreement must be filed with the Vice President, Safety and Human Resources of the Company within the 30-day election period. A Director shall also be permitted to submit an annual election prior to the beginning of each Plan Year
by filing a new Deferral Agreement in relation to the fees to be deferred during such Plan Year. Any such annual election must be filed with the Vice President, Safety and Human Resources of the 
  

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 Company prior to the beginning of the Plan Year to which the Deferral Agreement relates. If a Director fails to file a
completed Deferral Agreement prior to the beginning of a Plan Year, none of such Director’s Board Retainer Fees or Director Meeting Fees will be deferred for that Plan Year. 
  
 To be valid, the Deferral Agreement must indicate the portion of Board Retainer Fees and/or Director Meeting Fees to
be deferred and the timing of Plan distribution. A deferral is effective upon receipt by the Vice President, Safety and Human Resources of the Company, within the applicable election period, of the correctly completed Deferral Agreement. A Deferral
Agreement is irrevocable during the Plan Year to which it applies. 
  
 ARTICLE III 
  
 DEFERRED FEES

  
 3.1 Accounts. The Company shall establish an Account
on behalf of each Participant which shall be credited with deferred fees as provided in Section 3.2 and Interest Credits as provided in Section 3.3, and debited to reflect payments made to such Participant pursuant to Article IV. A Participant shall
have no right to receive any amounts credited to his Account except as expressly provided in Article IV of the Plan. 
  
 3.2 Board Retainer and Director Meeting Fees. To the extent provided in the Deferral Agreement in effect for any Plan Year, a Participant may elect
to defer the right to receive: (i) Board Retainer Fees stated as a whole percentage or a dollar amount of such fees; and/or (ii) Director Meeting Fees on an all or nothing basis. The minimum deferral amount with respect to Board Retainer Fees is
$10,000 per Plan Year. The amount of any fees deferred with respect to any Plan Year shall reduce the amount of such fees otherwise payable to the Participant for such Plan Year on a ratable basis over the period in which such amounts would
otherwise be paid, and the amount of each such reduction shall be credited to the Participant’s Account as of the date of such reduction. 
  
 3.3 Interest Credits. The Account of each Participant shall be credited, on a quarterly basis, with interest based on the Interest Rate in effect on
the last day of the applicable quarter. In the event a Participant terminates service during a Plan Year, such Participant’s interest credit for the quarter in which the termination occurs will be based on the Interest Rate in effect on the day
of the Participant’s termination and shall be pro-rated based on the Participant’s service during such quarter. No interest will accrue for periods after the Participant’s termination of service during the quarter. 
  
 3.4 Vesting. Amounts credited to a Participant’s Account shall be
fully vested at all times. 
  

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 ARTICLE IV 
  
 PAYMENT OF DEFERRED FEES 
  
 4.1 Method of Distribution. The amount payable to a Participant or his Beneficiary under the Plan shall be paid in cash
in a single sum as provided in Section 4.2. 
  
 4.2 Timing of
Distribution. A Participant’s Account will be paid as soon as administratively feasible after the earlier of: (i) the Participant’s termination of service as a Director for the Company, or (ii) the date elected by the Participant
which must be at least two years after the end of the Plan Year for which the fees are deferred. 
  
 4.3 Designation of Beneficiary. 
  
 (a) Each Participant shall have the right to designate a Beneficiary or Beneficiaries to receive any amount which may be payable under the Plan after his death. Such designation of Beneficiary shall be in writing in
the form attached as Exhibit 2, and shall be effective when received by the Company. The Company shall keep records in writing of all such designations. The Participant shall have the right to change such designation by filing a new
designation form with the Company. Such change of Beneficiary shall become effective upon its receipt by the Company, and any such change shall be deemed to revoke all prior designations. 
  
 (b) If a Participant fails to properly designate a Beneficiary or if no designated Beneficiary survives the Participant, his
undistributed Account shall be paid to the person or persons in the first of the following classes of successive preference beneficiaries surviving at the death of the Participant: (1) his widow or widower, or (2) his estate. The Administrator shall
decide which Beneficiary, if any, shall be validly designated, and the Administrator’s decision shall be binding and conclusive of all persons. 
  
 4.4 Incapacity. If the Company shall receive evidence satisfactory to it that a Participant or Beneficiary entitled to receive any benefit under the
Plan is, at the time when such benefit becomes payable, a minor, or is physically or mentally incompetent to receive such benefit and to give a valid release thereof, and that another person or an institution is then maintaining or has custody of
such Participant or Beneficiary, and that no guardian, committee or other representative of the estate of such Participant or Beneficiary shall have been duly appointed, payment of such benefit otherwise payable to such Participant or Beneficiary
may be made to such other person or institution, including a custodian under a Uniform Gifts to Minors Act, or corresponding legislation (who shall be an adult, a guardian of the minor or a trust company), and the release of such other person or
institution shall be a valid and complete discharge for such payment. 
  

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 ARTICLE V 
  
 ADMINISTRATION 
  
 5.1 Administrative Authority. Except as provided herein, the Board shall be the Administrator and shall have the sole responsibility for the control,
operation and administration of the Plan, and shall have the power, authority and discretion to take all actions and to make all decisions and interpretations which it shall determine to be necessary or appropriate in order to administer and operate
the Plan, including the power to (i) resolve and determine all disputes or questions arising under the Plan, including the power to determine the rights of Participants and Beneficiaries, and their respective benefits, and to remedy any ambiguities,
inconsistencies or omissions in the Plan; (ii) adopt such rules and regulations which, in its sole and absolute discretion, may be necessary or appropriate for the proper and efficient administration of the Plan; (iii) implement the Plan in
accordance with its terms and such rules and regulations as may be adopted; (iv) notify the Participants of any amendment or termination of, or change in, any benefits available under the Plan; and (v) prescribe such forms as may be required for
Directors to make elections under, and otherwise participate in, the Plan. The Administrator shall have the sole and absolute discretion to interpret and construe the terms of the Plan. 
  
 5.2 Conclusive Decisions. The determination of the Administrator on any matter pertaining to the Plan within the powers
and discretion granted to it shall be final, binding and conclusive on all Participants, Beneficiaries and all other persons dealing in any way or capacity with the Plan; provided, however, in relation to any action involving the interpretation or
application of the terms of the Plan for claims arising in connection with or following a Change in Control, the court or other reviewing entity shall review the interpretations, decisions and actions of the Administrator de novo. 
  
 5.3 Duties of Administrator. 
  
 (a) The Administrator may appoint persons or firms, or otherwise act to
secure specialized advice or assistance as it deems necessary or desirable in connection with the administration and operation of the Plan, and the Administrator shall be entitled to rely conclusively upon, and shall be fully protected in any action
or omission taken by it in good faith reliance upon the advice or opinion of such firms or persons. 
  
 (b) The Administrator shall have the power and authority to delegate from time to time by written instrument all or any part of its duties, powers or
responsibilities under the Plan, both ministerial and discretionary, as it deems appropriate, to any person, and in the same manner to revoke any such delegation of duties, powers or responsibilities. Any action of such person in the exercise of
such delegated duties, powers or responsibilities shall have the same force and effect for all purposes hereunder as if such action had been taken by the Administrator. Further, the Administrator may authorize one or more persons to execute any
certificate or document on behalf of the Administrator, in which event any person notified by the Administrator of such authorization shall be entitled to accept and conclusively rely upon any such certificate or document executed by such person as
representing action by the Administrator until such third 
  

 - 5 - 

 person shall have been notified of the revocation of such authority. The Administrator shall not be liable for any act or
omission of any person to whom the Administrator’s duties, powers or responsibilities have been delegated, nor shall any person to whom any duties, powers or responsibilities have been delegated have any liabilities with respect to any duties,
powers or responsibilities not delegated to him. 
  
 5.4 Standard of
Care. All representatives of the Board and the Administrator shall use ordinary care and diligence in the performance of their duties pertaining to the Plan, but no such individual shall incur any liability: (i) by virtue of any contract,
agreement, bond or other instrument made or executed by him or on his behalf in his official capacity with respect to the Plan; (ii) for any act or failure to act, or any mistake or judgment made, in his official capacity with respect to the Plan,
unless it is the result of his gross negligence or willful misconduct; or (iii) for the neglect, omission or wrongdoing of any other person involved with the Plan. The Company shall indemnify and hold harmless each such individual who is an employee
or Director of the Company from the effects and consequences of his acts, or from omissions and conduct in his official capacity with respect to the Plan, except to the extent that such effects and consequences shall result from his own willful
misconduct or gross negligence. If any matter arises as to which an individual is entitled to indemnity hereunder, the individual shall give the Company prompt written notice thereof. The Company, at its own expense, shall then take charge of the
disposition of the asserted liability, including the compromise or the conduct of litigation. The indemnitee may, at his own expense, retain his own counsel and share in the conduct of any such litigation, but the failure to do so shall not
adversely affect his right to indemnity. 
  
 5.5 Expenses.
Expenses incurred in the administration and operation of the Plan shall be paid by the Company. 
  
 5.6 Attorney Fees. If a Participant’s service as a Director for the Company terminates on or after a Change in Control and the Company does not pay deferred amounts credited to such
Participant’s Account when they are due, the Company shall pay the Participant’s reasonable attorneys’ fees to enforce such Participant’s rights under the Plan if the deferred amounts are not paid within 60 days after the
Participant’s written demand for payment. 
  
 ARTICLE VI

  
 AMENDMENTS, TERMINATION AND MERGER

  
 6.1 Amendments and Termination. 
  
 (a) The Board reserves the right to modify, amend, discontinue or terminate
the Plan either retroactively or prospectively at any time; provided, however, that no modification, amendment, discontinuance or termination shall adversely affect the rights of a Participant to vested amounts credited to his Account
before such modification, amendment, discontinuance or termination. Notice of every such modification, amendment, discontinuance or termination shall 
  

 - 6 - 

 be given in writing to each affected Participant. In the case of a termination of the Plan, any vested amounts credited
to the Account of a Participant shall be distributed in full in the form of a single lump sum payment as soon as reasonably practicable following such termination. 
  
 6.2 Consolidation, Merger or Other Transactions of Company. Nothing in this Plan shall prevent the consolidation,
merger, reorganization or liquidation of the Company, or prevent the sale by the Company of any or all of its property. Any successor corporation or other entity formed and resulting from any such transaction shall have the right to become a party
to this Plan by adopting the same. If, within 180 days from the effective date of such transaction, such new entity does not become a party to this Plan as above provided, this Plan shall be terminated automatically as of the effective date of the
transaction and each Participant or Beneficiary shall receive a lump sum payment equal to his vested Account as soon as practicable thereafter. 
  
 ARTICLE VII 
  
 MISCELLANEOUS 
  
 7.1 Limitations on Liability of Company. None of the establishment of the Plan, any modification thereof, the creation of any Account, or the payment
of any benefits, shall be construed as giving to any Participant, Beneficiary or other person any legal or equitable right against the Company, or any person connected therewith, except as provided by law or by a specific Plan provision. 

 
 7.2 Governing Law. The laws of the State of Delaware shall govern,
control and determine all questions arising with respect to the Plan and the interpretation and validity of its respective provisions. 
  
 7.3 No Guarantee of Service. Participation in the Plan does not give any person any right to continue as a Director of the Company. 
  
 7.4 Spendthrift Provision. 
  
 (a) No amount payable under the Plan shall be subject in any manner to
anticipation, alienation, attachment, garnishment, sale, transfer, assignment (either at law or in equity), levy, execution, pledge, encumbrance, charge or any other legal or equitable process, and any attempt to do so shall be void; nor shall any
benefit be in any manner liable for or subject to the debts, contracts, liabilities, engagements or torts of the person entitled thereto. The foregoing shall not preclude any arrangement for the recovery by the Plan of overpayments of benefits
previously made to a Participant or Beneficiary, or the direct deposit of benefit payments to an account in a banking institution (if not part of an arrangement constituting an assignment or alienation). 
  
 (b) In the event that any Participant’s benefits are garnished or
attached by order of court, the Company may bring an action for a declaratory judgment in a court of competent jurisdiction to determine the proper recipient of the benefits to be paid by the Plan. During the pendency of said action, any benefits
that become payable shall be paid into the court as they become payable, to be distributed by the court to the recipient it deems proper at the close of said action. 
  

 -7- 

 7.5 Tax Treatment. Nothing contained in this Plan, and no action taken pursuant to its provisions,
shall create or be construed to create any right or expectation of any Participant, Beneficiary or any other person entitled to any benefit under this Plan to any particular tax consequences with respect to any amounts deferred, credited to an
Account or paid under this Plan. 
  
 7.6 Funding. The
obligation of the Company to pay benefits under this Plan shall be interpreted solely as an unsecured, unfunded, contractual obligation to pay only those amounts described in Article III in the manner, at the times and under the conditions
prescribed in Article IV, and the Company shall have no obligation to fund, secure or obtain any third-party guarantee of those benefits. If any assets set aside to provide for benefits payable under the Plan shall be subject to the claims of the
Company’s general creditors, and no person other than the Company shall, by virtue of the provisions of the Plan or any other agreement, have any interest in such assets. 
  
 7.7 Account Statements. Periodically, as determined by the Company in its sole and absolute discretion, each
Participant shall receive a statement indicating the amounts credited to and distributed from his Account. 
  
 IN WITNESS WHEREOF, this Plan is executed this 20th day of July, 2004. 
  

					
	ATTEST:	 	 	 	CONSOL ENERGY INC.
			
	 /s/ Stephen E. Williams

	 	By:	 	 /s/ J. Brett Harvey

	Signature of Corporate Secretary	 	 	 	Signature of Authorized Officer
			
	[CORPORATE SEAL]	 	Its:	 	 President and Chief Executive Officer

	 	 	 	 	Title of Authorized Officer

  

 - 8 - 

 EXHIBIT 1 
 CONSOL ENERGY INC. 
 DIRECTORS’ DEFERRED FEE PLAN 
 DEFERRAL AGREEMENT 
  
 Pursuant to the CONSOL Energy Inc. Directors’ Deferred Fee Plan (the “Plan”), I hereby elect to defer receipt of the fees noted below
which, absent this Deferral Agreement, I would become entitled to receive in the future. (Check Only One Box for Each Section Below:) 
  

	 	A	ANNUAL RETAINER FEE ELECTION (CHOOSE ONLY ONE): 

  

	 	r	I hereby elect to defer [            %]
[$                    ] of my annual retainer fees for the Plan Year. The minimum election amount is $10,000 per Plan Year.

  
 OR 
  

	 	r	I hereby elect NOT to defer any of my annual retainer fees for the Plan Year. 

  

	 	B	MEETING FEE ELECTION (CHOOSE ONLY ONE): 

  

	 	r	I hereby elect to defer ALL of my director meeting fees for the Plan Year. 

  
 OR 
  

	 	r	I hereby elect NOT to defer any of my director meeting fees for the Plan Year. 

  

	 	C	DISTRIBUTION ELECTION: 

  
 I understand that my deferral account will be distributed in a single sum as soon as administratively feasible following the earlier of: (i) my
termination of service as a member of the Board of Directors of CONSOL Energy Inc., or (ii) the date I elect below which must be at least two years after the end of the Plan Year for which the fees are deferred. 
  
 (Check a Box Below If You Choose to Specify a Distribution Date and
Select the Date You Want to Elect:) 
  
 I hereby elect
to the following distribution date (CHOOSE ONLY ONE): 
  

	 	r	[                    , 20    ] ;
OR 

  

	 	r	[        years after the date of this Deferral Agreement]. 

	 	

  
 I
understand that my election is subject to all the terms and conditions of the Plan and that my election hereunder is irrevocable with respect to any payments due for a Plan Year (as defined under the Plan). 
  

							
	Received and agreed to by CONSOL Energy Inc.:	 	DIRECTOR:
				
	By:	 	  

	 	By:	 	  

	Date:	 	
	 	 Date:
  
	 	

 NON-COMMUNITY PROPERTY STATES 
  
 EXHIBIT 2 
 CONSOL ENERGY INC. 
 DIRECTORS’ DEFERRED FEE PLAN 
 BENEFICIARY DESIGNATION FORM 
  

					
	Name of Participant:	 	  

  
 Please complete this
form, as indicated below. Unless you indicate otherwise, all benefits will be payable in equal shares if more than one primary or secondary beneficiary is listed. 
  
 PRIMARY BENEFICIARIES: I hereby designate the following as my primary beneficiary(ies) to receive any benefits
payable on account of my death under the Plan: 
  

							
	 Full Name

	 	 Birthdate

	 	 Relationship

	 	 Percent of Distribution

  
 I understand that if
at the time of my death the sum of the percentages payable as indicated above does not equal 100%, the percentage share of each designated person who survives me will be proportionately adjusted so that the sum of their percentages will equal 100%.

  
 SECONDARY BENEFICIARIES: If all the primary beneficiaries
designated by me above die before the complete payment of my benefits, or, if not natural persons, no longer legally exist at my death, I hereby designate the following as my secondary beneficiary(ies) to receive any benefits payable on account of
my death under the Plan: 
  

							
	 Full Name

	 	 Birthdate

	 	 Relationship

	 	 Percent of Distribution

  
 I understand that if
at the time of my death the sum of the percentages payable as indicated above does not equal 100%, the percentage share of each designated person who survives me will be proportionately adjusted so that the sum of their percentages will equal 100%.

  
 VALIDITY 
  
 I understand that this designation is valid only if it is filed with the
Administrator before my death and that, if this designation is valid under the Plan, all designations that I filed before this one will be REVOKED. This designation will remain in full force and effect unless and until a new Beneficiary Designation
Form is filed with the Administrator in writing and duly dated and signed. 
  

					
	 Date:
	 	  

	  	

	 	 	 	  	Participant’s Signature

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