Document:

Exhibit 10.1

 

EXECUTION
VERSION

 

EMPLOYMENT
AGREEMENT

 

This Employment
Agreement (“Agreement”), dated this 29th day of July, 2019 (the “Effective Date”),
is entered into by and between Contura Energy, Inc., a Delaware corporation (“Employer”), and David J. Stetson
(“Employee”). Defined terms used herein are set forth in Section ‎7.14.

 

WITNESSETH:

 

WHEREAS,
Employer desires to employ Employee as Chief Executive Officer of Employer and as an employee of its wholly-owned subsidiary,
Contura Energy Services, LLC, a Delaware limited liability company (“CES”), and Employee agrees to be so employed
on and after the Effective Date pursuant to the terms and conditions set forth herein.

 

NOW, THEREFORE,
for and in consideration of the mutual promises, covenants and obligations contained herein, Employer and Employee agree as follows:

 

Article
1: EMPLOYMENT AND DUTIES:

 

1.1
Employer agrees to cause CES to employ Employee, and Employee agrees to be employed hereunder,
for a term (the “Term”) beginning as of the Effective Date and continuing through the second (2nd)
anniversary of the Effective Date, pursuant to the terms and conditions of this Agreement. The Term shall remain in effect until
terminated in accordance with the provisions set forth herein, and shall be automatically extended for successive 12-month periods
unless either party provides written notice to the other at least 90 days prior to the end of the then current Term of such party’s
election not to extend the Term.

 

1.2
Beginning as of the Effective Date, Employee shall be appointed by Employer as Chief Executive
Officer of Employer, shall be hired by CES as an employee of CES, and shall be appointed to the Board of Directors of Employer
(the “Board of Directors”). Employee shall report to the Board of Directors. Employee shall serve in the assigned
positions or in such other executive capacities as may be agreed to, from time to time, between Employee and Employer, the Board
of Directors, and/or the Employer Entities (as defined below). Employee agrees to perform diligently and to the best of Employee’s
abilities, and in a trustworthy, businesslike and efficient manner, the duties and services pertaining to such positions as reasonably
determined by Employer, CES and the Board of Directors, as well as such additional or different duties and services appropriate
to such positions which Employee from time to time may be reasonably directed to perform by the Board of Directors, CES and/or
Employer.

 

1.3
Employee shall at all times comply in all material respects with, and be subject to, such
policies and procedures as Employer and/or the Employer Entities may establish from time to time, including, without limitation,
Employer’s Code of Business Ethics and any policy relating to sexual harassment (each, an “Employer Policy”).

 

1.4
Except as expressly approved by the Board of Directors, Employee shall, during the period
of Employee’s employment hereunder, devote Employee’s full business time,

 

     

     

    

energy, and
best efforts to the business and affairs of Employer, CES and the Employer Entities. Employee may not engage, directly or indirectly,
in any other business, investment, or activity that interferes with Employee’s performance of Employee’s duties hereunder,
is contrary to the interest of Employer, CES or any of their subsidiaries or affiliates (each such subsidiary or affiliate, together
with CES, an “Employer Entity,” or collectively, the “Employer Entities”) or requires any
significant portion of Employee’s business time. The foregoing notwithstanding, the parties recognize and agree that Employee
may engage in passive personal investments which do not conflict with the business and affairs of Employer or any of the Employer
Entities or interfere with Employee’s performance of his duties hereunder. Employee may not serve on the board of directors
of any entity (other than an Employer Entity, related industry trade association, public institution, government appointed public
or quasi-public body, or not-for-profit charitable organization so long as such activities do not, individually or in the aggregate,
interfere with Employee’s performance of his duties hereunder) during the Term without prior approval by the Board of Directors.

 

1.5
Employee acknowledges and agrees that Employee owes a fiduciary duty of loyalty, fidelity,
and allegiance to act at all times in the best interests of Employer and the Employer Entities and to do no act which, directly
or indirectly, injures or would reasonably be expected to injure any such entity’s business, interests, or reputation. It
is agreed that any direct or indirect interest in, connection with, or benefit from any outside activities, particularly commercial
activities, which interest would adversely affect Employer, or any Employer Entity, involves a possible conflict of interest.
In keeping with Employee’s fiduciary duties to Employer and the Employer Entities, Employee agrees that Employee shall not
knowingly become involved in a conflict of interest with Employer or any Employer Entity, or upon discovery thereof, allow such
a conflict to continue.

 

1.6
Nothing contained in this Agreement shall be construed to preclude the transfer by Employer
or CES of Employee’s employment to another Employer Entity (“Subsequent Employer”) as of, or at any time
after, the Effective Date and no such transfer shall be deemed to be a termination of employment for purposes of ‎Article
3 hereof; provided, however, that, effective with such transfer, all obligations of Employer and CES hereunder shall be assumed
by and be binding upon, and all rights of Employer and CES hereunder shall be assigned to, such Subsequent Employer and the defined
terms “Employer” and “CES” as used herein and any other terms referring and/or relating to Employer or
CES shall thereafter be deemed amended to mean and refer to such Subsequent Employer. Except as otherwise provided above, all
of the terms and conditions of this Agreement, including without limitation, Employee’s rights, compensation, benefits and
obligations, shall remain in all material respects and taken as a whole, no less favorable to Employee following such transfer
of employment.

 

Article
2: COMPENSATION AND BENEFITS:

 

2.1
Employee’s base salary during the Term shall be $1,000,000 per annum (“Base
Salary”) which shall be paid in accordance with Employer’s standard payroll practice. Employee’s Base Salary
shall be reviewed and approved annually by the Compensation Committee of the Board of Directors (the “Compensation Committee”)
and may be increased, in the Compensation Committee’s sole discretion, from time to time. Such increased base salary shall
become the minimum Base Salary under this Agreement and may not be decreased

 

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thereafter
without the written consent of Employee unless otherwise permitted by this Agreement.

 

2.2
For the 2019 calendar year, Employee shall be eligible to receive a cash bonus in an amount
equal to $450,000 or such higher amount as may be determined by the Compensation Committee in its sole discretion (the “2019
Bonus”), subject to Employee’s continued employment with Employer and the Employer Entities through the end of
the 2019 calendar year. If earned, the 2019 Bonus shall be paid to Employee when annual bonuses for 2019 are paid to other senior
executives of Employer generally, but in no event later than March 15, 2020.

 

2.3
Commencing with the 2020 calendar year and for each calendar year thereafter during the Term,
Employee shall be eligible to receive an annual cash performance bonus (an “Annual Bonus”), to the extent earned
based on performance against performance criteria established for each calendar year by the Compensation Committee. Employee’s
Annual Bonus opportunity for a calendar year shall equal 125% of Employee’s Base Salary for that calendar year if target
levels of performance for that year are achieved (the “Target Bonus”), and shall equal 200% of Employee’s
Base Salary for that calendar year if maximum levels or above of performance for that year are achieved. Employee’s Annual
Bonus for a calendar year shall be determined by the Compensation Committee after the end of the applicable calendar year and
shall be paid to Employee when annual bonuses for that calendar year are paid to other senior executives of Employer generally,
but in no event later than March 15 of the calendar year following the calendar year to which such Annual Bonus relates.

 

2.4
As promptly as practicable after the Effective Date, Employer shall grant Employee an equity
award under Employer’s 2018 Long-Term Incentive Plan (as amended or restated from time to time, the “LTIP”)
consisting of a number of restricted stock units with respect to 32,700 shares of Employer’s common stock, par value $0.01
(“Shares”) (the “Sign-On Grant”). The Sign-On Grant shall service-vest in equal annual installments
over a three-year period from the Effective Date, and shall be subject to the terms and conditions of the LTIP and Employer’s
standard form of award agreement under the LTIP.

 

2.5
Commencing with the 2020 calendar year and for each calendar year thereafter during the Term,
Employee shall be eligible to receive under the LTIP an annual award consisting of a number of restricted stock units with respect
to a number of Shares having a fair market value of $3,000,000 as of the grant date, subject to the terms established from time
to time by the Compensation Committee and the terms and conditions of the LTIP and Employer’s standard form of award agreement
under the LTIP. For the 2020 calendar year, 35% of such award shall consist of service-based restricted stock units and 65% of
such award shall consist of performance-based restricted stock units. For each subsequent calendar year during the Term, the Compensation
Committee shall determine the percentage of the applicable award that consists of performance-based and service-based restricted
stock units.

 

2.6
Employee shall be entitled to four (4) weeks paid vacation in each calendar year which may
be used in accordance with Employer’s vacation policy as in effect from time to time. Employee shall also be entitled to
all paid holidays given by Employer to its executive officers generally.

 

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2.7
During the Term, Employer shall pay or reimburse Employee for all actual, reasonable and
customary expenses incurred by Employee in the course of his employment; provided that such expenses are incurred and accounted
for in accordance with Employer’s applicable policies and procedures. In addition, Employer shall reimburse Employee (i)
in an amount of up to $10,000 per month for an initial period of six months following the
Effective Date for Employee’s monthly automobile costs and housing costs in the Bristol, Tennessee metropolitan area, subject
to Employee’s submission to Employer of receipts or other documentation detailing such expenses, (ii) for the cost
of first class commercial air travel between Bristol, Tennessee and Fort Walton Beach, Florida
for up to three round-trips per month for an initial period of six months following the Effective Date, subject to Employee’s
submission to Employer of receipts or other documentation detailing such expenses, and (iii) in an amount not to exceed
$25,000, for reasonable, documented legal fees and expenses (including, without limitation, attorneys’ fees) incurred by
Employee in the preparation, negotiation and execution of this Agreement.

 

2.8
While employed hereunder, Employee shall be eligible to participate in, subject to, and on
the same terms generally as other employees of Employer, all general employee benefit plans and programs which are made available
by Employer to Employer’s similarly situated employees.

 

2.9
Notwithstanding anything to the contrary in this Agreement, it is specifically understood
and agreed that the Employer Entities shall not be obligated to institute, maintain, or refrain from changing, amending, or discontinuing
any incentive, employee benefit or stock or stock option program or plan.

 

2.10
Notwithstanding any other provisions in this Agreement to the contrary, any incentive or
other compensation paid to Employee pursuant to this Agreement or any other plan, policy, program, or agreement or arrangement
of or with Employer that is subject to clawback or other similar recovery under applicable law, government regulation or stock
exchange listing requirement, as any of the same may be in effect from time to time, will be subject to such clawback or other
recovery as may be required thereunder.

 

2.11
Any compensation, benefits, or other amounts payable under this Agreement shall be subject
to withholding for all federal, state, city, or other taxes as may be required pursuant to any applicable law or governmental
regulation or ruling.

 

2.12
All references to Employer in this ‎Article 2 shall, as the context may require, refer
to CES for purposes of paying and providing to Employee any applicable compensation and benefits under this ‎Article 2.

 

Article
3: TERMINATION OF EMPLOYMENT AND EFFECTS OF SUCH TERMINATION

 

3.1
Employee’s employment hereunder shall be terminated prior to the end of the Term: (i)
upon the death of Employee, (ii) upon Employee’s Permanent Disability (as defined below), (iii) at any time by Employer
upon written notice to Employee, (iv) by Employee without Good Reason (as defined below) upon 90 days prior written notice to
Employer (which

 

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notice period
may be waived or shortened by Employer in its sole discretion without such action constituting Good Reason) or (v) by Employee
for Good Reason upon written notice to Employer. Employee agrees and confirms that any termination of Employee’s employment
pursuant to this ‎Article 3 shall constitute, with no further action required, Employee’s resignation from any position
that Employee holds on the Board of Directors and as an employee, manager, agent or officer of, service provider to, or member
of the board of directors of, Employer and any Employer Entity, each such resignation to be effective on the date of the termination
of Employee’s employment hereunder.

 

3.2
If Employee’s employment is terminated by reason of any of the following circumstances
‎(i), ‎(ii), or ‎(iii), Employee shall be entitled to receive only the benefits set forth in Section ‎3.3 below:

 

(i)
Termination by Employer for Employer Cause. Termination of Employee’s employment
for “Employer Cause” shall mean termination of Employee’s employment by Employer for any of the following:
(a) Employee’s gross negligence or willful misconduct in the performance of the duties and services required of Employee
pursuant to this Agreement, (b) Employee’s conviction of, or plea of guilty or nolo contendere to, (x) a felony or (y) a
crime involving moral turpitude, (c) Employee engaging in fraudulent or criminal activity, including misappropriation or embezzlement
(whether or not prosecuted), (d) Employee’s material violation of any Employer Policy, (e) Employee’s breach of any
provision of ‎Article 4 or ‎Article 5 of this Agreement, (f) Employee’s material breach of any other provision of
this Agreement, provided that Employee has received written notice from Employer and been afforded a reasonable opportunity (not
to exceed 30 days) to cure such breach (if capable of being cured), (g) any continuing or repeated failure or refusal by Employee
to perform his material duties as requested by the Board of Directors after Employee has been afforded a reasonable opportunity
(not to exceed 30 days) to cure such breach (if capable of being cured), or (h) conduct by Employee which brings Employer and/or
the Employer Entities into public disgrace or disrepute in any material respect. Determination as to whether or not Employer Cause
exists for termination of Employee’s employment will be made by the Board of Directors in its sole discretion.

 

(ii)
Termination by Employee by Resignation Other Than for Good Reason. Employee’s
resignation, other than for Good Reason (as defined below), shall mean termination of Employee’s employment by Employee’s
resignation of employment with Employer and any Employer Entity, but not including any termination of employment by Employee for
Good Reason as described in Section ‎3.4(i) or a Termination In Connection With A Change in Control (as defined below) by
Employee described in Section ‎3.6(i).

 

(iii)
Election Not to Renew Term by Employee. Employee elects not to renew the Term pursuant
to Section ‎1.1 of this Agreement.

 

3.3
If Employee’s employment is terminated by reason of Section ‎3.2(i), ‎3.2(ii)
or ‎3.2(iii), Employee shall be entitled to each of the following:

 

(i)
Employee shall be entitled to: (a) any Base Salary earned, accrued or owing to Employee through
the effective date of termination of employment, (b) reimbursement

 

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in accordance
with Section ‎2.7 for all reasonable and customary accrued but unpaid expenses incurred by Employee prior to the effective
date of termination of employment and (c) accrued and vested amounts and benefits to which Employee may be entitled under the
employee benefit plans of any Employer Entity in accordance with the terms thereof, if any (collectively, the “Accrued
Obligations”).

 

(ii)
In the event that Employee’s employment is terminated by reason of Section ‎3.2(ii)
or ‎3.2(iii), Employee shall be entitled to receive any individual bonuses or individual incentive compensation earned and
accrued but not yet paid, but due and payable under Employer’s plans for years prior to the year of Employee’s termination
of employment.

 

(iii)
Except for the Accrued Obligations and any payments described in Section ‎3.3‎(ii),
it is specifically understood that all future compensation to which Employee is entitled and all future benefits for which Employee
is eligible, shall cease and terminate as of the effective date of termination of employment.

 

3.4
If Employee’s employment is terminated by reason of ‎(i), ‎(ii), ‎(iii),
or ‎(iv) below, and, in the case of ‎(i) and ‎(ii), other than a Termination In Connection With A Change in Control,
as otherwise provided in Section ‎3.7, Employee shall be entitled to receive the benefits set forth in Section ‎3.5 or
Section ‎3.6, as applicable.

 

(i)
Termination by Employee for Good Reason (Other Than A Termination In Connection With A
Change in Control). Termination of Employee’s employment by Employee for “Good Reason” shall mean
a termination of Employee’s employment by Employee with Employer and any Employer Entity as a result of the occurrence,
without Employee’s written consent, of one of the following events: (a) a material reduction in Employee’s (1) annual
Base Salary or (2) Target Bonus opportunity (unless such reduction in (1) and/or (2) relates to an across-the-board reduction
similarly affecting Employee and all or substantially all other executives of Employer); (b) Employer makes or causes to be made
a material adverse change in Employee’s position, authority, duties or responsibilities which results in a material diminution
in Employee’s position, authority, duties or responsibilities, including, without limitation, Employee being required to
report to any person other than the Board of Directors, except in connection with a termination of Employee’s employment
with any Employer Entity for Permanent Disability, Employer Cause, death, or temporarily as a result of Employee’s incapacity
or other absence for an extended period; or (c) a relocation of Employer’s principal place of business, or of Employee’s
own office as assigned to Employee by any Employer Entity, to a location that increases Employee’s normal work commute by
more than 50 miles. In order for Employee to terminate for Good Reason, (a) the Board of Directors must be notified by Employee
in writing within 90 days of the event constituting Good Reason, (b) the event must remain uncorrected by the applicable Employer
Entity for 30 days following such notice (the “Notice Period”), and (c) such termination must occur within
60 days after the expiration of the Notice Period.

 

(ii)
Employer Termination Without Employer Cause (Other Than A Termination In Connection With
A Change in Control). Termination of Employee’s employment by Employer for any reason other than for Employer Cause,
including, without limitation, termination by Employer or resignation by Employee as a result of Employer’s

 

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election not
to renew the Term pursuant to Section ‎1.1, but not including a Termination In Connection With A Change in Control by Employer
described in Section ‎3.6(i).

 

(iii)
Death. Termination due to the death of Employee.

 

(iv)
Termination due to Employee’s Permanent Disability. Termination of Employee’s
employment for “Permanent Disability” shall mean a termination of Employee’s employment due to Employee
having a physical or mental incapacity to perform his usual duties with such condition likely to remain continuously and permanently
as determined by Employer.

 

3.5
Subject to the provisions of Section ‎3.6(i), Section ‎3.8, and Section ‎3.9,
if Employee’s employment is terminated by Employee under Section ‎3.4(i) or by Employer under Section ‎3.4(ii),
Employee shall be entitled to each of the following:

 

(i)
Employer shall pay to Employee an amount equal to the sum of: (a) two (2) times Employee’s
Base Salary in effect as of the effective date of termination of employment plus (b) two (2) times Employee’s 2019 Bonus
or Target Bonus, as applicable, for the year in which the effective date of termination of employment occurs. Except as otherwise
provided herein, such compensation shall, subject to the provisions of Section ‎7.2, be paid to Employee in equal installments
in accordance with Employer’s customary payroll practices commencing with the first pay period following the effective date
of termination of employment and ending on the 24-month anniversary of the effective date of such termination of employment, provided
that Employer’s obligation to make any further payments of such amount shall cease on the date Employee violates any of
the covenants set forth in ‎Article 4 or ‎Article 5 hereof.

 

(ii)
For any equity-based awards that are outstanding as of the effective date of termination
of employment, any unvested tranche of such award will vest on a pro rata basis based on the period of time that Employee was
employed by Employer or any of the Employer Entities during the applicable vesting period for such tranche. For example, for a
service-based award which vests in equal annual tranches over a three-year period, if Employee’s effective date of termination
of employment under Section ‎3.4(i) or Section ‎3.4(ii) occurs 18 months into such award’s vesting
cycle, then Employee would vest in 100% of the first tranche of such award and vest in 50% of the second tranche of such award,
and Employee would forfeit 50% of the second tranche and 100% of the third tranche of such award. For any pro-rated service-vested
awards that are also subject to performance-vesting conditions, the pro-rated portion of such award as determined pursuant to
the foregoing shall remain outstanding following such termination of employment and shall be subject to the actual achievement
of the applicable performance goals as provided under the terms of the applicable award agreement.  For example, for a performance-based
award which vests following a three-year performance period, if Employee’s effective date of termination of employment under
Section ‎3.4(i) or Section ‎3.4(ii) occurs 18 months into such award’s vesting cycle, and if
the performance conditions applicable to the award are achieved at 120% of target goals at the end of the three-year performance
period, then Employee would be entitled to receive 60% of the total number of Shares subject to such award that would have been
payable had Employee remained employed through the end of the three-year performance period.

 

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(iii)
Employee shall be entitled to receive the Accrued Obligations.

 

(iv)
Employee shall be entitled to receive any individual bonuses or individual incentive compensation
earned and accrued but not yet paid, but due and payable under Employer’s plans for years prior to the year of Employee’s
termination of employment.

 

(v)
To the extent permitted by applicable law and the insurance and benefits policies in which
Employee is entitled to participate (collectively, “Benefit Plans”), Employer or CES, as applicable, shall
maintain Employee’s paid coverage for health and dental insurance (through the payment or reimbursement of Employee’s
COBRA premiums) and life insurance benefits (through the reimbursement of Employee’s premiums upon conversion to individual
policy) for the earliest to occur of: (a) Employee obtaining the age of 65, (b) the date Employee is eligible to participate in
another employer’s group health plan (which Employee must provide prompt notice with respect thereto to Employer), or (c)
the expiration of the COBRA Continuation Period (as defined below). During the applicable period of coverage described in the
foregoing sentence, Employee shall be entitled to benefits, on substantially the same basis as would have otherwise been provided
had Employee not been terminated and neither Employer nor CES, as applicable, will have any obligation to pay any benefits to,
or premiums on behalf of, Employee after such period ends. The COBRA Continuation Period for medical and dental insurance under
this Section ‎3.5(v) shall be deemed to run concurrent with the continuation period federally mandated by COBRA (generally
18 months). For purposes of this Agreement, (a) “COBRA” means the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended, and (b) “COBRA Continuation Period” shall mean the continuation period for medical
and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month
following the month in which the date of termination falls and shall continue for an 18 month period. Employee shall be entitled
to reimbursement of life insurance premiums as provided in this Section ‎3.5(v) to the extent such expense is actually incurred
for the applicable calendar year and reasonably substantiated. Any such reimbursement shall be made no later than the end of the
calendar year following the calendar year in which such expense is incurred by Employee. The benefits under this Section ‎3.5(v)
shall be referred to as the “Continuation Benefits”.

 

3.6
If Employee’s employment is terminated by reason of Section ‎3.4(iii) or ‎(iv),
Employee’s estate, in the case of death, or Employee (or his legal guardian), in the case of Permanent Disability, shall
be entitled to each of the following:

 

(i)
Employee shall be entitled to receive the Accrued Obligations.

 

(ii)
Employee shall be entitled to receive the Continuation Benefits (other than, in the case
of Employee’s death, life insurance benefits).

 

(iii)
Employee shall be entitled to receive any individual bonuses or individual incentive compensation
earned and accrued but not yet paid, but due and payable under Employer’s plans for years prior to the year of Employee’s
termination of employment.

 

3.7
Involuntary Termination In Connection with a Change in Control. In the event Employee’s
employment is terminated at the request of an acquiror of Employer during the

 

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90-day period
immediately preceding a Change in Control, or on or within the one-year period immediately following a Change in Control (a “Termination
In Connection With A Change In Control”) by: (i) Employee for Good Reason or (ii) Employer other than for Employer Cause,
Employee shall be entitled to receive the benefits set forth in Section ‎3.8. For purposes of this Agreement, “Change
in Control” shall mean the occurrence of any of the following after the date of this Agreement: (a) any merger, consolidation
or business combination in which the stockholders of Employer immediately prior to the merger, consolidation or business combination
do not own at least a majority of the outstanding equity interests of the surviving parent entity, (b) the sale of all or substantially
all of Employer’s assets in a single transaction or a series of related transactions to a person entity that is not an Affiliate
of Employer, (c) the acquisition of beneficial ownership or control of (including, without limitation, power to vote) a majority
of the outstanding common stock of Employer by any person or entity (including a “group” as defined by or under Section
13(d)(3) of the Securities Exchange Act of 1934, as amended) other than (1) any employee plan established by Employer or any subsidiary,
(2) Employer or any of its Affiliates, (3) an underwriter temporarily holding securities pursuant to an offering of such securities
or (4) an entity owned, directly or indirectly, by stockholders of Employer in substantially the same proportions as their ownership
of Employer, or (d) a contested election of directors, as a result of which or in connection with which the persons who were directors
of Employer before such election or their nominees cease to constitute a majority of the Board of Directors.

 

3.8
Subject to the provisions of Section ‎3.9, if Employee’s employment is terminated
pursuant to Section ‎3.7, Employee shall be entitled to each of the following:

 

(i)
Employer shall pay to Employee an amount equal to the sum of (a) two and one-half (2.5) times
Employee’s Base Salary in effect as of the effective date of termination, plus (b) two and one-half (2.5) times Employee’s
2019 Bonus or Target Bonus, as applicable, for the year in which the effective date of the termination occurs. Except as otherwise
provided herein, and subject to Section ‎7.2, such compensation shall be paid to Employee in equal installments in accordance
with Employer’s customary payroll practices commencing with the first pay period following the effective date of termination
of employment and ending on the 30-month anniversary of the effective date of such termination of employment, provided that Employer’s
obligation to make any further payments of such amount shall cease on the date Employee violates any of the covenants set forth
in ‎Article 4 or ‎Article 5 hereof.

 

(ii)
Employee shall be entitled to receive accelerated service vesting of any equity-based awards
that are outstanding as of the effective date of termination of employment. For any service-vested awards that are subject to
performance-vesting conditions, such awards shall remain outstanding subject to the achievement of the applicable performance
goals as provided under the terms of the applicable award agreement.

 

(iii)
Employee shall be entitled to receive any individual bonuses or individual incentive compensation
earned and accrued but not yet paid, but due and payable under Employer’s plans for years prior to the year of Employee’s
termination of employment.

 

(iv)
Employee shall be entitled to a pro rata share of any individual annual cash incentive bonuses
or individual annual cash incentive compensation, based on the target

 

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levels set
for such bonuses, under Employer’s and/or the Employer Entities’ plans for the year of Employee’s termination
of employment based on the portion of such year that Employee was employed hereunder. Payment shall be made on that date that
such bonus would have otherwise been paid in accordance with the terms of the applicable plan.

 

(v)
Employee shall be entitled to receive the Accrued Obligations.

 

(vi)
Employee shall be entitled to receive the Continuation Benefits.

 

3.9
The severance benefits paid and provided to Employee pursuant to Section ‎3.3, Section
‎3.5 and/or Section ‎3.8 shall be in consideration of Employee’s continuing obligations hereunder after such termination
of employment, including, without limitation, Employee’s obligations under ‎Article 4 and ‎Article 5. Further, as
a condition to the receipt of any such severance benefits, other than the Accrued Obligations, Employer shall require Employee
to first execute a release, in substantially the form attached hereto as Annex A, releasing Employer and all other Employer
Entities, and their respective officers, directors, employees, and agents, from any and all claims and from any and all causes
of action of any kind or character, including, but not limited to, all claims and causes of action arising out of Employee’s
employment with Employer and any other Employer Entities or the termination of such employment. The release must be executed by
Employee by no later than the 55th day following Employee’s termination of employment; provided that if the 55
day period begins in one taxable year and ends in the following taxable year, such payments shall not commence until such following
taxable year. If Employee fails or otherwise refuses to execute a release within the time specified herein, or revokes the release,
Employee will not be entitled to any such severance benefits and Employer shall have no further obligations with respect to the
payment of the severance benefits, other than the Accrued Obligations. The performance of Employer’s obligations under Section
‎3.3, Section ‎3.5 and/or Section ‎3.8 and the receipt of the severance benefit provided thereunder by Employee shall
constitute full settlement of all such claims and causes of action. Employee shall not be under any duty or obligation to seek
or accept other employment following a termination of employment pursuant to which a severance benefit payment or benefit under
Section ‎3.3, Section ‎3.5 and/or Section ‎3.8 is owing and the amounts and benefits due Employee pursuant to Section
‎3.3, Section ‎3.5 and/or Section ‎3.8 shall not be reduced or suspended, except as otherwise provided, if Employee
accepts subsequent employment or earns any amounts as a self-employed individual, provided, however that in the event Employee
breaches any of Employee’s obligations under ‎Article 4 or ‎Article 5 of this Agreement, then, in addition to Employer’s
right to specific performance pursuant to Section ‎5.5 or any other rights that Employer or each Employer Entity may have
under this Agreement or otherwise, Employer and each Employer Entity shall have the right to terminate payment of any amounts
or benefits to which Employee would otherwise be entitled pursuant to this ‎Article 3. Employee’s rights under Section
‎3.3, Section ‎3.5 and/or Section ‎3.8 are Employee’s sole and exclusive rights against Employer, or any Employer
Entity, and Employer’s sole and exclusive liability to Employee under this Agreement, whether such claim is based in contract,
tort or otherwise, for the termination of his employment relationship hereunder. Employee agrees that all disputes relating to
Employee’s employment or termination of employment shall be resolved through the dispute resolution provisions provided
in Section ‎7.7 hereof; provided, however, that decisions as to whether there is “Employer Cause” for termination
of the employment relationship with Employee and whether and as of what date Employee has become Permanently

 

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Disabled shall
be limited to whether such decision was reached in good faith. Nothing contained in this ‎Article 3 shall be construed to
be a waiver by Employee of any benefits accrued for or due to Employee under any employee benefit plan (as such term is defined
in the Employee Retirement Income Security Act of 1974, as amended) maintained by Employer or CES, except that Employee shall
not be entitled to any severance benefits pursuant to any severance plan or program of Employer and/or the Employer Entities except
as outlined in this Agreement.

 

3.10
For the avoidance of doubt, Employee shall not be a participant in Employer’s Key Employee
Separation Plan, and Employee shall not be entitled to any severance or similar benefits in connection with a termination of his
employment except as set forth in this Agreement.

 

3.11
Termination of the employment relationship does not terminate those obligations imposed by
this Agreement, which are continuing obligations, including, without limitation, Employee’s obligations under ‎Article
4 and ‎Article 5.

 

3.12
The payment of any monies to Employee under this Agreement after the date of termination
of employment does not constitute an offer or a continuation of employment of Employee. In no event shall Employee represent or
hold himself out to be an employee of Employer or any Employer Entity after the effective date of termination of employment. Except
where any Employer Entity is lawfully required to withhold any federal, state, or local taxes, Employee shall be responsible for
any and all federal, state, or local taxes that arise out of any payments to Employee hereunder.

 

3.13
During any period during which any monies are being paid to Employee under this Agreement
after the effective date of termination of employment, Employee shall provide to Employer and any Employer Entity reasonable levels
of assistance in answering questions concerning the business of Employer and any Employer Entity, transition of responsibility,
or litigation. Employer shall reimburse Employee for all out of pocket expenses of Employee reasonably incurred in connection
with such assistance in accordance with Employer’s expense reimbursement policy. Any such assistance after the effective
date of termination of employment shall be scheduled so as not to unreasonably interfere or conflict with the obligations which
Employee may owe to any subsequent employer.

 

3.14
All references to Employer in this ‎Article 3 shall, as the context may require, refer
to CES for purposes of paying and providing to Employee any applicable compensation and benefits under this ‎Article 2.

 

Article
4: OWNERSHIP AND PROTECTION OF INTELLECTUAL PROPERTY AND CONFIDENTIAL INFORMATION:

 

4.1
All information, ideas, concepts, innovations, developments, methods, processes, designs,
analyses, drawings, reports, discoveries and inventions and all improvements to any of the foregoing, whether or not patentable
or reduced to practice, which are conceived, made, developed or acquired by Employee in whole or in part, individually or in conjunction
with others, during Employee’s employment by Employer or any of the Employer Entities, both before and after the date hereof
(whether during business hours or otherwise and whether on

 

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Employer’s
premises or otherwise) which relate to the business, products or services of Employer or the Employer Entities (including, without
limitation, all such information relating to corporate opportunities, research, financial and sales data, pricing and trading
terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers or their requirements, the identity
of key contacts within the customer’s organizations or within the organization of acquisition prospects, or marketing and
merchandising techniques, prospective names, marks, and any copyrightable work, trademark, trade secret or other intellectual
property rights (whether or not composing confidential information, and all writings or materials of any type embodying any of
such items) (collectively, “Work Product”), shall be the sole and exclusive property of Employer or any Employer
Entity, as the case may be, and shall be treated as “work made for hire” to the fullest extent permissible under applicable
law, including the U.S. Copyright Act. If, for any reason, any Work Product shall not legally be a “work made for hire”
and/or ownership of any Work Product does not automatically accrue to Employer or another Employer Entity, as applicable, then
Employee hereby irrevocably assigns and agrees to assign any and all of Employee’s right, title and interest thereto, whether
or not now or hereafter known, existing, contemplated, recognized or developed, to Employer, and Employer shall have the right
to use the same in perpetuity throughout the universe in any manner determined by Employer without any further payment to Employee
whatsoever. To the extent Employee has any right, title or interest in any Work Product that cannot be assigned in the manner
described above, Employee hereby unconditionally and irrevocably exclusively licenses such Work Product to Employer. Without limiting
the foregoing, it is recognized that Employee is an experienced executive in the business of Employer and the Employer Entities,
and through several decades of work in such business prior to his employment by Employer has acquired and retains knowledge, contacts,
and information which are not covered by this ‎Article 4.

 

4.2
Employee shall promptly and fully disclose all Work Product to Employer and shall cooperate
and perform all actions reasonably requested by Employer (whether during or after the Term) to establish, confirm and protect
Employer’s and/or the Employer Entities’ right, title and interest in such Work Product. Without limiting the generality
of the foregoing, Employee agrees to assist Employer, at Employer’s expense, to secure Employer’s and the Employer
Entities’ rights in the Work Product in any and all countries, including the execution by Employee of all applications and
all other instruments and documents which Employer and/or the Employer Entities shall deem necessary in order to apply for and
obtain rights in such Work Product. If Employer is unable because of Employee’s mental or physical incapacity or for any
other reason (including Employee’s refusal to do so after request therefor is made by Employer) to secure Employee’s
signature to apply for or to pursue any application for any registrations covering Work Product belonging to Employer and/or the
Employer Entities pursuant to Section ‎4.1 above, then Employee by this Agreement irrevocably designates and appoints Employer
and its duly authorized officers and agents as Employee’s agent and attorney-in-fact to act for and in Employee’s
behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution
and issuance of registrations thereon with the same legal force and effect as if executed by Employee. Employee’s obligations
to assist Employer and/or the Employer Entities with respect to Work Product as set forth herein shall continue beyond the termination
of Employee’s employment by Employer or any Employer Entities. Employee agrees not to apply for or pursue any application
for any registrations covering any Work Product other than pursuant to this Section ‎4.2.

 

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4.3
Employee acknowledges that the businesses of Employer and the Employer Entities are highly
competitive and that their strategies, methods, books, records, and documents, their technical information concerning their products,
equipment, services, and processes, procurement procedures and pricing techniques, the names of and other information (such as
credit and financial data) concerning their former, present or prospective customers and business affiliates, all comprise confidential
business information and trade secrets which are valuable, special, and unique assets which Employer and/or the Employer Entities
use in their business to obtain a competitive advantage over their competitors. Employee further acknowledges that protection
of such confidential business information and trade secrets against unauthorized disclosure and use is of critical importance
to Employer and the Employer Entities in maintaining their competitive position. Employee acknowledges that by reason of Employee’s
duties to, and association with, Employer and the Employer Entities, Employee has had and will have access to, and has and will
become informed of, confidential business information which is a competitive asset of Employer and the Employer Entities. Employee
hereby agrees that Employee will not, at any time during or after his employment by any Employer Entity, make any unauthorized
disclosure of any confidential business information or trade secrets of Employer or the Employer Entities, or make any use thereof,
except in the carrying out of his employment responsibilities hereunder. Employee shall take all necessary and appropriate steps
to safeguard confidential business information and protect it against disclosure, misappropriation, misuse, loss and theft. Confidential
business information shall not include information in the public domain (but only if the same becomes part of the public domain
through a means other than a disclosure prohibited hereunder). The above notwithstanding, a disclosure shall not be unauthorized
if (i) it is required by law or by a court of competent jurisdiction or (ii) it is in connection with any judicial, arbitration,
dispute resolution or other legal proceeding in which Employee’s legal rights and obligations as an employee or under this
Agreement are at issue; provided, however, that Employee shall, to the extent practicable and lawful in any such events, give
prior notice to Employer of his intent to disclose any such confidential business information in such context so as to allow Employer
or an Employer Entity an opportunity (which Employee will not oppose) to obtain such protective orders or similar relief with
respect thereto as may be deemed appropriate.

 

4.4
Notwithstanding the foregoing, Employee has the right under federal law to certain protections
for cooperating with or reporting legal violations to the Securities and Exchange Commission (the “SEC”) and/or
its Office of the Whistleblower, as well as certain other governmental entities and self-regulatory organizations. As such, nothing
in this Agreement or otherwise prohibits or limits Employee from disclosing this Agreement to, or from cooperating with or reporting
violations to or initiating communications with, the SEC or any other such governmental entity or self-regulatory organization,
and Employee may do so without notifying Employer. Neither Employer nor any Employer Entity may retaliate against Employee for
any of these activities, and nothing in this Agreement or otherwise requires Employee to waive any monetary award or other payment
that Employee might become entitled to from the SEC or any other governmental entity or self-regulatory organization. Moreover,
nothing in this Agreement or otherwise prohibits Employee from notifying Employer that Employee is going to make a report or disclosure
to law enforcement. Notwithstanding anything in this Agreement to the contrary, pursuant to the Defend Trade Secrets Act of 2016,
Employee and Employer acknowledge and agree that Employee shall not have criminal or civil liability under any federal or state
trade secret law for the disclosure of any trade secret that (i) is made (1) in confidence to

 

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a federal,
state, or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting
or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. In addition and without limiting the preceding sentence, Employee and Employer further acknowledge
and agree that if Employee files a lawsuit for retaliation by Employer or any Employer Entity for reporting a suspected violation
of law, Employee may disclose the trade secret to his attorney and may use the trade secret information in the court proceeding,
if Employee (x) files any document containing the trade secret under seal and (y) does not disclose the trade secret, except pursuant
to court order.

 

4.5
All written materials, records, and other documents made by, or coming into the possession
of, Employee during the period of Employee’s employment by Employer or any Employer Entity which contain or disclose confidential
business information or trade secrets of Employer or the Employer Entities, or which relate to Employee’s Work Product described
in Section ‎4.1 above, shall be and remain the property of Employer, or the Employer Entities, as the case may be. Upon termination
of Employee’s employment for any reason or upon the request of Employer, Employee shall promptly deliver the same, and all
copies thereof, to Employer.

 

Article
5: COVENANT NOT TO COMPETE:

 

5.1
In consideration of the compensation to be paid to Employee under this Agreement, Employee
acknowledges that in the course of Employee’s employment, he has and will become familiar with Employer’s and the
Employer Entities’ trade secrets, business plans and business strategies and with other confidential business information
concerning Employer and the Employer Entities and that Employee’s services have been and shall be of special, unique and
extraordinary value to Employer and the Employer Entities. Employee also acknowledges that in the course of his employment he
had and will have access to Employer’s and the Employer Entities’ relationships and goodwill with their customers,
distributors, suppliers and employees. In light of Employee’s value to, and knowledge of, Employer, the Employer Entities,
and the Business (as defined below) and Employee’s compensation pursuant to this Agreement, Employee agrees that, during
the Term and for a period of two years following a termination of Employee’s employment for any reason (the “Non-Compete
Period”), he will not, in association with or as an officer, principal, manager, member, advisor, agent, partner, director,
material stockholder, employee or consultant of any corporation (or sub-unit, in the case of a diversified business) or other
enterprise, entity or association, work on the acquisition or development of, or engage in any line of business, property or project
which is, directly or indirectly, competitive with any business that Employer or any Employer Entity engages in during the Term,
including but not limited to, the mining, processing, transportation, distribution, trading and sale of synfuel, coal and coal
byproducts (collectively, the “Business”). Such restriction shall cover Employee’s activities anywhere
in the states in the United States in which Employer or any Employer Entity conducts operations during the Term or jurisdictions
outside the United States in which Employer or any Employer Entity conducts operations during the Term.

 

5.2
During the Non-Compete Period, Employee will not (i) solicit or induce (or attempt to induce)
any person who is or was employed by Employer or any of the Employer Entities at any time during such term or period or the six-month
period prior to such solicitation

 

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or inducement
to (A) interfere with the activities or businesses of Employer or any Employer Entity or (B) discontinue his or her employment
with Employer or any of the Employer Entities, or (ii) hire directly or through another entity any person who is or was employed
by Employer or any of the Employer Entities at any time during the six-month period prior to the date such person is to be so
hired.

 

5.3
During the Non-Compete Period, Employee will not, directly or indirectly, influence or attempt
to influence any customers, distributors or suppliers of Employer or any of the Employer Entities to divert their business to
any competitor of Employer or any Employer Entity or in any way interfere with the relationship between any such customer, distributor
or supplier and Employer and/or any Employer Entity (including, without limitation, making any negative statements or communications
about Employer or any Employer Entity). During the Non-Compete Period, Employee will not, directly or indirectly, acquire or attempt
to acquire any business in any state in the United States or jurisdictions outside the United States in which Employer or any
Employer Entity conducts operations during the Term, if during the Term, Employer or any Employer Entity has made an acquisition
proposal relating to the possible acquisition of such business (such business, an “Acquisition Target”), or
take any action to induce or attempt to induce any Acquisition Target to consummate any acquisition, investment or other similar
transaction with any person or entity other than Employer or any Employer Entity.

 

5.4
Employee understands that the provisions of Sections ‎5.1, ‎5.2 and ‎5.3 hereof
may limit his ability to earn a livelihood in a business in which he is involved, but as a member of the management group of Employer
and the Employer Entities he nevertheless agrees and hereby acknowledges that: (i) such provisions do not impose a greater restraint
than is necessary to protect the goodwill or other business interests of Employer and any of the Employer Entities; (ii) such
provisions contain reasonable limitations as to time, scope of activity, and geographical area to be restrained; and (iii) the
consideration provided hereunder, including without limitation, any amounts or benefits provided under ‎Article 3 hereof,
is sufficient to compensate Employee for the restrictions contained in Sections ‎5.1, ‎5.2 and ‎5.3 hereof. In consideration
of the foregoing and in light of Employee’s education, skills and abilities, Employee agrees that he will not assert that,
and it should not be considered that, any provisions of Sections ‎5.1, ‎5.2 or ‎5.3 otherwise are void, voidable or
unenforceable or should be voided or held unenforceable.

 

5.5
If, at the time of enforcement of ‎Article 4 or ‎Article 5 of this Agreement, a court
shall hold that the duration, scope, or area restrictions stated herein are unreasonable under circumstances then existing, the
parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted
for the stated period, scope or area and that the court shall be allowed and directed to revise the restrictions contained herein
to cover the maximum period, scope and area permitted by law. Employee acknowledges that he is a member of Employer’s and
the Employer Entities’ management group with access to Employer’s and the Employer Entities’ confidential business
information and his services are unique to Employer and the Employer Entities. Employee therefore agrees that the remedy at law
for any breach by him of any of the covenants and agreements set forth in ‎Article 4 and ‎Article 5 will be inadequate
and that in the event of any such breach, Employer and the Employer Entities may, in addition to the other remedies which may
be available to them at law, apply to any court of competent jurisdiction to obtain specific performance and/or injunctive

 

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relief prohibiting
Employee (together with all those persons associated with him) from the breach of such covenants and agreements and to enforce,
or prevent any violations of, the provisions of this Agreement. In addition, in the event of a breach or violation by Employee
of this ‎Article 5, the Non-Compete Period set forth in this ‎Article 5 shall be tolled until such breach or violation
has been cured.

 

5.6
Each of the covenants of this ‎Article 5 are given by Employee as part of the consideration
for this Agreement and as an inducement to Employer to enter into this Agreement and accept the obligations hereunder.

 

5.7 If
Employee materially breaches any obligation under ‎Article 4 or ‎Article 5 hereof, Employer shall provide written
notice of such breach to Employee and (i) Employee shall pay to Employer, in cash, an amount equal to any and all payments
paid to or on behalf of Employee under ‎Article 3 of this Agreement and (ii) any equity or equity-based awards that are
unvested as of the date of such breach or were entitled to accelerated vesting under Section 3.5(ii) or ‎3.8(ii) shall be
immediately forfeited in their entirety. Employee agrees that failure to make such timely payment to Employer constitutes
an independent and material breach of this Agreement by Employee, for which Employer may seek recovery of the unpaid amount
as liquidated damages, in addition to all other rights and remedies Employer may have resulting from Employee’s breach
of the obligations set forth in ‎Article 4 and/or ‎Article 5 hereof. Employee agrees that timely payment to Employer
as set forth herein is reasonable and necessary because the damages that will result from a breach of ‎Article 4 and/or
‎Article 5 hereof cannot readily be ascertained. Further, Employee agrees that timely payment to Employer as set forth
herein is not a penalty, and it does not preclude Employer from seeking all other remedies that may be available to Employer,
including, without limitation, those set forth in this ‎Article 5.

 

Article
6: CODE SECTION 280G:

 

6.1
The provisions of this ‎Article 6 shall apply notwithstanding anything in this Agreement
to the contrary. In the event that it shall be determined that any payment, benefit or distribution by Employer or any Employer
Entity to, or for the benefit of, Employee (a “Payment”), whether such Payment is paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise, would constitute an “excess parachute payment”
within the meaning of Section 280G of the Code, Employer and the Employer Entities will apply a limitation on the Payment amount
as specified in Section ‎6.2 unless it is determined that the “Net After Tax Benefits” to Employee would be greater
if the limitations of Section ‎6.2 were not imposed. For purposes of this ‎Article 6, “Net After Tax Benefits”
shall mean the present value of the Payments net of all taxes imposed on Employee with respect thereto, including but not limited
to excise taxes imposed under Section 4999 of the Code, determined by applying the highest marginal income tax rate applicable
to Employee for such year.

 

6.2
To the extent required by Section ‎6.1 above, the aggregate present value of all Payments
(“Parachute Payments”) shall be reduced (but not below zero) to the Reduced Amount. The “Reduced Amount”
shall be an amount expressed in present value which maximizes the aggregate present value of Parachute Payments without causing
any Payment to be subject to the limitation of deduction under Section 280G of the Code. For purposes of this ‎Article 6,
“present

 

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value”
shall be determined in accordance with Section 280G(d)(4) of the Code. The total reduction to Parachute Payments required under
this ‎Article 6 necessary to achieve the Reduced Amount shall be made against Parachute Payments that are exempt from Section
409A of the Code.

 

6.3
Except as set forth in the next sentence, all determinations to be made under this ‎Article
6 shall be made by a nationally recognized independent public accounting firm used by Employer immediately prior to such change
in control (the “Accounting Firm”), which Accounting Firm shall provide its determinations and any supporting
calculations to Employer and Employee within ten (10) days of Employee’s termination date. Any determinations by the Accounting
Firm shall be binding upon Employer and Employee.

 

6.4
All of the fees and expenses of the Accounting Firm in performing the determinations referred
to in this ‎Article 6 shall be borne solely by Employer.

 

Article
7: MISCELLANEOUS:

 

7.1
For purposes of this Agreement, the terms “affiliate” or “affiliates”
mean means any entity that, directly or indirectly through one or more intermediaries’ controls, is controlled by or is
under common control with, Employer.

 

7.2
Section 409A.

 

(i)
The provisions of this Agreement will be administered, interpreted and construed in a manner
intended to comply with Section 409A of the Code, the regulations issued thereunder or any exception thereto (or disregarded to
the extent such provision cannot be so administered, interpreted, or construed).

 

(ii)
For purposes of Section 409A, each payment hereunder, including each severance installment
payment, shall be treated as a “separate payment” within the meaning of Section 409A. For purposes of this Agreement,
each payment is intended to be excepted from Section 409A to the maximum extent provided under Section 409A. Employee shall have
no right to designate the date of any payment hereunder. Notwithstanding anything to the contrary herein, to the extent required
by Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of amounts upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Section 409A. Notwithstanding anything to the contrary herein, except to the extent
any expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not constitute a “deferral of compensation”
within the meaning of Section 409A, (x) the amount of expenses eligible for reimbursement or in-kind benefits provided to Employee
during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Employee
in any other calendar year, (y) the reimbursements for expenses for which Employee is entitled to be reimbursed shall be made
on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred and (z)
the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.

 

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(iii)
With respect to payments subject to Section 409A (and not excepted therefrom), if any, it
is intended that each payment is paid on permissible distribution event and at a specified time consistent with Section 409A.
Notwithstanding any provision of this Agreement to the contrary, to the extent that a payment hereunder is subject to Section
409A (and not excepted therefrom) and payable on account of a “separation from service” within the meaning of Section
409A, such payment shall be delayed for a period of six months after the date of such separation from service (or, if earlier,
the death of Employee) if Employee is a “specified employee” (as defined in Section 409A and determined in accordance
with the procedures established by Employer). Any payment that would otherwise have been due or owing during such six-month period
will be paid immediately following the end of the six-month period in the month following the month containing the 6-month anniversary
of the date of separation from service.

 

(iv)
Notwithstanding any provision of this Agreement to the contrary, Employee acknowledges
and agrees that neither Employer nor any of the Employer Entities shall be liable for, and nothing provided or contained in this
Agreement will be construed to obligate or cause Employer or any of the Employer Entities to be liable for, any tax, interest
or penalties imposed on Employee related to or arising with respect to any violation of Section 409A.

 

7.3
For purposes of this Agreement, notices and all other communications provided for herein
shall be in writing and shall be deemed to have been duly given when received by or tendered to Employee or Employer, as applicable,
by pre-paid courier or by United States registered or certified mail, return receipt requested, postage prepaid, addressed as
follows:

 

If to Employer:

 

Contura Energy, Inc.

300 Martin Luther King Jr., Blvd.

Suite 500

PO Box 848

Bristol, TN 37620

Attn: Chief Legal Officer

 

If to Employee:
To his last known personal residence

 

7.4
This Agreement shall be governed by and construed and enforced, in all respects, in accordance
with the law of the State of Delaware, without regard to principles of conflicts of law.

 

7.5
No failure by either party hereto at any time to give notice of any breach by the other party
of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.

 

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7.6
It is a desire and intent of the parties that the term, provisions, covenants, and remedies
contained in this Agreement shall be enforceable to the fullest extent permitted by law. If any such term, provision, covenant,
or remedy of this Agreement or the application thereof to any person, association, or entity or circumstances shall, to any extent,
be construed to be invalid or unenforceable in whole or in part, then such term, provision, covenant, or remedy shall be construed
in a manner so as to permit its enforceability under applicable law to the fullest extent permitted by law. In any case, the remaining
provisions of this Agreement or the application thereof to any person, association, or entity or circumstances other than those
to which they have been held invalid or unenforceable, shall remain in full force and effect.

 

7.7
It is the mutual intention of the parties to have any dispute concerning this Agreement resolved
out of court. Accordingly, the parties agree that any such dispute shall, as the sole and exclusive remedy, be submitted for resolution,
then pursuant to binding arbitration to be held in Bristol, Tennessee, in accordance with the employment arbitration rules (except
as modified below) of the American Arbitration Association and with the Expedited Procedures thereof (collectively, the “Rules”);
provided, however, that Employer, on its own behalf and on behalf of any of the Employer Entities, and the Employers Entities
shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any breach or the
continuation of any breach of the provisions of Articles ‎4 and ‎5 and Employee hereby consents that such restraining
order or injunction may be granted without the necessity of Employer or any Employer Entity posting any bond. Each of the parties
hereto agrees that such arbitration shall be conducted by a single arbitrator selected in accordance with the Rules; provided
that such arbitrator shall be experienced in deciding cases concerning the matter which is the subject of the dispute. Each of
the parties agrees that in any such arbitration that pre-arbitration discovery shall be limited to the greatest extent provided
by the Rules, that the award shall be made in writing no more than 30 days following the end of the proceeding, that the arbitration
shall not be conducted as a class action, that the arbitration award shall not include factual findings or conclusions of law.
Any award rendered by the arbitrator shall be final and binding and judgment may be entered on it in any court of competent jurisdiction.
Each of the parties hereto agrees to treat as confidential the results of any arbitration (including, without limitation, any
findings of fact and/or law made by the arbitrator) and not to disclose such results to any unauthorized person.

 

7.8
This Agreement shall be binding upon and inure to the benefit of Employer, the Employer Entities,
their respective successors in interest, and any other person, association, or entity which may hereafter acquire or succeed to
all or substantially all of the business assets of Employer and the Employer Entities by any means, whether indirectly or directly,
and whether by purchase, merger, consolidation, or otherwise. Employee’s rights and obligations under this Agreement are
personal and such rights, benefits, and obligations of Employee shall not be voluntarily or involuntarily assigned, alienated,
or transferred, whether by operation of law or otherwise, without the prior written consent of Employer, other than in the case
of Employee’s death.

 

7.9
This Agreement replaces and merges any previous agreements and discussions pertaining to
the subject matter covered herein (other than the letter agreement dated June 28, 2018 between Employee and ANR, Inc., a Delaware
corporation (the “Section 4999 Agreement”)) and constitutes the entire agreement of the parties (or any Employer
Entity) with

 

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regard to the
matters set forth herein. Each party to this Agreement acknowledges that no representation, inducement, promise, or agreement,
oral or written, has been made by either party with respect to the matters set forth herein which is not embodied herein, and
that no agreement, statement, or promise relating to the employment of Employee by Employer or any Employer Entity that is not
contained in this Agreement shall be valid or binding. This Agreement may not be amended orally, but only by an instrument in
writing signed by each of the parties to this Agreement; provided, however, Employer may, solely to the extent necessary to comply
with Section 409A of the Code, modify the terms of this Agreement if it is determined that such terms would subject any payments
or benefits hereunder to the additional tax and/or interest assessed under Section 409A of the Code.

 

7.10
Notwithstanding any provision of this Agreement to the contrary, the parties’ respective
rights and obligations under Articles ‎3, ‎4, ‎5, ‎6, and this Article ‎7 will survive any termination or
expiration of this Agreement or the termination of Employee’s employment for any reason whatsoever.

 

7.11
The invalidity or unenforceability of any provision or provisions of this Agreement shall
not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

 

7.12
Employee hereby represents to Employer that the execution and delivery of this Agreement
by Employee and Employer and the performance by Employee of Employee duties hereunder shall not constitute a breach of, or otherwise
contravene, the terms of any employment agreement or other agreement or policy to which Employee is a party or otherwise bound.

 

7.13
This Agreement may be executed in one or more counterparts, each of which shall deemed to
be in an original but all of which together will constitute one and the same instrument.

 

7.14
For purposes of this Agreement,

 

“2019
Bonus” shall have the meaning set forth in Section ‎2.2.

 

“Accounting
Firm” shall have the meaning set forth in Section ‎6.3.

 

“Accrued
Obligations” shall have the meaning set forth in Section ‎3.3(i).

 

“Acquisition
Target” shall have the meaning set forth in Section ‎5.3.

 

“Affiliate”
shall have the meaning set forth in Section ‎7.1.

 

“Annual
Bonus” shall have the meaning set forth in Section ‎2.3.

 

“Agreement”
shall have the meaning set forth in the first paragraph hereof.

 

“Base
Salary” shall have the meaning set forth in Section ‎2.1.

 

    20

     

    

“Benefit
Plans” shall have the meaning set forth in Section ‎3.5(v).

 

“Board
of Directors” shall have the meaning set forth in Section ‎1.2.

 

“Business”
shall have the meaning set forth in Section ‎5.1.

 

“CES”
shall have the meaning set forth in Section ‎1.2.

 

“Change
In Control” shall have the meaning set forth in Section ‎3.7.

 

“COBRA”
shall have the meaning set forth in Section ‎3.5(v).

 

“COBRA
Contribution Period” shall have the meaning set forth in Section ‎3.5(v).

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

“Compensation
Committee” shall have the meaning set forth in Section ‎2.1.

 

“Continuation
Benefits” shall have the meaning set forth in Section ‎3.5(v).

 

“Effective
Date” shall have the meaning set forth in the first paragraph hereof.

 

“Employee”
shall have the meaning set forth in the first paragraph hereof.

 

“Employer”
shall have the meaning set forth in the first paragraph hereof.

 

“Employer
Cause” shall have the meaning set forth in Section ‎3.2(i).

 

“Employer
Entity” shall have the meaning set forth in Section ‎1.4.

 

“Employer
Policy” shall have the meaning set forth in Section ‎1.3.

 

“Good
Reason” shall have the meaning set forth in Section ‎3.4(i).

 

“LTIP”
shall have the meaning set forth in Section ‎2.4.

 

“Net
After Tax Benefits” shall have the meanings set forth in Section ‎6.1.

 

“Non-Compete
Period” shall have the meaning set forth in Section ‎5.1.

 

“Notice
Period” shall have the meaning set forth in Section ‎3.4(i).

 

“Parachute
Payments” shall have the meaning set forth in Section ‎6.2.

 

“Payment”
shall have the meaning set forth in Section ‎6.1.

 

“Permanent
Disability” shall have the meaning set forth in Section ‎3.4(iv).

 

“Rules”
shall have the meaning set forth in Section ‎7.7.

 

    21

     

    

“SEC”
shall have the meaning set forth in Section ‎4.4.

 

“Section
4999 Agreement” shall have the meaning set forth in Section ‎7.9.

 

“Separation
from Service” shall have the meaning set forth in Section ‎7.2(iii).

 

“Separate
Payment” shall have the meaning set forth in Section ‎7.2(ii).

 

“Shares”
shall have the meaning set forth in Section ‎2.4.

 

“Sign-On
Grant” shall have the meaning set forth in Section ‎2.4.

 

“Specified
Employee” shall have the meaning set forth in Section ‎7.2(iii).

 

“Subsequent
Employer” shall have the meaning set forth in Section ‎1.6.

 

“Target
Bonus” shall have the meaning set forth in Section ‎2.3.

 

“Term”
shall have the meaning set forth in Section ‎1.1.

 

“Termination
In Connection With A Change In Control” shall have the meaning set forth in Section ‎3.6(i).

 

“Work
Product” shall have the meaning set forth in Section ‎4.1.

 

“Date
of Termination” shall have the meaning set forth in the Preamble of Annex A.

 

“EEOC”
shall have the meaning set forth in Section 1(c) of Annex A.

 

“Employment
Agreement” shall have the meaning set forth in the Preamble of Annex A.

 

“Executive”
shall have the meaning set forth in the Preamble of Annex A.

 

“Releasees”
shall have the meaning set forth in Section 1(a) of Annex A.

 

[Signature
Page Follows]

 

    22

     

    

IN WITNESS
WHEREOF, Employer and Employee have duly executed this Agreement in multiple originals to be effective as of the Effective
Date.

 

	 	EMPLOYER

         

        CONTURA ENERGY, INC.

        
	 
	 	 	 
	 	 	 	 	 
	 	By:	/s/ Mark M. Manno 	 
	 	 	Name:	Mark M. Manno 	 
	 	 	Title:	EVP, Chief Administrative and Legal Officer & Secretary 	 

 

 

	  
	EMPLOYEE	 
	 	 	 
	 	/s/ David J. Stetson	 
	 	David J. Stetson	 

    23

     

    

ANNEX
A 

 

SEPARATION
OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE 

 

THIS SEPARATION
OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE (the “Agreement”) is made as of this _____ day of ___________,
_____, by and between Contura Energy, Inc., a Delaware corporation (the “Company”), and David J. Stetson (“Executive”).
Defined terms used but not defined herein shall have the meaning set forth in that certain Employment Agreement dated as of July
29, 2019 between Executive and the Company (as amended from time to time, the “Employment Agreement”).

 

WHEREAS,
the Company advises Executive to consult with Executive’s own legal counsel before signing this Agreement; and

 

WHEREAS,
Executive formerly was employed by the Company as ____________ and by its wholly-owned subsidiary, Contura Energy Services, LLC,
a Delaware limited liability company (“CES”), as an employee of CES; and

 

WHEREAS,
the Company employed Executive pursuant to the terms and conditions set forth in the Employment Agreement, which provides for
certain payments and benefits in the event that Executive’s employment is terminated under certain circumstances; and

 

WHEREAS,
an express condition of Executive’s entitlement to the payments and benefits under the Employment Agreement is the execution
of a general release in the form set forth below; and

 

WHEREAS,
Executive’s employment has been terminated effective _____________ ____, ____ (“Date of Termination”).

 

NOW, THEREFORE,
IT IS HEREBY AGREED by and between Executive and the Company as follows:

 

1. (a) To
the fullest extent permitted by law, Executive, for and in consideration of the commitments of the Company as set forth in paragraph
‎5 of this Agreement, and intending to be legally bound, does
hereby REMISE, RELEASE AND FOREVER DISCHARGE the Company and the Employer Entities (as defined in the Employment Agreement), and
their affiliates, predecessors, subsidiaries and parents, and their present or former officers, directors, shareholders, employees,
and agents, and its and their respective successors, assigns, heirs, executors, and administrators and the current and former
trustees or administrators of any pension or other benefit plan applicable to the employees or former employees of the Company
or any Employer Entity (collectively, “Releasees”) from all causes of action, suits, debts, claims and demands
whatsoever in law or in equity, which Executive ever had, now has, or hereafter may have, whether known or unknown, or which Executive’s
heirs, executors, or administrators may have, by reason of any matter, cause or thing whatsoever, from any time prior to the date
of this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating
in any way to Executive’s employment relationship with the Company or any Employer Entity and/or their subsidiaries or affiliates,
the terms and conditions of that employment relationship, and the termination of that employment relationship, including,

 

    24

     

    

but not limited
to, any claims arising under the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection
Act of 1990, as amended, Title VII of the Civil Rights Act, as amended, the Americans with Disabilities Act, as amended, the Family
and Medical Leave Act, as amended, the Equal Pay Act, as amended, the Employee Retirement Income Security Act, as amended, the
Civil Rights Act of 1991, as amended, the Worker Adjustment and Retraining Notification Act, as amended, and any other claims
under any federal, state or local common law, statutory, or regulatory provision, now or hereafter recognized, and any claims
for attorneys’ fees and costs; provided, that Executive does not release or discharge the Releasees from (i) any rights
to any payments, benefits or reimbursements due to Executive under Sections ‎3.5
or ‎3.8 of the Employment Agreement; (ii) any rights of Executive
to indemnification under any applicable directors’ and officers’ liability insurance policies maintained by the Company;
(iii) any rights to any accrued and vested benefits (including any vested equity-based awards) due to Executive under any employee
benefit plans sponsored or maintained by the Company; or (iv) any rights under the Section 4999 Agreement. This Agreement is effective
without regard to the legal nature of the claims raised and without regard to whether any such claims are based upon tort, equity,
implied or express contract or discrimination of any sort. This release is intended to be a general release, and excludes only
those claims expressly set forth herein or that Executive cannot release as a matter of law under any statute or common law. Executive
is advised to seek independent legal counsel if Executive seeks clarification on the scope of this release.

 

(b) To the
fullest extent permitted by law, and subject to the provisions of paragraph ‎10
and paragraph ‎12 below, Executive represents and affirms
that Executive has not filed or caused to be filed on Executive’s behalf any charge, complaint or claim for relief against
the Company or any Releasee that would be barred by the terms of this Agreement and, to the best of Executive’s knowledge
and belief, no outstanding charges, complaints or claims for relief that would be barred by the terms of this Agreement have been
filed or asserted against the Company or any Releasee on Executive’s behalf. In the event that there is outstanding any
such charge, complaint or claim for relief, Executive agrees to seek its immediate withdrawal and dismissal with prejudice. In
the event that for any reason said charge, complaint or claim for relief cannot be withdrawn, Executive shall not voluntarily
testify, provide documents or otherwise participate in any investigation or litigation arising therefrom or associated therewith
and shall execute such other papers or documents as the Company’s counsel determines may be necessary to have said charge,
complaint or claim for relief dismissed with prejudice. Nothing herein shall prevent Executive from testifying in any cause of
action when required to do so by process of law. Executive shall promptly inform the Company if called upon to testify.

 

(c) Executive
does not waive any right to file a charge with the Equal Employment Opportunity Commission (“EEOC”) or participate
in an investigation or proceeding conducted by the EEOC, but explicitly waives any right to file a personal lawsuit or receive
monetary damages that the EEOC might recover if said charge results in an EEOC lawsuit against the Company or any Releasee.

 

2. Executive
acknowledges his obligation to comply with the restrictions described in ‎Article
4 and ‎Article 5 of the Employment Agreement.

 

    25

     

    

3. Executive
further agrees and recognizes that Executive has permanently and irrevocably severed Executive’s employment relationship
with the Company and any Employer Entity, that Executive shall not seek employment with the Company or any Employer Entity at
any time in the future, and that neither the Company nor any Employer Entity has any obligation to employ him in the future. Effective
as of the Date of Termination, Executive resigned from and is removed from all boards and committees of the Company, the Employer
Entities and their subsidiaries and affiliates on which Executive may have previously served.

 

4. Executive
further agrees that Executive will not publicly disparage or subvert the Company or any Releasee, or make any public statement
reflecting negatively on the Company, any Employer Entity, their subsidiaries or affiliated corporations or entities, or any of
their officers, directors, employees, agents or representatives, including, but not limited to, any matters relating to the operation
or management of the Company or any Releasee, Executive’s employment and the termination of Executive’s employment,
irrespective of the truthfulness or falsity of such statement. The Company agrees that Company will instruct its executive officers
and directors to not publicly disparage or subvert Executive or make any public statement reflecting negatively on Executive,
including, but not limited to, any matters relating to Executive’s performance, Executive’s employment and the termination
of Executive’s employment, irrespective of the truthfulness or falsity of such statement.

 

5. In consideration
for Executive’s promises, as set forth herein, the Company agrees to pay or provide to or for Executive the payments and
benefits described in Sections ‎3.5 and ‎3.8
of the Employment Agreement. Except as set forth in this Agreement and subject to the exceptions set forth in clauses (i) through
(iv) of paragraph ‎1, it is expressly agreed and understood
that the Company and Releasees do not have, and will not have, any obligations to provide Executive at any time in the future
with any payments, benefits or considerations other than those recited in this paragraph, or those required by law.

 

6. Executive
understands and agrees that the payments, benefits and agreements provided in this Agreement are being provided to him in consideration
for Executive’s acceptance and execution of, and in reliance upon Executive’s representations in, this Agreement.
Executive agrees that absent execution without revocation of this Agreement containing a release of all claims against the Releasees,
Executive is not entitled to the payments and benefits set forth in Sections ‎3.5
and ‎3.8 of the Employment Agreement.

 

7. Executive
acknowledges and agrees that this Agreement and the Employment Agreement supersede any employment agreement or offer letter (excluding,
for the avoidance of doubt, the Section 4999 Agreement) Executive has with the Company or any Releasee. To the extent Executive
has entered into any other enforceable written agreement with the Company or any Releasee that contains provisions that are outside
the scope of this Agreement and the Employment Agreement and are not in direct conflict with the provisions in this Agreement
or the Employment Agreement, the terms in this Agreement and the Employment Agreement shall not supersede, but shall be in addition
to, any other such agreement. Except as set forth expressly herein, no promises or representations have been made to Executive
in connection with the termination of Executive’s Employment Agreement, if any, or offer letter, if any, with the Company,
or the terms of this Agreement.

 

    26

     

    

8. Notwithstanding
the foregoing, Executive has the right under federal law to certain protections for cooperating with or reporting legal violations
to the Securities and Exchange Commission (the “SEC”) and/or its Office of the Whistleblower, as well as certain
other governmental entities and self-regulatory organizations. As such, nothing in this Agreement or otherwise prohibits or limits
Executive from disclosing this Agreement to, or from cooperating with or reporting violations to or initiating communications
with, the SEC or any other such governmental entity or self-regulatory organization, and Executive may do so without notifying
the Company. Neither the Company nor any Employer Entity may retaliate against Executive for any of these activities, and nothing
in this Agreement or otherwise requires Executive to waive any monetary award or other payment that Executive might become entitled
to from the SEC or any other governmental entity or self-regulatory organization. Moreover, nothing in this Agreement or otherwise
prohibits Executive from notifying the Company that Executive is going to make a report or disclosure to law enforcement. Notwithstanding
anything in this Agreement to the contrary, pursuant to the Defend Trade Secrets Act of 2016, Executive and the Company acknowledge
and agree that Executive shall not have criminal or civil liability under any federal or state trade secret law for the disclosure
of any trade secret that (i) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly,
or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in
a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition and without
limiting the preceding sentence, Executive and the Company further acknowledge and agree that if Executive files a lawsuit for
retaliation by the Company or any Employer Entity for reporting a suspected violation of law, Executive may disclose the trade
secret to his attorney and may use the trade secret information in the court proceeding, if Executive (x) files any document containing
the trade secret under seal and (y) does not disclose the trade secret, except pursuant to court order.

 

9. Executive
represents that Executive does not, without the Company’s prior written consent, presently have in Executive’s possession
any records and business documents, whether on computer or hard copy, and other materials (including but not limited to computer
disks and tapes, computer programs and software, office keys, correspondence, files, customer lists, technical information, customer
information, pricing information, business strategies and plans, sales records and all copies thereof) (collectively, the “Corporate
Records”) provided by the Company, any Employer Entity and/or their predecessors, subsidiaries or affiliates or obtained
as a result of Executive’s prior employment with the Company, any Employer Entity and/or their predecessors, subsidiaries
or affiliates, or created by Executive while employed by or rendering services to the Company, any Employer Entity and/or their
predecessors, subsidiaries or affiliates. Executive acknowledges that all such Corporate Records are the property of the Company.
In addition, Executive shall promptly return in good condition any and all Company owned equipment or property, including, but
not limited to, automobiles, personal data assistants, facsimile machines, copy machines, pagers, credit cards, cellular telephone
equipment, business cards, laptops, computers, and any other items requested by the Company. As of the Date of Termination, the
Company will make arrangements to remove, terminate or transfer any and all business communication lines including network access,
cellular phone, fax line and other business numbers.

 

10. Nothing
in this Agreement shall prohibit or restrict Executive from: (i) making any disclosure of information required by law; (ii) providing
information to, or testifying or

 

    27

     

    

otherwise assisting
in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory
organization, or the Company’s designated legal, compliance or human resources officers; or (iii) filing, testifying, participating
in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to
fraud, or any rule or regulation of the SEC or any self-regulatory organization.

 

11. The parties
agree and acknowledge that the agreement by the Company described herein, and the settlement and termination of any asserted or
unasserted claims against the Releasees, are not and shall not be construed to be an admission of any violation of any federal,
state or local statute or regulation, or of any duty owed by any of the Releasees to Executive.

 

12. Executive
agrees and recognizes that should Executive breach any of the obligations or covenants set forth in this Agreement, the Company
will have no further obligation to provide Executive with the consideration set forth herein, and will have the right to seek
repayment of all consideration paid up to the time of any such breach. Further, Executive acknowledges in the event of a breach
of this Agreement, Releasees may seek any and all appropriate relief for any such breach, including equitable relief and/or money
damages, attorneys’ fees and costs.

 

13. Executive
further agrees that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving
actual damages, as well as to an equitable accounting of all earnings, profits and other benefits arising from any violations
of this Agreement, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be
entitled. The dispute resolution provisions set forth in Section ‎7.7
of the Employment Agreement apply to any dispute regarding the termination of Executive’s employment, and any dispute related
to and/or arising under this Agreement, including without limitation any challenge Executive may make regarding the validity of
this Agreement.

 

14. This
Agreement and the obligations of the parties hereunder shall be construed, interpreted and enforced in accordance with the laws
of the State of Delaware.

 

15. Jurisdiction
and venue in any proceeding by the Company or Executive to enforce their rights hereunder is specifically limited to any court
geographically located in Bristol, Tennessee.

 

16. Executive
certifies and acknowledges as follows:

 

(a) That Executive
has read the terms of this Agreement, and that Executive understands its terms and effects, including the fact that Executive
has agreed to RELEASE AND FOREVER DISCHARGE the Company and the Releasees from any legal action arising out of Executive’s
employment relationship with the Company or any Employer Entity and the termination of that employment relationship; and

 

(b) That Executive
has signed this Agreement voluntarily and knowingly in exchange for the consideration described herein, which Executive acknowledges
is adequate and satisfactory to him and which Executive acknowledges is in addition to any other benefits to which Executive is
otherwise entitled; and

 

    28

     

    

(c) That Executive
has been and is hereby advised in writing to consult with an attorney prior to signing this Agreement; and

 

(d) That Executive
does not waive rights or claims that may arise after the date this Agreement is executed; and

 

(e) That the
Company has provided Executive with a period of [twenty-one (21)] or [forty-five (45)] days within which to consider this Agreement,
and that Executive has signed on the date indicated below after concluding that this Separation of Employment Agreement and General
Release is satisfactory to Executive; and

 

(f) Executive
acknowledges that this Agreement may be revoked by him within seven (7) days after execution, and it shall not become effective
until the expiration of such seven (7) day revocation period. In the event of a timely revocation by Executive, this Agreement
will be deemed null and void and the Company will have no obligations hereunder.

 

[SIGNATURE
PAGE FOLLOWS]

 

    29

     

    

Intending
to be legally bound hereby, Executive and the Company executed the foregoing Separation of Employment Agreement and General Release
this ______ day of ______________, _____.

 

 

	 	 	Witness:	 	 
	David J. Stetson	 	 	 	 

 

 

	CONTURA ENERGY, INC.	 	 	 
	By:	 	 	Witness:	 	 
	Name:	 	 	 	 	 
	Title:tsla-ex101_197.htm

Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

 

Exhibit 10.1

 

Execution Draft

	
	
LML 2018 wAREHOUSE spv, LLC

3500 Deer Creek

Palo Alto, CA 94304

 

June 14, 2019

 

 

Lenders under the Loan Agreement

referred to below

 

 

Ladies and Gentlemen:

Reference is made to the Loan and Security Agreement, dated as of December 27, 2018 (as amended, restated or otherwise modified prior to the date hereof, the “Loan Agreement”; capitalized terms used but not defined herein have the meanings assigned thereto in the Loan Agreement), among LML 2018 Warehouse SPV, LLC (the “Borrower”), as borrower, Tesla Finance LLC, Deutsche Bank Trust Company Americas, as paying agent, Deutsche Bank AG, New York Branch, as administrative agent, the lenders parties thereto from time to time and the agents parties thereto from time to time.

1.Single Month Maturity Limit.

Due to strong demand at the end of fourth quarter 2018 which resulted in a high number of leases in December 2018, on the next date of deterimation, the aggregate Base Residual Value of all Warehouse SUBI Leases that are Eligible Leases scheduled to reach their Lease Maturity Date in any one (1) month will be greater than [***]. The Borrower anticipates that the Lease Maturity Dates of the portfolio will naturally rebalance with lease sales through July 31, 2019. 

 

2.Consent.

The Borrowers hereby request that the Group Agents, on behalf of the Lenders of their Group, consent to modify the Single Month Maturity Limit to be [***] for dates of determination where the last day of the Settlement Period immediately preceding such dates or the related Cut-Off Date, as applicable (such applicable last day or Cut-Off Date, the “Measurement Date”), is on or before June 30, 2019.

For Measurement Dates after June 30, 2019, the Single Month Maturity Limit shall revert back to [***].

Please indicate your consent to the foregoing by countersigning this letter. The foregoing consent and agreement shall become effective (the date of such effectiveness, the “Consent Effective Date”) upon receipt by the Borrower of this letter countersigned by the Required Supermajority Group Agents. 

 

				
	
 
	
 
	
 
	
 

 

 

3.Representations and Warranties. 

The Borrower hereby confirms that each of the representations and warranties made by it in the Loan Agreement is true and correct in all material respects on and as of the date hereof (it being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and (y) any representation or warranty that is qualified by “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects). The Borrower represents and warrants that, as of the date hereof, no Default or Event of Default has occurred and is continuing and no Default or Event of Default will result after giving effect to the occurrence of the Consent Effective Date. 

 

4.Miscellaneous. 

Except as expressly set forth herein, this letter shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any Lender or Agent under the Loan Agreement or any other Transaction Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement or any other Transaction Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement or any other Transaction Document in similar or different circumstances.

 

This letter agreement shall constitute a Transaction Document for purposes of the Loan Agreement and the Transaction Documents. This letter agreement and the rights and obligations of the parties hereto shall be governed by, and construed in accordance with, the laws of the State of New York. 

 

This letter agreement may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This letter agreement may be delivered by facsimile or other electronic transmission of the relevant signature pages hereof.

 

 

 

 

 

	
 
	
-2-
	
 

 

 

 

	
Very truly yours,

	
 

	
LML 2018 WAREHOUSE SPV, LLC

	
 

	
By:  
	
/s/ Yaron Klein

	
 
	
Name:  Yaron Klein

	
 
	
Title:  Treasurer

 

 

	
 
	
[Signature Page- Letter]
	
 

 

 

 

Consented and agreed to as of 
the date first above written:

 

Deutsche Bank AG, New York Branch,

as Administrative Agent, as Group Agent

 

 

	
By:
	
 
	
/s/ Kevin Fagan

	
 
	
 
	
Name:Kevin Fagan

	
 
	
 
	
Title:Vice President

 

	
By:
	
 
	
/s/ Katherine Bologna

	
 
	
 
	
Name:Katherine Bologna

	
 
	
 
	
Title:Managing Director

 

 

[Signature Page- Letter]

 

 

 

Consented and agreed to as of 
the date first above written:

CITIBANK, N.A., as a Group Agent 

 

 

	
By:
	
 
	
/s/ Brian Chin

	
 
	
 
	
Name:Brian Chin

	
 
	
 
	
Title:Vice President

 

 

 

[Signature Page- Letter]

 

 

Consented and agreed to as of 
the date first above written:

ROYAL BANK OF CANADA, as a Group Agent 

 

 

	
By:
	
 
	
/s/ Angela Nimoh-Etsiakoh

	
 
	
 
	
Name:Angela Nimoh-Etsiakoh

	
 
	
 
	
Title:Authorized Signatory

 

 

[Signature Page- Letter]

 

 

Consented and agreed to as of 
the date first above written:

CREDIT SUISSE AG, NEW YORK BRANCH, as a Group Agent 

 

 

	
By:
	
 
	
/s/ Patrick Duggan
	
 
	
/s/ Jeffrey Traola

	
 
	
 
	
Name:Patrick Duggan
	
 
	
Name:Jeffrey Traola

	
 
	
 
	
Title:Vice President
	
 
	
Title:Director

 

 

 

[Signature Page- Letter]

 

 

Consented and agreed to as of 
the date first above written:

BARCLAYS BANK PLC, as a Group Agent 

 

 

	
By:
	
 
	
/s/ John McCarthy

	
 
	
 
	
Name:John McCarthy

	
 
	
 
	
Title:Director

 

 

 

[Signature Page- Letter]

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