Document:

Exhibit 10.6

 

CONFIDENTIAL

 

SUBSCRIPTION
AGREEMENT

 

This
SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into on January ___, 2021, by and between
Alussa Energy Acquisition Corp, a Cayman Islands exempted company (“Alussa”), FREYR Battery, a corporation
in the form of a public limited liability company (société anonyme) incorporated under the laws of Luxembourg,
with registered office at 412F, route d’Esch, L-2086 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg
Trade and Companies Register (Registre de Commerce et des Sociétés) (the “Company”) and
the undersigned subscriber (the “Investor”).

 

WHEREAS,
this Subscription Agreement is being entered into in connection with the Business Combination Agreement, dated as of the date
hereof (as may be amended, supplemented or otherwise modified from time to time, including any exhibits and schedules thereto,
the “Transaction Agreement”), between, among others, Alussa, the Company, FREYR AS, a limited liability company
incorporated under the laws of Norway (“FREYR”), Norway Sub 1 AS, a limited liability company incorporated
under the laws of Norway (“Norway Merger Sub 1”), Norway Sub 2 AS, a limited liability company incorporated
under the laws of Norway (“Norway Merger Sub 2”), Adama Charlie, an exempted company incorporated under the
laws of the Cayman Islands (“Cayman Merger Sub”) and the other parties thereto, pursuant to which, among other
things, (i) Alussa will merge with and into Cayman Merger Sub, with Alussa as the surviving company of such merger, (ii) FREYR
will transfer its wind farm business to Sjonfjellet Vindpark Holding AS, a corporation to be incorporated under the laws of Norway
by way of a demerger resulting in such business becoming held by its shareholders through such company, (iii) FREYR will merge
with and into Norway Merger Sub 2, with Norway Merger Sub 2 as the surviving company of such merger and (iv) Norway Merger Sub
1 will merge with and into the Company, with the Company as the surviving company of such merger, and after giving effect to all
the transactions, the surviving companies of the transactions contemplated by (i), (ii) and (iii) will be wholly-owned subsidiaries
of the Company, with the exception of Sjonfjellet Vindpark Holding AS, which will be a separate stand-alone entity, on the terms
and subject to the conditions therein (the “Transaction”);

 

WHEREAS,
in connection with the Transaction, the Company is seeking commitments from interested investors to purchase, prior to the closing
of the Transaction, the Company’s ordinary shares, par value $0.01 per share (the “Shares”), in a private
placement for a purchase price of $10.00 per share (the “Per Share Subscription Price”);

 

WHEREAS,
the aggregate purchase price to be paid by the Investor for the subscribed Shares (as set forth on the signature page hereto)
is referred to herein as the “Subscription Amount;” and

 

WHEREAS,
substantially concurrently with the execution of this Subscription Agreement, the Company and Alussa are entering into separate
subscription agreements (collectively, the “Other Subscription Agreements”) with certain investors (other than
the Investor) with an aggregate purchase price of $600,000,000 (inclusive of the Subscription Amount) (the “PIPE Investment”).

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, each of the Investor, the Company and Alussa acknowledges and agrees
as follows:

 

1.
Subscription. The Investor hereby irrevocably subscribes for and agrees to purchase from the Company, and the Company hereby
agrees, upon the substantially concurrent consummation of the Transaction, to irrevocably issue and sell to the Investor, the
number of Shares set forth on the signature page of this Subscription Agreement at the Per Share Subscription Price and on the
terms and subject to the conditions provided for herein.

 

2.
Closing.

 

(a)
The closing of the subscription of the Shares contemplated hereby (the “Closing”) shall occur on the same date
as, but immediately prior to the consummation of those transactions contemplated to occur on the Second Closing Date (as defined
in the Transaction Agreement) pursuant to the Transaction Agreement (the “Closing Date”).

 

     

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(b)
At least seven (7) business days before the anticipated Closing Date, the Company shall deliver written notice to the Investor
(the “Closing Notice”) specifying: (i) the anticipated Closing Date, (ii) that the Company reasonably expects
all conditions to closing of the Transaction to be satisfied or waived prior to or on the anticipated Closing Date and (iii) the
wire instructions for delivery of the Subscription Amount to the Company. No later than three (3) business days prior to the Closing
Date set forth in the Closing Notice, the Investor shall deliver the Subscription Amount by wire transfer of United States dollars
in immediately available funds to the account(s) specified by the Company in the Closing Notice, such Subscription Amount to be
held by the Company in trust for the benefit of the Investor until Closing (with the Investor being treated as the beneficial
owner of the Subscription Amount until Closing). Upon satisfaction (or, if applicable, waiver) of the conditions set forth in
Section 3 of this Subscription Agreement, (i) at Closing, the Company shall issue the Shares to the Investor and subsequently
cause the Shares to be registered in book entry form, free and clear of any liens or other restrictions whatsoever (other than
those arising under state or federal securities laws or as set forth herein), in the name of Investor (or its nominee in accordance
with its delivery instructions), and (ii) as promptly as practicable after the Closing (but in no event more than two (2)
business days thereafter), the Company shall deliver, or cause to be delivered, evidence from the Company’s transfer agent
(the “Transfer Agent”) of the issuance to Investor of the Shares on and as of the Closing Date. Upon delivery
of the Shares to the Investor (or its nominee, if applicable), in accordance with this Section 2(b), the Subscription Amount
shall cease to be held by the Company in trust for the benefit of the Investor and shall be owned absolutely by the Company.

 

(c)
In the event the Closing Date does not occur within three (3) business days after the anticipated Closing Date specified in the
Closing Notice, the Company shall promptly (but not later than two (2) business days thereafter) return the Subscription Amount
to the Investor by wire transfer of U.S. dollars in immediately available funds to the account specified by the Investor, and
any book entries for the Shares shall be deemed cancelled; provided that, unless this Subscription Agreement has been terminated
pursuant to Section 8 hereof, such return of funds shall not terminate this Subscription Agreement or relieve the Investor
of its obligation to purchase the Shares at the Closing in accordance with this Subscription Agreement.

 

(d)
Prior to or at the Closing, Investor shall deliver to the Company a duly completed and executed Internal Revenue Service Form
W-9 or appropriate Form W-8.

 

(e)
For purposes of this Subscription Agreement, “business day” shall mean a day, other than a Saturday, Sunday or other
day on which commercial banks in New York, New York, Oslo, Norway, the Cayman Islands or Luxembourg are authorized or required
by law to close.

 

3.
Closing Conditions.

 

(a)
The obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement
is subject to the following conditions: (i) there shall not be in force any injunction or order enjoining or prohibiting, or any
proceeding seeking to enjoin or prohibit, the issuance and sale of the Shares under this Subscription Agreement and (ii) all conditions
precedent to the consummation of the Transaction set forth in the Transaction Agreement shall have been satisfied or waived (other
than those conditions which, by their nature, are to be satisfied at the applicable closing date under the Transaction Agreement,
but subject to the satisfaction or waiver of such conditions as of the closing of the Transaction) and the closing of the Transaction
shall occur substantially concurrently with the Closing.

 

(b)
 The obligation of the Company to consummate the sale of the Shares pursuant to this Subscription Agreement is also subject to
the satisfaction or waiver by the Company and Alussa of the following additional conditions that, on the Closing Date:

 

(i)
all representations and warranties of the Investor contained in this Subscription Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality, which representations and warranties
shall be true in all respects) at and as of the Closing Date (except for representations and warranties made as of a specific
date, which shall be true and correct in all material respects (other than representations and warranties that are qualified as
to materiality, which representations and warranties shall be true in all respects) as of such date); and

 

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(ii)
the Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to Closing.

 

(c)
The obligation of the Investor to consummate the purchase of the Shares pursuant to this Subscription Agreement is also subject
to the satisfaction or waiver by the Investor of the following additional conditions that, on the Closing Date:

 

(i)
all representations and warranties of the Company and Alussa contained in this Subscription Agreement shall be true and correct
in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect
(as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing Date (except
for representations and warranties made as of a specific date, which shall be true and correct in all material respects (other
than representations and warranties that are qualified as to materiality or Material Adverse Effect, which representations and
warranties shall be true in all respects) as of such date);

 

(ii)
the Company and Alussa shall have performed, satisfied and complied in all material respects with all covenants, agreements and
conditions required by this Subscription Agreement to be performed, satisfied or complied with by the Company and Alussa at or
prior to Closing;

 

(iii)
(A) the Transaction Agreement (as the same exists on the date of this Subscription Agreement) shall not have been modified, waived
or amended to materially adversely affect the Investor (in its capacity as such), and (B) Section 12.2(c) of the Transaction Agreement
(as the same exists on the date of this Subscription Agreement) shall not have been modified, waived or amended in any material
respect, in each case of clauses (A) and (B), without having received Investor’s prior written consent;

 

(iv)
the Company shall not have entered into any Other Subscription Agreement with a lower Per Share Subscription Price or, other than
with respect to (A) the Other Subscription Agreement entered into with Spring Creek Capital, LLC (a subsidiary of Koch Industries,
Inc.) or (B) certain settlement arrangements owing to regulatory constraints, other terms (economic or otherwise) substantively
more favorable to such other subscriber or investor than as set forth in this Subscription Agreement; and

 

(v) the Shares shall have been approved for listing on the NYSE (as defined below) effective upon the closing of the Transaction (“Transaction
Closing”).

 

(d)
The Company shall use reasonable efforts to ensure the satisfaction of the conditions set out in: (i) Section 3(c) of this
Subscription Agreement, and (ii) the Transaction Agreement. The Investor shall use reasonable efforts to ensure the satisfaction
of the conditions set out in Section 3(b) of this Subscription Agreement.

 

4.
 Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such
additional actions as is reasonably deemed to be necessary in order to consummate the subscription as contemplated by this Subscription
Agreement; provided, that in no event shall the Investor be required hereunder to execute and deliver any lock-up or similar
market standoff agreement or any other agreement restricting the transfer of the Shares issued pursuant to this Subscription Agreement.

 

5.
Company and Alussa Representations and Warranties. With respect to Sections 5(a), (c), (d), (e),
(g), (h), (i), (j), (k), (l), (m) and (o), each of Alussa and the Company
jointly and severally represent and warrant to the Investor as of the date hereof and as of the Closing Date, and with respect
to the remainder of this Section 5, the Company represents and warrants to the Investor, as of the date hereof and as of
the Closing Date, that:

 

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(a)
The Company is a corporation in the form of a public limited liability company (société anonyme) duly incorporated
and validly existing under the laws of Luxembourg. The Company has all power (corporate or otherwise) and authority to own, lease
and operate its properties and conduct its business as presently and anticipated to be conducted and to enter into, deliver and
perform its obligations under this Subscription Agreement. Alussa has been incorporated and is validly existing as a corporation
under the laws of the Cayman Islands, with corporate power and authority to own, lease and operate its properties and conduct
its business as presently and anticipated to be conducted and to enter into, deliver and perform its obligations under this Subscription
Agreement.

 

(b)
As of the Closing, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid, non-assessable and
free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws
or as set forth herein), will rank pari passu in all respects with all other ordinary shares of the Company and will not
have been issued in violation of or subject to any preemptive or similar rights created under the Company’s articles of
association (as in effect at such time of issuance) or similar constitutive agreements, or under the laws of Luxembourg.

 

(c)
Each of this Subscription Agreement, the Other Subscription Agreements, and the Transaction Agreement (the “Transaction
Documents”) has been duly authorized, executed and delivered by each of Alussa and the Company and, assuming that each
such Transaction Document constitutes a valid and binding obligation of the other parties thereto, is enforceable against each
of the Company and Alussa in accordance with its respective terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
or (ii) principles of equity, whether considered at law or equity.

 

(d)
The execution and delivery by the Company and Alussa of the Transaction Documents and the performance by the Company and Alussa
of their respective obligations under the Transaction Documents, including the issuance and sale by the Company of the Shares
pursuant to this Subscription Agreement and the consummation of the transactions contemplated herein and therein, do not and will
not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or Alussa or
any of their respective subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease,
license or other agreement or instrument to which the Company or Alussa or any of their respective subsidiaries is a party or
by which the Company or Alussa or any of their respective subsidiaries is bound or to which any of the property or assets of the
Company or Alussa is subject that does or would reasonably be expected to have, individually or in the aggregate, a material adverse
effect on the business, financial condition or results of operations of the Company or Alussa or their respective subsidiaries,
taken as a whole (a “Material Adverse Effect”), or impair the validity of the Shares or the legal authority
of the Company or Alussa to comply in all material respects with their respective obligations under the Transaction Documents
or impair or delay the ability of the Company or Alussa to timely perform their respective obligations under the Transaction Documents;
(ii) result in any violation of any provision of the organizational documents of the Company or Alussa; or (iii) result in any
violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign,
having jurisdiction over the Company or Alussa or any of their respective properties that would reasonably be expected to have
a Material Adverse Effect or impair the validity of the Shares or the legal authority of the Company or Alussa to comply in all
material respects with its obligations under the Transaction Documents or impair or delay the ability of the Company or Alussa
to timely perform their respective obligations under the Transaction Documents.

 

(e)
Assuming the accuracy of the Investor’s representations and warranties set forth in Section 6 of this Subscription
Agreement, neither the Company nor Alussa is required to obtain any material consent, waiver, authorization or order of, give
any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority,
self-regulatory organization or other person in connection with the issuance of the Shares pursuant to this Subscription Agreement,
other than (i) filings with the U.S. Securities and Exchange Commission (the “SEC”), (ii) filings required
by applicable state or federal securities laws, (iii) the filings required in accordance with Section 12 of this Subscription
Agreement; (iv) those required by the New York Stock Exchange (“NYSE”), and (v) those required to consummate
the Transaction as provided under the Transaction Agreement.

 

(f)
Assuming the accuracy of the Investor’s representations and warranties set forth in Section 6 of this Subscription
Agreement, no registration under the Securities Act of 1933, as amended (the “Securities Act”), is required
for the offer and sale of the Shares by the Company to the Investor.

 

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(g)
Neither the Company nor Alussa nor any person acting on their respective behalf has engaged or will engage in any form of general
solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Shares in
violation of the Securities Act.

 

(h)
Neither the Company nor Alussa nor any person acting on their respective behalf is under any obligation to pay any broker’s
fee or finder’s fee or commission in connection with the sale of the Shares other than to the Placement Agents (as defined
below).

 

(i)
Neither the Company nor Alussa nor any person acting on their respective behalf has taken any action, directly or indirectly,
including making any offer or sale of any Company security or solicited any offers to buy any security in violation of the Securities
Act or under circumstances that would cause the offer and sale of the Shares by the Company to the Investor contemplated hereby
to fail to be entitled to the exemption from the registration requirements of the Securities Act (other than offers or sales of
securities under an employee benefit plan as defined in Rule 405 under the Securities Act).

 

(j)
Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material
Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority
pending, or, to the knowledge of Alussa or the Company, threatened against Alussa, the Company or FREYR, or (ii) judgment, decree,
injunction, ruling or order of any governmental entity or arbitrator outstanding against Alussa, the Company or FREYR. Each of
the Company, Alussa and FREYR has not received any written communication from a governmental authority that alleges that the Company,
Alussa or FREYR is not in compliance with or is in default or violation of any applicable law, except where such non-compliance,
default or violation would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(k)
Other than the Other Subscription Agreements and the Preferred Share Acquisition Agreement (as defined in the Transaction Agreement),
and other than with respect to (A) the Other Subscription Agreement entered into with Spring Creek Capital, LLC (a subsidiary
of Koch Industries, Inc.) and (B) certain settlement arrangements owing to regulatory constraints, neither Alussa nor the
Company has entered into any side letter or similar agreement with any investor or subscriber in connection with such investor
or subscriber’s direct or indirect investment in the Company, and such Other Subscription Agreements and Preferred Share
Acquisition Agreement have not been amended in any material respect following the date of this Subscription Agreement and reflect
the same Per Share Subscription Price and terms that are no more favorable to such investor or subscriber thereunder than the
terms of this Subscription Agreement.

 

(l)
As of their respective dates, all SEC Documents (as defined below) complied or will comply, in all material respects, with the
requirements of the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and the rules and regulations of the SEC promulgated thereunder. A copy of each form, report, statement, schedule, prospectus,
proxy, registration statement and other document, if any, filed by Alussa or the Company with the SEC since Alussa’s initial
registration of its Class A ordinary shares under the Exchange Act (the “SEC Documents”) is available to the
undersigned via the SEC’s EDGAR system. None of the SEC Documents contained, when filed or, if amended, as of the date of
such amendment with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. Each of Alussa and the Company has timely filed each report, statement, schedule, prospectus,
and registration statement that Alussa or the Company (as applicable) was required to file with the SEC since Alussa’s initial
registration of the Class A ordinary shares under the Exchange Act. The financial statements of Alussa and the Company included
in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations of
the SEC with respect thereto as in effect at the time of filing and fairly present in all material respects the financial condition
of Alussa and the Company (as applicable) as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. There are no material
outstanding or unresolved comments in comment letters from the staff of the Division of Corporation Finance of the SEC with respect
to any of the SEC Documents. The description of the business and financial information of FREYR set forth in the investor presentation
dated December 4, 2020 (as updated on January 26, 2021) made available to Investor by Alussa and FREYR prior to the execution
of this Subscription Agreement (the “Investor Presentation”) shall be consistent and complete in all material
respects with the description of the business and financial information of FREYR described or included in the proxy statement
to be filed in connection with the approval of the Transaction Agreement by the applicable shareholders. The Investor Presentation
shall not have not been amended in any material respect following the date of this Subscription Agreement.

 

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(m)
As of the date of this Subscription Agreement, and immediately prior to the First Closing Date (as defined in the Transaction
Agreement), the authorized capital stock of Alussa consists of 200,000,000 Class A ordinary shares, $0.0001 par value, 20,000,000
Class B ordinary shares, $0.0001 par value, and 2,000,000 shares of undesignated preferred stock, $0.0001 par value. As of the
date of this Subscription Agreement and for the period up to the exercise in full of any warrants issued by Alussa, the Company
will have a sufficient number of authorized shares available to be issued upon exercise of such warrants. As of the date of this
Subscription Agreement, the authorized capital stock of the Company consists of 40,000 fully paid redeemable shares with no nominal
value, and such shares are duly authorized and validly issued, and are not subject to preemptive rights or encumbrances. As of
the date of this Subscription Agreement, and immediately prior to Closing, except as set forth above and pursuant to (i) the Other
Subscription Agreements, (ii) the Transaction Agreement and (iii) the Preferred Share Acquisition Agreement, there are no outstanding
(1) shares, equity interests or voting securities of the Company, (2) securities of the Company convertible into or exchangeable
for shares or other equity interests or voting securities of the Company, (3) options, warrants or other rights (including preemptive
rights) or agreements, arrangements or commitments of any character, whether or not contingent, of the Company to acquire from
any individual, entity or other person, and no obligation of the Company to issue, any shares or other equity interests or voting
securities of the Company (collectively, the “Equity Interests”) or securities convertible into or exchangeable or
exercisable for Equity Interests. As of the date of this Subscription Agreement, other than Cayman Merger Sub, the Company has
no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether
incorporated or unincorporated. There are no stockholder agreements, voting trusts or other agreements or understandings to which
the Company is a party or by which it is bound relating to the voting of any securities of the Company, other than (A) as set
forth in the SEC Documents and (B) as contemplated by the Transaction Agreement. Except as disclosed in the SEC Documents and
other than expenses incurred in connection with the transactions contemplated by the Transaction Documents, the Company had no
outstanding indebtedness and will not have any outstanding long-term indebtedness as of immediately prior to the Closing.

 

(n)
Upon consummation of the Transaction, the issued and outstanding ordinary shares of the Company will be registered pursuant to
Section 12(b) of the Exchange Act and will be listed for trading on the NYSE.

 

(o)
Neither the Company nor Alussa is, and immediately after receipt of payment for the Shares the Company will not be, subject to
registration as an “investment company” under the Investment Company Act of 1940, as amended.

 

(p)
The issued and outstanding Class A ordinary shares of Alussa are registered pursuant to Section 12(b) of the Exchange Act and
are listed on the NYSE under the symbol “ALUS”. There is no suit, action, proceeding, or investigation pending, or
to the knowledge of Alussa, threatened against Alussa by the NYSE or the SEC with respect to any intention by such entity to deregister
the Class A ordinary shares of Alussa or prohibit or terminate the listing of such shares on the NYSE. Alussa has taken no action
that is designed to terminate the registration of Alussa under the Exchange Act. Prior to the First Closing Date, no suspension
of the qualification of Alussa’s Class A ordinary shares for offering or sale or trading on the NYSE, or initiation or threatening
of any proceedings for any of such purposes, shall have occurred.

 

(q)
Each of Alussa and the Company is in compliance with all applicable laws, except where such non-compliance would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. As of the date hereof, neither Alussa nor the
Company has received any written communication from a governmental authority that alleges that the Company or Alussa, as applicable,
is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(r)
As of the Closing Date, the Company will be a “foreign private issuer” (as defined in Rule 405) under the Securities
Act.

 

(s)
The Company is classified as a Subchapter C corporation for U.S. federal income tax purposes.

 

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6.
Investor Representations, Warranties and Acknowledgements. The Investor, (I) with respect to Section 6(a), the first
two sentences of Section 6(e) and Sections 6(g), (h), (j), (k), (l), (m), (p)
and (q), represents and warrants to the Company and Alussa, and (II) with respect to the remainder of this Section
6, acknowledges, in each case of the foregoing clauses (I) and (II), as of the date hereof and as of the Closing
Date, that:

 

(a)
The Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional
“accredited investor” (within the meaning of Rule 501(a)(1), (2), (3), (7) or (8) under the Securities Act), in each
case, satisfying the applicable requirements set forth in Schedule A, (ii) if resident in a member state of the European
Economic Area, is a “qualified investor” within the meaning of Regulation (EU) 2017/1129 of the European Parliament
and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to
trading on a regulated market (the “EU Prospectus Regulation”), (iii) if resident in the United Kingdom, is
a “qualified investor” within the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue
of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”), (iv) is acquiring the Shares
only for its own account and not for the account of others, or if the Investor is subscribing for the Shares as a fiduciary or
agent for one or more investor accounts, the Investor has full investment discretion with respect to each such account, and the
full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such
account, and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution thereof
in violation of the Securities Act (and shall provide the requested information set forth on Schedule A). The Investor
is not an entity formed for the specific purpose of acquiring the Shares and is an “institutional account” as defined
by FINRA Rule 4512(c).

 

(b)
The Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within
the meaning of the Securities Act or any “offer of securities to the public” within the meaning of the EU Prospectus
Regulation or the UK Prospectus Regulation, that the Shares have not been registered under the Securities Act and that the Company
is not required to register the Shares except as set forth in Section 7 of this Subscription Agreement. The Investor acknowledges
and agrees that the Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an
effective registration statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S.
persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities
Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and, in each case,
in accordance with any applicable securities laws of the states of the United States and other applicable jurisdictions, and that
any certificates representing the Shares shall contain a restrictive legend to such effect. The Investor acknowledges and agrees
that the Shares will be subject to these securities law transfer restrictions and, as a result of these transfer restrictions,
the Investor may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Shares and may be required
to bear the financial risk of an investment in the Shares for an indefinite period of time. The Investor acknowledges and agrees
that the Shares will not immediately be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated
under the Securities Act, and that the provisions of Rule 144(i) will apply to the Shares. The Investor acknowledges and agrees
that it has been advised to consult legal, tax and accounting advisors prior to making any offer, resale, transfer, pledge or
disposition of any of the Shares.

 

(c)
The Investor acknowledges and agrees the Shares are issued to the Investor by the Company. The Investor further acknowledges that
there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of the Company,
Alussa, FREYR, Norway Merger Sub 1, Norway Merger Sub 2, Cayman Merger Sub, or any of Credit Suisse Securities (USA) LLC, BTIG,
LLC, Pareto Securities AS, SpareBank 1 Markets AS or Clarksons Platou Securities, Inc. (with their respective affiliates, each
a “Placement Agent” and, collectively, the “Placement Agents”), any of their respective
affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing or any other
person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements of the Company
and Alussa expressly set forth in Section 5 of this Subscription Agreement. The Investor acknowledges that certain information
provided by the Company, FREYR or Alussa was based on projections, and such projections were prepared based on assumptions and
estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks
and uncertainties that could cause actual results to differ materially from those contained in the projections.

 

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(d)
The Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary in order
to make an investment decision with respect to the Shares, including, with respect to the Company, Alussa, the Transaction and
the business of FREYR and its subsidiaries. Without limiting the generality of the foregoing, the Investor acknowledges that it
has had the opportunity to review Alussa’s filings with the SEC. The Investor acknowledges and agrees that the Investor
and the Investor’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers
and obtain such information as the Investor and such Investor’s professional advisor(s), if any, have deemed necessary to
make an investment decision with respect to the Shares.

 

(e)
The Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and the Company,
Alussa or a representative of the Company or Alussa, or by means of contact from the Placement Agents, and the Shares were offered
to the Investor solely by direct contact between the Investor and the Company, Alussa or a representative of the Company or Alussa
(other than the Placement Agents). The Investor did not become aware of this offering of the Shares, nor were the Shares offered
to the Investor, by any other means. The Investor acknowledges that its Shares (i) were not offered to it by any form of general
solicitation or general advertising and (ii) are not being offered to it in a manner involving a public offering under, or in
a distribution in violation of, the Securities Act, or any state securities laws. The Investor acknowledges that it is not relying
upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation (including, without
limitation, the Company, Alussa, the Placement Agents, any of their respective affiliates or any control persons, officers, directors,
employees, agents or representatives of any of the foregoing), other than the representations and warranties of the Company or
Alussa contained in Section 5 of this Subscription Agreement in making its investment or decision to invest in the Company.

 

(f)
The Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares,
including those set forth in Alussa’s filings with the SEC and the Investor Presentation. The Investor has such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares,
and the Investor has sought such accounting, legal and tax advice as the Investor has considered necessary to make an informed
investment decision. The Investor acknowledges that Investor shall be responsible for any of the Investor’s tax liabilities
that may arise as a result of the transactions contemplated by this Subscription Agreement, and that neither the Company nor Alussa
has provided any tax advice or any other representation or guarantee regarding the tax consequences of the transactions contemplated
by the Subscription Agreement.

 

(g)
Alone, or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an
investment in the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able
at this time and in the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in the
Company. The Investor acknowledges specifically that a possibility of total loss exists.

 

(h)
In making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor,
the Investor Presentation and the representations and warranties made by Alussa and the Company in Section 5. Without limiting
the generality of the foregoing, the Investor has not relied on any statements of the Placement Agents or any of their respective
affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing concerning
the Company, Alussa, FREYR, the Transaction, the Transaction Agreement, this Subscription Agreement or the transactions contemplated
hereby or thereby, the Shares or the offer and sale of the Shares.

 

(i)
The Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of
the Shares or made any findings or determination as to the fairness of this investment.

 

(j)
The Investor, if not a natural person, has been duly formed or incorporated and is validly existing and is in good standing under
the laws of its jurisdiction of formation or incorporation, with power and authority to enter into, deliver and perform its obligations
under this Subscription Agreement.

 

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(k)
The execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor,
have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or
regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking,
to which the Investor is a party or by which the Investor is bound that would reasonably be expected to have a material adverse
effect on the legal authority of Investor to comply in all material respects with the terms of this Subscription Agreement, and
will not violate any provisions of the Investor’s organizational documents, including, without limitation, its incorporation
or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature of
the Investor on this Subscription Agreement is genuine, and the signatory has been duly authorized to execute this Subscription
Agreement, and, assuming that this Subscription Agreement constitutes the valid and binding agreement of the Company and Alussa,
this Subscription Agreement constitutes a legal, valid and binding obligation of the Investor, enforceable against the Investor
in accordance with its terms except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity,
whether considered at law or equity.

 

(l)
Neither the Investor nor any of its officers, directors, managers, managing members, general partners or any other person acting
in a similar capacity or carrying out a similar function, is (i) a person named on the Specially Designated Nationals and Blocked
Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any other similar list of sanctioned
persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), or
any similar list of sanctioned persons administered by the United Kingdom, the European Union or any individual European Union
member state (collectively, “Sanctions Lists”); (ii) directly or indirectly owned or controlled by, or acting
on behalf of, one or more persons on a Sanctions List; (iii) organized, incorporated, established, located, resident or born in,
or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof, of, Cuba,
Iran, North Korea, Syria, Venezuela, the Crimea region of Ukraine, or any other country or territory embargoed by the United States,
the United Kingdom, the European Union or any individual European Union member state; (iv) a Designated National as defined in
the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or (v) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank (collectively, a “Prohibited Investor”). The Investor represents that if it is a financial
institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the
USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), that the Investor maintains policies and procedures reasonably designed to comply with applicable obligations
under the BSA/PATRIOT Act. Investor maintains policies and procedures reasonably designed to ensure compliance with sanctions
and export control laws in each of the jurisdictions in which the Investor operates. Investor maintains policies and procedures
reasonably designed to ensure that the funds held by the Investor and used to purchase the Shares were legally derived, and further
represents that the funds held by the Investor and used to purchase the shares were legally derived.

 

(m)
If the Investor is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual retirement account or other arrangement
that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) an entity
whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement described
in clauses (i) and (ii) (each, an “ERISA Plan”), or (iv) an employee benefit plan that is a governmental plan
(as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA), a non-U.S. plan (as described in
Section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to
provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of
ERISA or the Code (collectively, “Similar Laws,” and together with ERISA Plans, “Plans”),
the Investor represents and warrants that (A) neither the Company nor, to the Investor’s knowledge, any of its affiliates
has provided investment advice or has otherwise acted as the Plan’s fiduciary, with respect to its decision to acquire and
hold the Shares, and, to the Investor’s knowledge, none of the parties to the Transaction is or shall at any time be the
Plan’s fiduciary with respect to any decision in connection with the Investor’s investment in the Shares; and (B)
its purchase of the Shares will not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code, or any applicable Similar Law.

 

(n)
Other than the Investor Presentation, the Investor acknowledges that it has been informed that no disclosure or offering document
has been prepared by the Company, Alussa or any of their respective affiliates or representatives in connection with the offer
and sale of the Shares.

 

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(o)
The Investor acknowledges that it has been informed that none of the Placement Agents, nor any of their respective affiliates,
nor any control persons, officers, directors, employees, agents or representatives of any of the foregoing has made or makes any
representation or warranty, whether express or implied, of any kind or character and have not provided any advice or recommendation
with respect to the Company, Alussa, FREYR or its subsidiaries or any of their respective businesses, or the Shares or the accuracy,
completeness or adequacy of any information supplied to the Investor by the Company.

 

(p)
In connection with the issue and purchase of the Shares, none of the Placement Agents has acted as the Investor’s financial
advisor or fiduciary.

 

(q)
The Investor has or has commitments to have and, when required to deliver payment to the Company pursuant to Section 2
above, will have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant
to this Subscription Agreement.

 

7.
Registration Rights.

 

(a)
The Company agrees that, within thirty (30) calendar days following the Closing Date (such deadline, the “Filing Deadline”),
the Company will submit to or file with the SEC a registration statement for a shelf registration on Form S-1 or Form S-3 (if
the Company is then eligible to use a Form S-3 shelf registration) (the “Registration Statement”), in each
case, covering the resale of all of the Shares acquired by the Investor pursuant to this Subscription Agreement (determined as
of two (2) business days prior to such submission or filing) (the “Registrable Shares”) and the Company shall
use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the
filing thereof, but no later than the earlier of (i) the 90th calendar day following the Closing Date and (ii) the 10th business
day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement
will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Deadline”);
provided, however, that the Company’s obligations to include the Registrable Shares in the Registration
Statement are contingent upon Investor furnishing in writing to the Company such information regarding Investor, the securities
of the Company held by Investor and the intended method of disposition of the Registrable Shares (which shall be limited to non-underwritten
public offerings) as shall be reasonably necessary and requested by the Company to effect the registration of the Registrable
Shares, and Investor shall execute such documents in connection with such registration as the Company may reasonably request that
are customary of a selling shareholder in similar situations, including providing that the Company shall be entitled to postpone
and suspend the effectiveness or use of the Registration Statement, if applicable, during any customary blackout or similar period
or as permitted hereunder; provided that Investor shall not in connection with the foregoing be required to execute any
lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Registrable
Shares. For as long as the Investor holds Shares, the Company will use commercially reasonable efforts to file all reports for
so long as the condition in Rule 144(c)(1) (or Rule 144(i)(2), if applicable) is required to be satisfied, and provide all customary
and reasonable cooperation, necessary to enable the undersigned to resell the Shares pursuant to Rule 144 of the Securities Act
(in each case, when Rule 144 of the Securities Act becomes available to the Investor). Any failure by the Company to file the
Registration Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness Deadline shall not
otherwise relieve the Company of its obligations to file or effect the Registration Statement as set forth above in this Section
7. In no event shall the Investor or any affiliate of the Investor be identified as a statutory underwriter in the Registration
Statement; except that, if the Investor or any affiliate of the Investor is required by the SEC to be identified as a statutory
underwriter in the Registration Statement, the Company will provide reasonable advance notice to the Investor of such requirement
and the Investor may, in its sole discretion, elect not to include all or a portion of its Shares in the Registration Statement
(and such election shall not be considered a breach of this Agreement by the Company). Notwithstanding the foregoing, if the SEC
prevents the Company from including any or all of the shares proposed to be registered under the Registration Statement due to
limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the applicable shareholders or otherwise,
the Company shall give the Investor prompt written notice thereof and such Registration Statement shall register (by amendment
or otherwise) for resale such number of Shares which is equal to the maximum number of Shares as is permitted by the SEC. In such
event, the number of Shares to be registered for each selling shareholders named in the Registration Statement shall be reduced
pro rata among all such selling shareholders. In the event the Company amends the Registration Statement in accordance with the
foregoing, the Company will use its commercially reasonable efforts to file with the SEC, as promptly as allowed by the SEC, one
or more registration statements to register the resale of those Registrable Shares that were not registered on the initial Registration
Statement, as so amended. All fees and expenses (i) incident to the performance of, or compliance with, this Section 7,
or (ii) related to any threatened or actual litigation against the Investor in connection with any alleged breach of the Subscription
Agreement or U.S. securities laws, in each case by the Company, shall be borne by the Company.

 

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(b)
At its expense the Company shall:

 

(i)
except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under
state securities laws which the Company determines to obtain, continuously effective with respect to Investor, and to keep the
applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions,
until the earlier of the following: (A) Investor ceases to hold any Registrable Shares, (B) the date all Registrable Shares held
by Investor may be sold without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions
which may be applicable to affiliates under Rule 144 and without the requirement for the Company to be in compliance with the
current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), and (C) three years from the date
of effectiveness of the Registration Statement;

 

(ii)
advise Investor, as expeditiously as possible:

 

(1)
when a Registration Statement or any amendment thereto has been filed with the SEC or has become effective;

 

(2)
after the issuance by the SEC of any stop order suspending the effectiveness of any Registration Statement or the initiation of
any proceedings for such purpose;

 

(3)
of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Shares
included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(4)
subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes
in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit
to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus,
in the light of the circumstances under which they were made) not misleading.

 

Notwithstanding
anything to the contrary set forth herein, the Company shall not, when so advising Investor of such events, provide Investor with
any material, nonpublic information regarding the Company other than to the extent that providing notice to Investor of the occurrence
of the events listed in (1) through (4) above might constitute material, nonpublic information regarding the Company;

 

(iii)
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;

 

(iv)
upon the occurrence of any event contemplated in Section 7(b)(ii)(4) above, except for such times as the Company is permitted
hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use
its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration
Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers
of the Registrable Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading;

 

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(v)
use its commercially reasonable efforts to cause all Registrable Shares to be listed on the NYSE;

 

(vi)
allow the Investor to review and consent to disclosure specifically regarding the Investor in the Registration Statement on reasonable
advance notice (which consent shall not be unreasonably withheld);

 

(vii)
if the SEC shall at any time object to the inclusion of Registrable Shares in the Registration Statement, give prompt notice to
the Investor and its counsel and give them fair and reasonable time (but, in any event, at least three (3) business days) to respond
and discuss with the Company, prior to answering the SEC or agreeing to the exclusion of such Registrable Shares from the Registration
Statement; and

 

(viii)
otherwise, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Investor, consistent
with the terms of this Agreement, in connection with the registration of the Registrable Shares.

 

(c)
Notwithstanding anything to the contrary in this Subscription Agreement, the Company shall be entitled to delay the filing or
effectiveness of, or suspend the use of, the Registration Statement if it reasonably determines that (i) in order for the Registration
Statement not to contain a material misstatement or omission, an amendment thereto would be needed; (ii) the negotiation or consummation
of a transaction by the Company or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event
the Company’s board of directors reasonably believes would require additional disclosure by the Company in the Registration
Statement of material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure
of which in the Registration Statement would be expected, in the reasonable determination of the Company’s board of directors
to cause the Registration Statement to fail to comply with applicable disclosure requirements, or (iii) in the reasonable judgment
of the majority of the Company’s board of directors, such filing or effectiveness or use of such Registration Statement,
would be seriously detrimental to the Company and the majority of the Company board of directors concludes as a result that it
is essential to defer such filing (each such circumstance, a “Suspension Event”); provided, however,
that the Company may not delay or suspend the Registration Statement on more than two (2) occasions or for more than sixty (60)
consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. The Company
shall not, when so advising Investor of such Suspension Event, provide Investor with any material, nonpublic information regarding
the Company other than to the extent that providing notice to Investor of the occurrence of the Suspension Event might constitute
material, nonpublic information regarding the Company. Upon receipt of any written notice from the Company of the happening of
any Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the
Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein (in light of the circumstances under which they were
made, in the case of the prospectus) not misleading, Investor agrees that it will immediately discontinue offers and sales of
the Registrable Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule
144) until Investor receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that
corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become
effective or unless otherwise notified by the Company that it may resume such offers and sales. If so directed by the Company,
Investor will deliver to the Company or, in Investor’s sole discretion destroy, all copies of the prospectus covering the
Registrable Shares in Investor’s possession; provided, however, that this obligation to deliver or destroy
all copies of the prospectus covering the Registrable Shares shall not apply (A) to the extent Investor is required to retain
a copy of such prospectus (1) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements
or (2) in accordance with a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival
servers as a result of automatic data back-up.

 

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(d)
Indemnification.

 

(i)
The Company shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless, to the
extent permitted by law Investor, its directors, officers, members, stockholders, partners, agents, brokers, investment advisors
and employees, and each person who controls Investor (within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act) and the directors, officers, members, stockholders, partners, agents, brokers, investment advisors and employees
of each such controlling person, to the fullest extent permitted by law, from and against all losses, claims, damages, liabilities,
costs and expenses (including, without limitation, reasonable and documented outside attorneys’ fees) (collectively, “Losses”)
that arise out of, are based upon, or caused by any untrue or alleged untrue statement of material fact contained in any Registration
Statement, prospectus included in any Registration Statement (“Prospectus”) or preliminary Prospectus or any
amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of a Prospectus, in the light of the circumstances under which they were
made) not misleading, except insofar as the same are based upon, or caused by, or contained in any information or affidavit so
furnished in writing to the Company by or on behalf of such Investor expressly for use therein.

 

(ii)
In connection with any Registration Statement in which an Investor is participating, such Investor shall furnish (or cause to
be furnished) to the Company in writing such necessary information and affidavits as the Company reasonably requests for use in
connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company,
its directors and officers and each person or entity who controls the Company (within the meaning of the Securities Act) against
any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable and documented outside attorneys’
fees) resulting from any untrue statement of material fact contained or incorporated by reference in any Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in the light of the
circumstances under which they were made) not misleading, but only to the extent that such untrue statement or omission is contained
(or not contained in, in the case of an omission) in any information or affidavit so furnished in writing by on behalf of such
Investor expressly for use therein; provided, however, that the liability of each such Investor shall be several
and not joint with any other investor and shall be limited to the net proceeds received by such Investor from the sale of Registrable
Shares giving rise to such indemnification obligation.

 

(iii)
Any person or entity entitled to indemnification herein shall (A) give prompt written notice to the indemnifying party of any
claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair
any person’s or entity’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying
party) and (B) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim
with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be
subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably
withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated
to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such
claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party
and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the
indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by
the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement
includes a statement or admission of fault and culpability on the part of such indemnified party or which does not include as
an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

(iv)
The indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director, member, stockholder, agent, employee or controlling person
of such indemnified party and shall survive the transfer of securities.

 

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(v)
If the indemnification provided under this Section 7(d) from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any Losses, then the indemnifying party, in lieu of indemnifying the indemnified party,
shall contribute to the amount paid or payable by the indemnified party as a result of such Losses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations;
provided, however, the liability of the Investor shall be limited to the net proceeds received by such Investor
from the sale of Registrable Shares giving rise to such indemnification obligation. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not made
by, in the case of an omission), or relates to information supplied by (or not supplied by, in the case of an omission), such
indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of
the Losses referred to above shall be deemed to include, subject to the limitations set forth in Sections 7(c)(i), (ii)
and (iii) above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with
any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution pursuant to this Section 7(d)(v) from any person or entity who was not
guilty of such fraudulent misrepresentation.

 

8.
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights
and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof,
upon the earliest to occur of (i) such date and time as the Transaction Agreement is terminated in accordance with its terms,
(ii) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (iii) if the conditions
to Closing set forth in Section 3 of this Subscription Agreement are not satisfied, or are not capable of being satisfied,
or waived on or prior to the Closing Date and, as a result thereof, the transactions contemplated by this Subscription Agreement
will not be or are not consummated at the Closing Date and (iv) July 31, 2021; provided that nothing herein will relieve
any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any
remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach. The Company shall
notify the Investor of the termination of the Transaction Agreement promptly after the termination of such agreement. Upon the
termination of this Subscription Agreement in accordance with this Section 8, any monies paid by the Investor to the Company
in connection herewith shall be promptly (and in any event within one business day after such termination) returned to the Investor.

 

9.
Trust Account Waiver. The Investor acknowledges that Alussa is a blank check company with the powers and privileges to
effect a merger, asset acquisition, reorganization or similar business combination involving Alussa and one or more businesses
or assets. The Investor further acknowledges that, as described in Alussa’s prospectus relating to its initial public offering
dated November 25, 2019 (the “IPO Prospectus”) available at www.sec.gov, substantially all of Alussa’s
assets consist of the cash proceeds of Alussa’s initial public offering and private placement of its securities, and substantially
all of those proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of Alussa,
its public shareholders and the underwriters of Alussa’s initial public offering. Except with respect to interest earned
on the funds held in the Trust Account that may be released to Alussa to pay its tax obligations, if any, the cash in the Trust
Account may be disbursed only for the purposes set forth in the IPO Prospectus. For and in consideration of Alussa entering into
this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the Investor hereby irrevocably waives
any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to any monies held in
the Trust Account, and agrees not to seek recourse against the Trust Account, as a result of, or arising out of, this Subscription
Agreement; provided however, that nothing in this Section 9 shall be deemed to limit Investor’s right to distributions
from the Trust Account in accordance with Alussa’s amended and restated certificate of incorporation in respect of Class
A ordinary shares of Alussa acquired by any means other than pursuant to this Subscription Agreement.

 

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10.
Miscellaneous.

 

(a)
Neither this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder,
if any, and the rights under Section 7, which shall inure to the benefit of any transferee of Registrable Shares) may be
transferred or assigned without the Company’s and Alussa’s written consent, other than an assignment to any affiliate
of the Investor or any fund or account managed by the same investment manager as the Investor or an affiliate thereof, subject
to, if such transfer or assignment is prior to the Closing, such transferee or assignee, as applicable, executing a joinder to
this Subscription Agreement or a separate subscription agreement in substantially the same form as this Subscription Agreement,
including with respect to the Subscription Amount and other terms and conditions; provided, that, in the case of any such
transfer or assignment, the initial party to this Subscription Agreement shall remain bound by its obligations under this Subscription
Agreement in the event that the transferee or assignee, as applicable, does not comply with its obligations to consummate the
purchase of Shares contemplated hereby. Neither this Subscription Agreement nor any rights that may accrue to the Company or Alussa
hereunder or any of the Company or Alussa’s obligations may be transferred or assigned.

 

(b)
The Company and Alussa may request from the Investor such additional information as is necessary for the Company to comply with
public disclosure requirements of applicable securities laws or any filing requirements pursuant to the rules of any stock exchange
or the Financial Industry Regulatory Authority, and the Investor shall provide such information as may reasonably be requested.
The Investor acknowledges that the Company may file a copy of the form of this Subscription Agreement with the SEC as an exhibit
to a current or periodic report or a registration statement of the Company.

 

(c)
The Company shall use commercially reasonable efforts, if requested by the Investor, to (i) cause the removal of any restrictive
legend set forth on the Shares and (ii) issue Shares without any such legend in certificated or book-entry form or by electronic
delivery through The Depository Trust Company, at the Investor’s option, provided that in each case (a) such Shares are
registered for resale under the Securities Act and the Investor has sold or proposes to sell such Shares pursuant to such registration,
(b) the Investor has sold or transferred, or proposes to sell or transfer, Shares pursuant to Rule 144 and (c) the Company, its
counsel or the Transfer Agent have received customary representations and other documentation from the Investor that is reasonably
necessary to establish that restrictive legends are no longer required as reasonably requested by the Company, its counsel or
the Transfer Agent.

 

(d)
The Investor acknowledges that the Company, Alussa, the Placement Agents (as third party beneficiaries with rights of enforcement)
and others will rely on the acknowledgments, understandings, agreements, representations and warranties of the Investor contained
in this Subscription Agreement. Each of the Company and Alussa acknowledges that the Investor will rely on the acknowledgments,
understandings, agreements, representations and warranties of the Company and Alussa contained in this Subscription Agreement.
Prior to the Closing, the Investor agrees to promptly notify the Company, Alussa and the Placement Agents if any of the acknowledgments,
understandings, agreements, representations and warranties of the Investor set forth herein are no longer accurate. Prior to the
Closing, each of the Company and Alussa agrees to promptly notify the Investor if any of the acknowledgments, understandings,
agreements, representations and warranties of the Company or Alussa set forth herein are no longer accurate.

 

(e)
The Company, Alussa, the Placement Agents and the Investor are each entitled to rely upon this Subscription Agreement and each
is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby.

 

(f)
All of the representations and warranties contained in this Subscription Agreement shall survive the Closing. All of the covenants
and agreements made by each party hereto in this Subscription Agreement shall survive the Closing.

 

(g)
The obligations of the Investor under this Subscription Agreement are several and not joint with the obligations of any Other
Investor under the Other Subscription Agreements, and the Investor shall not be responsible in any way for the performance of
any Other Investor.

 

    15

    CONFIDENTIAL

    

 

(h)
This Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above)
except by an instrument in writing, signed by each of the parties hereto. No failure or delay of any party in exercising any right
or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or
any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the parties and third party beneficiaries
hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

(i)
This Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.
Except as set forth in Sections 7(d), 10(c) and 10(d) with respect to the persons referenced therein, this
Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective
successor and assigns.

 

(j)
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

(k)
If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal
or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not
in any way be affected or impaired thereby and shall continue in full force and effect.

 

(l)
This Subscription Agreement may be executed in one or more counterparts (including by electronic mail or in .pdf) and by different
parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts
so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(m)
The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without
posting a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription
Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort
or otherwise.

 

(n)
This Subscription Agreement shall be governed by, construed and enforced in accordance with the laws of the State of New York
without regard to the conflict of laws principles thereof.

 

(o)
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT (UNLESS OTHERWISE PROVIDED THEREIN)
AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION,
SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION,
SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT
THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY
AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR
FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE
SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING
IN THE MANNER PROVIDED IN THIS SECTION 10(o) OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED
BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

    16

    CONFIDENTIAL

    

 

(p)
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY
CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS
AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV)
SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 10(p).

 

11.
Non-Reliance and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement,
representation or warranty made by the Placement Agents and any of their affiliates or any control persons, officers, directors,
employees, partners, agents or representatives of any of the foregoing in making its investment or decision to invest in the Company.
The Investor acknowledges and agrees that none of the Placement Agents, their respective affiliates or any control persons, officers,
directors employees, partners, agents or representatives of any of the foregoing shall be liable to the Investor, or to any other
investor, pursuant to this Subscription Agreement or any other subscription agreement related to the private placement of the
Shares, the negotiation hereof or thereof or the subject matter hereof or thereof, or the transactions contemplated hereby or
thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of
the Shares.

 

12.
Press Releases. Alussa shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the
date of this Subscription Agreement, issue one or more press releases or furnish or file with the SEC a Current Report on Form
8-K (collectively, the “Disclosure Document”) disclosing, to the extent not previously publicly disclosed,
the PIPE Investment, all material terms of the Transaction and any other material, non-public information that the Company and
Alussa have provided to the Investor at any time prior to the filing of the Disclosure Document. From and after the disclosure
of the Disclosure Document, to the knowledge of the Company and Alussa, the Investors shall not be in possession of any material,
non-public information received from the Company, Alussa or any of their respective officers, directors or employees. All press
releases or other public communications relating to the transactions contemplated hereby between the Company, Alussa and the Investor,
and the method of the release for publication thereof, shall be subject to the prior approval of (i) Alussa, (ii) the Company
and (iii) to the extent such press release or public communication references the Investor or its affiliates or investment advisers
by name, the Investor. The restrictions in this Section 12 shall not apply to the extent a public announcement is required
by applicable securities law, any governmental authority or stock exchange rule; provided, that in such an event, the applicable
party shall, to the extent practicable, (A) consult with the other parties in advance as to any applicable announcement’s
form, content and timing, (B) provide Investor advance notice and opportunity to review and comment on such disclosure and such
commercially reasonable comments shall be incorporated therein and (C) limit the extent of such disclosure.

 

13.
Confidentiality. Except as expressly authorized for use hereunder or as required to be disclosed by public disclosure requirements
of applicable securities laws or any filing requirements pursuant to the rules of any stock exchange or the Financial Industry
Regulatory Authority, without the prior written consent of Investor, each of the Company, Alussa, the Placement Agents and their
respective directors, officers, agents, employees or representatives shall maintain and keep confidential all information provided
by the Investor (whether oral or written) in connection with this Subscription Agreement.

 

    17

    CONFIDENTIAL

    

 

14.
Notices. All notices and other communications among the parties shall be in writing and shall be deemed to have been duly
given (i) when delivered in person, (ii) when delivered by FedEx or other nationally or internationally recognized overnight delivery
service, or (iii) when delivered by email (in each case in this clause (iii), solely if receipt is confirmed, but excluding any
automated reply, such as an out-of-office notification), addressed as follows:

 

If
to the Investor, to the address provided on the Investor’s signature page hereto.

 

If
to Alussa or the Company, to:

 

Alussa Energy Acquisition Corp.

PO Box 500, 71 Fort Street

Grand
Cayman KY1-1106

Cayman
Islands

		Attention:	Daniel Barcelo

	
	Email:	daniel@alussaenergy.com

 

 

with
copies to (which shall not constitute notice), to:

 

Skadden,
Arps, Slate, Meagher & Flom (UK) LLP

40 Bank Street

London, United Kingdom E14 5DS

		Attention:	Danny Tricot
	 	 	Denis Klimentchenko

		Email:	danny.tricot@skadden.com
	 	 	denis.klimentchenko@skadden.com

 

 

or
to such other address or addresses as the parties may from time to time designate in writing. Copies delivered solely to outside
counsel shall not constitute notice.

 

 

[SIGNATURE
PAGES FOLLOW]

 

    18

    CONFIDENTIAL

    

 

IN
WITNESS WHEREOF, the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date set forth below.

 

	Name
    of Investor:	 	State/Country
    of Formation or Domicile:
	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 
	Name
    in which Shares are to be registered (if different):	 	Date:
    ________, 2021
	 	 	 
	Investor’s
    EIN:	 	 
	 	 	 
	Business
    Address-Street:	 	Mailing
    Address-Street (if different):
	 	 	 
	City,
    State, Zip:	 	City,
    State, Zip:
	 	 	 
	Attn:	 	 	Attn:	 
	 	 	 	 	 
	Telephone
    No.:	 	Telephone
    No.:
	 	 	 
	Facsimile
    No.:	 	Facsimile
    No.:
	 	 	 
	Number
    of Shares subscribed for:	 	 
	 	 	 
	Aggregate
    Subscription Amount: $	 	Price
    Per Share: $10.00

 

You
must pay the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account specified
by the Company in the Closing Notice.

 

 

[Signature
Page to Subscription Agreement]

 

    19

    CONFIDENTIAL

    

 

IN
WITNESS WHEREOF, FREYR Battery and Alussa Energy Acquisition Corp. have accepted this Subscription Agreement as of the date set
forth below.

 

	 	FREYR
    BATTERY
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	ALUSSA
ENERGY ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Date:
January ______ , 2021

 

 

[Signature
Page to Subscription Agreement]

 

    20

    CONFIDENTIAL

    

 

SCHEDULE
A

 

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

		A.	QUALIFIED
                                         INSTITUTIONAL BUYER STATUS

                                         (Please check the applicable subparagraphs):

 

		☐	We
are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 

		B.	INSTITUTIONAL
                                         ACCREDITED INVESTOR STATUS

                                         (Please check the applicable subparagraphs):

 

		☐	We
                                         are an “accredited investor” (within the meaning of Rule 501(a)(1), (2),
                                         (3) or (7) under the Securities Act) or an entity in which all of the equity holders
                                         are accredited investors within the meaning of Rule 501(a) under the Securities Act,
                                         and have marked and initialed the appropriate box on the following page indicating the
                                         provision under which we qualify as an “accredited investor.”

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale
of the securities to that person. The Investor has indicated, by marking and initialing the appropriate box below, the provision(s)
below which apply to the Investor and under which the Investor accordingly qualifies as an “accredited investor.”

 

		☐	Any
                                         bank, registered broker or dealer, insurance company, investment adviser registered pursuant
                                         to Section 203 of the Investment Advisers Act of 1940 or state laws, investment adviser
                                         relying on exemption from registration under Section 203(l) or (m) of the Investment
                                         Advisers Act of 1940, registered investment company, business development company, small
                                         business investment company, or rural business investment company;

 

		☐	Any
                                         plan established and maintained by a state, its political subdivisions, or any agency
                                         or instrumentality of a state or its political subdivisions for the benefit of its employees,
                                         if such plan has total assets in excess of $5,000,000;

 

		☐	Any
                                         employee benefit plan, within the meaning of the Employee Retirement Income Security
                                         Act of 1974, if a bank, insurance company, or registered investment adviser makes the
                                         investment decisions, or if the plan has total assets in excess of $5,000,000;

 

		☐	Any
                                         organization described in Section 501(c)(3) of the Internal Revenue Code, corporation,
                                         similar business trust, partnership, or limited liability company, not formed for the
                                         specific purpose of acquiring the securities offered, with total assets in excess of
                                         $5,000,000;

 

		☐	Any
                                         trust with assets in excess of $5,000,000, not formed to acquire the securities offered,
                                         whose purchase is directed by a sophisticated person; or

 

		☐	Any
                                         entity in which all of the equity owners are accredited investors meeting one or more
                                         of the above tests.

  

This
page should be completed by the Investor

and constitutes a part of the Subscription Agreement.

 

 

[Schedule
A to Subscription Agreement]

 

    Sch. A-1Document

Exhibit 10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
This Amended and Restated Employment Agreement (“Agreement”), dated this 26th day of January, 2021 (the “Restatement Date”), is entered into by and between Contura Energy, Inc., a Delaware corporation (“Employer”), and David J. Stetson (“Employee”).  Defined terms used herein are set forth in Section 7.14.  
WITNESSETH:
WHEREAS, on July 29, 2019 (the “Effective Date”), Employer and Employee entered into an Employment Agreement pursuant to which Employer agreed to employ Employee as Chief Executive Officer of Employer and as an employee of its wholly-owned subsidiary, Contura Energy Services, LLC, a Delaware limited liability company (“CES”) (the “Prior Agreement”); and
WHEREAS, Employer desires to continue to employ Employee as its Chief Executive Officer and as an employee of CES, and Employee agrees to continue to be so employed on and after the Restatement Date, pursuant to the terms and conditions set forth herein.
NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, Employer and Employee agree as follows:
ARTICLE 1: EMPLOYMENT AND DUTIES:
1.1 Employer agrees to cause CES to continue to employ Employee, and Employee agrees to continue to be employed hereunder, for a term (the “Term”) beginning as of the Effective Date and continuing through the second (2nd) anniversary of the Effective Date, pursuant to the terms and conditions of this Agreement. The Term shall remain in effect until terminated in accordance with the provisions set forth herein, and shall be automatically extended for successive 12-month periods unless either party provides written notice to the other at least 90 days prior to the end of the then current Term of such party’s election not to extend the Term.
1.2 Employee shall serve as Chief Executive Officer of Employer, shall be employed by CES as an employee of CES, and shall serve on the Board of Directors of Employer (the “Board of Directors”).  Employee shall report to the Board of Directors.  Employee shall serve in the assigned positions or in such other executive capacities as may be agreed to, from time to time, between Employee and Employer, the Board of Directors, and/or the Employer Entities (as defined below).  Employee agrees to perform diligently and to the best of Employee’s abilities, and in a trustworthy, businesslike and efficient manner, the duties and services pertaining to such positions as reasonably determined by Employer, CES and the Board of Directors, as well as such additional or different duties and services appropriate to such positions which Employee from time to time may be reasonably directed to perform by the Board of Directors, CES and/or Employer.

    
    

1.3 Employee shall at all times comply in all material respects with, and be subject to, such policies and procedures as Employer and/or the Employer Entities may establish from time to time, including, without limitation, Employer’s Code of Business Ethics and any policy relating to sexual harassment (each, an “Employer Policy”).
1.4 Except as expressly approved by the Board of Directors, Employee shall, during the period of Employee’s employment hereunder, devote Employee’s full business time, energy, and best efforts to the business and affairs of Employer, CES and the Employer Entities.  Employee may not engage, directly or indirectly, in any other business, investment, or activity that interferes with Employee’s performance of Employee’s duties hereunder, is contrary to the interest of Employer, CES or any of their subsidiaries or affiliates (each such subsidiary or affiliate, together with CES, an “Employer Entity,” or collectively, the “Employer Entities”) or requires any significant portion of Employee’s business time.  The foregoing notwithstanding, the parties recognize and agree that Employee may engage in passive personal investments which do not conflict with the business and affairs of Employer or any of the Employer Entities or interfere with Employee’s performance of his duties hereunder.  Employee may not serve on the board of directors of any entity (other than an Employer Entity, related industry trade association, public institution, government appointed public or quasi-public body, or not-for-profit charitable organization so long as such activities do not, individually or in the aggregate, interfere with Employee’s performance of his duties hereunder) during the Term without prior approval by the Board of Directors.
1.5 Employee acknowledges and agrees that Employee owes a fiduciary duty of loyalty, fidelity, and allegiance to act at all times in the best interests of Employer and the Employer Entities and to do no act which, directly or indirectly, injures or would reasonably be expected to injure any such entity’s business, interests, or reputation.  It is agreed that any direct or indirect interest in, connection with, or benefit from any outside activities, particularly commercial activities, which interest would adversely affect Employer, or any Employer Entity, involves a possible conflict of interest.  In keeping with Employee’s fiduciary duties to Employer and the Employer Entities, Employee agrees that Employee shall not knowingly become involved in a conflict of interest with Employer or any Employer Entity, or upon discovery thereof, allow such a conflict to continue.  
1.6 Nothing contained in this Agreement shall be construed to preclude the transfer by Employer or CES of Employee’s employment to another Employer Entity (“Subsequent Employer”) as of, or at any time after, the Effective Date and no such transfer shall be deemed to be a termination of employment for purposes of Article 3 hereof; provided, however, that, effective with such transfer, all obligations of Employer and CES hereunder shall be assumed by and be binding upon, and all rights of Employer and CES hereunder shall be assigned to, such Subsequent Employer and the defined terms “Employer” and “CES” as used herein and any other terms referring and/or relating to Employer or CES shall thereafter be deemed amended to mean and refer to such Subsequent Employer.  Except as otherwise provided above, all of the terms and conditions of this Agreement, including without limitation, Employee’s rights, compensation, benefits and obligations, shall remain in all material respects and taken as a whole, no less favorable to Employee following such transfer of employment.
2
    
    
    

ARTICLE 2: COMPENSATION AND BENEFITS:
2.1 Employee’s base salary during the Term shall be $1,000,000 per annum (“Base Salary”) which shall be paid in accordance with Employer’s standard payroll practice.  Employee’s Base Salary shall be reviewed and approved annually by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and may be increased, in the Compensation Committee’s sole discretion, from time to time.  Such increased base salary shall become the minimum Base Salary under this Agreement and may not be decreased thereafter without the written consent of Employee unless otherwise permitted by this Agreement. 
2.2 Commencing with the 2020 calendar year and for each calendar year thereafter during the Term, Employee shall be eligible to receive an annual cash performance bonus (an “Annual Bonus”), to the extent earned based on performance against performance criteria established for each calendar year by the Compensation Committee pursuant to the terms of Employer’s Annual Incentive Bonus Plan (as may be amended or superseded from time to time, the “Bonus Plan”).  Employee’s Annual Bonus opportunity for a calendar year shall equal 125% of Employee’s Base Salary for that calendar year if target levels of performance for that year are achieved (the “Target Bonus”), and shall equal 250% of Employee’s Base Salary for that calendar year if maximum levels or above of performance for that year are achieved.  Employee’s Annual Bonus for a calendar year shall be determined by the Compensation Committee after the end of the applicable calendar year and shall be paid to Employee when annual bonuses for that calendar year are paid to other senior executives of Employer generally, but in no event later than March 15 of the calendar year following the calendar year to which such Annual Bonus relates. Subject to the terms of the Bonus Plan, to the extent that performance levels for a given calendar year are achieved below any applicable threshold levels, Employee shall not be entitled to receive any Annual Bonus for such year, and to the extent that performance levels are achieved between performance levels, the amount of Employee’s Annual Bonus for such year shall be calculated on a pro rata basis by the Compensation Committee.
2.3 Employee hereby acknowledges that, on February 18, 2020, Employer granted Employee equity awards under Employer’s 2018 Long-Term Incentive Plan (as amended or restated from time to time, the “LTIP”) consisting of (i) a number of restricted stock units with respect to 163,044 shares of Employer’s common stock, par value $0.01 (“Shares”) (the “2020 RSUs”), which are scheduled to service-vest in equal annual installments over a three-year period from the grant date and (ii) a number of performance-based restricted stock units with respect to 302,795 target Shares (the “2020 PSUs”). Employer and Employee agree that, effective as of the Restatement Date, (i) Employer and Employee shall enter into an amendment and restatement of the Restricted Stock Unit Award Agreement evidencing the grant of the 2020 RSUs in substantially the form attached as Exhibit I hereto, and (ii) the 2020 PSUs shall be forfeited and cancelled in their entirety. 
2.4 Employee agrees that, for the 2021 calendar year, Employee shall not be entitled to receive any award under the LTIP. Commencing with the 2022 calendar year and for each calendar year thereafter during the Term, Employee shall be eligible to receive under the 
3
    
    
    

LTIP an annual award consisting of a number of restricted stock units with respect to a number of Shares having a fair market value of $3,000,000 as of the grant date, subject to the terms established from time to time by the Compensation Committee and the terms and conditions of the LTIP and Employer’s standard form of award agreement under the LTIP. For each such award, the Compensation Committee shall determine the percentage of the award that consists of performance-based and service-based restricted stock units and whether the award will be settled in Shares or cash.
2.5 Employee shall be entitled to four (4) weeks paid vacation in each calendar year which may be used in accordance with Employer’s vacation policy as in effect from time to time.  Employee shall also be entitled to all paid holidays given by Employer to its executive officers generally.
2.6 During the Term, Employer shall pay or reimburse Employee for all actual, reasonable and customary expenses incurred by Employee in the course of his employment; provided that such expenses are incurred and accounted for in accordance with Employer’s applicable policies and procedures. In addition, Employer shall reimburse Employee in an amount not to exceed $15,000, for reasonable, documented legal fees and expenses (including, without limitation, attorneys’ fees) incurred by Employee in the preparation, negotiation and execution of this Agreement.
2.7 While employed hereunder, Employee shall be eligible to participate in, subject to, and on the same terms generally as other employees of Employer, all general employee benefit plans and programs which are made available by Employer to Employer’s similarly situated employees.
2.8 Notwithstanding anything to the contrary in this Agreement, it is specifically understood and agreed that the Employer Entities shall not be obligated to institute, maintain, or refrain from changing, amending, or discontinuing any incentive, employee benefit or stock or stock option program or plan.
2.9 Notwithstanding any other provisions in this Agreement to the contrary, any incentive or other compensation paid to Employee pursuant to this Agreement or any other plan, policy, program, or agreement or arrangement of or with Employer that is subject to clawback or other similar recovery under applicable law, government regulation or stock exchange listing requirement, as any of the same may be in effect from time to time, will be subject to such clawback or other recovery as may be required thereunder.
2.10 Any compensation, benefits, or other amounts payable under this Agreement shall be subject to withholding for all federal, state, city, or other taxes as may be required pursuant to any applicable law or governmental regulation or ruling.
2.11 All references to Employer in this Article 2 shall, as the context may require, refer to CES for purposes of paying and providing to Employee any applicable compensation and benefits under this Article 2.
4
    
    
    

ARTICLE 3: TERMINATION OF EMPLOYMENT AND EFFECTS OF SUCH TERMINATION
3.1 Employee’s employment hereunder shall be terminated prior to the end of the Term: (i) upon the death of Employee, (ii) upon Employee’s Permanent Disability (as defined below), (iii) at any time by Employer upon written notice to Employee, (iv) by Employee without Good Reason (as defined below) upon 90 days prior written notice to Employer (which notice period may be waived or shortened by Employer in its sole discretion without such action constituting Good Reason) or (v) by Employee for Good Reason upon written notice to Employer.  Employee agrees and confirms that any termination of Employee’s employment pursuant to this Article 3 shall constitute, with no further action required, Employee’s resignation from any position that Employee holds on the Board of Directors and as an employee, manager, agent or officer of, service provider to, or member of the board of directors of, Employer and any Employer Entity, each such resignation to be effective on the date of the termination of Employee’s employment hereunder.  
3.2 If Employee’s employment is terminated by reason of any of the following circumstances (i), (ii), or (iii), Employee shall be entitled to receive only the benefits set forth in Section 3.3 below:
(i) Termination by Employer for Employer Cause.  Termination of Employee’s employment for “Employer Cause” shall mean termination of Employee’s employment by Employer for any of the following: (a) Employee’s gross negligence or willful misconduct in the performance of the duties and services required of Employee pursuant to this Agreement, (b) Employee’s conviction of, or plea of guilty or nolo contendere to, (x) a felony or (y) a crime involving moral turpitude, (c) Employee engaging in fraudulent or criminal activity, including misappropriation or embezzlement (whether or not prosecuted), (d) Employee’s material violation of any Employer Policy, (e) Employee’s breach of any provision of Article 4 or Article 5 of this Agreement, (f) Employee’s material breach of any other provision of this Agreement, provided that Employee has received written notice from Employer and been afforded a reasonable opportunity (not to exceed 30 days) to cure such breach (if capable of being cured), (g) any continuing or repeated failure or refusal by Employee to perform his material duties as requested by the Board of Directors after Employee has been afforded a reasonable opportunity (not to exceed 30 days) to cure such breach (if capable of being cured), or (h) conduct by Employee which brings Employer and/or the Employer Entities into public disgrace or disrepute in any material respect.  Determination as to whether or not Employer Cause exists for termination of Employee’s employment will be made by the Board of Directors in its sole discretion.
(ii) Termination by Employee by Resignation Other Than for Good Reason.  Employee’s resignation, other than for Good Reason (as defined below), shall mean termination of Employee’s employment by Employee’s resignation of employment with Employer and any Employer Entity, but not including any termination of employment by Employee for Good Reason as described in Section 3.4(i) or a Termination In Connection With A Change in Control (as defined below) by Employee described in Section 3.6(i). 
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(iii) Election Not to Renew Term by Employee. Employee elects not to renew the Term pursuant to Section 1.1 of this Agreement.
3.3 If Employee’s employment is terminated by reason of Section 3.2(i), 3.2(ii) or 3.2(iii), Employee shall be entitled to each of the following:
(i) Employee shall be entitled to: (a) any Base Salary earned, accrued or owing to Employee through the effective date of termination of employment, (b) reimbursement in accordance with Section 2.6 for all reasonable and customary accrued but unpaid expenses incurred by Employee prior to the effective date of termination of employment and (c) accrued and vested amounts and benefits to which Employee may be entitled under the employee benefit plans of any Employer Entity in accordance with the terms thereof, if any (collectively, the “Accrued Obligations”).
(ii) In the event that Employee’s employment is terminated by reason of Section 3.2(ii) or 3.2(iii), Employee shall be entitled to receive any individual bonuses or individual incentive compensation earned and accrued but not yet paid, but due and payable under Employer’s plans for years prior to the year of Employee’s termination of employment.
(iii) Except for the Accrued Obligations and any payments described in Section 3.3(ii), it is specifically understood that all future compensation to which Employee is entitled and all future benefits for which Employee is eligible, shall cease and terminate as of the effective date of termination of employment.
3.4 If Employee’s employment is terminated by reason of (i), (ii), (iii), or (iv) below, and, in the case of (i) and (ii), other than a Termination In Connection With A Change in Control, as otherwise provided in Section 3.7, Employee shall be entitled to receive the benefits set forth in Section 3.5 or Section 3.6, as applicable.
(i) Termination by Employee for Good Reason (Other Than A Termination In Connection With A Change in Control).  Termination of Employee’s employment by Employee for “Good Reason” shall mean a termination of Employee’s employment by Employee with Employer and any Employer Entity as a result of the occurrence, without Employee’s written consent, of one of the following events: (a) a material reduction in Employee’s (1) annual Base Salary or (2) Target Bonus opportunity (unless such reduction in (1) and/or (2) relates to an across-the-board reduction similarly affecting Employee and all or substantially all other executives of Employer); (b) Employer makes or causes to be made a material adverse change in Employee’s position, authority, duties or responsibilities which results in a material diminution in Employee’s position, authority, duties or responsibilities, including, without limitation, Employee being required to report to any person other than the Board of Directors, except in connection with a termination of Employee’s employment with any Employer Entity for Permanent Disability, Employer Cause, death, or temporarily as a result of Employee’s incapacity or other absence for an extended period; or (c) a relocation of Employer’s principal place of business, or of Employee’s own office as assigned to Employee by any Employer Entity, to a location that increases Employee’s normal work commute by more than 50 miles.  In order for Employee to terminate for Good Reason, (a) the Board of Directors must be notified by 
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Employee in writing within 90 days of the event constituting Good Reason, (b) the event must remain uncorrected by the applicable Employer Entity for 30 days following such notice (the “Notice Period”), and (c) such termination must occur within 60 days after the expiration of the Notice Period.
(ii) Employer Termination Without Employer Cause (Other Than A Termination In Connection With A Change in Control).  Termination of Employee’s employment by Employer for any reason other than for Employer Cause, including, without limitation, termination by Employer or resignation by Employee as a result of Employer’s election not to renew the Term pursuant to Section 1.1, but not including a Termination In Connection With A Change in Control by Employer described in Section 3.6(i).
(iii) Death.  Termination due to the death of Employee.
(iv) Termination due to Employee’s Permanent Disability.  Termination of Employee’s employment for “Permanent Disability” shall mean a termination of Employee’s employment due to Employee having a physical or mental incapacity to perform his usual duties with such condition likely to remain continuously and permanently as determined by Employer.
3.5 Subject to the provisions of Section 3.6(i), Section 3.8, and Section 3.9, if Employee’s employment is terminated by Employee under Section 3.4(i) or by Employer under Section 3.4(ii), Employee shall be entitled to each of the following:
(i) Employer shall pay to Employee an amount equal to the sum of: (a) two (2) times Employee’s Base Salary in effect as of the effective date of termination of employment plus (b) two (2) times Employee’s Target Bonus for the year in which the effective date of termination of employment occurs.  Except as otherwise provided herein, such compensation shall, subject to the provisions of Section 7.2, be paid to Employee in equal installments in accordance with Employer’s customary payroll practices commencing with the first pay period following the effective date of termination of employment and ending on the 24-month anniversary of the effective date of such termination of employment, provided that Employer’s obligation to make any further payments of such amount shall cease on the date Employee violates any of the covenants set forth in Article 4 or Article 5 hereof.
(ii) For any equity-based awards that are outstanding as of the effective date of termination of employment, any unvested tranche of such award will vest on a pro rata basis based on the period of time that Employee was employed by Employer or any of the Employer Entities during the applicable vesting period for such tranche. For example, for a service-based award which vests in equal annual tranches over a three-year period, if Employee’s effective date of termination of employment under Section 3.4(i) or Section 3.4(ii) occurs 18 months into such award’s vesting cycle, then Employee would vest in 100% of the first tranche of such award and vest in 50% of the second tranche of such award, and Employee would forfeit 50% of the second tranche and 100% of the third tranche of such award. For any pro-rated service-vested awards that are also subject to performance-vesting conditions, the pro-rated portion of such award as determined pursuant to the foregoing shall remain outstanding following such termination of employment and shall be subject to the actual achievement of the applicable performance goals 
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as provided under the terms of the applicable award agreement.  For example, for a performance-based award which vests following a three-year performance period, if Employee’s effective date of termination of employment under Section 3.4(i) or Section 3.4(ii) occurs 18 months into such award’s vesting cycle, and if the performance conditions applicable to the award are achieved at 120% of target goals at the end of the three-year performance period, then Employee would be entitled to receive 60% of the total number of Shares subject to such award that would have been payable had Employee remained employed through the end of the three-year performance period.
(iii) Employee shall be entitled to receive the Accrued Obligations.
(iv) Employee shall be entitled to receive any individual bonuses or individual incentive compensation earned and accrued but not yet paid, but due and payable under Employer’s plans for years prior to the year of Employee’s termination of employment.
(v) To the extent permitted by applicable law and the insurance and benefits policies in which Employee is entitled to participate (collectively, “Benefit Plans”), Employer or CES, as applicable, shall maintain Employee’s paid coverage for health and dental insurance (through the payment or reimbursement of Employee’s COBRA premiums) and life insurance benefits (through the reimbursement of Employee’s premiums upon conversion to individual policy) for the earliest to occur of: (a) Employee obtaining the age of 65, (b) the date Employee is eligible to participate in another employer’s group health plan (which Employee must provide prompt notice with respect thereto to Employer), or (c) the expiration of the COBRA Continuation Period (as defined below).  During the applicable period of coverage described in the foregoing sentence, Employee shall be entitled to benefits, on substantially the same basis as would have otherwise been provided had Employee not been terminated and neither Employer nor CES, as applicable, will have any obligation to pay any benefits to, or premiums on behalf of, Employee after such period ends.  The COBRA Continuation Period for medical and dental insurance under this Section 3.5(v) shall be deemed to run concurrent with the continuation period federally mandated by COBRA (generally 18 months).  For purposes of this Agreement, (a) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and (b) “COBRA Continuation Period” shall mean the continuation period for medical and dental insurance to be provided under the terms of this Agreement which shall commence on the first day of the calendar month following the month in which the date of termination falls and shall continue for an 18 month period.  Employee shall be entitled to reimbursement of life insurance premiums as provided in this Section 3.5(v) to the extent such expense is actually incurred for the applicable calendar year and reasonably substantiated.  Any such reimbursement shall be made no later than the end of the calendar year following the calendar year in which such expense is incurred by Employee. The benefits under this Section 3.5(v) shall be referred to as the “Continuation Benefits”.
3.6 If Employee’s employment is terminated by reason of Section 3.4(iii) or (iv), Employee’s estate, in the case of death, or Employee (or his legal guardian), in the case of Permanent Disability, shall be entitled to each of the following:
(i) Employee shall be entitled to receive the Accrued Obligations.
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(ii) Employee shall be entitled to receive the Continuation Benefits (other than, in the case of Employee’s death, life insurance benefits).
(iii) Employee shall be entitled to receive any individual bonuses or individual incentive compensation earned and accrued but not yet paid, but due and payable under Employer’s plans for years prior to the year of Employee’s termination of employment.
3.7 Involuntary Termination In Connection with a Change in Control.  In the event Employee’s employment is terminated at the request of an acquiror of Employer during the 90-day period immediately preceding a Change in Control, or on or within the one-year period immediately following a Change in Control (a “Termination In Connection With A Change In Control”) by: (i) Employee for Good Reason or (ii) Employer other than for Employer Cause, Employee shall be entitled to receive the benefits set forth in Section 3.8.  For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following after the date of this Agreement: (a) any merger, consolidation or business combination in which the stockholders of Employer immediately prior to the merger, consolidation or business combination do not own at least a majority of the outstanding equity interests of the surviving parent entity, (b) the sale of all or substantially all of Employer’s assets in a single transaction or a series of related transactions to a person entity that is not an Affiliate of Employer, (c) the acquisition of beneficial ownership or control of (including, without limitation, power to vote) a majority of the outstanding common stock of Employer by any person or entity (including a “group” as defined by or under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) other than (1) any employee plan established by Employer or any subsidiary, (2) Employer or any of its Affiliates, (3) an underwriter temporarily holding securities pursuant to an offering of such securities or (4) an entity owned, directly or indirectly, by stockholders of Employer in substantially the same proportions as their ownership of Employer, or (d) a contested election of directors, as a result of which or in connection with which the persons who were directors of Employer before such election or their nominees cease to constitute a majority of the Board of Directors.
3.8 Subject to the provisions of Section 3.9, if Employee’s employment is terminated pursuant to Section 3.7, Employee shall be entitled to each of the following:
(i) Employer shall pay to Employee an amount equal to the sum of (a) two and one-half (2.5) times Employee’s Base Salary in effect as of the effective date of termination, plus (b) two and one-half (2.5) times Employee’s Target Bonus for the year in which the effective date of the termination occurs.  Except as otherwise provided herein, and subject to Section 7.2, such compensation shall be paid to Employee in equal installments in accordance with Employer’s customary payroll practices commencing with the first pay period following the effective date of termination of employment and ending on the 30-month anniversary of the effective date of such termination of employment, provided that Employer’s obligation to make any further payments of such amount shall cease on the date Employee violates any of the covenants set forth in Article 4 or Article 5 hereof.
(ii) Employee shall be entitled to receive accelerated service vesting of any equity-based awards that are outstanding as of the effective date of termination of employment. 
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For any service-vested awards that are subject to performance-vesting conditions, such awards shall remain outstanding subject to the achievement of the applicable performance goals as provided under the terms of the applicable award agreement. 
(iii) Employee shall be entitled to receive any individual bonuses or individual incentive compensation earned and accrued but not yet paid, but due and payable under Employer’s plans for years prior to the year of Employee’s termination of employment.
(iv) Employee shall be entitled to a pro rata share of any individual annual cash incentive bonuses or individual annual cash incentive compensation, based on the target levels set for such bonuses, under Employer’s and/or the Employer Entities’ plans for the year of Employee’s termination of employment based on the portion of such year that Employee was employed hereunder.  Payment shall be made on that date that such bonus would have otherwise been paid in accordance with the terms of the applicable plan.
(v) Employee shall be entitled to receive the Accrued Obligations.
(vi) Employee shall be entitled to receive the Continuation Benefits.
3.9 The severance benefits paid and provided to Employee pursuant to Section 3.3, Section 3.5 and/or Section 3.8 shall be in consideration of Employee’s continuing obligations hereunder after such termination of employment, including, without limitation, Employee’s obligations under Article 4 and Article 5.  Further, as a condition to the receipt of any such severance benefits, other than the Accrued Obligations, Employer shall require Employee to first execute a release, in substantially the form attached hereto as Annex A, releasing Employer and all other Employer Entities, and their respective officers, directors, employees, and agents, from any and all claims and from any and all causes of action of any kind or character, including, but not limited to, all claims and causes of action arising out of Employee’s employment with Employer and any other Employer Entities or the termination of such employment.  The release must be executed by Employee by no later than the 55th day following Employee’s termination of employment; provided that if the 55 day period begins in one taxable year and ends in the following taxable year, such payments shall not commence until such following taxable year.  If Employee fails or otherwise refuses to execute a release within the time specified herein, or revokes the release, Employee will not be entitled to any such severance benefits and Employer shall have no further obligations with respect to the payment of the severance benefits, other than the Accrued Obligations.  The performance of Employer’s obligations under Section 3.3, Section 3.5 and/or Section 3.8 and the receipt of the severance benefit provided thereunder by Employee shall constitute full settlement of all such claims and causes of action.  Employee shall not be under any duty or obligation to seek or accept other employment following a termination of employment pursuant to which a severance benefit payment or benefit under Section 3.3, Section 3.5 and/or Section 3.8 is owing and the amounts and benefits due Employee pursuant to Section 3.3, Section 3.5 and/or Section 3.8 shall not be reduced or suspended, except as otherwise provided, if Employee accepts subsequent employment or earns any amounts as a self-employed individual, provided, however that in the event Employee breaches any of Employee’s obligations under Article 4 or Article 5 of this Agreement, then, in addition to Employer’s right to specific performance pursuant to Section 5.5 
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or any other rights that Employer or each Employer Entity may have under this Agreement or otherwise, Employer and each Employer Entity shall have the right to terminate payment of any amounts or benefits to which Employee would otherwise be entitled pursuant to this Article 3.  Employee’s rights under Section 3.3, Section 3.5 and/or Section 3.8 are Employee’s sole and exclusive rights against Employer, or any Employer Entity, and Employer’s sole and exclusive liability to Employee under this Agreement, whether such claim is based in contract, tort or otherwise, for the termination of his employment relationship hereunder.  Employee agrees that all disputes relating to Employee’s employment or termination of employment shall be resolved through the dispute resolution provisions provided in Section 7.7 hereof; provided, however, that decisions as to whether there is “Employer Cause” for termination of the employment relationship with Employee and whether and as of what date Employee has become Permanently Disabled shall be limited to whether such decision was reached in good faith.  Nothing contained in this Article 3 shall be construed to be a waiver by Employee of any benefits accrued for or due to Employee under any employee benefit plan (as such term is defined in the Employee Retirement Income Security Act of 1974, as amended) maintained by Employer or CES, except that Employee shall not be entitled to any severance benefits pursuant to any severance plan or program of Employer and/or the Employer Entities except as outlined in this Agreement.
3.10 For the avoidance of doubt, Employee shall not be a participant in Employer’s Key Employee Separation Plan, and Employee shall not be entitled to any severance or similar benefits in connection with a termination of his employment except as set forth in this Agreement.
3.11 Termination of the employment relationship does not terminate those obligations imposed by this Agreement, which are continuing obligations, including, without limitation, Employee’s obligations under Article 4 and Article 5.
3.12 The payment of any monies to Employee under this Agreement after the date of termination of employment does not constitute an offer or a continuation of employment of Employee.  In no event shall Employee represent or hold himself out to be an employee of Employer or any Employer Entity after the effective date of termination of employment.  Except where any Employer Entity is lawfully required to withhold any federal, state, or local taxes, Employee shall be responsible for any and all federal, state, or local taxes that arise out of any payments to Employee hereunder.
3.13 During any period during which any monies are being paid to Employee under this Agreement after the effective date of termination of employment, Employee shall provide to Employer and any Employer Entity reasonable levels of assistance in answering questions concerning the business of Employer and any Employer Entity, transition of responsibility, or litigation. Employer shall reimburse Employee for all out of pocket expenses of Employee reasonably incurred in connection with such assistance in accordance with Employer’s expense reimbursement policy. Any such assistance after the effective date of termination of employment shall be scheduled so as not to unreasonably interfere or conflict with the obligations which Employee may owe to any subsequent employer.
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3.14 All references to Employer in this Article 3 shall, as the context may require, refer to CES for purposes of paying and providing to Employee any applicable compensation and benefits under this Article 2.
ARTICLE 4: OWNERSHIP AND PROTECTION OF INTELLECTUAL PROPERTY AND CONFIDENTIAL INFORMATION:
4.1 All information, ideas, concepts, innovations, developments, methods, processes, designs, analyses, drawings, reports, discoveries and inventions and all improvements to any of the foregoing, whether or not patentable or reduced to practice, which are conceived, made, developed or acquired by Employee in whole or in part, individually or in conjunction with others, during Employee’s employment by Employer or any of the Employer Entities, both before and after the date hereof (whether during business hours or otherwise and whether on Employer’s premises or otherwise) which relate to the business, products or services of Employer or the Employer Entities (including, without limitation, all such information relating to corporate opportunities, research, financial and sales data, pricing and trading terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers or their requirements, the identity of key contacts within the customer’s organizations or within the organization of acquisition prospects, or marketing and merchandising techniques, prospective names, marks, and any copyrightable work, trademark, trade secret or other intellectual property rights (whether or not composing confidential information, and all writings or materials of any type embodying any of such items) (collectively, “Work Product”), shall be the sole and exclusive property of Employer or any Employer Entity, as the case may be, and shall be treated as “work made for hire” to the fullest extent permissible under applicable law, including the U.S. Copyright Act. If, for any reason, any Work Product shall not legally be a “work made for hire” and/or ownership of any Work Product does not automatically accrue to Employer or another Employer Entity, as applicable, then Employee hereby irrevocably assigns and agrees to assign any and all of Employee’s right, title and interest thereto, whether or not now or hereafter known, existing, contemplated, recognized or developed, to Employer, and Employer shall have the right to use the same in perpetuity throughout the universe in any manner determined by Employer without any further payment to Employee whatsoever. To the extent Employee has any right, title or interest in any Work Product that cannot be assigned in the manner described above, Employee hereby unconditionally and irrevocably exclusively licenses such Work Product to Employer. Without limiting the foregoing, it is recognized that Employee is an experienced executive in the business of Employer and the Employer Entities, and through several decades of work in such business prior to his employment by Employer has acquired and retains knowledge, contacts, and information which are not covered by this Article 4.
4.2 Employee shall promptly and fully disclose all Work Product to Employer and shall cooperate and perform all actions reasonably requested by Employer (whether during or after the Term) to establish, confirm and protect Employer’s and/or the Employer Entities’ right, title and interest in such Work Product.  Without limiting the generality of the foregoing, Employee agrees to assist Employer, at Employer’s expense, to secure Employer’s and the Employer Entities’ rights in the Work Product in any and all countries, including the execution by Employee of all applications and all other instruments and documents which Employer and/or 
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the Employer Entities shall deem necessary in order to apply for and obtain rights in such Work Product.  If Employer is unable because of Employee’s mental or physical incapacity or for any other reason (including Employee’s refusal to do so after request therefor is made by Employer) to secure Employee’s signature to apply for or to pursue any application for any registrations covering Work Product belonging to Employer and/or the Employer Entities pursuant to Section 4.1 above, then Employee by this Agreement irrevocably designates and appoints Employer and its duly authorized officers and agents as Employee’s agent and attorney-in-fact to act for and in Employee’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of registrations thereon with the same legal force and effect as if executed by Employee.  Employee’s obligations to assist Employer and/or the Employer Entities with respect to Work Product as set forth herein shall continue beyond the termination of Employee’s employment by Employer or any Employer Entities.  Employee agrees not to apply for or pursue any application for any registrations covering any Work Product other than pursuant to this Section 4.2.
4.3 Employee acknowledges that the businesses of Employer and the Employer Entities are highly competitive and that their strategies, methods, books, records, and documents, their technical information concerning their products, equipment, services, and processes, procurement procedures and pricing techniques, the names of and other information (such as credit and financial data) concerning their former, present or prospective customers and business affiliates, all comprise confidential business information and trade secrets which are valuable, special, and unique assets which Employer and/or the Employer Entities use in their business to obtain a competitive advantage over their competitors.  Employee further acknowledges that protection of such confidential business information and trade secrets against unauthorized disclosure and use is of critical importance to Employer and the Employer Entities in maintaining their competitive position.  Employee acknowledges that by reason of Employee’s duties to, and association with, Employer and the Employer Entities, Employee has had and will have access to, and has and will become informed of, confidential business information which is a competitive asset of Employer and the Employer Entities.  Employee hereby agrees that Employee will not, at any time during or after his employment by any Employer Entity, make any unauthorized disclosure of any confidential business information or trade secrets of Employer or the Employer Entities, or make any use thereof, except in the carrying out of his employment responsibilities hereunder.  Employee shall take all necessary and appropriate steps to safeguard confidential business information and protect it against disclosure, misappropriation, misuse, loss and theft.  Confidential business information shall not include information in the public domain (but only if the same becomes part of the public domain through a means other than a disclosure prohibited hereunder).  The above notwithstanding, a disclosure shall not be unauthorized if (i) it is required by law or by a court of competent jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which Employee’s legal rights and obligations as an employee or under this Agreement are at issue; provided, however, that Employee shall, to the extent practicable and lawful in any such events, give prior notice to Employer of his intent to disclose any such confidential business information in such context so as to allow Employer or an Employer Entity an opportunity (which Employee will not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate.
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4.4 Notwithstanding the foregoing, Employee has the right under federal law to certain protections for cooperating with or reporting legal violations to the Securities and Exchange Commission (the “SEC”) and/or its Office of the Whistleblower, as well as certain other governmental entities and self-regulatory organizations. As such, nothing in this Agreement or otherwise prohibits or limits Employee from disclosing this Agreement to, or from cooperating with or reporting violations to or initiating communications with, the SEC or any other such governmental entity or self-regulatory organization, and Employee may do so without notifying Employer. Neither Employer nor any Employer Entity may retaliate against Employee for any of these activities, and nothing in this Agreement or otherwise requires Employee to waive any monetary award or other payment that Employee might become entitled to from the SEC or any other governmental entity or self-regulatory organization. Moreover, nothing in this Agreement or otherwise prohibits Employee from notifying Employer that Employee is going to make a report or disclosure to law enforcement. Notwithstanding anything in this Agreement to the contrary, pursuant to the Defend Trade Secrets Act of 2016, Employee and Employer acknowledge and agree that Employee shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of any trade secret that (i) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition and without limiting the preceding sentence, Employee and Employer further acknowledge and agree that if Employee files a lawsuit for retaliation by Employer or any Employer Entity for reporting a suspected violation of law, Employee may disclose the trade secret to his attorney and may use the trade secret information in the court proceeding, if Employee (x) files any document containing the trade secret under seal and (y) does not disclose the trade secret, except pursuant to court order.
4.5 All written materials, records, and other documents made by, or coming into the possession of, Employee during the period of Employee’s employment by Employer or any Employer Entity which contain or disclose confidential business information or trade secrets of Employer or the Employer Entities, or which relate to Employee’s Work Product described in Section 4.1 above, shall be and remain the property of Employer, or the Employer Entities, as the case may be.  Upon termination of Employee’s employment for any reason or upon the request of Employer, Employee shall promptly deliver the same, and all copies thereof, to Employer.
ARTICLE 5: COVENANT NOT TO COMPETE:
5.1 In consideration of the compensation to be paid to Employee under this Agreement, Employee acknowledges that in the course of Employee’s employment, he has and will become familiar with Employer’s and the Employer Entities’ trade secrets, business plans and business strategies and with other confidential business information concerning Employer and the Employer Entities and that Employee’s services have been and shall be of special, unique and extraordinary value to Employer and the Employer Entities.  Employee also acknowledges that in the course of his employment he had and will have access to Employer’s and the Employer Entities’ relationships and goodwill with their customers, distributors, suppliers and employees.  In light of Employee’s value to, and knowledge of, Employer, the Employer 
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Entities, and the Business (as defined below) and Employee’s compensation pursuant to this Agreement, Employee agrees that, during the Term and for a period of two years following a termination of Employee’s employment for any reason (the “Non-Compete Period”), he will not, in association with or as an officer, principal, manager, member, advisor, agent, partner, director, material stockholder, employee or consultant of any corporation (or sub-unit, in the case of a diversified business) or other enterprise, entity or association, work on the acquisition or development of, or engage in any line of business, property or project which is, directly or indirectly, competitive with any business that Employer or any Employer Entity engages in during the Term, including but not limited to, the mining, processing, transportation, distribution, trading and sale of synfuel, coal and coal byproducts (collectively, the “Business”).  Such restriction shall cover Employee’s activities anywhere in the states in the United States in which Employer or any Employer Entity conducts operations during the Term or jurisdictions outside the United States in which Employer or any Employer Entity conducts operations during the Term.
5.2 During the Non-Compete Period, Employee will not (i) solicit or induce (or attempt to induce) any person who is or was employed by Employer or any of the Employer Entities at any time during such term or period or the six-month period prior to such solicitation or inducement to (A) interfere with the activities or businesses of Employer or any Employer Entity or (B) discontinue his or her employment with Employer or any of the Employer Entities, or (ii) hire directly or through another entity any person who is or was employed by Employer or any of the Employer Entities at any time during the six-month period prior to the date such person is to be so hired.
5.3 During the Non-Compete Period, Employee will not, directly or indirectly, influence or attempt to influence any customers, distributors or suppliers of Employer or any of the Employer Entities to divert their business to any competitor of Employer or any Employer Entity or in any way interfere with the relationship between any such customer, distributor or supplier and Employer and/or any Employer Entity (including, without limitation, making any negative statements or communications about Employer or any Employer Entity).  During the Non-Compete Period, Employee will not, directly or indirectly, acquire or attempt to acquire any business in any state in the United States or jurisdictions outside the United States in which Employer or any Employer Entity conducts operations during the Term, if during the Term, Employer or any Employer Entity has made an acquisition proposal relating to the possible acquisition of such business (such business, an “Acquisition Target”), or take any action to induce or attempt to induce any Acquisition Target to consummate any acquisition, investment or other similar transaction with any person or entity other than Employer or any Employer Entity.
5.4 Employee understands that the provisions of Sections 5.1, 5.2 and 5.3 hereof may limit his ability to earn a livelihood in a business in which he is involved, but as a member of the management group of Employer and the Employer Entities he nevertheless agrees and hereby acknowledges that: (i) such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of Employer and any of the Employer Entities; (ii) such provisions contain reasonable limitations as to time, scope of activity, and geographical 
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area to be restrained; and (iii) the consideration provided hereunder, including without limitation, any amounts or benefits provided under Article 3 hereof, is sufficient to compensate Employee for the restrictions contained in Sections 5.1, 5.2 and 5.3 hereof.  In consideration of the foregoing and in light of Employee’s education, skills and abilities, Employee agrees that he will not assert that, and it should not be considered that, any provisions of Sections 5.1, 5.2 or 5.3 otherwise are void, voidable or unenforceable or should be voided or held unenforceable.
5.5 If, at the time of enforcement of Article 4 or Article 5 of this Agreement, a court shall hold that the duration, scope, or area restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed and directed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law.  Employee acknowledges that he is a member of Employer’s and the Employer Entities’ management group with access to Employer’s and the Employer Entities’ confidential business information and his services are unique to Employer and the Employer Entities.  Employee therefore agrees that the remedy at law for any breach by him of any of the covenants and agreements set forth in Article 4 and Article 5 will be inadequate and that in the event of any such breach, Employer and the Employer Entities may, in addition to the other remedies which may be available to them at law, apply to any court of competent jurisdiction to obtain specific performance and/or injunctive relief prohibiting Employee (together with all those persons associated with him) from the breach of such covenants and agreements and to enforce, or prevent any violations of, the provisions of this Agreement.  In addition, in the event of a breach or violation by Employee of this Article 5, the Non-Compete Period set forth in this Article 5 shall be tolled until such breach or violation has been cured.
5.6 Each of the covenants of this Article 5 are given by Employee as part of the consideration for this Agreement and as an inducement to Employer to enter into this Agreement and accept the obligations hereunder.
5.7 If Employee materially breaches any obligation under Article 4 or Article 5 hereof, Employer shall provide written notice of such breach to Employee and (i) Employee shall pay to Employer, in cash, an amount equal to any and all payments paid to or on behalf of Employee under Article 3 of this Agreement and (ii) any equity or equity-based awards that are unvested as of the date of such breach or were entitled to accelerated vesting under Section 3.5(ii) or 3.8(ii) shall be immediately forfeited in their entirety.  Employee agrees that failure to make such timely payment to Employer constitutes an independent and material breach of this Agreement by Employee, for which Employer may seek recovery of the unpaid amount as liquidated damages, in addition to all other rights and remedies Employer may have resulting from Employee’s breach of the obligations set forth in Article 4 and/or Article 5 hereof.  Employee agrees that timely payment to Employer as set forth herein is reasonable and necessary because the damages that will result from a breach of Article 4 and/or Article 5 hereof cannot readily be ascertained.  Further, Employee agrees that timely payment to Employer as set forth herein is not a penalty, and it does not preclude Employer from seeking all other remedies that may be available to Employer, including, without limitation, those set forth in this Article 5.
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ARTICLE 6: CODE SECTION 280G:  
6.1 The provisions of this Article 6 shall apply notwithstanding anything in this Agreement to the contrary.  In the event that it shall be determined that any payment, benefit or distribution by Employer or any Employer Entity to, or for the benefit of, Employee (a “Payment”), whether such Payment is paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, Employer and the Employer Entities will apply a limitation on the Payment amount as specified in Section 6.2 unless it is determined that the “Net After Tax Benefits” to Employee would be greater if the limitations of Section 6.2 were not imposed.  For purposes of this Article 6, “Net After Tax Benefits” shall mean the present value of the Payments net of all taxes imposed on Employee with respect thereto, including but not limited to excise taxes imposed under Section 4999 of the Code, determined by applying the highest marginal income tax rate applicable to Employee for such year.
6.2 To the extent required by Section 6.1 above, the aggregate present value of all Payments (“Parachute Payments”) shall be reduced (but not below zero) to the Reduced Amount.  The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Parachute Payments without causing any Payment to be subject to the limitation of deduction under Section 280G of the Code.  For purposes of this Article 6, “present value” shall be determined in accordance with Section 280G(d)(4) of the Code.  The total reduction to Parachute Payments required under this Article 6 necessary to achieve the Reduced Amount shall be made against Parachute Payments that are exempt from Section 409A of the Code.
6.3 Except as set forth in the next sentence, all determinations to be made under this Article 6 shall be made by a nationally recognized independent public accounting firm used by Employer immediately prior to such change in control (the “Accounting Firm”), which Accounting Firm shall provide its determinations and any supporting calculations to Employer and Employee within ten (10) days of Employee’s termination date.  Any determinations by the Accounting Firm shall be binding upon Employer and Employee.
6.4 All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Article 6 shall be borne solely by Employer.
ARTICLE 7: MISCELLANEOUS:
7.1 For purposes of this Agreement, the terms “affiliate” or “affiliates” mean means any entity that, directly or indirectly through one or more intermediaries’ controls, is controlled by or is under common control with, Employer.
7.2 Section 409A.
(i) The provisions of this Agreement will be administered, interpreted and construed in a manner intended to comply with Section 409A of the Code, the regulations issued 
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thereunder or any exception thereto (or disregarded to the extent such provision cannot be so administered, interpreted, or construed).
(ii) For purposes of Section 409A, each payment hereunder, including each severance installment payment, shall be treated as a “separate payment” within the meaning of Section 409A.  For purposes of this Agreement, each payment is intended to be excepted from Section 409A to the maximum extent provided under Section 409A. Employee shall have no right to designate the date of any payment hereunder. Notwithstanding anything to the contrary herein, to the extent required by Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A. Notwithstanding anything to the contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not constitute a “deferral of compensation” within the meaning of Section 409A, (x) the amount of expenses eligible for reimbursement or in-kind benefits provided to Employee during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Employee in any other calendar year, (y) the reimbursements for expenses for which Employee is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred and (z) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.
(iii) With respect to payments subject to Section 409A (and not excepted therefrom), if any, it is intended that each payment is paid on permissible distribution event and at a specified time consistent with Section 409A.  Notwithstanding any provision of this Agreement to the contrary, to the extent that a payment hereunder is subject to Section 409A (and not excepted therefrom) and payable on account of a “separation from service” within the meaning of Section 409A, such payment shall be delayed for a period of six months after the date of such separation from service (or, if earlier, the death of Employee) if Employee is a “specified employee” (as defined in Section 409A and determined in accordance with the procedures established by Employer).  Any payment that would otherwise have been due or owing during such six-month period will be paid immediately following the end of the six-month period in the month following the month containing the 6-month anniversary of the date of separation from service.
(iv) Notwithstanding any provision of this Agreement to the contrary, Employee acknowledges and agrees that neither Employer nor any of the Employer Entities shall be liable for, and nothing provided or contained in this Agreement will be construed to obligate or cause Employer or any of the Employer Entities to be liable for, any tax, interest or penalties imposed on Employee related to or arising with respect to any violation of Section 409A.
7.3 For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when received by or tendered to Employee or Employer, as applicable, by pre-paid courier or by 
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United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to Employer:
Contura Energy, Inc.
300 Martin Luther King Jr., Blvd.
Suite 500
PO Box 848
Bristol, TN 37620
Attn: Chief Legal Officer

If to Employee: To his last known personal residence
7.4 This Agreement shall be governed by and construed and enforced, in all respects, in accordance with the law of the State of Delaware, without regard to principles of conflicts of law.
7.5 No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
7.6 It is a desire and intent of the parties that the term, provisions, covenants, and remedies contained in this Agreement shall be enforceable to the fullest extent permitted by law.  If any such term, provision, covenant, or remedy of this Agreement or the application thereof to any person, association, or entity or circumstances shall, to any extent, be construed to be invalid or unenforceable in whole or in part, then such term, provision, covenant, or remedy shall be construed in a manner so as to permit its enforceability under applicable law to the fullest extent permitted by law.  In any case, the remaining provisions of this Agreement or the application thereof to any person, association, or entity or circumstances other than those to which they have been held invalid or unenforceable, shall remain in full force and effect.
7.7 It is the mutual intention of the parties to have any dispute concerning this Agreement resolved out of court.  Accordingly, the parties agree that any such dispute shall, as the sole and exclusive remedy, be submitted for resolution, then pursuant to binding arbitration to be held in Bristol, Tennessee, in accordance with the employment arbitration rules (except as modified below) of the American Arbitration Association and with the Expedited Procedures thereof (collectively, the “Rules”); provided, however, that Employer, on its own behalf and on behalf of any of the Employer Entities, and the Employers Entities shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any breach or the continuation of any breach of the provisions of Articles 4 and 5 and Employee hereby consents that such restraining order or injunction may be granted without the necessity of Employer or any Employer Entity posting any bond.  Each of the parties hereto agrees that such arbitration shall be conducted by a single arbitrator selected in accordance with the Rules; provided that such arbitrator shall be experienced in deciding cases concerning the matter which is the subject of the 
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dispute.  Each of the parties agrees that in any such arbitration that pre-arbitration discovery shall be limited to the greatest extent provided by the Rules, that the award shall be made in writing no more than 30 days following the end of the proceeding, that the arbitration shall not be conducted as a class action, that the arbitration award shall not include factual findings or conclusions of law.  Any award rendered by the arbitrator shall be final and binding and judgment may be entered on it in any court of competent jurisdiction.  Each of the parties hereto agrees to treat as confidential the results of any arbitration (including, without limitation, any findings of fact and/or law made by the arbitrator) and not to disclose such results to any unauthorized person.
7.8 This Agreement shall be binding upon and inure to the benefit of Employer, the Employer Entities, their respective successors in interest, and any other person, association, or entity which may hereafter acquire or succeed to all or substantially all of the business assets of Employer and the Employer Entities by any means, whether indirectly or directly, and whether by purchase, merger, consolidation, or otherwise.  Employee’s rights and obligations under this Agreement are personal and such rights, benefits, and obligations of Employee shall not be voluntarily or involuntarily assigned, alienated, or transferred, whether by operation of law or otherwise, without the prior written consent of Employer, other than in the case of Employee’s death.
7.9 This Agreement replaces and merges any previous agreements and discussions pertaining to the subject matter covered herein (including, without limitation, the Prior Agreement and that certain Performance Stock Unit Award Agreement by and between Employer and Employee providing for the grant of the 2020 PSUs, but not including the letter agreement dated June 28, 2018 between Employee and ANR, Inc., a Delaware corporation (the “Section 4999 Agreement”)) and constitutes the entire agreement of the parties (or any Employer Entity) with regard to the matters set forth herein.  Each party to this Agreement acknowledges that no representation, inducement, promise, or agreement, oral or written, has been made by either party with respect to the matters set forth herein which is not embodied herein, and that no agreement, statement, or promise relating to the employment of Employee by Employer or any Employer Entity that is not contained in this Agreement shall be valid or binding.  This Agreement may not be amended orally, but only by an instrument in writing signed by each of the parties to this Agreement; provided, however, Employer may, solely to the extent necessary to comply with Section 409A of the Code, modify the terms of this Agreement if it is determined that such terms would subject any payments or benefits hereunder to the additional tax and/or interest assessed under Section 409A of the Code.
7.10 Notwithstanding any provision of this Agreement to the contrary, the parties’ respective rights and obligations under Articles 3, 4, 5, 6, and this Article 7 will survive any termination or expiration of this Agreement or the termination of Employee’s employment for any reason whatsoever.
7.11 The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.
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7.12 Employee hereby represents to Employer that the execution and delivery of this Agreement by Employee and Employer and the performance by Employee of Employee duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Employee is a party or otherwise bound.
7.13 This Agreement may be executed in one or more counterparts, each of which shall deemed to be in an original but all of which together will constitute one and the same instrument.
7.14 For purposes of this Agreement, 
“2020 PSUs” shall have the meaning set forth in Section 2.3.
“2020 RSUs” shall have the meaning set forth in Section 2.3.
“Accounting Firm” shall have the meaning set forth in Section 6.3. 
“Accrued Obligations” shall have the meaning set forth in Section 3.3(i).
“Acquisition Target” shall have the meaning set forth in Section 5.3.
“Affiliate” shall have the meaning set forth in Section 7.1. 
“Annual Bonus” shall have the meaning set forth in Section 2.2.
“Agreement” shall have the meaning set forth in the first paragraph hereof.
“Base Salary” shall have the meaning set forth in Section 2.1.
“Benefit Plans” shall have the meaning set forth in Section 3.5(v).
“Board of Directors” shall have the meaning set forth in Section 1.2.
“Bonus Plan” shall have the meaning set forth in Section 2.2.
“Business” shall have the meaning set forth in Section 5.1.
“CES” shall have the meaning set forth in the recitals to this Agreement.
“Change In Control” shall have the meaning set forth in Section 3.7.
“COBRA” shall have the meaning set forth in Section 3.5(v).
“COBRA Contribution Period” shall have the meaning set forth in Section 3.5(v).
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
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“Compensation Committee” shall have the meaning set forth in Section 2.1.
“Continuation Benefits” shall have the meaning set forth in Section 3.5(v).
“Effective Date” shall have the meaning set forth in the recitals to this Agreement.
“Employee” shall have the meaning set forth in the first paragraph hereof.
“Employer” shall have the meaning set forth in the first paragraph hereof.
“Employer Cause” shall have the meaning set forth in Section 3.2(i).
“Employer Entity” shall have the meaning set forth in Section 1.4.
“Employer Policy” shall have the meaning set forth in Section 1.3.
“Good Reason” shall have the meaning set forth in Section 3.4(i).
“LTIP” shall have the meaning set forth in Section 2.3.
“Net After Tax Benefits” shall have the meanings set forth in Section 6.1.
“Non-Compete Period” shall have the meaning set forth in Section 5.1.
“Notice Period” shall have the meaning set forth in Section 3.4(i).
“Parachute Payments” shall have the meaning set forth in Section 6.2.
“Payment” shall have the meaning set forth in Section 6.1.
“Permanent Disability” shall have the meaning set forth in Section 3.4(iv).
“Prior Agreement” shall have the meaning set forth in the recitals to this Agreement.
“Restatement Date” shall have the meaning set forth in the first paragraph hereof.
“Rules” shall have the meaning set forth in Section 7.7.
“SEC” shall have the meaning set forth in Section 4.4.
“Section 4999 Agreement” shall have the meaning set forth in Section 7.9.
“Separation from Service” shall have the meaning set forth in Section 7.2(iii).
“Separate Payment” shall have the meaning set forth in Section 7.2(ii).
“Shares” shall have the meaning set forth in Section 2.3.
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“Specified Employee” shall have the meaning set forth in Section 7.2(iii).
“Subsequent Employer” shall have the meaning set forth in Section 1.6.
“Target Bonus” shall have the meaning set forth in Section 2.2.
“Term” shall have the meaning set forth in Section 1.1.
“Termination In Connection With A Change In Control” shall have the meaning set forth in Section 3.6(i).
“Work Product” shall have the meaning set forth in Section 4.1.
“Date of Termination” shall have the meaning set forth in the Preamble of Annex A.
“EEOC” shall have the meaning set forth in Section 1(c) of Annex A.
“Employment Agreement” shall have the meaning set forth in the Preamble of Annex A.
“Executive” shall have the meaning set forth in the Preamble of Annex A. 
“Releasees” shall have the meaning set forth in Section 1(a) of Annex A.
[Signature Page Follows]

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

		
	By:	/s/ Roger L. Nicholson
		Name: Roger L. Nicholson
		Title: Executive VP, Chief Administrative Officer, General Counsel and Secretary

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

    
    

ANNEX A 

SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE 
THIS SEPARATION OF EMPLOYMENT AGREEMENT AND GENERAL RELEASE (the “Agreement”) is made as of this _____ day of ___________, _____, by and between Contura Energy, Inc., a Delaware corporation (the “Company”), and David J. Stetson (“Executive”). Defined terms used but not defined herein shall have the meaning set forth in that certain Amended and Restated Employment Agreement dated as of January 26, 2021 between Executive and the Company (as amended from time to time, the “Employment Agreement”).
WHEREAS, the Company advises Executive to consult with Executive’s own legal counsel before signing this Agreement; and 
WHEREAS, Executive formerly was employed by the Company as ____________  and by its wholly-owned subsidiary, Contura Energy Services, LLC, a Delaware limited liability company (“CES”), as an employee of CES; and
WHEREAS, the Company employed Executive pursuant to the terms and conditions set forth in the Employment Agreement, which provides for certain payments and benefits in the event that Executive’s employment is terminated under certain circumstances; and 
WHEREAS, an express condition of Executive’s entitlement to the payments and benefits under the Employment Agreement is the execution of a general release in the form set forth below; and 
WHEREAS, Executive’s employment has been terminated effective _____________ ____, ____ (“Date of Termination”).
NOW, THEREFORE, IT IS HEREBY AGREED by and between Executive and the Company as follows:
1.(a) To the fullest extent permitted by law, Executive, for and in consideration of the commitments of the Company as set forth in paragraph 5 of this Agreement, and intending to be legally bound, does hereby REMISE, RELEASE AND FOREVER DISCHARGE the Company and the Employer Entities (as defined in the Employment Agreement), and their affiliates, predecessors, subsidiaries and parents, and their present or former officers, directors, shareholders, employees, and agents, and its and their respective successors, assigns, heirs, executors, and administrators and the current and former trustees or administrators of any pension or other benefit plan applicable to the employees or former employees of the Company or any Employer Entity (collectively, “Releasees”) from all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which Executive ever had, now has, or hereafter may have, whether known or unknown, or which Executive’s heirs, executors, or administrators may have, by reason of any matter, cause or thing whatsoever, from any time prior to the date of this Agreement, and particularly, but without limitation of the foregoing general terms, any 

    
    

claims arising from or relating in any way to Executive’s employment relationship with the Company or any Employer Entity and/or their subsidiaries or affiliates, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to, any claims arising under the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act of 1990, as amended, Title VII of the Civil Rights Act, as amended, the Americans with Disabilities Act, as amended, the Family and Medical Leave Act, as amended, the Equal Pay Act, as amended, the Employee Retirement Income Security Act, as amended, the Civil Rights Act of 1991, as amended, the Worker Adjustment and Retraining Notification Act, as amended, and any other claims under any federal, state or local common law, statutory, or regulatory provision, now or hereafter recognized, and any claims for attorneys’ fees and costs; provided, that Executive does not release or discharge the Releasees from (i) any rights to any payments, benefits or reimbursements due to Executive under Sections 3.5 or 3.8 of the Employment Agreement; (ii) any rights of Executive to indemnification under any applicable directors’ and officers’ liability insurance policies maintained by the Company; (iii) any rights to any accrued and vested benefits (including any vested equity-based awards) due to Executive under any employee benefit plans sponsored or maintained by the Company; or (iv) any rights under the Section 4999 Agreement.  This Agreement is effective without regard to the legal nature of the claims raised and without regard to whether any such claims are based upon tort, equity, implied or express contract or discrimination of any sort.  This release is intended to be a general release, and excludes only those claims expressly set forth herein or that Executive cannot release as a matter of law under any statute or common law.  Executive is advised to seek independent legal counsel if Executive seeks clarification on the scope of this release.
(b) To the fullest extent permitted by law, and subject to the provisions of paragraph 10 and paragraph 12 below, Executive represents and affirms that Executive has not filed or caused to be filed on Executive’s behalf any charge, complaint or claim for relief against the Company or any Releasee that would be barred by the terms of this Agreement and, to the best of Executive’s knowledge and belief, no outstanding charges, complaints or claims for relief that would be barred by the terms of this Agreement have been filed or asserted against the Company or any Releasee on Executive’s behalf.  In the event that there is outstanding any such charge, complaint or claim for relief, Executive agrees to seek its immediate withdrawal and dismissal with prejudice.  In the event that for any reason said charge, complaint or claim for relief cannot be withdrawn, Executive shall not voluntarily testify, provide documents or otherwise participate in any investigation or litigation arising therefrom or associated therewith and shall execute such other papers or documents as the Company’s counsel determines may be necessary to have said charge, complaint or claim for relief dismissed with prejudice.  Nothing herein shall prevent Executive from testifying in any cause of action when required to do so by process of law.  Executive shall promptly inform the Company if called upon to testify.
(c) Executive does not waive any right to file a charge with the Equal Employment Opportunity Commission (“EEOC”) or participate in an investigation or proceeding conducted by the EEOC, but explicitly waives any right to file a personal lawsuit or receive monetary damages that the EEOC might recover if said charge results in an EEOC lawsuit against the Company or any Releasee.
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2. Executive acknowledges his obligation to comply with the restrictions described in Article 4 and Article 5 of the Employment Agreement.
3. Executive further agrees and recognizes that Executive has permanently and irrevocably severed Executive’s employment relationship with the Company and any Employer Entity, that Executive shall not seek employment with the Company or any Employer Entity at any time in the future, and that neither the Company nor any Employer Entity has any obligation to employ him in the future.  Effective as of the Date of Termination, Executive resigned from and is removed from all boards and committees of the Company, the Employer Entities and their subsidiaries and affiliates on which Executive may have previously served.
4. Executive further agrees that Executive will not publicly disparage or subvert the Company or any Releasee, or make any public statement reflecting negatively on the Company, any Employer Entity, their subsidiaries or affiliated corporations or entities, or any of their officers, directors, employees, agents or representatives, including, but not limited to, any matters relating to the operation or management of the Company or any Releasee, Executive’s employment and the termination of Executive’s employment, irrespective of the truthfulness or falsity of such statement. The Company agrees that Company will instruct its executive officers and directors to not publicly disparage or subvert Executive or make any public statement reflecting negatively on Executive, including, but not limited to, any matters relating to Executive’s performance, Executive’s employment and the termination of Executive’s employment, irrespective of the truthfulness or falsity of such statement.  
5. In consideration for Executive’s promises, as set forth herein, the Company agrees to pay or provide to or for Executive the payments and benefits described in Sections 3.5 and 3.8 of the Employment Agreement.  Except as set forth in this Agreement and subject to the exceptions set forth in clauses (i) through (iv) of paragraph 1, it is expressly agreed and understood that the Company and Releasees do not have, and will not have, any obligations to provide Executive at any time in the future with any payments, benefits or considerations other than those recited in this paragraph, or those required by law.
6. Executive understands and agrees that the payments, benefits and agreements provided in this Agreement are being provided to him in consideration for Executive’s acceptance and execution of, and in reliance upon Executive’s representations in, this Agreement.  Executive agrees that absent execution without revocation of this Agreement containing a release of all claims against the Releasees, Executive is not entitled to the payments and benefits set forth in Sections 3.5 and 3.8 of the Employment Agreement.
7. Executive acknowledges and agrees that this Agreement and the Employment Agreement supersede any employment agreement or offer letter (excluding, for the avoidance of doubt, the Section 4999 Agreement) Executive has with the Company or any Releasee.  To the extent Executive has entered into any other enforceable written agreement with the Company or any Releasee that contains provisions that are outside the scope of this Agreement and the Employment Agreement and are not in direct conflict with the provisions in this Agreement or the Employment Agreement, the terms in this Agreement and the Employment Agreement shall not supersede, but shall be in addition to, any other such agreement.  Except as set forth 
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expressly herein, no promises or representations have been made to Executive in connection with the termination of Executive’s Employment Agreement, if any, or offer letter, if any, with the Company, or the terms of this Agreement.
8. Notwithstanding the foregoing, Executive has the right under federal law to certain protections for cooperating with or reporting legal violations to the Securities and Exchange Commission (the “SEC”) and/or its Office of the Whistleblower, as well as certain other governmental entities and self-regulatory organizations. As such, nothing in this Agreement or otherwise prohibits or limits Executive from disclosing this Agreement to, or from cooperating with or reporting violations to or initiating communications with, the SEC or any other such governmental entity or self-regulatory organization, and Executive may do so without notifying the Company. Neither the Company nor any Employer Entity may retaliate against Executive for any of these activities, and nothing in this Agreement or otherwise requires Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other governmental entity or self-regulatory organization. Moreover, nothing in this Agreement or otherwise prohibits Executive from notifying the Company that Executive is going to make a report or disclosure to law enforcement. Notwithstanding anything in this Agreement to the contrary, pursuant to the Defend Trade Secrets Act of 2016, Executive and the Company acknowledge and agree that Executive shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of any trade secret that (i) is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition and without limiting the preceding sentence, Executive and the Company further acknowledge and agree that if Executive files a lawsuit for retaliation by the Company or any Employer Entity for reporting a suspected violation of law, Executive may disclose the trade secret to his attorney and may use the trade secret information in the court proceeding, if Executive (x) files any document containing the trade secret under seal and (y) does not disclose the trade secret, except pursuant to court order.
9. Executive represents that Executive does not, without the Company’s prior written consent, presently have in Executive’s possession any records and business documents, whether on computer or hard copy, and other materials (including but not limited to computer disks and tapes, computer programs and software, office keys, correspondence, files, customer lists, technical information, customer information, pricing information, business strategies and plans, sales records and all copies thereof) (collectively, the “Corporate Records”) provided by the Company, any Employer Entity and/or their predecessors, subsidiaries or affiliates or obtained as a result of Executive’s prior employment with the Company, any Employer Entity and/or their predecessors, subsidiaries or affiliates, or created by Executive while employed by or rendering services to the Company, any Employer Entity and/or their predecessors, subsidiaries or affiliates.  Executive acknowledges that all such Corporate Records are the property of the Company.  In addition, Executive shall promptly return in good condition any and all Company owned equipment or property, including, but not limited to, automobiles, personal data assistants, facsimile machines, copy machines, pagers, credit cards, cellular telephone equipment, business cards, laptops, computers, and any other items requested by the Company.  As of the Date of 
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Termination, the Company will make arrangements to remove, terminate or transfer any and all business communication lines including network access, cellular phone, fax line and other business numbers.
10. Nothing in this Agreement shall prohibit or restrict Executive from: (i) making any disclosure of information required by law; (ii) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s designated legal, compliance or human resources officers; or (iii) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud, or any rule or regulation of the SEC or any self-regulatory organization.
11. The parties agree and acknowledge that the agreement by the Company described herein, and the settlement and termination of any asserted or unasserted claims against the Releasees, are not and shall not be construed to be an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by any of the Releasees to Executive.
12. Executive agrees and recognizes that should Executive breach any of the obligations or covenants set forth in this Agreement, the Company will have no further obligation to provide Executive with the consideration set forth herein, and will have the right to seek repayment of all consideration paid up to the time of any such breach.  Further, Executive acknowledges in the event of a breach of this Agreement, Releasees may seek any and all appropriate relief for any such breach, including equitable relief and/or money damages, attorneys’ fees and costs.
13. Executive further agrees that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages, as well as to an equitable accounting of all earnings, profits and other benefits arising from any violations of this Agreement, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled.  The dispute resolution provisions set forth in Section 7.7 of the Employment Agreement apply to any dispute regarding the termination of Executive’s employment, and any dispute related to and/or arising under this Agreement, including without limitation any challenge Executive may make regarding the validity of this Agreement.
14. This Agreement and the obligations of the parties hereunder shall be construed, interpreted and enforced in accordance with the laws of the State of Delaware.
15. Jurisdiction and venue in any proceeding by the Company or Executive to enforce their rights hereunder is specifically limited to any court geographically located in Bristol, Tennessee.
16. Executive certifies and acknowledges as follows:
(a) That Executive has read the terms of this Agreement, and that Executive understands its terms and effects, including the fact that Executive has agreed to RELEASE AND FOREVER DISCHARGE the Company and the Releasees from any legal action arising out of Executive’s 
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employment relationship with the Company or any Employer Entity and the termination of that employment relationship; and
(b) That Executive has signed this Agreement voluntarily and knowingly in exchange for the consideration described herein, which Executive acknowledges is adequate and satisfactory to him and which Executive acknowledges is in addition to any other benefits to which Executive is otherwise entitled; and
(c) That Executive has been and is hereby advised in writing to consult with an attorney prior to signing this Agreement; and
(d) That Executive does not waive rights or claims that may arise after the date this Agreement is executed; and
(e) That the Company has provided Executive with a period of [twenty-one (21)] or [forty-five (45)] days within which to consider this Agreement, and that Executive has signed on the date indicated below after concluding that this Separation of Employment Agreement and General Release is satisfactory to Executive; and
(f) Executive acknowledges that this Agreement may be revoked by him within seven (7) days after execution, and it shall not become effective until the expiration of such seven (7) day revocation period.  In the event of a timely revocation by Executive, this Agreement will be deemed null and void and the Company will have no obligations hereunder.
[SIGNATURE PAGE FOLLOWS]

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

															
	CONTURA ENERGY, INC.		
	By:			Witness:	
	Name:				
	Title:				

    
    

EXHIBIT I 
FORM OF AMENDED AND RESTATED
RESTRICTED STOCK UNIT AGREEMENT 

    
    
    

Contura Energy, Inc.
AMENDED AND RESTATED
RESTRICTED STOCK UNIT AWARD AGREEMENT
(For Employees)

This Amended and Restated Restricted Stock Unit Award Agreement (“Agreement”), dated January 26, 2021 (the “Restatement Date”) is entered into by and between Contura Energy, Inc. (the “Company”) and the participant whose name appears below (the “Participant”) in order to amend and restate the terms and conditions of Restricted Stock Units (the “RSUs”) granted to the Participant under the Contura Energy, Inc. Management Incentive Plan (the “Plan”) pursuant to the Restricted Stock Unit Award Agreement between the Company and the Participant evidencing the grant of the RSUs to the Participant on February 18, 2020 (the “Prior Agreement”).

Participant’s Name: David J. Stetson

																					
	Award Type		“Date of Grant”		Number of RSUs		“Vesting Schedule”
	Restricted Stock Units (the “RSUs”)
		February 18, 2020		54,348
108,696
		on February 18, 2021
on February 18, 2022

Subject to the attached Terms and Conditions and the terms of the Plan, which are incorporated herein by reference, the number of RSUs set forth above were granted by the Company to the Participant on the Date of Grant, which RSUs shall be subject to the Vesting Schedule set forth above.  Capitalized terms used but not otherwise defined herein or in the attached Terms and Conditions shall have the meanings ascribed to such terms in the Plan.

IN WITNESS WHEREOF, the Company has duly executed and delivered this Agreement as of the Restatement Date.

												
	CONTURA ENERGY, INC.		PARTICIPANT
			
	By:			
		Name:  Roger L. Nicholson		Name: David J. Stetson
		Title:  Executive Vice President – General Counsel and Secretary		

PLEASE RETURN ONE SIGNED COPY OF THIS AGREEMENT TO:
Contura Energy, Inc.
340 Martin Luther King Jr., Blvd.
Bristol, TN 37620
Attn: Matt Franklin
    

Contura Energy, Inc.
CONTURA ENERGY, INC. MANAGEMENT INCENTIVE PLAN 

Terms and Conditions of RSU Grant

1.GRANT OF RSUs.  The RSUs have been granted to the Participant as an incentive for the Participant to continue to provide services to the Company and to align the Participant’s interests with those of the Company.  Each RSU corresponds to one share of common stock, par value $0.01, of the Company (a “Common Share”).  Each RSU constitutes a contingent and unsecured promise by the Company to deliver one Common Share on the settlement date, as set forth in Section 3. 

2.VESTING.  The RSUs shall vest in accordance with the Vesting Schedule, subject to the Participant’s continuous service with the Company through each applicable vesting date. Upon a termination of the Participant’s employment by the Company for any reason other than for Employer Cause or by the Participant for Good Reason (as such terms are defined in the Participant’s Amended and Restated Employment Agreement, dated January 26, 2021, by and between the Participant and the Company (the “Employment Agreement”)), any unvested tranche of the RSUs shall vest on a pro rata basis based on the period of time that the Participant was employed by the Company or any of its subsidiaries or affiliates during the applicable vesting period for such tranche.  In the event of a Change in Control (as defined in the Employment Agreement), the RSUs will be treated in accordance with the terms of the Plan; provided that upon a termination of the Participant’s employment at the request of an acquiror of the Company during the 90-day period immediately preceding such Change in Control or on or within the one-year period immediately following such Change in Control, by the Company other than for Employer Cause or by the Participant for Good Reason, the RSUs shall accelerate and vest in full. 
3.SETTLEMENT. The RSUs will be settled in Common Shares, and the Participant shall receive the number of Common Shares that corresponds to the number of RSUs that have become vested as of the applicable vesting date, which Common Shares shall be delivered on the date that is no later than forty-five (45) days following the applicable vesting date, as determined in the Committee’s sole discretion. 
4.DIVIDEND EQUIVALENT PAYMENTS. Until the RSUs settle in Common Shares, if the Company pays a dividend on Common Shares, the Participant will be entitled to a payment in the same amount as the dividend the Participant would have received if he or she held Common Shares in respect of his or her vested and unvested RSUs held but not previously forfeited  immediately prior to the record date of the dividend (a “Dividend Equivalent”). No such Dividend Equivalents will be paid to the Participant with respect to any RSU that is thereafter cancelled or forfeited prior to the applicable vesting date. The Committee will determine the form of payment in its sole discretion and may pay Dividend Equivalents in Common Shares, cash or a combination thereof. The Company 
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will pay the Dividend Equivalents within forty-five (45) days of the vesting date of the RSUs to which such Dividend Equivalents relate.  
5.NONTRANSFERABILITY. No portion of the RSUs may be sold, assigned, transferred, encumbered, hypothecated, or pledged by the Participant, other than to the Company as a result of forfeiture of the RSUs as provided herein, unless and until payment is made in respect of vested RSUs in accordance with the provisions hereof and the Participant has become the holder of record of the vested Common Shares issuable hereunder, unless otherwise provided by the Committee.
6.TAX AND WITHHOLDING.  
(a)Notwithstanding anything in the Plan to the contrary, pursuant to rules and procedures that the Company establishes, tax or other withholding obligations arising upon vesting and settlement (as applicable) of the RSUs may be satisfied, in the Committee’s sole discretion, by having the Company withhold Common Shares, tendering Common Shares or by having the Company withhold cash if the Company provides for a cash withholding option, in each case in an amount sufficient to satisfy the tax or other withholding obligations.  Common Shares withheld or tendered will be valued using the Fair Market Value of the Common Shares on the date the RSUs settle.  In order to comply with applicable accounting standards or the Company's policies in effect from time to time, the Company may limit the amount of Common Shares that the Participant may have withheld or that the Participant may tender. The Participant acknowledges that, if he or she is subject to taxes in more than one jurisdiction, the Company may be required to withhold or account for taxes in more than one jurisdiction.
(b)For purposes of this Agreement, “Fair Market Value” means (i) with respect to the Common Shares, as of any date (A) if the Company’s Common Shares are listed on any established stock exchange, system or market, the closing market price of the Common Shares as quoted in such exchange, system or market on the day before such date as reported in the Wall Street Journal or such other source as the Committee deems reliable or (B) in the absence of an established market for the Common Shares, as determined in good faith by the Committee or (ii) with respect to property other than Common Shares, the value of such property, as determined by the Committee, in its sole discretion.
7.RIGHTS AS STOCKHOLDER.  Except as set forth herein, the Participant will not have any rights as a stockholder in the Common Shares corresponding to the RSUs prior to settlement of the RSUs.
8.SECURITIES LAW COMPLIANCE.  The Company may, if it determines it is appropriate, affix any legend to the stock certificates representing Common Shares issued upon settlement of the RSUs and any stock certificates that may subsequently be issued in substitution for the original certificates.  The Company may advise the transfer agent to place a stop order against such Common Shares if it determines that such an order is necessary or advisable.
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9.COMPLIANCE WITH LAW.  Any sale, assignment, transfer, pledge, mortgage, encumbrance or other disposition of Common Shares issued upon settlement of the RSUs (whether directly or indirectly, whether or not for value, and whether or not voluntary) must be made in compliance with any applicable constitution, rule, regulation, or policy of any of the exchanges, associations or other institutions with which the Company has membership or other privileges, and any applicable law, or applicable rule or regulation of any governmental agency, self-regulatory organization or state or federal regulatory body.
10.MISCELLANEOUS.
(a)No Right To Continued Employment or Service. This Agreement shall not confer upon the Participant any right to continue in the employ or service of the Company or any Affiliate or 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 Affiliate or Subsidiary to modify the terms of or terminate the Participant’s employment or service at any time.
(b)No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan or acquisition or sale of the underlying Common Shares.  The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.
(c)Plan to Govern. This Agreement and the rights of the Participant 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; provided that in the event of any conflict between this Agreement and the Plan, the terms of this Agreement shall control.
(d)Amendment. Subject to the restrictions set forth in the Plan, the Company may from time to time suspend, modify or amend this Agreement or the Plan. Subject to the Company’s rights pursuant to Section 7.01 and Article 12 of the Plan, no amendment of the Plan or this Agreement may, without the consent of the Participant, adversely affect the rights of the Participant in a material manner with respect to the RSUs granted pursuant to this Agreement.
(e)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.
(f)Entire Agreement. This Agreement and the Plan contain all of the understandings between the Company and the Participant concerning the RSUs granted hereunder and supersede all prior agreements and understandings, including the Prior Agreement.
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(g)Successors.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon the Participant’s death, acquire any rights hereunder in accordance with this Agreement or the Plan.
(h)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, without regard to any conflicts or choice of law, rule or principle that might otherwise refer the interpretation of the award to the substantive law of another jurisdiction.
(i)Compliance with Section 409A of the Internal Revenue Code. The Award is intended to comply with Section 409A of the Code (“Section 409A”) to the extent subject thereto, and shall be interpreted in accordance with Section 409A and treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Date of Grant.  The Company reserves the right to modify the terms of this Agreement, including, without limitation, the payment provisions applicable to the RSUs, to the extent necessary or advisable to comply with Section 409A and reserves the right to make any changes to the RSU award so that it does not become subject to Section 409A or a “specified employee” waiting period (as described below).
For purposes of this Agreement, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of Section 409A.
Notwithstanding any provision in the Plan to the contrary, no payment or distribution under this Agreement that constitutes an item of deferred compensation under Section 409A and becomes payable by reason of the Participant’s termination of employment or service with the Company shall be made to the Participant until his or her termination of employment or service constitutes a “separation from service” within the meaning of Section 409A.  Notwithstanding any provision in the Plan or this Agreement to the contrary, if the Participant is a specified employee within the meaning of Section 409A, then to the extent necessary to avoid the imposition of taxes under Section 409A, the Participant shall not be entitled to any payments upon a termination of his or her employment or service until the earlier of:  (i) the expiration of the six (6)-month period measured from the date of the Participant’s separation from service or (ii) the date of the Participant’s death.  Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this Section 10(i) (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to the Participant in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Agreement will be paid in accordance with the normal payment dates specified for them herein.  
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Notwithstanding any provision of the Plan or this Agreement to the contrary, in no event shall the Company or any affiliate be liable to the Participant on account of failure of the RSUs to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, under Section 409A.
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