Document:

EX-10.43

 Exhibit 10.43 

ROYALTY DEFERMENT AND OPTION AGREEMENT 

This Royalty Deferment and Option Agreement (the “Agreement”) entered into this 11th day of October, 2011, but effective as of February 9, 2011, by
and between Armstrong Coal Company, Inc. (“Armstrong”), Western Diamond LLC (“WD”) and Western Land Company, LLC (“WLC”) (Armstrong, together with WD and WLC, collectively referred to herein as the “Armstrong
Entities”), and Western Mineral Development, LLC (“WMD”) and Ceralvo Holdings, LLC (“Ceralvo,” and together with WMD, the “ARP Entities”) (collectively, the “Parties”). 

RECITALS 

WHEREAS, with respect to each of the coal properties identified on Exhibit A attached hereto (the “Subject
Assets”), WMD, WLC and/or WD own an undivided joint interest in the fee and/or leasehold estate associated with each of the coal reserves and other real property that comprise the Subject Assets; and 

WHEREAS, WLC, WD and the ARP Entities have entered into certain coal mining leases and subleases with Armstrong dated February 9,
2011 (the “Existing Leases”), pursuant to which Armstrong has leased, inter alia, the Subject Assets and other real property, and in exchange for which Armstrong has agreed to pay a production royalty in the amount of seven percent
(7%) of the sales price received by Armstrong (the “Production Royalty”), to the lessors upon the terms and conditions set forth therein; and 
 WHEREAS, the Parties are each subject to certain restrictions and covenants pursuant to that certain Credit Agreement with PNC Bank, N.A., among others, dated February 9, 2011 (the “Credit
Agreement”), including certain restrictions on distributions by WMD’s indirect parent, Armstrong Resource Partners, L.P., to its limited partners; and 
 WHEREAS, WMD desires to grant to Armstrong the option to defer payment of the ARP Entities’ share of the Production Royalty until the later of such time as the aforementioned restrictions on
distributions by Armstrong Resource Partners, L.P. to its limited partners have been eliminated or WMD has acquired 100% of the Subject Assets, and in exchange for the foregoing, the Armstrong Entities desire to grant to WMD the option to acquire an
additional joint interest in the Subject Assets, subject to the exclusions set forth herein, by satisfying payment of the deferred portion of the Production Royalty by engaging in a sale and leaseback transaction upon the terms set forth herein;

 NOW, THEREFORE, in consideration of the premises, the mutual covenants and agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

 AGREEMENT 
 1. Option to Defer Production Royalty. The parties hereby agree that each calendar year, Armstrong shall have the option to elect to defer payment (in whole or in part) of the ARP
Entities’ share of the Production Royalty until the following year (the “Deferment Option”), including any amounts previously deferred by Armstrong hereunder. Armstrong shall provide notice to the ARP Entities of its intent to
exercise the Deferment Option each year at least thirty (30) days prior to the commencement of the calendar year for which the option is being exercised and the amount of the Production Royalty being deferred. Notwithstanding anything to the
contrary, the Parties agree that Armstrong shall have been deemed to have exercised the Deferment Option with respect to the entirety of the Production Royalty for the current year. In the event that Armstrong does not exercise the Deferment Option
for a given year, than any amounts previously deferred shall be paid to the ARP Entities no later than April 1 of such year, and all other amounts owed to the ARP Entities shall be paid promptly when due thereafter. 

2. Term of Deferment Option. Armstrong’s Deferment Option shall continue from year-to-year until the later of:
(a) the amendment or termination of the Credit Facility insofar as it prohibits or restricts distributions by Armstrong Resource Partners, L.P. to its limited partners as set forth above; or (b) WMD has acquired sole ownership of the
Subject Assets. 
 3. Option to Acquire Additional Interest in Subject Assets. In the event that Armstrong exercises
the Deferment Option in any year pursuant to the terms of Paragraph 1 herein, then WMD shall have the option to acquire an additional interest in the Subject Assets, subject to the exclusions set forth in Paragraph 4, in complete
satisfaction of the amounts deferred by Armstrong pursuant to the sale and leaseback transaction described below (the “Sale/Leaseback Option”) at the conclusion of the calendar year for which such amounts were deferred. WMD shall provide
notice to the Armstrong Entities of its intent to exercise the Sale/Leaseback Option each year at least one hundred twenty (120) days after receipt of notice from Armstrong pursuant to Paragraph 1. In the event WMD does not exercise the
Sale/Leaseback Option in a given year, then the amounts otherwise due shall remain subject to subsequent deferment by Armstrong pursuant to the provisions of Paragraph 1. 
 4. Exclusion of Ancillary Portions of Subject Assets. The Parties agree that the Subject Assets subject to the Sale/Leaseback shall not include any portion of the mineral reserves, mining
rights, surface property or other real property associated with Armstrong’s Parkway Mine. The Parties further acknowledge that the partial undivided in those surface properties previously conveyed to WMD associated with the Parkway Mine do not
generate any royalty payments to WMD, and accordingly WMD agrees, in further consideration for the rights granted herein, to quitclaim those properties to WLC and WD, and WMD hereby waives any rights of first refusal it may have under the Credit and
Collateral Support Fee, Indemnification and Right of First Refusal Agreement dated February 9, 2011, insofar as the parcels excluded herein are transferred to the Survant Joint Venture as such term is defined in the Credit Agreement.

 5. Sale and Leaseback of Subject Assets. In the event WMD exercises the Sale/Leaseback Option for a given year,
then WD and WLC shall sell an additional undivided joint interest in the Subject Assets to WMD, and such interest shall be equal to a fraction, the numerator of which shall be equal to the amount of the Production Royalty deferred by Armstrong up to
and including the year for which the Sale/Leaseback Option is being exercised (the “Purchase Price”), and the denominator of which is a dollar amount the parties agree represents the aggregate fair market value of the Subject Assets (the
“Purchased Interest”). 

 Armstrong and WMD shall amend the Existing Leases to reflect the acquisition of the Purchased Interest by
WMD. 
 6. Closing. The Parties hereby agree that the closing of the transactions contemplated hereby (the
“Closing”) shall take place on or before ninety (90) days after the end of year for which the Deferment Option has been exercised (the “Closing Date”), or at such date as the Parties shall mutually agree. The Closing shall
not occur unless and until the representations and warranties of the Parties are true and correct in all material respects as of the Closing Date. 
 7. Representations of the Armstrong Entities. Each of the Armstrong Entities represents and warrants as of the date hereof and the Closing Date, as follows: 

 

	 	(a)	The entity is an entity duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization.

  

	 	(b)	The entity has all power and authority to enter into the Agreement and any ancillary documents contemplated herein, and the Agreement and the transactions contemplated
herein have been approved by all requisite action by its directors, members or managers, as applicable. 

  

	 	(c)	The Agreement constitutes a legal, valid and binding obligation of the entity, enforceable against the entity in accordance with its terms. 

 

	 	(d)	Neither the execution, the delivery or performance of the Agreement conflicts with any applicable law, any organizational document, or any agreement, judgment, license,
order or permit applicable to or binding upon the entity or any of its properties, except for any consents required to be obtained by the Armstrong Entities in respect of any leasehold interests in and to the Subject Assets.

  

	 	(e)	No consent, approval, order, or authorization of, or declaration, filing, or registration with, any governmental entity is required to be obtained or made by the entity
in connection with the execution, delivery, or performance by the entity of the Agreement and, the consummation by it of the transactions contemplated hereby. 

 8. Representations of the ARP Entities. The ARP Entities hereby represent and warrant as of the date hereof and the Closing Date, as follows: 

 

	 	(a)	Each of the ARP Entities is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware.

  

	 	(b)	Each of the ARP Entities has all power and authority to enter into the Agreement and any ancillary documents contemplated herein, and the Agreement and the transactions
contemplated herein have been approved by all requisite action by its members or managers as required. 

	 	(c)	The Agreement constitutes a legal, valid and binding obligation of each of the ARP Entities, enforceable against each entity in accordance with its terms.

  

	 	(d)	Neither the execution, the delivery or performance of the Agreement conflicts with any applicable law, any organizational document, or any agreement, judgment, license,
order or permit applicable to or binding upon Each of the ARP Entities. 

  

	 	(e)	No consent, approval, order, or authorization of, or declaration, filing, or registration with, any governmental entity is required to be obtained or made by each of
the ARP Entities in connection with the execution, delivery, or performance by each of the ARP Entities of the Agreement and, the consummation by it of the transactions contemplated hereby. 

9. Arbitration. Any disagreement between the Parties arising hereunder shall be submitted to binding arbitration in
accordance with the rules of the American Arbitration Association then in effect. A panel of three arbitrators, knowledgeable with the coal industry in the West Kentucky area, shall be named, one to be selected by the Armstrong Entities, one to be
selected by the ARP Entities, and one to be selected by the other two arbitrators. If the two arbitrators appointed by the Armstrong Entities and the ARP Entities cannot agree on the selection of the third neutral arbitrator selection of such
arbitrator shall be made by the American Arbitration Association. The non-prevailing party shall be responsible for the reasonable expenses, fees and costs (including, without limitation, reasonable attorney’s fees) incurred by the Parties in
such arbitration. With regard to any monetary sum or quantum measurement such as fair market values, coal tonnages or reserves, the figures determined by each of the arbitrators shall be averaged and the determination which differs most from said
average shall be excluded; the remaining two determinations shall then be averaged and such average shall be final and conclusive. 
 10. Miscellaneous.  
  

	 	(a)	Further Assurances. Each party to the Agreement agrees to perform such further acts and to execute and deliver such other and additional documents as may be
necessary to carry out the provisions of the Agreement. 

  

	 	(b)	Amendment. The Agreement may not be amended in whole or in part except by the written agreement of the parties hereto. 

 

	 	(c)	Assignment. Except as otherwise specifically provided, the Agreement and any right hereunder, shall not be assigned by any party hereunder without the prior
written consent of the other party, which shall not be unreasonably withheld. 

  

	 	(d)	Severability. If any clause or provision of the Agreement is illegal, invalid, or unenforceable under any present or future law, the remainder of the Agreement
will not be affected thereby. It is the intention of the parties that if any such provision is held to be illegal, invalid or unenforceable, there will be added in lieu thereof a provision as similar in terms to such provision as is possible which
is legal, valid and enforceable. 

	 	(e)	Binding Effect. The Agreement will inure to the benefit of and bind the respective heirs, legal representatives, successors and permitted assigns of the parties
hereto. 

  

	 	(f)	Notices. All notices, requests and other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally or
by facsimile transmission or mailed (first class postage prepaid) to the parties at the following addresses or facsimile numbers: 

  

	 	(i)	if to the Armstrong Entities: 

7733 Forsyth Blvd, Suite 1625 
 St. Louis, Missouri 63105 
 Attn: Martin D. Wilson 

Facsimile: (314) 721-8211 
  

	 	(ii)	if to the ARP Entities: 

 7733
Forsyth Blvd, Suite 1625 
 St. Louis, Missouri 63105 

Attn: J. Hord Armstrong, III 
 Facsimile: (314) 721-8211 
  

	 	(g)	Governing Law; Venue. THE AGREEMENT SHALL BE GOVERNED, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF KENTUCKY, EXCLUDING THAT BODY OF LAW
PERTAINING TO CONFLICTS OF LAW. 

  

	 	(h)	Counterparts. The Agreement may be executed in multiple counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. Facsimile signatures shall be effective as original signatures. 

 [Remainder of Page Left Intentionally Blank; Signature Page to Follow] 

 IN WITNESS WHEREOF, each of the undersigned, by its duly authorized person, has executed
this Agreement as of the date first above written. 
  

			
	ARMSTRONG COAL COMPANY, INC.
		
	By:	 	 /s/ Martin D. Wilson

		 	Martin D. Wilson, President
	
	WESTERN DIAMOND LLC
		
	By:	 	 /s/ Martin D. Wilson

		 	Martin D. Wilson, Manager
	
	WESTERN LAND COMPANY, LLC
		
	By:	 	 /s/ Martin D. Wilson

		 	Martin D. Wilson, Manager
	
	WESTERN MINERAL DEVELOPMENT, LLC
		
	By:	 	 /s/ Martin D. Wilson

		 	Martin D. Wilson, Manager
	
	CERALVO HOLDINGS, LLC
		
	By:	 	 /s/ Martin D. Wilson

		 	Martin D. Wilson, Manager

 EXHIBIT A 

SUBJECT ASSETS 
 The Subject Assets shall mean all of the coal reserves and real property described in, and conveyed, demised or otherwise granted in or under the following deeds and instruments, to Western Land Company,
LLC and/or Western Diamond LLC, subject to all rights-of-way, easements, leases, deed and plat restrictions, partitions, severances, encumbrances, licenses, reservations, conveyances and exceptions which are of record as of the date of the exercise
of the Option by Elk Creek, and to all rights of persons in possession, and to physical conditions, encroachments and possessory rights which would be evident from an inspection of the property at such time: 

(i) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC and Beaver Dam Coal Company to Western
Diamond LLC, dated September 19, 2006, of record in Deed Book 363, page 369, in the Office of the Ohio County Clerk; 

(ii) The Partial Assignment of Coal Mining Lease from Central States Coal Reserves of Kentucky, LLC to Western Diamond LLC dated
September 19, 2006, of record in Deed Book 363, page 428, in the Office of the Ohio County Clerk; 
 (iii) The
Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC and Beaver Dam Coal Company to Western Diamond LLC, dated September 19, 2006, of record in Deed Book 363, page 414, in the Office of the Ohio County Clerk;

 (iv) The Corporation Special Warranty Deed from Beaver Dam Coal Company to Western Diamond LLC, dated September 19,
2006, of record in Deed Book 363, page 393, in the Office of the Ohio County Clerk; 
 (v) The Corporation Special Warranty
Deed from Beaver Dam Coal Company to Western Diamond LLC, dated September 19, 2006, of record in Deed Book 363, page 403, in the Office of the Ohio County Clerk; 
 (vi) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC to Western Diamond LLC, dated May 31, 2007, of record in Deed Book 528, page 284, in the Office of
the Muhlenberg County Clerk, and the Deed of Confirmation between Central States Coal Reserves of Kentucky, LLC, Western Diamond LLC and Armstrong Coal Reserves, Inc., dated September 30, 2007, of record in Deed Book 531, page 205, in the
Office of the Muhlenberg County Clerk; 
 (vii) The Corporation Special Warranty Deed from Central States Coal Reserves of
Kentucky, LLC and Beaver Dam Coal Company to Western Diamond LLC, dated May 31, 2007, of record in Deed Book 368, page 17, in the Office of the Ohio County Clerk, and the Deed of Correction between Central States Coal Reserves of Kentucky, LLC,
Beaver Dam Coal Company, LLC and Western Diamond LLC, of record in Deed Book 369, page 759, in the Office of the Ohio County Clerk; 

 (viii) The Partial Assignment and Assumption of Mineral Leasehold Estate from Central
States Coal Reserves of Kentucky, LLC to Western Diamond LLC, dated May 31, 2007, of record in Deed Book 528, page 320, in the Office of the Muhlenberg County Clerk; 
 (ix) The Partial Assignment and Assumption of Mineral Leasehold Estate from Central States Coal Reserves of Kentucky, LLC to Western Diamond LLC, dated May 31, 2007, of record in Deed Book 528,
page 330, in the Office of the Muhlenberg County Clerk. 
 (x) The Corporation Special Warranty Deed from Central States
Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated December 12, 2006, of record in Deed Book 524, page 505, in the Office of the Muhlenberg County Clerk; 
 (xi) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC and Beaver Dam Coal Company to Western Land Company, LLC, dated December 12, 2006, of record in Deed
Book 365, page 36, in the Office of the Ohio County Clerk; 
 (xii) The Partial Assignment and Assumption of Mineral
Leasehold Estate from Central States Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated November 20, 2006, of record in Deed Book 524, page 523, in the Office of the Muhlenberg County Clerk, as amended and restated in Deed Book
527, page 186, in the Office of the Muhlenberg County Clerk; 
 (xiii) The Partial Assignment and Assumption of Surface and
Mineral Leasehold Estate from Central States Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated November 20, 2006, of record in Deed Book 365, page 57, in the Office of the Muhlenberg County Clerk; 

(xiv) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC, Beaver Dam Coal Company, Ohio County
Coal Company, LLC and Grand Eagle Mining, Inc. to Western Land Company, LLC, dated March 30, 2007, of record in Deed Book 367, page 1, in the Office of the Ohio County Clerk; 

(xv) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated
March 30, 2007, of record in Deed Book 527, page 118, in the Office of the Muhlenberg County Clerk, as corrected by Deed of Correction dated September 30, 2007, of record in Deed Book 531, page 213, in the Office of the Muhlenberg County
Clerk; and 
 (xvi) The Partial Assignment and Assumption of Surface and Mineral Leasehold Estate from Central States Coal
Reserves of Kentucky, LLC to Western Land Company, LLC, dated March 30, 2007, of record in Deed Book 527, page 161, in the Office of the Muhlenberg County Clerk.EX-10.44

 Exhibit 10.44 

REAL ESTATE LEASE 

This Lease Agreement (this “Lease”) is dated August 1, 2009, by and between David R. Cobb and Rebecca K. Cobb (“Landlord”), and
Armstrong Coal Company, Inc (“Tenant”). The parties agree as follows: 
 PREMISES. Landlord, in consideration of the lease
payments provided in this Lease, leases to Tenant a 6,500+ square foot office building, a 1,900 square foot office annex, and a 1,680 square foot office addition to be constructed and ready for occupancy in August 2009, all located on one
(1) acre with existing parking for 25+ vehicles (the “Premises”) located at 407 Brown Road, Madisonville, Hopkins County, KY 42431. 
 TERM. The lease term will begin on August 01, 2009 and will terminate on July 31, 2014. 
 LEASE PAYMENTS. Tenant shall pay to Landlord monthly installments of $5,000.00, payable in advance on the first day of each month. Lease payments shall be made to the Landlord at 3575 Brown Road,
Madisonville, KY 42431, which address may be changed from time to time by the Landlord. 
 POSSESSION. Tenant shall be entitled to
possession on the first day of the term of this Lease, and shall yield possession to Landlord on the last day of the term of this Lease, unless otherwise agreed by both parties in writing. At the expiration of the term, Tenant shall remove its goods
and effects and peaceably yield up the Premises to Landlord in as good a condition as when delivered to Tenant, ordinary wear and tear excepted. 
 PROPERTY INSURANCE. Tenant shall maintain casualty insurance on the Premises in an amount not less than 100.00% of the full replacement value. Landlord shall be named as an additional insured in
such policies. Tenant shall deliver appropriate evidence to Landlord as proof that adequate insurance is in force issued by companies reasonably satisfactory to Landlord. Landlord shall receive advance written notice from the insurer prior to any
termination of such insurance policies. Tenant shall also maintain any other insurance which Landlord may reasonably require for the protection of Landlord’s interest in the Premises. Tenant is responsible for maintaining casualty insurance on
its own property. 
 LIABILITY INSURANCE. Tenant shall maintain liability insurance on the Premises in a total aggregate sum of at least
$1,000,000.00. Tenant shall deliver appropriate evidence to Landlord as proof that adequate insurance is in force issued by companies reasonably satisfactory to Landlord. Landlord shall receive advance written notice from the insurer prior to any
termination of such insurance policies. 
 RENEWAL TERMS. This Lease shall automatically renew for an additional period of twelve
(12) months per renewal term, unless either party gives written notice of termination no later than 30 days prior to the end of the term or renewal term. The lease terms during any such renewal term shall be the same as those contained in
this Lease. 
 MAINTENANCE. 

Landlord’s obligations for maintenance shall include: 
 -items of maintenance not specifically delegated to Tenant under this Lease. 

 Tenant’s obligations for maintenance shall include: 

 

	 	•	 	 the sewer, water pipes, and other matters related to plumbing 

 

	 	•	 	 the electrical, telephone, computer related wiring and fixtures 

 

	 	•	 	 the heating, air conditioning, and ventilation systems 

 

	 	•	 	 the exterior cosmetic and functional structure features including roof covering, windows and doors 

 

	 	•	 	 the parking lots, sidewalks, lawn and landscaping 

  

	 	•	 	 the compliance with local, state, and federal regulations and ordinances 

 

	 	•	 	 other items of maintenance including furnishings and floor, ceiling and wall coverings. 

UTILITIES AND SERVICES. Tenant shall be responsible for all utilities and services incurred in connection with the Premises. 

TAXES. Taxes attributable to the Premises or the use of the Premises shall be allocated as follows: 

REAL ESTATE TAXES. Landlord shall pay all real estate taxes and assessments for the Premises. 

PERSONAL TAXES. Landlord shall pay all personal taxes along with all sales and/or use taxes (if any) that may be due in connection with
lease payments. Tenant shall pay any charges which may be levied against the Premises and which are attributable to Tenant’s use of the Premises, 
 DEFAULTS. Tenant shall be in default of this Lease if Tenant fails to fulfill any lease obligation or term by which Tenant is bound. Subject to any governing provisions of law to the contrary, if
Tenant fails to cure any financial obligation within 10 days (or any other obligation within 30 days) after written notice of such default is provided by Landlord to Tenant, Landlord may take possession of the Premises without further notice
(to the extent permitted by law), and without prejudicing Landlord’s rights to damages. In the alternative, Landlord may elect to cure any default and the cost of such action shall be added to Tenant’s financial obligations under this
Lease. Tenant shall pay all costs, damages, and expenses (including reasonable attorney fees and expenses) suffered by Landlord by reason of Tenant’s defaults. All sums of money or charges required to be paid by Tenant under this Lease shall be
additional rent, whether or not such sums or charges are designated as “additional rent”. The rights provided by this paragraph are cumulative in nature and are in addition to any other rights afforded by law. 

CUMULATIVE RIGHTS. The rights of the parties under this Lease are cumulative, and shall not be construed as exclusive unless otherwise required by
law. 
 REMODELING OR STRUCTURAL IMPROVEMENTS. Tenant shall have the obligation to conduct any construction or remodeling (at
Tenant’s expense) that may be required to use the Premises as specified above. Tenant may also construct such fixtures on the Premises (at Tenant’s expense) that appropriately facilitate its use for such purposes. Such construction shall
be undertaken and such fixtures may be erected only with the prior written consent of the Landlord which shall not be unreasonably withheld. Tenant shall not install awnings or advertisements on any part of the Premises without Landlord’s prior
written consent. At the end of the lease term, Tenant shall be entitled to remove (or at the request of Landlord shall remove) such fixtures, and shall restore the Premises to substantially the same condition of the Premises at the commencement of
this Lease. 

 ACCESS BY LANDLORD TO PREMISES. Subject to Tenant’s consent (which shall not be unreasonably
withheld), Landlord shall have the right to enter the Premises to make inspections, provide necessary services, or show the unit to prospective buyers, mortgagees, tenants or workers. However, Landlord does not assume any liability for the care or
supervision of the Premises. As provided by law, in the case of an emergency, Landlord may enter the Premises without Tenant’s consent. During the last three months of this Lease, or any extension of this Lease, Landlord shall be allowed to
display the usual “To Let” signs and show the Premises to prospective tenants. 
 INDEMNITY REGARDING USE OF PREMISES. To the
extent permitted by law, Tenant agrees to indemnify, hold harmless, and defend Landlord from and against any and all losses, claims, liabilities, and expenses, including reasonable attorney fees, if any, which Landlord may suffer or incur in
connection with Tenant’s possession, use or misuse of the Premises, except Landlord’s act or negligence. 
 COMPLIANCE WITH
REGULATIONS. Tenant shall promptly comply with all laws, ordinances, requirements and regulations of the federal, state, county, municipal and other authorities, and the fire insurance underwriters. However, Tenant shall not by this provision be
required to make alterations to the exterior of the building or alterations of a structural nature. 
 SUBORDINATION OF LEASE. This Lease
is subordinate to any mortgage that now exists, or may be given later by Landlord, with respect to the Premises. 
 NOTICE. Notices under
this Lease shall not be deemed valid unless given or served in writing and forwarded by mail, postage prepaid, addressed as follows: 
 LANDLORD:  
 David R. Cobb 

3575 Brown Road 

Madisonville, KY 42431 
 TENANT:  
 Armstrong Coal Company, Inc. 

7733 Forsyth Blvd., Suite 1625 
 St. Louis, Missouri 63105 
 Such addresses may be changed from time to time by either party by
providing notice as set forth above. Notices mailed in accordance with the above provisions shall be deemed received on the third day after posting. 
 GOVERNING LAW. This Lease shall be construed in accordance with the laws of the State of Kentucky. 
 ENTIRE AGREEMENT/AMENDMENT. This Lease Agreement contains the entire agreement of the parties and there are no other promises, conditions, understandings or other agreements, whether oral or
written, relating to the subject matter of this Lease. This Lease may be modified or amended in writing, if the writing is signed by the party obligated under the amendment. 

 SEVERABILITY. If any portion of this Lease shall be held to be invalid or unenforceable for any
reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Lease is invalid or unenforceable, but that by limiting such provision, it would become valid and enforceable, then such
provision shall be deemed to be written, construed, and enforced as so limited. 
 WAIVER. The failure of either party to enforce any
provisions of this Lease shall not be construed as a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Lease. 
 BINDING EFFECT. The provisions of this Lease shall be binding upon and inure to the benefit of both parties and their respective legal representatives, successors and assigns. 

LANDLORD: 
  

									
	/s/ David R. Cobb	 		 	/s/ Rebecca K. Cobb	 		  	Date: July 27, 2009
	David R. Cobb	 		 	Rebecca K. Cobb	 		  	

 TENANT: 

Armstrong Coal Company, Inc. 
  

							
	By:	 	/s/ Martin D. Wilson	  		  	                    Date: July 27, 2009
		 	Martin Wilson, President, Armstrong Coal Company, Inc.,

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