Document:

EX-4.8

 Exhibit 4.8 

 
 1 IMPORTANT – THIS DOCUMENT IS OF VALUE, IS NEGOTIABLE AND REQUIRES YOUR IMMEDIATE
ATTENTION. This document is intended only for use by eligible U.S. or Canadian persons in connection with the Rights Issue in the United States and Canada and must not be used by any person with a registered address, located or resident outside the
United States and Canada. The offer contained herein expires at 11:59pm (UK time) on Wednesday, 2 October 2013. This entire document must be presented when payment is made. US holders of ordinary shares (“Ordinary Shares”) in Barclays
PLC (the “Company” or “Barclays”) should read this Provisional Allotment Letter (“PAL”) in conjunction with the prospectus relating to the Company dated 16 September 2013 (the “Prospectus”) contained in
the registration statement on Form F-3 (File No. 333-173886) that has been filed with the Securities and Exchange Commission (the “SEC”) and is available free of charge on Barclays’ website at Barclays.com/rightsissue. Canadian
holders of Ordinary Shares in Barclays should read this PAL in conjunction with the Canadian offering memorandum (the “Canadian Offering Memorandum”), which includes the Prospectus and additional Canadian disclosure. Copies of the
Prospectus are available free of charge on the SEC’s website at www.sec.gov or by accessing Barclays’ website at Barclays.com/rightsissue. Copies of the Prospectus and Canadian Offering Memorandum, as applicable, may also be obtained by
contacting D.F. King & Co., Inc., 48 Wall Street, New York, NY 10005, +1 (800) 269-6427 (toll free in the U.S. or Canada) or +1 (212) 269-5550 (call collect from outside the U.S. and Canada). Shareholders should read the
Prospectus or Canadian Offering Memorandum, as applicable, carefully before deciding whether to take up their rights to Ordinary Shares, nil paid (“Nil Paid Rights”) to which they are entitled or to take any other action relating to the
Rights Issue. Save where the context requires otherwise, words and expressions defined in the Prospectus shall have the same meaning in this PAL. Barclays PLC (incorporated and registered in England and Wales with Registered No. 48839) 1 for 4
Rights Issue of 3,219,067,868 New Ordinary Shares at 185 pence per New Ordinary Share payable in full on acceptance no later than 11.59pm (UK time) on Wednesday, 2 October 2013 PLEASE READ THE PROSPECTUS AND ACCOMPANYING ‘BARCLAYS PLC
RIGHTS ISSUE – YOUR QUESTIONS ANSWERED’ BOOKLET FOR INFORMATION ON COMPLETING THIS FORM. YOUR CHOICES INCLUDE THE FOLLOWING: Shareholder Reference Number Allotment Number Your telephone number in case we need to contact you (including
country code) BOX 1 Your shareholding at close of business (UK time) on Friday, 13 September 2013 BOX 2 The number of New Ordinary Shares provisionally allotted to you BOX 3 The amount you must pay at 185 pence per New Ordinary Share to take up
all of your Rights Please write the cheque/banker’s draft details (sort code and cheque/banker’s draft number) in the section here. Sort Code Cheque/bankers draft No. CHOICE (A) TAKE UP ALL OF YOUR RIGHTS – The deadline for
taking up this Choice is 11.59pm (UK time) on Wednesday, 2 October 2013 1. Tick BOX A. 2. Provide a cheque or banker’s draft drawn from a UK clearing bank in pounds sterling made payable to ‘Barclays PLC Rights Issue’ for the
amount set out in Box 3 above. Please write your Allotment Number (see above) and surname on the back of the cheque/bankers draft and the cheque/bankers draft details in the boxes below. 3. You must submit one cheque/banker’s draft per PAL and
return it together with this PAL in the reply paid envelope provided. BOX A CHOICE (B) TAKE UP SOME OF YOUR RIGHTS – The deadline for taking up this Choice is 11.59pm (UK time) on Wednesday, 2 October 2013 1. Tick BOX B. 2. Write in
the Boxes opposite the number of New Ordinary Shares you wish to acquire and the amount payable (at 185 pence per share). 3. All holders should sign and date Form X on Page 4 of this PAL. 4. Provide a cheque or banker’s draft drawn from a UK
clearing bank in pounds sterling made payable to ‘Barclays PLC Rights Issue’ for the amount set out in the Box opposite. Please write your Allotment Number (see above) and surname on the back of the cheque/banker’s draft and the
cheque/banker’s draft details in the boxes below. 5. You must submit one cheque/banker’s draft per PAL and return it together with this PAL in the reply paid envelope provided. Number of New Ordinary Shares you wish to acquire: Amount
enclosed (at 185 pence per New Ordinary Share): £ BOX B U.S./CANADA PROVISIONAL ALLOTMENT LETTER Equiniti Financial Services Limited is registered in England and Wales with No. 6208699 and is authorized and regulated by the Financial
Conduct Authority No. 468631. Registered Office: Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA United Kingdom. Barclays PLC. Registered in England. Registered No. 48839. Registered Office: 1 Churchill Place, London E14 5HP.
Helpful information about the BARCLAYS PLC Rights Issue Please read the enclosed “Barclays PLC Rights Issue—Your Questions Answered (United States, Canada and ADSs)” booklet for more information on the Rights Issue. If you have any
questions, please contact D.F. King & Co., Inc., 48 Wall Street, New York, NY 10005, +1 (800) 269-6427 (toll free in the U.S. and Canada) or +1 (212) 269-5550 (call collect from outside the U.S. and Canada) (lines open 9.00am to
9.00pm (New York City time) Monday to Friday). The operators can advise you on the choices that are available to you and the actions you should take once you have decided what you wish to do, but they cannot provide advice on the merits of the
Rights Issue nor give financial, tax, investment or legal advice. The times and dates referred to in this PAL are indicative only and may be subject to change. 

 

 
 2 Dear Shareholder, 1. PROVISIONAL ALLOTMENT Subject to and in accordance with the
terms and conditions of this Provisional Allotment Letter (“PAL”) and the Prospectus and subject to the articles of association of the Company, you have been provisionally allotted the number of New Ordinary Shares set out in Box 2 on page
1 of this PAL. New Ordinary Shares have been provisionally allotted to Shareholders on the basis of 1 New Ordinary Share for every 4 Existing Ordinary Shares held and registered in the name of the Shareholder at close of business (UK time) on
Friday, 13 September 2013. Fractions of New Ordinary Shares have not been allotted and entitlements have been rounded down to the next lowest whole number of New Ordinary Shares. You have the right to subscribe for the New Ordinary Shares
provisionally allotted to you at a price of 185 pence per New Ordinary Share, payable in full on acceptance, in the manner set out in note 3 below, by no later than 11.59pm (UK time) on Wednesday, 2 October 2013. You may, subject to note 11 on
page 3, accept all or any number of the New Ordinary Shares offered to you hereunder or dispose of your right to all or any of them. No dealings may occur until admission of the New Ordinary Shares to the Official List of the UK Financial Conduct
Authority and to trading on the London Stock Exchange (“Admission”). If Admission has not occurred by 8.00am (UK time) on Thursday, 3 October 2013 or, in certain circumstances described in the section entitled “Description of the
Offering—Section A. Subscription by Holders of Ordinary Shares—Conditions of the Rights Issue” of the Prospectus, by Thursday, 7 November 2013, this document will cease to be valid and will be of no effect. 2. DIVIDEND RIGHTS The
New Ordinary Shares will, when issued and fully paid, rank equally in all respects with the Existing Ordinary Shares of the Company, including the right to receive all dividends or other distributions made, paid or declared after the date of the
issue. 3. ACCEPTANCE AND PAYMENT You may accept all or any of the New Ordinary Shares offered to you. Except as provided in note 11 on page 3, persons wishing to accept the provisional allotment of all of the New Ordinary Shares to which they are
entitled should tick Choice (A) on page 1 of this PAL and return the whole of this PAL, together with a cheque or banker’s draft in pounds sterling for the full amount payable shown in Box 3 on page 1, by post or by hand (during normal
business hours only other than on Wednesday, 2 October 2013) to The Registrar to Barclays, Corporate Actions, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA so as to arrive as soon as possible and in any event so as to be received no
later than 11.59pm (UK time) on Wednesday, 2 October 2013, being the latest time and date for acceptance and payment in full. A reply-paid envelope is enclosed for the purpose of lodging this PAL by post. If requested, by indicating in Box 4 on
page 4 of this PAL, this PAL duly receipted, will subsequently be returned to the first named registered holder (or to the person validly detailed in Box 5 on page 4). Return of the PAL with payment in full will constitute acceptance of the
provisional allotment upon the terms and subject to the conditions in the Prospectus and this PAL and subject to the articles of association of the Company. Save as stated in the Prospectus, if this PAL accompanied by payment in full for the New
Ordinary Shares provisionally allotted has not been received by 11.59pm (UK time) on Wednesday, 2 October 2013, whether from the original allottee or any other person in whose favour the rights have been renounced, this provisional allotment
will be deemed to have been declined and will lapse. In these circumstances such entitlements will be subject to the provisions of the section entitled “Description of the Offering—Section A. Subscription by Holders of Ordinary
Shares—Unexercised Ordinary Share Rights” of the Prospectus on the basis set out in note 5 below. The Company may elect, but shall not be obliged, to treat as valid PALs and accompanying remittances for the full amount due which are
received prior to 11.59pm (UK time) on Thursday, 3 October 2013. The Company may (in its sole discretion) treat a PAL as valid and binding on the person(s) by whom or on whose behalf it is lodged even if it is not completed in accordance with
the relevant instructions or not accompanied by a valid power of attorney where required. The Company, the Banks, Equiniti Financial Services Limited and their agents may each in their sole discretion interpret instructions (including handwritten
markings) on this PAL, and shall not be responsible for any loss or damage (whether actual or alleged) arising from the exercise of such discretion. If you wish to take up only part of your entitlement, you should tick Choice (B) on page 1 of
this PAL and sign and date Form X on page 4. You should return the whole of this PAL, together with a cheque or banker’s draft in pounds sterling for the amount payable for the rights you wish to take up (at 185 pence per New Ordinary Share),
by post or by hand (during normal business hours only other than on Wednesday, 2 October 2013) to The Registrar to Barclays, Corporate Actions, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA so as to arrive as soon as possible and in
any event so as to be received no later than 11.59pm (UK time) on Wednesday, 2 October 2013. Immediately after 11.59pm on such date, the remainder of your rights will be deemed to have been declined and will lapse. In these circumstances such
entitlements will be subject to the provisions of the section entitled “Description of the Offering—Section A. Subscription by Holders of Ordinary Shares—Unexercised Ordinary Share Rights” of the Prospectus on the basis set out
in note 5 below. Alternatively if you wish to transfer the remainder of the rights to New Ordinary Shares, you should apply for split PAL(s) by no later than 3.00pm (UK time) on Monday, 30 September 2013 in accordance with the instructions in
note 2 on page 3 of this PAL. All payments made must be made in pounds sterling by cheque or banker’s draft and should be made payable to ‘Barclays PLC Rights Issue’ and crossed “A/C payee only”. Cheques or banker’s
drafts must be drawn on a bank or building society in the United Kingdom or the Channel Islands which is either a settlement member of the Cheque and Credit Clearing Company Limited or the CHAPS Clearing Company Limited or which has arranged for its
cheques and banker’s drafts to be cleared through the facilities provided by any of those companies or committees and must bear the appropriate sort code in the top right hand corner. Cheques must be drawn on the personal account to which you
have sole or joint title to the funds. Third party cheques may not be accepted with the exception of building society cheques or banker’s drafts where the building society or bank has confirmed the name of the account holder by stamping or
endorsing the cheque or draft to such effect. The account name should be the same as that shown on the application. Post-dated cheques will not be accepted. Cheques or banker’s drafts will be presented for payment upon receipt. The Company
reserves the right to instruct The Registrar to Barclays to seek special clearance of cheques and banker’s drafts to allow value to be obtained for remittances at the earliest opportunity. No interest will be paid on payments made before they
are due. It is a term of the Rights Issue that cheques shall be honoured on first presentation and the Company may elect to treat as invalid acceptances in respect of which cheques are not so honoured. Return of a completed PAL will constitute a
warranty that the cheque will be honoured on first presentation. All documents, cheques and banker’s drafts sent through the post will be sent at the risk of the sender. Payments via CHAPS, BACS or electronic transfer will not be accepted. You
should not send cash. Such remittance, when received together with this PAL, will constitute acceptance of this provisional allotment in accordance with the terms and conditions in this PAL and those set out in the Prospectus and subject to the
articles of association of the Company. It is a term of the Rights Issue that, to ensure compliance with the Money Laundering Regulations, The Registrar to Barclays may, in its absolute discretion, require verification of the identity of the person
by whom or on whose behalf a PAL is lodged with payment (which requirements are referred to below as the “verification of identity requirements”). If an application is made by a UK regulated broker or intermediary acting as agent and which
is itself subject to the Money Laundering Regulations, any verification of identity requirements are the responsibility of such broker or intermediary and not of The Registrar to Barclays. In such case, the lodging agent’s stamp should be
inserted on the PAL. The person(s) (the “acceptor”) who, by lodging a PAL with payment, as described above, accept(s) the allotment of the New Ordinary Shares (the “relevant shares”) comprised in such PAL (being the provisional
allottee or, in the case of renunciation, the person named in such PAL) shall thereby be deemed to agree to provide The Registrar to Barclays and/or the Company with such information and other evidence as they or either of them may require to
satisfy the verification of identity requirements and agree for The Registrar to Barclays to make a search via a credit reference agency for the purpose of confirming such identity where deemed necessary. A record of the search will be retained. If
The Registrar to Barclays determines that the verification of identity requirements apply to an acceptance of an allotment and the verification of identity requirements have not been satisfied (which The Registrar to Barclays shall in its absolute
discretion determine) by 11.59pm (UK time) on Wednesday, 2 October 2013, the Company may, in its absolute discretion, and without prejudice to any other rights of the Company, treat the acceptance as invalid, in which event the application
monies will be returned (at the applicant’s risk) without interest to the account of the bank or building society on which the relevant cheque or banker’s draft was drawn, or may confirm the allotment of the relevant shares to the acceptor
but (notwithstanding any other term of the Rights Issue) such shares will not be issued to him or registered in his name until the verification of identity requirements have been satisfied (which The Registrar to Barclays shall in its absolute
discretion determine). A record of the search will be retained. If the acceptance is not treated as invalid and the verification of identity requirements are not satisfied within such period, being not less than seven days after a request for
evidence of identity is posted to the acceptor, as the Company may in its absolute discretion allow, the Company will be entitled to make arrangements (in its absolute discretion as to manner, timing and terms) to sell the relevant shares (and for
that purpose the Company will be expressly authorised to act as agent of the acceptor). Any proceeds of sale (net of expenses) of the relevant shares which shall be issued to and registered in the name of the purchaser(s) or an amount equivalent to
the original payment, whichever is the lower, will be held by the Company on trust for the acceptor, subject to the requirements of the Money Laundering Regulations. The Registrar to Barclays is entitled in its absolute discretion to determine
whether the verification of identity requirements apply to any acceptor and whether such requirements have been satisfied. None of the Company, the Banks nor The Registrar to Barclays will be liable to any person for any loss suffered or incurred as
a result of the exercise of any such discretion or as a result of any sale of relevant shares. Return of a PAL with the appropriate remittance will constitute a warranty from the acceptor that the Money Laundering Regulations will not be breached by
acceptance of such remittance and an undertaking by the applicant to provide promptly to The Registrar to Barclays such information as may be specified by The Registrar of Barclays as being required for the purpose of the Money Laundering
Regulations. If the verification of identity requirements apply, failure to provide the necessary evidence of identity may result in your acceptance being treated as invalid or in delays in the posting of a receipted fully-paid PAL or a share
certificate. 4. WITHDRAWAL RIGHTS Persons who have the right to withdraw their acceptances under Section 87Q(4) of the FSMA after a supplementary prospectus (if any) has been published and who wish to exercise such right of withdrawal must do
so by lodging a written notice of withdrawal (which shall not include a notice sent by facsimile or any other form of electronic communication), which must include the full name and address of the person wishing to exercise such statutory withdrawal
rights and, if such person is a CREST member, the participant ID and the member account ID of such CREST member, with The Registrar to Barclays, Corporate Actions, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA so as to be sent no later
than two business days after the date on which the supplementary prospectus was published, withdrawal being effective as at posting of the written notice of withdrawal. Notice of withdrawal given by any other means or which is deposited with or
received by The Registrar to Barclays after the expiry of such period will not constitute a valid withdrawal. Furthermore, the Company will not permit the exercise of withdrawal rights after payment by the relevant Shareholder of its subscription
amount in full and the allotment of the New Ordinary Shares to such Shareholder becoming unconditional. In such circumstances, Shareholders are advised to consult their professional advisers. Provisional allotments of New Ordinary Shares which are
the subject of a valid withdrawal notice will be deemed to be declined. Such entitlements will be subject to the provisions of the section entitled “Description of the Offering— Section A. Subscription by Holders of Ordinary
Shares—Unexercised Ordinary Share Rights” of the Prospectus as if the rights had not been validly taken up. 5. PROCEDURE IN RESPECT OF ENTITLEMENTS NOT TAKEN UP The initial underwriters will endeavour to procure, by no later than 4.30pm
(UK time) on Friday, 4 October 2013, subscribers for all (or as many as possible) of those New Ordinary Shares not taken up at a price per New Ordinary Share which is at least equal to the aggregate of the Issue Price and the expenses of
procuring such subscribers (including any applicable brokerage and commissions and amounts in respect of value added tax). Notwithstanding the above, the initial underwriters may cease to endeavour to procure any such subscribers if, in their
opinion, it is unlikely that any such subscribers can be procured at such a price and by such time. If and to the extent that subscribers for New Ordinary Shares cannot be procured on the basis outlined above, the relevant New Ordinary Shares will
be acquired by the Underwriters or their sub-underwriters at the Issue Price pursuant to the terms of the Underwriting Agreement. Any premium over the aggregate of the Issue Price and the expenses of procuring subscribers (including any applicable
brokerage and commissions and amounts in respect of value added tax) shall be paid in pounds sterling (subject as provided in the section entitled “Description of the Offering—Section A. Subscription by Holders of Ordinary
Shares—Unexercised Ordinary Share Rights” of the Prospectus); (i) where the Nil Paid Rights were, at the time they lapsed, represented by a PAL to the person whose name and address appeared on page 1 of this PAL; (ii) where the
Nil Paid Rights were, at the time they lapsed, in uncertificated form, to the person registered as the holder of those Nil Paid Rights at the time of their disablement in CREST; and (iii) where an entitlement to New Ordinary Shares was not
taken up by a Shareholder with an address in any Excluded Territory, to that Shareholder. New Ordinary Shares for which subscribers are procured on this basis will be re-allotted to such subscribers and the aggregate of any premiums (being the
amount paid by such subscribers after deducting the issue price of the New Ordinary Shares and the expenses of procuring such subscribers including any applicable brokerage and commission and amounts in respect of value added tax), if any, will be
paid (without interest) to those persons entitled (as referred to above) pro rata to the relevant lapsed provisional allotments (save that no payment will be made of amounts of less than £3.00, which amounts will be aggregated and donated to
UNICEF). Holdings of Ordinary Shares in certificated and uncertificated form will be treated as being held by different persons for the purpose of all calculating entitlements under the Rights Issue. None of the Company, the Banks nor any person
procuring subscribers or seeking to procure such subscribers shall be responsible, or have any liability whatsoever, for any loss or damage (whether actual or alleged) arising from the terms or timing of any such subscriptions, or the procuring
thereof, or any decision not to endeavour to procure subscribers or any failure to procure any subscribers. 6. SALE OF YOUR RIGHTS If you wish to sell all of the rights evidenced by this PAL or sell sufficient rights represented by this PAL to take
up your remaining entitlement, you should take this PAL to your broker and note 7 below, the instructions on page 3 of this PAL and/or the forms and instructions on page 4 of this PAL shall be applicable. If you wish to transfer all of the rights
represented by this PAL but to different persons, you will first need to apply for the PAL to be split. 7. RENUNCIATION, CONSOLIDATION, SPLITTING, REGISTRATION AND DEPOSIT OF RIGHTS INTO CREST Instructions for renunciation, consolidation, splitting,
registration and deposit of rights into CREST, which are to be regarded as part of this PAL, are set out on page 3 of this PAL and should be studied carefully. 8. DEFINITIVE SHARE CERTIFICATES AND CREDITS TO CREST STOCK ACCOUNTS Definitive share
certificates in respect of the New Ordinary Shares to be held in certificated form are expected to be posted by Thursday, 17 October 2013 to Registered Shareholders (or their transferees who hold Fully Paid Rights in certificated form), or, in
the case of joint holdings, to the first-named Shareholder at their registered address appearing on the Barclays Register of members (unless lodging agent details have been completed in Box 5 on page 4). If this PAL is lodged, fully paid, with the
lodging agent’s name and address inserted in Box 5 on page 4, the definitive share certificate will be posted to the lodging agent. Where this PAL has been renounced following full payment a definitive share certificate will be sent to the
person named in Form Y on page 4 unless (a) the CREST Deposit Form (on page 4) has been completed, in which case a share certificate will not be issued but the relevant CREST account will be credited, or (b) a lodging agent’s stamp
appears on page 4, in which case the certificate will be posted to that agent. If the CREST Deposit Form (on page 4) has been completed, a share certificate will not be issued but the relevant CREST account will be credited. All certificates will be
posted through the post at the risk of the person entitled thereto. Where the CREST Deposit Form on page 4 of this PAL has been completed and deposited with the CREST Courier and Sorting Service, New Ordinary Shares are expected to be credited to
the relevant CREST account on Friday, 4 October 2013. After posting of the share certificates or crediting of CREST accounts, this PAL will cease to be valid for any purpose whatsoever. 9. TRANSFERS PENDING POST OF SHARE CERTIFICATES In respect
of all transfers of New Ordinary Shares fully paid after 11.59pm (UK time) on Wednesday, 2 October 2013 and pending posting of definitive share certificates representing New Ordinary Shares, instruments of transfer will be certificated by The
Registrar to Barclays against the register. 10. STAMP DUTY AND STAMP DUTY RESERVE TAX (“SDRT”) Please refer to the section entitled “Tax Considerations—Material United Kingdom Tax Considerations— Stamp Duty and SDRT” of
the Prospectus. If you are in any doubt as to your liability to stamp duty or SDRT, you should contact your professional adviser without delay. 

 

 
 3 11. SELLING RESTRICTIONS The making or acceptance of the proposed offer of Nil Paid
Rights, Fully Paid Rights and/or New Ordinary Shares to persons who have registered addresses outside the UK, or who are resident in, or citizens of, countries outside the United States and Canada may be affected by the laws of the relevant
jurisdiction. Those persons should consult their professional advisers as to whether they require any governmental or other consents or need to observe any other formalities to enable them to take up their entitlement. Subject to the provisions of
the Prospectus, it is also the responsibility of any persons (including, without limitation, custodians, nominees and trustees) outside the United States and Canada wishing to take up their rights to New Ordinary Shares or otherwise participate in
the Rights Issue to satisfy himself as to the full observance of the laws of any relevant territory in connection therewith, including the obtaining of any governmental or other consents which may be required, the compliance with other necessary
formalities and the payment of any issue, transfer or other taxes due in such territory. The attention of Shareholders outside the United States and Canada is drawn to the section entitled “Description of the Offer—Section A. Subscription
by Holders of Ordinary Shares—Selling Restrictions” of the Prospectus. This PAL is not to be used by Shareholders outside the United States and Canada or holders of ADSs, wherever located. If Shareholders outside the United States and
Canada or holders of ADSs receive this PAL, they should not complete it and instead should contact the bank, broker or financial intermediary through which they hold their Ordinary Shares or ADSs to request a copy of any applicable documents. For
further information and to receive a copy of the UK Prospectus and other applicable form(s), Shareholders outside the United States and Canada may contact the Barclays Shareholder Helpline at 0871 384 2711, if calling from inside the UK, or at +44
121 415 0094, if calling from outside the UK, between 8.30am and 5.30pm (UK time) Monday to Friday (except UK public holidays). Calls to 0871 numbers cost 8 pence per minute (excluding VAT) plus network extras. Calls to the Shareholder Helpline from
outside the UK will be charged at the applicable international rate. For further Information and to request a copy of the Prospectus and the applicable other form(s), holders of ADSs may contact D. F. King & Co., Inc, 48 Wall Street, New
York, NY 10005, +1 (800) 269 6427 (toll free in the U.S. and Canada) or +1 (212) 269-5550 (call collect from outside the U.S. and Canada). Any person accepting and/or renouncing this PAL or requesting registration of the New Ordinary
Shares comprised herein represents and warrants to the Company and the Banks that, except where proof has been provided to the Company’s satisfaction that such person’s use of this PAL will not result in the contravention of any applicable
legal or regulatory requirement in any jurisdiction, (a) such person is not accepting and/or renouncing the PAL, or requesting registration of the relevant New Ordinary Shares, from within any of the Excluded Territories; (b) such person
is not in any territory in which it is unlawful to make or accept an offer to subscribe for New Ordinary Shares or to use the PAL in any manner in which such person has used or will use it; (c) such person is not acting on a non-discretionary
basis, or on behalf of, or for the account or benefit of, for a person located within any Excluded Territory or any territory referred to in (b) above at the time the instruction to accept or renounce was given; and (d) such person is not
acquiring Nil Paid Rights, Fully Paid Rights or New Ordinary Shares with a view to the offer, sale, resale, transfer, delivery or distribution, directly or indirectly, of any such Nil Paid Rights, Fully Paid Rights or New Ordinary Shares into any
Excluded Territory or any territory referred to in (b) above. The Company may treat as invalid any acceptance or purported acceptance of the allotment of New Ordinary Shares comprised in, or renunciation or purported renunciation of, a PAL if
it (a) appears to the Company to have been executed in or posted from any Excluded Territory or otherwise in a manner which may involve a breach of the laws of any jurisdiction or if it believes the same may violate any applicable legal or
regulatory requirement; (b) provides an address in any Excluded Territory (or any jurisdiction in which it would be unlawful to deliver share certificates or sales advice); or (c) purports to exclude the warranty required by this
paragraph. No person receiving a copy of this PAL and/or the Prospectus and/or receiving a credit of Nil Paid Rights to a stock account in CREST in any territory other than the UK may treat the same as constituting an invitation or offer to him, nor
should he in any event use this PAL or deal with the Nil Paid Rights or Fully Paid Rights in CREST unless, in the relevant territory, such an invitation or offer could lawfully be made to him or this PAL could lawfully be dealt with without
contravention of any registration or other legal requirements. In such circumstances, this PAL and the Prospectus are to be treated as sent for information only and should not be copied or redistributed. Registered office: By order of the Board
Barclays PLC Lawrence Dickinson 1 Churchill Place Company Secretary London E14 5HP 17 September 2013 RENUNCIATION, CONSOLIDATION, SPLITTING AND REGISTRATION 1. RENUNCIATION This PAL may, unless prohibited by the laws of certain overseas
jurisdictions, be renounced in whole but not in part in favour of one person (or several persons as joint holders) by completing and signing Form X on page 4 (if not already marked “Original Duly Renounced”) and passing the entire PAL
(but, subject to certain limited exceptions, not into any Excluded Territory) to your stockbroker or bank or other appropriate financial adviser or to the transferee. The latest time and date for registration of renunciation of PALs, fully paid, is
11.59pm (UK time) on Wednesday, 2 October 2013. If this PAL is renounced before the payment due on or before 11.59pm (UK time) on Wednesday, 2 October 2013 has been made, the entire PAL must be lodged, accompanied by the remittance due
together with Form Y duly completed by post or by hand (during normal business hours only) to The Registrar to Barclays, Corporate Actions, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA by no later than 11.59pm (UK time) on Wednesday,
2 October 2013. Alternatively if the rights are to be deposited into CREST, please complete the CREST Deposit Form on page 4 in addition to Form X and, on receipt of your Nil Paid Rights, arrange to make payment through CREST so that it settles
by no later than 2.00pm (UK time) on Wednesday, 2 October 2013. Registration of renunciation cannot be effected unless and until payment of the amount has been made in full as set out in note 3 on page 2. If you wish to take up some of your
entitlement, and sell or transfer the remainder, or you wish to transfer all of the Nil Paid Rights or (if appropriate) Fully Paid Rights but not all to the same person, you should apply for split PALs in accordance with the instruction in note 2 on
this page 3. This PAL will cease to be renounceable at 11.59pm (UK time) on Wednesday, 2 October 2013. The Company reserves the right to refuse to register any renunciation by or in favour of any person in respect of whom it believes such
renunciation may violate applicable legal or regulatory requirements, including (without limitation) any renunciation in the name of a person with an address outside the United States and Canada. If all the New Ordinary Shares are to be registered
in the name of the person(s) listed in the address field on page 1 of this PAL, Form X should not be completed. In the case of PALs that have been split, Form X will be endorsed “Original Duly Renounced”. Notes for completion of Form X All
joint allottees must sign. Any forms completed under a power of attorney must be accompanied by a certified copy of the power of attorney. A company should execute under its common seal (where available) which should be affixed in accordance with
its articles of association or other regulations. Alternatively, a company to which section 44 of the Companies Act 2006 applies may execute this PAL by a director and the company secretary, by two directors of the company or by a director of a
company in the presence of a witness who attests the signature, signing the PAL and bearing the name of the company above their or his signatures. Each of the officers signing the PAL should state the office which he or she holds under their
signatures and any witness should state his names and address. Before signing, please read note 11 above relating to Selling Restrictions. 2. SPLITTING AND ACCEPTANCE IN PART If you wish to take up only some of your entitlements to New Ordinary
Shares set out in Box 2 on page 1 registered in your name, and wish to transfer the remainder, or you wish to transfer all of the Nil Paid Rights or (if appropriate) Fully Paid Rights, but not all to the same person, this PAL must be split. To split
this PAL, it must be lodged by post or by hand (during normal business hours only) to The Registrar to Barclays, Corporate Actions, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA by no later than 3.00pm (UK time) on Monday,
30 September 2013, with Form X on page 4 of this PAL duly completed and signed. You will need to request a split PAL in respect of each proposed transfer. The number of split PALs required and the number of Nil Paid Rights or (as appropriate)
Fully Paid Rights to be comprised in each split PAL should be stated in an accompanying letter. The aggregate number of Nil Paid Rights or (as appropriate) Fully Paid Rights comprised in the split PALs must equal the number of New Ordinary Shares
set out in Box 2 of page 1 of this PAL (less the number of New Ordinary Shares representing rights you wish to take-up if you are accepting your entitlement in part). Form X on the split PALs will be marked “Original Duly Renounced” before
issue. On receipt of the split PALs you should keep the one representing any Nil Paid Rights which you wish to retain (if any) and send the other(s) to the person(s) to whom you are disposing of the remainder of the New Ordinary Shares provisionally
allotted to you. If you wish to take up some of your Nil Paid Rights without transferring the remainder, this PAL should not be split. You should complete Box B on page 1 of this PAL and sign Form X on page 4 and return it by post or by hand (during
normal business hours only) to The Registrar to Barclays, Corporate Actions, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA with a cheque for the appropriate amount to be paid for this number of New Ordinary Shares. In this case, the PAL
and payment must be received by The Registrar to Barclays by 11.59pm (UK time) on Wednesday, 2 October 2013. Please also see “Notes for completion of Form X” above. 3. REGISTRATION UNDER RENOUNCED OR SPLIT PALS If this PAL has been
renounced or is a split PAL and your name(s) does not/do not appear as the original allottee(s) on page 1, to apply for registration for Fully Paid Rights in your name, Form Y on page 4 (as appropriate) must be completed and this PAL must be lodged
by no later than 11.59pm (UK time) on Wednesday, 2 October 2013, by post or by hand (during normal business hours only) to The Registrar to Barclays, Corporate Actions, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA and, provided
payment has been made by 11.59pm (UK time) on Wednesday, 2 October 2013, registration will be effected by The Registrar to Barclays. After 11.59pm (UK time) on Wednesday, 2 October 2013, renunciations will not be accepted for registration.
4. CONSOLIDATION The Nil Paid Rights comprised in two or more PALs (duly renounced where applicable) may be registered in the name of one holder (or joint holders). To consolidate rights attached to two or more PALs, complete on one PAL Form Y on
page 4 (the “Principal Letter”) and attach a letter detailing each PAL Allotment Number (as shown on page 1 of each PAL), the number of New Ordinary Shares represented by each PAL, the total number of PALs to be consolidated and the total
number of New Ordinary Shares represented by all PALs to be consolidated. All the PALs to be consolidated must be lodged in one batch together. Each PAL so lodged (including the Principal Letter) must bear the Allotment Number of the Principal
Letter in the box provided in Form Y on page 4. 5. DEPOSIT OF NIL PAID RIGHTS OR FULLY PAID RIGHTS INTO CREST (i) The Nil Paid Rights or Fully Paid Rights (as appropriate) represented by this PAL may be converted into uncertificated form, that
is, deposited into CREST (whether such conversion arises as a result of a renunciation of those rights or otherwise). Subject as provided in paragraph (ii) below, normal CREST procedures and timings apply in relation to any such conversion. You
are recommended to refer to the CREST manual for details of such procedures. If you are a CREST sponsored member, you should contact your CREST sponsor. (ii) The procedure for depositing the Nil Paid Rights or Fully Paid Rights (as appropriate)
represented by this PAL into CREST, whether such rights are to be converted into uncertificated form in the name(s) of the person(s) whose name(s) and address(es) appear(s) on page 1 of this PAL or in the name(s) of the person(s) to whom this PAL
has been renounced, is as follows: Form X and the CREST Deposit Form (both on page 4 of this PAL) will need to be completed and the PAL deposited by you or your CREST sponsor (as appropriate) with the CREST Courier and Sorting Service
(“CCSS”). In addition, the normal CREST Stock Deposit procedures will need to be carried out, except that (a) it will not be necessary to complete and lodge a separate CREST Transfer Form (prescribed under the Stock Transfer Act 1963)
with the CCSS and (b) only the whole of the Nil Paid Rights or Fully Paid Rights represented by this PAL may be deposited into CREST. If you wish to deposit only some of the Nil Paid Rights or Fully Paid Rights (as appropriate) represented by
this PAL into CREST, you must first apply for split PALs in accordance with the instructions in note 2 on this page bearing in mind the latest time and date for depositing the Nil Paid Rights or Fully Paid Rights represented by this PAL into CREST
is 3.00pm (UK time) on Friday, 27 September 2013. If the rights represented by more than one PAL are to be deposited, the CREST Deposit Form on each PAL must be completed and deposited. The consolidation procedure described in note 4 on this
page must not be used. If you are a CREST sponsored member, you should contact your CREST sponsor. (iii) A holder of Nil Paid Rights or Fully Paid Rights (as appropriate) represented by this PAL who is proposing to convert those rights into
uncertificated form (whether following a renunciation of such rights or otherwise) is recommended to ensure that the conversion procedures are implemented in sufficient time to enable the person who is to hold or acquire rights in CREST following
the conversion to take all necessary steps in connection with taking up the entitlement prior to 2.00pm (UK time) on Wednesday, 2 October 2013. In particular, having regard to normal processing times in CREST and on the part of The Registrar to
Barclays, the latest recommended time for depositing a renounced PAL (with Form X and CREST Deposit Form on page 4 of the PAL duly completed) with the CCSS (in order to enable the person acquiring the Nil Paid Rights or the Fully Paid Rights in
CREST, as a result of the conversion, to take all necessary steps in connection with taking up the entitlement prior to 2.00pm (UK time) on Wednesday, 2 October 2013) is 3.00pm (UK time) on Friday, 27 September 2013. If you are a CREST
sponsored member, you should contact your CREST sponsor. Note: Surrender of this PAL with (a) Form X purporting to have been signed by the same person(s) in whose name(s) it was issued or, in the case of a split PAL, marked “Original Duly
Renounced”, and (b) where applicable, Form Y or the CREST Deposit Form duly completed, shall be conclusive evidence in favour of the Company and The Registrar to Barclays of: (i) the right of the person(s) named in the Form Y or the
CREST Deposit Form of this PAL to be registered as the holder(s) of the New Ordinary Shares comprised in this PAL; (ii) the title of the person(s) lodging this PAL to deal with the same and to receive split PALs and/or a share certificate or a
deposit to their CREST member’s account (as appropriate); and (iii) the authority of the person(s) completing Form Y or the CREST Deposit Form. All documents will be posted by post at the risk of the person(s) entitled to them. For the
avoidance of doubt, each PAL deposited with the CCSS is not considered to be a bearer document unless delivered and liability is limited to standard stock deposit replacement costs in accordance with Euroclear’s standard terms and conditions.
Kindly note: This PAL is issued only to the addressee(s) and is specific to the unique designated account printed hereon. This PAL is not transferable between different (i) account holders, (ii) classes of security, or (iii) uniquely
designed accounts. The Company and The Registrar to Barclays accept no liability for any instruction that does not comply with these conditions. IF YOU TAKE NO ACTION, YOUR RIGHTS WILL LAPSE AND SUCH RIGHTS MAY BE OFFERED FOR SUBSCRIPTION TO OTHER
PERSONS IN ACCORDANCE WITH THE ARRANGEMENTS SET OUT IN NOTE 5 ON PAGE 2. THIS DOCUMENT IS NOT FOR DISTRIBUTION OUTSIDE THE UNITED STATES AND CANADA. THIS DOCUMENT IS INTENDED ONLY FOR USE IN CONNECTION WITH THE RIGHTS ISSUE IN THE UNITED STATES AND
CANADA AND IS NOT TO BE GIVEN OR SENT, IN WHOLE OR IN PART, TO ANY PERSON OUTSIDE SUCH JURSIDICTIONS. IN THE UNITED KINGDOM AND CERTAIN OTHER JURISDICTIONS, THE RIGHTS ISSUE IS BEING MADE PURSUANT TO THE UK PROSPECTUS. SUBJECT TO CERTAIN EXCEPTIONS,
NEITHER THE NIL PAID RIGHTS, THE FULLY PAID RIGHTS, THE NEW ORDINARY SHARES NOR THE PALS MAY BE OFFERED, SOLD, TAKEN UP, EXERCISED, RESOLD, RENOUNCED, TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY, IN OR WITHIN ANY EXCLUDED TERRITORY. PERSONS
INTO WHOSE POSSESSION THIS DOCUMENT AND/OR ANY ACCOMPANYING DOCUMENTS COMES SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRICTIONS. THE ATTENTION OF SHAREHOLDERS WHO HAVE REGISTERED ADDRESSES IN, OR who ARE RESIDENTS in, or CITIZENS OF,
COUNTRIES OTHER THAN THE UNITED STATES AND CANADA IS DRAWN TO THE SECTION ENTITLED “DESCRIPTION OF THE OFFER—SECTION A. SUBSCRIPTION BY HOLDERS OF ORDINARY SHARES—SELLING RESTRICTIONS” OF THE PROSPECTUS. If you are in any doubt
as to the action you should take, you are recommended to seek your own personal financial advice from your stockbroker, bank manager, legal adviser, accountant, fund manager or other appropriate independent financial adviser. If you sell or have
sold or otherwise transferred all of your Existing Ordinary Shares (other than ex-rights) held in certificated form before 8.00am (UK time) on Wednesday, 18 September 2013 (the “Ex-Rights Date”) please send this PAL, duly renounced,
at once to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee except that such documents should not be sent to any jurisdiction where to
do so might constitute a violation of local securities laws or regulations, including but not limited to, subject to certain exceptions, the Excluded Territories. If you sell or have sold or otherwise transferred all or some of your Existing
Ordinary Shares (other than ex-rights) held in uncertificated form before the Ex-Rights Date, a claim transaction will automatically be generated by Euroclear UK which, on settlement, will transfer the appropriate number of Nil Paid Rights to the
purchaser or transferee. If you sell or have sold or otherwise transferred only part of your holding of Existing Ordinary Shares (other than ex-rights) held in certificated form before the Ex-Rights Date, you should refer to the instruction
regarding split applications in note 2 on this page 3. 

 

 
 4 FORM X: FORM OF RENUNCIATION, ACCEPTANCE IN PART AND SPLITTING (PLEASE COMPLETE THIS
FORM IN BLACK INK ONLY) PLEASE REFER TO THE NOTES ON PAGE 3 BEFORE COMPLETING THIS FORM. To be completed if the original allottee(s) desire(s) to do one of the following: (i) renounce all of the Nil Paid Rights or Fully Paid Rights comprised
herein (ii) obtain split PALs (iii) take up some of the Nil Paid Rights (whether or not they wish to sell or transfer the remainder) (iv) convert the Nil Paid Rights or Fully Paid Rights represented by this PAL into uncertificated
form in CREST To the Directors of Barclays PLC: I/We hereby renounce my/our rights to the New Ordinary Shares comprised in this PAL in favour of the person(s) named in either the Registration Application Form (Form Y) or to the extent applicable for
the purpose of my/our partial acceptance and/or splitting the Nil Paid Rights or Fully Paid Rights in accordance with my/our instructions, or instruct that the Nil Paid Rights or Fully Paid Rights represented by this PAL are converted into
uncertificated form in accordance with my/our instructions in the CREST Deposit Form below. Signature(s) of registered shareholder(s) named on page 1 1 3 2 4 Date D D / M M / Y Y Y Y PLEASE ADD SEAL HERE (IF APPLICABLE) If signing under a power of
attorney or other authority please print your full name here Return of PAL: If you wish to take up all of your rights and then require the fully paid PAL to be returned to you, place a cross in BOX 4 in black ink. You will need to have the fully
paid PAL returned to you only if you want to deal in your Fully Paid Rights. However, if you do not wish to deal in your Fully Paid Rights and want to hold your New Ordinary Shares in certificated form please do not place a cross in BOX 4 and the
next document you will receive will be a share certificate for your New Ordinary Shares. BOX 4 FORM Y: REGISTRATION APPLICATION FORM – FOR CONSOLIDATION PLEASE REFER TO NOTE 4 ON PAGE 3 BEFORE COMPLETING THIS FORM, PLEASE REFER TO THE NOTES ON
PAGE 3. In the event of renunciation, Form Y must be completed by or on behalf of the person(s) in whose name(s) the New Ordinary Shares are to be registered unless such person(s) is/are (a) CREST member(s) and wish(es) to hold the New Ordinary
Shares in CREST, in which case the CREST Deposit Form below and not this form must be completed. FORM Y SHOULD NOT BE COMPLETED IN THE NAME(S) OF THE ORIGINAL ALLOTTEE(S) NAMED ON PAGE 1. To the Directors of Barclays PLC: Registration is requested
in the name(s) set out below, subject to the articles of association of the Company and on the terms and conditions contained in the Prospectus and in the PAL, of the New Ordinary Shares specified in Box 2 on page 1 or comprised in this PAL and in
the PALs enclosed with this PAL (if any) as detailed in the letter enclosed with this PAL. If you wish to split this PAL, do not complete Form Y but place a cross in this box and attach/ enclose a separate schedule stating the denominations of the
split PALs required. Forms of Renunciation on split PALs will be marked “Original Duly Renounced”. INSTRUCTIONS: IN THE EVENT OF RENUNCIATION, EITHER FORM Y OR THE CREST DEPOSIT FORM MUST BE COMPLETED BY OR ON BEHALF OF THE PERSON(S) IN
WHOSE NAME(S) THE NEW ORDINARY SHARES ARE TO BE REGISTERED. Principal Letter Allotment Number (see Note 4 on page 3) 1 3 2 4 Full postal address of first-named applicant or full registration details of corporate body. If the PAL and/ or certificate
are to be sent to an alternative address to that shown on page 1 or, if completed, Form Y above, place a cross in BOX 5 in black ink and add the details opposite. BOX 5 Post Code House Number Address Details Post Code CREST DEPOSIT FORM BEFORE
COMPLETING THIS FORM, PLEASE REFER TO PARAGRAPH 5 ON PAGE 3 OF THIS PAL AND TO THE NOTES BELOW. This form should only be completed by either (1) the original allottee(s) (where the original allottee is a CREST member) if he/she wishes to
convert the Nil Paid Rights or Fully Paid Rights (as appropriate) represented by this PAL into uncertificated form (that is deposit them into CREST), or (2) a person(s) to whom this PAL has been renounced and who (being a CREST member) wish(es)
to hold the Nil Paid Rights or Fully Paid Rights (as appropriate) represented by this PAL in uncertificated form. Form X above must therefore also have been completed. Do not complete Form Y if you are completing the CREST Deposit Form. To the
Directors of Barclays PLC: I/We (being the person(s) lodging this form) request you enter on the relevant register of securities that the Nil Paid Rights or Fully Paid Rights (as appropriate) represented by this PAL are held in uncertificated form
by the CREST member specified above to whom such rights have been renounced or as result of conversion of Nil Paid Rights or Fully Paid Rights (as appropriate) from certificated form into uncertificated form. Full name(s) of the person(s) who
wish(es) to convert Nil Paid Rights or Full Paid Rights (as appropriate) into uncertificated form or to whom the Nil Paid Rights or Fully Paid Rights have been renounced. Such person(s) must be a CREST member(s). Note (c) Counter Location
Stamp. Note (a) SDRN Bar Code or Reference Note (b) Stamp of depositing CREST participant. Note (e) CREST participant ID. Note (d) Member Account ID. Note (d) Notes for completion of this CREST deposit form (a) The
Counter Location Stamp identifies the CCSS Counter where this PAL has been processed and is applied by the Counter. (b) The Stock Deposit reference Number (SDRN) should be written or barcoded in this space. (c) No address is required as
the CREST member will be identifiable by its participant ID. (d) Insert the participant ID of the CREST member to whom this PAL has been renounced and the member account ID under which the Nil Paid Rights or Fully Paid Rights will be held in
CREST. (e) This should contain the Broker ID of the depositing CREST participant. By delivering this PAL to Euroclear UK, the depositing CREST participant authorises Euroclear UK to deliver this PAL to the Company and agrees to be deemed for
all purposes to be the person(s) actually so delivering this PAL. Euroclear UK is delivering this PAL at the direction and on behalf of the depositing CREST participant whose stamp appears herein and/or original allottee(s), and Euroclear UK does
not in any manner or to any extent warrant or represent the validity, genuineness or correctness of the instructions contained herein or the genuineness of the signature(s) of the transferor(s) or original allottee(s).EX-4.1

 Exhibit 4.1 

AGREEMENT TO ENTER INTO VOTING AND STOCKHOLDERS’ AGREEMENT 

This AGREEMENT TO ENTER INTO VOTING AND STOCKHOLDERS’ AGREEMENT (this “Agreement”), is made and entered into as of
October 1, 2011, by and among Armstrong Energy, Inc., a Delaware corporation (the “Company”), J. Hord Armstrong, III, Martin D. Wilson, Yorktown Energy Partners VI, L.P., a Delaware limited partnership (“Yorktown VI”),
Yorktown Energy Partners VII, L.P., a Delaware limited partnership (“Yorktown VII”), Yorktown Energy Partners VIII, L.P., a Delaware limited partnership (together with Yorktown VI and Yorktown VII, “Yorktown”), James H. Brandi,
LucyB Trust, Lorenzo Weisman/Danielle Weisman Joint Ownership with Right of Survivorship, Brim Family 2004 Trust, Franklin W. Hobbs IV, Hutchinson Brothers, LLC a Nebraska limited liability company, and John H. Stites, III. 

W I T N E S S E T H: 
 WHEREAS, it is anticipated that the Company will complete an underwritten offering to the public pursuant to which equity securities of the Company shall be authorized and approved for listing on the
Nasdaq Stock Market system (the “Initial Public Offering”); and 
 WHEREAS, the parties hereto desire to enter into
this Agreement to provide for certain rights in the event that the Initial Public Offering is not completed. 
 NOW, THEREFORE,
in consideration of the premises and the mutual terms, covenants and conditions contained herein, the parties hereto hereby agree as follows: 
 AGREEMENT: 
 1. Voting and Stockholders’ Agreement. In the event
that the Company fails to complete the Initial Public Offering on or before February 1, 2012 (the “IPO Deadline”), the parties hereby agree to enter into that certain Voting and Stockholders’ Agreement attached hereto as
Exhibit A. Notwithstanding the foregoing, upon the written approval of Yorktown and the Company, the IPO Deadline may be extended to a date mutually agreed upon by Yorktown and the Company, which in no event shall be later than May 1,
2012. 
 2. Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, the
parties hereto and their successors and assigns. 
 3. Modification and Waiver. No supplement, modification, waiver
or termination of this Agreement or any provision hereof shall be binding unless executed in writing by the parties to be bound thereby. No waiver of any provision of this Agreement shall constitute a waiver of any other provision (whether or not
similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 
 4. Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware (without regard to principles of conflict of laws). 

 5. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be an original and all of which shall together constitute one and the same agreement. 
 [Signature Pages
Follow.] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first above written. 
  

			
	ARMSTRONG ENERGY, INC.
		
	By:	 	/s/ J. Hord Armstrong, III
		 	  

		 	J. Hord Armstrong, III, Chairman and CEO
	
	 /s/ J. Hord Armstrong, III

	J. HORD ARMSTRONG, III
	
	 /s/ Martin D. Wilson

	MARTIN D. WILSON
	
	YORKTOWN ENERGY PARTNERS VI, L.P.
		
	By:	 	Yorktown VI Company LP, its general partner
		
	By:	 	Yorktown VI Associates LLC, its general partner
		
	By:	 	/s/ Bryan H. Lawrence
		 	  

	Name:	 	Bryan H. Lawrence
	Title:	 	Member

 [Signature Page to Agreement to Enter into Voting and Stockholders’ Agreement]

 
			
	YORKTOWN ENERGY PARTNERS VII, L.P.
		
	By:	 	Yorktown VII Company LP, its general partner
		
	By:	 	Yorktown VII Associates LLC, its general partner
		
	By:	 	/s/ Bryan H. Lawrence
		 	  

	Name:	 	Bryan H. Lawrence
	Title:	 	Member
	
	YORKTOWN ENERGY PARTNERS VIII, L.P.
		
	By:	 	Yorktown VIII Company LP, its general partner
		
	By:	 	Yorktown VIII Associates LLC, its general partner
		
	By:	 	/s/ Bryan H. Lawrence
		 	  

	Name:	 	Bryan H. Lawrence
	Title:	 	Member
	
	 /s/ James H. Brandi

	JAMES H. BRANDI
	
	LUCYB TRUST (FEBRUARY 26, 2007)
		
	By:	 	/s/ Linda B. Brandi
		 	  

		 	Linda B. Brandi, Trustee
	
	 LORENZO WEISMAN/DANIELLE WEISMAN JOINT

OWNERSHIP WITH RIGHT OF SURVIVORSHIP

		
	By:	 	/s/ Lorenzo Weisman
		 	  

		 	Lorenzo Weisman
		
	By:	 	/s/ Danielle Weisman
		 	  

		 	Danielle Weisman

 [Signature Page to Agreement to Enter into Voting and Stockholders’ Agreement]

 
			
	BRIM FAMILY 2004 TRUST
		
	By:	 	/s/ Debra Patterson
		 	  

	Name:	 	Debra Patterson
	Title:	 	Vice President
	
	 /s/ Franklin W. Hobbs IV

	FRANKLIN W. HOBBS IV
	
	HUTCHINSON BROTHERS, LLC
		
	By:	 	Hutchinson Brothers, LLC
		 	  

	By:	 	Steven N. Hutchinson
		 	  

	Name:	 	Steven N. Hutchinson
	Title:	 	Manager
	
	 /s/ John H. Stites, III

	JOHN H. STITES, III

 [Signature Page to Agreement to Enter into Voting and Stockholders’ Agreement]

 EXHIBIT A 
 VOTING AND STOCKHOLDERS’ AGREEMENT 
 This VOTING AND
STOCKHOLDERS’ AGREEMENT (this “Agreement”), is made and entered into as of                     , 2012, by and among Armstrong Energy,
Inc., a Delaware corporation (the “Company”), J. Hord Armstrong, III and Martin D. Wilson (together with any additional member of the management of the Company who becomes a party to this Agreement, the “Management Owners”),
Yorktown Energy Partners VI, L.P., a Delaware limited partnership (“Yorktown VI”), Yorktown Energy Partners VII, L.P., a Delaware limited partnership (“Yorktown VII”), Yorktown Energy Partners VIII, L.P., a Delaware limited
partnership (together with Yorktown VI and Yorktown VII, “Yorktown”), James H. Brandi, LucyB Trust, Lorenzo Weisman/Danielle Weisman Joint Ownership with Right of Survivorship, Brim Family 2004 Trust, Franklin W. Hobbs IV, Hutchinson
Brothers, LLC a Nebraska limited liability company, and John H. Stites, III (collectively, the “Owners” and each individually as an “Owner”). 
 W I T N E S S E T H: 
 WHEREAS, as a result of the Plan of Conversion dated
August 22, 2011 adopted and approved by Armstrong Land Company, LLC, pursuant to which Armstrong Land Company, LLC was converted into a Delaware corporation, the Owners own all of the issued and outstanding common stock, par value $.01 per
share, of the Company (“Common Stock”); and 
 WHEREAS, in connection with and as a requirement of the approval of the
aforementioned conversion, the parties hereto agree as provided herein; 
 NOW, THEREFORE, in consideration of the premises and
the mutual terms, covenants and conditions contained herein, the parties hereto hereby agree as follows: 
 Section 1.
Voting Agreement. 
 (a) General Rights. From and after the date hereof and until the provisions of this
Section 1 shall terminate as provided in subsection (c) hereof, the Owners agree to vote all of their “Owner Shares” (as defined below) and any other voting securities of the Company over which they have voting control, and the
Company will take all reasonable actions within its control, that may be necessary in order to cause: 
 (i) the
authorized number of directors on the Board of Directors (the “Board”) to be established at four (4) directors; 
 (ii) the election to the Board of two (2) representatives designated by Yorktown, who shall initially be Bryan H. Lawrence and W. Howard Keenan, Jr. for so long as Yorktown owns in the aggregate at
least a majority of the outstanding voting securities of the Company; 

 (iii) the removal from the Board (with or without cause) of any or all of
the representatives designated by Yorktown hereunder at the written request of an authorized representative of Yorktown (but only upon such written request and under no other circumstances); 

(iv) in the event that any representative designated by Yorktown hereunder for any reason ceases to serve as a member of
the Board during his term of office, the resulting vacancy on the Board to be filled by a representative designated by an authorized representative of Yorktown (for so long as Yorktown is entitled to place a representative on the Board pursuant to
Section 1(a)(ii)); 
 (v) the election to the Board of two (2) individuals designated by the Management
Owners acting together, who shall initially be J. Hord Armstrong, III and Martin D. Wilson; 
 (vi) the removal
from the Board (with or without cause) of any or all of the representatives designated by the Management Owners hereunder at the written request of an authorized representative of the Management Owners (but only upon such written request and under
no other circumstances); 
 (vii) in the event that any representative designated by the Management Owners
hereunder for any reason ceases to serve as a member of the Board during his term of office, the resulting vacancy on the Board to be filled by a representative designated by an authorized representative of the Management Owners (for so long as the
Management Owners are entitled to place a representative on the Board pursuant to Section 1(a)(v)); and 

(viii) upon the written request of Yorktown, at any time and in Yorktown’s sole discretion, an increase in the
authorized number of directors of the Board to five (5) members and the election to fill the vacancy on the Board by a representative of Yorktown. 
 (b) The Company (and the officers and agents acting on its behalf) shall not take action in connection with the following matters without the approval of a majority of the representatives of Yorktown
on the Board (provided for this purpose, the “Company” shall include any consolidated subsidiaries of the Company): 
  

	 	(i)	an investment in a Project or a Project Company; 

  

	 	(ii)	the issuance or repurchase of any Company Securities, other than advances or payments with respect to existing credit facilities or lines of credit (which are subject
to Section 1(b)(v) below); 

  

	 	(iii)	the sale, lease or other disposition of assets of the Company having a value in excess of $1,000,000; 

  
 2 

	 	(iv)	the merger or consolidation of the Company with any other entity, conversion of the Company into another form of entity or exchange of equity interest with any other
Person or entity; 

  

	 	(v)	the creation, incurrence, or assumption of any indebtedness; 

  

	 	(vi)	the approval of the annual budget, including operating and capital budgets (the “Annual Budget”) of the Company; 

 

	 	(vii)	the approval of expenditures, other than for investments in Projects and Project Companies (which are subject to Section 1(b)(i) above), which exceeds in the
aggregate the amount approved in the Annual Budget; 

  

	 	(viii)	the adoption of any equity compensation plan for Employees and the issuance of any stock options, warrants or other convertible securities thereunder;

  

	 	(ix)	any transaction or contract with the Owners who are also employed by the Company or any Subsidiary, other than expense reimbursement to officers of the Company in the
ordinary course of business; 

  

	 	(x)	the declaration or payment of any distribution or dividend to the Owners of the Company; 

 

	 	(xi)	the exercise of the Company’s Right of First Refusal granted pursuant to Section 2(b)(i); 

 

	 	(xii)	entering into any dissimilar Business or changing the Company’s Business; 

 

	 	(xiii)	authorizing a new class or series of securities of the Company; 

  

	 	(xiv)	the commencement of a voluntary bankruptcy by the Company; 

  

	 	(xv)	the appointment of the Company’s independent certified public accountants; 

 

	 	(xvi)	the setting of the compensation packages of the three most highly-paid executive officers of the Company or any change to such compensation packages; or

  

	 	(xvii)	the initial sale of the Company’s Common Stock (or other equity interests) to the public pursuant to a registration under the 1933 Act. 

(c) Termination. The voting rights set forth in this Section 1 shall terminate upon the completion of a Qualified Public
Offering. From and after the termination of the voting rights set forth in this Section 1, the Board shall be elected by the holders of a majority of the shares of Common Stock owned by the Owners, to the extent applicable, at the time of such
determination. 

  
 3 

 Section 2. Transfer Provisions. 

(a) General Rights. In addition to any restrictions on the Transfer of Owner Shares that are imposed under applicable
securities laws, no Owner shall Transfer or Pledge (as defined in Section 3 below) all or any part of his Owner Shares without the prior written consent of Yorktown and the holders of a majority of the shares of Common Stock then outstanding,
unless in accordance with this Section 2. 
 (b) Right of First Refusal and Tag-Along Right. No Owner shall have
the right to effect any Transfer of his/its Owner Shares (other than as provided in subsection (c) of this Section 2) unless the Owner proposing to Transfer such Owner Shares (the “Selling Owner”) provides written notice to the
other Owners (a “Transfer Notice”) of such desire, identifying the number of such Selling Owner’s Owner Shares that the Selling Owner proposes to Transfer (the “Disposition Shares”) together with the Offered Price (as
defined below), and such Selling Owner complies with the Right of First Refusal of clause (i) and the Tag-Along requirements of clause (ii) below. 
 (i) Right of First Refusal. The Company shall have a right of first refusal (the “Company’s Right of First Refusal”) to purchase all or any portion of the Disposition Shares, if
the Company gives written notice of the exercise of such right to the Selling Owner within 20 days (the “Company’s Refusal Period”) from the receipt of the Transfer Notice. If the Company does not intend to exercise the
Company’s Right of First Refusal in full or if the Company is not lawfully able to repurchase all of the Disposition Shares, the Company will send written notice thereof (the “Company’s Expiration Notice”) to the Selling Owner
and to each other Owner at least 10 days before the expiration of the Company’s Refusal Period. If the Company does not purchase all of the Disposition Shares pursuant to the Company’s Right of First Refusal, the non-selling Owners
(the “Non-Selling Owners”) shall have a right of second refusal (the “Owners’ Right of Second Refusal”) to purchase the remaining Disposition Shares (the “Remaining Disposition Shares”) by giving written notice of
the exercise of such right to the Selling Owner and the Company within 20 days from receipt of the Company’s Expiration Notice. Each Non-Selling Owner shall have the right to purchase such Owner’s Proportionate Share (based upon the
group of Non-Selling Owners) of the Remaining Disposition Shares. If any Non-Selling Owner elects not to purchase his or its Proportionate Share of the Remaining Disposition Shares, the other Non-Selling Owners may purchase their respective
Proportionate Share (based on the group of the other Non-Selling Owners) of such Remaining Disposition Shares, and so on for any unpurchased Remaining Disposition Shares, until no Non-Selling Owner desires to purchase any more Remaining Disposition
Shares. The purchase price for the Disposition Shares to be purchased by the Company upon exercise of the Company’s Right of First Refusal or the Non-Selling Owners upon exercise of the Owners’ Right of Second Refusal will be the bona fide
cash price (or the fair market value of any non-cash consideration as determined in good faith by the Board) per share for which the Selling Owner proposes to transfer such Disposition Shares to the Proposed Purchaser(s) (as defined below) (the
“Offered Price”) (subject to any rights the Company may have under any other agreement to purchase all or some of such Disposition Shares at a lower price), and will be payable within 30 days after the date of the Company’s
Expiration Notice. Payment of the purchase price will be made, at the option of the Company, or each of the Non-Selling Owners, as applicable, (a) in cash (by cashier’s check), (b) by wire transfer of immediately available funds to
the Selling Owner, or (c) by any combination of the foregoing. 

  
 4 

 (ii) Tag-Along Rights. If the Company and the non-Selling Owners do not exercise
their respective refusal rights to purchase all of the Disposition Shares, the Selling Owner shall cause the Person (as defined in Section 3 below) or group that proposes to acquire the Disposition Shares remaining after the exercise of such
rights (the “Proposed Purchaser”) to offer in writing (the “Purchase Offer”) to the other Owners (each recipient is referred to as a “Tag-Along Owner”) to purchase a Proportionate Share (as defined in Section 3
below) of the remaining balance of such Shares. Any such purchase shall be made in accordance with the following: 

(A) the purchase from each Tag-Along Owner shall be made at the highest price per share and on such other terms and conditions as
the Proposed Purchaser has offered to purchase Disposition Shares from the Selling Owner; 
 (B) each Tag-Along Owner shall
have no more than 20 days from the receipt of the Purchase Offer in which to accept such Purchase Offer, in whole or in part; 
 (C) to the extent that a Tag-Along Owner accepts such Purchase Offer, the number of Owner Shares to be sold to the Proposed Purchaser by the Selling Owner shall be reduced; and 

(D) the closing of such purchase shall occur within 30 days after such acceptance or at such other time as the Selling Owner,
the accepting Tag-Along Owners and the Proposed Purchaser may agree. 
 (c) Excluded Affiliate Transfers. The
provisions of this Section 2 do not apply to any Transfer by an Owner of his Owner Shares in an Excluded Affiliate Transfer (as defined in Section 3 below). 

(d) Termination. This Section 2 shall terminate upon the earlier of any one or more of the
following: (i) the first date on which the Owners collectively do not own at least 50% of the equity interests in the Company or in any successor or assignee resulting from the consolidation, merger or sale of all or substantially all of the
assets of the Company; (ii) the adjudication of the Company as a bankrupt, the execution by the Company of an assignment for the benefit of creditors or the appointment of a receiver of the Company; (iii) the voluntary or involuntary
dissolution of the Company; (iv) when there is otherwise only one surviving Owner as a party to this Agreement; (v) the date on which the Company completes the initial sale of its shares of Common Stock to the public by filing a
registration statement on Form S-1 or such other form under the 1933 Act, as amended; or (vi) the tenth
(10th) anniversary of the date hereof. The Company
and the Owners each covenant and agree to enter into, and to use their commercially reasonable efforts to cause any successor or assignee of the Company described in clause (i) of this subsection to enter into, an agreement substantially
similar to this Agreement if the Owners collectively own at least 50% of the equity interests in such successor or assignee. 

(e) Compliance with Securities Laws. Anything in this Agreement to the contrary notwithstanding, no Transfer or Pledge of
capital stock of the Company otherwise permitted or required by this Agreement shall be made unless such Transfer or Pledge is in compliance with federal and state securities laws, including without limitation the 1933 Act and the rules and

  
 5 

 regulations thereunder. If any such Transfer or Pledge is made pursuant to an exemption from such laws,
rules and regulations, such Transfer or Pledge shall be made only upon the stockholder first having delivered to the Company a favorable written opinion of counsel, reasonably satisfactory in form and substance to the Company, to the effect that the
proposed sale or transfer is exempt from registration under the 1933 Act and any applicable state securities laws; provided, however, that no such opinion of counsel shall be required for (i) an Excluded Affiliate Transfer by a stockholder if,
in each case, the transferee agrees in writing to be subject to the terms and conditions hereof to the same extent as if such transferee were an original stockholder hereunder, or (ii) a sale duly made in compliance with Rule 144
promulgated under the 1933 Act, or any successor or analogous rule to Rule 144, or if the stockholder would be permitted to transfer the securities pursuant to paragraph (k) of Rule 144 (it being agreed that the Company shall have the
right to receive evidence satisfactory to it regarding compliance with such rule or any successor or analogous rule prior to the registration of any such transfer), or (iii) a Transfer or Pledge pursuant to an effective registration statement.

 Section 3. Definitions. As used in this Agreement, the following terms shall have the meanings assigned to them
in this Section 3: 
 “Affiliate” shall mean, when used with respect to a specified Person, any other
Person which, directly or indirectly, owns or controls, is under common ownership or control with, or is owned or controlled by, such Person, and any directors, officers, partners or 10% or more owners of such Person. 

“Business” shall mean the business of the Company, which shall be (i) to make investments in Projects through
Project Companies; (ii) to own, hold, exercise all rights in connection with, and otherwise sell or dispose of investments in Project Companies; and (iii) to carry on any activity directly relating to or arising from any of the above that
corporation organized under the General Corporation Law of the State of Delaware may carry on as determined by the Board from time to time. 
 “Company Securities” shall mean the Common Stock and Preferred Stock, or classes or series thereof, or options, rights, warrants or appreciation rights relating thereto, or any other type
of equity security that the Company may lawfully issue any unsecured or secured debt obligations of the Company or debt obligations of the Company convertible into any class or series of equity securities of the Company. 

“Employees” means an individual who is employed by, or serves as a service provider or any other independent contractor
role for, the Company or any of its Subsidiaries. 
 “Excluded Affiliate Transfer” means any (i) Transfer
of Owner Shares by Yorktown (whether voluntarily or by operation of law) to any partner or other Affiliate of Yorktown or to any successor fund of Yorktown, (ii) any Transfer of Owner Shares by an Owner who is an individual to any Person for
estate planning purposes if the Owner retains the right (directly or indirectly) to vote such Owner Shares following such transfer and (iii) any Transfer of Owner Shares by an Owner which is a trust to the principal beneficiary of that trust;
provided that, in the case of any Transfer described in clauses (i)-(iii), such transferee agrees to be bound by the terms of this Agreement and evidences same by executing a copy of this Agreement promptly upon receiving the assignment of such
Owner Shares, in which case such transferee shall be considered an Owner hereunder. 

  
 6 

 “Owner Shares” means with respect to any Owner (i) all shares of
Common Stock and/or preferred stock of the Company, par value $0.10 per share (“Preferred Stock”) held by such Owner, (ii) any equity securities issued or issuable directly or indirectly to an Owner with respect to the Common Stock
referred to in clause (i) above by way of stock dividend or stock split or in connection with a combination of shares, conversion, recapitalization, merger, consolidation or other reorganization, and (iii) any other shares of any class or
series of voting security of the Company currently held or held in the future by an Owner. As to any particular shares constituting Owner Shares, such shares will cease to be Owner Shares when they have been transferred to any person who is not a
party hereto, other than pursuant to an Excluded Affiliate Transfer. 
 “Person” shall mean an individual,
partnership, limited partnership, limited liability company, foreign limited liability company, trust, estate, corporation, custodian, trustee, executor, administrator, nominee or other entity in a representative capacity. 

“Pledge” means any pledge of an interest in, or other encumbrance placed upon, Owner Shares as security for indebtedness
or for other purposes. 
 “Project” shall mean projects relating to the energy industry as determined by the
Board from time to time. 
 “Project Company” shall mean entities formed for the purpose of holding investments
in Projects. 
 “Proportionate Share” means for purposes of Section 2, the number of Owner Shares equal to
the product of (i) the total number of Disposition Shares which a Proposed Purchaser has offered to purchase, times (ii) the fraction which is equal to the total number of Owner Shares which a Tag-Along Owner or Non-Selling Owner,
as applicable, owns, over the aggregate number of Owner Shares owned by all Tag-Along Owners or Non-Selling Owners, as applicable, plus, in the case of purchases other than pursuant to purchases made pursuant to Section 2(b)(i), the
aggregate number of Owner Shares owned by the Selling Owner. 
 “Qualified Public Offering” means any firm
commitment underwritten offering by the Company to the public pursuant to an effective registration statement under the 1933 Act (i) for which aggregate cash proceeds to be received by the Company from such offering (without deducting
underwriting discounts, expenses and commissions) are at least $50,000,000, and (ii) pursuant to which equity securities of the Company are authorized and approved for listing on the New York Stock Exchange or the Nasdaq Stock Market system.

 “Subsidiary” means any Project Company, corporation or other entity a majority of the common stock (or
similar equity securities) of which having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is at the time owned, directly or indirectly, with power to vote, by the Company or any
direct or indirect Subsidiary of the Company. 

  
 7 

 “Transfer” means any direct or indirect sale, assignment or other
disposition of Owner Shares, other than a Pledge. 
 Section 4. Enforcement; Legends. No Owner Shares shall be
transferred on the books of the Company nor shall any Transfer or Pledge thereof be effective unless and until the terms and provisions of this Agreement are first complied with and, in case of violation of this Agreement by the attempted Transfer
or Pledge of Owner Shares without compliance with the terms and provisions hereof, such Transfer or Pledge shall be invalid and of no effect. The Owners will cause the Company to imprint a legend on any certificates evidencing Owner Shares which are
subject to this Agreement referring to the voting rights and the restrictions on transfer of the Owner Shares imposed hereunder. Any such legend shall be removed from the certificates evidencing any shares which cease to be “Owner Shares,”
as set forth in the definition of such term in Section 3 hereof. 
 Section 5. Covenant Regarding Registration
Rights. The Company agrees that upon the request of the holders of at least a majority of the outstanding shares of Common Stock, the Company will enter into a registration rights agreement with all holders of Common Stock. Such registration
rights agreement shall provide no less than two demand registration rights on Form S-3 for Yorktown (one of which demand registration rights may be satisfied by a shelf registration statement on Form S-3), and shall provide for an unlimited number
of piggy-back rights, each subject to standard terms and conditions. The rights to cause the Company to register Common Stock or similar equity interests in the Company pursuant to this Section 5 may be assigned to any affiliate of any holder
of Common Stock, subject to the other terms and conditions of this Agreement. 
 Section 6. Right of First Offer on
Subsequent Issuances. 
 (a) General. Each Owner owning 10,000 or more shares of Common Stock or Preferred Stock
has the right to purchase up to such Owner’s Pro Rata Share (as defined below) of any “New Securities” (as defined in Section 6(b)) that the Company may from time to time issue after the date of this Agreement. An Owner’s
“Pro Rata Share” for purposes of this right of first offer is the ratio of (i) the number of shares of Common Stock and Preferred Stock as to which such Owner is the beneficial owner, to (ii) the total number of shares of Common
Stock and Preferred Stock beneficially owned in the aggregate by all stockholders. 
 (b) New Securities. “New
Securities” shall mean any Common Stock or Preferred Stock of the Company, whether now authorized or not, and rights, options or warrants to purchase such Common Stock or Preferred Stock, and securities of any type whatsoever that are, or may
become, convertible or exchangeable into such Common Stock or Preferred Stock; provided, however, that the term “New Securities” does not include: 

(i) the issuance of any Common Stock, Preferred Stock or other forms of equity compensation to Employees approved by the
Board; 

  
 8 

 (ii) Company Securities issued as consideration to the sellers in connection
with an acquisition by the Company in a bona fide arms length transaction, the terms of which have been approved by the Board; 
 (iii) Company Securities issued in connection with any issuance of debt by the Company, the terms of which have been approved by the Board; 

(iv) Company Securities issued upon the exercise or conversion of any Company Securities issued in compliance with this
Section 6; 
 (v) Company Securities offered to the public pursuant to a registration statement filed under
the 1933 Act, including without limitation pursuant to a Qualified Public Offering; and 
 (vi) Company
Securities issued as a dividend or upon any split or other pro-rata subdivision or combination of the Company Securities. 

(c) Procedures. In the event that the Company proposes to undertake an issuance of New Securities, it shall give to each
Owner written notice of its intention to issue New Securities (the “Rights Notice”), describing the type of New Securities and the price and the general terms upon which the Company proposes to issue such New Securities. Each Owner shall
have 15 days from the date of receipt of any such Rights Notice to agree in writing to purchase up to such Owner’s Pro Rata Share of such New Securities in cash for the price and upon the general terms specified in the Rights Notice by
giving written notice to the Company and stating therein the quantity of New Securities to be purchased (not to exceed such Owner’s Pro Rata Share). If any Owner fails to so agree in writing within such 15-day period to purchase such
Owner’s full Pro Rata Share of an offering of New Securities (a “Nonpurchasing Holder”), then such Nonpurchasing Holder shall forfeit the right hereunder to purchase that part of his Pro Rata Share of such New Securities that he did
not so agree to purchase and the Company shall promptly give each Owner who has timely agreed to purchase his full Pro Rata Share of such offering of New Securities (a “Purchasing Holder”) written notice of the failure of any Nonpurchasing
Holder to purchase such Nonpurchasing Holder’s full Pro Rata Share of such offering of New Securities (the “Overallotment Notice”). Each Purchasing Holder shall have a right of overallotment such that such Purchasing Holder may agree
to purchase a portion of the Nonpurchasing Holders’ unpurchased Pro Rata Shares of such offering on a pro rata basis according to the relative Pro Rata Shares of the Purchasing Holders, at any time within 15 days after receiving the
Overallotment Notice. 
 (d) Failure to Exercise. In the event that the Owners fail to exercise in full the right of
first offer within such 15 plus 15 day period, then the Company shall have 45 days thereafter to sell the New Securities with respect to which the Owners’ rights of first offer hereunder were not exercised, at a price and upon general
terms not more favorable to the purchasers thereof than specified in the Company’s Rights Notice to the Owners. In the event that the Company has not issued and sold the New Securities within such 45 day period, then the Company shall not
thereafter issue or sell any New Securities without again first offering such New Securities to the Owners pursuant to this Section 6. 

  
 9 

 (e) Termination. This right of first offer under this Section 6 shall
terminate upon (i) the date on which the Company completes the initial sale of its shares of Common Stock to the public by filing a registration statement on Form S-1 or such other form under the 1933 Act, as amended, (ii) the sale of all
or substantially all the assets of the Company or (iii) an acquisition of the Company by another corporation or entity by sale of capital stock, consolidation, merger or other reorganization in which the holders of the Company’s
outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing less than 50% of the voting power of the corporation or other entity surviving such transaction. 

(f) Waiver. Any provision of this Section 6 may be amended and the observance thereof may be waived (either generally or
in a particular instance and either retroactively or prospectively), upon the written consent of both (i) a majority in interest of the shares of Common Stock held by Owners and (ii) Yorktown. Any amendment or waiver effected in accordance
with this Section 6(f) shall be binding upon each Owner and the Company. 
 Section 7. Reports. 

(a) Within 45 days after the end of each fiscal quarter, the Management Owners shall furnish to each Owner a consolidated
unaudited balance sheet of the Company and its Subsidiaries as of the end of such fiscal quarter and the related income statement, statement of stockholders equity and statement of cash flows for such fiscal quarter prepared in accordance with
generally accepted accounting principles, consistently applied, except that footnotes and year-end adjusting entries shall not be required. 
 (b) Within 120 days after the end of each fiscal year, the Management Owners shall furnish to each Owner a consolidated balance sheet of the Company and its Subsidiaries as of the end of such
fiscal year and the related income statement, statement of stockholders equity and statement of cash flows for such fiscal year prepared in accordance with generally accepted accounting principles, consistently applied and as reviewed by (and
together with the report of their review of) the Company’s auditors who shall be selected from among the nationally recognized accounting firms. 
 (c) Within 30 days before the end of each fiscal year, the Board shall attempt to approve an Annual Budget for the succeeding year. On or prior to October 31 of each fiscal year, the
President of the Company shall prepare and submit to the members of the Board a proposed Annual Budget for the next fiscal year. It is contemplated that the budget shall, as a separate line item, specify (without limitation) (i) each category
of the general and administrative expenses of the Company, (ii) the compensation for each key employee of the Company, and (iii) the capital expenditures for the Company. As soon as practicable after any proposed Annual Budget is submitted
to the Board, the Board shall approve or disapprove such Annual Budget. If the proposed Annual Budget is approved by the Board, then such proposed Annual Budget shall constitute the Company’s approved Annual Budget, subject to amendment from
time to time. If the budget is not so approved, the members of the Board shall use their best efforts to resolve any questions with respect to revisions to the proposed Annual Budget. In the event that the Board is unable to reach an agreement with
respect to an Annual Budget for a fiscal year prior to the commencement thereof, the Company shall continue to manage, maintain, supervise and direct its business in accordance with the most recently approved budget until a new Annual Budget is
approved by the Board. 

  
 10 

 (d) Within 10 days after the occurrence of any material event, the Management
Owners shall furnish notice of such event to the Owners together with a summary describing the nature of the event and its known or anticipated impact on the Company and its Subsidiaries. 

(e) The Company shall furnish such other information to the Owners as such Owners or their advisors may reasonably request concerning
the financial condition of the Company. 
 Section 8. Termination. This Agreement shall terminate upon the
termination of Section 1, Section 2 and Section 6. 
 Section 9. Miscellaneous. 

(a) Benefit. This Agreement will only bind and inure to the benefit of, and will only be enforceable by and against, the
Owners and their permitted successors and assigns and the Company. 
 (b) Notices. Whenever in this Agreement, notice
is required to be given it shall be given in writing, and if such notice is given by registered mail it shall be deemed to have been received on the second business day after the date such notice is posted. All notices hereunder to the Company shall
be mailed to it at the address of its principal place of business and all notices to the Owners shall be mailed to them at their last known address as shown on the books and records of the Company. Any party may change its or his or her mailing
address by giving written notice of such change to all other parties. 
 (c) Governing Law. This Agreement and the
rights and duties of the parties hereto shall be governed by and construed in accordance with the laws of the State of Delaware. 

(d) Number. Words in the singular shall be construed to include the plural and vice versa, unless the context otherwise
requires. 
 (e) Headings. The headings appearing in this Agreement are inserted only for convenience of reference
and in no way shall be construed to define, limit or describe the scope or intent of any provision of this Agreement. 

(f) Joinder. The spouses, if any, of each Management Owner join in the execution and delivery of this Agreement for the
express purpose of binding her community property interests, if any, in the Owner Shares. 
 (g) Severability. Every
provision in this Agreement is intended to be severable. In the event that any provision in this Agreement shall be held invalid, the same shall not affect in any respect whatsoever the validity of the remaining provisions of this Agreement;
provided, however, that if any such provision may be made enforceable by limitation thereof, then such provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable law. 

  
 11 

 (h) Certain Expenses of Yorktown. The Company from time to time shall pay
directly or shall reimburse Yorktown for all of their reasonable fees and expenses for outside legal counsel in connection with (a) the negotiation, preparation and execution of this Agreement and the other documents in connection with the
formation of the Company, (b) Yorktown’s consideration of any waiver of its rights under this Agreement or any proposed amendment, modification or supplement to this Agreement, and (c) its consideration of any transaction with respect
to the Company. 
 (i) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original and all of which shall constitute but one and the same instrument. 
 (j) Entirety and
Modification. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and may not be modified, supplemented or amended in any respect except by written instrument executed by all parties
hereto. 
 [Signature Pages Follow.] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first above written. 
  

			
	ARMSTRONG ENERGY, INC.
		
	By:	 	 
		 	J. Hord Armstrong, III, Chairman and CEO
	
	 
	J. HORD ARMSTRONG, III
	
	 
	MARTIN D. WILSON
	
	YORKTOWN ENERGY PARTNERS VI, L.P.
		
	By:	 	Yorktown VI Company LP, its general partner
		
	By:	 	Yorktown VI Associates LLC, its general partner
		
	By:	 	 
	Name:	 	Bryan H. Lawrence
	Title:	 	Member

 [Signature Page to Voting and Stockholders’ Agreement] 

 
			
	YORKTOWN ENERGY PARTNERS VII, L.P.
		
	By:	 	Yorktown VII Company LP, its general partner
		
	By:	 	Yorktown VII Associates LLC, its general partner
		
	By:	 	 
	Name:	 	Bryan H. Lawrence
	Title:	 	Member
	
	YORKTOWN ENERGY PARTNERS VIII, L.P.
		
	By:	 	Yorktown VIII Company LP, its general partner
		
	By:	 	Yorktown VIII Associates LLC, its general partner
		
	By:	 	 
	Name:	 	Bryan H. Lawrence
	Title:	 	Member
	
	 
	JAMES H. BRANDI
	
	LUCYB TRUST (FEBRUARY 26, 2007)
		
	By:	 	 
		 	Linda B. Brandi, Trustee
	
	 LORENZO WEISMAN/DANIELLE WEISMAN JOINT

OWNERSHIP WITH RIGHT OF SURVIVORSHIP

		
	By:	 	 
		 	Lorenzo Weisman
		
	By:	 	 
		 	Danielle Weisman

 [Signature Page to Voting and Stockholders’ Agreement] 

 
			
	BRIM FAMILY 2004 TRUST
		
	By:	 	 
	Name:	 	Debra Patterson
	Title:	 	Vice President
	
	 
	FRANKLIN W. HOBBS IV
	
	HUTCHINSON BROTHERS, LLC
	
	By: Hutchinson Brothers, LLC
		
	By:	 	 
	Name:	 	Steven N. Hutchinson
	Title:	 	Manager
	
	 
	JOHN H. STITES, III

 [Signature Page to Voting and Stockholders’ Agreement]

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