Document:

Exhibit

Exhibit 10.21

Contura Energy, Inc. 
EMERGENCE AWARD AGREEMENT
This Emergence Award Agreement is entered into by and between Contura Energy, Inc. (the “Company”) and the Employee of the Company whose name appears below (the “Employee”) in order to set forth the terms and conditions of shares of common stock of the Company (“Shares”) and Options granted to the Employee under the Contura Energy, Inc. Management Incentive Plan (the “Plan”).  To the extent permissible under applicable law, this Option is intended to qualify as an “incentive stock option” under Section 422 of the Code, and otherwise shall be treated as a “non-qualified stock option.”
	
													
	[Full Name]:

	[Employee Number]:

	 

	 
	 
	 
	 
	 
	 
	Vesting Schedule
	 
	 
	 
	 

	Share Type
	 
	Date of Grant
	 
	Number of Shares
	 
	Date
	 
	Shares
	 
	 
	 
	 

	Common stock of the Company
	 
	July 26, 2016
	 
	[RSS]
	 
	100% vested
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	Vesting Schedule

	Option Type
	 
	Date of Grant
	 
	Expiration Date
	 
	Number of Shares
	 
	Option Price
	 
	Date
	 
	Shares

	Incentive Stock Options – Fixed Price (the “Fixed Price Option”)
	 
	July 26, 2016
	 
	(1)
	 
	[Option1]
	 
	$2.50
	 
	100% vested

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	Vesting Schedule

	Option Type
	 
	Date of Grant
	 
	Expiration Date
	 
	Number of Shares
	 
	Option Price
	 
	Date
	 
	Shares

	Incentive Stock Options – VWAP Price (the “VWAP Price Option”)
	 
	July 26, 2016
	 
	(1)
	 
	[Option2]
	 
	(2)
	 
	100% vested

Subject to the attached Terms and Conditions and the terms of the Plan, which are incorporated herein by reference, the Company hereby grants to the Employee Shares and Options to purchase Shares, as outlined above.
The Company and the Employee have executed this Agreement as of the Date of Grant set forth above.
	
				
	CONTURA ENERGY, INC.
	 
	EMPLOYEE

	 
	 
	 

	By:
	 
	 
	 

	 
	Name:
	 
	 

	 
	Title:
	 
	 

    

PLEASE RETURN ONE SIGNED COPY OF THIS AGREEMENT TO:
Contura Energy, Inc. 
300 Martin Luther King Jr., Blvd. 
Suite 500 
P.O. Box 848 
Bristol, TN 37621 
Attn: Burke Vander Lind

(1) 10 year anniversary of Grant Date.
(2) Corporate action to grant the Option will occur at emergence on 7/26/16, and the VWAP Price Option will be priced on the 30th day of the VWAP period, which will be the 409A grant date. See section (3).

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Contura Energy, Inc. 
CONTURA ENERGY, INC. MANAGEMENT INCENTIVE PLAN  
Terms and Conditions of Emergence Award Grant
		
	1.
	TRANSFER OF SHARES.  Subject to the Participant satisfying the Participant’s withholding obligations pursuant to Section 10.8 of the Plan, the Company hereby transfers [Total] fully vested Shares to the Participant.

		
	2.
	EXERCISE OF OPTIONS. The Employee may exercise one or more of the Options granted in the Stock Option Agreement to the extent exercisable, by giving written notice on a form provided by the Committee specifying the number of Options being exercised and the exercise date and by tendering payment for the Shares being purchased under the Options. The Options shall expire on the expiration date set forth above (the “Expiration Date”).

		
	3.
	EXERCISE PRICE. The exercise price of the Fixed Price Option shall be $2.50.  The exercise price of the VWAP Price Option shall be the Fair Market Value of a Share on the date hereof ($2.50 per Share) and shall be adjusted in accordance with Section 409A to be the trailing volume-weighted average price for the period beginning on July 27, 2016 and ending thirty days thereafter, but in any case not less than $2.50 and not more than $5.00.

		
	4.
	PAYMENT FOR SHARES. Payment for the Shares issuable upon exercise of an Option shall be made in full in cash or by certified check. The Employee may exercise the Option through a cashless exercise procedure, pursuant to Section 8.02 of the Plan. Any payment for Shares must include such additional amounts as may be required by the Company to satisfy Federal, state and local withholding tax requirements.

		
	5.
	ISSUANCE OF CERTIFICATES. As soon as reasonably practicable following the exercise of an Option and the receipt by the Company of payment for the Shares and applicable withholding taxes, a certificate representing the Shares purchased, registered in the name of the Employee shall be delivered to the Employee.  The following legend may be included on such Shares:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION PROVIDED BY RULE 701 UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  THEY MAY NOT BE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO THE SECURITIES UNDER THE ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREOF, INCLUDING WITHOUT LIMITATION, COMPLIANCE WITH THE REQUIREMENTS OF RULE 701 UNDER THE ACT.”
		
	6.
	TERMINATION OF EMPLOYMENT. Upon termination of the Employee’s employment with the Company, the Employee shall be entitled to exercise the Options, to the extent exercisable on the date of the Employee’s termination, at any time within the three (3) month period immediately following the date of the Employee’s termination of employment, provided that, upon termination of the Employee’s employment without Cause or for Good Reason, each as defined in such Employee’s Employment Agreement, if applicable, or due 

    

to the Employee’s death or Disability, the Option shall be exercisable until the later of (i) the fourth anniversary of the Date of Grant or (ii) the second anniversary of such termination of employment, but in all cases, not later than the Expiration Date.
		
	7.
	SECURITIES REPRESENTATIONS.  Upon the exercise of the Option prior to the registration of the Shares to be issued hereunder pursuant to the Securities Act or other applicable securities laws, the Employee shall be deemed to acknowledge and make the following representations and warranties and as otherwise may be reasonably requested by the Company for compliance with applicable laws, and any issuances of Shares by the Company hereunder shall be made in reliance upon the express representations and warranties of the Employee:

		
	(a)
	The Employee is acquiring and will hold the Shares to be issued hereunder for investment for the Employee’s account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act or other applicable securities laws.

		
	(b)
	The Employee has been advised that the Shares to be issued hereunder have not been registered under the Securities Act or other applicable securities laws, on the ground that no distribution or public offering of such Shares is to be effected (it being understood, however, that such Shares are being issued and sold in reliance on the exemption provided under Rule 701 under the Securities Act), and that such Shares must be held indefinitely, unless they are subsequently registered under the applicable securities laws or the Employee obtains an opinion of counsel (in the form and substance reasonably satisfactory to the Company and its counsel) that registration is not required.  In connection with the foregoing, the Company is relying in part on the Employee’s representations set forth in this Section 7.  The Employee further acknowledges and understands that the Company is under no obligation hereunder to register the Shares to be issued hereunder.

		
	(c)
	The Employee is aware of the adoption of Rule 144 by the United States Securities and Exchange Commission under the Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions.  The Employee acknowledges that the Employee is familiar with the conditions for resale set forth in Rule 144, and acknowledges and understands that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future.

		
	(d)
	The Employee has been furnished with, and has had access to, such information as the Employee considers necessary or appropriate for deciding whether to invest in the Shares to be issued hereunder, and the Employee has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of such Shares.

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	(e)
	The Employee is aware that an investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss.  The Employee is able, without impairing the Employee’s financial condition, to hold the Shares to be issued hereunder for an indefinite period and to suffer a complete loss of the Employee’s investment in such Shares.

		
	8.
	EFFECT OF CHANGE IN CONTROL. Upon a Change in Control, as defined in the Plan, the Options shall continue to become exercisable pursuant to the terms set forth herein.

		
	9.
	NONTRANSFERABILITY. Options granted under the Plan may not be transferred, assigned pledged or hypothecated (whether by operation of law or otherwise), except as provided by will or the applicable laws of descent and distribution, and Options shall be subject, in whole or in part, to execution, attachment or similar process.

		
	10.
	MISCELLANEOUS.

		
	(a)
	Definitions. Terms used in this Agreement which are defined in the Plan shall have the respective meanings set forth in the Plan.

		
	(b)
	Tag Along Rights. For the avoidance of doubt, the Employee shall have the same tag along rights with respect to (i) Shares acquired pursuant to exercise of the Option and (ii) vested Shares granted on July 26, 2016 pursuant to the Plan, on the same terms and conditions as are then applicable to other Company stockholders pursuant to any stockholders agreement or any similar agreement, if any, as may be in effect from time to time; provided that the Employee will not be required to agree to be subject to restrictive covenants that are more burdensome than those included in the Employee’s Employment Agreement, if applicable.  If the other Company stockholders do not include the Employee in any transaction in which such rights would apply, the Company shall, subject to applicable law, offer to purchase such Shares for cash at the purchase price paid in such transaction.

		
	(c)
	No Right To Employment. This Agreement shall not confer upon the Employee any right to continue in the employ of the Company or any subsidiary or to be entitled to any remuneration or benefits not set forth in this Agreement or the Plan nor interfere with or limit the right of the Company or any subsidiary to modify the terms of or terminate the Employee’s employment at any time.

		
	(d)
	Notice. Any notice or other communication required or permitted to be given under this Agreement must be given by personal delivery or by registered or certified mail, return receipt requested and addressed, if to the Committee or the Company, at the principal office of the Company and, if to the Employee, at the Employee’s last known address as set forth in the books and records of the Company.

		
	(e)
	Plan to Govern. This Agreement and the rights of the Employee hereunder are subject to all of the terms and conditions of the Plan as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for the administration of the Plan.

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	(f)
	Amendment. Subject to restrictions set forth in the Plan, the Company may from time to time suspend, modify or amend this Agreement. No suspension, modification or amendment of this Agreement may, without the consent of the Employee, adversely affect the rights of the Employee with respect to the Options granted pursuant to this Agreement.

		
	(g)
	Severability. In the event that any provision of this Agreement shall he held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

		
	(h)
	Entire Agreement. This Agreement and the Plan contain all of the understandings between the Company and the Employee concerning the Options granted hereunder and supersede all prior agreements and understandings.

		
	(i)
	Counterparts. This Agreement may be executed in counterparts, each of which when signed by the Company and the Employee will be an original and all of which together will be the same Agreement.

		
	(j)
	Governing Law. To the extent not preempted by Federal law, this Agreement shall be construed in accordance with and governed by the laws of the State of Delaware.

4Exhibit

Exhibit 10.22

CONTURA ENERGY, INC. 
DEFERRED COMPENSATION PLAN
Effective April [___], 2017
ARTICLE I
PURPOSE; EFFECTIVE DATE
1.1Purpose. The purpose of this Deferred Compensation Plan (hereinafter, the “Plan”) is to permit a select group of management and highly compensated employees of Contura Energy, Inc. and its subsidiaries to provide additional retirement income to plan participants in excess of what they may be entitled to receive under the Company’s other retirement benefit plans.  It is intended that this plan, by providing this supplemental retirement opportunity, will assist the Company in retaining and attracting individuals of exceptional ability by providing them with these benefits.
1.2Effective Date.  The Plan is effective as of April [_____], 2017.
ARTICLE II
DEFINITIONS
For the purpose of this Plan, the following terms shall have the meanings indicated, unless the context clearly indicates otherwise:
2.1Account.  “Account” means the account maintained on the books of the Company used solely to calculate the amount payable to each Participant under this Plan and shall not constitute a separate fund of assets.  The Account available for each Participant shall be identified as a Supplemental Retirement Plan Account (“SRP Account”)
2.2Beneficiary.  “Beneficiary” means one or more persons or entities designated by the Participant to receive any Plan benefits payable after the Participant’s death.
2.3Board.  “Board” means the Board of Directors of the Company.
2.4Committee.  “Committee” means the Compensation Committee of the Board.
2.5Company.  “Company” means Contura Energy, Inc. a Delaware corporation, and any direct or indirect subsidiary that has adopted this Plan or any successor to the business thereof.   Any reference herein to the “Company” should, except as the context otherwise requires, be interpreted as a reference to the Participant’s particular employer.
2.6Eligible Compensation.  “Eligible Compensation” means any compensation (including base salary and incentive compensation) considered as “eligible compensation” for purposes of any tax-qualified plans which may be maintained under Section 401(k) or Section 125 of the Internal Revenue Code of 1986, as amended, (the “Code”), (any such plan, a “Qualified Retirement Plan”) during the applicable calendar year.  For purposes of this Plan, Eligible 

Compensation shall be calculated before reduction for any amounts deferred by the Participant pursuant to any Qualified Retirement Plan or any other non-qualified plan which permits the voluntary deferral of compensation.
2.7Compensation Limit. “Compensation Limit” means the annual compensation limit specified under Section 401(a)(17) of the Code.
2.8Determination Date.  “Determination Date” means the last day of each calendar quarter.
2.9Interest.  “Interest” means the amount credited to a Participant’s Account(s) on each Determination Date.
2.10Financial Hardship.  “Financial Hardship” means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, a beneficiary, or a dependent (as defined in Section 152(a) of the Code, without regard to Section 152(b)(1), (b)(2) and (d)(1)(B)) of the Participant; the need to pay for the funeral expenses of a spouse, beneficiary or dependent (as defined above); loss of the Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.
2.11Management Administrator.  “Management Administrator” means the Senior Vice President of Human Resources or such other person designated to act in such capacity by the Company’s Chief Executive Officer.
2.12Participant.  “Participant” means any eligible employee who has received a SRP Contribution.  Such employee shall remain a Participant in this Plan for the period of deferral and until such time as all benefits payable under this Plan have been paid in accordance with the provisions hereof; provided, however, the foregoing provisions shall not limit the Committee’s discretion to determine whether an employee remains eligible to continue to actively participate in the Plan.
2.13Plan.  “Plan” means this Deferred Compensation Plan, as amended from time to time.
2.14Service.  “Service” is calculated based on hours of service within a calendar year.  A year of Service will be credited when a Participant performs 1,000 hours of service within a calendar year.  An hour of service is an hour for which the Participant is paid or entitled to be paid.
2.15Separation from Service.    “Separation from Service” shall mean a Participant’s death or other termination of employment with the Company and all of its controlled group members within the meaning of Section 409A of the Code and the Treasury Regulations and guidance thereunder (collectively, “Section 409A”).  For purposes hereof, the determination of controlled group members shall be made pursuant to the provisions of Section 414(b) and 414(c) of the Code; provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it appears in Section 1563(a)(1), (2) and (3) of the Code and Treasury Regulation Section 

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1.414(c)-2; provided, further, that where legitimate business reasons exist (within the meaning of Treasury Regulation Section 1.409A-1(h)(3)), the language “at least 20 percent” shall be used instead of “at least 80 percent” in each place it appears.  Whether a Participant has a Separation from Service will be determined based on all of the facts and circumstances and in accordance with Section 409A.
2.16SRP Contribution.   “SRP Contribution” means the contribution made by the Company credited to the Participant’s SRP Account.
2.17Specified Employees.   “Specified Employees “means key employees of the Company, as defined in Section 416(i) of the Code without regard to paragraph (5) thereof, as determined in accordance with the procedures established by the Committee.
2.18Valuation Funds.    “ Valuation Funds “ means one or more of the independently established funds or indices, as authorized by the Committee, used to calculate the Interest that is credited to each Participant’s Account(s) in accordance with the terms of the Plan.   Any such funds or indices represent hypothetical investments and do not represent actual investments, and shall not convey any beneficial interest on the part of the Participant in any asset or other property of the Company.  The determination of the increase or decrease in the performance of each Valuation Fund shall be determined in accordance with the procedures established by the Committee.  The Committee shall select one or more Valuation Funds available to the Participants with respect to this Plan and shall set forth a list of these Valuation Funds attached hereto as Exhibit A, which may be amended from time to time in the discretion of the Committee.
ARTICLE III
ELIGIBILITY AND PARTICIPATION
3.1Eligibility and Participation.
(a)Eligibility. Eligibility to participate in the Plan shall be limited to key employees of the Company who are designated by the Chief Executive Officer or EVP – Chief Administrative Officer of the Company, from time to time, and approved by the Committee; provided, however, that the Committee may delegate the authority to approve an employee’s participation in the Plan to an officer or officers of the Company in its reasonable discretion.
(b)Participation.  An employee’s participation in the Plan shall be effective upon being approved by the Committee or its delegate to participate in the Plan or as otherwise provided by the Committee; provided, however, that the Committee reserves the discretion to limit an employee’s ability to continue to participate in the Plan in the future.
ARTICLE IV
SUPPLEMENTAL RETIREMENT ACCOUNT
4.1Account.  SRP Contributions and Interest shall be credited to the Participant’s Account.   The Account shall be used solely to calculate the amount payable to each Participant under this Plan and shall not constitute a separate fund of assets.

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4.2Contributions To SRP Account.  The Company shall credit SRP Contributions, if any, to each Participant’s SRP Account as soon as is practical after the close of each calendar year.  The amount of the credited contribution under this Section shall be equal to the sum of (a) and (b):
(a)the quotient obtained by multiplying the amount of the Participant’s total annual Eligible Compensation for the preceding calendar year in excess of the Compensation Limit for the preceding calendar year, by the aggregate Company matching contribution percentage for all Qualified Retirement Plans in effect for the preceding calendar year; and
(b)a discretionary contribution that may be made in accordance with Section 4.6.
4.3Determination of Account.  Each Participant’s Account as of each Determination Date shall consist of the balance of the Account as of the immediately preceding Determination Date, adjusted as follows:
(a)SRP Contributions.  The Participant’s Account shall be increased, as appropriate, by any SRP Contributions credited since such prior Determination Date.
(b)Interest.  Each Account shall be increased or decreased by the Interest for such Account since such Determination Date.
4.4Vesting of Account.   SRP Contributions and discretionary contributions credited to a Participant’s SRP Account and Interest thereon shall become one hundred percent (100%) vested when credited to the Participant’s Account.
4.5Statement of Account.    The Management Administrator shall provide to each Participant a statement showing the balances in the Participant’s Account on an annual basis.
4.6Discretionary Contribution.   The Committee may grant a discretionary contribution in accordance with Section 4.6(c) and the requirements of this Section.  Such a discretionary contribution shall satisfy the following:
(a)The contribution will be a percentage of Eligible Compensation for each applicable Participant (as updated from time to time), which the Committee (or its designee) may establish and adjust, from time to time, in the first quarter of each Plan year.  An eligible Participant will be informed of any such adjustment at that time.
(b)The contribution will only be made as determined by the Committee.  It is completely discretionary and need not be given to all or any Participants, nor are those eligible required to have the same percentage contribution.  Participation in any one year will not ensure participation in any subsequent year.
(c)The contribution, if any, will be credited to an eligible Participant’s Account as of December 31st of the year for which it was granted.  An eligible Participant must be actively employed on a full time basis on this date to receive the credit.

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(d)Notwithstanding the last sentence of Section 4.6(c), an eligible Participant will receive a prorated credit as of December 31st of the year for which it was granted if the Participant’s employment is terminated during such year for any of the following reasons:  (i) death; (ii) disability; (iii) involuntary termination by the Company without cause; (iv) termination by the Participant for good reason; or (v) upon an involuntary termination associated with, or in connection with, a change in control of the Company (as determined by the Company in its sole discretion prior to the change in control).
(e)For purposes of this Section 4.6, the terms “disability.” “cause,” “good reason,” and “change in control” shall have (i) the meanings ascribed to them in any employment agreement between the Company and the Participant or (ii) if there is no such agreement, then the meanings ascribed to them in the Contura Energy, Inc. 2017 Long-Term Incentive Plan, whether or not the Participant is a participant in such Long-Term Incentive Plan.
ARTICLE V
PLAN BENEFITS
5.1SRP Account. The Participant’s SRP Account shall be distributed to the Participant in a single lump sum cash payment on the six-month anniversary of the Participant’s Separation from Service.
5.2Death Benefit.  Upon the death of a Participant prior to the distribution of a Participant’s SRP Account under this Plan, the Company shall pay to the Participant’s Beneficiary within 60 days following the Participant’s date of death a single lump sum cash payment equal to the Participant’s SRP Account balance.
5.3Hardship Distributions.  Upon request of a Participant and a finding by the Committee that a Participant has suffered a Financial Hardship, the Committee may, in its discretion and subject to Section 409A, make a distribution from the Participant’s Account balance.  The amount of such distribution shall be limited to the amount reasonably necessary to meet the Participant’s needs resulting from the Financial Hardship, plus amounts necessary to pay taxes and penalties reasonably anticipated as a result of such distribution.  In determining the amount of such distribution, the Committee shall take into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s assets (to the extent that the liquidation of such assets would not itself cause severe Financial Hardship).
5.4Small Account.  The Committee, in its discretion and subject to Section 409A, may distribute the Participant’s Account in a lump sum if the present value of the Participant’s remaining unpaid Account balance (and all other amounts required to be aggregated with such account under Section 409A) falls below the applicable dollar amount under Section 402(g)(1)(B) of the Code.  Any such exercise of discretion shall be evidenced in writing not later than the date of payment.
5.5Withholding; Payroll Taxes.   All SRP Contributions and discretionary contributions granted to Participants, and all benefits payable under the Plan shall be subject to any federal, state or local taxes required by law to be withheld.  At the time that tax withholding is 

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required, if an amount is contributed or payable under the Plan to the Participant’s Account, the amount of the required tax withholding shall be withheld from such contribution or payment.  If, however, an amount is not then contributed or payable or the amount contributed or payable under the Plan to the Participant is less than the required withholding, the Participant shall pay to the Company, not later than the date such withholding is required, the amount of the required tax withholding or, at the sole election of the Company, the amount of required tax withholding shall be withheld from other compensation or amounts payable to the Participant.  The Participant shall hold the Company harmless from any liability for acting to satisfy the withholding obligation in this manner.
5.6Payment to Guardian.  If a Plan benefit is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of the property, the Committee may direct payment to the guardian, legal representative or person having the care and custody of such minor or incompetent person.  The Company may require proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution.  Such distribution shall completely discharge the Committee and Company from all liability with respect to such benefit.
5.7Effect of Payment.  The full payment of the applicable benefit under this Plan shall completely discharge all obligations on the part of the Company to the Participant (and the Participant’s Beneficiary) with respect to the operation of this Plan, and the Participant’s (and Participant’s Beneficiary’s) rights under this Plan shall terminate.
ARTICLE VI
BENEFICIARY DESIGNATION
6.1Beneficiary Designation.  Each Participant shall have the right, at any time, to designate one (1) or more persons as Beneficiary (both primary as well as secondary) to whom benefits under this Plan shall be paid in the event of Participant’s death prior to complete distribution of the Participant’s Account balance.  Each Beneficiary designation shall be in a written form acceptable to the Committee and shall be effective only if filed with the Management Administrator during the Participant’s lifetime. Designation by a married Participant to the Participant’s spouse of less than a fifty percent (50%) interest in the benefit due shall not be effective unless the spouse consents in writing to the designation, or it is established that the consent cannot be obtained because the spouse cannot be located.
6.2Changing Beneficiary.   Any Beneficiary designation may be changed by filing of a new Beneficiary designation with the Management Administrator. A married Participant’s Beneficiary designation may be changed by a Participant, with the consent of the Participant’s spouse as provided for in Section 6.1 above, by the filing of a new designation.  Any such new Beneficiary designation shall cancel all prior designations previously filed by the Participant.
6.3Change in Marital Status.   If the Participant’s marital status changes after the Participant has designated a Beneficiary, the following shall apply:

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(a)If the Participant is married at death but was unmarried when the designation was made, the designation shall be void unless the spouse has consented to it in the manner prescribed herein.
(b)If the Participant is unmarried at death but was married when the designation was made:
(i)The designation shall be void if the spouse was named as Beneficiary; and
(ii)The designation shall remain valid if a non-spouse Beneficiary was named.
(c)f the Participant was married when the designation was made and is married to a different spouse at death, the designation shall be void unless the new spouse has consented to it in the manner prescribed herein.
6.4No Beneficiary Designation.   If any Participant fails to designate a Beneficiary in the manner provided above, if the designation is void, or if the Beneficiary designated by a deceased Participant dies before the Participant or before complete distribution of the Participant’s benefits, the Participant’s Beneficiary shall be the person in the first of the following classes in which there is a survivor:
(a)The Participant’s surviving spouse;
(b)The Participant’s children in equal shares, except that if any of the children predeceases the Participant but leaves surviving issue, then such issue shall take by right of representation the share the deceased child would have taken if living; or
(c)The Participant’s estate.
6.5Effect of Payment.   Payment to the Beneficiary shall completely discharge the Company’s obligations under this Plan.
ARTICLE VII
ADMINISTRATION
7.1Committee; Duties.   This Plan shall be administered by the Committee and, where applicable, by the Management Administrator, and any of their designees.  The Committee and, where applicable, the Management Administrator, shall have the exclusive authority and discretion to interpret, construe, and administer the provisions of the Plan and to decide all questions concerning the Plan and its administration.  Without limiting the foregoing, the Committee and, where applicable, the Management Administrator, shall have the authority, from time to time, to:  determine eligibility for and the amount of benefits, if any, due under the Plan; determine amounts payable under the Plan; interpret the Plan, to make factual determinations, to correct deficiencies, and to supply omissions, including resolving any ambiguity or uncertainty arising under or existing in the terms and provisions of the Plan; make all other determinations and to take all other actions necessary 

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or advisable for the implementation and administration of the Plan; and establish rules and regulations for the administration of the Plan.
7.2Agents.   The Committee and, where applicable, the Management Administrator, may, from time to time, employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Company.
7.3Binding Effect of Decisions.   The decision or action of the Committee and, where applicable, the Management Administrator, with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan.
7.4Indemnity of Committee.   The Company shall indemnify and hold harmless the members of the Committee and, where applicable, the Management Administrator, against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this Plan on account of such member’s service on the Committee, and, where applicable, the Management Administrator, except in the case of gross negligence or willful misconduct.
ARTICLE VIII
CLAIMS PROCEDURE
8.1Claim .   Any person or entity claiming a benefit, requesting an interpretation or ruling under the Plan (hereinafter referred to as “Claimant”), or requesting information under the Plan shall present the request in writing to the Management Administrator, which shall respond in writing as soon as practical.
8.2Denial of Claim.  If the claim or request is denied, the written notice of denial shall state:
(a)The reasons for denial, with specific reference to the Plan provisions on which the denial is based;
(b)A description of any additional material or information required and an explanation of why it is necessary; and
(c)An explanation of the Plan’s claim review procedure.
8.3Review of Claim.  Any Claimant whose claim or request is denied or who has not received a response within sixty (60) days may request a review by notice given in writing to the Committee.  Such request must be made within sixty (60) days after receipt by the Claimant of the written notice of denial, or in the event Claimant has not received a response sixty (60) days after receipt by the Committee of Claimant’s claim or request.  The claim or request shall be reviewed by the Committee which may, but shall not be required to, grant the Claimant a hearing.  On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing.

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8.4Final Decision.  The decision on review shall normally be made within sixty (60) days after the Committee’s receipt of claimant’s claim or request.  If an extension of time is required for a hearing or other special circumstances, the Claimant shall be notified and the time limit shall be one hundred twenty (120) days.  The decision shall be in writing and shall state the reasons and the relevant Plan provisions.  All decisions on review shall be final and bind all parties concerned.
ARTICLE IX
AMENDMENT AND TERMINATION OF PLAN
9.1Amendment.   The Company reserves the right to amend, modify or suspend the Plan, in whole or in part, at any time; provided however, that any such amendment, modification or suspension shall not reduce the accrued benefit of any Participant.  Notwithstanding, the Company may, in its sole discretion and without the Participant’s consent, modify or amend the terms of the Plan, or take any other action it deems necessary or advisable, to cause the Plan to comply with Section 409A (or an exception thereto) .
9.2Company’s Right to Terminate.   The Company reserves the right to terminate the Plan, in whole or in part, at any time; provided however, that any such termination shall not reduce the accrued benefit of any Participant.  Termination of the Plan shall not be a distribution event under the Plan unless otherwise permitted under Section 409A or other applicable law.
ARTICLE X
MISCELLANEOUS
10.1Unfunded Plan.   This plan is an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of “management or highly-compensated employees” within the meaning of Sections 201, 301, and 401 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and therefore is exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA.
10.2Company Obligation.   The obligation to make benefit payments to any Participant under the Plan shall be an obligation solely of the Company with respect to the deferred compensation receivable from, and contributions by, the Company and shall not be an obligation of another company.
10.3Section 409A.  Notwithstanding any provision of the Plan to the contrary, the provisions of the Plan shall be administered, interpreted and construed in accordance with Section 409A (or disregarded to the extent such provision cannot be so administered, interpreted or construed).   It is intended that distribution events authorized under the Plan qualify as permissible distribution events for purposes of Section 409A and the Plan shall be interpreted and construed accordingly in order to comply with Section 409A.  Accordingly, if a Participant is a Specified Employee for purposes of Section 409A and a payment subject to Section 409A to the Participant is due upon Separation from Service, such payment shall be delayed for a period of six (6) months after the date the Participant Separates from Service (or, if earlier, the death of the Participant).   The Company reserves the right to accelerate, delay or modify distributions to the extent permitted under Section 409A.  Notwithstanding any provision of the Plan to the contrary, in no event shall the 

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Committee or Board (or any member thereof), or the Company (or its employees, officers, directors or affiliates) have any liability to any Participant (or any other person) due to the failure of the Plan to satisfy the requirements of Section 409A or any other applicable law.
10.4Unsecured General Creditor.   Notwithstanding any other provision of this Plan, Participants and Participants’ Beneficiaries shall be unsecured general creditors, with no secured or preferential rights to any assets of Company or any other party for payment of benefits under this Plan.  Any property held by Company for the purpose of generating the cash flow for benefit payments shall remain its general, unpledged and unrestricted assets.  The Company’s obligations under the Plan shall be unfunded and unsecured promises to pay money in the future.
10.5Trust Fund.   Company shall be responsible for the payment of all benefits provided under the Plan.  At its discretion, Company may establish one (1) or more trusts, with such trustees as the Board may approve, for the purpose of assisting in the payment of such benefits.  Although such a trust may be irrevocable, its assets shall be held for payment of all Company’s general creditors in the event of insolvency.  To the extent any benefits provided under the Plan are paid from any such trust, Company shall have no further obligation to pay them.  If not paid from the trust, such benefits shall remain the obligation of Company.
10.6Nonassignability.  Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder.  No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgements, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency.
10.7Not a Contract of Employment.   This Plan shall not constitute a contract of employment between Company and a Participant.  Nothing in this Plan shall give a Participant the right to be retained in the service of Company or to interfere with the right of the Company to discipline or discharge a Participant at any time.
10.8Protective Provisions.   A Participant will cooperate with Company by furnishing any and all information requested by Company, in order to facilitate the payment of benefits hereunder, and by taking such physical examinations as Company may deem necessary and taking such other action as may be requested by Company.
10.9Governing Law.   The provisions of this Plan shall be construed and interpreted according to the laws of the State of Tennessee, except as preempted by federal law.
10.10Validity.   If any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein.
10.11Notice.   Any notice required or permitted under the Plan shall be sufficient if in writing and hand delivered or sent by registered or certified mail.  Such notice shall be deemed 

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given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.  Mailed notice to the Committee shall be directed to the Company’s address.  Mailed notice to a Participant or Beneficiary shall be directed to the individual’s last known address in company’s records.
10.12Successors.   The provisions of this Plan shall bind and inure to the benefit of Company and its successors and assigns.  The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of Company, and successors of any such corporation or other business entity.
	
			
	 
	CONTURA ENERGY, INC.

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

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Exhibit A

Valuation Funds as of April [____], 2017
Moody’s Seasoned Aaa Corporate Bond Yield

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