Document:

Investment Plan For Salaried Employees

 Exhibit 4.1 
 PLAN DOCUMENT 
 [Includes Amendments Adopted Through January 2009]

 CONSOL ENERGY INC. INVESTMENT PLAN 
 FOR SALARIED EMPLOYEES 
 Originally Effective: January 1, 1953

 Amended and Restated: January 2009 
 (Except as otherwise provided) 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
			
	 PREAMBLE
	  		  	 	1	  
			
	 SECTION 1
	  	DEFINITIONS	  	 	10	  
			
	 1.1
	  	Accounts	  	 	10	  
			
	 1.2
	  	Actual Contribution Percentage	  	 	12	  
			
	 1.3
	  	Actual Deferral Percentage	  	 	12	  
			
	 1.4
	  	After-Tax Contributions	  	 	12	  
			
	 1.5
	  	Before-Tax Contributions	  	 	13	  
			
	 1.6
	  	Board of Directors	  	 	13	  
			
	 1.6A
	  	Catch-Up Before-Tax Contribution	  	 	13	  
			
	 1.7
	  	CNX Gas Member	  	 	13	  
			
	 1.8
	  	CNX Gas Qualified Non-Elective Contributions	  	 	13	  
			
	 1.9
	  	CNX Gas Corporation Stock	  	 	13	  
			
	 1.10
	  	CNX Gas Corporation Stock Fund	  	 	13	  
			
	 1.11
	  	Code	  	 	13	  
			
	 1.12
	  	Committee	  	 	14	  
			
	 1.13
	  	Company	  	 	14	  
			
	 1.14
	  	CONSOL Energy Stock	  	 	14	  
			
	 1.15
	  	CONSOL Energy Stock Fund	  	 	14	  
			
	 1.16
	  	Compensation	  	 	14	  
			
	 1.17
	  	CONSOL Affiliated Corporation	  	 	15	  
			
	 1.18
	  	Contribution Election	  	 	15	  
			
	 1.19
	  	Corporate Employer	  	 	16	  
			
	 1.20
	  	Eligible Employee	  	 	16	  
			
	 1.21
	  	Employee	  	 	17	  
			
	 1.22
	  	Employment Date	  	 	17	  
			
	 1.23
	  	ERISA	  	 	17	  
			
	 1.24
	  	ESOP	  	 	17	  
			
	 1.25
	  	Fairmont Member	  	 	17	  
			
	 1.26
	  	Fairmont Qualified Non-Elective Contributions	  	 	17	  
			
	 1.27
	  	Former Member	  	 	18	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 1.28
	  	415 Compensation	  	 	18	  
			
	 1.29
	  	Highly Compensated Employee	  	 	19	  
			
	 1.30
	  	Hour of Service	  	 	20	  
			
	 1.31
	  	Incapacity	  	 	21	  
			
	 1.32
	  	Investment Option	  	 	21	  
			
	 1.33
	  	Leased Employee	  	 	22	  
			
	 1.34
	  	Limitation Year	  	 	22	  
			
	 1.35
	  	Member	  	 	22	  
			
	 1.36
	  	Non-Highly Compensated Employee	  	 	22	  
			
	 1.37
	  	Normal Retirement Age	  	 	22	  
			
	 1.38
	  	One-Year Break-In-Service	  	 	22	  
			
	 1.39
	  	Plan	  	 	23	  
			
	 1.40
	  	Plan Year	  	 	23	  
			
	 1.41
	  	R&P Affiliated Corporation	  	 	23	  
			
	 1.42
	  	Reemployment Date	  	 	24	  
			
	 1.43
	  	[Reserved]	  	 	24	  
			
	 1.44
	  	Rochester & Pittsburgh Coal Company	  	 	24	  
			
	 1.45
	  	Statutory Compensation	  	 	24	  
			
	 1.46
	  	Termination of Employment	  	 	25	  
			
	 1.47
	  	Trust	  	 	25	  
			
	 1.48
	  	Trustees	  	 	25	  
			
	 1.40
	  	USERRA	  	 	25	  
			
	 1.50
	  	Valuation Date	  	 	26	  
			
	 1.51
	  	Year of Service	  	 	26	  
		
	 SECTION 2 PARTICIPATION
	  	 	27	  
			
	 2.1
	  	Commencement of Participation	  	 	27	  
			
	 2.2
	  	Obligation of Member	  	 	27	  
			
	 2.3
	  	Termination of Participation	  	 	28	  
			
	 2.4
	  	Reemployment of Former Member	  	 	28	  
			
	 2.5
	  	Failure to Remain an Eligible Employee	  	 	28	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

 

							
	 	  	 	  	Page	 
		
	 SECTION 3 CONTRIBUTIONS
	  	 	29	  
			
	 3.1
	  	Before-Tax Contributions	  	 	29	  
			
	 3.2
	  	Annual Limitations on Before-Tax Contributions	  	 	30	  
			
	 3.3
	  	After-Tax Contributions	  	 	34	  
			
	 3.4
	  	Company Matching Contributions Before January 1, 2007	  	 	35	  
			
	 3.4A
	  	Company Matching Contributions On and After January 1, 2007	  	 	36	  
			
	 3.5
	  	Annual Limitation on After-Tax and Company Matching Contributions	  	 	39	  
			
	 3.6
	  	Annual Limitation on Contributions	  	 	43	  
			
	 3.7
	  	Rollover and Transfer Contributions	  	 	45	  
			
	 3.8
	  	Reemployment of Returning Veterans	  	 	47	  
			
	 3.9
	  	Catch-Up Before-Tax Contributions	  	 	50	  
			
	 3.10
	  	Special Contribution	  	 	50	  
			
	 3.11
	  	Fairmont Qualified Non-Elective Contributions	  	 	51	  
			
	 3.11A
	  	CNX Gas Qualified Non-Elective Contributions	  	 	51	  
			
	 3.12
	  	Disaggregated Testing	  	 	53	  
		
	 SECTION 3A AUTOMATIC ENROLLMENT AND CONTRIBUTIONS
	  	 	54	  
			
	 3A.1
	  	Automatic Enrollment for Eligible Employees/Reemployed Former Members	  	 	54	  
			
	 3A.2
	  	Automatic Increase in Enrollment for Members Not Contributing or Contributing Less than Six percent (6%) of Compensation to the Plan	  	 	54	  
			
	 3A.3
	  	Declination of Enrollment for New/Rehired Employees or Eligible Employees who are not participating in the Plan	  	 	55	  
			
	 3A.4
	  	Declination of Increase in Enrollment for Members Contributing Less Than Six Percent (6%) of Compensation (four percent (4%) of Compensation for Fairmont Members) to the
Plan	  	 	55	  
		
	 SECTION 4 VESTING
	  	 	56	  
			
	 4.1
	  	Company Matching and Discretionary Contributions	  	 	56	  
		
	 SECTION 5 FORFEITURES
	  	 	57	  
			
	 5.1
	  	Forfeiture Upon Termination of Employment on or before December 31, 2005	  	 	57	  
			
	 5.2
	  	Forfeiture Upon In-Service Distribution on or before December 31, 2005	  	 	57	  
			
	 5.3
	  	Allocation	  	 	57	  

  
 iii

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 5.4
	  	Restoration of Benefits	  	 	58	  
		
	 SECTION 6 ALLOCATIONS AND INVESTMENTS
	  	 	59	  
			
	 6.1
	  	Individual Accounts	  	 	59	  
			
	 6.2
	  	Investment of Accounts	  	 	59	  
			
	 6.3
	  	Allocations of Earnings and Losses	  	 	60	  
			
	 6.4
	  	Allocation to Individual Accounts	  	 	61	  
			
	 6.5
	  	Fiduciary Responsibility	  	 	61	  
		
	 SECTION 6A ESOP PROVISIONS
	  	 	62	  
			
	 6A.1
	  	ESOP Portion	  	 	62	  
			
	 6A.2
	  	Distribution of Dividends	  	 	62	  
			
	 6A.3
	  	Distribution of CONSOL Energy Stock and CNX Gas Corporation Stock	  	 	63	  
			
	 6A.4
	  	Option to Have the Company Purchase CONSOL Energy Stock and CNX Gas Corporation Stock	  	 	63	  
			
	 6A.5
	  	Voting of CONSOL Energy Stock and CNX Gas Corporation Stock	  	 	64	  
			
	 6A.6
	  	Vesting of Dividends Paid on CONSOL Energy Stock	  	 	64	  
		
	 SECTION 7 DISTRIBUTIONS & WITHDRAWALS
	  	 	65	  
			
	 7.1
	  	Distributions Upon Separation From Service	  	 	65	  
			
	 7.2
	  	Distributions During Employment	  	 	78	  
			
	 7.3
	  	Suspension of Contributions after Withdrawal or Distribution	  	 	85	  
			
	 7.4
	  	Loans	  	 	86	  
			
	 7.5
	  	Incompetence of Distributee	  	 	86	  
			
	 7.6
	  	Location of Member or Beneficiary Unknown	  	 	87	  
			
	 7.7
	  	Direct Rollover	  	 	87	  
			
	 7.8
	  	Payments Made Pursuant to a Qualified Domestic Relations Order	  	 	89	  
		
	 SECTION 8 AMENDMENT AND TERMINATION
	  	 	91	  
			
	 8.1
	  	Amendment	  	 	91	  
			
	 8.2
	  	Termination, Partial Termination, or Complete Discontinuance of Contributions	  	 	92	  
			
	 8.3
	  	Permissible Reversions	  	 	92	  
		
	 SECTION 9 CLAIMS
	  	 	94	  
			
	 9.1
	  	General	  	 	94	  

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

 

							
	 	  	 	  	Page	 
			
	 9.2
	  	Claim Review	  	 	94	  
			
	 9.3
	  	Right of Appeal	  	 	95	  
			
	 9.4
	  	Review of Appeal	  	 	95	  
			
	 9.5
	  	Denial of Appealed Claim	  	 	96	  
		
	 SECTION 10 ADMINISTRATION
	  	 	97	  
			
	 10.1
	  	Named Fiduciaries for Administration of Plan and for Investment and Control of Plan Assets	  	 	97	  
			
	 10.2
	  	Investment Plan Committee	  	 	98	  
			
	 10.3
	  	Functions and Powers of the Investment Plan Committee	  	 	99	  
			
	 10.4
	  	Actions Conclusive	  	 	101	  
			
	 10.5
	  	Allocation of Duties	  	 	101	  
			
	 10.6
	  	Reliance on Opinions	  	 	101	  
			
	 10.7
	  	Records and Accounts	  	 	102	  
			
	 10.8
	  	Payment of Expense	  	 	102	  
			
	 10.9
	  	Liability	  	 	102	  
		
	 SECTION 11 TRUST AGREEMENT
	  	 	104	  
			
	 11.1
	  	The Trust Agreement	  	 	104	  
			
	 11.2
	  	No Diversion of Corpus or Income	  	 	104	  
		
	 SECTION 12 MISCELLANEOUS
	  	 	105	  
			
	 12.1
	  	Limitation of Rights; Employment Relationship	  	 	105	  
			
	 12.2
	  	Merger; Transfer of Assets	  	 	105	  
			
	 12.3
	  	Prohibition Against Assignment	  	 	106	  
			
	 12.4
	  	Applicable Law; Severability	  	 	107	  
			
	 12.5
	  	Reliance Upon Copy of Plan	  	 	107	  
			
	 12.6
	  	Gender and Number; Captions or Headings	  	 	108	  
		
	 SECTION 13 TOP-HEAVY PROVISIONS
	  	 	109	  
			
	 13.1
	  	Determination of Top-Heavy Status	  	 	109	  
			
	 13.2
	  	Key Employee	  	 	114	  
			
	 13.3
	  	Non-Key Employee	  	 	115	  
			
	 13.4
	  	Additional Rules	  	 	115	  

  

  
 v 

 TABLE OF CONTENTS 

(continued) 
  

 

							
	 	  	 	  	Page	 
			
	 13.5
	  	Minimum Benefit	  	 	115	  
			
	 13.6
	  	Minimum Vesting	  	 	116	  
		
	 SECTION 14 PARTICIPATING CONSOL AFFILIATED CORPORATIONS
	  	 	117	  
			
	 14.1
	  	Adoption by CONSOL Affiliated Corporations	  	 	117	  
			
	 14.2
	  	Requirements of Participating CONSOL Affiliated Corporation	  	 	117	  
			
	 14.3
	  	Designation of Agent	  	 	117	  
			
	 14.4
	  	Authority of Participating CONSOL Affiliated Corporations	  	 	118	  
			
	 14.5
	  	Plan Modifications	  	 	118	  
			
	 14.6
	  	Employee Transfers	  	 	118	  
			
	 14.7
	  	Participating CONSOL Affiliated Corporation’s Contributions	  	 	119	  
			
	 14.8
	  	Discontinuance of Participation	  	 	119	  
			
	 14.9
	  	Authority of the Committee	  	 	119	  

  
 vi 

 PREAMBLE 
 Effective January 1, 1953, Consolidation Coal Company established the Investment Plan for Salaried Employees of Consolidation Coal Company (the “Plan”). Effective January 1, 1992, due
to a corporate restructuring, the name of the Plan was changed to the CONSOL Inc. Investment Plan for Salaried Employees. Effective the same day, CONSOL Inc. (“CONSOL”) became the sponsor of the Plan and Consolidation Coal Company became a
participating CONSOL Affiliated Corporation. Thereafter, the Plan was amended from time to time. Further corporate restructuring resulted in the name of the Plan sponsor being changed to CONSOL Energy Inc. Effective January 1, 2001, the name of
the Plan is the CONSOL Energy Inc. Investment Plan for Salaried Employees. 
 The Plan was amended and restated effective January 1, 2007,
except where an earlier date is indicated, to incorporate changes in the law pursuant to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Job Creation and Worker Assistance Act of 2002 (JCWAA), the Pension Funding Equity
Act of 2004 (PFEA), the American Jobs Creation Act of 2004 (AJCA), the Gulf Opportunity Zone Act of 2005 (GOZA), and the U.S. Troop Readiness, Veterans’ Care, Katrina Recovery, and Iraq Accountability Appropriations Act of 2007. 

The purpose of the Plan continues to be to encourage employees to systematically save a portion of their current compensation and to help them accumulate
additional income for the time of their retirement. It is intended that the Plan be a tax-qualified plan within the meaning of section 401(a) of the Internal Revenue Code of 1986 (the “Code”), as amended, that the requirements of Code
section 401(k) be satisfied as to that portion of the Plan represented by Members’ Before-Tax Contributions, that the requirements of Code section 401(m) be satisfied as to that portion of the Plan represented by Members’ After-Tax
Contributions and that portion of the Plan represented by the Company’s matching contributions, and that the trust or other funding vehicle associated with the Plan be exempt from federal income taxation pursuant to the provisions of Code
section 501(a). 

  
 1 

 Effective as of January 1, 2002, the Plan was amended to convert a portion of the Plan to a stock bonus
plan as defined in Treasury Regulations section 1.401-1(b)(1)(iii) and a non-leveraged employee stock ownership plan (“ESOP”) satisfying the requirements of sections 401(a), 409, and 4975(e) of the Code, and to make a number of additional
conforming design and administrative changes to the Plan. The ESOP portion of the Plan is designed to be invested primarily in CONSOL Energy Stock, and effective as of January 30, 2006, also CNX Gas Corporation Stock, which are qualifying
employer securities within the meaning of section 4975(e)(8) of the Code. 
 The portion of this Plan which constitutes an ESOP, and which was
mandatorily disaggregated from the balance of the Plan pursuant to Treasury regulation Section 1.401(m)-l(b)(3)(ii), was tested separately under the provisions of Plan Sections 3.2(b) and 3.5(b) for periods prior to January 1, 2006., after
which time the final 401(k) and 401(m) regulations permitted the ESOP and non-ESOP portions of the Plan to be aggregated for Actual Deferred Percentages and Actual Contribution Percentage testing purposes. 

Beginning with the 2004 Plan Year, the Company changed the matching contribution formula for certain eligible employees of the Fairmont Supply Company
and a new Special Contribution feature for certain eligible employees of the Fairmont Supply Company for Plan Years from January 1, 2004 through December 31, 2005. The portion of the Plan providing the Special Contribution feature is
intended to constitute a profit-sharing plan within the meaning of Treasury Regulations Section 1.401-1(b)(1)(ii). 
 Effective as of
January 1, 2006, the Plan was further amended as follows: 
 For Plan Years beginning on and after January 1, 2006, the ESOP and
non-ESOP portions of the Plan will be aggregated for Actual Deferral Percentage and Actual Contribution Percentage testing purposes pursuant to the final 401(k) and 401(m) regulations of the Code. 

  
 2 

 To re-characterize the Fairmont Special Contribution Account as the Fairmont Qualified Non-Elective
Contribution Account to qualify contributions made thereto by Fairmont Supply Company for eligible Members as qualified non-elective contributions within the meaning of that term under Treasury Regulation Section 1.401(k)-2(a)(6). The Fairmont
contributions to this account will be made to the Fairmont Qualified Non-Elective Account for eligible Fairmont Members. The portion of the Plan providing the qualified non-elective contribution feature continues to constitute a profit sharing plan
within the meaning of Treasury Regulations Section 1.401-1(b)(ii). 
 To add a provision for a discretionary contribution by the Company
(not to exceed four percent (4%) of Compensation (excluding overtime for all entities)) for any Plan Year, with such amount, if any, up to the specified maximum, to be determined by the Board of Directors of CONSOL Energy Inc. for eligible
Members who are employees of CONSOL Energy Inc.; by the Board of Directors of CNX Gas Corporation for eligible Members who are employees of CNX Gas Corporation; and by the Board of Directors of Fairmont Supply Company for eligible Fairmont Members.
The Company contributions to this account will be made to the Discretionary Contribution Account for eligible Members and /or Fairmont Members. 

To reinforce that Company matching contributions will be 100% of the first six percent (6%) of Compensation contributed by an eligible Member (other
than a Fairmont Member) as either Before-Tax or After-Tax Contributions. 
 To reinforce that Company matching contributions for Fairmont
Members will be 50% of the first twelve percent (12%) of Compensation contributed by an eligible Fairmont Member as either Before-Tax or After-Tax Contributions. 
 To add a safe-harbor definition of Compensation under the Plan for Actual Deferred Percentage (ADP) and Actual Contribution Percentage (ACP) testing purposes ( exclusive of Fairmont Supply). 

  
 3 

 To provide for immediate 100% vesting of all Company contributions made on and after January 1, 2006,
for eligible Members. 
 To provide for automatic enrollment on and after January 1, 2006, for all new Eligible Employees or re-employed
Eligible Employees for Before-Tax Contributions, at the rate of six percent (6%) of Compensation and to also provide that the six percent (6%) of Compensation contribution rate for Before-Tax Contributions will also apply for current
Eligible Employees who are not participating or current Members who are not contributing at the six percent (6%) of Compensation contribution rate. 
 To provide that the automatic enrollment provisions for eligible Fairmont Members in the above category for Before-Tax Contributions will be at the rate of four percent (4%) of Compensation.

 To further provide a method for eligible Members or eligible Fairmont Members to elect out of the above-described automatic enrollment
provisions. 
 As indicated in the loan policy for the Plan, to limit the number of loans that can be outstanding at any time to two
(2) for any loans obtained on or after January 1, 2006 and to apply a loan origination fee for all loans obtained on or after that date. 
 Effective as of January 1, 2007, the Plan is being amended and restated to reflect the following: 
 To remove references to and eliminate the Regular Account, and to reflect the following as sources of money under the Plan which include: 
 The Before-Tax Contribution Account, the After-Tax Contribution Account, the Rollover Account, the Pre-2007 Matching Contribution Account (which includes the Fairmont Special Contribution Account and all
Company matching contributions before January 1, 2007 that have been in the Plan less than 24 months and those that have been in the Plan 24 

  
 4 

 
months or more), the Post-2006 Matching Contribution Account, the Fairmont Qualified Non-Elective Contribution Account, the CNX Gas Qualified Non-Elective Contribution Account and the
Discretionary Contribution Account. 
 To remove references to Basic and Supplemental employee contributions and salary deferrals in the Plan.

 To provide that the Post-2006 Matching Contributions will be safe-harbor contributions within the meaning of that term under the final 401(k)
and 401(m) regulations under the Code for Members of the Plan who are employed by CONSOL Energy or CNX Gas Corporation because they are equal to 100% of the first six percent (6%) of Compensation contributed by a Member on a Before-Tax or
After-Tax basis, are immediately 100% non-forfeitable, are subject to the withdrawal restrictions for Before-Tax Contributions, and a notice has been provided to all affected Members of those safe-harbor requirements. To further provide that the
Post-2006 Matching Contributions for Fairmont Members will not be safe-harbor Matching Contributions even though they are immediately 100% non-forfeitable and are subject to the withdrawal restrictions applicable to Before-Tax Contributions, because
the Post-2006 matching contribution for Fairmont Members is up to 50% of the first twelve percent (12%) of Compensation contributed by a Fairmont Member on either a Before-Tax or After-Tax basis. 

To provide for all Members of the Plan to be able to choose between a fund liquidation or pro rata sequence by account type for loans (as provided for in
the loan policy) and/or withdrawals and distributions. However, if CONSOL Energy Inc. stock and/or CNX Gas Corporation stock is available under the ESOP Account, insiders (within the meaning of that term under Rule 16(b)-5 of the Securities Act of
1934) will be restricted from liquidating the ESOP Account for a loan and/or withdrawal and distribution unless there is an open trading window. 
 To adopt the safe harbor provisions for hardship withdrawals as provided under the final 401(k) and 401(m) regulations of the Code as well as to expand the circumstances under

  
 5 

 
which a hardship withdrawal can be made as also provided under such regulations. In addition, to suspend all Before and After-Tax Contributions to the Plan for 6 months to comply with the
safe-harbor hardship suspension rules and to require that a Member exhaust all other sources of funds available before being eligible to take a hardship withdrawal which will include the After-Tax Contribution Account, the Rollover Account, and the
Pre-2007 Matching Contribution Account. Finally, to require that the hierarchy for hardship withdrawals will be the After-Tax Contribution Account, the Rollover Account, the Pre-2007 Matching Contribution Account and the applicable portion of the
Before-Tax Contribution Account. 
 To provide that the sources and hierarchy for in-service withdrawals before age 59  1/2 will be, as applicable, the After-Tax Contribution
Account, the Rollover Account, and the Pre-2007 Matching Contribution Account. In addition, to document that three withdrawals per year will be permitted and that suspension from making Before-Tax and/or After-Tax Contributions that are subject to a
matching contribution by the Company will still be required. 
 To provide for qualified non-elective contributions equal to three
percent (3%) of Compensation for each payroll period to be made to a Qualified Non-Elective Contribution Account for eligible employees of CNX Gas Corporation (CNX Gas) who are Members of the Plan who fall into the following categories:

  

	 	•	 	 CNX Gas employees as of December 31, 2005 who continue to be employed by CNX Gas on and after January 1, 2007 and who make a one-time
election on or before December 31, 2006 to receive such contributionsin lieu of continuing to participate in the CNX Gas Employees Retirement Plan (CNX Retirement Plan); 

 

	 	•	 	 CNX Gas employees who were employed on and after January 1, 2006, and who continue to be employed on and after January 1, 2007, will
automatically receive such contributions in lieu of continuing to participate in the CNX Retirement Plan; 

  

	 	•	 	 CONSOL Energy Inc. (CONSOL) employees who are transferred from CONSOL to CNX Gas prior to December 31, 2006 and who continue to be employed on and

  
 6 

	 	 
after January 1, 2007 and who make a one-time election to either become a member of the CNX Retirement Plan or to receive such contributions; 

 

	 	•	 	 CONSOL Energy Inc. (CONSOL) employees who are transferred from CONSOL to CNX Gas on or after January 1, 2007 will receive such contributions and
will not have a choice to become a member of the CNX Retirement Plan. 

  

	 	•	 	 Employees of CNX Gas who are hired on and after January 1, 2007 will automatically receive such contributions after eligiblity to participate in
the Plan and will not have a choice to become a member of the CNX Retirement Plan. 

 To provide that the
sources and hierarchy for in-service withdrawals on and after age 59  1/2 will be, as applicable, the After-Tax Contribution Account, the Rollover Account, the Pre-2007 Matching Contribution Account, the Before-Tax Contribution Account, the Post-2006 Matching Contribution
Account, the Discretionary Contribution Account, the Fairmont Qualified Non-Elective Contribution Account and/or the CNX Gas Qualified Non-Elective Contribution Account. In addition, to document that three withdrawals per year will be permitted and
when any withdrawal is made by a Member on or after age 59 1/2, Before-Tax and After-Tax Contributions will not be suspended. 
 To
eliminate the level periodic payment option for retired Members. Also, to provide that the source and hierarchy for partial distributions will be, as applicable, the After-Tax Contribution Account, the Rollover Account, the Pre-2007 Matching
Contribution Account, the Before-Tax Contribution Account, the Post-2006 Matching Contribution Account, the Discretionary Contribution Account, the Fairmont Qualified Non-Elective Contribution Account and/or the CNX Gas Qualified Non-Elective
Contribution Account. 
 To further update the loan policy to provide that the new source and hierarchy for loans applied for and granted on and
after January 1, 2007, will be, as applicable, the Before-Tax Contribution Account, the Post-2006 Matching Contribution Account, the Pre-2007 Matching Contribution Account, the Discretionary Contribution Account, the Fairmont Qualified
Non-Elective Contribution Account, the CNX Gas Qualified Non-Elective Contribution Account, the Rollover Account and the After-Tax Contribution Account. In 

  
 7 

 
addition, to provide that loans will be repaid on a pro-rata basis by account type and according to the Member’s current investment election. Moreover, to provide that the loans that are
converted to deemed withdrawals on and after January 1, 2007 will be counted toward the three withdrawals permitted per year. Finally, to provide that for all former Members with loans outstanding will only be permitted to re-pay the loan by
ACH withdrawal for all loans taken on and after January 1, 2007 and that personal checks will only be permitted for payments of the loan in full. 
 To document that supplemental After-Tax Contributions made directly in cash by Members will no longer be permitted on and after January 1, 2007. 

To provide that the definition of Compensation will include overtime for determining eligibility for Company matching and qualified non-elective
contributions for CONSOL and CNX Gas Members and that overtime will be excluded in determining eligibility for discretionary contributions and will be excluded for all purposes for Fairmont Members. 

To document that eligible Members of the Plan who make Catch-Up Contributions will as applicable, have such contributions matched through Post-2006
matching contributions. 
 In the event a Member’s aggregate contributions under the Plan exceed the limit under Code section 415(c), to
clarify how the Member’s excess amount shall be reduced. 
 To provide that a non-spouse beneficiary may make a direct rollover to an
inherited individual retirement account or annuity. 
 To provide that the Senior Vice President - Safety and Human Resources of CONSOL Energy
Inc. has the authority to make certain amendments to the Plan. 

  
 8 

 To provide that any committee of the Board of Directors may appoint, retain and remove members of the
Committee or periodically review the performance of the Committee. 
 To provide that coverage of a CONSOL Affiliated Corporation’s
Eligible Employees under the Plan shall be considered proof that such CONSOL Affiliated Corporation has authorized its participation in the Plan to the extent of such coverage. 
 To provide that any Plan modification shall apply to a participating CONSOL Affiliated Corporation regardless of whether it agrees in writing to such modification. 

Effective as of January 1, 2008, the Plan is being further amended and restated to reflect that certain compensation paid after a Member’s
severance from employment shall be included in such Member’s 415 Compensation pursuant to Treasury Regulations Section 1.415(c)-2(e)(3). 
 Effective as of December 31, 2008, the Plan is being further amended and restated to reflect the merger of the AMVEST Corporation Profit Sharing/401(k) Plan, the AMVEST Minerals Company 401(k)
Retirement Plan and the AMVEST Retiree Medical Savings Plan (collectively the “AMVEST Plans”) into the Plan. A Member’s account(s) in the AMVEST Plans which are merged into the Plan effective December 31, 2008 and, which at the
time of such merger, are not 100% vested, shall be 100% vested in the Plan immediately after such merger. 
 Effective as of January 31,
2009, the Plan is being further amended and restated to accept the spin off of certain accounts from the Rochester and Pittsburgh Coal Company 401(k) Savings and Retirement Plan (the “R&P Plan”). A Member’s account(s) in the
R& P Plan which are spun off to the Plan effective January 31, 2009 and, which at the time of such spin off, are not 100% vested, shall be 100% vested in the Plan immediately after such merger. 

Effective as of December 31, 2008, the Plan is being further amended and restated to reflect the merger of the Southern West Virginia Resources, LLC
401(k) Plan and Trust (“SWVR Plan”) into the Plan. Prior to such merger, the SWVR Plan provided for 100% vesting of all participants’ accounts. 
 Except as otherwise specifically provided herein, the rights, benefits and obligations of employees whose participation in the Plan terminated prior to January 1, 2006 or whose

  
 9 

 
participation in the Plan terminates on or after January 1, 2007, if applicable, shall be determined under the terms and conditions of the Plan as it existed before those dates. 

  
 10 

 SECTION 1 
 DEFINITIONS 
  

	1.1	Accounts. 

  

	 	(a)	After-Tax Contribution Account. The account of a Member which is credited with After-Tax Contributions made pursuant to Section 3.3 and all earnings
and gains attributable thereto, and reduced by all investment losses, expenses and withdrawals and distributions therefrom. 

  

	 	(b)	Before-Tax Contribution Account. The account of a Member which is credited with Before-Tax Contributions made pursuant to Sections 3.1 (including
automatic enrollment Before-Tax Contributions under Section 3A) and 3.9 and all earnings and gains attributable thereto, and reduced by all investment losses, expenses, withdrawals, and distributions therefrom. 

Effective December 31, 2008, in the case of a Member who was a participant in the AMVEST Plans on December 31, 2008, such
Member’s Before-Tax Contribution Account shall include his account(s) attributable to pre-tax elective deferral contributions under Section 401(k) of the Code from the AMVEST Plans which were merged into the Plan effective
December 31, 2008. 
 Effective January 31, 2009, in the case of a Member who was a participant in the R&P Plan on
January 31, 2009, such Member’s Before-Tax Contribution Account shall include his “Pre-Tax Contribution Account “ (as defined in the R&P Plan) from the R&P Plan which was spun off to the Plan effective January 31,
2009. 
 Effective December 31, 2008, in the case of a Member who was a participant in the SWVR Plan on December 31,
2008, such Member’s Before-Tax Contribution Account shall include his account attributable to “pre-tax Elective Deferrals” (as defined in the SWVR Plan) which was merged into the Plan effective December 31, 2008. 

 

	 	(c)	 CNX Gas Qualified Non-Elective Contribution Account. Effective for Plan Years beginning on and after January 1, 2007, the account of
a CNX Gas Member which is credited with CNX Gas Qualified Non-Elective Contributions made on and after January 1, 2007, pursuant to Section 3.11A 

  
 11 

	 	
and all earnings and gains attributable thereto, and reduced by all investment losses, expenses, withdrawals and distributions therefrom. 

 

	 	(d)	Fairmont Qualified Non-Elective Contribution Account. Effective for Plan Years beginning on and after January 1, 2006, the account of a Fairmont
Member which is credited with Fairmont Qualified Non-Elective Contributions made on and after January 1, 2006, pursuant to Section 3.11 and all earnings and gains attributable thereto, and reduced by all investment losses, expenses,
withdrawals, and distributions therefrom. 

  

	 	(e)	Pre-2007 Matching Contribution Account. The account of a Member which is credited with matching contributions made before January 1, 2007, pursuant
to Section 3.4 and special contributions made pursuant to Section 3.10 before January 1, 2006, and all earnings and gains attributable thereto and reduced by all investment losses, expenses, withdrawals and distributions therefrom.

 Effective December 31, 2008, in the case of a Member who was a participant in the AMVEST Plans on
December 31, 2008, a Pre-2007 Matching Contribution Account shall be established for such Member to hold his account(s) attributable to “Matching contributions” (as defined in the AMVEST Plans) from the AMVEST Plans which were merged
into the Plan effective December 31, 2008. 
 Effective January 31, 2009, in the case of a Member who was a participant
in the R&P Plan on January 31, 2009, a Pre-2007 Matching Contribution Account shall be established for such Member to hold his “Employer Matching Contribution Account” (as defined in the R&P Plan) which was spun off from the
R&P Plan to the Plan effective January 31, 2009. 
 Effective December 31, 2008, in the case of a Member who was a
participant in the SWVR Plan on December 31, 2008, a Pre-2007 Matching Contribution Account shall be established for such Member to hold his account attributable to “Matching Contributions” (as defined in the SWVR Plan) which was
merged into the Plan effective December 31, 2008. 
  

	 	(f)	 Post-2006 Matching Contribution Account. The account of a Member which is credited with matching contributions made on and after
January 1, 

  
 12 

	 	
2007, pursuant to Section 3.4A(a) or (b) and all earnings and gains attributable thereto and reduced by all investment losses, expenses, withdrawals, and distributions therefrom.

  

	 	(g)	Discretionary Contribution Account. Effective as of January 1, 2006 and thereafter, the account of a Member which is credited with
discretionary contributions made on and after January 1, 2006 pursuant to Section 3.4A(d) and all earnings and gains attributable thereto and reduced by all investment losses, expenses, withdrawals, and distributions therefrom.

 Effective December 31, 2008, in the case of a Member who was a participant in the AMVEST Plans on
December 31, 2008, such Member’s Discretionary Contribution Account shall include his account(s) attributable to “Employer nonelective contributions” (as defined in the AMVEST Plans) which were merged into the Plan effective
December 31, 2008. 
 Effective January 31, 2009, in the case of a Member who was a participant in the R&P Plan on
January 31, 2009, such Member’s Discretionary Contribution Account shall include his account attributable to “Employer 401(k) Profit Sharing Contributions” (as defined in the R&P Plan) from the R&P Plan which was spun off
to the Plan effective January 31, 2009. 
 Effective December 31, 2008, in the case of a Member who was a participant
in the SWVR Plan on December 31, 2008, such Member’s Discretionary Contribution Account shall include his account attributable to employer discretionary contributions under the SWVR Plan which was merged into the Plan effective
December 31, 2008. 
  

	 	(h)	Rollover Account. The account of a Member which is credited with rollover contributions pursuant to Section 3.7 and all earnings and gains
attributable thereto and reduced by all investment losses, expenses, withdrawals, and distributions therefrom. 

Effective December 31, 2008, a Member’s Rollover Account shall include accounts attributable to rollover contributions from the
AMVEST Plans, and SWVR Plan which were merged into the Plan effective December 31, 2008. Effective December 31, 2008, a Member’s Rollover Account shall include an account attributable to rollover contributions from the R&P Plan
which was spun off to the Plan effective December 31, 2008. 

  
 13 

	 	(i)	ESOP Account. The account of a Member which is credited with a Member’s interest in the CONSOL Energy Stock Fund and/or the CNX Gas
Corporation Stock Fund. 

  

	 	(j)	AMVEST Roth 401(k) Account. Effective December 31, 2008, an AMVEST Roth 401(k) Account shall be established for a Member who was a participant
in the AMVEST Plans on December 31, 2008 and whose account in the AMVEST Plans attributable to “designated Roth contributions” (as defined in Treasury Regulations Section 1.401(k)-1(f)) from the AMVEST Plans was merged into the
Plan effective December 31, 2008. A Member’s AMVEST Roth 401(k) Account shall be credited with all earnings and gains attributable thereto and reduced by all investment losses, expenses, withdrawals and distributions therefrom.

  

	 	(k)	Merged Plan QNEC Account. Effective December 31, 2008, a Merged Plan QNEC Account shall be established for a Member who was a participant in
the AMVEST Plans and whose account in the AMVEST Plans attributable to “qualified nonelective contributions” (as defined in the AMVEST Plans) from the AMVEST Plans were merged into the Plan effective December 31, 2008. A Member’s
Merged Plan QNEC Account shall be credited with all earnings and gains attributable thereto and reduced by all investment losses, expenses, withdrawals and distributions therefrom. 

Effective January 31, 2009, a Merged Plan QNEC Account shall be established for a Member who was a participant in the R&P Plan
and whose account in R&P Plan attributable to “qualified nonelective contributions” (as defined in the R&P Plan) from the R&P Plan was spun off to the Plan effective January 31, 2009. A Member’s Merged Plan QNEC
Account shall be credited with all earnings and gains attributable thereto and reduced by all investment losses, expenses, withdrawals and distributions therefrom. 
 Effective December 31, 2008, a Merged Plan QNEC Account shall be established for a Member who was a participant in the SWVR and whose account in the SWVR Plan attributable to “Qualified
Non-Elective Contributions” (as defined in the SWVR Plan) from the SWVR Plan was merged into the Plan effective December 31, 2008. A Member’s Merged Plan QNEC Account shall be credited with all earnings and gains attributable thereto
and reduced by all investment losses, expenses, withdrawals and distributions therefrom. 
  

	1.2	Actual Contribution Percentage. The ratio of: 

  

	 	(a)	The sum of After-Tax and matching contributions for the Plan Year; to 

  
 14 

	 	(b)	Statutory Compensation for the Plan Year. 

 In accordance with Section 3.5.1(b), the Actual Contribution Percentage shall be determined collectively for the ESOP and non-ESOP portion of the Plan. 

 

	1.3	Actual Deferral Percentage. The ratio of: 

  

	 	(a)	Before-Tax Contributions for the Plan Year; to 

  

	 	(b)	Statutory Compensation for the Plan Year. 

 In accordance with Section 3.2(c), the Actual Deferral Percentage shall be determined collectively for the ESOP portion and the non-ESOP portion of the Plan. 

 

	1.4	After-Tax Contributions. The term “After-Tax Contributions” shall mean that percentage of monthly Compensation and/or ICP awards that a Member
elects to deposit in the Plan pursuant to Section 3.3. Such After-Tax Contributions must be made in increments of one percent (1%) of the Member’s Compensation and/or ICP awards. 

 

	1.5	Before-Tax Contributions. The term “Before-Tax Contributions” shall mean that percentage of monthly Compensation and/or ICP awards that a Member
elects to deposit in the Plan pursuant to Section 3.1 or automatically deposits pursuant to Section 3A as Before-Tax Contributions. Such Before-Tax Contributions must be made in increments of one percent (1%) of the Member’s
Compensation and/or ICP awards. 

  

	1.6	Board of Directors. The Board of Directors, or Executive Committee thereof, of CONSOL Energy Inc. 

 

	1.6A	Catch-Up Before-Tax Contribution. A contribution made for the benefit of the Member under Section 3.9 or, if applicable, under
Section 3.1 for ICP awards. 

  
 15 

	1.7	CNX Gas Member. Any Member that is employed by the CNX Gas Corporation. 

 

	1.8	CNX Gas Qualified Non-Elective Contributions. The term “CNX Gas Qualified Non-Elective Contributions” means a contribution of three percent
(3%) of Compensation which is made to the Qualified Non-Elective Contribution Account of each CNX Gas Member pursuant to Section 3.11A of the Plan. All CNX Gas Qualified Non-Elective Contributions shall be 100% non-forfeitable when made
and may be withdrawn or distributed only in accordance with the withdrawal and distribution provisions applicable to Before-Tax Contributions. 

  

	1.9	CNX Gas Corporation Stock. Shares of common stock issued by CNX Gas Corporation, a CONSOL Affiliated Corporation. 

 

	1.10	CNX Gas Corporation Stock Fund. The investment fund invested primarily in CNX Gas Corporation Stock. 

 

	1.11	Code. The Internal Revenue Code of 1986, as amended. 

  

	1.12	Committee. The Investment Plan Committee which consists of those person(s) designated by the Board of Directors thereof pursuant to Section 10.1(a).
If the Board of Directors does not appoint a Committee, the Company shall act as such. 

  

	1.13	Company. CONSOL Energy Inc. and any successor organization that elects to continue the Plan and any CONSOL Affiliated Corporation that elects to
participate in the Plan pursuant to Section 14. 

  

	1.14	CONSOL Energy Stock. Shares of common stock issued by the Company, which shares constitute “qualifying employer securities” under
Section 407(d)(5) of ERISA and under Sections 409(l) and 4975(e)(8) of the Code. 

  
 16 

	1.15	CONSOL Energy Stock Fund. The investment fund invested primarily in CONSOL Energy Stock. 

 

	1.16	Compensation. 

  

	 	(a)	Definition. The regular salary and wages (including annual lump-sum merit payments) paid within the Plan Year by the Company to a Member,
including the Member’s Before-Tax Contributions to the Plan and/or the Member’s salary reduction contributions to a cafeteria plan sponsored by the Company as authorized by Code section 125. Except as otherwise provided in
Section 3.4A(d), effective as of January 1, 2007, Compensation shall also include overtime for those Members who are eligible to receive overtime and who are not Fairmont Members. In addition, Compensation shall exclude ICP awards, except
as specifically provided for in Sections 3.1, 3.3 and 3.9 of the Plan. In the case of a Fairmont Member, Compensation shall include commissions. Compensation shall not include any other bonuses, or special pay under rules uniformly applicable to all
Members similarly situated. 

  

	 	(b)	Limitation. No amounts paid during a Plan Year in excess of $225,000 (as adjusted pursuant to Code section 401(a)(17)) shall be taken into account to
determine benefits hereunder. 

  

	1.17	CONSOL Affiliated Corporation. Any corporation in which CONSOL Energy Inc. owns, directly or indirectly, at least ten percent (10%) of the issued and
outstanding stock entitled to vote for the election of directors. A CONSOL Affiliated Corporation shall not include Rochester & Pittsburgh Coal Company (“R&P”) and any R&P Affiliated Corporation for the period from
September 22, 1998 through January 31, 2001. 

  

	1.18	 Contribution Election. An election by the Member made pursuant to an agreement between a Member and the Company in the form prescribed by
the Committee which 

  
 17 

	 	
provides that each payroll period the Member’s Compensation or periodically from the Member’s ICP awards will be reduced by any whole percentage. A Member may elect to contribute up to
a maximum of Seventy Five percent (75%) of such Compensation. The Member shall designate the amount of his contributions he wishes to make on a before-tax basis to his Before-Tax Contribution Account; any contributions in excess of that amount
shall be deposited to his After-Tax Contribution Account. 

 A Member may increase or decrease the rate of his
Before-Tax and After-Tax Contributions at such time or times as the Committee may prescribe. Any election with respect to, or change in, the rate of such contributions shall be made before the effective date thereof, and in such manner as the
Committee may in its discretion require in accordance with uniform and nondiscriminatory rules. 
 If the Committee determines
that a Member’s Before-Tax and/or After-Tax Contributions are being made at a rate that will cause the limitations under Sections 3.1 and/or 3.3 to be exceeded for the Plan Year, the Committee may, in its sole discretion, limit the amount of
such contributions of one or more Highly Compensated Employees for the balance of the Plan Year. 
  

	1.19	Corporate Employer. Any employer which is a member of the control group that includes the Company pursuant to Code sections 414(b) and 414(c), as modified
by Code section 415(h). 

  

	1.20	Eligible Employee. An Employee of the Company who may participate in the Plan because he: 

 

	 	(a)	is an Employee compensated on a salaried basis, or is an Employee compensated on an hourly basis who the Company classifies as a production and maintenance
employee, an operation and maintenance employee, a warehouse and maintenance employee, or a facility operator employee; and 

  
 18 

	 	(b)	is either employed on a regular, full-time basis, or completes a Year of Service; and 

 

	 	(c)	is not a member of a collective bargaining unit unless covered by a collective bargaining agreement that expressly provides for participation in the Plan; and

  

	 	(d)	is not a nonresident alien with no U.S. source earned income; and 

  

	 	(e)	is not a Leased Employee; and 

  

	 	(f)	is not an individual who the Company classifies as an independent contractor (regardless of the individual’s employment status under applicable law).

 Notwithstanding the foregoing, for the period September 22, 1998 through January 31, 2001, an Employee
who transferred employment from Rochester & Pittsburgh Coal Company or an R&P Affiliated Corporation to CONSOL Inc. or a CONSOL Affiliated Corporation was not an Eligible Employee for that period. Such Employee shall be an Eligible
Employee effective February 1, 2001. 
  

	1.21	Employee. Any individual on the payroll of the Company or a Corporate Employer, and not paid by accounts payable, whose wages from the Company or
Corporate Employer are subject to withholding for the purposes of Federal income taxes and the Federal Insurance Contributions Act and any Leased Employee of the Company or a Corporate Employer. 

 

	1.22	Employment Date. The date on which an Employee is first employed by the Company or Corporate Employer and on which an Employee completes one Hour of
Service. 

  
 19 

	1.23	ERISA. The Employee Retirement Income Security Act of 1974, as amended. 

 

	1.24	ESOP. The portion of the Plan that meets the requirements of Section 6A. 

 

	1.25	Fairmont Member. Any Member that is employed by the Fairmont Supply Company. 

For purposes hereof, “Fairmont Supply Company” includes any subsidiary or affiliate thereof that has properly adopted the Plan.

  

	1.26	Fairmont Qualified Non-Elective Contributions. The term “Fairmont Qualified Non-Elective Contributions” means a contribution of up to $1,500
which is made to the Qualified Non-Elective Contribution Account of each Fairmont Member pursuant to Section 3.11 of the Plan. All Fairmont Qualified Non-Elective Contributions shall be 100% non-forfeitable when made and may be withdrawn or
distributed only in accordance with the withdrawal and distribution provisions applicable to Before-Tax Contributions. 

  

	1.27	Former Member. Any individual who is no longer a Member but who continues to have an Account in the Plan. 

 

	1.28	 415 Compensation. The total wages, salaries, fees for professional services, and other amounts received by an Employee for personal
services actually rendered in the course of employment with the Employer during the Limitation Year to the extent that such amounts are includible in gross income (including fringe benefits, reimbursements, and expense allowances), earned income
(with respect to Employees within the meaning of Code section 401(c)(1)), foreign earned income (as defined in Code section 911(b)), amounts described in Code sections 104(a)(3), 105(a), and 105(h), amounts paid or reimbursed by the Company for
moving expenses incurred by the Employee to the extent that such amounts are not deductible under Code section 217, the value of a non-qualified stock option granted to an Employee by the Company to the extent the value is includible in the
Employee’s gross income, the amount includible in the Employee’s gross income 

  
 20 

	 	
upon making the election described in Code section 83(b), the amount of the Employee’s Compensation deferred and contributed to plans described in Code sections 125 and 401(k) including
amounts deferred and contributed to this Plan, and amounts attributable to “qualified transportation fringes” that are excluded from gross income under section 132(f)(4) of the Code. 415 Compensation shall not include:

  

	 	(a)	amounts contributed to a plan of deferred compensation which are not includible in the gross income of the Employee for the taxable year in which contributed, or
Employer contributions under a simplified employee pension plan described in Code section 408(k) to the extent such contributions are deductible by the Employee; 

 

	 	(b)	distributions from a plan of deferred compensation, regardless of whether such amounts are includible in gross income when distributed; 

 

	 	(c)	amounts realized from the exercise of a non-qualified stock option, or when restricted stock (or property) held by the Employee either becomes freely
transferable or is no longer subject to a substantial risk of forfeiture; 

  

	 	(d)	amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; and 

 

	 	(e)	other amounts that receive special tax benefits 

 Effective January 1, 2008, 415 Compensation shall include payments to the Member by the Company after the Member incurs a severance from employment (within the meaning of
Section 401(k)(2)(B)(i)(I) of the Code) with the Company provided that such payments are paid by the later of two and one-half (2 1/2) months after such severance or the end of the Limitation Year that includes such severance and such payments
are regular compensation for 

  
 21 

 
services during the Member’s regular working hours, or compensation for services outside the Member’s regular working hours (such as overtime or shift differential), commissions,
bonuses or similar payments, and would have been paid to the Member prior to a severance from employment if the Member had continued in employment with the Company; or . 

 

	1.29	Highly Compensated Employee. A Highly Compensated Employee means for a Plan Year any Employee of the Company or a Corporate Employer (whether or not
eligible for membership in the Plan) who: 

  

	 	(a)	was a 5-percent owner (as defined in Section 416(i) of the Code) for such Plan year or the prior Plan Year, or 

 

	 	(b)	for the preceding Plan Year received Statutory Compensation in excess of $100,000. The $100,000 dollar amount in the preceding sentence shall be adjusted from time to
time for cost of living in accordance with Section 414(q) of the Code. 

 Notwithstanding the foregoing,
employees who are nonresident aliens and who receive no earned income from the Company or a Corporate Employer that constitutes income from sources within the United States shall be disregarded for all purposes of this Section. 

The provisions of this Section shall be further subject to such additional requirements as shall be described in Section 414(q) of
the Code and its applicable regulations, which shall override any aspects of this Section inconsistent therewith. 

  
 22 

	1.30	Hour of Service. “Hour of Service” means: 

  

	 	(a)	Each hour for which an Employee is paid or entitled to payment by the Company or a Corporate Employer for the performance of duties. These hours shall be
credited to the Employee for the computation period or periods in which the Employee performs the duties, irrespective of when paid; 

  

	 	(b)	Each hour for which an Employee is paid or entitled to payment by the Company or Corporate Employer (for reasons such as vacation, holiday, illness or incapacity
or a Company approved leave of absence) other than for the performance of duties, irrespective of whether the employment relationship has terminated. No more than 501 Hours of Service shall be credited under this paragraph to an Employee on account
of any single continuous period during which the Employee performs no duties (whether or not such period occurs in a single computation period). No credit shall be given for hours for which no duties are performed but for which payment by the
Company or Corporate Employer is made or due under a plan maintained solely for the purpose of complying with applicable worker’s compensation, unemployment compensation or disability insurance laws, or where payment solely reimburses an
Employee for medical or medically related expenses incurred by the Employee; and 

  

	 	(c)	Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Company or Corporate Employer. The same Hours of
Service shall not be credited both under paragraph (a) or paragraph (b), as the case may be, and under this paragraph (c). These hours shall be credited to the Employee for the computation period or periods to which the award or agreement
pertains rather than the computation period in which the award, agreement or payment is made. 

  
 23 

	 	(d)	Hours of Service shall also include a military leave while the Employee’s reemployment rights are protected by law, or such additional or other periods as
are granted by the Company as military leave, provided the Employee returns to employment within ninety (90) days of the end of his military leave (or such longer period of time as his reemployment rights are protected by law). Hours under this
paragraph shall be credited on the basis of the lesser of (i) a forty (40) hour work week or applicable pro rata portion thereof or (ii) his customarily scheduled work week or applicable pro rata portion thereof. The same Hours of
Service shall not be credited under (a) - (c) above, as the case may be, and under this paragraph (d). 

 For
purposes of (a) - (c) above, the Committee shall determine Hours of Service for any regular, full-time Employee on the basis of the Employee’s months of employment, with the Committee crediting the Employee with 190 Hours of Service for each
month for which the Employee would be otherwise required to be credited for at least one (1) Hour of Service during the month. 
  

	1.30A	ICP. The quarterly and annual Incentive Compensation Payment awards under the Company’s Short Term Incentive Compensation Plan.

  

	1.31	Incapacity. A physical or mental condition whereby the Member is determined by the Social Security Administration to be eligible to receive disability
benefits under the Federal Social Security Act, as amended from time to time. 

  

	1.32	Investment Option. An investment vehicle selected by the Committee for the investment and reinvestment of a Member’s share of contributions and
assets held under the Plan. Notwithstanding the foregoing, the Plan will have an investment vehicle that is designed to permit a Member to acquire or sell, directly or indirectly, any qualifying employer security (as defined in ERISA section
407(d)(5)). 

  
 24 

	1.33	Leased Employee. A Leased Employee means any person (other than a common law employee of the Employer) who, pursuant to an agreement between the Company
or Corporate Employer and any other person (“leasing organization”), has performed services for the Company or Corporate Employer or any related persons determined in accordance with Section 414(n)(6) of the Code on a substantially
full-time basis for a period of at least one year and such services are performed under the primary direction of or control by the Company or Corporate Employer. In the case of any person who is a Leased Employee (or who would qualify as a Leased
Employee but for the requirement that substantially full-time service be performed for one year) before or after a period of service as an Employee, the entire period during which he has performed services as a Leased Employee shall be counted as
service as an Employee for all purposes of the Plan, except that he shall not, by reason of that status, become a Member of the Plan. 

  

	1.34	Limitation Year. The Plan Year. 

  

	1.35	Member. Any Employee who has commenced participation in the Plan in accordance with the provisions of Section 2 of the Plan.

  

	1.36	Non-Highly Compensated Employee. Any Employee who is not a Highly Compensated Employee. 

 

	1.37	Normal Retirement Age. Age 65. 

  

	1.38	One-Year Break-In-Service. A 12-month period, commencing on the Employee’s Employment Date or Reemployment Date (as applicable), or anniversary
thereof, during which the Member does not complete more than five hundred (500) Hours of Service. Notwithstanding the foregoing, solely for the purpose of determining whether a Member has incurred a One-Year Break-In-Service, Hours of Service
shall be recognized for an “authorized leave of absence” and a “maternity or paternity leave of absence.” 

  
 25 

 For this purpose, Hours of Service shall be credited for the computation period in which
absence from work begins, only if credit therefore is necessary to prevent the Employee from incurring a One-Year Break-in-Service, or, in any other case, in the immediately following computation period. The Hours of Service credited for a
“maternity or paternity leave of absence” shall be those that normally would have been credited but for such absence, or, in any case in which the Committee is unable to determine such hours normally credited, eight (8) Hours of
Service per day. The total Hours of Service required to be credited for any single “maternity or paternity leave of absence” shall not exceed five hundred and one (501). 

An “authorized leave of absence” means an unpaid, temporary cessation from active employment with the Company or a Corporate
Employer pursuant to an established nondiscriminatory policy, whether occasioned by illness, military service, or any other reason. 
 A “maternity or paternity leave of absence” shall mean an absence from work for any period by reason of the Employee’s pregnancy, birth of the Employee’s child, placement of a child
with the Employee in connection with the adoption of such child, or any absence for the purpose of caring for such child for a period immediately following such birth or placement. 

 

	1.39	Plan. The CONSOL Energy Inc. Investment Plan for Salaried Employees as set forth in this document and as amended from time to time.

 AMVEST Plans shall collectively mean the AMVEST Corporation Profit Sharing/401(k) Plan, the AMVEST Minerals
Company 401(k) Retirement Plan and the AMVEST Retiree Medical Savings Plan as in effect on December 31, 2008. R&P Plan shall mean the Rochester & Pittsburgh Coal Company 401(k) Plan Savings and Retirement Plan as in effect on
January 31, 2009. 
  

	1.40	Plan Year. The twelve (12) month period commencing each January 1. 

  
 26 

	1.41	R&P Affiliated Corporation. Any corporation in which Rochester & Pittsburgh Coal Company owns, directly or indirectly, at least ten percent
(10%) of the issued and outstanding stock entitled to vote for the election of directors. An R&P Affiliated Corporation shall not include CONSOL Energy Inc. and any CONSOL Affiliated Corporation for the period from September 22, 1998
through January 31, 2001. 

  

	1.42	Reemployment Date. The date following a One-Year Break-In-Service on which a previously employed individual is reemployed and completes one Hour of
Service. 

  

	1.43	[Reserved]. 

  

	1.44	Rochester & Pittsburgh Coal Company. The company purchased by CONSOL Inc. on September 22, 1998. 

 

	1.45	Statutory Compensation. With respect to any Member, means the wages, salaries, and other amounts paid in respect of an employee for services actually
rendered to the Company or a Corporate Employer, including by way of example, overtime, bonuses, and commissions, but excluding deferred compensation, stock options, and other distributions which receive special tax benefits under the Code. For
purposes of determining Highly Compensated Employees and key employees (under Section 13.2), Statutory Compensation shall include amounts contributed by the Employer pursuant to a salary reduction agreement which are not includible in the gross
income of the employee under Sections 125, 132(f), 402(g)(3), 414(v) or 457(b) of the Code. For all other purposes, Statutory Compensation shall also include the amounts referred to in the preceding sentence, unless the Committee directs otherwise
for a particular Plan Year. Statutory Compensation for a Plan Year shall not exceed the limit under Section 401(a)(17) of the Code, provided that such limit shall not be applied in determining Highly Compensated Employees. Statutory
Compensation shall not include deemed Code Section 125 amounts. 

  
 27 

	1.46	Termination of Employment. The severance of the employment relationship for any reason between (a) a Member and the Company, or (b) in the case
of a Former Member who is employed by the Company or a Corporate Employer, the Former Member and the Company or, if applicable, Corporate Employer. Notwithstanding the foregoing, a Member shall not incur a severance from employment solely on account
of such Member’s (a) transfer of employment from the Company to an Affiliated Corporation or a CONSOL Affiliated Corporation, from a CONSOL Affiliated Corporation to an Affiliated Corporation, or between CONSOL Affiliated Corporations; or
(b) transfer to or from a Corporate Employer. 

  

	1.47	Trust. The Trust Agreement entered into pursuant to Section 11 between the Company and the Trustees. 

 

	1.48	Trustees. The persons and/or bank or trust company which are named as Trustees in the Trust Agreement. 

 

	1.49	USERRA. The Uniformed Services Employment and Reemployment Rights Act of 1994, as amended. 

 

	1.50	Valuation Date. Each date during the Plan Year a Member’s Plan assets allocated to an Investment Option described in Section 6 are valued.

  

	1.51	Year of Service. A 12-month period beginning on a Member’s Employment Date (or Reemployment Date) and each anniversary thereof during which such
Member has completed at least one thousand (1,000) Hours of Service. 

 For purposes of determining whether an
Employee is an Eligible Employee under Section 1.20 and a Member’s vested interest under Section 4.1, an Employee’s years 

  
 28 

 
of service under the plan of an Affiliated Corporation or CONSOL Affiliated Corporation shall be considered Years of Service under this Plan in the event that the Employee transfers to the
Company from an Affiliated Corporation or CONSOL Affiliated Corporation. 

  
 29 

 SECTION 2 
 PARTICIPATION 
  

	2.1	Commencement of Participation. Notwithstanding the provisions of Section 3A.1, when applicable, an Eligible Employee may become a Member in the Plan
on the first day of the pay period immediately following the date he becomes an Eligible Employee, except as provided below: 

  

	 	(a)	Any Eligible Employee who is absent from work on the date he becomes eligible, may not become a Member in the Plan until the first day of the pay period
immediately following his return from such absence. 

  

	 	(b)	An Employee who is transferred to the Company from an Affiliated Corporation or a CONSOL Affiliated Corporation, or from a corporation that has adopted a profit
sharing plan administered by an Affiliated Corporation, and who was a participant in the profit sharing plan thereof, may become a Member on the date he is employed by the Company as an Eligible Employee. 

 

	2.2	Obligation of Member. When an Employee becomes eligible to participate, and thereafter from time to time, the designated representative of the Committee
shall require the Employee to furnish such information in a form prescribed by such designated representative of the Committee as may be reasonably required for the administration of the Plan, including without limitation, a beneficiary designation
form, evidence of age and marital status, an automatic enrollment acknowledgement, if applicable, a Contribution Election, if applicable, and investment directions. 

  
 30 

	2.3	Termination of Participation. Participation in the Plan continues until a Member’s death or other Termination of Employment. A Member whose
participation terminates pursuant to the preceding sentence becomes a Former Member and retains the rights of a Member for the limited purposes of investment allocation under Section 6 and distributions under Section 7 provided that he
retains an Account(s) in the Plan. 

  

	2.4	Reemployment of Former Member. A Former Member who is reemployed subsequent to his Termination of Employment shall immediately recommence participation in
the Plan as of the date he again becomes an Eligible Employee, without regard to the service requirement of Section 1.20. 

  

	2.5	Failure to Remain an Eligible Employee. If a Member fails to continue to meet the requirements to be an Eligible Employee, such Member shall not be
eligible for contributions made pursuant to Sections 3.1, 3.3, 3.4, 3.4A, 3.9, 3.11 or 3.11A and if applicable, Sections 3A.1 or 2 . Notwithstanding the foregoing, a Member who transferred employment to Rochester & Pittsburgh Coal Company
or an R&P Affiliated Corporation between September 22, 1998 and January 31, 2001 continued to be eligible for contributions made pursuant to Sections 3.1, 3.3 and 3.4 during that time. 

  
 31 

 SECTION 3 
 CONTRIBUTIONS 
  

	3.1	Before-Tax Contributions. If applicable, the Company will contribute to a Member’s Before-Tax Contribution Account, the Before-Tax Contributions
resulting from the automatic enrollment provisions of Sections 3A.1 or 2 of this Plan. Otherwise, the Company will contribute to a Member’s Before-Tax Contribution Account the percentage of the Member’s contribution designated as
Before-Tax Contributions pursuant to his Contribution Election with the Company. Such contribution shall be made no later than the time prescribed by law after such amounts are received by the Company or would otherwise have been payable to the
Member in cash. 

 In addition to Before-Tax Contributions made either pursuant to the automatic enrollment
provisions of this Plan or as designated via a Contribution Election by a Member, a Member may also designate from one percent (1%) to seventy-five percent (75%) of any quarterly or annual ICP award as a Before-Tax Contribution. In no
event shall a contribution made out of any quarterly or annual ICP award under this Section 3.1 exceed $10,000 when combined with any contribution made out of any quarterly or annual ICP award under Section 3.3. 

Any Member choosing to defer a percentage of any quarterly and/or annual ICP award as Before-Tax Contributions may do so by completing a
Contribution Election, designating the chosen percentage and submitting the completed Contribution Election to the designated representative of the Committee by the end of the quarter, or year, if applicable, for which the quarterly and/or annual
ICP award is to be made. 
 The designated percentage of any quarterly or annual ICP award to be Before-Tax Contributions will be
deducted from the Member’s paycheck which includes the net ICP quarterly and/or annual award. 

  
 32 

 In either case, the deferral election will remain in effect until a new election is filed
with the Committee or its designated representative. 
  

	3.2	Annual Limitations on Before-Tax Contributions. 

  

	 	(a)	Limitation Based on Member’s Total Before-Tax Contributions. Except as provided under Section 3.9, no Member shall be permitted to make
Before-Tax Contributions under this Plan during a calendar year in excess of the Code section 402(g) limit ($15,500 for 2007 and 2008). 

 If, on or before March 1 of any year, a Member notifies the designated representative of the Committee in writing that all or a specified part of the Before-Tax Contributions made on his behalf under
the Plan represent an excess deferral for the Member’s preceding taxable year, such excess deferral, plus allocable earnings or losses, shall be distributed to the Member no later than the April 15 of the calendar year following the
calendar year in which the excess deferral occurred. With respect to this Section, a Member’s excess deferrals are the portion of a Member’s Before-Tax Contributions to this Plan together with his elective deferrals under any other plan or
arrangement (whether or not maintained by the Company or a Corporate Employer), if any, that exceed the Code section 402(g) limit for the taxable year in which the deferrals occurred. A Member is deemed to notify the designated representative of the
Committee of excess deferrals if the Before-Tax Contributions made to this Plan and any other plans of the Company or Corporate Employer combined exceed the Code section 402(g) limit. 

Excess deferrals shall be treated as annual additions under the Plan, in accordance with the provisions of Section 3.6 hereof, unless
the amounts are distributed no later than the first April 15 following the close of the Member’s taxable year. Excess deferrals distributed to any Member who is a 

  
 33 

 
Highly Compensated Employee shall not reduce that Member’s Actual Deferral Percentage. 
  

			
	 (b)
	 	Actual Deferral Percentage Non-Discrimination Testing . Notwithstanding anything to the contrary, the Actual Deferral Percentage non-discrimination testing
provisions outlined in the subsection (b)(1) below, regarding a Member’s Before-Tax Contributions, shall apply only to Fairmont Members. Such non-discrimination testing provisions will not be applicable for any Plan Year on or after
January 1, 2007 with respect to Members, other than Fairmont Members, to the extent the Plan is operating under the safe harbor plan design provisions of Code Section 401(k)(12) and Treasury Regulation Section 1.401(k)-3 for Post 2006
Matching Contributions made by the Company pursuant to Section 3.4A of the Plan.
		
	(b)(1) 	 	Limitation Based on Member’s Actual Deferral Percentage. If applicable, Before-Tax Contributions for any Plan Year must satisfy at least one of the
following tests found in Code section 401(k)(3)(A):

  

	 	(I)	The average of the Actual Deferral Percentages for the Highly Compensated Employees for the Plan Year does not exceed the product of one and one quarter
(1.25) and the average of the Actual Deferral Percentages of the Non-Highly Compensated Employees for the Plan Year; or 

  

	 	(II)	 The average of the Actual Deferral Percentages for the Highly Compensated Employees for the Plan Year does not exceed the average of the Actual
Deferral Percentages for the Non-Highly Compensated Employees for the Plan Year multiplied by two (2.0); subject, however, to the additional limitation that the average of the Actual Deferral Percentages for the Highly Compensated Employees for the
Plan Year may not exceed the average of the Actual 

  
 34 

	 	
Contribution Percentages for the Non-Highly Compensated Employees for the Plan Year by more than two (2.0) percentage points. 

For purposes of the foregoing, only those Highly Compensated Employees and Non-Highly Compensated Employees who are Members in the Plan
are taken into account. The Actual Deferral Percentage of any Member who elects not to make any Before-Tax Contributions shall be zero. 
 This subsection (b)(1) shall apply collectively to the ESOP and the non-ESOP portions of the Plan. 
 The Company may, at its discretion, elect to have “Plan Year” struck in the preceding sections (I) and (II) and replaced with “prior Plan Year”, where applicable. However, the
Plan must be amended to reflect such election. If an election is subsequently made to use “Plan Year” for any Plan Year beginning on or after January 1, 2001, the Company may not elect to use “prior Plan Year” during any of
the four (4) subsequent Plan Years. 
  

	 	(c)	Treatment of Before-Tax Contributions in Excess of Actual Deferral Percentage Test Limits. To the extent the tests in (b)(1) above are not satisfied, the Company
may, in its absolute discretion, either make an additional contribution on behalf of Non-Highly Compensated Employees under (I) below or distribute the Highly Compensated Employees’ excess contributions under (II) below.

  

	 	(I)	 Additional Contribution. If the tests in (b)(1) above are not satisfied, the Company may make an additional contribution to the
Before-Tax Contribution Account of each Member who is a Non-Highly Compensated Employee. The contribution to such Member’s Account will be equal to a percentage of his Statutory Compensation

  
 35 

 
for the Plan Year and such percentage shall be the same for each such Member and the allocation procedure complies with the applicable provisions of Treasury Regulation
Section 1.401(k)-2(a)(6). The contribution shall be nonforfeitable when made and shall be distributed only in accordance with the distribution provisions applicable to Before-Tax Contributions. 

 

	 	(II)	Distribution or Recharacterization of Excess Contribution. If the Actual Deferral Percentage for Members who are Highly Compensated Employees is more than
the amount permitted under (b)(1) for any Plan Year, the amount of the excess contributions for such Plan Year (and any income allocable to such contributions through the end of that Plan Year) shall be distributed before the close of the following
Plan Year. The Committee shall make reasonable efforts to cause such distribution to be made by March 15 of such following Plan Year. Alternatively, if the Member is eligible to make Catch-Up Before-Tax Contributions, the Excess Contributions
will be recharacterized as Catch-Up Before-Tax Contributions, to the extent the Catch-Up Before-Tax Contribution limit is not exceeded by such re-characterization. 

For this purpose, excess contributions means with respect to a Plan Year, the excess of the aggregate amount of Before-Tax Contributions
actually paid over to the Trust on behalf of Highly Compensated Employees for such Plan Year, offset by any excess deferrals previously distributed under Section 3.2, over the maximum amount of such contributions permitted under (b)(1)(A) or
(B). The excess contribution shall be distributed commencing with a distribution to the Member with the highest amount contributed for the Plan Year and reducing his contribution amount by an amount equal to the lesser of the amount necessary to
relieve the Excess Contribution or the 

  
 36 

 
amount necessary to reduce his contribution amount to the next highest contribution amount. If more than one Member has the highest contribution amount, such Members shall have their contribution
amounts decreased equally until the amount of reduction described in the preceding sentence is attained. The Committee shall perform the procedure described in the preceding two sentences repeatedly until no excess contributions remain. 

If the distribution of excess contributions results in the distribution of any Before-Tax Contributions, the matching contributions
attributable to those Before-Tax Contributions, plus any earnings thereon, shall be forfeited. Any such forfeiture shall be allocated pursuant to Section 5.3 and such allocation shall take place by the end of the Plan Year immediately following
the Plan Year in which the excess aggregate contributions were made. 
  

	3.3	After-Tax Contributions. The Company will contribute to a Member’s After-Tax Contribution Account the percentage of the Member’s Compensation
designated as After-Tax Contributions pursuant to his Contribution Election with the Company. 

 In addition to
After-Tax Contributions designated via a Contribution Election by a Member, a Member may also designate from one percent (1%) to seventy-five percent (75%) of any quarterly or annual ICP awards as an After-Tax Contribution. In no event
shall a contribution made out of any quarterly or annual ICP award under this Section 3.3 exceed $10,000, when combined with any contribution made out of any quarterly or annual ICP award under Section 3.1. 

Any Member choosing to contribute a percentage of any quarterly and/or annual ICP award as After-Tax Contributions may do so by completing
a Contribution Election, designating the chosen percentage and submitting the Contribution Election to the Committee, or its designee, by the end of the quarter or year, if applicable, for which

  
 37 

 
the quarterly and/or annual ICP award is to be made. 
 The designated
percentage of any quarterly or annual ICP award to be designated as After-Tax Contributions will be deducted from the Member’s paycheck which includes the net ICP quarterly and/or annual award. 

In either case, the contribution election will remain in effect until a new election is filed with the Committee. 

 

	3.4	Company Matching Contributions Before January 1, 2007. 

  

	 	(a)	Members other than Fairmont Members. On and after January 1, 2006, but before January 1, 2007, the Company shall contribute to the Pre-2007
Matching Contribution Account of a Member (other than a Fairmont Member) an amount equal to 100% of the Compensation that the Member contributes to the Plan as Before-Tax Contributions pursuant to the automatic enrollment provisions of Sections 3A.1
or 2 of the Plan or that the Member elects to deposit in the Plan pursuant to his Contribution Election with the Company as After-Tax and/or Before-Tax Contributions to the extent such After-Tax and/or Before-Tax Contributions for that pay period do
not exceed six percent (6%) of the Member’s Compensation for that pay period. Such contribution shall be made at least annually by the due date for filing the Company’s federal income tax return for the Plan Year (including extensions
thereof) or at such earlier date or dates as the Company may determine in its sole discretion. In addition, the contributions shall be non-forfeitable when made. 

 For Plan Years before January 1, 2006, the Company matching contributions to the Pre-2007 Matching Contribution Account of a Member (other than a Fairmont Member) were determined in accordance with
the terms of the Plan in effect through December 31, 2005. 

  
 38 

	 	(b)	Fairmont Members. The Company shall contribute to the Pre-2007 Matching Contribution Account of a Fairmont Member an amount equal to fifty percent
(50%) of the Compensation that the Member contributes to the Plan as Before-Tax Contributions pursuant to the automatic enrollment provisions of Sections 3A.1 or 2 of the Plan or that the Member elects to deposit in the Plan pursuant to his
Contribution Election with the Company as After-Tax and/or Before-Tax Contributions to the extent such After-Tax and/or Before-Tax Contributions for that pay period do not exceed twelve percent (12%) of the Member’s Compensation for that
pay period. Such contribution shall be made at least annually by the due date for filing the Company’s federal income tax return for the Plan Year (including extensions thereof) or at such earlier date or dates as the Company may determine in
its sole discretion. 

  

	 	(c)	ICP Awards. Notwithstanding anything to the contrary above, no Company matching contributions shall be made on any Before-Tax or After-Tax Contributions
made from an ICP award. 

  

	3.4A	Company Contributions On and After January 1, 2007 

  

	 	(a)	 Matching Contributions for Members other than Fairmont Members. The Company shall contribute to the Post-2006 Matching Contribution
Account of a Member (other than a Fairmont Member) an amount equal to 100% of the Compensation that the Member contributes to the Plan as Before-Tax Contributions pursuant to the automatic enrollment provisions of Sections 3A.1 or 2 of the Plan or
that the Member elects to deposit in the Plan pursuant to his Contribution Election as After-Tax and/or Before-Tax Contributions to the extent such After-Tax and/or Before-Tax Contributions for that pay period do not exceed six percent (6%) of
the Member’s Compensation for that pay period. Such contribution shall be made at least 

  
 39 

	 	
annually by the due date for filing the Company’s federal income tax for the Plan Year (including extensions thereof) or at such earlier date or dates as the Company may determine in its
sole discretion. This matching contribution is intended to satisfy the safe-harbor provisions of Code sections 401(k)(12) and 401(m) and Treasury Regulation Sections 1.401(k)-3 and 1.401(m)-3. This contribution shall also be made on Catch-Up
Before-Tax Contributions made pursuant to Section 3.9 to the extent required under these safe-harbor contribution provisions of the Code and regulations thereunder. In addition, the contributions shall be non-forfeitable when made and shall be
withdrawn or distributed only in accordance with the withdrawal and distribution provisions applicable to Before-Tax Contributions. 

  

	 	(b)	 Matching Contributions forFairmont Members. The Company shall contribute to the Post-2006 Matching Contribution Account of a
Fairmont Member an amount equal to fifty percent (50%) of the Compensation that the Member contributes to the Plan as Before-Tax Contributions pursuant to the automatic enrollment provisions of Section 3A.1 or 2 of the Plan or that the
Fairmont Member elects to deposit in the Plan pursuant to his Contribution Election as After-Tax and/or Before-Tax Contributions to the extent such After-Tax and/or Before-Tax Contributions for the pay period do not exceed twelve percent
(12%) of the Member’s Compensation for that pay period. Such contribution shall be made at least annually by the due date for filing the Company’s federal income tax return for the Plan Year (including extensions thereof) or at such
earlier date as the Company may determine in its sole discretion. This Contribution shall not be made on Catch-Up Before-Tax Contributions made pursuant to Section 3.9 by Fairmont Members for Plan Years beginning prior to January 1,
2009. For Plan Years beginning on or after January 1, 2009, this Matching Contribution will be made on Catch-Up Before Tax Contributions made by Fairmont Members pursuant to Section 3.9. In addition, the Contribution shall be
non-forfeitable when made 

  
 40 

	 	
and shall be withdrawn or distributed only in accordance with the withdrawal and distribution provisions applicable to Before-Tax Contributions. 

 

	 	(c)	ICP Awards. Notwithstanding anything to the contrary above, no Company matching contributions shall be made on any Before-Tax or After-Tax Contributions
made from an ICP award. 

  

	 	(d)	Discretionary Contributions. In addition to matching contributions, the Company may, but shall not be obligated to, for any Plan Year, contribute to the
Discretionary Contribution Account of a Member and/or Fairmont Member, as applicable, out of it accumulated earnings and profits, such amount, if any, as the Company shall determine in its sole discretion subject to the following conditions:

  

	 	(I)	no such discretionary contribution shall be made unless the same is specifically independently authorized by the Board of Directors of CONSOL Energy Inc for
Members of the Plan who are Employees of CONSOL Energy Inc., the Board of Directors of CNX Gas Corporation for Members of the Plan who are Employees of CNX Gas Corporation and the Board of Directors of Fairmont Supply Company for Fairmont Members
who are Employees of Fairmont Supply Company; 

  

	 	(II)	the aggregate amount of such additional contribution made for any Plan Year shall not exceed four percent (4%) of the Compensation of all Members or
Fairmont Members; 

  

	 	(III)	 each discretionary contribution shall be paid to the Trustee and shall thereupon, be distributed by the Trustee among the Discretionary
Contribution Accounts of all eligible Plan Members as a uniform percentage of Compensation as determined by a designated 

  
 41 

	 	
representative of the Committee; 

  

	 	(IV)	for purposes of this subsection, an eligible Plan Member is a Plan Member who is employed (or reemployed) on or before September 30 of any Plan Year and
remains actively employed on the last day of the Plan Year; and 

  

	 	(V)	notwithstanding anything to the contrary in Section 1.16, overtime shall not be included in the definition of Compensation of any Member in determining such
Member’s allocable share of any discretionary contribution made pursuant to the provisions of this Section 3.4(d). 

  

	3.5	Annual Limitation on After-Tax and Company Matching Contributions. Notwithstanding anything to the contrary, the Actual Contribution Percentage Test
provisions outlined in subsection (a) below shall apply to (i) the After-Tax Contributions of Members, and (ii) the Company matching contributions made on behalf of Fairmont Members. Such non-discrimination testing provisions will not
be applicable for any Plan Year on or after January 1, 2007 with respect to Company matching contributions made on behalf of Members, other than Fairmont Members, to the extent the Plan is operating under the safe harbor plan design provisions
of Code sections 401(k)(12) and 401(m) and Treasury Regulation Sections 1.401(k)-3 and 1.401(m)-3 for Post-2006 Matching Contributions made by the Company pursuant to Section 3.4A of the Plan. 

 

	 	(a)	Limitation Based on Member’s Actual Contribution Percentage. If applicable, pursuant to Code section 401(m)(2)(A), the average of the Actual
Contribution Percentages for the Plan Year for the Highly Compensated Employees shall not exceed the greater of (I) or (II) as follows: 

  
 42 

	 	(I)	The average of the Actual Contribution Percentages for the Non-Highly Compensated Employees for the Plan Year multiplied by one and one-quarter (1.25); or

  

	 	(II)	The average of the Actual Contribution Percentages for the Non-Highly Compensated Employees for the Plan Year multiplied by two (2.0); subject, however, to the
additional limitation that the average of the Actual Contribution Percentages for the Highly Compensated Employees for the Plan Year may not exceed the average of the Actual Contribution Percentages for the Non-Highly Compensated Employees for the
Plan Year by more than two (2.0) percentage points. 

 For purposes of the foregoing, only those Highly
Compensated Employees and Non-Highly Compensated Employees who are Members in the Plan are taken into account. The Actual Contribution Percentage of any Member who elects not to make any Contribution Election shall be zero. 

This subsection (a) shall apply collectively to the ESOP and the non-ESOP portions of the Plan. 

The Company may, at its discretion, elect to have “Plan Year” struck in the preceding sections (I) and (II) and replaced
with “prior Plan Year”, where applicable. However, the Plan must be amended to reflect such election. If an election is subsequently made to use “Plan Year” for any Plan Year beginning on or after January 1, 2001, the
Company may not elect to use “prior Plan Year” during any of the four (4) subsequent Plan Years. 

  
 43 

	 	(b)	Treatment of After-Tax and Company Matching Contributions in Excess of Actual Contribution Percentage Test Limits. To the extent the tests in (a) are
not satisfied, the Company may, in its absolute discretion, either make an additional contribution on behalf of Non-Highly Compensated Employees under (I) below or distribute (or forfeit, where forfeitable) the Highly Compensated
Employees’ excess contributions under (II) below. 

  

	 	(I)	Additional Contribution. If the tests in (a) above are not satisfied, the Company may make an additional contribution to the Post-2006 Matching
Contribution Account of each Member who is a Non-Highly Compensated Employee to satisfy such tests. The contribution to such Member’s Post-2006 Matching Contribution Account will be equal to a percentage of his Statutory Compensation for the
Plan Year and such percentage shall be the same for each such Member and the allocation procedure complies with the applicable provisions of Treasury Regulation Section 1.401(k)-2(a)(6). The contribution shall be nonforfeitable when made and
shall be distributed only in accordance with the distribution provisions applicable to Post-2006 Company Matching Contributions. 

  

	 	(II)	Distribution of Excess Aggregate Contributions. 

  

	 	(A)	 Method of Reduction. For this purpose, excess aggregate contributions means with respect to a Plan Year, the excess of the aggregate
amount of Company matching contributions and After-Tax Contributions actually paid over to the Trust on behalf of Highly Compensated Employees for such Plan Year, increased by any Before-Tax Contributions recharacterized as After-Tax Contributions
and offset by any distributions made pursuant to Sections 3.2(c)(II) and 3.5 (b)(II), over the maximum amount of such contributions permitted under (a)(I) 

  
 44 

	 	
or (II). The excess aggregate contributions shall be reduced commencing with the Member with the highest amount contributed for the Plan Year and reducing his After-Tax Contributions, and to the
extent necessary, his Company matching contributions, by an amount equal to the lesser of the amount necessary to relieve the excess aggregate contribution or the amount necessary to reduce his Company matching contribution and after-tax amount to
the next highest Company matching contribution amount. If more than one Member has the highest Company matching contribution and after-tax amount, such Members shall have these amounts decreased equally until the amount of reduction described in the
preceding sentence is attained. The designated representative of the Committee shall perform the procedure described in the preceding two sentences repeatedly until no excess aggregate contributions remain. 

 

	 	(B)	Distribution (or forfeiture) of Excess Over Annual Limit. The Committee shall either distribute to the affected Highly Compensated Employee, or where
forfeitable, forfeit the amount of the excess aggregate contributions determined under (A) above, plus any earnings attributable to the excess amount. Any such forfeiture shall be allocated pursuant to Section 5.3 and such allocation shall
take place by the end of the Plan Year immediately following the Plan Year in which the excess aggregate contributions were made. 

  
 45 

	3.6	Annual Limitation on Contributions. 

  

	 	(a)	Defined Contribution Limit. In no event shall the aggregate of a Member’s Before-Tax Contributions, After-Tax Contributions, Company matching and
discretionary contributions, special contributions, Fairmont Qualified Non-Elective Contributions and CNX Gas Qualified Non-Elective Contributions under this Plan for any Plan Year exceed the lesser of: 

 

	 	(I)	$45,000, as adjusted under Code section 415(d); or 

  

	 	(II)	100% of the Member’s 415 Compensation. 

  

	 	(b)	Reallocating Excess Contributions. If the limitation in Section 3.6(a) is exceeded, the excess amount for the Plan Year shall be reduced in the order
described below until the limit is met: 

  

	 	(I)	first, by reducing the amount of the Member’s After-Tax Contributions that are not subject to Company matching contributions, including After-Tax
Contributions on ICP awards, and any earnings thereon; 

  

	 	(II)	second, by reducing the amount of the Member’s Before-Tax Contributions that are not subject to Company matching contributions, including Before-Tax
Contributions on ICP awards, and any earnings thereon; 

  

	 	(III)	third, by reducing a proportionate share of the amount of the Member’s After-Tax Contributions that are subject to Company matching contributions and, if
applicable, corresponding Company matching contributions, and any earnings thereon;  

  
 46 

	 	(IV)	fourth, by reducing a proportionate share of the Member’s Before-Tax Contributions that are subject to Company matching contributions and, if applicable,
corresponding Company matching contributions, and any earnings thereon;  

  

	 	(V)	fifth, by reducing a Member’s discretionary contributions, and any earnings thereon; and 

 

	 	(VI)	sixth, by reducing a Member’s Fairmont Qualified Non-Elective Contributions, and any earnings thereon, and/or CNX Gas Qualified Non-Elective Contributions,
and any earnings thereon. 

 Any Before-Tax and After-Tax Contributions that are not subject to
Company matching contributions, including Before-Tax and After-Tax Contributions on ICP awards, made under Sections 3.1 and 3.3 during the Limitation Year, and earnings thereon, shall be distributed to the Member by the close of the following
Limitation Year. Notwithstanding the foregoing, the Committee should make its best efforts to distribute such contributions within two and half
(2 1/2) months after the close of the
Limitation Year in which the excess contributions occurred. 
 The excess amount attributable to the Member’s
Before-Tax and After-Tax Contributions shall be distributed in accordance with paragraphs (I) - (IV) above, and the excess amount attributable to Company matching, Discretionary and Qualified Non-Elective Contributions, in accordance with paragraphs
(II) and (IV)-(VI) above, shall be held unallocated in a suspense account for the Limitation Year and used to reduce Company matching contributions for the following Limitation Year (and succeeding Limitation Years, as necessary). Excess amounts
attributable to Company matching contributions may not be distributed to Members. 

  
 47 

	 	(c)	No Exceeding 415 Limit. In no event shall the amount of any contribution determined under this Plan exceed the maximum contribution permitted under Code
section 415(c). 

  

	3.7	Rollover and Transfer Contributions. The Committee and the Trustee may, subject to the requirements of the Code and within their sole discretion, accept
rollover and transfer contributions from the following : 

  

	 	(a)	Former Member. A Former Member who, while employed by the Company, an Affiliated Corporation or a CONSOL Affiliated Corporation, participated in the
CONSOL Energy Inc. Employee Retirement Plan and/or another qualified defined benefit plan maintained by an Affiliated Corporation or a CONSOL Affiliated Corporation and who received an “eligible rollover distribution” (as defined in
Section 7.7(b)(I)) from such plan(s) may roll over such distribution to the Plan, provided that such rollover is made to the Plan within six (6) months of the Former Member’s Termination of Employment or, if earlier, ceasing to be an
Eligible Employee. 

  

	 	(b)	Member Pursuant to Acquisition. A Member who was employed by the Company in connection with the acquisition of a business or facility by the Company,
while employed by the Company, a trustee-to-trustee transfer of assets in cash from the trustees of a qualified defined contribution plan, as provided for in an agreement between the Company and the seller of the business or facility maintaining or
contributing to the plan from which assets are to be received. The cash received will be invested in the Investment Option designated by the Committee for this purpose and allocated to each Account based on the value of a unit on the day in which
the transfer takes place. 

  
 48 

	 	(c)	Member Who Participated in Prior Employer’s Plan. Any Member who participated in a qualified defined contribution or defined benefit plan under Code
section 401(a) maintained by the Member’s prior employer may roll over to the Plan an “eligible rollover distribution” (as defined in Section 7.7(b)(I)) received from (i) the trust of the qualified plan, or (ii) an
individual retirement account, provided that such account has no assets other than assets which were previously distributed to the Employee by another qualified plan, in which the distribution received represents the entire amount in the individual
retirement account. If the rollover is not made directly from a qualified plan trust or individual retirement account, the rollover must be made to the Plan within sixty (60) days of the Member’s receipt of the distribution.

 Amounts rolled over or transferred into the Plan pursuant to the voluntary election of a Member shall be
maintained in the Member’s Rollover Account and shall be subject to the other provisions of this Plan. Any assets transferred or rolled over must be in the form of cash. Any assets rolled over must be rolled over as provided in Code section
402(c) and must have been received by the Member as an “eligible rollover distribution” (as defined in Code section 402(c)) from a qualified defined contribution plan or a qualified defined benefit plan within the meaning of Code section
401(a). Only taxable amounts may be rolled over under this Section 3.7. The cash will only be accepted if the Member has provided the investment directions to the Committee and will be allocated among the Investment Options in accordance with
those investment directions. 
 Any Employee who becomes a Member in the Plan, and who is or has been transferred to the Company
from an Affiliated Corporation or CONSOL Affiliated Corporation and has an employee account in the profit sharing plan of said Affiliated Corporation or CONSOL Affiliated Corporation, may request that the Trustee, in the manner prescribed by the
Committee, accept the transfer of his entire account, if any, from such other plan, provided such transfer is permitted by the plan for the 

  
 49 

 
transferor corporation. Any such transfer must be requested prior to the Member’s subsequent transfer of employment from CONSOL. The Committee shall determine whether the transfer of an
account to this Plan shall be in cash or in kind on the basis of uniform rules, applicable to all Members on the same basis. Amounts transferred into the Plan, as described in this paragraph, shall be held in the Before-Tax and/or After-Tax and
Rollover Contribution Accounts established for such Member under the Plan and shall be subject to the provisions of the Plan. 
  

	3.8	Reemployment of Returning Veterans. 

  

	 	(a)	Retroactive Contributions. If a Member is in qualified military service, as that term is defined under USERRA, and he returns to employment with the
Company within ninety (90) days of the end of his military leave (or such longer period of time as his reemployment rights are protected by law) such Member shall be entitled to the following: 

 

	 	(I)	the Member may make Before-Tax and/or After-Tax Contributions to the Plan and designate them to a particular Plan Year, or Plan Years, that he was out on
military leave; 

  

	 	(II)	to the extent the Member makes contributions pursuant to (I) above, the Company shall make Company matching contributions on such Before-Tax and/or
After-Tax Contributions in accordance with the terms of the Plan in effect during the designated Plan Year; 

  

	 	(III)	Special contributions under Sections 3.10 and Qualified Non-Elective Contributions under Section 3.11 and/or 3.11A, if any, that the Member would have
received during the period that the Member was in qualified military service had the Member been actively employed with Fairmont Supply Company or CNX Gas Corporation during such period; and 

  
 50 

	 	(IV)	Discretionary contributions under Section 3.4(d), if any, that the Member would have received during the period that the Member was in qualified military
service had the Member been actively employed during such period. 

 The Member shall be entitled to make the
contributions described in (I) above during the period which begins on the Member’s reemployment date and ends upon the lesser of: (i) the product of three (3) and the number of years the Member was engaged in qualified military
service under USERRA, or (ii) five (5) years from the date of reemployment. 
  

	 	(b)	Limitations. 

  

	 	(I)	Contributions made pursuant to (a)(I) above shall not be taken into account in the Plan Year during which the contributions are made for purposes of determining
whether the limit under Code section 402(g) is exceeded. Contributions shall be counted as elective deferrals in the Plan Year to which the Member designated such contributions. 

 

	 	(II)	Contributions pursuant to (a)(I) and (a)(II) above shall not be considered in determining the Actual Deferral Percentage or Actual Contribution Percentage of the
Plan for any Plan Year. 

  

	 	(III)	Contributions made pursuant to (a)(I) and (a)(II) above shall not be counted as an annual addition during the Limitation Year when they are made for purposes of
Section 3.6. Contributions shall be counted as annual additions for purposes of Section 3.6 in the Plan Year to which the contributions are designated. 

 

	 	(c)	 Compensation. For purposes of (a) and (b) above, the designated representative of the Committee shall treat the Member as
receiving 

  
 51 

	 	
Compensation during the period of qualified military service equal to the amount of compensation the Member would have received from the Company during such period, based on the rate of pay the
Member would have received from the Company but for the absence due to military service or, if such rate of pay is not reasonably certain, the Member’s average compensation during (i) the twelve (12) month period immediately before
the qualified military service, or, (ii) if shorter, the period of employment immediately before the qualified military service. 

  

	 	(d)	Crediting of Earnings and Allocations of Forfeitures. A Member who is entitled to a contribution pursuant to (a) above shall not be entitled to
receive corresponding retroactive earnings attributable to such contribution nor shall he be entitled to participate in the allocation of any forfeiture that occurred while he was on qualified military service. 

 

	3.9	Catch-Up Before-Tax Contributions. A Member who attains age 50 prior to the end of a Plan Year and is unable to make additional Before-Tax Contributions
due to the limitations imposed under Sections 1.18, 3.2 or 3.6 may elect to reduce his Compensation and/or ICP awards for the Plan Year by an amount not in excess of the limit described in Code section 414(v)(2)(B) ($5,000 in 2007 and 2008).
Pursuant to Treas. Reg. § 1.414(v)-1(a)(2), a single election may be required for Catch-Up eligible Members, with any deferrals made pursuant thereto being generally applied as Before-Tax Contributions first in accordance with the terms of
the Plan. Catch-Up Before-Tax Contributions under this Section 3.9 shall be held in a Member’s Before-Tax Contribution Account, but shall not be subject to the limitations described in Sections 1.18, 3.2 or 3.6. For purposes of this
Section 3.9, a Member shall be deemed to have attained age 50 if he is projected to reach age 50 before the end of the Plan Year, whether or not such Member actually survives to age 50 or terminates employment during the Plan Year.

  
 52 

	3.10	Special Contribution. Beginning with the Plan Year commencing January 1, 2004, and ending with the Plan Year which ended December 31, 2005, a
contribution of up to $1,500 shall be made to the Special Contribution Account of each Fairmont Member that is either hired by the Fairmont Supply Company on or after August 1, 2003 or who has less than five (5) “Years of
Service” (as defined in the CONSOL Energy Inc. Employee Retirement Plan) as of December 31, 2003. The amount of the Special Contribution for each eligible Fairmont Member for a Plan Year shall be determined by (a) dividing $1,500 by
the number of pay periods for the Plan Year and (b) multiplying the quotient from (a) by the number of pay periods for which the Fairmont Employee received Compensation from Fairmont Supply Company during the Plan Year. Such contribution
shall be made at least annually by the due date for filing the Company’s federal income tax return for the Plan Year (including extensions thereof) or at such earlier date or dates as the Company may determine in its sole discretion.

  

	3.11	 Fairmont Qualified Non-Elective Contribution. Beginning with the Plan Year commencing January 1, 2006, a Fairmont Qualified
Non-Elective Contribution of up to $1,500 shall be made to the Fairmont Qualified Non-Elective Contribution Account of each Fairmont Member that was either hired by the Fairmont Supply Company on or after August 1, 2003 or who had less than
five (5) “Years of Service” (as defined in the CONSOL Energy Inc. Employee Retirement Plan) as of December 31, 2003. The amount of the Fairmont Qualified Non-Elective Contribution for each eligible Fairmont Member for the Plan
Year shall be determined by (a) dividing $1,500 by the maximum number of pay periods for which a Fairmont Employee could receive Compensation from Fairmont Supply Company during the Plan Year and (b) multiplying the quotient from
(a) by the number of pay periods for which the Fairmont Employee received Compensation from Fairmont Supply Company during the Plan Year. The above allocation procedure shall comply with the applicable provisions of Treasury Regulation
Section 1.401(k)-2(a)(6). In addition, Fairmont Qualified Non-Elective Contributions made hereunder for any Plan Year may be used to satisfy the tests discussed in Sections 3.2 and 3.5, where necessary. Such

  
 53 

	 	
contribution shall be made at least annually by the due date for filing the Company’s federal income tax return for the Plan Year (including extensions thereof) or at such earlier date or
dates as the Company may determine in its sole discretion. 

  

	3.11A	CNX Gas Qualified Non-Elective Contributions. Beginning with the Plan Year commencing January 1, 2007, a CNX Gas Qualified Non-Elective Contribution
equal to three percent (3%) of Compensation for each payroll period will be made to the Qualified Non-Elective Contribution Account of the following CNX Members: 

 

	 	•	 	 CNX Gas Corporation employees as of December 31, 2005 and who continue to be employed by CNX Gas Corporation on and after January 1, 2007 and
who make a one-time election on or before December 31, 2006 to receive a CNX Gas Qualified Non-Elective Contribution in lieu of continuing to participate in the CNX Gas Corporation Employee Retirement Plan (CNX Retirement Plan);

  

	 	•	 	 CNX Gas Corporation employees who were employed on and after January 1, 2006, and who continue to be employed on and after January 1, 2007;

  

	 	•	 	 CONSOL Energy Inc. (CONSOL) employees who are transferred from employment with CONSOL to employment with CNX Gas Corporation prior to December 31,
2006, and who continue to be employed on and after January 1, 2007, who make a one-time election to receive a CNX Gas Qualified Non-Elective Contribution in lieu of electing to become a Member of the CNX Retirement Plan;

  

	 	•	 	 CONSOL Energy Inc. (CONSOL) employees who are transferred from employment with CONSOL to employment with CNX Gas Corporation on and after
January 1, 2007; and 

  

	 	•	 	 Eligible Employees of CNX Gas who are employed on and after January 1, 2007. 

 

	 	•	 	 CNX Gas Qualified Non-Elective Contributions made hereunder for any Plan Year may be used to satisfy the tests discussed in Sections 3.2 and 3.5, where

  
 54 

 
necessary. Such contribution shall be made at least annually by the due date for filing the Company’s federal income tax returns for the Plan Year (including extensions thereof) or at such
earlier date or dates as the Company may determine in its sole discretion. 
  

	3.12	Disaggregated Testing. Commencing with the Plan Year starting January 1, 2003, the Fairmont Supply Company shall constitute a qualified separate line
of business from the Company under Code section 414(r) for purposes of Section 3.2 and 3.5. Accordingly, in determining whether the Plan meets the requirements of Section 3.2 (except for the requirements described in Section 3.2(a))
and Section 3.5, the employees of the Fairmont Supply Company shall be disaggregated from all other Employees and any contributions with respect to the employees of the Fairmont Supply Company shall satisfy the requirements of Section 3.2
(with the exception of Section 3.2(a)) and Section 3.5 as if such contributions were made to a separate plan. 

  
 55 

 SECTION 3A 
 AUTOMATIC ENROLLMENT AND CONTRIBUTIONS 
  

	3A.1	Automatic Enrollment for Newly Eligible Employees/Reemployed Former Members. For Plan Years commencing January 1, 2006, newly eligible regular
full-time Eligible Employees and reemployed Former Members will automatically become Members of the Plan beginning with the first payroll deduction following forty-five (45) days of employment (or reemployment), or following forty-five
(45) days after completion of a Year of Service if the Eligible Employee is not employed on a regular full-time basis, and the Company will transmit six percent (6%) of Compensation (four percent (4%) of Compensation for Fairmont
Members) via payroll deduction as Before-Tax Contributions to such Member’s Before-Tax Contribution Account, unless the Member makes a specific Contribution Election pursuant to Section 1.18 or declines to enroll in accordance with the
procedures set forth in Section 3A.3 below. Such contribution shall be made no later than the time prescribed by law after such amounts would otherwise have been payable to the Member in cash. 

Any Before-Tax Contributions made to the Plan pursuant to this Section 3A.1 will be invested as determined by Merrill Lynch Advice
Access if no Investment Option election is on file. 
  

	3A.2	 Automatic Increase in Enrollment for Members Not Contributing or Contributing Less Than Six percent (6%) of Compensation to the
Plan. For the Plan Year commencing January 1, 2006 and periodically thereafter for succeeding Plan Years, Members of the Plan who are not contributing at least six percent (6%) of Compensation (four percent (4%) of
Compensation for Fairmont Members) to the Plan as Before-Tax Contributions will automatically have their contributions increased to six percent (6%) of Compensation (four percent (4%) of Compensation for Fairmont Members), on a before-tax
basis via payroll deduction beginning with the first payroll deduction following January 1 of each year, unless the Member makes a specific Contribution Election pursuant to Section 1.18 or declines such

  
 56 

 
increase in accordance with the procedures set forth in Sections 3A.3 or 3A.4 below. Any Before-Tax Contributions made to the Plan pursuant to this Section 3A.2 will be invested as
determined by Merrill Lynch Advice Access if no Investment Option election is on file. 
  

	3A.3	Declination of Enrollment for New/Rehired Employees or Eligible Employees who are not participating in the Plan. For Plan Years beginning on and after
January 1, 2006, any newly hired/rehired employee and/or Eligible Employee who chooses to decline to be automatically enrolled in the Plan in accordance with the provisions of 3A.1 or 3A.2 above, may do so by completing a Declination of
Automatic Enrollment Election in the form prescribed by the designated representative of the Committee within thirty (30) days. If a newly hired/rehired employee and/or newly Eligible Employee declines automatic enrollment, he may elect to
participate in the Plan at any time by complying with the requirements of Section 1.18. 

  

	3A.4	Declination of Increase in Enrollment for Members Contributing Less Than Six Percent (6%) of Compensation (Four Percent (4%) of Compensation for
Fairmont Members) to the Plan. For Plan Years beginning January 1, 2006, and periodically thereafter for succeeding Plan Years, any Member who is not contributing six percent (6%) of Compensation to the Plan on a before-tax basis
as of the January 1 Plan anniversary date when the increase to six percent (6%) (four percent (4%) for Fairmont Members) would otherwise occur as a result of automatic enrollment, may decline such increase by completing the
appropriate section of a Declination of Automatic Enrollment Election in the form prescribed by the designated representative of the Committee within thirty (30) days. If a Member who is contributing less than six percent (6%) of
Compensation (four percent (4%) of Compensation for Fairmont Members) to the Plan on a before-tax basis declines an increase to six percent (6%) (four percent (4%) for Fairmont Members), he may increase/decrease the rate of his
Before-Tax Contributions at any time by complying with the requirements of Section 1.18. 

  
 57 

 SECTION 4 
 VESTING 
  

	4.1	Company Matching and Discretionary Contributions. 

  

	 	(a)	Vesting. Effective January 1, 2006, and thereafter, a Member’s pre-2007 matching contributions, post-2006 matching contributions, discretionary
contributions, special contributions and Fairmont Qualified Non-Elective Contributions and/or CNX Gas Qualified Non-Elective Contributions shall be immediately 100% vested. 

In addition, a Member shall be fully vested in any earnings credited to such pre-2007 matching contributions, post-2006 matching
contributions, discretionary contributions, special contributions and Fairmont Qualified Non-Elective Contributions and/or CNX Gas Qualified Non-Elective Contributions. 
 In the case of any Member who incurred five (5) consecutive One-Year Breaks-In-Service on or before December 31, 2005, and was not fully vested prior to said One-Year Breaks-In-Service, Years of
Service after such five (5) year period shall not be taken into account for the purpose of determining the nonforfeitable percentage of his Account balance derived from contributions that accrued before such five (5) year period.

 A Member who was a participant in the AMVEST Plans and whose AMVEST Plans account(s) were merged into the Plan effective
December 31, 2008, shall be 100% vested in such Accounts effective December 31, 2008. 
 A Member who was a participant
in the R&P Plan and whose R&P Plan account(s) 

  
 58 

 
were spun off to the Plan effective January 31, 2009 shall be 100% vested in such merged Accounts effective January 31, 2009. 

  
 59 

 SECTION 5 
 FORFEITURES 
  

	5.1	Forfeiture Upon Termination of Employment on or before December 31, 2005. Any portion of a Member’s Pre-2007 Matching Contribution Account not
vested upon Termination of Employment on or before December 31, 2005, will be forfeited upon occurrence of five consecutive One-Year Breaks-In-Service on or after January 1, 2001. 

 

	5.2	Forfeiture Upon In-Service Distribution on or before December 31, 2005. A Member’s Pre-2007 Company Matching Contribution Account in
which he is not vested that is attributable to Before-Tax and/or After-Tax Contributions not in excess of six percent (6%) of Compensation (up to twelve percent (12%) of Compensation for a Fairmont Member) will be forfeited upon the
occurrence of an In-Service Distribution on or before December 31, 2005. A Member shall also forfeit the Company special contributions, and earnings thereon, in which he was not vested if he took a full withdrawal on or before December 31,
2005.  

  

	5.3	Allocation. Any forfeitures shall be used to: 

  

	 	(a)	reduce the reasonable expenses of the administration of the Plan and Trust; or 

 

	 	(b)	reduce the Company’s contributions under Sections 3.4 for the Plan Year in which the forfeiture occurs or any subsequent Plan Year.

  

	5.4	 Restoration of Benefits. The Company shall restore a reemployed Employee’s Pre-2007 Matching Contribution Account which is subject
to forfeiture under Section 5.1, which will be one hundred percent (100%) non-forfeitable when restored, if the Employee incurs less than five consecutive One-Year Breaks-In-Service prior to reemployment and, if the distribution of the
Employee’s Before-Tax Contribution 

  
 60 

	 	
Account and/or After-Tax Contributions Account was made on or after January 1, 2001 under Section 7 on account of his Termination of Employment, the Employee contributes to the Plan the
full amount that was distributed to him from his Before-Tax Contribution Account and/or After-Tax Contribution Account within five (5) years of the date he received the distribution. 

Also, the Company shall restore a reemployed Employee’s Pre-2007 Matching Contribution Account which is subject to forfeiture under
Section 5.1, which will be 100% non-forfeitable when restored, if the Employee incurs less than five consecutive One-Year Breaks-In-Service prior to reemployment and the Employee did not withdraw all or any portion of his Before-Tax and/or
After-Tax Contribution Account on account of his Termination of Employment on or before December 31, 2005, provided such Termination of Employment occurred on or after January 1, 2001. 

The Company shall also restore an Employee’s Pre-2007 Matching Contribution Account that was forfeited under Section 5.2
provided that the Employee: 
  

	 	(a)	does not incur five consecutive One-Year Breaks-In-Service after the distribution, if the distribution was made on or after January 1, 2001, and

  

	 	(b)	contributes to the Plan, no later than five (5) years from the date on which he reemployed, the full amount of the distribution of his Before-Tax Contribution
Account and/or After-Tax Contribution Account, provided the distribution was made on or after January 1, 2001. 

 SECTION 6 
 ALLOCATIONS AND INVESTMENTS 

 

	6.1	 Individual Accounts. The Accounts described in Section 1.1 have been established and maintained in the name of each Member to which
there shall be credited (or 

  
 61 

	 	
debited) such Member’s share of, respectively, After-Tax Contributions, Before-Tax Contributions, Company matching contributions, Company discretionary contributions, special contributions,
Fairmont Qualified Non-Elective Contributions, CNX Gas Qualified Non-Elective Contributions, and rollover contributions made pursuant to Section 3. The Committee shall adjust, as of each Valuation Date, the balance of each Member’s
Accounts to reflect the current market value of the Investment Options in which such Accounts are invested. A Member’s interest in any Investment Option shall be determined and accounted for based on his beneficial interest in any such Option,
and no Member shall have any interest in or rights to any specific asset of any Investment Option. 

  

	6.2	Investment of Accounts. 

  

	 	(a)	The Committee shall offer one or more Investment Options as investment choices for the Member’s investment election; provided, however, that the Plan must
have as Investment Options the two funds set forth in Section 6A.1. 

  

	 	(b)	The designated representative of the Committee shall provide Members with directions as to how to obtain information sufficient to enable Members to make
informed investment elections. The Committee, however, shall not provide investment advice to a Member with respect to an investment. 

  

	 	(c)	Each Member shall be responsible for directing the investment of all funds in his Accounts. Member investment directions shall be made in a manner prescribed by
the designated representative of the Committee. 

  

	 	(d)	 A Member shall direct how he wants the contributions to his After-Tax Contribution Account, Before-Tax Contribution Account, Pre-2007 Matching
Contribution Account, Post-2006 Matching Contribution Account, Discretionary Contribution Account, Fairmont Qualified Non-Elective 

  
 62 

	 	
Contribution Account, CNX Gas Qualified Non-Elective Contribution Account and Rollover Account allocated among the Investment Options in accordance with established procedures. A Member may
change such allocation at such time or times as permitted under such established procedures. 

  

	 	(e)	Subject to the terms and limitations of the various Investment Options, each Member may direct at such time or times, in accordance with established procedures, that
amounts held in one or more of the the Investment Options described in subsection (a), hereof, may be transferred to, from or between such Investment Options. 

 

	 	(f)	As indicated in the applicable provisions of Section 3A, any automatic contributions that are made to the Plan will be invested as determined by Merrill Lynch
Advice Access or its successor, if no Investment Option election is on file. 

  

	6.3	Allocations of Earnings and Losses. Allocations of earnings and losses to Member Accounts shall be accomplished as follows: 

 

	 	(a)	The dividends, capital gains distributions, and other earnings received on any share or unit of an Investment Option that is specifically credited or earmarked
to a Member’s Account under the Plan in accordance with the directed investment provisions of this Section 6 shall be allocated to such Account and immediately reinvested, to the extent practicable, in additional shares or units of such
Investment Option. 

  

	 	(b)	 To the extent not otherwise provided in paragraph (a) above, the assets of each Investment Option shall be valued by the Trustee at their
current fair market value as of each Valuation Date, and the earnings and losses of the Investment Option since the immediately preceding Valuation Date shall be 

  
 63 

	 	
allocated to the Accounts of all Members with interests in that Investment Option in the ratio that the fair market value of each such interest as of the immediately preceding Valuation Date,
reduced by any distributions or withdrawals therefrom since such preceding Valuation Date, bears to the total fair market value of all such interests as of the immediately preceding Valuation Date, reduced by any distributions or withdrawals
therefrom since such preceding Valuation Date. 

  

	6.4	Allocation to Individual Accounts. The Accounts of each Member shall be adjusted as of each Valuation Date by (a) reducing such Accounts by any Plan
administrative expenses, withdrawals and/or distributions made therefrom since the preceding Valuation Date, and then (b) increasing or reducing such Accounts by the Member’s share of earnings and losses, determined pursuant to
Section 6.3, and the expense of administering the Investment Options since the preceding Valuation Date, and (c) crediting such Accounts with any contributions allocated thereto since the preceding Valuation Date. 

 

	6.5	Fiduciary Responsibility. This Plan is intended to constitute a plan described in ERISA section 404(c), and Title 29 of the Code of Federal
Regulations §2550.404c-1. None of the Company, the Committee, the Trustee, or any other Plan fiduciary shall be liable for any losses which are the result of investment instructions provided by any Member, beneficiary or alternate payee, as
that term is defined in Code section 414(p). 

  
 64 

 SECTION 6A 
 ESOP PROVISIONS 
  

	6A.1	ESOP Portion. Effective as of January 1, 2002 the ESOP portion of the Plan shall consist of the CONSOL Energy Stock Fund and, effective as of
January 1, 2006, the CNX Gas Corporation Stock Fund. 

  

	6A.2	Distribution of Dividends. Notwithstanding anything to the contrary in Section 6.3(a), a Member (or his beneficiary) shall be offered an election to
receive a payment or distribution of cash dividends that are declared on or after January 23, 2002, on his interest in the CONSOL Energy Stock Fund or that are declared on or after January 30, 2006, on his interest in the CNX Gas
Corporation Stock Fund. If a Member (or his beneficiary) elects to receive a distribution at the election of the Company, the dividend may be paid by the Company directly to the Member (or beneficiary), or to the Plan pursuant to
Section 6.3(a), and then distributed to the Member (or beneficiary) not later than ninety (90) days after the close of the Plan Year in which paid to the Plan. 

If a Member does not elect to receive a distribution of dividends, the Member will be deemed to have elected to have dividends reinvested
in the CONSOL Energy Stock Fund and/or CNX Gas Stock Fund pursuant to the requirements of Section 6.3(a). The Committee shall determine the manner and timing of the elections, dividend payments or distributions, and reinvestment in the CONSOL
Energy Stock Fund and/or CNX Gas Stock Fund described in this Section 6A.2 and Section 6.3(a) in any manner that is consistent with Code section 404(k) and other applicable provisions of the Code and ERISA. 

  
 65 

	6A.3	Distribution of CONSOL Energy Stock and CNX Gas Corporation Stock. A Member shall have the right to demand that the value of the portion of his or her
ESOP Account not diversified pursuant to Section 6.2 be distributed solely in CONSOL Energy Stock and/or CNX Gas Corporation Stock. 

  

	6A.4	Option to Have the Company Purchase CONSOL Energy Stock and CNX Gas Corporation Stock. In accordance with sections 409(h)(4), (5) and (6) of the
Code, if the CONSOL Energy Stock and/or CNX Gas Corporation Stock is or becomes not readily tradable on an established market, then any Member who otherwise is entitled to a total distribution from the Plan shall have the right (hereinafter referred
to as the “Put Option”) to require that the CONSOL Energy Stock and/or CNX Gas Corporation Stock in his ESOP Account be repurchased by the Company. The Put Option shall only be exercisable during the sixty-day (60-day) period
immediately following the date of distribution and, if the Put Option is not exercised within such sixty-day (60-day) period, it can be exercised for an additional sixty (60) days in the following Plan Year. 

The amount paid for the CONSOL Energy Stock and/or CNX Gas Corporation Stock pursuant to the exercise of a Put Option as part of a total
distribution shall be paid in substantially equal periodic payments (not less frequently than annually) over a period beginning not later than thirty (30) days after the request for total distribution is made and not exceeding five
(5) years. There shall be adequate security provided and reasonable interest paid on an unpaid balance due under this Section. 
 If the Company is required to repurchase CONSOL Energy Stock and/or CNX Gas Corporation Stock as part of an installment distribution, the amount to be paid for the CONSOL Energy Stock and/or CNX Gas
Corporation Stock will be paid not later than thirty (30) days after the exercise of the Put Option. 

  
 66 

	6A.5	Voting of CONSOL Energy Stock and CNX Gas Corporation Stock. Members shall be entitled to direct the Trustee as to the voting of shares of CONSOL Energy
Stock and/or CNX Gas Corporation Stock reflecting their proportional interest in the CONSOL Energy Stock Fund and/or CNX Gas Corporation Stock Fund. 

  

	6A.6	Vesting of Dividends Paid on CONSOL Energy Stock. Notwithstanding any provision to the contrary, Members shall be fully vested at all times in dividends
paid on CONSOL Energy Stock held in the CONSOL Energy Stock Fund and/or CNX Gas Corporation Stock held in the CNX Gas Corporation Stock Fund. 

  
 67 

 SECTION 7 
 DISTRIBUTIONS & WITHDRAWALS 
  

	7.1	Distributions Upon Termination of Employment. Notwithstanding any Plan provision to the contrary, with respect to distributions from the Plan made for
calendar years beginning on and after January 1, 2003, the Plan will apply the minimum distribution requirements of section 401(a)(9) of the Code in accordance with the final regulations that were issued on April 17, 2002. With respect to
distributions from the Plan made on or after February 1, 2001 for the calendar years beginning on January 1, 2001 and January 1, 2002, the Plan will apply the minimum distribution requirements of section 401(a)(9) of the Code in
accordance with the regulations that were proposed on January 17, 2001. 

  

	 	(a)	Termination of Employment on or after March 28, 2005, with Vested Account Balance of $1,000 or Less. When a Member incurs a Termination of Employment
and the value of his vested Accounts does not exceed $1,000, he shall receive his vested Account balances in a lump sum as soon as administratively feasible after the earliest date on which the amount of such benefits can be ascertained. Such
distribution shall be deemed to have occurred if the vested portion of the terminated Member’s Account is equal to zero. 

  

	 	(b)	 Termination of Employment on or after March 28, 2005, with Vested Account Balance of More than $1,000. When a Member incurs a
Termination of Employment and the value of his Accounts exceed $1,000, he may elect to receive all or a portion of his applicable Accounts on or after his Termination of Employment and before the April 1 of the calendar year following the year
in which the Member attains age 70  1/2 in
accordance with the following: 

  
 68 

	 	(I)	Full Distribution. Each Member may receive a full distribution by electing to receive the maximum amount available from his applicable Accounts.

  

	 	(II)	Partial Distribution. A Member may elect to receive a partial distribution from his applicable Accounts in the following order: 

 

	 	•	 	 After-Tax Contribution Account 

  

	 	•	 	 Rollover Account 

  

	 	•	 	 Pre-2007 Matching Contribution Account 

  

	 	•	 	 Before-Tax Contribution Account 

  

	 	•	 	 Post-2006 Matching Contribution Account 

  

	 	•	 	 Discretionary Contribution Account 

  

	 	•	 	 Fairmont Qualified Non-Elective Contribution Account 

  

	 	•	 	 CNX Gas Qualified Non-Elective Contribution Account 

 A Member shall be limited to three partial distributions in any calendar year. Each partial distribution under this Section 7.1(b)(II) shall be made in the order specified above, provided the value
of such Account or Accounts is sufficient to satisfy his partial distribution request. 
  

	 	(III)	Periodic Payment Options. 

 For any of the periodic payment options listed in Subsections (A)-(C) below, the assets in each Account shall be distributed on a pro rata basis based on the value, as applicable, of the Before-Tax
Contribution Account, After-Tax Contribution Account, Pre-2007 Matching Contribution Account, Post-2006 Matching Contribution Account, Discretionary Contribution Account, Fairmont Qualified Non-Elective Contribution Account, CNX Gas Qualified
Non-

  
 69 

 
Elective Contribution Account and Rollover Account bears to the aggregate value of the Member’s Accounts to the extent necessary to make such payments. 

 

	 	(A)	Periodic Payment Option. A Member may elect, in the manner prescribed by the Committee, monthly or annual payments calculated on the Member’s
actuarial life or the Member’s and his beneficiary’s joint actuarial lives. The electing Member’s Accounts shall be valued as of the effective date of his Periodic Payment Option election and thereafter revalued prior to
January 31 of each year. Annual payments shall be calculated by dividing the value of the Member’s Accounts on the effective date of his Periodic Payment Option election (or the most recent date on which the Accounts were revalued, as the
case may be) by the number of years then remaining in the electing Member’s actuarial life (or if the Member so elects, in the joint actuarial lives of the Member and the beneficiary designated at the time of the Periodic Payment Option
election). In the event an election is made to receive monthly payments pursuant to this Option, the amount of such monthly payments shall be calculated by dividing the annual payment that he would receive on an annual basis by twelve (12). If an
election is made to receive either monthly or annual payments pursuant to this option, the assets in the Member’s Accounts shall be liquidated on a pro rata basis, based on the value of the investments in the Accounts to the extent necessary to
make such payments. A Member that has commenced payments under this Periodic Payment Option may elect for future years to change between monthly and annual installments. 

  
 70 

	 	(B)	Variable Periodic Payment Option. A Member may elect, in the manner designated by the Committee, the number of years over which he elects to receive
payments; provided, however, that such number of years shall not be less than two (2) years nor more than his actuarial life (or the joint actuarial lives of the Member and his designated beneficiary). The Member’s Accounts shall be valued
as of the effective date of his Periodic Payment Option election and prior to January 31 of each year following such election. In the event an election is made to receive monthly payments pursuant to this option, the amount of each such monthly
payment shall be calculated by dividing the value of the electing Member’s Accounts on: (i) the effective date of his Periodic Payment Option election by the number of months under which he has elected to receive monthly payments; and
(ii) prior to January 31 of each subsequent year by the number of months under which he elected to receive payments, less the number of months since the effective date of his Periodic Payment Option election. In the event an election is
made to receive annual payments pursuant to the terms of this option, the amount of such annual payment shall be calculated by dividing the value of the electing Member’s Accounts as of: (i) the effective date of his Periodic Payment
Option election by the number of years under which he has elected to receive annual payments; and (ii) prior to January 31 of each subsequent year by the number of years under which he has elected to receive annual payments less the number
of years since the effective date of his Periodic Payment Option election. 

  

	 	(C)	 Fixed Periodic Payment Option. A Member may elect to receive annual or monthly payments in an amount designated

  
 71 

	 	
by the Member. The designated amount shall be paid on an annual or monthly basis to the electing Member until such time as his Account balances are zero. 

 

	 	(D)	Periodic Payment Options in Effect for Retirees. A Member who retired prior to October 1, 1988 (or April 1, 1986, if applicable) may receive his
vested Account balances in accordance with the following: 

  

	 	(i)	Any retired Member who before April 1, 1986 received one or more payments under a Cash Payment Option may continue to receive his Plan assets under the
terms of the Plan in effect prior to April, 1986. Alternately, he may elect to receive his remaining Account balances in the Periodic Payment Option by written direction to the Trustee filed at a time and in a form prescribed by the Committee. Such
election shall be made before the anniversary of the retired Member’s Cash Payment Option election next following April 1, 1986. 

  

	 	(ii)	 Any retired Member who before October 1, 1988, received one or more payments under the Fixed Cash Payment Option (now designated the
“Variable Periodic Payment Option”) may continue to receive his Account balances under the terms of the Plan in effect prior to October 1, 1988. Alternately, he may elect to receive his remaining Account balances in the Periodic
Payment Option or Variable Periodic Payment Option, 

  
 72 

	 	
by written direction to the Trustee filed at a time and in a form prescribed by the Committee. 

  

	 	(iii)	Any retired Member who before October 1, 1988, received one or more payments under the Variable Cash Payment Option may continue to receive his Account
balances under the terms of the Plan in effect prior to October 1, 1988. Alternatively, he may elect to receive his remaining Account balances in the Variable Periodic Payment Option, by written direction to the Trustee filed at a time and in a
form prescribed by the Committee. 

 In the event that a Member receiving payments under one of the above options
is reemployed by the Company, no further payments shall be made until he subsequently terminates employment. 
  

	 	(c)	 Mechanics. A Member shall make such election to receive a distribution in a form prescribed or approved by the designated representative
of the Committee. Distribution shall occur as soon as reasonably practicable following the receipt of the request by the designated representative of the Committee and the designated representative of the Committee’s determination of the value
of the Member’s Accounts for purposes of distribution. In the case of a full or partial distribution, the value of the Accounts to be distributed shall be based on the value of the Member’s Accounts on the Valuation Date that the request
for the distribution is processed. To the extent practicable, if the Member so requests, payment shall be made in kind. A Member may choose between a fund liquidation or pro rata sequence by applicable account type for a partial distribution;
provided, however, if the Member has an ESOP Account, the account will not be available for a distribution hereunder if the Member is an “insider” 

  
 73 

	 	
within the meaning of that term under Rule 16(b) of the Securities Act of 1934, unless there is an open trading window. 

 

	 	(d)	 Mandatory Distribution Date. In no event shall distributions commence later than April 1 of the calendar year following the later of
(i) the calendar year in which the Member attains age 70 1/2, or (ii) the calendar year in which the Member retires. If the Member owns 5 percent or more of the stock of the Company or a Related Company (including any ownership attributable from a related
party under Code section 318), distributions must begin by April 1 of the calendar year following the year in which the Member attains age
70 1/2. 

Notwithstanding the foregoing, for Members who attain age 70 1/2 prior to January 1, 2001, distributions shall commence no
later than April 1 of the calendar year following the calendar year in which such Member attains age
70 1/2; provided, however, that a Member who attains
age 70 1/2 on or after January 1, 1998 and
before January 1, 2001 may elect to defer the commencement of distributions until the April 1 following the calendar year of his actual retirement. 

Payments under this subsection (d) shall be made in the form of the Periodic Payment Option, unless the Member elects to receive the
lump sum payment described in Section 7.1(b)(I) or any other periodic payment option described in Section 7.1(b)(III). A Member may also elect to receive up to three partial withdrawals per year, in accordance with Section 7.1(b)(II),
in addition to, but not in lieu of, any periodic payment option described in Section 7.1(b)(III). 
 On
and after January 1, 2006, if a Member has a Termination of Employment and has not received a full distribution of his applicable Accounts prior to the April 1 of the calendar year following the year in which he attains age
70 1/2,

  
 74 

 
the Member’s Account balances shall be paid in the form of the Periodic Payment Option unless the Member elects to receive the lump sum payment described in Section 7.1(b)(I) or any
other periodic payment option described in Section 7.1(b)(III). A Member may also elect to receive up to three partial withdrawals per year, in accordance with Section 7.1(b)(II), in addition to, but not in lieu of, any periodic payment
option described in Section 7.1(b)(III). 

  
 75 

	 	(e)	 Election to Change Payment Option by Retiree. Any retired Member who has not attained age 70 1/2 and who, before January 1, 1993, received one or more payments
under the Cash Payment Option or the Fixed Cash Payment Option as they existed prior to January 1, 1993, or who made an election pursuant to Section 7.1(b)(III)(D) above, may revoke his prior election and elect to receive his Account
balances in accordance with the Fixed Periodic Payment described in Section 7.1(b)(III)(C) above. 

 Any retired Member, including a retired Member who retired prior to January 1, 1993, who has not attained the age of 70 1/2 and who has received one or more Periodic Payments pursuant to
Section 7.1(b)(III) above may, in the manner designated by the Committee, revoke his election and elect any other Periodic Payment Option under Section 7.1(b)(III). A retired Member may make a new election once each calendar year.
Alternatively, the retired Member may revoke his election and elect to defer receipt of his remaining Account balances to a date no later than the mandatory distribution date described in Section 7.1(d). 

A Member may change the form of payment under the Periodic Payment Option between monthly and annual installments as set forth in
Section 7.1(b)(III)(A) above. 
  

	 	(f)	Death Benefits. If a Member dies before he elects to receive his benefits, or if a Member who has elected to receive his benefits dies prior to the date
payments commence or are completed, his beneficiary shall receive the remainder of the Member’s Account balances under the Plan in accordance with the following: 

  
 76 

	 	(I)	Surviving Spouse Beneficiary. If the beneficiary is the surviving spouse of a Member who died prior to the time his Accounts are fully distributed to him,
the surviving spouse beneficiary: 

  

	 	(A)	shall be treated as if she were a Member in the Plan for purposes of Section 7; and 

 

	 	(B)	 if the Member died prior to the mandatory distribution date described in Section 7.1(d), the surviving spouse may elect any of the payment options
described in Sections 7.1(b)(I) - (III) as if the surviving spouse were a Member who had reached his Termination of Employment; provided, however, that distributions commence by the later of: (i) the December 31 of the year during which
the Member would have reached age 70 1/2, and
(ii) the December 31 of the calendar year immediately following the year in which the Member died. If the Member died after the mandatory distribution date, payment from his Accounts shall continue to his surviving spouse in the form
payable to the Member, unless the surviving spouse elects to receive the remaining Account balances in one lump sum payment as soon as administratively feasible following the Member’s death. 

 

	 	(II)	 Non-Spouse Beneficiary. If the beneficiary is a person other than the Member’s surviving spouse, or is a trust or other entity, a
lump sum payment of the Account balances to which the beneficiary is entitled shall be made upon the election of the beneficiary, but no later than the December 31 of the calendar year containing the fifth anniversary of the Member’s
death. Such non-spouse beneficiary may elect a direct rollover pursuant to Section 7.7 provided that such rollover is 

  
 77 

	 	
made only to an inherited individual retirement account or annuity pursuant to Section 7.7(b)(II). 

 

	 	(g)	Beneficiaries. Any Member may file with the Trustee a designation, in the form prescribed by the designated representative of the Committee, of the
beneficiary or beneficiaries to receive all or part of his Accounts upon his death, subject to the following: 

  

	 	(I)	Married Members. In the case of a married Member, the Member’s sole beneficiary shall be his spouse. If the Member wishes to change his beneficiary
to a person(s) other than his spouse, such election must be in writing and consented to by the Member’s spouse. Such consent will be irrevocable and must acknowledge the effect of such change of election and be witnessed by a notary public.
Such consent shall not be required if it is established to the satisfaction of the designated representative of the Committee that the required consent cannot be obtained because there is no spouse, the spouse cannot be located, or other
circumstances that may be prescribed by applicable Treasury Regulations. 

 A Member’s election to designate
a beneficiary other than his spouse may be revoked by the Member, in writing, without the consent of the spouse at any time prior to the date his request for a distribution is processed. The number of revocations shall not be limited. A former
spouse’s consent shall not be binding on a new spouse. 
  

	 	(II)	 Change to Beneficiary Designation. Any Member may from time to time change or cancel his existing beneficiary designation by filing a new
written designation with Trustee in the form prescribed by the designated representative of the Committee ( which may include on line or electronic beneficiary designations). The last such designation

  
 78 

	 	
received by the Trustee shall be controlling over any testamentary or other disposition. Any change in beneficiary by a married Member must be made in accordance with paragraph (I) above.

  

	 	(III)	Effect of Beneficiary Designation. No designation, change or cancellation of any beneficiary designation under the Plan shall be effective unless received
by the Trustee prior to the Member’s death, nor shall it be effective as of a date prior to such receipt. 

  

	 	(IV)	Absence of Valid Designation of Beneficiaries. If a Member has no valid beneficiary designation on file with the Company or Trustee, or his beneficiary
has predeceased him, the Committee shall designate as the beneficiary or beneficiaries such Member’s children and, if none, then such Member’s estate. If the Trustee shall be in doubt as to the right of any beneficiary, the Trustee may pay
the amount in question to the estate of the deceased Member in which event the Trustee, the Company, and the Committee shall not have any further liability to anyone. The Committee’s determination of this matter shall be binding.

  

	7.2	Distributions During Employment. 

  

	 	(a)	Hardship Withdrawals. 

  

	 	(I)	 Withdrawal. Prior to attaining age
59 1/2 and while employed by the Company, a Member
may withdraw all or a portion of his Before-Tax Contributions, and earnings attributable to those contributions that were credited to the Member’s Before-Tax Contribution Account as of December 31, 1988, but only to:

  
 79 

	 	(A)	pay for medical expenses, as described in section 213(d) of the Code, previously incurred by the Member, the Member’s spouse or any of the Member’s
dependents (as defined in section 152 of the Code) or necessary for these persons to obtain medical care described in section 213(d) of the Code; 

  

	 	(B)	purchase (excluding mortgage payments) a principal residence of the Member; 

 

	 	(C)	pay for tuition, related educational fees, and room and board expenses for the next twelve (12) months of post-secondary education for the Member, his
spouse, children, or dependents (as defined in section 152 of the Code and for taxable years beginning on or after January 1, 2005 without regard to sections 152(b)1,(b)(2) and (d)(1)(B) of the Code); 

 

	 	(D)	prevent the eviction of the Member from his principal residence or foreclosure on the mortgage of the Member’s principal residence;

  

	 	(E)	pay for burial or funeral expenses for the Member’s deceased parent, spouse, children or dependents (as defined in section 152 of the Code, and for taxable
years beginning on or after January 1, 2005, without regard to section 152(d)(1)(B) of the Code); 

  

	 	(F)	pay expenses for the repair of damage to the Member’s principal residence that would qualify for the casualty deduction under section 165 of the Code
(determined without regard to whether the loss exceeds 10% of adjusted gross income); or 

  
 80 

	 	(G)	pay such other expenses, debts, or other obligations recognized by the Internal Revenue Service as giving rise to an immediate and heavy financial need for
purposes of section 401(k) of the Code. 

  

	 	(II)	Prerequisites for Hardship Withdrawal. 

  

	 	(A)	Deemed Financial Need. The designated representative of the Committee may deem a Member’s request for a hardship distribution necessary to satisfy
the need, provided the Member establishes in a sworn and notarized statement that he has first obtained all distributions (including any available In-Service Withdrawals described in Section 7.2(b) below), other than hardship distributions, and
all nontaxable loans (at the time of the financial need) currently available under this Plan or any other plan maintained by the Consol Energy Inc. controlled group of companies. In addition, a Member must elect to receive distribution of dividends
from his ESOP Account. 

  

	 	(III)	Restrictions on Hardship Withdrawals. 

  

	 	(A)	No investment income related to Before-Tax Contributions that accrues after December 31, 1988 may be withdrawn. 

 

	 	(B)	The distribution may not exceed the amount necessary to pay the expenses (including any amounts necessary to pay any federal, state, or local income taxes or
penalties reasonably anticipated to result from the distribution) described in Section 7.2(a)(I)(A) - (G) above. 

  
 81 

	 	(C)	Amounts contributed to a Member’s Before-Tax Contribution Account in accordance with Section 3.2(c)(I), and to a Member’s Post-2006 Matching
Contribution Account in accordance with Section 3.5(b)(I), may not be withdrawn under this Section 7.2(a). 

  

	 	(D)	A Member may not withdraw any Before-Tax Contributions, or earnings thereon, on account of a financial hardship until he withdraws the entire amount in his
After-Tax Contribution Account, Rollover Account, and Pre-2007 Matching Contribution Account, exclusive of any loan balance. 

  

	 	(IV)	Effect of Hardship Distribution. If the Member’s financial need is a deemed financial need in accordance with Section 7.2(a)(II)(A) above, the
Member will not be permitted to make Before-Tax Contributions, Catch-Up Before-Tax Contributions or After-Tax Contributions (and will not be eligible to receive any matching contributions) under this Plan or any other plan maintained by the Company
(which includes a stock option, stock purchase or similar plan, but does not include a cafeteria plan to which salary reduction contributions are used to purchase health and welfare benefits) for a period of six (6) months after receipt of the
hardship withdrawal. 

  

	 	(V)	 Mechanics. A Member may apply for a hardship distribution by making a request in a form prescribed or approved by the Committee.
Distribution shall occur as soon as reasonably practicable following the receipt of the request and determination by the Plan’s recordkeeper, on behalf of the Committee, that the request meets the requirements in Sections 7.2(a)(I) and (II)
above. A Member may choose between a fund liquidation or pro rata sequence by applicable 

  
 82 

	 	
account type for a hardship distribution; provided, however, if the Member has an ESOP Account, the ESOP Account will not be available for a distribution hereunder if the Member is an
“insider” within the meaning of that term under Rule 16(b) of the Securities Act of 1934, unless there is an open trading window. 

  

	 	(b)	In-Service Withdrawals 

  

	 	(I)()	 In-Service Full or Partial Withdrawal Before the Member Has Attained Age 59  
1/2. A Member who
has not attained age 59  1/2 may withdraw the full
value of the applicable following Accounts or may take a partial withdrawal (which is any amount less the full value) of the applicable Accounts in the following order: 

 

	 	•	 	 After-Tax Contribution Account 

  

	 	•	 	 Rollover Account 

  

	 	•	 	 Pre-2007 Matching Contribution Account 

 A Member may choose between a fund liquidation or pro rata sequence by applicable account type for an in-service distribution; provided, however, if the Member has an ESOP Account, this Account will not
be available for a distribution hereunder if the Member is an “insider” within the meaning of that term under Rule 16(b) of the Securities Act of 1934, unless there is an open trading window. 

 

	 	(A)	 Deemed Withdrawals. For purposes of applying the suspension provisions set forth in Section 7.3 below, a Member who has not attained
age 59  1/2 shall be deemed to withdraw amounts from
his applicable Accounts in the following sequence: 

  
 83 

	 	•	 	 After-Tax Contribution Account 

  

	 	•	 	 Rollover Account 

  

	 	•	 	 Pre-2007 Matching Contribution Account 

  

	 	(II)	 In-Service Full or Partial Withdrawal After the Member Has Attained Age 59  
1/2. A Member who
has attained age 59  1/2 may withdraw, exclusive of
any outstanding loan balance, the full value of the applicable Accounts or may take a partial withdrawal (which is any amount less than the full value) of the applicable Accounts in the following order: 

 

	 	•	 	 After-Tax Contribution Account 

  

	 	•	 	 Rollover Account 

  

	 	•	 	 Pre-2007 Matching Contribution Account 

  

	 	•	 	 Before-Tax Contribution Account 

  

	 	•	 	 Post-2006 Matching Contribution Account 

  

	 	•	 	 Discretionary Contribution Account 

  

	 	•	 	 Fairmont Qualified Non-Elective Contribution Account 

  

	 	•	 	 CNX Gas Corporation Qualified Non-Elective Contribution Account 

 

	 	•	 	 Effective December 31, 2008, AMVEST Roth 401(k) Account 

 

	 	•	 	 Effective December 31, 2008, Merged Plan QNEC Account 

 

	 	(c)	 A Member shall be limited to three partial withdrawals in any calendar year. For purposes of this Section 7.2(c), the following shall not
be considered a partial withdrawal: (I) amounts withdrawn prior to age 59  1/2 pursuant to Section 7.2(a) on account of financial hardship; (II) a deemed distribution under Section 7.4 on account of a defaulted loan before January 1, 2007; and

  
 84 

	 	
(III) a payment pursuant to a qualified domestic relations order under Section 7.8. 

  

	 	(d)	Restrictions on Withdrawals. Any withdrawals made under Section 7.2(b) shall also be subject to the following conditions: 

 

	 	(I)	A Member may not make more than three partial withdrawals from his Accounts during any calendar year. In no event shall a hardship withdrawal under
Section 7.2(a), a deemed distribution under Section 7.4 on account of a defaulted loan before January 1, 2007, or a payment pursuant to a qualified domestic relations order under Section 7.8 be considered one of the three
withdrawals available during the calendar year. However, any deemed distribution under Section 7.4 on account of a defaulted loan on or after January 1, 2007 shall be considered one of the three withdrawals available during the calendar
year. 

  

	 	(II)	 A Member may not withdraw any Before-Tax Contributions or earnings credited to his Before-Tax Contribution Account before January 1, 1989
prior to his attainment of age 59  1/2, except on
account of a financial hardship described in Section 7.2(a)(I). 

  

	 	(III)	 A Member may not withdraw any amounts contributed to his Post-2006 Matching Contribution Account, or his Before Tax Contribution Account or Pre
2007 Matching Contribution Account in accordance with Sections 3.2(c)(I) and 3.5(b)(I), or earnings credited to his Before-Tax Contribution Account after December 31, 1988, prior to his attainment of age 59  1/2. 

  
 85 

	 	(c)	Mechanics. An election to receive a full or partial withdrawal shall be made on a form prescribed or approved by the Committee at any time during the
calendar year. Distribution shall occur as soon as reasonably practicable following the receipt of the request by the designated representative of the Committee and the designated representative of the Committee’s determination of the value of
the Member’s Accounts for purposes of distribution. The value of the Accounts to be distributed shall be based on the value of his Accounts on the Valuation Date that the request for withdrawal is processed. A Member may choose between a fund
liquidation or pro rata sequence by applicable account type for a full or partial withdrawal; provided, however, if the Member has an ESOP Account, this Account will not be available for a withdrawal hereunder if the Member is an “insider”
within the meaning of that term under Rule 16(b) of the Securities Act of 1934, unless there is an open trading window. 

  

	7.3	Suspension of Contributions after Withdrawal or Distribution. 

 

	 	(a)	 Suspension of Match on Full or Partial Withdrawal for Members Less Than Age 59  1/2.
In the event a Member who is less than age 59
 1/2 withdraws all or a portion of his Pre-2007
Matching Contribution Account that has been in the Trust for less than twenty-four (24) months, such Member may not receive matching contributions for a period of six (6) months following his most recent withdrawal. This
Section 7.3(a) will expire in accordance with the 401(k) and 401(m) safe harbor rules. 

During the period of suspension provided for in this Section 7.3(a), a Member may continue to make After-Tax Contributions,
Before-Tax Contributions and/or Catch-Up Before-Tax Contributions (including any After-Tax Contributions, Before-Tax Contributions and/or Catch-Up Before-Tax Contributions from ICP Awards) until he voluntarily elects to discontinue such
Contributions. 

  
 86 

 If a Member takes a withdrawal during the time he is precluded from receiving matching
contributions pursuant to this Section 7.3(a), the six-month suspension period imposed for any previous withdrawal shall run concurrently with the six-month suspension period following his most recent withdrawal. This applicable suspension
period shall be included in determining the Member’s Years of Service under the Plan. 
 The suspension
of matching contributions described in this Section 7.3(a) shall not apply to a Member who makes a withdrawal prior to age 59
 1/2 of all or a portion of his: 

 

	 	•	 	 After-Tax Contribution Account; 

  

	 	•	 	 Rollover Account; and/or 

  

	 	•	 	 Pre-2007 Matching Contribution Account that has been in the Trust for twenty-four (24) months or more. 

 

	 	(b)	Suspension of After-Tax Contributions and Before-Tax Contributions after Hardship Withdrawal. If a Member has withdrawn any amounts from his Before-Tax
Contribution Account on account of financial hardship pursuant to Section 7.2(a), such Member may not make any After-Tax Contributions to his After-Tax Contribution Account or Before-Tax Contributions to his Before-Tax Contribution Account for
a period of six (6) months following his most recent withdrawal. 

  

	7.4	 Loans. The Committee may adopt and modify the loan policy for Members under the Plan. The loan policy must be a written document and must
include: (i) the identity of the person or positions authorized to administer the Member loan program; (ii) a procedure for applying for the loan; (iii) the criteria for approving or denying a loan; (iv) the limitations, if any,
on the types and amounts of loans available; (v) the procedure for determining a reasonable rate of interest; (vi) the types of collateral which may secure the loan; and (vii) the events constituting

  
 87 

	 	
default and the steps the Plan will take to preserve Plan assets in the event of default. This Section 7.4 specifically incorporates a written loan policy, if any, as part of the Plan. In
the event that a loan made to a Member is in default and the Committee determines that it is necessary for a distribution to be made under the Plan in order to cure such default, the Committee, with notice to the Member, shall cause a distribution
to be made on behalf of the Member in accordance with the loan policy. 

  

	 	(a)	Loan Distribution. A loan shall be taken from a Member’s Accounts, as applicable, in the following order: 

 

	 	•	 	 Before-Tax Contribution Account 

  

	 	•	 	 Post-2006 Matching Contribution Account 

  

	 	•	 	 Pre-2007 Matching Contribution Account 

  

	 	•	 	 Discretionary Contribution Account 

  

	 	•	 	 Fairmont Qualified Non-Elective Contribution Account 

  

	 	•	 	 CNX Gas Qualified Non-Elective Contribution Account 

  

	 	•	 	 Rollover Account 

  

	 	•	 	 After-Tax Contribution Account 

  

	 	(b)	Loan Repayment. All Plan loans taken on and after January 1, 2007 shall be repaid by payroll deduction. Repayments shall be credited to the
Member’s Accounts on a pro-rata basis and shall be invested pursuant to the Member’s current Investment Option directions. Former Members with outstanding loans that were taken on and after January 1, 2007 must repay such loans by ACH
withdrawals. A Former Member may make payment on an outstanding loan by personal check only to pay such loan in full. 

  

	7.5	 Incompetence of Distributee. If the Committee shall receive evidence satisfactory to it that a Member or any beneficiary entitled to
receive any benefit under the Plan is, at the time when such benefit becomes payable, a minor, or is physically or 

  
 88 

	 	
mentally incompetent to receive such benefit and to give a valid release therefor, and that another person or an institution is then maintaining or has custody of the Member or beneficiary and
that no guardian, committee or other representative of the estate of the Member or beneficiary shall have been duly appointed, the Committee may make payment of such benefit otherwise payable to the Member or beneficiary 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 the payment of such benefit. 

  

	7.6	Location of Member or Beneficiary Unknown. 

  

	 	(a)	Missing Member or Beneficiary. If the Trustee cannot make payment of any amount to, or on behalf of, a Member or beneficiary within five (5) years
after such amount becomes payable because such Member or beneficiary is missing, the Company, at the end of such five-year period, shall direct that all unpaid amounts which would have been payable to or on behalf of such Member or beneficiary shall
be treated as a forfeiture provided that the Company uses the appropriate letter forwarding service provided by the Internal Revenue Service as described in Revenue Procedure 94-22 to attempt to locate the missing Member or beneficiary prior to such
forfeiture. For purposes of this section, a Member or beneficiary shall be deemed missing if the Company mails by registered or certified mail to Member’s or beneficiary’s last known address a written demand for his current address or
proof that he is alive, and such Member or beneficiary shall fail to provide the same within one (1) year of the mailing of such demand. 

  

	 	(b)	Subsequent Claim by Member or Beneficiary. If any amounts are treated as forfeitures under Section 7.6(a) and subsequently the Member or beneficiary
claims such amount, the Trustee shall distribute such benefit to the Member or beneficiary. 

  
 89 

	7.7	Direct Rollover. 

  

	 	(a)	General. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this Section 7.7, a
distributee may elect, at the time and in the manner prescribed by the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

  

	 	(b)	Definitions. 

  

	 	(I)	Eligible Rollover Distribution. An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the
distributee, except that an eligible rollover distribution does not include: (A) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the
distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten (10) years or more; or (B) any distribution to the extent such distribution
is required under Code Section 401(a)(9). For purposes of this Section 7.7, any amount that is distributed on account of hardship shall not be an eligible rollover distribution and the distributee may not elect to have any portion of such
distribution paid directly to an eligible retirement plan. The portion of a distribution that is not includible in gross income may be transferred only to an eligible retirement plan described in the following Section 7.7(b)(II) that agrees to
separately account for amounts so transferred, including separate accounting for the portion of such distribution which is includible in gross income and the portion of such income that is not so includible. 

  
 90 

	 	(II)	Eligible Retirement Plan. An eligible retirement plan is: (A) an individual retirement account described in Code section 408(a); (B) an
individual retirement annuity described in Code section 408(b); (C) an individual retirement annuity described in Code section 403(a); (D) a qualified retirement plan described in Code section 401(a) that accepts the distributee’s
eligible rollover distribution; (E) an eligible deferred compensation plan described in Code section 457(b) maintained by a state, political subdivision of a state, any agency or instrumentality of a state or political subdivision of a state or
any other organization (other than a government unit) that separately accounts for eligible rollover distributions; or (F) an annuity contract described in Code section 403(b). Notwithstanding the foregoing, in the case of an eligible rollover
distribution to a Member’s beneficiary other than the Member’s surviving spouse, eligible retirement plan shall include only an inherited individual retirement account or annuity described in Code section 408(d)(3)(C)(ii).

  

	 	(III)	Distributee. A distributee includes an Employee or former Employee. In addition, the Employee’s or former Employee’s surviving spouse and the
Employee’s or former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code section 414(p), are distributees with regard to the interest of the spouse or former spouse.

  

	 	(IV)	Direct Rollover. A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee. 

 

	7.8	 Payments Made Pursuant to a Qualified Domestic Relations Order. Notwithstanding any other provision of this Plan, the Committee may
direct the distribution of any portion of the Member’s Accounts payable to an alternate payee (as defined in Code section 414(p)(8)) pursuant to a qualified domestic relations

  
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order (as defined in Code section 414(p)), or segregate the portion of the Member’s Accounts payable to the alternate payee into a separate account, provided that the Committee has properly
notified the affected Member and each alternate payee of the order and has determined that the order is a qualified domestic relations order. If the qualified domestic relations order so provides, such distribution may occur prior to the date on
which the Member attains his or her “earliest retirement age” as defined in Code section 414(p)(4) (the earlier of age 50 or the date on which the Member is entitled to a distribution under the Plan). The alternate payee shall be paid his
or her separate account or his percentage of the Member’s Accounts in a lump sum payment, unless the domestic relations order specifies a different manner of payment permitted by the Plan. The alternate payee’s consent shall not be
required for any distribution made pursuant to a qualified domestic relations order. In no event shall the Member be permitted to take a distribution pursuant to Section 7.1 or a withdrawal pursuant to Section 7.2 while the designated
representative of the Committee reviews a preliminary draft of the domestic relations order, or while the designated representative of the Committee determines whether the domestic relations order is a qualified domestic relations order.

  
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 SECTION 8 
 AMENDMENT AND TERMINATION 
  

	8.1	Amendment. CONSOL Energy Inc., by action of its Board, reserves the right to amend the Plan at any time and from time to time, in whole or in part,
including, without limitation, retroactive amendments necessary or advisable to qualify the Plan and Trust under the provisions of Code section 401(a). Any amendment may be effective for one or more participating CONSOL Affiliated Corporations and
their respective Employees. However, except as set forth in Section 8.3, no such amendment shall: (i) cause any part of the assets of the Plan and Trust to revert to or be recoverable by the Company or be used for or diverted to purposes
other than the exclusive benefit of Members, former Members, and beneficiaries; (ii) deprive any Member, Former Member, or beneficiary of any benefit already vested; (iii) alter, change, or modify the duties, powers, or liabilities of the
Trustees without their written consent; or (iv) permit any part of the assets of the Plan and the Trust to be used to pay premiums or contributions of the Company under any other plan maintained by the Company for the benefit of its Employees.
No amendment to the vesting schedule shall deprive a Member of his rights to benefits accrued to the date of the amendment. Further, if an amendment to the vesting schedule of the Plan reduces the vesting percentage of a Member with at least three
(3) Years of Service, the Member may elect, within a reasonable period after the adoption of the amendment, to have his nonforfeitable percentage computed under the Plan without regard to the amendment. The period during which the election may
be made shall commence with the date the amendment is adopted and shall end on the latest of (i) sixty (60) days after the amendment is adopted, (ii) sixty (60) days after the amendment becomes effective, or (iii) sixty
(60) days after the Member is issued written notice of the amendment by the Company or by the Committee. 

The procedure for amending this Plan shall be by written action which shall state specifically the change to be made, give the effective
date of the change to be made, and be signed by the Board of Directors or its delegate. A delegation of authority to 

  
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amend the Plan shall be by written action stating the title of the person or persons to whom the delegation is being given, giving the effective date of the delegation, and signed by the Board of
Directors or its delegate. 
 In addition, the Senior Vice President - Safety and Human Resources of CONSOL Energy Inc., subject
to the consent of the President of CONSOL Energy Inc., shall have the authority, in his or her sole discretion, to amend the Plan to: (i) effectuate compliance with legal requirements or changes in applicable laws or regulations, including
changes in such laws or regulations which permit or require election among alternative provisions; (ii) effectuate other changes which the Senior Vice President - Safety and Human Resources of CONSOL Energy Inc. believes to be desirable,
including, but not limited to, amendments to facilitate the proper and efficient management and administration of the Plan; and (iii) extend coverage under the Plan to new locations or additional employees; provided, however, that, except for
amendments to the Plan to effectuate compliance with legal requirements or changes in applicable laws or regulations, no amendments shall be made by the Senior Vice President - Safety and Human Resources of CONSOL Energy Inc. which would materially
increase or decrease benefits, or which would materially increase the costs of the Plan, including the cost of maintenance or administration. Should the position or title of the Senior Vice President - Safety and Human Resources of CONSOL Energy
Inc. change, the amendment authority set for in this subsection may be exercised by the successor the position. 
  

	8.2	 Termination, Partial Termination, or Complete Discontinuance of Contributions. Although the Company has established the Plan with the
intention and expectation that it will make contributions indefinitely, nevertheless, the Company shall not be under any obligation or liability to continue its contributions or to maintain the Plan for any given length of time. The Company may in
its sole and absolute discretion discontinue contributions or terminate the Plan in whole or in part in accordance with its provisions at any time without any liability for the discontinuance or termination. If the Plan shall be terminated or
partially terminated, 

  
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or if contributions of the Company shall be completely discontinued, the rights of all affected Members in their Accounts shall become one hundred percent (100%) vested and nonforfeitable
notwithstanding any other provisions of the Plan. However, the Trust shall continue until all Members’ Accounts have been completely distributed to or for the benefit of the Members in accordance with the Plan. 

 

	8.3	Permissible Reversions. 

  

	 	(a)	Company Contributions. Notwithstanding any other provision of the Plan: 

 

	 	(I)	Mistake of Fact. To the extent the Company’s contributions are made by reason of a mistake of fact, they may be returned to the Company within one
year from the date of contribution. 

  

	 	(II)	Disallowed Deductions. The Company’s contributions are conditioned on their deductibility for federal income tax purposes, to the extent the
deduction is disallowed they may be returned to the Company within one year from the date of the disallowance. 

  

	 	(b)	Calculation of Amount Returned. The amounts that may be returned to the Company under Sections 8.3(a)(I) and 8.3(a)(II) above shall be the excess of the
amounts contributed over the amounts that would have been contributed had there not been a mistake of fact or mistake in determining the deduction, as applicable. No earnings on the mistaken or nondeductible contributions may be returned to the
Company and losses sustained by the Trust after the date of contribution shall proportionately reduce the amount that may be returned to the Company. 

  
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 SECTION 9 
 CLAIMS 
  

	9.1	General. Distribution of a Member’s vested Account balances under the Plan will normally be made without a Member (or beneficiary) having to file a
claim for benefits. However, a Member (or beneficiary) who does not receive a distribution to which he believes he is entitled may present a claim to the Committee for any unpaid benefits. All questions and claims regarding benefits under the Plan
shall be acted upon by the Committee. Each Member (or beneficiary) who wishes to file a claim for benefits with the Committee shall do so in writing, addressed to the Committee or to the Company. 

 

	9.2	Claim Review. If the claim for benefits is wholly or partially denied, the Committee shall notify the Member (or beneficiary) in writing of such denial of
benefits within a reasonable period of time (not to exceed ninety (90) days) after the Committee initially received the benefit claim. If additional time is needed to process the claim, the Committee shall provide the Member (or beneficiary)
with notice of the extension prior to the termination of the initial ninety (90) day period. In no event shall such extension exceed a period of ninety (90) days from the end of such initial period. The extension notice shall indicate the
special circumstances requiring an extension of time and the date by which the Committee expects to make the benefit determination. Any notice of a denial of benefits shall advise the Member (or beneficiary) of: 

 

	 	(a)	the specific reason or reasons for the denial; 

  

	 	(b)	reference to the specific provisions of the Plan provisions (including any internal rules, guidelines, protocols, criteria, etc.) on which the denial is based;

  
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	 	(c)	a description of the Plan’s review procedures and the time limits applicable to such procedures; and 

 

	 	(d)	a description of any additional material or information necessary for the Member (or beneficiary) to complete his claim and an explanation of why such material
or information is necessary. 

  

	9.3	Right of Appeal. Each Member (or beneficiary) whose claim for benefits has been denied shall have the opportunity to file with the Committee a written
request for a full and fair review of his claim, to be provided (upon request) reasonable access to and copies of all documents, records, and other information relevant to his claim (without regard to whether such documents, records, or information
were considered or relied upon in the initial denial of the claim), and to submit written comments, documents, records, and other information regarding his claim. Such written request for review of his claim must be filed by the Member (or
beneficiary) within sixty (60) days after receipt of written notification of the denial of his claim. 

  

	9.4	Review of Appeal. If a Member appeals the denial of his claim in accordance with Section 9.3, the Committee shall conduct a full and fair review. .
The review shall not afford deference to the initial denial, and will take into account all comments, documents, records, and other information submitted by the Member (or beneficiary) relating to the claim, without regard to whether such
information was submitted or considered in the initial benefit determination, and shall be conducted by an appropriate named fiduciary who is neither the party who made the initial denial of the claim or the party’s subordinate. The decision
will be made within sixty (60) days thereafter and communicated in writing to the Member (or beneficiary) unless special circumstances require an extension of time, in which case the Member (or beneficiary) shall be notified of the decision as
soon as possible (but not later than one hundred and twenty (120) days) after the Committee’s receipt of the request for review. Such written notice shall set forth the information described in paragraphs 9.2(a) and 9.2(b) above and shall
also include: 

  
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	 	(a)	a statement that, upon request, the Member (or beneficiary) is entitled to receive reasonable access to and copies of all documents and records relevant to his
claim for benefits, without regard to whether such records were considered or relied upon in the denial of the claim upon review, including any reports and the identities of any experts whose advice was obtained; and 

 

	 	(b)	a statement of the Member’s (or beneficiary’s) right to bring a civil action under ERISA section 502(a) following a denial of the claim after review.

 All notices by the Committee denying a claim for benefits, and all decisions on requests for a review of the
denial of a claim for benefits, shall be written in a manner calculated to be understood by the Member (or beneficiary) filing the claim or requesting the review. 
  

	9.5	Denial of Appealed Claim. In the event of a denial or partial denial of a Member’s claim upon review, the Member may commence civil action under
ERISA section 502(a) within one hundred and eighty (180) calendar days after written notice of the denial or partial denial is received by the Member. If such Member fails to bring civil action within the aforementioned one hundred and eighty
(180) calendar days, he shall be foreclosed from commencing any civil action. 

  
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 SECTION 10 
 ADMINISTRATION 
  

	10.1	Named Fiduciaries for Administration of Plan and for Investment and Control of Plan Assets. 

 

	 	(a)	Board of Directors. The Board of Directors (or any committee thereof) shall have the following duties and responsibilities in connection with the
administration of the Plan: 

  

	 	(I)	Appointing, retaining, and removing members of the Committee; and 

  

	 	(II)	Periodically reviewing the performance of the Committee or any persons to whom duties have been allocated or delegated. 

The Board of Directors may by written resolution allocate its duties and responsibilities to one or more of its members or delegate its
duties and responsibilities to any other persons; provided, however, that any such allocation or delegation shall be terminable on such notice as the Board of Directors deems reasonable and prudent under the circumstances. 

 

	 	(b)	Investment Plan Committee. The Committee is hereby designated as the fiduciary responsible for ensuring that: 

 

	 	(I)	procedures are maintained by the Plan to safeguard the confidentiality of information relating to the purchase, holding, and sale of CONSOL Energy Stock and/or
CNX Gas Corporation Stock and the exercise of voting, tender and similar rights with respect to CONSOL Energy Stock and/or CNX Gas Corporation Stock by Members and beneficiaries to the extent these rights are passed through to Members and
beneficiaries; 

  
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	 	(II)	the procedures described in paragraph (a) are sufficient to maintain confidentiality, except to the extent necessary to comply with federal law or state
laws not preempted by ERISA; and 

  

	 	(III)	an independent fiduciary is appointed to carry out activities relating to any situations involving potential for undue Company influence upon Members and
beneficiaries with regard to the direct or indirect exercise of shareholder rights. 

  

	10.2	Investment Plan Committee. 

  

	 	(a)	Responsibilities. The Investment Plan Committee, which shall consist of at least three members, shall have the responsibility for the administration of
the Plan and shall be the Plan administrator within the meaning of Code section 414(g)(1) and ERISA section 3(16)(A). The Board of Directors shall, from time to time, designate the members of the Committee and, for each such member, may also
designate an alternate who shall have the full power to act due to the absence or the inability to act of such member. The Committee shall act by a majority of its members, and the action of a majority of the Committee, with or without a meeting,
shall be the action of the Committee. 

 Members of the Committee shall serve at the pleasure of the Board of
Directors, except that a member may resign at any time. The members of the Committee shall elect a Chairman who may, but need not be, one of the members of the Committee. The members of the Committee shall elect a secretary who may, but need not be,
one of the members of the Committee, and who shall be responsible for maintaining minutes of the Committee meetings and copies of any reports prepared by the Committee. No member of the Committee shall receive any compensation for his service as
such. 

  
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	 	(b)	In Lieu of a Committee. In lieu of appointing a Committee to administer the Plan, the Board of Directors may directly perform such function. In such
event, the Company shall be the administrator of the Plan and shall have all of the powers and duties hereinafter set forth. 

  

	 	(c)	Delegation of Duties. The Committee may allocate its duties and responsibilities to one or more of its members or delegate its duties and responsibilities
to any other persons; provided, however, that any such allocation or delegation shall be terminable on such notice as the Investment Plan Committee deems reasonable and prudent under the circumstances. 

 

	10.3	Functions and Powers of the Investment Plan Committee. The Committee’s duties shall include, without limitation, powers with respect to the
administration of the Trust as may be conferred upon it by the Trust. The Committee shall have the exclusive right and discretionary authority to carry out its responsibilities hereunder, including (but not limited to) the following:

  

	 	(a)	to make (and enforce by suspension or forfeiture) such rules and regulations as it shall deem necessary or proper for the efficient administration of the Plan;

  

	 	(b)	to construe and interpret the Plan, the Trust, the summary plan description and all other Plan documents in its sole and absolute discretion, its interpretation
thereof in good faith to be final and conclusive on all persons claiming benefits under the Plan; 

  

	 	(c)	to decide questions concerning the Plan and the eligibility of any Employee to participate therein and the right of any person to receive benefits thereunder in
its sole and absolute discretion; 

  

	 	(d)	to decide any dispute arising under the Plan; 

  
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	 	(e)	to compute the amount of benefits which shall be payable to any person in accordance with the provisions of the Plan; 

 

	 	(f)	to make decisions with respect to the selection, retention, or removal of the Trustees; 

 

	 	(g)	to authorize all disbursements by the Trustees; 

  

	 	(h)	to prescribe and require the use of such forms as it shall deem necessary or desirable in connection with the administration of the Plan;

  

	 	(i)	to fix the criteria to be followed in determining the market value of any security or property held in the Trust or the amount of any unliquidated charge,
expense, or obligation of the Trust; 

  

	 	(j)	to establish and monitor the policy of proxy voting by the Trustees for stock held for the Plan consistent with regulations and rulings of the U.S. Department of
Labor; 

  

	 	(k)	to appoint an Investment Manager to manage all or a portion of the assets of the Trust Fund and to monitor the performance of the Investment Manager so
appointed, terminate such appointment, and either increase or decrease the portion of the Trust Fund which shall be managed by the Investment Manager; 

  

	 	(l)	to periodically review the performance of the Trustees; 

  

	 	(m)	to periodically review the performance of any persons to whom duties have been allocated or delegated; 

  
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	 	(n)	to supply any omissions in the Plan; 

  

	 	(o)	to reconcile and correct any errors or inconsistencies in the Plan; and 

 

	 	(p)	to make equitable adjustments for any mistakes or errors made in the administration of the Plan. 

The Committee shall establish rules and regulations and shall take other necessary or proper actions to carry out its duties and
responsibilities. 
  

	10.4	Actions Conclusive. Benefits under this Plan will be paid only if the Committee decides in its discretion that the applicant is entitled to them. All
actions and decisions taken by the Committee shall be final and conclusive and binding on all persons having any interest in the Plan or Trust or in any benefits payable thereunder. 

 

	10.5	Allocation of Duties. The Committee may allocate its duties and may employ or engage such accountants, counsel, other experts, and other persons as it
deems necessary in connection with the administration of the Plan and delegate to them any of the administrative duties imposed on the Committee, provided that such delegation is in writing. 

 

	10.6	Reliance on Opinions. The Committee and each member thereof, and each person to whom it may delegate any power or duty in connection with administering
the Plan, shall be entitled to rely conclusively upon, and shall be fully protected in any actions taken by them or any of them in good faith reliance upon any valuation, certificate, opinion, or report which shall be furnished to them or any of
them by the Trustees or by any accountant, counsel, other expert, or other person who shall be employed or engaged by the Trustees or the Committee. 

  
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	10.7	Records and Accounts. The Committee shall keep or cause to be kept all data, records and documents pertaining to the administration of the Plan, and shall
execute all documents necessary to carry out the provisions of the Plan. The Committee shall advise the Trustees of such facts as may be pertinent to the Trustees’ administration of the Trust and shall give proper instruction to the Trustees
for carrying out the purpose of the Plan. 

  

	10.8	Payment of Expenses. 

  

	 	(a)	Administrative Expenses. Subject to the provisions of paragraph (b) below, expenses in connection with the administration of the Plan and Trust,
including commissions, taxes, and expenses of the Trustees and of any accountant or other person who shall be employed by the Committee or Trustees in the administration thereof, shall be paid by the Trust unless paid by the Company. Expenses paid
by the Company shall be ratably shared by CONSOL Energy Inc. and the Affiliated Corporations participating in the Plan on such basis as shall be mutually agreed upon, or failing such agreement, as shall be determined by the Trustee.

  

	 	(b)	Discontinuance or Termination. In the event of permanent discontinuance of contributions or termination of the Plan any further payment of expenses which
arise or have arisen in connection with the administration of the Plan and Trust shall be paid by the Trust unless paid by the Company. 

  

	10.9	 Liability. The Committee shall incur no liability for any action taken or not taken in good faith reliance on advice of counsel, who may
be counsel for the Company, or taken or not taken in good faith reliance on a determination as to a matter of fact which has been represented or certified by a person reasonably believed to have knowledge of the fact so represented or certified, or
taken or not taken in good faith reliance on a recommendation or opinion expressed by a person reasonably believed to be qualified or expert as to any matter where it is reasonable or customary to seek

  
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or rely on such recommendations or opinions. Nor shall any employee of the Committee be liable for the wrongful or negligent conduct of any person having fiduciary responsibilities with respect
to the Plan unless he (i) knowingly participates in or undertakes to conceal an act or omission of such other person knowing the act or omission is a breach of fiduciary duty, (ii) by failing to act solely in the interests of Members and
beneficiaries or to exercise the care, skill, prudence and diligence under the circumstances prevailing from time to time that a prudent man acting in a like capacity and familiar with such matters would exercise, has enabled the other fiduciary to
commit a breach of his obligation, or (iii) has knowledge of a breach by the other fiduciary and does not make reasonable efforts under the circumstances to remedy it. Except as otherwise affirmatively required by ERISA, the Committee and its
members shall not be required to post a bond. The Company shall jointly and severally indemnify any employee and hold them harmless from loss, liability and expense in respect of the Plan, including the legal cost of defending claims and amounts
paid in satisfaction or settlement thereof, provided only that no indemnification is intended that would be void as against public policy under ERISA. 

  
 105

 SECTION 11 
 TRUST AGREEMENT 
  

	11.1	The Trust Agreement. All contributions under the Plan shall be made to the Trust Fund held by the Trustees under the Trust Agreement. The Trustees are to
hold, invest, and distribute the Trust Fund in accordance with the terms and provisions of the Trust Agreement. The Trust Agreement shall be deemed to form a part of the Plan, and any and all rights or benefits which may accrue to any person under
the Plan shall be subject to all the terms and provisions of the Trust Agreement. The duties and rights of the Trustees shall be determined solely by reference to the Trust Agreement. 

 

	11.2	No Diversion of Corpus or Income. In no event shall any portion of the corpus or income of the Trust Fund be used for or diverted to purposes other than
the exclusive benefit of Members and their beneficiaries. 

  
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 SECTION 12 
 MISCELLANEOUS 
  

	12.1	Limitation of Rights; Employment Relationship. Neither the establishment of the Plan or the Trust nor any modifications of them, nor the creation of any
fund or account, nor the payment of any benefits, shall be construed as modifying or affecting in any way the terms of employment of any Employee. 

  

	12.2	Merger; Transfer of Assets. 

  

	 	(a)	Merger, Consolidation or Transfer. If the Company merges or consolidates with or into another entity, or if substantially all the assets of the Company
are transferred to another entity, the Plan shall terminate on the effective date of the merger, consolidation, or transfer. However, if the surviving entity resulting from the merger or consolidation, or the entity to which the assets have been
transferred, adopts this Plan, the Plan shall continue and the successor entity shall succeed to all rights, powers, and duties of the Company under the Plan, and the employment of any Employee who is continued in the successor entity’s employ
shall not be deemed to have been terminated for any purpose under the Plan. 

  

	 	(b)	Member Benefits. This Plan shall not be merged or consolidated with any other employee benefit plan, nor shall there be any transfer of assets or
liabilities from this Plan to any other plan unless, immediately after the merger, consolidation, or transfer, each Member’s benefits, if the other plan were then to terminate, are at least equal to the benefits to which the Member would have
been entitled had this Plan been terminated immediately before the merger, consolidation, or transfer. In connection with a merger, consolidation, or transfer of assets described in the preceding sentence, the Committee may elect to convert all or
part of the assets in a Member’s account to cash prior to such merger, consolidation or transfer. 

  
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	12.3	Prohibition Against Assignment. 

  

	 	(a)	Assignment or Alienation. Except as provided below, the benefits provided by this Plan may not be assigned or alienated. Neither the Company nor the
Trustees shall recognize any transfer, mortgage, pledge, hypothecation, order, or assignment by any Member or beneficiary of all or part of his interest under the Plan, and the interest shall not be subject in any manner to transfer by operation of
law and shall be exempt from the claims of creditors or other claimants from all orders, decrees, levies, garnishment, and/or executions, and other legal or equitable process or proceedings against the Member or beneficiary to the fullest extent
that may be permitted by law. 

  

	 	(b)	Indebtedness to Plan. This provision shall not apply to the extent a Member or beneficiary is indebted to the Plan, for any reason, under any provision of
this Plan. At the time a distribution is to be made to or for a Member’s or beneficiary’s benefit, such proportion of the amount distributed as shall equal such indebtedness shall be paid by the Trustees to the Trustees or the Committee,
at the direction of the Committee, to apply against or discharge such indebtedness. Prior to making a payment, however, the Member or beneficiary must be given written notice by the Committee that such indebtedness is to be so paid, in whole or in
part, from his vested Accounts. If the Member or beneficiary does not agree that the indebtedness is a valid claim against his vested Accounts, he shall be entitled to a review of the validity of the claim in accordance with procedures provided in
Section 10. 

  

	 	(c)	 Qualified Domestic Relations Orders. This provision shall not apply to a “qualified domestic relations order” defined in Code
section 414(p), and those other domestic relations orders permitted to be so treated by the Committee under the Code. The Committee shall establish a written procedure to determine the qualified status of domestic relations orders and to

  
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administer distributions under such qualified orders. Further, to the extent provided under a “qualified domestic relations order,” a former spouse of a Member shall be treated as the
spouse or surviving spouse for all purposes under the Plan. 

  

	 	(d)	Judgments or Settlements. This provision shall not apply to any liabilities of the Member to the Plan pursuant to a judgment or settlement described in
Code section 401(a)(13)(C) due to: (i) the Member being convicted of committing a crime involving the Plan, (ii) a civil judgment (or consent order or decree) being entered by a court in an action brought in connection with a violation of
ERISA’s fiduciary duty rules, or (iii) a settlement agreement between the Secretary of Labor and the Member in connection with a violation of ERISA’s fiduciary rules. The court order establishing such liability must require that the
Member’s benefit be applied to satisfy the liability. 

  

	12.4	Applicable Law; Severability. This Plan shall be construed, administered, and governed in all respects in accordance with ERISA and the laws of the
Commonwealth of Pennsylvania; provided, however, that if any provision is susceptible to more than one interpretation, it shall be interpreted in a manner consistent with the Plan’s being a qualified cash or deferred discretionary plan within
the meaning of the Internal Revenue Code. If any provision of this instrument shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions of the Plan shall continue to be fully effective.

  

	12.5	Reliance Upon Copy of Plan. Any person dealing with the Trustees may rely upon copies of the Plan and the Trust Agreement, and any amendments thereto,
certified by the Committee to be true and correct copies. 

  

	12.6	 Gender and Number; Captions or Headings. Wherever appropriate to the meaning of interpretation of this Plan, the masculine gender shall
include the 

  
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feminine, and the singular number shall include the plural and vice versa. Captions or headings are inserted and intended for organizational format and convenience of reference only; they are not
to be given independent substantive meaning for effect. 

  
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 SECTION 13 
 TOP-HEAVY PROVISIONS 
  

	13.1	Determination of Top-Heavy Status. 

  

	 	(a)	Top-Heavy Determination. This Plan shall be a Top-Heavy Plan for any Plan Year in which, as of the Determination Date, the sum of the Present Value of
Accrued Benefits of Key Employees and the Aggregate Accounts of Key Employees under this Plan and all plans of an Aggregation Group, exceeds sixty percent (60%) of the sums of the Present Value of Accrued Benefits and the Aggregate Accounts of
all Key and Non-Key Employees under this Plan and all plans of an Aggregation Group. 

 If any Member is a Non-Key
Employee for any Plan Year, but such Member was a Key Employee for any prior Plan Year, such Member’s Present Value of Accrued Benefit and/or Aggregate Account balance shall not be taken into account for purposes of determining whether this
Plan is a Top-Heavy or Super Top-Heavy Plan (or whether any Aggregation Group which includes this Plan is a Top-Heavy Group). In addition, if a Member or Former Member has not received any Compensation from any Company maintaining the Plan (other
than benefits under the Plan) at any time during the five year period ending on the Determination Date, the Aggregate Account and/or Present Value of Accrued Benefit for such Member or Former Member shall not be taken into account for the purposes
of determining whether this Plan is a Top-Heavy or Super Top-Heavy Plan. 
  

	 	(b)	 Super Top-Heavy Determination. This Plan shall be a Super Top-Heavy Plan for any Plan Year in which, as of the Determination Date, the
sum of Present Value of Accrued Benefits of Key Employees and the Aggregate Accounts of Key Employees under this Plan and all plans of an Aggregation Group, exceeds ninety percent (90%) of the sum of the Present Value of

  
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Accrued Benefits and the Aggregate Accounts of all Key and Non-Key Employees under this Plan and all plans of an Aggregation Group. 

 

	 	(c)	Aggregate Account. A Member’s Aggregate Account as of the Determination Date is the sum of: 

 

	 	(I)	the Member’s Account balances as of the most recent valuation occurring within a twelve (12) month period ending on the Determination Date;

  

	 	(II)	an adjustment for any contributions due as of the Determination Date; such adjustment shall be the amount of any contributions actually made after the Valuation
Date, but on or before the Determination Date, except for the first Plan Year when such adjustment shall also reflect the amount of any contributions made after the Determination Date that are allocated as of a date in that first Plan Year;

  

	 	(III)	any in-service distributions made within the Plan Year that includes the Determination Date or within the four (4) preceding Plan Years, and any other
distribution made within the Plan Year that includes the Determination Date but, in the case of distributions made after the Valuation Date and prior to the Determination Date, such distributions are not included as distributions for top-heavy
purposes to the extent that such distributions are already included in the Member’s Aggregate Account balance as of the Valuation Date; provided, however, notwithstanding anything herein to the contrary, all distributions and distributions
under a terminated plan which, if it had not been terminated, would have been required to be included in an Aggregation Group, will be counted; 

 

  
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	 	(IV)	any Employee contributions, whether voluntary or mandatory; provided, however, amounts attributable to tax deductible qualified deductible employee contributions
shall not be considered to be a part of the Member’s Aggregate Account balance; 

  

	 	(V)	with respect to unrelated rollovers and plan-to-plan transfers (ones which are both initiated by the Employee and made from a plan maintained by one employer to
a plan maintained by another employer), if this Plan provides the rollovers or plan-to-plan transfers, it shall always consider such rollover or plan-to-plan transfer as a distribution for the purposes of this Section; provided, however, if this
Plan is the plan accepting such rollovers or plan-to-plan transfers, it shall not consider such rollovers or plan-to-plan transfers as part of the Member’s Aggregate Account balance; and 

 

	 	(VI)	with respect to related rollovers and plan-to-plan transfers (ones either not initiated by the Employee or made to a plan maintained by the same employer), if
this Plan provides the rollover or plan-to-plan transfer, it shall not be counted as a distribution for purposes of this Section; provided, however, if this Plan is the plan accepting such rollover or plan-to-plan transfer, it shall consider such
rollover or plan-to-plan transfer as part of the Member’s Aggregate Account balance, irrespective of the date on which such rollover or plan-to-plan transfer is accepted. For purposes of this paragraph, the Company and any Related Companies
shall be considered the same employer. 

  
 113

	 	(d)	Aggregation Group. “Aggregation Group” means either a Required Aggregation Group or a Permissive Aggregation Group as hereinafter determined.

  

	 	(I)	Required Aggregation Group. In determining a Required Aggregation Group hereunder, each plan of the Company or a Corporate Employer in which a Key
Employee is a Member, and each other plan of the Company or a Corporate Employer which enables any plan in which a Key Employee participates to meet the requirements of Code sections 401(a)(4) or 410, will be required to be aggregated. Such group
shall be known as a Required Aggregation Group. In the case of a Required Aggregation Group, each plan in the group will be considered a Top-Heavy Plan if the Required Aggregation Group is a Top-Heavy Group. No plan in the Required Aggregation Group
will be considered a Top-Heavy Plan if the Required Aggregation Group is not a Top-Heavy Group. 

  

	 	(II)	Permissive Aggregation Group. The Company may also include any other plan not required to be included in the Required Aggregation Group, provided the
resulting group, taken as a whole, would continue to satisfy the provisions of Code sections 401(a)(4) and 410. Such group shall be known as a Permissive Aggregation Group. In the case of a Permissive Aggregation Group, only a plan that is part of
the Required Aggregation Group will be considered a Top-Heavy Plan if the Permissive Aggregation Group is a Top-Heavy Group. No plan in the Permissive Aggregation Group will be considered a Top-Heavy Plan if the Permissive Aggregation Group is not a
Top-Heavy Group. 

  

	 	(III)	 Only those plans of the Company or a Corporate Employer in which the Determination Dates fall within the same calendar year shall be

  
 114

	 	
aggregated in order to determine whether such plans are Top-Heavy Plans. 

  

	 	(e)	Determination Date. “Determination Date” means (i) the last day of the preceding Plan Year, or (ii) in the case of the first Plan
Year, the last day of such Plan Year. 

  

	 	(f)	Present Value of Accrued Benefit. In the case of a defined benefit plan, a Member’s Present Value of Accrued Benefit shall be as determined under the
provisions of the applicable defined benefit plan. 

  

	 	(g)	Top-Heavy Group. “Top-Heavy Group” means an Aggregation Group in which, as of the Determination Date, the sum of: 

 

	 	(I)	the Present Value of Accrued Benefits of Key Employees under all defined benefit plans included in the group, and 

 

	 	(II)	the Aggregate Accounts of Key Employees under all defined contribution plans included in the group that exceeds sixty percent (60%) of a similar sum
determined for all Members. 

  

	 	(h)	Top-Heavy Plan Year. “Top-Heavy Plan Year” means that, for a particular Plan Year, the Plan is a Top-Heavy Plan. 

  
 115

	13.2	Key Employee. For purposes of this Section, the term “Key Employee” means any Employee or former Employee (and his beneficiaries) who, at any
time during the Plan Year, is: 

  

	 	(a)	an officer of the Company or a Corporate Employer and has annual compensation (as defined in Code section 415(c)(3)) greater than One Hundred Forty-Five Thousand
Dollars ($145,000) or such other amount as may be in effect under Code section 416(i)(1)(A)(i); 

  

	 	(b)	a five percent (5%) owner of the Company or a Corporate Employer; and 

 

	 	(c)	a one percent (1%) owner of the Company or a Corporate Employer who has annual compensation (as defined in Code section 415(c)(3)) more than One Hundred
Fifty Thousand Dollars ($150,000). 

 A five percent (5%) owner means any person who owns (or is considered as
owning within the meaning of Code section 318) more than five percent (5%) of the outstanding stock of the Company or a Corporate Employer or stock possessing more than five percent (5%) of the total combined voting power of all stock of
the Company or a Corporate Employer. A one percent (1%) owner means any person who owns (or is considered as owning within the meaning of Code section 318) more than one percent (1%) of the outstanding stock of the Company or a Corporate
Employer or stock possessing more than one percent (1%) of the total combined voting power of all stock of the Company or a Corporate Employer. If an Employee ceases to be a Key Employee, such Employee’s Account balances shall be
disregarded under the top-heavy plan computation for any Plan Year following the last Plan Year for which the Employee was treated as a Key Employee. The Account balances of an Employee who has not performed any service for the Company or a
Corporate Employer at any time during the one-year period ending on the Determination Date are excluded from the calculation to determine top-heaviness. For purposes of clause (a) above, no more than the (i) lesser of fifty

  
 116

 
(50) Employees, or (ii) the greater of three (3) Employees or ten percent (10%) of all Employees, are to be treated as Key Employees. For purposes of clause (b) above, if two
(2) Employees have the same interest in the Company or a Corporate Employer, the Employee having greater annual Compensation from the Company or a Corporate Employer shall be treated as having a larger interest. For purposes of determining the
number of officers taken into account under clause (a), Employees described in Code section 414(q)(8) shall be excluded. 
  

	13.3	Non-Key Employee. Any Employee or former Employee (and his beneficiaries) who is not a Key Employee. 

 

	13.4	Additional Rules. In determining the sum of the account balances under a defined contribution plan, Company contributions and Employee contributions shall
be taken into account. The account balance in a defined contribution plan will include any in-service withdrawal to a Member within the five-year period ending on the Determination Date, and any other distribution made to such Member during the
one-year period ending on the Determination Date. 

  

	13.5	 Minimum Benefit. If this Plan is determined to be top-heavy in any Plan Year under the provisions of Section 13.1, then the
contribution for such Plan Year to be allocated to each Member who is not a Key Employee in such Plan Year and is employed on the last day of the Plan Year shall receive a minimum contribution under the Plan which, when combined with the amount of
any other Company contributions and/or forfeitures allocated to such Member’s accounts under any other defined contribution plans maintained by the Company, shall not be less than three percent (3%) of such Member’s compensation (as
defined in Code section 414(q)(7)) or such lesser percentage as may be made with respect to Key Employees in such Plan Year. Amounts contributed under Section 3.1 shall be taken into consideration in determining the lesser percentage for Key
Employees noted in the immediately preceding sentence. No minimum benefit shall be made under this Plan for any Non-Key Employee who participates in this Plan and the CONSOL Energy Inc. Employee

  
 117

	 	
Retirement Plan and receives a minimum benefit under the CONSOL Energy Inc. Employee Retirement Plan. 

 

	13.6	Minimum Vesting. In any year that the Plan is a top-heavy plan, the Members Pre-2007 Matching Contribution Account, Post-2006 Matching Contribution
Account and Discretionary Contribution Account shall be immediately vested. 

  
 118

 SECTION 14 
 PARTICIPATING CONSOL AFFILIATED CORPORATIONS 
  

	14.1	Adoption by CONSOL Affiliated Corporations. Notwithstanding anything herein to the contrary, with the consent of CONSOL Energy Inc., any CONSOL Affiliated
Corporation may adopt this Plan and all of the provisions hereof, and participate herein by properly executing a document evidencing said intent. Notwithstanding the preceding sentence, coverage of a CONSOL Affiliated Corporation’s Eligible
Employees under the Plan is and shall be considered proof that such CONSOL Affiliated Corporation has authorized its participation in the Plan to the extent of such coverage. 

 

	14.2	Requirements of Participating CONSOL Affiliated Corporation. Each such Participating CONSOL Affiliated Corporation shall be required to use the Trust. The
assets of the Trust shall, on an ongoing basis, be available to pay benefits to all Members and beneficiaries under the Plan without regard to the Company or participating CONSOL Affiliated Corporation that contributed such assets.

 The transfer of any Member from or to a Company participating in this Plan, whether he be an Employee of CONSOL
or a participating CONSOL Affiliated Corporation, shall not affect such Member’s rights under the Plan, and all amounts credited to such Member’s Accounts, as well as his accumulated service time with the transferor or predecessor, and his
length of participation in the Plan, shall continue to his credit. 
  

	14.3	 Designation of Agent. Each participating CONSOL Affiliated Corporation shall be deemed to be a party to this Plan; provided, however,
that with respect to all of its relations with the Trustees and CONSOL Energy Inc. for the purpose of this Plan, each participating CONSOL Affiliated Corporation shall be deemed to have designated irrevocably CONSOL Energy Inc. as its agent. Unless
the context of the Plan clearly indicates the contrary, the word “Company” shall be deemed to include 

  
 119

	 	
each participating CONSOL Affiliated Corporation as related to its adoption of the Plan. 

  

	14.4	Authority of Participating CONSOL Affiliated Corporations. It is the intent of this SECTION 14 that the authority of each participating CONSOL Affiliated
Corporation to act independently and in accordance with its own best judgment shall not be prejudiced or diminished and, at the same time, that several CONSOL Affiliated Corporations may act collectively with respect to the Trustee, the Committee,
and the general administration of the Plan in order to secure administrative efficiency and maximum uniformity. 

  

	14.5	Plan Modifications. Any modification of the Plan shall be effective with respect to any participating CONSOL Affiliated Corporation and its Employees.

  

	14.6	Employee Transfers. It is anticipated that an Employee may be transferred between participating CONSOL Affiliated Corporations and, in the event of any
such transfer, the Employee involved shall carry with him his accumulated service and eligibility. No such transfer shall effect a Termination of Employment hereunder, and the participating CONSOL Affiliated Corporation to which the Employee is
transferred shall thereunder become obligated hereunder with respect to such Employee in the same manner as was the participating CONSOL Affiliated Corporation from whom the Employee was transferred. 

 

	14.7	Participating CONSOL Affiliated Corporation’s Contributions. All contributions made by a participating CONSOL Affiliated Corporation, as provided for
in this Plan, shall be determined separately by each participating CONSOL Affiliated Corporation, and shall be allocated only among the Members eligible to share the contribution of CONSOL Energy Inc. or participating CONSOL Affiliated Corporation
making the contribution. 

  

	14.8	 Discontinuance of Participation. Any participating CONSOL Affiliated Corporation, by action of its board of directors, may discontinue or
revoke its 

  
 120

	 	
participation in the Plan. In addition, CONSOL Energy Inc. may, by action of its Board of Directors, for any reason cause the withdrawal from participation of any participating CONSOL Affiliated
Corporation upon notice to that participating CONSOL Affiliated Corporation and the Trustee. At the time of any such discontinuance or revocation, satisfactory evidence hereof and of any applicable conditions imposed shall be delivered to the
Committee. The Trustees shall thereafter transfer, deliver and assign contracts and other Trust assets allocable to the Employees of such participating CONSOL Affiliated Corporation to such new trustee as shall have been designated by such
participating CONSOL Affiliated Corporation in the event that it has established a separate retirement plan for its Employees; provided, however, no such transfer shall be made if the result is the elimination or reduction of any Code section
411(d)(6) protected benefits. If no successor is designated, the Trustees shall retain such assets for the Employees of said participating CONSOL Affiliated Corporation. 

 

	14.9	Authority of the Committee. The Committee shall have authority to make any and all necessary rules or regulations binding upon all participating CONSOL
Affiliated Corporations and all Members to effectuate the purpose of this Section. 

  
 121

 IN WITNESS WHEREOF the undersigned have caused this amended and restated document to be executed this
        day of January, 2009, to be effective January 1, 2008, except as otherwise provided herein. This instrument may be executed in several counterparts, each of which shall be deemed an original, and
these counterparts shall constitute one and the same instrument, which may be sufficiently evidenced by any one counterpart. 
  

			
	CONSOL ENERGY, INC.
		
	 By:
	 	 
		 	

  
 122Limited Liability Company Agreement for Evitts Resort

 Exhibit 10.1 
 LIMITED LIABILITY COMPANY AGREEMENT FOR 
 EVITTS RESORT, LLC

 A MARYLAND LIMITED LIABILITY COMPANY 

THIS LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Evitts Resort, LLC, a Maryland
limited liability company (the “Company”), is made and entered into on this 22nd day of September, 2011, by and between Lakes Maryland Development, LLC (“Lakes”), a Minnesota limited liability company with an address at 130 Cheshire Lane, Suite 101, Minnetonka, MN
55305, and Addy Entertainment LLC (“Addy”), a Wyoming limited liability company, with an address at 2120 Carey Avenue, Cheyenne, Wyoming 82001, to be effective as of the Effective Date (as defined below); provided however, Lakes and
Addy each acknowledge, understand, and agree that this Agreement may be superseded if third parties become additional Members of the Company prior to the Effective Date. 
 RECITALS 
 The purpose of the Company is to acquire certain real property
and related assets located in Flintstone, Maryland (pursuant to an asset purchase from the Maryland Economic Development Corporation for the hotel lodge and golf course (subject to the existing ground lease and a ground lease with the State of
Maryland) and obtain a VLT license issued by the Maryland Video Location Commission subject to Title 9, Subtitle 1A of the State Government Article, Annotated Code of Maryland and, thereafter, to renovate the existing hotel facility, and add a
casino to create a premier gaming and entertainment facility (the “Gaming Facility”), with the potential for planned build out and operation of other market driven destination attractions during follow-up phases (the “Follow
up Development”). The Gaming Facility together with the Follow up Development shall hereinafter be referred to as the “Project”. Lakes and Addy, each fully understanding the complexity of the Project and the risks and costs
related thereto, now desire to enter into this Agreement to develop and operate the Gaming Facility. 
 NOW, THEREFORE, in
consideration of the mutual promises of the parties hereto, each to the other, and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged by each party hereto, the parties hereto hereby agree as follows:

 SECTION I 
 DEFINED TERMS 
 The following capitalized terms shall have the meanings
specified in this Section I. Other terms are defined in the text of this Agreement; and, throughout this Agreement, those terms shall have the meanings respectively ascribed to them. 

“Act” means Title 4A, Corporations and Associations Article, Annotated Code of Maryland, as amended from time to time.

 “Additional Capital Call Due Date” is defined in Section 3.2. 

“Additional Financing” is defined in Section 3.11. 

“Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s
Capital Account as of the end of the relevant taxable year, after giving effect to the following adjustments: 

  

 (i) the Capital Account balance shall be increased by the amounts which the Member is
deemed to be obligated to restore pursuant to Regulation Section 1.704-1(b)(2)(ii)(c) or the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704—2(i)(5) ; and 

(ii) the Capital Account balance shall be decreased by the items described in Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), and
(6). 
 The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 “Affiliate” means, as to
any Member, any Person directly or indirectly through one or more intermediaries, Controlling, Controlled by or under direct or indirect common Control with the Member. 
 “Agency” means the Maryland State Lottery Agency, and/or any other regulatory authority or body or any agency which has, or may at any time after the date hereof have, jurisdiction over
the gaming activities at the Gaming Facility, or any successor to any such authority, body or agency. 

“Agreement” means this Agreement, as amended from time to time. 

“Articles of Organization” means the certificate of formation for the Company, which certificate was filed with and
accepted by the Maryland Department of Assessments and Taxation September 20, 2011, a copy of which is attached hereto as Exhibit “A”. 
 “Asset Purchase Agreement” means the asset purchase agreement executed by and among the Company as purchaser, and Maryland Economic Development Corporation, as seller (and herein after
referred to as “MEDCO”). 
 “Authority” is defined in Section 12.1.1. 

“Base Fee” is defined in Section 5.2.2.1. 
 “Board” means the Board of Directors of the Company as set forth in Section 5.1.1. 
 “Bona Fide Offer” means an arm’s-length offer from an unrelated third party that has the financial wherewithal to consummate the transaction for which an offer is made. 

“Buy/Sell Deposit” is defined in Section 13.1.3.2. 

“Buy/Sell Offer” is defined in Section 13.1.3.2. 

“Buy/Sell Intent Notice” is defined in Section 13.1.1. 

“Buy/Sell Trigger Event” is defined in Section 13.1.1. 

  
 2 

 “Capital Account” means the account maintained by the Company for each
Member in accordance with the following provisions: 
 (i) a Member’s Capital Account shall be credited with the
Member’s Capital Contributions, the amount of any Company liabilities assumed by the Member, the Member’s allocable share of Profit and any other items in the nature of Company income or gain specially allocated to such Member pursuant to
the provisions of Section IV (other than Sections 4.3.10 or 4.3.12); and 
 (ii) a Member’s Capital Account shall be
debited with the amount of cash and the fair market value of any Company property distributed to the Member (net of any liabilities secured by such property that the Member is considered to assume or take subject to under Code Section 752), the
amount of any liabilities of the Member assumed by the Company, the Member’s allocable share of Loss and any other items in the nature of Company deductions or losses specially allocated to the Member pursuant to the provisions of Section IV
(other than Sections 4.3.10 or 4.3.12). If any Interest is transferred pursuant to the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent the Capital Account is attributable to the
transferred Interest. In determining the amount of any liability for purposes of subparagraph (i) and this subparagraph (ii), there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and
Regulations. It is intended that the Capital Accounts of all Members shall be maintained in compliance with the provisions of Regulation Section 1.704-1(b), and all provisions of this Agreement relating to the maintenance of Capital Accounts
shall be interpreted and applied in a manner consistent with that Regulation. 
 “Capital Contribution” means
the total amount of cash and the fair market value of any other assets contributed (or deemed contributed under Regulation Section 1.704-1(b)(2)(iv)(d)) to the Company by a Member, net of liabilities secured by such assets that the Company is
considered to assume or take subject to under Code Section 752. 
 “Capital Proceeds” means the net
receipts received by the Company from a Capital Transaction. 
 “Capital Transaction” means (i) any
transaction not in the ordinary course of business which results in the Company’s receipt of cash or other consideration other than Capital Contributions, Member Loans and Priority Loans, including, without limitation, the proceeds of any
grant, proceeds of sales or exchanges or other dispositions of property (including the Properties) not in the ordinary course of business, financing, refinancings, condemnations, recoveries of damage awards, and insurance proceeds, and (ii) any
revaluation of Company property pursuant to Section 4.3.11 or any other provision of this Agreement. 
 “Cash
Flow” means all cash funds derived from operations of the Company (including interest received on reserves, but excluding Member Loans, Priority Loans and Capital Contributions), without reduction for any non-cash charges, but less cash
funds used to pay current operating expenses (including debt service and all taxes) and to pay or establish reasonable reserves for future expenses, debt payments, tax payments, capital improvements and replacements established and funded in
accordance with the provisions of this Agreement. Cash Flow shall not include Capital Proceeds but shall be increased by the reduction of any reserve previously established. 

  
 3 

 “Code” means the Internal Revenue Code of 1986, as amended, or any
corresponding provision of any succeeding law. 
 “Committed” means the Member has issued a binding commitment
letter and has verifiable proof that the funds are available. 
 “Company” means Evitts Resort, LLC, a Maryland
limited liability company, that shall be governed in accordance with this Agreement. 
 “Contributing Member”
is defined in Section 3.9.3. 
 “Control,” “Controlling” and
“Controlled” means, with respect to any specified Person, the power to direct or cause the direction of the management or policies of the controlled Person directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise. The terms “Controlled,” “Controlling” and “Controls” have meanings correlative to the foregoing. 
 “Drag-Along Member” is defined in Section 6.5.1. 

“Drag-Along Right” is defined in Section 6.5.1. 

“Dragged-Along Member” is defined in Section 6.5.1. 

“EBITDA” means, with respect to the Gaming Facility: net income; plus interest expense; plus income taxes (but not
gaming taxes); plus depreciation and amortization; plus losses on disposal; plus any other non-cash expenses. 

“Economic Capital Account Balance” means, with respect to a Member as of any date, the Member’s Capital Account
balance, increased by the Member’s share of any Company Minimum Gain or Member Nonrecourse Debt Minimum Gain, computed on a hypothetical basis after taking into account all allocations through such date. 

“Effective Date” means the date this Agreement is executed by both Members. 

“Financed Amount” is defined in Section 3.9.1. 

“Facility Loan” means the financing by the Company, as borrower, for any costs of the development and construction of
the Gaming Facility. 
 “Free Transfer Period” is defined in Section 6.4.4. 

“Gaming Facility” is defined in the Recitals. 
 “Improvements” means those certain commercial real estate developments and ancillary and utility structures constructed, and to be constructed, on the Property by the Company, which are
intended to be gaming developments, with possible ancillary uses such as hospitality, retail and entertainment development, to the extent such uses are approved by the applicable Maryland governmental entities, including but not limited to the
Agency, and as such approval may be modified from time to time. 

  
 4 

 “Initial Contributions” is defined in Section 3.1.1. 

“Interest” means a Person’s allocable share of the Profits and Losses (and other items of income, gain, deduction
and loss) of, and the right to receive distributions from, the Company. 
 “Interest Buyer” is defined in
Section 6.5.1. 
 “Involuntary Withdrawal” means, with respect to any Member, the occurrence of any of the
following events: 
 (i) the Member makes an assignment for the benefit of creditors; 

(ii) the Member files a voluntary petition of bankruptcy; 
 (iii) the Member is adjudged bankrupt or insolvent or there is entered against the Member an order for relief in any bankruptcy or insolvency proceeding; 

(iv) the Member files a petition or answer seeking for the Member any reorganization, arrangement, composition, readjustment,
liquidation, dissolution, or similar relief under any statute, law, or regulation; 
 (v) the Member seeks, consents to, or
acquiesces in the appointment of a trustee for, receiver for, or liquidation of the Member or of all or any substantial part of the Member’s properties; 
 (vi) the Member files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Member in any proceeding described in Subsections
(i) through (v); 
 (vii) any proceeding against the Member seeking reorganization, arrangement, composition, readjustment,
liquidation, dissolution, or similar relief under any statute, law, or regulation, continues for one hundred twenty (120) days after the commencement thereof, or the appointment of a trustee, receiver, or liquidator for the Member or all or any
substantial part of the Member’s properties without the Member’s agreement or acquiescence, which appointment is not vacated or stayed for one hundred twenty (120) days or, if the appointment is stayed, for one hundred twenty
(120) days after the expiration of the stay during which period the appointment is not vacated; 
 (viii) if the Member is
an individual, the Member’s death or adjudication by a court of competent jurisdiction as incompetent to manage the Member’s person or property; 
 (ix) if the Member is acting as a Member by virtue of being a trustee of a trust, the termination of the trust; 
 (x) if the Member is a partnership or another limited liability company, the dissolution and commencement of winding up of the partnership or limited liability company if such partnership or limited
liability company is not simultaneously replaced with another partnership or limited liability company satisfying the terms and provisions of this Agreement; 

  
 5 

 (xi) if the Member is a corporation, the dissolution of the corporation or the revocation
of its charter if such corporation is not simultaneously replaced with another corporation satisfying the terms and provisions of this Agreement; or 
 (xii) if the Member is an estate, the distribution by the fiduciary of the estate’s entire interest in the limited liability company. 

“Lakes Development Fee” is defined in Section 5.2.2.1. 

“Lender” means any Person providing a Loan to the Company or its subsidiary, other than a Member or an Affiliate of a
Member. 
 “License Award Date” is the date the Maryland Video Lottery Facility Location Commission awards the
Video Lottery Operation License for Allegany County as described in the RFP. 
 “Loan” means a loan to the
Company or its subsidiary from an entity that is not a Member or an Affiliate of a Member, and any refinancing thereof. 

“Management Contract” is defined in Section 5.1.3. 

“Management Fees” is defined in Section 5.2.2.1. 

“Manager” means Lakes and/or any successor Manager admitted in accordance with the terms of this Agreement. 

“Maryland Gaming Law” means Title 9, Subtitle 1A, Government Law Article, Annotated Code of Maryland and Title 12,
Criminal Law Article, Annotated Code of Maryland, and any amendments, modifications or additions to Maryland law concerning gaming activities. 
 “Member” means each of Lakes and Addy (or any permitted assignee of Lakes and Addy) and any Person who subsequently is admitted as a member of the Company. 

“Member Loans” means the Working Capital Loans. 

“Member Nonrecourse Debt” has the meaning given to the term “partner nonrecourse debt” in Regulations
Section 1.704-2(b)(4). 
 “Member Loan Nonrecourse Deductions” has the meaning given to the term
“partner nonrecourse deductions” set forth in Regulations Section 1.704-2(i)(1) and (2). 
 “Member
Nonrecourse Debt Minimum Gain” has the meaning given to the term “partner nonrecourse debt minimum gain” set forth in Regulation Sections 1.704-2(i)(2) and (3). 

“Membership Unit” shall represent the unit of ownership in the Company and shall include one percent Interest and one vote per
unit. 
 “Minimum Gain” has the meaning given to the term “partnership minimum gain” set forth in
Regulation Sections 1.704-2(b)(2) and 1.704-2(d). Minimum Gain shall be computed 

  
 6 

 
separately for each Member in a manner consistent with the Regulations under Code Section 704(b). 
 “Negative Capital Account” means a Capital Account with a balance of less than zero. 
 “Net Gaming Revenue” means gross gaming revenue less cash sales incentives (including, without limitation, discounts and match play in table games or free play and slot club points in
slot transactions) and the change in progressive jackpot liabilities and revenue from gaming-related activities 

“Nonrecourse Deductions” has the meaning set forth in Regulation Section 1.704-2(b)(1). The amount of Nonrecourse
Deductions for a taxable year of the Company shall be determined according to the provisions of Regulation Section 1.704-2(c). 
 “Nonrecourse Liability” means any liability of the Company with respect to which no Member bears the economic risk of loss for the liability as determined in accordance with Code
Section 752 and the Regulations promulgated thereunder. 
 “Non-Suitable Member” is defined in
Section 12.1.2. 
 “Offer” is defined in Section 6.4.2.3. 

“Offeree Member” is defined in Section 13.1.3.1. 

“Offeror Member” is defined in Section 13.1.3.1. 

“Opening Date” means the date on which the casino portion of the Gaming Facility opens to the public for commercial
business. 
 “Addy Fee” is defined in Section 5.2.3. 

“Person” means and includes any individual, corporation, partnership, association, limited liability company, trust,
estate, or other entity. 
 “Positive Capital Account” means a Capital Account with a balance greater than
zero. 
 “Preferred Equity Return” equals the amount accruing on a daily basis, at 12% per annum, on the
sum of the Unreturned Capital Contributions of such Member, until the closing of the Facility Loan. 
 “Prevailing
Rate” means the greater of (1) 10% or (2) the then market interest rate that would be offered by an unaffiliated third party lender in an arm’s-length transaction. 

“Priority Loan” means any Emergency Loan and/or Working Capital Loan advanced for the development or operation of the
Gaming Facility. 
 “Profit” and “Loss” means, for each taxable year of the Company (or other
period for which Profit or Loss must be computed), the income, gain, loss and deductions of the 

  
 7 

 
Company in the aggregate or separately stated, as appropriate, for federal income tax purposes determined in accordance with Code Section 703(a), with the following adjustments: 

(i) any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profit and Loss,
shall be added to such taxable income or loss; 
 (ii) any expenditures of the Company described in Code
Section 705(a)(2)(B) (or treated as such pursuant to Regulation Section 1.704-1(b)(2)(iv)(i)) and not otherwise taken into account in computing Profit and Loss, shall be subtracted from taxable income or loss; 

(iii) in the event the book value of any Company asset is adjusted pursuant to Sections 4.3.6 or 4.3.13, such adjustment will be taken
into account as gain or loss from the disposition of such asset for purposes of computing Profit and Loss; 
 (iv) gain or loss
resulting from any disposition (or deemed disposition) of Company property with respect to which gain or loss is recognized (or deemed recognized) for federal income tax purposes shall be computed by reference to the adjusted book value of the
property disposed of, notwithstanding the fact that the adjusted book value differs from the adjusted basis of the property for federal income tax purposes; 
 (v) in lieu of the depreciation, amortization, or cost recovery deductions allowable in computing taxable income or loss, there shall be taken into account the depreciation computed with respect to the
book value (or adjusted book value) of the asset; and 
 (vi) notwithstanding any other provision of this definition, any items
of income, gain, loss or deduction which are specially allocated pursuant to Section 4.3 hereof shall not be taken into account in computing Profit or Loss. 
 The amounts of the items of Company income, gain, loss, and deduction available to be specially allocated pursuant to Section 4.3 hereof shall be determined by applying rules analogous to those set
forth in clauses (i) through (v) above. 
 “Project” means the Property and Improvements as defined
in the Recitals. 
 “Property” means those certain parcels of land consisting of approximately 260 acres in
Flintstone, Maryland, which is currently owned by the state of Maryland. 
 “Regulation” or
“Regulations” means the income tax regulations, including any temporary regulations, that have been issued under the Code, and any successor regulations. 
 “Remaining Member” is defined in Section 6.4.1. 

“Required Allocations” has the meaning given to the term in Section 4.3.9. 

“Resolution Period” is defined in Section 13.1.2. 

“RFP” means the Request for Proposals for a Video Lottery Operation License in Allegany County issued by the State of
Maryland Video Lottery Facility Location Commission on June 24, 2011. 
 “Sale Interest” is defined in
Section 6.5.1. 

  
 8 

 “Special Allocations” means the Required Allocations and the curative
allocations made pursuant to Section 4.3.9. 
 “Tag-Along Right” is defined in Section 6.5.2.

 “Tag-Along Member” is defined in Section 6.5.2. 

“Tag-Along Notice” is defined in Section 6.5.2. 

“Tax Distribution” is defined in Section 4.3.14. 

“Third Party Loan” is defined in Section 3.9.1. 

“Transfer” means, when used as a noun, any voluntary sale, hypothecation, pledge, assignment, attachment or other
transfer, and, when used as a verb, means, voluntarily to sell, hypothecate, pledge, assign, or otherwise transfer. Notwithstanding the foregoing, a Transfer shall not include any pledge, assignment, or other grant of a security interest in a
Membership Right to secure indebtedness for borrowed money incurred in an arm’s-length financing transaction. 

“Transfer Closing Date” is defined in Section 6.4.3. 

“Transfer Member” is defined in Section 6.4.2. 

“Transfer Purchase Price” is defined in Section 6.4.2.3. 

“Transferee” is defined in Section 6.4.2. 
 “Transferee Offer” is defined in Section 6.4.2. 

“Transferor Interest” is defined in Section 6.4.2. 

“Unpaid Preferred Equity Return” means the Preferred Equity Return reduced by distributions on account of such Preferred
Equity Return under Section 4.1.2. 
 “Unreturned Capital Contributions” means the Capital Contributions
of each Member reduced by distributions on account of such Capital Contributions under Section 4.1.2. 
 “Voluntary
Withdrawal” means a Member’s dissociation with the Company by means other than by a Transfer or an Involuntary Withdrawal. 
 “Working Capital Loans” means all loans made to the Company by the Members as provided in subsection 3.9.2 hereof. 

  
 9 

 SECTION II 
 NAME; PURPOSE; TERM; MEMBERS 
 2.1. Name of the Company. The name of
the Company shall be Evitts Resort, LLC. The Company may do business under that name and under any fictitious name upon which the Board selects. 
 2.2. Purpose. The Company is organized solely to, directly, or indirectly: (a) develop the Gaming Facility, and (b) own, hold, lease, manage, operate and otherwise deal in and with the
Gaming Facility, and to do any and all things necessary or incidental to that purpose; and, if determine d by the Board (c) to develop the Follow Up Development and own, hold, lease, manager, operate and otherwise deal in and with such Follow
Up Development property and assets. 
 2.3. Term. The term of the Company commenced on September 20, 2011, upon the
Maryland State Department of Assessments and Taxation’s acceptance of the Articles of Organization for filing. The Company shall continue in existence in perpetuity, unless its existence is sooner terminated pursuant to Section VII of this
Agreement. 
 2.4. Principal Office. The initial principal office of the Company shall be located at 2314 Annapolis Ridge
Court, Annapolis, Maryland 21401. 
 2.5. Members. The name, present mailing address and Membership Units of each Member
is set forth on Exhibit B. 
 SECTION III 

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; LOANS; THIRD PARTY 
 EQUITY 
 3.1. Capital Contributions. 

3.1.1. Each party’s Capital Contribution shall be reflected on Exhibit B, which shall be amended from
time to time as necessary by the Board. 
 3.1.2. Each party shall be required to make an Initial Capital
Contribution (“Initial Contribution”) as follows: 
 3.1.2.1. Lakes. Lakes shall make an
Initial Capital Contribution to the Company equal to $2,105,000. Lakes shall be required to make its Initial Contributions in cash (via wire transfer) simultaneously with its execution of this Agreement. For its Initial Capital Contribution, Lakes
shall receive 182,222 Membership Units. 
 3.1.2.2. Addy. Addy’s Initial Capital Contribution shall
be equal to $205,364, which the Members acknowledge and agree Addy previously advanced. For its Initial Capital Contribution, Addy shall receive 17,778 Membership Units. 
 3.2. Additional Capital Contributions. The Members will be required to make additional Capital Contributions for each Member for the development, operation and

  
 10 

 
management of the Gaming Facility as follows (“Additional Capital Calls”) (the funds for the Additional Capital Calls shall be defined as each Members’ “Additional
Capital Contribution”): 
 3.2.1.1. Lakes. Lakes shall make an additional capital contribution to
the Company equal to $7,895,000 and shall receive additional Membership Units, the number of which shall be determined by dividing the total Additional Capital Contribution made by 22.1120. For fully funding its Additional Capital Contribution,
Lakes shall receive 357,045 Membership Units. 
 3.2.1.2. Addy. Addy shall make an additional capital
contribution to the Company equal to $9,794,636 and shall receive additional Membership Units, the number of which shall be determined by dividing the total Additional Capital Contribution made by 22.1120. For fully funding its Additional Capital
Contribution, Addy shall receive 442,955 Membership Units. 
 3.3. The funds for the Additional Capital Contributions shall be
Committed by the Members on or before License Award Date (“Additional Capital Call Due Date”). Any and all reasonable and necessary expenses incurred by the Company between the Effective Date and the License Award Date shall be paid
by Addy and shall be credited to its Additional Capital Contribution and shall receive Membership Units for payment of such expenses at a rate of $22.1120 per Membership Units; for all expenses incurred thereafter, each Member shall pay one-half of
such expenses. If Addy fails to timely make all of its Additional Capital Call (including the expenses set forth in this Section 3.3) (the Additional Capital Contribution in respect of which such failure occurs, a “Defaulted
Contribution”), Addy shall not be entitled to the provisions set forth in Section 5.1.6 and Article 13, and its Membership Units shall be adjusted as set forth in Section 3.4 below. 

3.4. Redetermination of Membership Units Upon Contribution Default. If a Member fails to commit their Additional Capital
Contribution as required of it hereunder within the time herein provided, and such failure shall continue for five (5) days after the effectiveness of the notice from the Company to the Defaulting Member specifying such failure (with time being
of the essence as to such five (5) day cure period), then the non-Defaulting Member may fund some or all of the deficit resulting from the Defaulting Member’s Default Contribution and receive additional Membership Units at a rate of
$22.1120 per Membership Unit, and, if it so chooses, have such funding be credited against its Additional Capital Contribution requirement. Such redetermination of Membership Units shall be reflected on Exhibit B. If a Member fails to have the funds
Committed by the Additional Capital Call Due Date or fund its required Additional Capital Contribution hereunder, it shall have no further right to purchase additional Membership Units or fund any Additional Capital Contribution. 

3.6. No Interest on Capital Contributions. Members shall not be paid interest on their Capital Contributions. 

3.7. Return of Capital Contributions. Except as otherwise provided in this Agreement (including, without limitation,
Section 4.4.2), no Member shall have the right to receive the return of any Capital Contribution. 

  
 11 

 3.8. Form of Return of Capital. Except as otherwise specified herein (including,
without limitation, Section 4.4.2), if a Member is entitled to receive a return of a Capital Contribution, the Member shall not have the right to receive anything but cash in return of the Member’s Capital Contribution. 

3.9. Capital Accounts. A separate Capital Account shall be maintained for each Member. Each such Capital Account shall be
maintained in accordance with the rules of Regulation Section 1.704-1(b)(2)(iv). 
 3.10. Loans not Capital
Contributions. Any loans made by a Member to the Company, including Member Loans and Priority Loans, shall not be considered Capital Contributions and shall not increase the Capital Account of the lending Member. 

3.11. Loans. 
 3.11.1. The Members recognize and agree that the Company intends to initially borrow funds, in excess of the Initial Contributions, necessary to develop the Gaming Facility (the “Financed
Amount”). The Members shall use commercially reasonable efforts to pursue and arrange third party financing (the “Third Party Loan”) as acceptable to Board, provided the lender is deemed suitable by applicable governmental
authorities to develop the Gaming Facility. 
 3.11.2. In the event the Board determines that the Company
requires any funds for the development, operation and management of the Gaming Facility, the Manager may make a working capital loan to the Company (the “Working Capital Loans”). All Working Capital Loans shall (i) bear
interest at the Prevailing Rate, (ii) be for a term of not more than five (5) years from the date such Working Capital Loan is advanced, (iii) be repaid from Cash Flow and Distributions of Cash Proceeds pursuant to Sections 4.1.2,
4.2.2 or 4.1.3 (as applicable), and (iv) be on such other additional terms as may be reasonably acceptable to the Manager and the Board. 
 3.12. Emergency Funds. Notwithstanding anything to the contrary contained herein, the Manager shall be permitted to advance funds to the Company for any reasonable, but short-term, need, with
interest on such funds at the Prevailing Rate (an “Emergency Loan”), but may receive a priority return of such funds from Gaming Facility repayment (as set forth in Section 4.1.3), Cash Flow, Working Capital Loans, or other
sources when such sources are obtained by the Company. 
 3.13. Additional Equity or Mezzanine Financing. In the event
the Company is unable to obtain sufficient debt financing to fund the development of the Gaming Facility over and above the Facility Loan and the Company is required to obtain additional equity or mezzanine financing (“Additional
Financing”), the Members shall use their commercial best efforts to pursue and obtain such Additional Financing, and, unless the Board otherwise agrees, the Interest issued in connection with such Additional Financing, if any, shall have no
voting rights. Each Member shall have the option to fund some or all of such Additional Financing on its own behalf and purchase such debt or equity instruments underlying such Additional Financing on the same terms and conditions offered to third
parties in arms length Additional Financing transactions, provided that a Member whom decides to participate in such manner shall not receive any voting rights in such debt or equity instruments regardless of whether such

  
 12 

 
rights are offered to third parties and provided further, that should both Members desire to participate, they shall do so pro rata in accordance with their current Interests in the Company
unless both Members agree otherwise. 
 SECTION IV 
 PROFIT, LOSS, AND DISTRIBUTIONS 
 4.1. Allocations of Profit or Loss
other than from Capital Transactions, Distributions of Cash Flow, and Distribution for Repayment of Working Capital Loans and Emergency Loans. 
 4.1.1. Allocations of Profit or Loss other than from a Capital Transaction. After giving effect to the Special Allocations set forth in Section 4.3, for any taxable year of the Company, Profit
or Loss (other than Profit or Loss resulting from a Capital Transaction, which Profit or Loss shall be allocated in accordance with the provisions of Sections 4.2.1) shall be allocated to the Members in proportion to their Membership Units.

 4.1.2. Distributions of Cash Flow. Cash Flow of the Company shall be distributed to the Members
quarterly, commencing at the conclusion of the first fiscal quarter after the Opening Date, or more frequently if determined by the Board, subject to the provisions of Section 4.1.3, no later than forty-five (45) days after the end of each
fiscal quarter in the following order of priority: 
 4.1.2.1. First, Cash Flow shall be applied to the payment
of any accrued and unpaid interest and then principal on any Emergency Loan, pro rata in proportion to the Emergency Loans then payable; then 
 4.1.2.2. Second, Cash Flow shall be applied to the payment of any accrued and unpaid interest and then principal on any Working Capital Loan, pro rata in proportion to the Working Capital Loans then
payable; then 
 4.1.2.3. Third, Cash Flow shall be paid to Lakes and Addy for any unpaid fees as set forth in
Section 5.2.2.2 and 5.2.3; then 
 4.1.2.4. Fourth, Cash Flow shall be paid to the Members until the
Members’ Preferred Equity Return is paid in full; then 
 4.1.2.5. Fifth, Cash Flow shall be paid to the
Members (in the proportion that each Members’ Unreturned Capital Contributions bears to the aggregate of all Members’ Unreturned Capital Contributions) in an amount equal to each Members’ Capital Contributions; then 

4.1.2.6. The balance, if any, to the Members in proportion to their then current Membership Units. 

4.1.3. Distributions for Repayment of Emergency Loans and/or Working Capital Loans made to the Gaming Facility.
Notwithstanding anything herein to the contrary, if the Manager made an Emergency Loan or a Working Capital Loan which was used for the development or operation of the Gaming Facility, repayment of

  
 13 

 
such Emergency Loan or Working Capital Loan to Manager shall be made within 48 hours after such Emergency Loan or Working Capital Loan is repaid by the Gaming Facility to Company. 

4.2. Distributions of Capital Proceeds and Allocations of Profit or Loss from Capital Transactions. 

4.2.1. Allocations of Profit and Loss from a Capital Transaction. After giving effect to the Special Allocations
set forth in Section 4.3, if, at the end of any taxable year in which there is any Capital Transaction, the quotient obtained by dividing any Member’s positive Economic Capital Account Balance by the aggregate of all Members’ Economic
Capital Account Balances at such time (such Member’s “Economic Capital Account Quotient”), would differ from such Member’s percentage of Membership Units, then Profit (and items thereof) and Loss (and items thereof)
attributable to such Capital Transaction shall be allocated among the Members in a manner such that the positive Economic Capital Account Quotient of each Member, immediately after giving effect to such allocation, is, as nearly possible, equal to
such Member’s percentage of Membership Units; provided, however, that this Section 4.2.1 shall not be applied to cause any Member to have an Adjusted Capital Account Deficit. If the preceding sentence would not apply (because the Economic
Capital Account Quotient of each Member is equal to such Member’s percentage of Membership Unit), then, after giving effect to the Special Allocations set forth in Section 4.3, at the end of any taxable year in which there is any Capital
Transaction, Profit and Loss (or any items of either of them) attributable to such Capital Transaction shall be allocated to the Members in proportion to their percentage of Membership Units. No Member shall be entitled to any allocation of Profit
or Loss (or any items of either of them) attributable to a Capital Transaction which occurred prior to such Member becoming a Member. 
 4.2.2. Distributions of Capital Proceeds. Capital Proceeds shall be distributed and applied by the Company in the following order and priority: 

4.2.2.1. First, to the payment of all expenses of the Company incident to a Capital Transaction; then 

4.2.2.2. Second, to the payment of any accrued and unpaid interest and then principal on any Third Party Loan; then

 4.2.2.3. Third, to the establishment of any reserves which the Board deems necessary for liabilities or
obligations of the Company; then 
 4.2.2.4. Fourth, to the payment of any accrued and unpaid interest and then
outstanding principal balance of any Emergency Loans, pro rata in proportion to the Emergency Loans then payable; then 
 4.2.2.5. Fifth, to the payment of any accrued and unpaid interest and then outstanding principal balance of any Working Capital Loans, pro rata in proportion to the Working Capital Loans then payable;
then 
 4.2.2.6. Sixth, to the Members as follows: 

  
 14 

	 	(a)	to the members until their Preferred Equity Return is paid in full; 

  

	 	(b)	to the Members (in the proportion that each Members’ Unreturned Capital Contributions bears to the aggregate of all Members’ Unreturned Capital Contributions)
in an amount equal to each Members’ Capital Contributions; 

  

	 	(c)	if any Member has a Positive Capital Account balance, to those Members with Positive Capital Account balances in proportion to their Positive Capital Account balances;
then 

  

	 	(d)	the balance, to the Members in proportion to their then current Membership Units. 

4.3. Special Allocations, Tax Allocations and Tax Distributions. 

4.3.1. Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or
distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6) resulting in an Adjusted Capital Account Deficit, items of Company gross income and gain shall be specially allocated to each such Member in an amount and
manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible, provided that an allocation pursuant to this provision shall be made only if and to the extent
that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in Section IV have been tentatively made as if this Section 4.3.1 were not in the Agreement. This provision is intended to comply with, and
shall be interpreted consistently with, the “qualified income offset” requirement in Regulations Section 1.704-1(b)(2)(ii)(d). 
 4.3.2. Minimum Gain Chargeback. Except as set forth in Regulation Sections 1.704-2(f)(2), (3) and (4), if, during any taxable year, there is a net decrease in Minimum Gain, each Member, prior
to any other allocation pursuant to this Section IV, shall be specially allocated items of Company gross income and gain for such taxable year (and, if necessary, subsequent taxable years) in an amount equal to that Member’s share of the net
decrease of Minimum Gain, computed in accordance with Regulation Section 1.704-2(g). The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2)(i). This Section 4.3.2 is
intended to comply with, and shall be interpreted consistently with, the “minimum gain chargeback” requirement in Regulation Section 1.704-2(f). 
 4.3.3. Chargeback of Member Nonrecourse Debt Minimum Gain. Notwithstanding the other provisions of this Section IV (other than Section 4.3.2), except as provided in Regulation
Section 1.704-2(i)(4), if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any taxable year, any Member with a share of Member Nonrecourse Debt Minimum Gain attributable to such
Member Nonrecourse Debt, determined in accordance with 

  
 15 

 
Regulations Section 1.704-2(i)(5), at the beginning of such taxable year shall be specially allocated items of Company gross income and gain for such taxable year (and, if necessary,
subsequent taxable years) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4).
The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4), 1.704-2(f)(6), and 1.702-2(j)(2)(ii). This Section 4.3.3 is intended to comply with, shall be interpreted consistently with, the
“partner nonrecourse debt minimum gain chargeback” requirement in Regulation Section 1.704-2(i)(4). 
 4.3.4. Gross Income Allocations. In the event any Member has a deficit Capital Account at the end of any Company taxable year which is in excess of the sum of (i) the amount such Member is
obligated to restore pursuant to any provision of this Agreement, and (ii) the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), such Member
shall be specially allocated items of Company gross income and gain in the amount of such excess as quickly as possible; provided, however, that an allocation pursuant to this Section 4.3.4 shall be made only if and to the extent that such
Member would have a deficit Capital Account after all other allocations provided for in this Section IV have been tentatively made as if Section 4.3.1 and this Section 4.3.4 were not in this Agreement. 

4.3.5. Loss Limitation. To the extent that allocations of Loss (or special allocations of loss and deduction) for
a Company taxable year would cause a Member to have an Adjusted Capital Account Deficit while any other Member would not have an Adjusted Capital Account Deficit, such Loss (or items of loss and deduction) shall be allocated to the Members without
Adjusted Capital Account Deficits in proportion to the relative amount of Loss (or items of loss and deduction) that may be allocated to each such Member without causing any such Member to have an Adjusted Capital Account Deficit, prior to
allocation of any remaining Loss (or items of loss and deduction) to any Member for such Company taxable year. 

4.3.6. Code Section 754 Adjustment. To the extent an adjustment to the tax basis of any Company asset
pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of the adjustment to the Capital Accounts
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases basis), and the gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which
their Capital Accounts are required to be adjusted pursuant to that Section of the Regulations. 
 4.3.7.
Nonrecourse Deductions. Nonrecourse Deductions for any taxable year or other period shall be specially allocated among the Members in proportion to their Membership Units. 

4.3.8. Member Loan Nonrecourse Deductions. Any Member Loan Nonrecourse Deductions for any taxable year or other
period shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member 

  
 16 

 
Nonrecourse Debt to which the Member Loan Nonrecourse Deductions are attributable in accordance with Regulation Section 1.704-2(i)(1). 

4.3.9. Curative Allocation. The allocations set forth in Sections 4.3.1 through 4.3.8 (the “Required
Allocations”) are intended to comply with certain requirements of the Regulations. It is the intent of the Members that, to the extent possible, all Required Allocations shall be offset either with other Required Allocations or with special
allocations of other items of Company income, gain, loss or deduction pursuant to this Section 4.3.9. Therefore, notwithstanding any other provision of this Section IV (other than the Required Allocations), the Board shall make such offsetting
special allocations of Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s Capital Account balance is, to the extent possible, equal to the
Capital Account balance such Member would have had if the Required Allocations were not part of this Agreement and all Company items were allocated pursuant to the economic agreement among the Members without regard to the Required Allocations. In
exercising its discretion under this Section 4.3.9, the Board shall take into account future Required Allocations under Sections 4.3.2 and 4.3.3 that, although not yet made, are likely to offset other Required Allocations previously made under
Sections 4.3.7 and 4.3.8. Subject to any provision in the Required Allocations specifying a different result, the Board shall, with respect to each taxable year, (1) apply the Required Allocations in whatever order is most likely to minimize
the economic distortions that might otherwise result from the Required Allocations, and (2) divide all Required Allocations among the Members in a manner that is likely to minimize such economic distortions. 

4.3.10. Recapture Property. To the extent permitted or required by the Code and Treasury Regulations, tax gain
from any disposition of Company property which is described in, and treated as ordinary income under, Code Section 1245(a), 1250(a), 1252(a), or 1254(a) (“Recapture Property”), shall be specially allocated among the Members in
the manner prescribed in the applicable Regulations thereunder or, in the absence of an applicable Regulation prescribing an allocation, in accordance with the principles of Regulation Section 1.1245-1(e)(2). In applying this
Section 4.3.10, the Board shall take into account any gain recognized by a Member pursuant to Code Section 751 in respect of any Recapture Property. This Section 4.3.10 shall not be applied to allocate tax gain from a disposition of
Recapture Property in a manner inconsistent with the principles of Code Section 704(c). 
 4.3.11.
Revaluation of Company Property. At the election of the Board, upon the occurrence of any event described in Regulation Section 1.704-1(b)(2)(iv)(f)(5), the fair market value of the Company’s assets shall be adjusted to equal their
respective fair market values as of the date of such event (as determined by an independent valuation firm selected by the Board). Any revaluation of Company property in connection with a Capital Contribution, which, for the avoidance of doubt,
shall constitute an event described in Regulation Section 1.704-1(b)(2)(iv)(f)(5), shall be made as of the due date of such Capital Contributions, and allocations in respect of such revaluation under this Section IV shall take into account any
adjustment to the Membership Units made pursuant to Section 3.3. 

  
 17 

 4.3.12. Section 704(c) Principles. In accordance with Code
Section 704(c) and the Regulations thereunder, as well as Regulation Sections 1.704-1(b)(2)(iv)(d)(3), income, gain, loss, and deduction with respect to any property contributed (or deemed contributed) to the Company shall, solely for tax
purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of the property to the Company for federal income tax purposes and its fair market value at the date of contribution (or deemed contribution).
If the book value (or adjusted book value) of any Company asset is adjusted as provided herein, subsequent allocations of income, gain, loss, and deduction with respect to the asset shall take account of any variation between the adjusted basis of
the asset for federal income tax purposes and its adjusted book value in the manner required under Code Section 704(c) and the Regulations thereunder. Except to the extent otherwise set forth in this Section 4.3.12, any elections or other
decisions relating to such allocations shall be made by the Members as of the date of this Agreement (being Lakes and Addy) in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this
Section 4.3.12 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account, share of Profit and Loss (or items specially allocated for
Capital Account purposes), or distributions pursuant to any provision of this Agreement. 
 4.3.13.
Withholding. All amounts required to be withheld or paid with respect to any Member pursuant to Code Section [1446] or any other provision of federal, state, or local tax law shall be treated as amounts actually distributed to the affected
Members for all purposes under this Agreement. 
 4.3.14. Minimum Distribution to Pay Tax. Within 90 days
after the close of each taxable year of the Company, so long as the Board has not determined in good faith that a distribution would be prohibited or create a default or event of default under the Act or any agreement to which the Company is
subject, the Company will distribute an amount of cash to the Members (reduced for any prior distributions to such Members in respect of such taxable year), in proportion to their respective Membership Units, sufficient to pay the federal and state
income taxes on the Profits and other items of Company income and gain (for the avoidance of doubt, taking into account any (i) allocations with respect to “section 704(c) property” and (ii) “reverse section 704(c)
allocations” (within the meaning of Regulation Section 1.704-3(a)(6))) allocated to the Members in such taxable year (or with respect to such fiscal quarter, taking into account items of Profit and Loss of the Company for such taxable year
through the end of such fiscal quarter), based on the highest combined marginal federal and state tax rate applicable to any Member for the taxable year (“Tax Distributions”). Tax Distributions shall be treated as an advance against
distributions pursuant to Sections 4.1.2.5., 4.1.2.6, and 4.2.2.6(d). If the Board reasonably determines that the Company does not have sufficient cash (taking into account factors such as other obligations of the Company, requirements of the Act
and the terms of any agreement to which the Company is subject, and the necessity or desirability to establish reserves) to make in full the Tax Distribution to all Members, then the Board shall distribute the cash available for distribution as a
Tax Distribution to the Members pro rata in accordance with their respective Membership Units. For the avoidance of doubt, all Tax Distributions are required to be made to the Members pro rata in accordance the Members’ Membership Units even
though one or 

  
 18 

 
more Members may have Company taxable income in excess of the Company taxable income allocable to other Members. Notwithstanding anything to the contrary in this Agreement, any mandated Tax
Distributions shall be treated as being made in priority to all other distributions to be made pursuant to this Agreement. 
 4.3.15. Nonrecourse Liabilities. Pursuant to Regulations Section 1.752-3(a)(3), solely for purposes of determining each Member’s proportionate share of “excess nonrecourse
liabilities” of the Company (as defined in Regulations Section 1.752-3(a)(3)), the Members’ respective Membership Units shall be their respective interests in “profits.” 

4.4. Liquidation and Dissolution. 
 4.4.1. Except as otherwise provided in Section 4.4.2, if the Company is liquidated, the assets of the Company shall be distributed to the Members in accordance with the balances in their respective
Capital Accounts, after taking into account the allocations of Profit and Loss, and any items specially allocated, pursuant to Section IV, if any, and distributions of cash or property, if any, pursuant to Sections 4.1.2.5 and 4.2.2.6(d).

 4.4.2. No Member shall be obligated to restore a Negative Capital Account. 

4.5. General. 
 4.5.1. Except as otherwise provided in this Agreement, the timing and amount of all distributions shall be determined by the Board. 

4.5.2. If any assets of the Company are distributed in kind to the Members, those assets shall be valued on the basis of
their fair market value, and any Member entitled to any interest in those assets shall receive that interest as a tenant-in-common with all other Members so entitled. Unless the Members otherwise agree, the fair market value of the assets shall be
determined by an independent appraiser who shall be selected by the Board. For purposes of determining Profit and Loss, each asset distributed in kind to an Member shall be treated as if the asset had been sold for its fair market value, and any
Profit and Loss (or items of income, gain, loss and deduction) shall be allocated as provided in Section IV and shall be properly credited or charged to the Capital Accounts of the Members prior to the distribution of such assets. 

4.5.3. All Profit and Loss (and items of income, gain, loss and deduction) shall be allocated to the Persons shown on the
records of the Company to have been Members as of the last day of the taxable year for which the allocation is to be made. Notwithstanding the foregoing, except as described in the proviso at the end of this sentence, if there is a Transfer or an
Involuntary Withdrawal during the taxable year, Profit and Loss (and items of income, gain, loss and deduction) shall be allocated between the original Member and the successor on the basis of the number of days each was a Member during the taxable
year; provided, however, the Company’s taxable year shall be segregated into two or more segments in order to account for Profit or Loss (or items of income, gain, loss or deduction) attributable to a Capital Transaction or to any

  
 19 

 
other extraordinary non-recurring items of the Company. If the percentage of Membership Units of the Members change during the taxable year, allocations pursuant to this Section IV shall take
into account the varying percentage of Membership Units of the Members in a manner analogous to that described in the previous sentence. 
 4.5.4. The Board is hereby authorized to amend this Section IV to comply with the Code and the Regulations promulgated under Code Section 704(b) or take such action in respect thereof to reflect the
intended economic arrangement of the Members; provided, however, that no amendment shall materially affect allocations or distributions to an Member without the Member’s prior written consent. 

4.6. No Distribution by Reason of Withdrawal. Neither withdrawal from the Company, Transfer of any
interest in the Company, nor demand for the return of capital will entitle any owner of an interest in the Company to receive any Distribution from the Company. 
 SECTION V 
 MANAGEMENT: RIGHTS, POWERS, AND DUTIES 

5.1. Management. 
 5.1.1. Board of Directors. The Company will at all times have a Board of Directors comprised of at least five (5) persons. Lakes will designate three (3) members of the Board and Addy
will designate two (2) members of the Board. The Board will elect the Chairman. Members of the Board shall be designated by written notice to the Members and will serve until replaced by the Member so designating. 

5.1.2. Manager. The Board shall appoint a Manager to run the day to day operations of the Company, subject to, at
all times, determinations made by the Board. Lakes is hereby initially designated to serve as the Manager. 
 5.1.3. Management Agreements. The Company shall enter into a management agreement with Lakes and/or one of its Affiliates to manage the Gaming Facility (the “Management
Contract”).1 The Company may also enter into
other management agreements relating the development, construction and/or management of any aspect of the operations of the Project other than the Gaming Facility (with Lakes, its Affiliates, or any other third party). Any and all such agreements
must be unanimously agreed upon by the Board before being executed. 
 5.1.4. General Powers. The Manager
shall have the power, and authority, subject in all cases to the other provisions of this Agreement and the requirements of applicable law, to manage, control, administer, and operate the day to day business and affairs of the Company for the
purposes herein stated, and to make all decisions affecting such day to day business and affairs. 
  

 

	1 	 A separate development services and management contract (the “Management Contract”) will be entered into between Lakes Maryland Casino
Management, LLC and the Company governing the management and development of the Gaming Facility. 

  
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 5.1.5. The Project. Except as may otherwise be required under the
Maryland Gaming Law: 
 5.1.5.1. Each Member shall (and shall cause its respective members to) cooperate in good
faith to pursue the development of the Project, which, subject to obtaining the necessary approvals by the applicable Maryland governmental entities, including but not limited to the Agency, will include the Gaming Facility and other possible
ancillary uses such as retail, entertainment and hotel uses. The overall design of the Gaming Facility shall be determined by the Board, including the general use, construction time frame, the tenant mix program and the general layout of the Gaming
Facility (the “Master Plan”). 
 5.1.5.2. The Members agree that the Gaming Facility shall be
required to be constructed in accordance with the requirements and timeframes stipulated in and pursuant to all applicable laws. 
 5.1.5.3. The Members recognize and agree that the development of the Gaming Facility is conditioned upon obtaining the approvals or required permits under the Maryland Gaming Laws to develop and operate
casino gaming facilities on the Property. 
 5.1.6. Major Actions. Notwithstanding anything to the
contrary otherwise contained in this Agreement, and provided that Addy has fully funded neither the Board nor the Manager shall take any of the following actions without the unanimous written consent of the Board (which consent shall not be
unreasonably withheld or delayed), each a “Board Major Action.” Board Major Actions consist of the following: 
 (a) any amendment to this Agreement; 
 (b) the authorization or
approval of a merger or consolidation of the Company; 
 (c) the entry into a partnership or joint venture with
any third party; 
 (d) issuance or sale of any new Interest; 

(e) approval of the annual operating and capital budgets of the Gaming Facility, and any amendments thereto; 

(f) incur obligations on behalf of the Company which are in excess of $1,000,000; 

(g) any Additional Capital Contributions in excess of those set forth in Section 3.2 herein; 

(h) any material changes to the Master Plan, Project, Gaming Facility or Improvements; 

(i) any Capital Transaction; 

  
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 (j) approval of any management agreement to manage the Gaming Facility
(other than the Management Contract) to be entered into by the Company after the execution of this Agreement; and 
 (k) in the event the Management Contract is terminated, the subsequent hiring of a replacement manager. 
 5.2. Personal Services; Compensation 
 5.2.1. No Member
shall be required to perform services for the Company solely by virtue of being a Member. Except as set forth in Section 5.2.2 and 5.2.3, no Member shall perform services for the Company or be entitled to compensation for services performed for
the Company. 
 5.2.2. As compensation for its management of the Gaming Facility, Lakes will receive the
following compensation pursuant to the Management Contract: 
 5.2.2.1. For managing the development and
construction and on-going management of the Gaming Facility by an Affiliate of Lakes, such Affiliate shall be entitled to a management fee, payable each month out of the cash flows of the Gaming Facility, which management fee shall be as set forth
in the Management Contract (the “Management Fees”); and (b) a development fee in the amount of $500,000 (“Lakes Development Fee”) to be paid upon the closing of the Third Party Loan. 

5.2.2.2. If the Lakes Development Fee is unable to be paid at the closing of the Third Party Loan, such fee shall accrue
without interest and shall be paid to Lakes as set forth in Section 4.1.2.3. 
 5.2.3. For its construction
management services, Addy shall be entitled to a construction management fee in the amount of $500,000 (“Addy Fee”) to be paid upon the closing of the Third Party Loan. If the Addy Fee is unable to be paid at the closing of the
Third Party Loan, such fee shall accrue without interest and shall be paid to Addy as set forth in Section 4.1.2.3. 
 5.2.4. Upon substantiation of the amount and purpose thereof, the Manager, as well as any Board member, shall be reimbursed for third-party out-of-pocket costs and expenses (such as travel) reasonably
incurred by the Manager (or the respective Board member as the case may be) in connection with the activities of the Company. 

5.3. Duties of the Manager. Subject to the annual budgets approved by the Board, the Manager shall devote such time to the
business and affairs of the Company as is necessary to carry out the Manager’s duties set forth in this Agreement. The Manager shall undertake the planning process of the Gaming Facility and have such other duties as set forth herein, subject
at all times to the limitations provided for herein. 
 5.4. Liability and Indemnification. 

  
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 5.4.1. No Member shall be liable, responsible, or accountable, in damages
or otherwise, to any Member or to the Company for any act performed by the Member within the scope of the authority conferred on the Member by this Agreement, except for (a) fraud authorized by an officer, director or manager of a Member or
(b) gross negligence or an intentional breach of this Agreement expressly authorized by an officer, director or manager of a Member. 
 5.4.2. The Company shall indemnify each Member for any act performed by the Member within the scope of the authority conferred on the Member by this Agreement, except for (a) fraud authorized by an
officer, director or manager of a Member or (b) gross negligence or an intentional breach of this Agreement expressly authorized by an officer, director or manager of a Member; provided that any indemnity under this Section 5.4.2 shall be
provided out of and to the extent of Company assets only, and no Member shall have any personal liability on account thereof beyond its Capital Contribution. 
 5.4.3. Notwithstanding any other provision in this Agreement, in the event the Company or another Member suffers any actual (but not punitive or consequential) loss, damage or expense as a direct result
of such Member’s fraud, gross negligence or intentional breach of this Agreement then, to the extent allowed pursuant to Section 5.4.1, the offending Member shall defend, indemnify and save harmless the Company and the other Member from
and against, and shall reimburse the Company and the other Member with respect to, any such loss, damage or expense (including reasonable attorneys fees). 
 5.5 Approval of Management Contract. The Management Contract shall be executed contemporaneous with the execution of this Agreement. 

SECTION VI 

TRANSFER OF INTERESTS AND WITHDRAWALS OF MEMBERS 

6.1. Transfers. 
 6.1.1. Transfer of Membership Interest. A Member may not Transfer all or any portion of or any interest or rights in its Membership Units unless the following conditions (“Conditions of
Transfer”) are satisfied: 
 6.1.1.1. The Transfer will not require registration of Membership Units
under any federal or state securities laws (other than in connection with opting in to Article 8 of the Uniform Commercial Code to the extent required by any lender to the Company); 

6.1.1.2. The transferee delivers to the Company a written instrument agreeing to be bound by the terms of this Agreement.

 6.1.1.3. The Transfer will not cause the Company to be a “publicly traded partnership” within the
meaning of Code Section 7704(b); 

  
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 6.1.1.4. The Transfer will not result in the Company being subject to the
Investment Company Act of 1940, as amended; 
 6.1.1.5. The transferor or the transferee delivers the following
information to the Company: (i) the transferee’s taxpayer identification number; and (ii) the transferee’s initial tax basis in the Transferred Interest; 

6.1.1.6. The Transfer will not result in the violation of or non-compliance with any laws, rules or regulations governing
the Project or the Gaming Facility or a determination that the Company or any Member is not suitable (as defined in Section 12.1 hereof) or would require additional licenses or permits in order to continue to operate the Gaming Facility as
contemplated to be operated and developed in accordance with the terms of this Agreement; 
 6.1.1.7. The
transferring Member shall represent and shall obtain a representation from the transferee of such Person’s Interest, that such transferee is suitable (as defined in Section 13. 1 hereof) for gaming purposes; and 

6.1.1.8. A Member may sell its Membership Units only pursuant to a Bona Fide Offer. 

6.1.2. If the Conditions of Transfer are satisfied, then, subject to Section 6.5 herein, a Member may Transfer all
or any portion of that Person’s Membership Units. 
 6.1.3. Each Member hereby acknowledges the
reasonableness of the prohibition contained in this Section 6.1 in view of the purposes of the Company and the relationship of the Members. The Transfer of any Membership Units in violation of the prohibition contained in this Section 6.1
shall be deemed invalid, null and void, and of no force or effect. Any Person to whom Membership Units are attempted to be transferred in violation of this Section shall not be entitled to vote on matters coming before the Members, participate in
the management of the Company, act as an agent of the Company, receive distributions from the Company or have any other rights in or with respect to the Membership Units. 

6.1.4. Notwithstanding anything set forth in this Agreement to the contrary, but provided that the Conditions of Transfer
(other than Section 6.1.1.5) are satisfied, any Member may at any time, and from time to time, Transfer all, or any portion of, or any interest or rights in, the Member’s Membership Units to any Affiliate of the Member. 

6.1.5. For the purposes of this Section VI, the rules applicable to the Transfer of a Member’s Membership Units
shall apply in the same manner to Transfers of direct or indirect equity interests in the Members; provided, however, the following Transfers, at any level or tier of ownership, shall not be subject to this Section 6.1 and shall constitute
permitted Transfers for all purposes of this Agreement: (a) Transfers of any Members’ Membership Units or any equity interest in any Member in connection with the merger, consolidation, roll-up, reorganization, or sale of such Member or
substantially all of such Member’s assets with or into, a real estate 

  
 24 

 
investment trust, umbrella partnership or other public or private enterprise (“Successor Entity”); or (b) sale of stock in a Member’s parent or other Affiliate for
financing purposes. 
 6.2. Voluntary Withdrawal. No Member shall have the right or power to Voluntarily Withdraw from
the Company. 
 6.3. Involuntary Withdrawal. Immediately upon the occurrence of an Involuntary Withdrawal, the successor
of the withdrawn Member shall thereupon be admitted as a Member, provided such Person has obtained all necessary gaming licenses in accordance with Sections 11.3 and 12.1 hereof and has executed a Joiner to this Agreement agreeing to be bound by the
terms hereof, as then in effect. 
 6.4. Right of First Refusal. 

6.4.1. If a Member (a “Transfer Member”) receives a Bona Fide Offer (the “Transferee
Offer”) from any other Person who is not an Affiliate (a “Transferee”) to purchase all of Transfer Member’s Membership Units (the “Transferor Interest”), then, prior to any acceptance of an offer for
the Transfer of the Transferor Interest, the Transfer Member shall give the other Member(s) (the “Remaining Member”) written notice (the “Transfer Notice”) containing each of the following: 

6.4.1.1. the Transferee’s identity; 

6.4.1.2. a true and complete copy of the Transferee Offer (or, if the Transferee Offer is not in writing, a writing
setting forth the terms and conditions of the Transferee Offer); and 
 6.4.1.3. Transfer Member’s offer
(the “Offer”) to sell the Transferor Interest to the Remaining Member, for a total price equal to the price set forth in the Transferee Offer (the “Transfer Purchase Price”), which shall be payable on the terms of
payment set forth in the Transferee Offer. 
 6.4.2. The Offer shall be and remain
irrevocable for a period (the “Offer Period”) ending at 11:59 P.M. local time at the Company’s principal office, on the (a) fourteenth (14th) day following the date the Transfer Notice is given to the Remaining Member
if the Transfer Notice is given prior to the closing of the Facility Loan, or (b) on the thirtieth (30th) day following the date the Transfer Notice is given to the Remaining Member if the Transfer Notice is given on or after the closing of the Facility Loan. At any time during the Offer Period, the
Remaining Member may accept the offer by notifying the Transfer Member in writing that the Remaining Member intends to purchase all, but not less than all, of the Transferor Interest. If the Remaining Member accepts the Offer, then the parties shall
fix a closing date (the “Transfer Closing Date”) for the purchase, which shall not be earlier than ten (10) or more than the later of ninety-five (95) days after the expiration of the Offer Period or the date upon which
the Authority approves or gives written notice of non-objection to the Transfer. If the Remaining Member accepts the Offer, the Transfer Purchase Price shall be paid in immediately available funds in accordance with the payment terms set forth in
the Transferee Offer. 

  
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 6.4.3. If the Remaining Member does not accept the Offer (within the time
and in the manner specified in this Section), then the Transfer Member shall be free for a period (the “Free Transfer Period”) of thirty-five (35) days after the expiration of the Offer Period to Transfer the Transferor
Interest to the Transferee, subject to any necessary approvals or notices of non-objection of the Authority, for the same or greater price and on the same terms and conditions as set forth in the Transfer Notice. If the Transfer Member does not
Transfer the Transferor Interest within the Free Transfer Period, Transfer Member’s right to Transfer the Transferor Interest shall be subject to this Section for any future Transfer. 

6.4.4. Any Transfer by the Transfer Member after the last day of the Free Transfer Period or without strict compliance
with the terms, provisions, and conditions of this Section and the other terms, provisions, and conditions of this Agreement, shall be null and void and of no force or effect. 
 6.5. Drag-Along and Tag-Along Rights. 
 6.5.1. If a Member
(the “Drag-Along Member”) receives a Bona Fide Offer to purchase all of its Membership Units that it desires to accept (the “Sale Interest”), then the Drag-Along Member shall have the right to cause remaining
Member(s) (the “Dragged-Along Member”) to transfer all of its/their Membership Units (the “Drag-Along Right”) in accordance with the following terms and conditions: (i) Drag-Along Member shall give written
notice to Dragged-Along Member specifying the proposed purchaser of the Sale Interest (the “Interest Buyer”) and (ii) the written notice shall include the material terms and conditions upon which Drag-Along Member intends to
sell the Sale Interest and the date (which may be an estimate) as to when Drag-Along Member expects to complete the sale of the Sale Interest and provide the Dragged-Along Member the opportunity to exercise its/their right of first refusal with
respect to the Interest as set forth in Section 6.4. If the Dragged-Along Member does not exercise its/their right of first refusal, then it/they shall cooperate diligently and in good faith with Drag-Along Member’s exercise of the
Drag-Along Right. If requested by Drag-Along Member, Dragged-Along Member shall join in the execution of a membership purchase agreement and any and all other documents executed by Drag-Along Member in connection with the sale of the Sale Interest
(or shall execute conforming documents adjusted to reflect the interest so transferred by Dragged-Along Member). Dragged-Along Member hereby grants to Drag-Along Member a power of attorney (which is coupled with an interest and therefore
irrevocable) for the purpose of executing any and all documents required to be executed by Dragged-Along Member in connection with the Drag-Along Right. Drag-Along Member shall not exercise this power of attorney unless Dragged-Along Member fails to
execute any documents required to be executed by it in connection with the Drag-Along Right for a period of ten (10) days after receiving written notice of such failure. Notwithstanding the foregoing, the Dragged-Along Member will not be
required to join in the sale of its Membership Interest hereunder unless, in connection with such sale, Dragged-Along Member receives its proportional share of rights and obligations, including, without limitation, purchase price. 

6.5.2. If a Member determines that it desires to sell the Sale Interest without exercising its Drag-Along Right, then
such Member shall deliver a written notice that it does not intend to exercise its Drag-Along Right to the other 

  
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Member(s) (the “Tag-Along Notice”), which shall specify (i) the Interest Buyer, (ii) the material terms and conditions upon which such Member intends to sell the Sale
Interest (iii) the date (which may be an estimate) as to when such Member expects to complete the sale of the Sale Interests and (iv) provide the other Member(s) the opportunity to exercise its/their right of first refusal with respect to
the Interest as set forth in Section 6.4. If the other Member(s) does/do not exercise its/their right of first refusal, then upon receipt of such notice, the remaining Member(s) (“Tag-Along Member”) shall have the right
to require such selling Member to cause a transfer of all of the Tag-Along Member’s Interest (the “Tag-Along Right”). Tag-Along Member shall provide a written response to such notice within the Offer Period (as defined in
Section 6.4 above) using the day of receipt of the Tag-Along Notice as the measuring date. Failure by Tag-Along Member to respond within such time period shall be deemed a waiver of the Tag-Along Right. If Tag-Along Member fails to respond to
the Tag-Along Notice or affirmatively waives its Tag-Along Right and if such selling Member shall fail to close the transaction described in the Tag-Along Notice within six (6) months after the expiration of the Offer Period described above
(which six (6) month period shall be automatically extended to up to twelve (12) months after expiry of such Offer Period, if such selling Member is unable to close the transaction described above due to pending regulatory approvals and is
pursuing, in good faith, such approvals) or the delivery of an affirmative waiver of Tag-Along Member’s Tag-Along Right and Right of First Refusal Rights, such selling Member shall not thereafter consummate such transaction without again
complying with the provisions of this Section 6.5.2. The Members shall cooperate diligently and in good faith with Tag-Along Member’s exercise of the Tag-Along Right. If requested by such selling Member, Tag-Along Member shall join in the
execution of a membership purchase agreement and any and all other documents executed by such selling Member in connection with the sale of the Sale Interest (or shall execute conforming documents adjusted to reflect the interest so transferred by
Tag-Along Member). Such selling Member and Tag-Along Member shall each pay its own costs and expenses in connection with the conveyance of the Sale Interest pursuant to this Section 6.5.2. 

6.6. Other Restrictions. 
 Notwithstanding anything in this Agreement to the contrary, in no event shall any Transfer of Membership Units be permitted in the event such Transfer could reasonably result in (i) the violation of,
or non-compliance with, any laws, rules, regulations, ordinances or similar promulgated by applicable Maryland governmental authorities (including but not limited to the Agency) related to the Project or the Gaming Facility, or (ii) the loss of
or actual and direct transfer or conveyance of any approval, license or permit to operate the Gaming Facility. 
 SECTION VII

 DISSOLUTION, LIQUIDATION, AND 
 TERMINATION OF THE COMPANY 
 7.1. Events of Dissolution. The Company
shall be dissolved upon the happening of any of the following events: 
 7.1.1. upon the sale of all or
substantially all of the Project; 

  
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 7.1.2. upon the unanimous written agreement of all of the Members; or

 7.1.3. upon the occurrence of an Involuntary Withdrawal of a Member, unless the remaining Members, within
ninety (90) days after the occurrence of the Involuntary Withdrawal, unanimously elect to continue the business of the Company pursuant to the terms of this Agreement. 
 7.2. Procedure for Winding Up and Dissolution. If the Company is dissolved, the Board shall wind up its affairs. On winding up of the Company, the assets of the Company shall be distributed, first,
to creditors of the Company, including Members who are creditors, in satisfaction of the liabilities of the Company, and then to the Members in accordance with Section 4.1. 

7.3. Filing of Certificate of Cancellation. If the Company is dissolved, the Manager shall promptly file a Certificate of
Cancellation with the Delaware Secretary of State. If there is no Manager, then the Certificate of Cancellation shall be filed by the remaining Members of the Board; if there are no remaining Board members, the Articles shall be filed by the last
Person to be a Member; if there is neither a Manager, remaining Members, or a Person who last was a Member, the Articles shall be filed by the legal or personal representatives of the Person who last was a Member. 

SECTION VIII 
 BOOKS, RECORDS, ACCOUNTING, AND TAX ELECTIONS 
 8.1. Bank Accounts.
All funds of the Company shall be deposited in a bank account or accounts maintained in the Company’s name in the State of Maryland and withdrawals shall be made only in the regular course of business. The Board shall determine the institution
or institutions at which the accounts will be opened and maintained, the types of accounts, and the Persons who will have authority with respect to the accounts and the funds therein. All deposits (including security deposits and other funds
required to be escrowed by any tenant or lender of the Company) and other funds not needed in the operation of the business of the Company shall be deposited, to the extent permitted by any lender and mortgage requirements and in accordance with any
tenant leases, in such accounts and other investments as may be reasonably determined by the Board. 
 8.2. Books and
Records. 
 8.2.1. The Manager shall cause to be kept complete and accurate books and records of the Company
and supporting documentation of the transactions with respect to the conduct of the Company’s business. The records shall include, but not be limited to, complete and accurate information regarding the state of the business and financial
condition of the Company, a copy of the Articles of Organization and Limited Liability Company Agreement and all amendments to the articles and this Agreement; a current list of the names and last known business, residence, or mailing addresses of
all Members; and the Company’s federal, state or local tax returns. 
 8.2.2. The books and records of the
Company shall be maintained in accordance with United States generally accepted accounting principles and the tax 

  
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capital account basis, consistently applied and shall be available at the Company’s principal office for examination by any Member or the Member’s duly authorized representative at any
and all reasonable times during normal business hours. 
 8.2.3. The Manager shall maintain adequate internal
controls over its financial reporting. If requested by a Member and/or any member of the Board, the Manager shall cooperate with such Member (or Board member as applicable) to provide the documentation and testing of such internal controls as may be
required for such requesting Member or its Affiliate to comply with certification requirements under securities and other laws. It is understood that costs associated with such documentation and testing shall be borne by the requesting Member.

 8.3. Taxable Year and Fiscal Year. Subject to any applicable requirements of Maryland law and the Code, the fiscal
year and taxable year of the Company shall be the twelve (12) month period ending on the closest Sunday to December 31. The books of the Company shall be kept on such fiscal basis for financial accounting and income tax purposes.

 8.4. Reports. 
 8.4.1. As soon as available, but in any event within one hundred (120) days after the end of each taxable year of the Company, the Manager shall cause to be sent to each Person who was a Member at
any time during the accounting year then ended: (i) financial statements of the Company, which statements shall be audited if any Member (or Affiliate thereof) is a publicly traded company, prepared in accordance with the systems and procedures
described above by the accountant selected by the Manager including a balance sheet as of the end of the fiscal year, and statements of income, Members’ equity, and cash flows for the fiscal year, and (ii) a summary of any fees or other
remuneration or any reimbursement paid to any Member or Affiliate in respect of such taxable year. 
 8.4.2. As
soon as available, but in any event within forty-five (45) days after the end of each month, the Manager shall also provide each Member with (i) unaudited comprehensive, written monthly reports regarding the financial operations,
marketing, occupancy, rental rate, ancillary services, and development activities of the Company and the Gaming Facility and (ii) timely notice of all material events, notices and correspondence with respect to the Gaming Facility and/or the
Company. Such unaudited monthly financial information shall be prepared in accordance with the systems and procedures described above. The monthly reports shall include such other and further income reports and schedules as may reasonably be
requested by the Member(s). As soon as available, but in any event within forty-five (45) days after the end of each month, the Manager shall provide Members with a certification regarding financial reporting during the previous fiscal month
including certification as to reconciliation of accounts and that the financial reporting is complete and accurate. Manager shall inform the Members as soon as identified and known by Manager of any significant noncompliance with its internal
controls over financial reporting or instances of fraud relating to or affecting the Gaming Facility. 

  
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 8.4.3. If certified financial statements are obtained for the Company by
any Member for any reason, such financial statements shall be delivered to all Members within thirty (30) days of the receipt thereof by the Member. 
 8.4.4. The parties acknowledge and agree that the provisions of this Section 8.4 shall be subject to the applicable provisions of Maryland law with respect to gaming operations. In the event the
deadlines contemplated by this Section 8.4 shall require adjustment such that the Members shall be in compliance with applicable Maryland law, the Members hereby agree to cooperate in good faith to meet the requirements of such law. 

8.5. Special Basis Adjustment. In the case of a distribution of property made in the manner provided in Section 734 of the
Code, or in the case of a transfer of an Interest permitted by this Agreement made in the manner provided in Section 743 of the Code, upon the request of a Member, provided the Members agree that the election would benefit the Members, the
Manager, on behalf of the Company, shall file an election under Section 754 of the Code in accordance with the procedures set forth in the applicable Treasury Regulations. If such an election is filed, the Manager will be required to provide
any additional accounting or tax information with respect to any adjustment to basis for any Member. The Manager agrees to give to the Members such information as the Members may reasonably request as to the effects of any such Section 754
election. Any additional expense resulting from an adjustment of the Company assets that specifically relate to or results from a Member transaction shall be borne by the electing Member. 

8.6. Certain Tax Matters. 
 8.6.1. The Manager shall prepare or cause to be prepared, and shall file or cause to be filed, on or before the due date (giving effect to any extension thereof), all federal, state or local tax returns
required to be filed by the Company. Copies of all Company tax returns shall be submitted to each Member for review fifteen (15) days prior to the statutory dates for filing if filed on or before the original due date or thirty (30) days
if filed on or before an extended due date. 
 8.6.2. The Manager shall be the tax matters partner, as that term
is defined in the Code and shall, in consultation with the Board, make all elections for tax purposes. 
 8.7. Title to
Company Property. Subject to the applicable provisions of Maryland law with respect to gaming operations, all real and personal property acquired by the Company shall be acquired and held by the Company in its name. 

SECTION IX 

CONFIDENTIALITY 
 9.1. Confidentiality. 
 9.1.1. The Members understand and
agree that the financial terms and conditions of this Agreement and the substance of this Agreement are and shall remain confidential, and shall be communicated and available only to such employees or

  
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agents of a Member with a legitimate business need to know such terms and conditions. Each party shall be responsible for any breach of this Section by such party’s employees, related
companies and/or agents and each such party shall cooperate with the other party to remedy the breach. 
 9.1.2.
In view of the nature of information which each Member may receive about the other Member’s core business during the relationship, the Members hereby agree that each party shall not disclose any unauthorized information to any person or persons
and further agree that any violation, or other threatened violation of this Agreement, could cause irreparable damage to a Member, the Company, their respective Affiliates and subsidiary companies. The term “confidential” as used herein
includes but is not limited to: (a) financial condition and projections (including balance sheets, income statements etc.); (b) technical information (including functional and technical specifications, designs, drawings, analysis,
research, processes, etc.); (c) business information (including sales and marketing and customer lists); (d) any other valuable information designated as confidential expressly or by the circumstances in which it is provided and/or
(e) is of such a nature that the receiving party should reasonably understand that the disclosing party desires to protect such information against unrestricted disclosure. 

9.1.3. Notwithstanding the foregoing, nothing contained in this Agreement shall preclude disclosures necessary to comply
with accounting standards and applicable securities and other laws and regulations including disclosures made in order to comply with the regulations of the United States Securities and Exchange Commission; provided, however, that any
such disclosure proposed to be made pursuant to this paragraph shall include only such information as is required by law to disclose. If a Member is requested by a governmental agency or entity or other third person to disclose any confidential
information, it will promptly notify Company to permit the other Member to seek a protective order or take other appropriate action. Each Member will also cooperate in the other Member’s efforts to obtain a protective order or take other
appropriate action, except to the extent that doing so would be reasonably likely to impact such Member’s relationship with the applicable gaming regulators or affect its gaming license. 

SECTION X 

COVENANTS AND REPRESENTATIONS OF THE MEMBERS 
 10.1. Representations and Warranties of the Manager. The Manager hereby represents, warrants, and covenants that it and its Affiliates are experienced in the field of construction, development,
management, and other aspects normally associated developments such as the Project (including the Gaming Facility) and shall provide such functions hereunder in a professional and appropriate manner. 

10.2. General Representations. Each party hereto represents and warrants to the Company and each other Member that: 

10.2.1. It has been duly authorized to execute and deliver this Agreement. 

  
 31 

 10.2.2. This Agreement is enforceable against each such party in accordance
with its terms. 
 10.2.3. It has the full right and legal authority to enter into and fully perform the duties
described in this Agreement in accordance with its terms. 
 10.2.4. It has the financial, legal and other
necessary capacity to perform the functions described in this Agreement. 
 10.2.5. It will comply with all
applicable rules, laws, regulations, ordinances and safety standards applicable to the Gaming Facility. 

10.2.6. To the best of its knowledge, it has no reason to believe that the Company, its Members or their respective
Affiliates will not receive any gaming license, approval or permit necessary for the consummation of the transactions contemplated by this Agreement. 
 10.3. Gaming Licensing Matters. Each Member covenants to use its commercially reasonable efforts to diligently obtain all state and local licenses, including gaming licenses, necessary to conduct
gaming operations in the Gaming Facility. The Members agree to provide each other with copies of all applications, reports, letters and other documents filed or provided to the state or local licensing authorities, unless such materials contain
confidential or proprietary information, in which case, written certification to the other parties that such materials have been filed shall be provided in lieu of copies thereof. The Members shall provide all reasonable cooperation with any
investigation by any gaming authority having jurisdiction over any Member or any Affiliate of any Member. Each Member shall cause any transferee of any portion of its Interest likewise to so cooperate or to agree to so cooperate. Each Member agrees
that it shall not take any action or omit to take any action that would have the effect of adversely affecting any gaming license, approval or permit held by any Member. The Members and their Affiliates, to the extent reasonably necessary, in
connection with any review of this Agreement by the Agency shall execute and deliver any further documents or instruments, including amendments to this Agreement, as the Agency may reasonably require and which do not alter the terms of this
Agreement in a manner unfavorable to any of the Members. Each Member acknowledges that monetary damages alone would not be adequate compensation for a breach of this Section 11.3, and the Members agree that a non-breaching Member shall be
entitled to seek a decree or order from a court of competent jurisdiction for specific performance to restrain a breach or threatened breach of this Section 11.3 or to require compliance by a Member with this Section 11.3, as well as
enforcing the rights and obligations pursuant to Section 12.1 hereof. 
 SECTION XI 

GENERAL PROVISIONS 
 11.1. Assurances. Each Member shall execute all such certificates and other documents and shall do all such filing, recording, publishing and other acts as the Manager deems appropriate to comply
with the requirements of law for the formation and operation of the Company and to comply with any laws, rules, and regulations relating to the acquisition, operation, or holding of the property of the Company. 

  
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 11.2. Notifications. Any notice, demand, consent, election, offer, approval, request,
or other communication (collectively a “Notice”) required or permitted under this Agreement must be in writing and either delivered personally or sent by certified or registered mail, postage prepaid, return receipt requested, via
reputable overnight courier service, or via facsimile or other electronic transmission with confirmed receipt. Any notice to be given hereunder by the Company shall be given by the Manager. A notice must be addressed to a Member at the Member’s
last known address on the records of the Company. A notice to the Company must be addressed to the Company’s principal office. A notice that is sent by mail will be deemed given three (3) business days after it is mailed. Any party may
designate, by notice to all of the others, substitute addresses or addressees for notices; and, thereafter, notices are to be directed to those substitute addresses or addressees. 

11.3. Specific Performance; Damages. The parties recognize that irreparable injury may result from a breach of any provision of
this Agreement and that money damages may be inadequate to fully remedy the injury. Accordingly, in the event of a breach or threatened breach of one or more of the provisions of this Agreement, any party who may be injured (in addition to any other
remedies which may be available to that party) may be entitled to one or more preliminary or permanent orders (i) restraining and enjoining any act which would constitute a breach or (ii) compelling the performance of any obligation which,
if not performed, would constitute a breach. Notwithstanding anything to the contrary in this Agreement, in no event shall a Member be liable to the Company or another Member for consequential or punitive damages. 

11.4. Complete Agreement. This Agreement constitutes the complete and exclusive statement of the agreement among the Members. It
supersedes all prior written and oral statements, including any prior representation, statement, condition, or warranty. Except as expressly provided otherwise herein, this Agreement may not be amended without the written consent of all of the
Members. 
 11.5. Applicable Law. All questions concerning the construction, validity, and interpretation of this
Agreement and the performance of the obligations imposed by this Agreement shall be governed by the internal law, not the law of conflicts, of the State of Maryland. 
 11.6. Section Titles. The headings herein are inserted as a matter of convenience only, and do not define, limit, or describe the scope of this Agreement or the intent of the provisions hereof.

 11.7. Binding Provisions. This Agreement is binding upon, and inures to the benefit of, the parties hereto and their
respective heirs, executors, administrators, personal and legal representatives, successors, and permitted assigns. 
 11.8.
Jurisdiction and Venue. Any suit involving any dispute or matter arising under this Agreement may only be brought in a Federal Court in the State of Maryland without giving effect to principles of conflicts of law and all Members hereby
consent to the exercise of personal jurisdiction by any such court with respect to any such proceeding. 

  
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 11.9. Terms. Common nouns and pronouns shall be deemed to refer to the masculine,
feminine, neuter, singular and plural, as the identity of the Person may in the context require. 
 11.10. Severability of
Provisions. Each provision of this Agreement shall be considered separable; and if, for any reason, any provision or provisions herein are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the
operation of or affect those portions of this Agreement which are valid. 
 11.11. Counterparts. This Agreement may be
executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which, when taken together, constitute one and the same document. The signature of any party to any counterpart shall be deemed a signature to,
and may be appended to, any other counterpart. 
 11.12. No Third Party Beneficiaries. Except as expressly provided in
Sections 6.5, nothing in this Agreement shall be construed as implying or intending any third party beneficiaries to this Agreement. 
 11.13. Costs of Company. The Company shall reimburse each of the Members for all of their cost and expenses (including reasonable attorneys fees and travel costs) in conducting due diligence on the
Company and the assets/property it intends to acquire that are incurred after the execution of this Agreement and as reasonably determined necessary by the Board in pursuing the Company’s closing on the Agreement it has entered into with MEDCO.

 11.14. Brokerage Commissions. Each party represents and warrants that it shall be responsible for paying its own
brokerage commissions relating to the Asset Purchase Agreement and the transactions contemplated by this Agreement, and that the Company shall in no way, directly or indirectly, be responsible for such commissions. Notwithstanding the previous
sentence, the Members agree that the Company shall be responsible for paying any commissions due to Dynamic Play with respect to the raising of funds necessary to close on the Asset Purchase Agreement. 

11.15. Refund of the Video Lottery Operation License. Notwithstanding anything herein to the contrary, if the Maryland Video
Lottery Facility Location Commission (or any such governmental body charged with refunding the initial license fee) refunds the $2,100,000 initial license fee to the Company, such fee shall be refunded to Lakes within 24 hours after the Company
receives such refund from the Maryland Video Lottery Facility Location Commission (or any such governmental body charged with refunding the initial license fee). 
 SECTION XII 
 SUITABILITY 

12.1. Suitability. 
 12.1.1. The Members recognize and agree that, in order for the Company and/or a subsidiary and/or Affiliate of the Company, to successfully enter into and maintain one or more applicable gaming licenses
and/or permits from the applicable authorities, including the Agency (each an “Authority”), the principals of each Member 

  
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shall be required to have their backgrounds approved. As used herein, the approval of a person’s or entity’s background by any Authority shall be referred to herein that such
person or entity is “suitable”. 
 12.1.2. In the event an Authority makes a final, non-appealable
determination that any Member (or any principal/member of a Member) does not meet the standards for the approval of such Member’s background by the Authority and has not been found suitable or revokes, suspends or cancels such
Member’s suitability (including through the revocation, suspension or cancelation of any applicable license, permit or the like), or such Member withdraws its suitability application or voluntarily surrenders its applicable license or permit,
then such Member (“Non-Suitable Member”) shall no longer have any voting rights in the Company. Upon such determination, revocation, suspension, cancelation withdrawal or surrender, the Non-Suitable Member shall have 120
days to enter into definitive documentation to sell its Membership Units to a third party, subject to Article VI, and a reasonable time thereafter to close on such sale (not to exceed 180 days). If the Non-Suitable Member fails to enter into such
definitive documentation and to close such sale within such time periods, it will be deemed to offer its Membership Units in the Company for sale to the other Member (the “Suitable Member”) at a price as hereinafter set
forth. Such offer shall be and remain open for a period of 60 days (or such shorter time period as may be required by an Authority) from the date it is deemed to have offered such sale to the Suitable Member. During such period, the
Non-Suitable Member and the Suitable Member shall attempt to reach agreement on the value of the Membership Units of the Non-Suitable Member. If the parties reach an agreement as to the value of the Non-Suitable Member’s Membership Units, the
Suitable Member shall have 60 days to decide whether to accept or reject the Non-Suitable Member’s offer to see its Membership Units to the Suitable Member. If the parties are not able to reach agreement, then the Non-Suitable Member shall
appoint an appraiser, the Suitable Member shall appoint a second appraiser and the two appraisers shall appoint a third independent appraiser. The independent appraiser shall then determine the value of the Non-Suitable Member’s Membership
Units. The purchase price shall be equal to 90% of the value determined by the independent appraiser. 
 12.1.3.
The Membership Units of the Non-Suitable Member shall be transferred to the Suitable Member and the Suitable Member shall pay the purchase price in immediately available funds to the Non-Suitable Member on or before the date which is one hundred
eighty (180) days (or such shorter time period that may be required by an Authority) after the final determination of the Authority (the “Closing”). At Closing, the Non-Suitable Member shall execute such assignments and other
documents to fully vest the Suitable Member with all of the Membership Units of the Non-Suitable Member in the Company. Further, at Closing, the Company shall repay any Member Loans and Priority Loans made by the Non-Suitable Member to the Company
and the Non-Suitable Member shall repay the Company any loans made to it by the Company. 
 12.1.4.
Notwithstanding the foregoing, in lieu of being bought out of the Company, a Non-Suitable Member can remain as a Member in the Company and stay in compliance if it satisfies the Authority within the time frame provided
by the Authority that it has taken such action to become suitable (i.e. by removing any principal, officer, director, member, or other person who does not satisfy the suitability standards of 

  
 35 

 
the gaming authorities). The Members hereby agree to take any such reasonable action required by the Authority to become and remain suitable. 

12.2 Regulatory Issues. In the event that a Member’s (the “Regulatory Affected Member”) board of directors,
after due diligence investigation (including speaking with the applicable gaming authorities), reasonably and in good faith determines that its association with the other Member jeopardizes any license, permit or suitability finding it currently has
or for which the Regulatory Affected Member has applied, then the Regulatory Affected Member shall, upon written notice to the remaining Member, be entitled to sell its Membership Interest to a third party of its choosing, provided that the transfer
complies with Article VI (except Section 6.1.1.6, for which the consent will be deemed to have been granted pursuant to this Section). 
 ARTICLE XII 
 DISPUTES / BUY-SELL 

13.1 Buy / Sell – Disputes. Provided that Addy funded its entire Additional Capital Contribution, then: 

13.1.1 In the event of any good faith dispute with respect to a Major Action where the Members, despite the exercise of
good faith efforts by such parties, fail to reach agreement upon the approval or disapproval of such Major Action (a “Buy/Sell Trigger Event”), then either Member may deliver a non-binding written notice to the other Member (a
“Buy/Sell Intent Notice”) indicating that it desires to institute the buy/sell procedure set forth in this Section 13.1. 
 13.1.2 If a Buy/Sell Trigger Event occurs and for any reason in their sole and absolute discretion the Members fail to reach a binding resolution of the differences which led to the receipt of such
Buy/Sell Intent Notice within sixty (60) days after the delivery of such Buy/Sell Intent Notice, unless extended by mutual agreement in each party’s sole and absolute discretion as to the process of the negotiations (the
“Resolution Period”), then the Member that delivered the Buy/Sell Intent Notice may institute the buy/sell procedure set forth in Section 13.1.3 below. If the Member that delivered the Buy/Sell Intent Notice does not institute
the buy/sell procedure within ten (10) days after the Resolution Period expires, then such Buy/Sell Intent Notice shall be void and have no further force and effect, but any Member shall be entitled to send a new Buy/Sell Intent Notice in
accordance with the procedures of this Section 13.1. 
 13.1.3 If either Member shall institute the
buy/sell procedure, then: 
 13.1.3.1 The Member (or Members) instituting the procedures is (are), for purposes
of this section, hereinafter called “Offeror Member” and the other Member (or Members) is (are), for purposes of this section, hereinafter called “Offeree Member.” 

13.1.3.2 The Offeror Member shall deliver to the Offeree Member an offer (“Buy/Sell Offer”) in writing,
stating the purchase price and all other material terms and conditions under which the Offeror Member is willing to purchase the interest in the Company of the Offeree Member. Such 

  
 36 

 
price shall be stated in terms of the price attributable to 100% of the value of the Company. The Offeree Member then shall be obligated either: 

(a) To purchase the interest of the Offeror Member in the Company at a price equal to the one hundred percent
(100%) value referred to above multiplied by the Offeror Member’s Membership Units in the Company; or 
 (b) To sell to the Offeror Member the interest of the Offeree Member in the Company at a price equal to the one hundred percent (100%) value referred to above multiplied by the Offeree Member’s
Membership Units in the Company. 
 The Offeree Member shall give written notice of such election to the Offeror
Member within thirty (30) days after receipt of the offer. Failure of the Offeree Member to give the Offeror Member notice that the Offeree Member has elected under subsection (i)(a) above shall be conclusively deemed to be an election under
(i)(b) above. Within fifteen (15) business days after determination of whom the purchasing party will be, the purchasing party shall deliver to the selling party a deposit in an amount equal to the lesser of (a) Five Million Dollars
($5,000,000), or (b) 10% of Purchase Price, which shall be credited to the Purchase Price at closing (the “Buy/Sell Deposit”). 
 If there shall be more than one purchaser, such purchasers shall purchase the Member Interests of the sellers in the proportion that their Member Interests bears to each other, unless agreed otherwise.

 (i) The closing of a purchase pursuant hereto shall be held at a mutually acceptable place on a mutually
accepted date not more than ninety (90) days after receipt of the written notice of the Offeree Member’s election above; provided, however, a purchasing party can extend such closing date for such time as is reasonably
necessary to obtain any required regulatory approvals (provided the selling party and purchasing Party are diligently pursuing the same). At such closing, the selling party shall assign to the purchasing party the Membership Units in the Company so
sold free and clear of all liens, claims, and encumbrances. The purchasing party shall pay one hundred percent (100%) of the purchase price (less the Buy/Sell Deposit) in cash or by a cashier’s or certified check from a bank acceptable to
the selling party at the closing. At the closing, the purchasing party shall obtain the release of the selling party from all obligations of the Company which may have been personally guaranteed by the selling party or any of its members. If such
releases cannot be obtained, the purchasing party shall personally indemnify the selling party. 
 (ii) If
either the Offeror Member or the Offeree Member elects, pursuant to Section 13.1.3.1 hereof, to purchase the interest of the other in the Company but thereafter does not close the purchase of such interest pursuant hereto (or fails to put up
the Buy-Sell Deposit in the time frame required in (i) above), then such party shall be deemed to be in default and the other party in addition to his rights and remedies, may (i) continue the Company, (ii) purchase the interest in
the Company of the defaulting party at the purchase price determined by multiplying the defaulting party’s percentage of 

  
 37 

 
Membership Units in the Company by the purchase price attributable to one hundred percent (100%) of the Company as set forth in the offer, or (iii) sell the assets or Interests of the
Company to a third party or parties with the defaulting Member waiving its right of first refusal otherwise granted herein. The purchase price shall be paid as provided in Subsection (ii) above. 

13.1.4 At the closing: 
 13.1.4.1 Selling Party shall deliver to Purchasing Party, or any affiliate thereof, an assignment of the interest to be sold pursuant to the provisions hereof (or deeds or other instruments if
applicable), which assignments, deeds or other instruments shall (i) be sufficient to transfer the same, (ii) contain the warranty of Selling Party that Selling Party has (and Purchasing Party shall acquire thereunder) good title to such
interest, free and clear of all liens, encumbrances, claims, rights and options of any kind or character whatsoever (but in each case subject to applicable provisions of this Agreement and encumbrances then currently or thereafter encumbering the
Project), and (iii) not contain any other representations or warranties on the part of the Selling Party; 

13.1.4.2 Purchasing Party shall deliver to Selling Party by wire transfer of immediately available federal funds the
Final Buy/Sell Purchase Price, determined as set forth above, as adjusted by the prorations and credits set forth below; 
 13.1.4.3 Payment of any transfer, gains or similar taxes arising out of the transfer of to Purchasing Party shall be in accordance with local practice and each party shall pay its own legal costs and
expenses; and 
 13.1.4.4 the Company shall repay any Member Loans and Priority Loans made by the Selling Party
or Selling Parties to the Company and the Selling Party or Selling Parties shall repay the Company any loans made to it by the Company. 
 The Members acknowledge and agree that time is of the essence with respect to each time period stated in this Section 13.1 
 [Signature Page to Follow] 

  
 38 

 IN WITNESS WHEREOF, the parties have executed, or caused this Agreement to be
executed, under seal, as of the date set forth hereinabove. 
  

									
		 		 	MEMBERS:
			
	 WITNESS/ATTEST:
	 		 	LAKES MARYLAND DEVELOPMENT, LLC a Minnesota limited liability company
				
	 /s/    Janice Saeugling
	 		 	By:	 	/s/    Damon Schramm
		 		 		 		 	Name: Damon Schramm, its Secretary
		 		 		 		 	
			
	 WITNESS/ATTEST:
	 		 	ADDY ENTERTAINMENT, LLC, a Wyoming limited liability company 
				
	 /s/    Henry Jimenez
	 		 	By:	 	/s/    William Correa
		 		 		 		 	Name: William Correa, its Manager

  
 39 

 EXHIBIT A 
 ARTICLES OF ORGANIZATION 
 OF 

EVITTS RESORT, LLC 
 ARTICLES OF ORGANIZATION 
 The undersigned, with the intention of creating
a Maryland Limited Liability Company files the following Articles of Organization: 
  

	(1)	The name of the Limited Liability Company is: EVITTS RESORT, LLC 

  

	(2)	The purpose for which the Limited Liability Company is filed is as follows: Own property and assets associated with VLT operations and licensure in Maryland, maintain
VLT license and provide management and operations of property and assets and all other legal activities. 

  

	(3)	The address of the Limited Liability Company in Maryland is 2314 Annapolis Ridge Court, Annapolis, Maryland 21401 

 

	(4)	The resident agent of the Limited Liability Company in Maryland is Enrique M. Melendez Whose address is 2314 Annapolis Ridge Court, Annapolis, Maryland 21401

  

					
			
	(5) /s/    Enrique M. Melendez	 		 	(6) /s/    Enrique M. Melendez
	Signature(s) of Authorized Person(s)	 		 	 Resident Agent
 I hereby consent to my designation in this document

			
	Filing party’s return address:	 		 	
			
	(7) Enrique M. Melendez	 		 	
	2314 Annapolis Ridge Court	 		 	
	Annapolis, Maryland 21401	 		 	

 STATE OF MARYLAND 
 I hereby certify that this is a true and complete copy of the 21 page document on file in this office, DATE: 9-20-11 
 STATE DEPARTMENT OF ASSRSSMENTS AND TAKATION 
 By: /s/    Kimberly V.
Johnson, custodian This stamp replaces our previous certification system, Effective: 6/95 

  
 40 

 EXHIBIT B 

LIST OF MEMBERS, CAPITAL, AND
MEMBERSHIP UNITS2 
  

													
	 Name and Address
	  	Current 
Capital
Contribution	 	  	Membership
Units	 	  	Percentage 
of
Outstanding
Membership
Units	 
	  	  	  
	 Lakes Maryland Development, LLC
	  	$	2,105,000	  	  	 	182,222	  	  	 	91.11	% 
	 130 Cheshire Lane
	  				  				  			
	 Minnetonka, MN 55305
	  				  				  			
				
	 Addy Entertainment LLC
	  	$	205,364	  	  	 	17,778	  	  	 	8.99	% 

  
  

	 	2 	 The Members acknowledge that the Current Capital Contributions listed in this Exhibit B represent the amounts contributed as of September 22,
2011. 

  
 41

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