Document:

Exhibit

Exhibit 10.5

LOAN AGREEMENT

dated as of July 26, 2016

by and between

ANR, INC.
as Borrower

and 
CONTURA ENERGY, INC.
as Lender

    

	
			
	Article 1

	Definitions

	Section 1.01.
	Definitions
	1

	Article 2

	Credit Facility

	Section 2.01.
	Commitment to Make Loans
	8

	Section 2.02.
	Promissory Note
	9

	Section 2.03.
	Use of Proceeds
	9

	Section 2.04.
	Repayment
	9

	Section 2.05.
	Interest
	9

	Section 2.06.
	Loans
	9

	Section 2.07.
	Termination and Reduction of Commitment
	10

	Section 2.08.
	Prepayment; Repayment
	10

	Section 2.09.
	Payments
	10

	Section 2.10.
	Mandatory Prepayments
	10

	Article 3

	Representations and Warranties

	Section 3.01.
	Organization and Good Standing
	11

	Section 3.02.
	Power and Authority: Validity of Agreement
	11

	Section 3.03.
	No Violation of Laws or Agreements
	11

	Section 3.04.
	Compliance
	11

	Section 3.05.
	Litigation
	12

	Section 3.06.
	Environmental Matters
	12

	Section 3.07.
	Title to Assets
	12

	Section 3.08.
	Accuracy of Information
	12

	Section 3.09.
	Consents
	12

	Section 3.10.
	Use of Proceeds
	12

	Section 3.11.
	Anti-Corruption Laws and Sanctions
	13

	Article 4

	Conditions

	Section 4.01.
	Effectiveness
	13

	Section 4.02.
	Additional Condition to Each Loan
	13

	Article 5

	Affirmative Covenants

	Section 5.01.
	Good Standing and Government Compliance
	14

	Section 5.02.
	Financial Statements, Reports. Certificates
	14

	Section 5.03.
	Taxes
	15

	Section 5.04.
	Insurance
	16

	Section 5.05.
	[Reserved]
	16

	Section 5.06.
	Maintenance of Properties
	16

	Section 5.07.
	Additional Guarantors
	16

    

	
			
	Section 5.08.
	State Settlements
	16

	Section 5.09.
	Compliance with Leases
	16

	Article 6

	Negative Covenants

	Section 6.01.
	Change in Location; Change in Business
	16

	Section 6.02.
	Mergers or Acquisitions
	17

	Section 6.03.
	Distributions
	17

	Section 6.04.
	Transactions with Affiliates
	18

	Section 6.05.
	Use of Proceeds
	18

	Article 7

	Default

	Section 7.01.
	Events of Default
	18

	Section 7.02.
	Rights and Remedies
	20

	Section 7.03.
	Remedies Cumulative; No Waiver
	20

	Section 7.04.
	Demand; Protest
	20

	Article 8

	Guarantee

	Section 8.01.
	Guarantee
	20

	Section 8.02.
	Guarantee of Payment
	20

	Section 8.03.
	No Limitations, etc
	21

	Section 8.04.
	Reinstatement
	22

	Section 8.05.
	Agreement to Pay; Subrogation and Subordination
	22

	Section 8.06.
	Information
	23

	Article 9

	Miscellaneous

	Section 9.01.
	Indemnification; Release; Expenses
	23

	Section 9.02.
	Binding and Governing Law; Jurisdiction
	24

	Section 9.03.
	Payment on Non-Business Days
	24

	Section 9.04.
	Severability
	24

	Section 9.05.
	Counterparts
	24

	Section 9.06.
	Notices
	25

	Section 9.07.
	Amendments, Etc
	25

	Section 9.08.
	Waiver of Jury Trial
	25

Exhibits
Exhibit A    Form of Promissory Note
Exhibit B    Form of Loan Notice
Exhibit C    Form of Compliance Certificate

Schedules

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Schedule I    Existing PNC Letters of Credit

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LOAN AGREEMENT
THIS LOAN AGREEMENT is made as of the 26 day of July, 2016, by and among ANR, Inc., a Delaware corporation (“Borrower”), the Guarantors (as hereinafter defined) party hereto and Contura Energy, Inc. (“Lender”).
PREAMBLE
WHEREAS, on August 3, 2015 (the “Petition Date”), Alpha Natural Resources, Inc., a Delaware corporation and certain of its Subsidiaries each filed voluntary petitions for relief under chapter 11 the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”) and commenced their chapter 11 cases, which have been jointly administered under Case No. 15-99896-KGH (collectively, “Cases”); and
WHEREAS, on the Approved Plan Effective Date (as hereinafter defined), pursuant to the Plan of Reorganization (as hereinafter defined), Lender agreed to provide loans to Borrower subject to the terms and conditions set forth herein.
In consideration of the foregoing and the promises and the agreements hereinafter set forth, and intending to be legally bound hereby, the parties hereto agree as follows: 
Article 1
DEFINITIONS
Section 1.01.    Definitions.  In addition to the initially capitalized terms defined elsewhere herein, when used in this Agreement, the following terms shall have the respective meanings set forth below.
“13-Week Projection” shall mean a projected statement of sources and uses of Cash and Cash Equivalents for Borrower and its Subsidiaries on a weekly basis for the following 13 calendar weeks, including the anticipated uses of the Loans for each week during such period.
“Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors and partners.
“AFR” is the applicable federal rate in effect under Section 1274(d) of the Code (as of the day on which the Loan was made). 
“Agreement” means this Loan Agreement and all annexes, exhibits and schedules hereto, as each may be amended from time to time.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.
“Approved Plan Effective Date” the effective date of the Plan of Reorganization, which is July 26, 2016.

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“Availability Termination Date” means the earlier to occur of (i) September 30, 2018 and (ii) the termination of the Commitment in accordance with Section 7.02 of this Agreement.
“Bankruptcy Code” means The Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, and codified as 11 U.S.C. Section 101 et seq.
“Board of Directors” means the board of directors or similar governing body of a Loan Party.
“Borrower” has the meaning set forth in the first paragraph hereof, including its successors and assigns.
“Business Day” means any day not a Saturday, Sunday or a day on which banks are required or permitted to be closed under the laws of the State of New York.
“Capital Stock” means: (i) in the case of a corporation, corporate stock; (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.
“Cash” means lawful currency of the United States of America.
“Cash Equivalents” means (i) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any state thereof maturing within one (1) year from the date of acquisition thereof, (ii) commercial paper maturing no more than one (1) year from the date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s Rating Service or Moody’s Investors Service, Inc., (iii) certificates of deposit maturing no more than one (1) year from the date of investment therein and issued by any bank or trust company organized under, or authorized to operate as a bank or trust company under, the laws of the United States of America, any state thereof or the District of Columbia or any political subdivision thereof and that has capital and surplus of not less than $500,000,000, and (iv) money market accounts and deposit accounts issued by any bank or trust company organized under, or authorized to operate as a bank or trust company under, the laws of the United States of America, any state thereof or the District of Columbia or any political subdivision thereof and that has capital and surplus of not less than $500,000,000.
“Change in Control” means, at any time, the occurrence of any of the following:
(i)    the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Borrower and its Subsidiaries taken as a whole to any Person (including any “person” or “group” (as such terms are used in Sections 13(d)(3) and 14(d), respectively, of the Exchange Act as in effect on the Effective Date)); or

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(ii)    any “person” or “group” (each as used in Sections 13(d) and 14(d) of the Exchange Act as in effect on Effective Date) is or becomes the beneficial owner (as defined in Rule 13d-3 of the Exchange Act as in effect on Effective Date), directly or indirectly, in the aggregate Equity Interests representing 50% or more of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Borrower.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and all rules and regulations in effect from time to time thereunder.
“Commitment” has the meaning set forth in Section 2.01.
“Confirmation Order” means the order of the Bankruptcy Court confirming the Plan of Reorganization entered pursuant to section 1129 of the Bankruptcy Code dated July 12, 2016, Docket No. 3038.
“Default” means an event, condition or circumstance, the occurrence of which would, with the giving of notice or the passage of time or both, become an Event of Default.
“Disqualified Equity Interest” shall mean any Equity Interest that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of the Equity Interest), or upon the happening of any event, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Equity Interest, in whole or in part, on or prior to the date that is 91 days after the Maturity Date, (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity Interest referred to in (a) above, in each case at any time on or prior to the date 91 days after the earlier of the Maturity Date or the date that the Obligations hereunder are no longer outstanding, or (c) contains any repurchase obligation which may come into effect prior to payment in full of all Obligations.  The amount of Disqualified Equity Interests deemed to be outstanding at any time for purposes of this Agreement will be the maximum amount that Borrower and its Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Equity Interests, exclusive of accrued dividends.
“Domestic Subsidiary” shall mean any Subsidiary organized under the laws of the United States of America, any State thereof or the District of Columbia.
“Effective Date” means the date of this Agreement.
“Environmental Laws” means all laws (including common law), treaties, judgments, rules, regulations, orders, decrees, injunctions, permits, requirements and the like of any supranational, federal, state, local, foreign or other Governmental Authority, whether now or hereafter in effect, relating to the environment, natural resources, health, safety (respect to exposure to or releases of, any Hazardous Substances), mine reclamation, or to any pollutant, chemical or toxic, radioactive, ignitable, corrosive, reactive or otherwise hazardous materials or wastes, toxic substances, flammable, explosive or radioactive materials, asbestos or other similar materials.

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“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.
“Event of Default” means an event described in Section 7.01 hereof.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Existing PNC Letters of Credit” means all letters of credit issued by PNC Bank, National Association for the account of a Loan Party and/or one of its Affiliates and outstanding on the Effective Date as set forth on Schedule I.
“GAAP” means generally accepted accounting principles in the United States of America, consistently applied.
“Governmental Authorities” means individually and collectively the government of the United States of America or any other nation and any state, province, local or other political subdivision thereof, and any department, authority or administrative agency exercising executive, legislative, judicial, regulatory or administrative authority over the business, operations or property of the Loan Parties or their Subsidiaries.
“Guarantors” initially means the Domestic Subsidiaries of Borrower party to this Agreement as of the date hereof, and shall at any time after the date hereof also include any other Person that shall become a “Guarantor” pursuant Section 5.07 hereof.
“Hazardous Substances” means any pollutant, contaminant, waste or chemical or any toxic, radioactive, ignitable, corrosive, reactive or otherwise hazardous substance, waste or material, or any substance, waste or material having any constituent elements displaying any of the foregoing characteristics, including, petroleum, its derivatives, by-products and other hydrocarbons and any substance, waste or material regulated under any Environmental Law.
“Indebtedness” of any Person means at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes, credit or loan agreements or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except accrued expenses and trade accounts payable arising in the ordinary course of business and that are not past due for more than 90 days, (iv) all lease obligations of such Person as lessee that are capitalized in accordance with GAAP, (v) all non-contingent obligations of such Person to reimburse any bank or other Person in respect of amounts paid under a letter of credit, bankers’ acceptance or similar instrument (whether drawn or undrawn), (vi) all obligations described in any of clauses (i), (ii), (iii), (iv) or (v) above secured by a Lien on any asset of such Person, whether or not such Indebtedness is otherwise an obligation of such Person, and (vii) all Indebtedness of others guaranteed, directly or indirectly, by such Person.
“Indemnified Party” has the meaning set forth in Section 9.01(a).

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“IRS” means the United States Internal Revenue Service.
“Lender” has the meaning set forth in the first paragraph hereof and shall include any successors or assigns thereof (and any subsequent successor or assignee thereof).
“Lender Expenses” mean all reasonable and documented costs and expenses of Lender, or any other holder or owner of any Obligations (including, without limitation, court costs, and reasonable and documented attorneys’ fees and expenses, whether or not suit is instituted, and, if suit is instituted, whether at trial court level, appellate court level, in a bankruptcy, probate or administrative proceeding or otherwise) incurred in connection with collecting under (or attempting to collect under) or enforcement of (or attempting to enforce) the Loan Documents or the Obligations, or incurred in defending the Loan Documents, or incurred in any other matter or proceeding relating to the Loan Documents or the Obligations.
“Lien” means any interest in property securing an obligation owed to, or a claim by, a Person other than the owner of the property, whether such interest is based on contract, statute, or common law, including any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.
“Loan” or “Loans” has the meaning set forth in Section 2.01.
“Loan Documents” means collectively this Agreement and the Note, and all other agreements, documents and certificates required hereunder, each as may be entered into or amended from time to time.
“Loan Parties” means Borrower and the Guarantors.
“Margin Stock” has the meaning provided in Regulation U.
“Material Adverse Effect” means (i) a material adverse change in the operations, assets, business or financial condition of Borrower and its Subsidiaries taken as a whole (excluding (x) any matters publicly disclosed prior to the Approved Plan Effective Date, and (y) the effect of any action required to be taken in connection with the Plan of Reorganization), (ii) any material adverse effect on the ability of the Loan Parties taken as a whole to perform their obligations under this Agreement or on Borrower’s ability to perform its obligations under the Note or (iii) any material adverse effect on the Lender’s rights and remedies hereunder.
“Material Indebtedness” means Indebtedness (other than Indebtedness hereunder) of Borrower and/or one or more of its Subsidiaries arising in one or more related or unrelated transactions in an aggregate principal or face amount exceeding fifteen million dollars ($15,000,000). 
“Material Lease” shall mean any lease of real property or other contractual obligation in respect of Material Leased Real Property.
“Material Leased Real Property” means any real property subject to a real property lease with a Loan Party as lessee, with minimum royalties, rents or any similar payment 

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obligations in excess of five million dollars ($5,000,000) in the most recently ended fiscal year of Borrower or such Subsidiary.
“Material Subsidiary” means any Subsidiary of Borrower that, on any date of determination, owns assets with a value in excess of ten million dollars ($10,000,000) on such date, as determined in accordance with GAAP. 
“Maturity Date” means September 30, 2019.
“Note” means Borrower’s promissory note in favor of Lender evidencing Borrower’s indebtedness to Lender under the Loans, in the form of Exhibit A attached hereto, to be delivered by Borrower to Lender pursuant to Section 4.01(a), as the same may be amended, modified, restated or replaced from time to time.
“Obligations” means all debt, principal, interest, Lender Expenses and other amounts owed by any Loan Party to Lender or any other Indemnified Party pursuant to this Agreement or any other Loan Documents, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of any bankruptcy or insolvency proceeding.
“Permitted Financing” means (a) the exit letter of credit facility entered into by Borrower and its Subsidiaries pursuant to the Plan of Reorganization and (b) any other financing arrangement entered into by Borrower and/or its Subsidiaries with the prior written consent of the Lender.
“Permitted Financing Cash Collateral” means the Cash and Cash Equivalents (if any) held as collateral and/or reserve amounts for the benefit of the lenders in any Permitted Financing pursuant to the terms thereof. 
“Permitted Liens” means (a) Liens for Taxes, assessments or other governmental charges or levies (i) in respect of which funds have been set aside to pay such amounts and extinguish liens on or as soon as practicable after the date hereof, (ii) not yet delinquent or (iii) that are being contested in good faith by appropriate proceedings and in respect of which, if applicable, Borrower or any Subsidiary shall have set aside on its books adequate reserves in accordance with GAAP; (b) landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or that are being contested in good faith by appropriate proceedings and in respect of which, if applicable, Borrower or any Subsidiary shall have set aside on its books adequate reserves in accordance with GAAP; (c) zoning restrictions, easements, trackage rights, leases, licenses, special assessments, rights-of-way, restrictions on use of real property and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, do not interfere in any material respect with the ordinary conduct of the business of Borrower or any Subsidiary or would not result in a Material Adverse Effect; (d) Liens granted by Borrower and/or its Subsidiaries under or in connection with any Permitted Financing; (e) Liens granted by Borrower and/or its Subsidiaries under or in connection with any State Settlement; (f) local, county, state and federal laws, ordinances or governmental regulations including Environmental Laws and regulations, local building and fire codes, and zoning conservation or other land use regulations now or hereafter 

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in effect relating to any property owned, leased or licensed by the Loan Parties or any of their respective Subsidiaries; (g) Liens securing “Class 5 Claims” (within the meaning of Article II, section B(5) of the Plan of Reorganization) that have been reinstated in accordance with the Plan of Reorganization; (h) Liens on Cash and/or Cash Equivalents and any related deposit or securities accounts representing reserves established pursuant to Article V.J of the Plan of Reorganization; (i) Liens on Cash collateral securing the Existing PNC Letters of Credit; and (j) the following encumbrances which do not, in any case, individually or in the aggregate, materially detract from the value of any mine subject thereto or interfere with the ordinary conduct of the business or operations of any Loan Party as presently conducted on, at or with respect to such mine and as to be conducted following the Effective Date: (i) encumbrances typically found upon real property used for mining purposes in the applicable jurisdiction in which the applicable real property is located to the extent such encumbrances would be permitted or granted by a prudent operator of mining property similar in use and configuration to such real property (e.g., surface rights agreements, wheelage agreements and reconveyance agreements); (ii) rights and easements of owners (A) of undivided interests in any of the real property where the applicable Loan Party or Subsidiary owns less than 100% of the fee interest, (B) of interests in the surface of any real property where the applicable Loan Party or Subsidiary does not own or lease such surface interest, (C) and lessees, if any, of coal or other minerals (including oil, gas and coalbed methane) where the applicable Loan Party or Subsidiary does not own such coal or other minerals, and (D) and lessees of other coal seams and other minerals (including oil, gas and coal bed methane) not owned or leased by such Loan Party or Subsidiary; (iii) with respect to any real property in which Borrower or any Subsidiary holds a leasehold interest, terms, agreements, provisions, conditions, and limitations (other than royalty and other payment obligations which are otherwise permitted hereunder) contained in the leases granting such leasehold interest and the rights of lessors thereunder (and their heirs, executors, administrators, successors, and assigns); (iv) farm, grazing, hunting, recreational and residential leases with respect to which Borrower or any Subsidiary is the lessor encumbering portions of the real properties to the extent such leases would be granted or permitted by, and contain terms and provisions that would be acceptable to, a prudent operator of mining properties similar in use and configuration to such real properties; (v) royalty and other payment obligations to sellers or transferors of fee coal or lease properties to the extent such obligations constitute a lien not yet delinquent; (vi) rights of others to subjacent or lateral support and absence of subsidence rights or to the maintenance of barrier pillars or restrictions on mining within certain areas as provided by any mining lease, unless in each case waived by such other Person; and (vii) rights of repurchase or reversion when mining and reclamation are completed.
“Person” means any individual, corporation, limited liability company, partnership, business trust, joint venture, Governmental Authority or other entity.
“Plan of Reorganization” means that certain Second Amended Joint Plan of Reorganization of Debtors and Debtors in Possession as confirmed by the Bankruptcy Court in the Confirmation Order in connection with the Cases.  
“Responsible Officer” means, with respect to any Loan Party, each of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the Treasurer and the Controller of such Loan Party.

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“Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State, (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.
“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria).
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, or by the United Nations Security Council, the European Union, or Her Majesty’s Treasury of the United Kingdom, (b) any Person located, organized or resident in a Sanctioned Country (except any U.S. Person with a location in a Sanctioned Country pursuant to an OFAC license), or (c) any Person owned fifty percent or more by any Person or Persons described in clause (a).
“State Settlement Cash Collateral” means, with respect to any State Settlement, the Cash and Cash Equivalents (if any) held as collateral for the benefit of the Governmental Authority (or its agent) party to such State Settlement.  
“State Settlements” means any settlements approved by the Bankruptcy Court among the Reorganized Debtors, Lender and any state or federal environmental regulatory agencies related to ongoing regulatory compliance obligations.
“Subsidiary” of any Person means any corporation, partnership, limited liability company or other entity of which such Person, directly or indirectly, now or in the future, owns more than fifty percent (50%) of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors, manager or other governing body of such Person, and any partnership in which such Person is a general partner or managing member.
“Tax” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
Article 2 
CREDIT FACILITY
Section 2.01.    Commitment to Make Loans.  From time to time prior to the Availability Termination Date, subject to the other provisions of this Agreement and the other Loan Documents, Lender hereby agrees to make loans to Borrower (such loans, the “Loans”) in an amount such that the aggregate principal amount of all Loans outstanding at any time shall not to exceed $35,000,000 (the “Commitment”).  Subject to the terms and conditions hereof and prior to the Availability Termination Date, once borrowed and repaid, Loans may be reborrowed.
Section 2.02.    Promissory Note.  

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(a)        The Indebtedness of Borrower to Lender under the Loans may also be evidenced by a Note executed by Borrower in favor of Lender.  The original principal amount of the Note will be the amount of the Commitment, provided, however, that notwithstanding the face amount of the Note, Borrower’s liability under the Note shall be limited to all Obligations owing hereunder.
(b)        The date and amount of each Loan made by Lender to Borrower, and each payment made on account of the principal thereof, shall be recorded on Lender’s books and, prior to any transfer of the Note, may be endorsed by Lender on a schedule to be attached to the Note or any continuation thereof; provided that the failure of Lender to make any such recordation or endorsement shall not affect the obligations of Borrower to make a payment when due of any amount owing under the Note.
Section 2.03.    Use of Proceeds.  The proceeds of all borrowings of Loans shall be used for lawful general corporate purposes of Borrower and its Subsidiaries.
Section 2.04.    Repayment.  Without limiting the effect of any provision hereof requiring repayment or prepayment at an earlier date, the aggregate outstanding balance of Loans shall be due and payable on the Maturity Date. 
Section 2.05.    Interest.  
(a)    Subject to clause (b) below, prior to maturity, each Loan shall bear interest at a rate per annum equal to the lesser of (i) AFR and (ii) 2%.  Interest shall be calculated on the basis of the actual number of days elapsed over a year of three hundred and sixty-five (sixty-six) (365/366) days. 
(b)    Notwithstanding the foregoing, upon Lender’s written request after the occurrence and during the continuance of an Event of Default (provided that no such written request shall be required upon the occurrence of an Event of Default described in Section 7.01(e) or Section 7.01(f)), Borrower hereby agrees to pay to Lender interest on the outstanding principal balance of the Loans and, to the extent permitted by law, overdue interest with respect thereto, in each case at the rate of two percent (2%) per annum in excess of the rate then applicable to each Loan then outstanding. 
(c)    Interest shall be due and payable on the last Business Day of each fiscal quarter of Borrower and on the Maturity Date.  Without limitation of the foregoing or any other provision hereof, if any amount of any Loan is prepaid or repaid on any date that is not the last Business Day of such fiscal quarter, such prepayment or repayment shall be accompanied by payment of all accrued and outstanding interest with respect thereto (and all amounts received in connection with such prepayment or repayment shall be and be deemed first applied to such accrued and unpaid interest).
Section 2.06.    Loans.  From time to time prior to the Availability Termination Date, Borrower may request Loans on any Business Day upon telephone, fax or other written notice to Lender’s designated representative (with any such notice promptly (and on the same day) followed by a written Loan notice in the form attached hereto as Exhibit B) not less than ten (10) Business Days prior to the date on which the Loan is to be funded.  Each request for 

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a Loan shall identify the account to which such Loan is to be made or to which such Loan is to be wired or other appropriate instructions, the amount of the Loan and the date on which the Loan is requested to be funded.  Subject to satisfaction of the terms and conditions hereof, Lender shall make the requested Loan available to Borrower by crediting the amount of such Loan to Borrower’s designated account not later than four o’clock (4:00) p.m. eastern time on the day for funding of the requested Loan.
Section 2.07.    Termination and Reduction of Commitment.  The Commitment provided for hereunder shall terminate on the Availability Termination Date.  From time to time, Borrower may, upon written notice to Lender, permanently reduce the Commitment in whole or in part.
Section 2.08.    Prepayment; Repayment.  Loans may be prepaid, without premium or penalty at any time.  Any mandatory prepayment or repayment made prior to the applicable interest due date (as described in Section 2.05(c)) shall be applied to principal of the Loan outstanding, and all prepayments or repayments made on an interest due date shall be applied first to accrued and unpaid interest, then to principal of the Loan outstanding.
Section 2.09.    Payments.  All payments of principal, interest and other amounts due hereunder, including any prepayments thereof, shall be made by Borrower to Lender in immediately available funds before four o’clock (4:00) p.m. eastern time on any Business Day at the office of Lender set forth in Section 9.06 or as otherwise directed by Lender to Borrower in writing from time to time.
Section 2.10.    Mandatory Prepayments.  
(a)    Overdrawn Amounts.  Without limiting the effect of clause (b) below, if at any time the aggregate principal amount of Loans outstanding hereunder shall exceed the amount of the Commitment then in effect, Borrower shall promptly (within one (1) Business Day) repay the Loans in the amount necessary such that the aggregate amount of all Loans outstanding shall no longer exceed the amount of the Commitment.
(b)    Cash Balances.  If the amount of Cash and Cash Equivalents (other than (i) the proceeds of outstanding Loans, (ii) the Permitted Financing Cash Collateral and (iii) all State Settlement Cash Collateral and (iv) any other restricted Cash and Cash Equivalents that are reserved pursuant to an order entered by the Bankruptcy Court as contemplated in Article V.J of the Plan of Reorganization) of Borrower and its Subsidiaries (on a consolidated basis) exceeds $20,000,000 (including actual (as opposed to projected) results as may be indicated on any applicable 13-Week Projection) as of the end of any calendar quarter ending on or prior to September 30, 2018, then, promptly, but in any event within ten (10) Business Days after any such calendar quarter-end, Borrower shall repay the Loans in the amount of such excess.  If the amount of Cash and Cash Equivalents (other than (i) the proceeds of outstanding Loans, (ii) the Permitted Financing Cash Collateral, (iii) all State Settlement Cash Collateral and (iv) any other restricted Cash and Cash Equivalents that are reserved pursuant to an order entered by the Bankruptcy Court as contemplated in Article V.J of the Plan of Reorganization) held by Borrower and its Subsidiaries (on a consolidated basis) exceeds $30,000,000 as of the end of any calendar quarter ending after September 30, 2018, then, promptly, but in any event within ten (10) Business Days after any such calendar quarter-end, Borrower shall repay the Loans in the amount of such excess.

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Article 3 
REPRESENTATIONS AND WARRANTIES
The Loan Parties represent to Lender, on behalf of themselves and their Subsidiaries, as follows:
Section 3.01.    Organization and Good Standing.  Borrower and each of its Subsidiaries is an entity duly existing under the laws of the jurisdiction in which it is incorporated or organized, as applicable, and qualified and licensed to do business in any jurisdiction in which the conduct of its business or its ownership of property requires that it be so qualified, except where to be so qualified or licensed could not reasonably be expected to result in a Material Adverse Effect.
Section 3.02.    Power and Authority: Validity of Agreement.  Subject to the entry of the Confirmation Order, each Loan Party has the partnership, corporate or other power and authority to enter into and perform each Loan Document to which it is a party; and subject to the entry of the Confirmation Order, all actions necessary or appropriate for its execution and performance of such Loan Documents have been taken, and, upon their execution, and assuming due execution, delivery and performance by Lender, if required, the same will constitute the valid and binding obligations of such Loan Party, enforceable in accordance with their terms subject to the effect of applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and to general equitable principles limiting the availability of equitable remedies.
Section 3.03.    No Violation of Laws or Agreements.  Except as could not reasonably be expected to have a Material Adverse Effect, the making and performance of this Agreement, the Note and the other Loan Documents by each Loan Party do not violate any provisions of any law or regulation, federal, state or local, or any Loan Party’s organizational documents or result in any breach or violation of, or constitute a default under, any material agreement or material instruments by which either such Loan Party or its property may be bound, except for cases in which consents and/or approvals have heretofore been given, made or received.
Section 3.04.    Compliance.  Such Loan Party and each of its Subsidiaries have met the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA.  No event has occurred resulting from such Loan Party’s failure to comply with ERISA that is reasonably likely to result in such Loan Party incurring any liability that could reasonably be expected to have a Material Adverse Effect. Such Loan Party is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940.  Such Loan Party has not violated any statutes, laws, ordinances or rules applicable to it, the violation of which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  Such Loan Party and each Subsidiary of such Loan Party have filed or caused to be filed all federal income Tax returns and all other material Tax returns required to be filed, and all such Tax returns are true and complete in all material respects, and, subject to the claims reconciliation process in the Cases, have paid, or have made adequate provision for the payment of, all Taxes reflected therein except those being contested in good faith with adequate reserves under GAAP.

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Section 3.05.    Litigation.  There are no actions, suits, litigations, proceedings, orders, decrees or claims (at law or in equity) that are pending or, to the best of its knowledge or information, threatened against any Loan Party or any Subsidiary thereof, before any court, administrative agency, or arbitrator, which, if adversely resolved, would have a Material Adverse Effect.
Section 3.06.    Environmental Matters.  After giving effect to the Confirmation Order and the effectiveness of the State Settlements, there are no liabilities or obligations of or relating to any Loan Party or any Subsidiary thereof, whether accrued, contingent, absolute, determined, determinable or otherwise, arising under or relating to any Environmental Law or Hazardous Substance which, individually or in the aggregate, would have a Material Adverse Effect, and, to the best of each Loan Party’s knowledge or information there are no facts, conditions or circumstances which would reasonably be expected result in or be the basis for any such liabilities or obligations which, individually or in the aggregate, would have a Material Adverse Effect.
Section 3.07.    Title to Assets.  Each Loan Party has good and marketable title to or a valid leasehold interest in (or holds pursuant to a valid license) all of its properties and assets material to the operation and conduct of its/their business free and clear of any Liens, except for Liens that will be terminated on the Effective Date and Permitted Liens.
Section 3.08.    Accuracy of Information.  
(a)    All information furnished to Lender and its affiliates concerning the financial condition of the Loan Parties and their Subsidiaries has been prepared in accordance with GAAP in all material respects, except as otherwise disclosed therein, and fairly presents the financial condition of the Loan Parties and their Subsidiaries as of the dates and for the periods covered and discloses all liabilities required to be disclosed under GAAP, and there has been no material adverse change in the financial condition or business of Loan Parties from the date of such statements to the date hereto; and
(b)    Neither this Agreement, the other Loan Documents, or any other documents furnished by or on behalf of Borrower or its Subsidiaries to Lender in connection with this Agreement contains any untrue statement of material fact or omits to state a material fact necessary in order to make the statements contained therein not misleading. Borrower has disclosed to Lender in writing any and all facts which, to its knowledge, materially and adversely affect the business, properties, operations or condition, financial or otherwise, of Borrower, its Subsidiaries or any of their ability to perform their obligations under this Agreement, the Note and the other Loan Documents.
Section 3.09.    Consents.  Subject to the entry of the Confirmation Order, the Loan Parties and their Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary for the continued operation of such Loan Party’s business as currently conducted.
Section 3.10.    Use of Proceeds.  No part of the Loan (or the proceeds thereof) will be used to purchase or carry any Margin Stock or to extend credit for the purpose of purchasing or carrying any Margin Stock.  Neither the making of any Loan nor the use of the proceeds thereof nor the occurrence of any other Loan will violate or be inconsistent with the provisions of 

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Regulation T, U or X of the Board of Governors of the Federal Reserve System.  Not more than 25% of the value of the assets of Borrower and its Subsidiaries taken as a whole is represented by Margin Stock.
Section 3.11.    Anti-Corruption Laws and Sanctions.  Borrower, its Subsidiaries and, to the knowledge of Borrower, its officers, directors, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.  None of (a) Borrower, any Subsidiary or, to the knowledge of Borrower or such Subsidiary, any of their respective directors, officers or employees or (b) to the knowledge of Borrower, any agent of Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.
Article 4
CONDITIONS
Section 4.01.    Effectiveness.  The effectiveness of this Agreement and obligation of Lender to make the initial Loans shall be subject to satisfaction of the following conditions, including Lender’s receipt of the documents referred to below, each in form and substance satisfactory to Lender (unless waived by Lender in writing):
(a)    Agreement.  This Agreement duly executed by Borrower and each Guarantor.
(b)    Promissory Note. The Note duly executed by Borrower.
(c)    Representations and Warranties.  All representations and warranties set forth herein and in the other Loan Documents shall be true and correct as of the Effective Date in all material respects (except to the extent such representation or warranty is qualified by materiality, in which such case, in all respects).
(d)    No Default or Event of Default.  No Event of Default or Default shall exist, or would result immediately after giving effect to the effectiveness of this Agreement.
(e)    Officer Certificate. Lender shall have received a certificate executed by a Responsible Officer of Borrower certifying as to the matters set forth in Section 4.01(c) and (d).
(f)    Plan of Reorganization; State Settlements.  Lender shall have received evidence, in form and substance satisfactory to Lender that prior to the date hereof or concurrently herewith the Approved Plan Effective Date shall have occurred, and the Confirmation Order shall be valid, subsisting and continuing.
Section 4.02.    Additional Condition to Each Loan.  The obligation of Lender to make each Loan hereunder, including the initial Loan, is further subject to the following conditions:
(a)    Representations and Warranties.  All representations and warranties set forth herein and in the other Loan Documents shall be true and correct as if made on the date of such Loan in all material respects (except to the extent such representation or warranty is qualified by materiality, in which such case, in all respects).

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(b)    No Default or Event of Default.  (i) No Default or Event of Default shall have occurred and be continuing on the date of such Loan or be caused by such Loan and (ii) immediately prior to and after giving effect to the borrowing of such Loan, no default shall have occurred or be continuing in respect of any Material Indebtedness of the Borrower and its Subsidiaries.
(c)    Borrowing Notice.  Lender shall have received a completed Loan request, in the form attached hereto as Exhibit B, accompanied by any other documents or information reasonably required by Lender in connection therewith.
(d)    Cash Balance Certificate.  After giving effect to such Loans the balance of Cash and Cash Equivalents (other than (i) the Permitted Financing Cash Collateral, (ii) all State Settlement Cash Collateral and (iii) any other restricted Cash and Cash Equivalents that are reserved pursuant to an order entered by the Bankruptcy Court as contemplated in Article V.J of the Plan of Reorganization) held by Borrower and its Subsidiaries (on a consolidated basis) shall not exceed $20,000,000 and Lender shall have received a certificate executed by the Chief Financial Officer of Borrower certifying to the same.
Each request for a Loan shall be deemed to be a representation by Borrower that the conditions set forth above in this Section 4.02 shall be satisfied as of the date of such Loan.
Article 5
AFFIRMATIVE COVENANTS
Each Loan Party covenants that, until payment in full of all Obligations, and for so long as Lender may have any Commitment hereunder, each Loan Party shall and shall cause its Subsidiaries to do the following:
Section 5.01.    Good Standing and Government Compliance.  (a) Each Loan Party shall maintain its, and each of its Subsidiaries’ (i) limited liability company, partnership or corporate existence, as applicable, unless (other than in the case of Borrower) the failure to maintain any such existence could not reasonably be expected to have a Material Adverse Effect, and (ii) good standing in its respective jurisdiction of organization or incorporation and, as applicable, shall maintain qualification and good standing in each other jurisdiction in which the failure to maintain good standing could reasonably be expected to have a Material Adverse Effect.  Each Loan Party shall, and shall cause each of its subsidiaries to, comply in all material respects with all applicable Environmental Laws, and maintain all material permits, licenses and approvals required thereunder, except, in each case, to the extent that the failure to so comply could not reasonably be expected to have a Material Adverse Effect. Each Loan Party shall comply, and shall cause each of its Subsidiaries to comply, with all statutes, laws, ordinances and government rules and regulations to which it is subject (including any zoning, mining, building ordinance, code or approval), and shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals and agreements, the loss of which or failure to comply with which would reasonably be expected to have a Material Adverse Effect. 
Section 5.02.    Financial Statements, Reports. Certificates.  

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(a)    Borrower shall deliver to Lender:
(i)    within forty-five (45) days after the end of Borrower’s fiscal quarter, unaudited consolidated balance sheets, income statements and statements of cash flows covering each Loan Party and its Subsidiaries’ operations during such period, prepared in accordance with GAAP, in a form reasonably acceptable to Lender, certified by a Responsible Officer and accompanied by an executed Compliance Certificate in the form attached hereto as Exhibit C; and 
(ii)    within one hundred twenty (120) days after the end of Borrower’s fiscal year, audited consolidated financial statements (including balance sheets, income statements and statements of cash flows) of Borrower and its consolidated Subsidiaries prepared in accordance with GAAP, consistently applied, together with an unqualified opinion on such financial statements of an independent certified public accounting firm reasonably acceptable to Lender.
(b)    At any time a Loan is outstanding hereunder (but only if a Loan is outstanding), Borrower shall deliver to Lender:
(i)    commencing with the borrowing of the initial Loan (or if such initial Loan has been repaid prior to the borrowing of any Loan, the borrowing of such Loan thereafter), on the Thursday of the immediately succeeding calendar week following such borrowing and on the first Thursday of every month thereafter, a 13-Week Projection (it being agreed that if there are multiple borrowings outstanding at any time, the obligation to deliver the 13-Week Projection shall commence from the earliest to occur of such borrowings);
(ii)    promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against such Loan Party or any Subsidiary thereof that, if adversely resolved, could result in a Material Adverse Effect; and
(iii)    such sales projections, operating plans or other financial information generally prepared by Borrower in the ordinary course of business as Lender may reasonably request from time to time.
(c)    As soon as available, but in any event not later than January 15 of each calendar year, each Loan Party’s financial and business projections and budget on a monthly basis for such year, with evidence of approval thereof by each Loan Party’s Board of Directors (such Loan Party shall deliver Board of Directors approved revisions to such projections within fifteen (15) days after such approval thereof).
(d)    Borrower shall deliver notice to Lender promptly upon becoming aware of the occurrence or existence of a Default or Event of Default hereunder.
Section 5.03.    Taxes.  Such Loan Party shall make, and cause each of its Subsidiaries to make, due and timely payment of all material federal, state, and local Taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income 

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Taxes; provided that such Loan Party or a Subsidiary of such Loan Party need not make any payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by such Loan Party or its Subsidiary, as applicable or is otherwise subject to the claims reconciliation process in the Cases.
Section 5.04.    Insurance.  The Loan Parties and their Subsidiaries, at their expense, shall keep the all of their properties owned by any of them insured against loss or damage by fire, theft, explosion, sprinklers, and all other hazards and risks, and in such amounts, as ordinarily insured against by other owners in similar businesses conducted in the locations where such Loan Party’s or its Subsidiaries’ (as applicable) business is conducted. Each Loan Party shall also maintain liability and other insurance in amounts and of a type that are customary to businesses similar to such Loan Party’s.
Section 5.05.    [Reserved].  
Section 5.06.    Maintenance of Properties.  Except as could not be reasonably be expected to have a Material Adverse Effect, the Loan Parties will maintain their properties in good working order and repair, reasonable wear and tear excepted.
Section 5.07.    Additional Guarantors.  If any Loan Party acquires or creates a Domestic Subsidiary that is a Material Subsidiary after the Effective Date, then Borrower shall, within 30 Business Days of the date on which such Subsidiary was acquired or created, cause each such Subsidiary to execute a joinder to this Agreement in order for such Subsidiary to become a Guarantor hereunder.
Section 5.08.    State Settlements.  Borrower and its Subsidiaries shall comply with the terms of the State Settlements unless the failure to comply could not reasonably be expected to have a Material Adverse Effect.
Section 5.09.    Compliance with Leases.  Except as could not be reasonably be expected to have a Material Adverse Effect, the Loan Parties shall make all payments and otherwise perform all obligations in respect of all Material Leases to which any Loan Party is a party, keep such Material Leases in full force and effect and not allow such Material Leases to lapse or be terminated or any right to be forfeited or cancelled.
Article 6
NEGATIVE COVENANTS
So long as the Commitment remains in effect or any Obligations remain outstanding, the Loan Parties covenant and agree that, without Lender’s prior written consent, none of the Loan Parties will, nor will they permit any of their respective Subsidiaries to:
Section 6.01.    Change in Location; Change in Business.  Change its status as a U.S. person for U.S. tax purposes, become a resident for tax purposes in any jurisdiction other than the United States or any other subdivision thereof or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently engaged in by such Loan Party.

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Section 6.02.    Mergers or Acquisitions.  Directly or indirectly, merge, dissolve, liquidate, consolidate with or into another Person, or sell, assign, lease, transfer, convey or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default or Event of Default exists or would result therefrom:  
(a)    any Subsidiary may merge with (x) Borrower, provided, that Borrower shall be the continuing or surviving Person, or (y) any one or more other Subsidiaries, provided, that when any Subsidiary that is a Loan Party is merging with another Subsidiary, the Loan Party shall be the continuing or surviving Person;
(b)    any Subsidiary may sell, assign, lease, transfer, convey or otherwise dispose of all or substantially all of its assets (upon dissolution, liquidation or otherwise) to Borrower or to another Subsidiary; provided, that if the transferor in such a transaction is a Loan Party, then the transferee must either be Borrower or another Loan Party; provided, further, that if such Subsidiary is dissolving or liquidating its assets and is not a Material Subsidiary, distributions of its assets or the proceeds thereof may also be made to creditors and other claimants legally entitled to receive such proceeds; 
(c)    any Subsidiary that is not a Material Subsidiary may sell, assign, lease, transfer, convey or otherwise dispose of all or substantially all of its assets (upon dissolution, liquidation or otherwise) to a third party; provided that such Subsidiary has permanently ceased to generate income and/or is operating at a loss; and provided, further, that such Subsidiary provides to Lender at least ten (10) days’ prior written notice of the transaction; 
(d)    the sale of idle mines, mines in reclamation, and any other mine or site at which the Loan Party has ceased ordinary course operations and any other sales, leases, transfers, conveyances or other dispositions permitted under any Permitted Financing; and
(e)    Borrower and any Subsidiary may merge or consolidate with any other Person in a transaction in which Borrower or such Subsidiary is the surviving or continuing Person.
Section 6.03.    Distributions.  At any time pay any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase of any Equity Interests, other than:
(a)    dividends or distributions payable in Equity Interests of Borrower (other than Disqualified Equity Interests);
(b)    dividends or distributions payable to Borrower or any Subsidiary, and payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by any Subsidiary to the holders of its Equity Interests (other than holders that are Affiliates of Borrower, except for those holders that are Affiliates solely as a result of their ownership of such Equity Interests) on a pro rata basis;
(c)    the repurchase of Equity Interests deemed to occur upon (i) the exercise of stock options, warrants or other securities convertible or exchangeable into Equity Interests or any other securities, to the extent such Equity Interests or other securities represent a portion of the 

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exercise price of those stock options, warrants or other securities convertible or exchangeable into Equity Interests or any other securities or (ii) the withholding of a portion of Equity Interests issued to employees and other participants under an equity compensation program of Borrower or its Subsidiaries to cover withholding tax obligations of such persons in respect of such issuance; and
(d)    distributions by any Subsidiary of Borrower that is not a Material Subsidiary in connection with the dissolution or liquidation of any of Borrower’s subsidiaries to any Person legally entitled to receive such distributions.
For the avoidance of doubt, nothing in this Section 6.03 shall prohibit the making of any Reorganized ANR Contingent Revenue Payment (as defined in the Plan Reorganization) and the Loan Parties shall not be required to obtain the Lender’s consent prior to making any such Reorganized ANR Contingent Revenue Payment.
Section 6.04.    Transactions with Affiliates.  Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of such Loan Party (other than Lender and its Affiliates) except for transactions that are in the ordinary course and upon fair and reasonable terms that are not materially less favorable to such Loan Party than would be obtained in an arm’s length transaction with a non-affiliated Person; provided that the foregoing restrictions shall not apply to:  (a) transactions between or among Borrower and its Subsidiaries and (b) payments permitted pursuant to Section 6.03. 
Section 6.05.    Use of Proceeds.  Use the proceeds of any Loan, whether directly or indirectly, and whether immediately, incidentally or ultimately, (a) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund indebtedness originally incurred for such purpose or (b) for any purpose other than those described in Section 2.03.  Borrower will not request any Loan, and Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.
Article 7
DEFAULT
Section 7.01.    Events of Default.  Each of the following events shall be an Event of Default hereunder:
(a)    Payment.  If Borrower shall fail to pay any installment of principal under any Loan when due or, within five (5) Business Days of when due any interest or any other sum payable to Lender hereunder or otherwise; or
(b)    Covenant Default.

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(i)    If any Loan Party fails to perform any obligation under Section 5.01(a)(i) (with respect to Borrower) or Section 5.02(a), (b)(i) or (d) or violates any of the covenants or agreements contained in Article 6 of this Agreement; or
(ii)    If any Loan Party shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those referred to in clause (i) above), the Note, or any of the other Loan Documents to which it is a party and, if capable of being remedied, such failure shall remain unremedied for thirty (30) days after written notice thereof shall have been received by Borrower from Lender; or
(c)    [Reserved.]
(d)    Cross-Acceleration.  If as a result of the occurrence of any event or condition, any Material Indebtedness of any Loan Party or any Subsidiary thereof shall be accelerated or declared to be due and payable or shall be required to be prepaid (other than by a regularly-scheduled required prepayment) in whole or in part prior to its stated maturity; or
(e)    Voluntary Bankruptcy.  If Borrower or any of its Material Subsidiaries shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator for itself or a material part of its assets, (ii) make a general assignment for the benefit of its creditors, or (iii) commence a voluntary case for relief as a debtor under the Bankruptcy Code or under any other applicable law, or file a petition seeking reorganization, insolvency, readjustment of debts, dissolution or liquidation; or
(f)    Involuntary Bankruptcy.  If an involuntary case under the Bankruptcy Code shall be commenced against Borrower or any of its Material Subsidiaries or a petition shall be filed against Borrower or any of its Material Subsidiaries seeking similar relief under any other applicable law and such case or petition shall remain undismissed for sixty (60) days after the filing or commencement thereof; or
(g)    Invalidity.  This Agreement or any other Loan Document (or any material provision of either thereof) shall cease to be in full force and effect (or shall be declared by a court to be null and void) (other than any Loan Document not in full force and effect with respect to any non-Material Subsidiary) or shall be asserted to be invalid or unenforceable by any Loan Party or any Affiliate thereof or any Loan Party shall deny its liability thereunder; or
(h)    Judgments; Settlements.  If one or more judgments, orders, decrees or arbitration awards requiring Borrower and/or its Subsidiaries to pay an aggregate amount of fifteen million dollars ($15,000,000) or greater (and that is not reimbursed by third party insurance) shall be rendered against Borrower and/or its Subsidiaries and the same shall not have been vacated or stayed within thirty (30) days thereafter; or
(i)    State Settlements.  Termination of any State Settlement as a result of Borrower or any of its Subsidiaries breaching or otherwise failing to perform any or all of its obligations or agreements in respect of such State Settlement, which termination results in a Material Adverse Effect; or
(j)    Change of Control.  A Change in Control shall occur.

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Section 7.02.    Rights and Remedies.  Upon the occurrence and during the continuance of an Event of Default, Lender may, at its election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by each Loan Party:
(a)    Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable and all Commitments hereunder terminated (provided that upon the occurrence of an Event of Default described in Section 7.01(e) or Section 7.01(f), all Obligations shall become due and payable and all Commitments hereunder terminate, in each case, automatically and immediately, without need for any action by Lender);
(b)    Cease advancing money or extending credit to or for the benefit of Loan Parties, or any of them, under this Agreement or under any other agreement between Loan Parties, or any of them, and Lender; and
(c)    Set off and apply to the Obligations against any and all (i) balances and deposits of Loan Parties, or any of them, held by Lender (if any), and (ii) indebtedness at any time owing to or for the credit or the account of Loan Parties, or any of them, held by Lender.
Section 7.03.    Remedies Cumulative; No Waiver.  All rights and remedies of Lender shall be cumulative to the fullest extent allowed by law.  No exercise by Lender of one right or remedy shall be deemed an election, and no waiver by Lender of any Event of Default on any Loan Party’s part shall be deemed a continuing waiver.  No delay by Lender shall constitute a waiver, election or acquiescence by it.  No waiver by Lender shall be effective unless made in a written document signed on behalf of Lender and then shall be effective only in the specific instance and for the specific purpose for which it was given.  Each Loan Party expressly agrees that this Section 7.03 may not be waived or modified by Lender by course of performance, conduct, estoppel or otherwise.
Section 7.04.    Demand; Protest.  Except as otherwise provide in this Agreement, each Loan Party waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations.
Article 8
GUARANTEE
Section 8.01.    Guarantee.  Each Loan Party unconditionally guarantees, jointly and severally with the other Loan Parties, the due and punctual payment and performance of the Obligations.  Each Loan Party further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation.  Each Loan Party waives presentment to, demand of payment from and protest to Borrower or any other Loan Party of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment.
Section 8.02.    Guarantee of Payment.  Each Loan Party further agrees that its guarantee hereunder constitutes a guarantee of payment when due and not of collection, and waives any 

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right to require that any resort be had by Lender to any security held for the payment of the Obligations or to any balance of any deposit account or credit on the books of Lender in favor of Borrower or any other person.
Section 8.03.    No Limitations, etc.  
(a)    The obligations of each Loan Party hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise.  Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by:
(i)    the failure of Lender to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of any Loan Document or otherwise;
(ii)    any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to any other Loan Party under this Agreement;
(iii)    the failure to perfect any security interest in, or the exchange, substitution, release or any impairment of, any security held by Lender for the Obligations;
(iv)    any default, failure or delay, willful or otherwise, in the performance of the Obligations;
(v)    any other act or omission that may or might in any manner or to any extent vary the risk of any Loan Party or otherwise operate as a discharge of any Loan Party as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations);
(vi)    the existence of any claim, set-off or other rights that the Guarantor may have at any time against Borrower, Lender, or any other entity or Person, whether in connection herewith or any unrelated transactions, provided that nothing herein will prevent the assertion of any such claim by separate suit or compulsory counterclaim; and
(vii)    any other circumstance (including without limitation, any statute of limitations) or any existence of or reliance on any representation by Lender that might otherwise constitute a defense to, or a legal or equitable discharge of, Borrower or the Guarantor or any other guarantor or surety.
(b)    To the fullest extent permitted by applicable law, each Loan Party waives any defense based on or arising out of any defense of Borrower or any other Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of Borrower or any other Loan Party, other than the indefeasible payment 

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in full in cash of all the Obligations.  Lender may, at its election, compromise or adjust any part of the Obligations, make any other accommodation with Borrower or any other Loan Party or exercise any other right or remedy available to them against Borrower or any other Loan Party, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations have been fully and indefeasibly paid in full in cash and discharged.  To the fullest extent permitted by applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against Borrower or any other Loan Party, as the case may be.
Section 8.04.    Reinstatement.  Each Loan Party agrees that its guarantee hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by Lender upon the bankruptcy or reorganization of Borrower, any other Loan Party or otherwise.
Section 8.05.    Agreement to Pay; Subrogation and Subordination.  
(a)    In furtherance of the foregoing and not in limitation of any other right that Lender has at law or in equity against any Loan Party by virtue hereof, upon the failure of Borrower or any other Loan Party to pay any Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Loan Party hereby promises to and will forthwith pay, or cause to be paid, to Lender in cash the amount of such unpaid Obligation.  Upon payment by any Guarantor of any sums to Lender as provided above, all rights of such Loan Party against Borrower, or other Loan Party or any other Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Sections 8.05(b), (c) and (d).
(b)    In addition to all such rights of indemnity and subrogation as the Loan Parties may have under applicable law (but subject to Section 8.05(d)), Borrower agrees that (i) in the event a payment shall be made by any Guarantor under this Agreement in respect of any Obligation of Borrower, Borrower shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment and (ii) in the event any assets of any Guarantor shall be sold pursuant to this Agreement to satisfy in whole or in part an Obligation of Borrower, Borrower shall indemnify such Guarantor in an amount equal to the greater of the book value or the fair market value of the assets so sold.
(c)    Each Guarantor agrees (subject to Section 8.05(d)) that, in the event a payment shall be made by any other Guarantor hereunder in respect of any Obligation owed to Lender and such other Guarantor (the “Claiming Guarantor”) shall not have been fully indemnified by Borrower as provided in Section 8.05(b), the contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment multiplied by a fraction of which the numerator shall be the net worth of such contributing Guarantor on the date hereof and the denominator shall be the aggregate net worth of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 5.07, the date of the supplement hereto executed and delivered by such Guarantor). Any contributing Guarantor 

22
    
    
    

making any payment to a Claiming Guarantor pursuant to this Section 8.05(c) shall be subrogated to the rights of such Claiming Guarantor under Section 8.05(b) to the extent of such payment.
(d)    Notwithstanding any provision of this Agreement to the contrary, all rights of the Loan Parties under Sections 8.05(b) and 8.05(c) and all other rights of indemnity, contribution or subrogation of the Loan Parties under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Obligations. No failure on the part of Borrower or any Guarantor to make the payments required by Sections 8.05(b) and 8.05(c) (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Loan Party with respect to its obligations hereunder, and each Loan Party shall remain liable for the full amount of the obligations of such Loan Party hereunder.  Each Guarantor hereby agrees that all Indebtedness and other monetary obligations owed by it to any other Guarantor or any Subsidiary shall be fully subordinated to the indefeasible payment in full in cash of the Obligations.
Section 8.06.    Information.  Each Loan Party assumes all responsibility for being and keeping itself informed of the financial condition and assets of Borrower and each other Loan Party, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that Lender will have no duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks.
Article 9
MISCELLANEOUS
Section 9.01.    Indemnification; Release; Expenses.  
(a)    Borrower hereby agrees to defend Lender and each of their respective directors, officers, agents and employees (each an “Indemnified Party”) from, and hold each of them harmless against, any and all losses and liabilities (including without limitation settlement costs and amounts, transfer Taxes, documentary Taxes, or assessments or charges made by any Governmental Authority), claims, damages, settlement costs, interest, judgments, costs, or expenses, including without limitation, reasonable and documented out of pocket fees and disbursements of one primary legal counsel (and such local or specialty counsels as shall be reasonably necessary) (collectively, “Losses”), incurred by or asserted against any of them arising out of, in connection with or by reason of this Agreement, the Commitment, the making of the Loan or any Loan Document, or the use of the proceeds of the Loan by Borrower or its Subsidiaries, including Losses relating to any Environmental Law or Hazardous Substance; provided, however, that Borrower shall not be liable for any portion of such Losses resulting from the gross negligence or willful misconduct of an Indemnified Party. Borrower hereby releases Lender and its affiliates and each of their respective directors, officers, agents, and employees from any and all claims for loss, damages, costs or expenses caused or alleged to be caused by any act or omission on the part of any of them not resulting from their gross negligence, material breach of contractual obligation under any Loan Document or willful misconduct. All obligations provided for in this Section 9.01 shall survive any termination of this Agreement or the Commitment and the repayment of the Loan.

23
    
    
    

(b)    If Loan Parties, or any of them, fail to pay any amounts or furnish any required proof of payment due to third persons or entities, as required under the terms of this Agreement, then Lender may make payment of the same or any part thereof. Any amounts so paid or deposited by Lender shall constitute Lender Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided. Any payments made by Lender shall not constitute an agreement by Lender to make similar payments in the future or a waiver by Lender of any Event of Default under this Agreement.
Section 9.02.    Binding and Governing Law; Jurisdiction.  
(a)    This Agreement and all documents executed hereunder shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns and shall be governed as to their validity, interpretation and effect by the laws of the State of New York (without regard to the conflict of law principles set forth therein).
(b)    Each party hereto (i) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party to the exclusive general jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan in the City of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; (ii) agrees that a final judgment in any such suit, action or proceeding brought in any such court may be enforced in any other court to whose jurisdiction the applicable party is or may be subject, by suit upon judgment; (iii) consents that any such action or proceeding may only be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; (iv) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to it at its address provided for in Section 9.06; and (v) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law.
Section 9.03.    Payment on Non-Business Days.  Whenever any payment to be made hereunder shall be stated to be due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, provided, however, that such extension of time shall be included in the computation of interest due in conjunction with such payment or other fees due hereunder, as the case may be.
Section 9.04.    Severability.  If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law.
Section 9.05.    Counterparts.  This Agreement may be executed in any number of counterparts with the same effect as if all the signatures on such counterparts appeared on one document, and each such counterpart shall be deemed to be an original.

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Section 9.06.    Notices.  All notices, demands, or other communications pursuant hereto shall be in writing and sent by certified mail (return receipt requested), nationally recognized overnight courier services, charges prepaid, telex or telecopy or electronic mail.  All notices shall be deemed to have been given or made (i) in the case of notice sent by mail or courier, when received by the applicable addressee at its address set forth below, or (ii) in the case of notice sent by telex or telecopy or electronic mail, when sent to the applicable addressee at its applicable facsimile number or e-mail address set forth below but only to the extent confirmation of receipt is received by the sender (as such addresses and facsimile numbers may be changed from time to time by notice by one party to the other party):
(a)    If to a Loan Party:
c/o ANR, Inc.
300 Running Right Way
Julian, WV 25528
Attention: Drew McCallister
Telephone:  (304)-369-8961
E-mail:  dmccallister@alphanr.com 

(b)    If to Lender:
Contura Energy, Inc. 
P.O. Box 848
Bristol, TN 37664-0700 
Attention:  Andy Eidson, Mark Manno 
Telephone:  (276)-285-2099 (until August 30, 2016)
(423)-573-0300 (after August 30, 2016) 
Facsimile:  (276)-628-3116 (until August 30, 2016)
(423)-573-0448 (after August 30, 2016) 
E-mail:  andy.eidson@conturaenergy.com; mark.manno@conturaenergy.com 

Section 9.07.    Amendments, Etc.  No amendment or waiver of any provision of this Agreement or any other Loan Document shall in any event be effective unless the same shall be in writing and signed by the party against whom enforcement is sought.
Section 9.08.    Waiver of Jury Trial.  BORROWER AND LENDER EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY ACTION, CLAIM, DEMAND OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS AGREEMENT, OR IN ANYWAY CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE DEALINGS BETWEEN THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.
[Signature page follows]

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IN WITNESS WHEREOF, the undersigned, have executed this Agreement the day and year first above written.

	
		
	CONTURA ENERGY, INC., as Lender

	By:
	/s/ John DeGroote

	 
	Name: John DeGroote
  

	 
	Title: President and Secretary
   

	
		
	ANR, INC., as Borrower

	By:
	/s/ David J. Stetson

	 
	Name: David J. Stetson
   

	 
	Title: President & Chief Executive Officer
  

[Signature Page to Loan Agreement]

	
		
	ALEX ENERGY, LLC
ALPHA COAL SALES CO., LLC
ALPHA NATURAL RESOURCES, LLC
AMFIRE MINING COMPANY, LLC
ARACOMA COAL COMPANY, LLC
BANDMILL COAL LLC
BLACK CASTLE MINING COMPANY, LLC
BROOKS RUN MINING COMPANY, LLC
BROOKS RUN SOUTH MINING, LLC
DELBARTON MINING COMPANY, LLC
ELK RUN COAL COMPANY, LLC
ENTERPRISE MINING COMPANY, LLC
GOALS COAL COMPANY
HIGHLAND MINING COMPANY
INDEPENDENCE COAL COMPANY, LLC
JACKS BRANCH COAL COMPANY
KANAWHA ENERGY COMPANY, LLC
KEPLER PROCESSING COMPANY, LLC
KINGSTON MINING, INC.
LITWAR PROCESSING COMPANY, LLC
MARFORK COAL COMPANY, LLC
MILL BRANCH COAL LLC
NORTH FORK COAL CORPORATION
OMAR MINING COMPANY, LLC
PIGEON CREEK PROCESSING CORPORATION
PIONEER FUEL CORPORATION
POWER MOUNTAIN COAL COMPANY, LLC
REPUBLIC ENERGY, LLC
RIVERSIDE ENERGY COMPANY, LLC
ROAD FORK DEVELOPMENT COMPANY, LLC
ROCKSPRING DEVELOPMENT, INC.
RUM CREEK COAL SALES, INC.
SIDNEY COAL COMPANY, LLC
SPARTAN MINING COMPANY, LLC
STIRRAT COAL COMPANY, LLC
TRACE CREEK COAL COMPANY

as Guarantors

	By:
	/s/ Andrew Eidson

	 
	Name: Andrew Eidson
  

	 
	Title: Vice President
  

[Signature Page to Loan Agreement]Exhibit

Exhibit 10.6

REGISTRATION RIGHTS AGREEMENT 
 
 
by and among 
 
 
CONTURA ENERGY, INC. 
 
 
and 
 
 
THE HOLDERS PARTY HERETO 
 
 
 
 
 
 
 
Dated as of July 26, 2016

TABLE OF CONTENTS
	
				
	 
	 
	PAGE

	1
	Definitions.
	1
	

	 
	 
	 

	2
	Demand Registration.
	5
	

	 
	 
	 

	3
	Shelf Registration.
	8
	

	 
	 
	 

	4
	Piggyback Registration.
	9
	

	 
	 
	 

	5
	Suspensions; Withdrawals; Notices
	10
	

	 
	 
	 

	6
	Company Undertakings.
	12
	

	 
	 
	 

	7
	Holder Undertakings
	18
	

	 
	 
	 

	8
	Registration Expenses.
	20
	

	 
	 
	 

	9
	Lock-Up Agreements.
	21
	

	 
	 
	 

	10
	Information Rights.
	22
	

	 
	 
	 

	11
	Indemnification; Contribution.
	23
	

	 
	 
	 

	12
	Transfer of Registration Rights.
	27
	

	 
	 
	 

	13
	Amendment, Modification and Waivers; Further Assurances.
	27
	

	 
	 
	 

	14
	Miscellaneous.
	28
	

	 
	 
	 

	Annex A       Form of Joinder Agreement

i

REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of July 26, 2016 by and among Contura Energy, Inc., a Delaware corporation (the “Company”), and each of the holders of Common Stock of the Company party hereto who received such shares pursuant to the Plan of Reorganization (the “Plan”) of Alpha Natural Resources, Inc. and certain of its subsidiaries and affiliates under Chapter 11 of Title 11 of the United States Code approved by the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”). Capitalized terms used but not otherwise defined herein are defined in Section ‎‎1 hereof.
RECITALS:
WHEREAS, the Company proposes to issue the Common Stock pursuant to, and upon the terms set forth in, the Plan to the Holders party hereto; and
WHEREAS, the Board of Directors of the Company has determined it is in the best interests of the Company to provide to the Holders that received Common Stock pursuant to the Plan in any amount representing at least 0.50% of the Common Stock outstanding (or deemed outstanding) on the Effective Date certain arrangements with respect to registration of the Registrable Securities (as defined in Section ‎1) under the Securities Act.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Company and each of the Holders (as defined in Section ‎1) hereby agree as follows:

1.Definitions.
(a)As used herein, the following terms have the following meanings:
“Affiliate” of any particular Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person; provided that funds or accounts managed, advised or sub-advised by any Holder shall also be considered Affiliates of such Holder.
 “Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405 (or any successor rule then in effect) promulgated under the Securities Act.
“beneficially owned”, “beneficial ownership” and similar phrases have the same meanings as such terms have under Rule 13d-3 and 13d-5 (or any successor rule then in effect) promulgated under the Exchange Act, except that in calculating the beneficial ownership of any Holder, such Holder shall be deemed to have beneficial ownership of all securities that such Holder has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The calculation of beneficial ownership for a Holder shall also include funds or accounts managed, advised or sub-advised by any Holder.

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by applicable law or executive order to close.
“Capital Stock” means with respect to a corporation, any and all shares, interests or equivalents in capital stock of such corporation (whether voting or nonvoting and whether common or preferred) and any and all warrants, rights (including conversion and exchange rights) and options to purchase any such shares, interests or equivalents (including convertible debt).
“Commission” means the United States Securities and Exchange Commission or any successor governmental agency.
“control” (including the terms “controlling,” “controlled by” and “under common control with”) means, unless otherwise noted, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting shares, by contract, or otherwise.
“Counsel to the Holders” means the one law firm or other legal counsel to the Holders selected (i) in the case of a Demand Registration, Shelf Registration or Shelf Takedown, by the Holders of a majority of the Registrable Securities initially requesting such Demand Registration, Shelf Registration or Shelf Takedown; and (ii) in the case of a Piggyback Registration, the Holders of a majority of the Registrable Securities included in such Piggyback Registration.
“EDGAR” means the Electronic Data Gathering, Analysis and Retrieval System of the Commission.
“Effective Date” has the meaning assigned to such term in the Plan.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
“Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a Subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.
“FINRA” means the Financial Industry Regulatory Authority or any successor regulatory authority.
“Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act.

2

“Follow-On Offering” means any of the following: (i) a Demand Registration occurring after the consummation of an IPO for an underwritten Public Offering, (ii) an Underwritten Shelf Takedown, or (iii) a Piggyback Registration occurring after the consummation of an IPO for an underwritten Public Offering, in each case where Holders of Registrable Securities are permitted to participate.
“Holder” means (i) any Holder that beneficially owns Registrable Securities and is a party to this Agreement or (ii) any other party to any Joinder, in each case, that, together with its Affiliates, beneficially owns Registrable Securities.
“IPO” means the initial underwritten Public Offering of the Company’s Capital Stock (other than an Excluded Offering) following the Effective Date of the Plan.
“Issuer Free Writing Prospectus” means an issuer free writing prospectus as defined in Rule 433 under the Securities Act. 
“Joinder” a joinder agreement in the form of Annex A executed and delivered to the Company pursuant to Section ‎‎12 hereof.
“Material Adverse Effect” means any material adverse effect on the business, properties, assets, operations, results of operations, condition (financial or otherwise) or prospects of the Company and its subsidiaries, taken as a whole.
“National Securities Exchange” means any exchange registered as a U.S. national securities exchange in accordance with the provisions of Section 19 of the Exchange Act (or any successor provisions then in effect).
“Common Stock” means the shares of common stock, par value $0.01 per share, of the Company issued on or after the Effective Date.
“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, a governmental entity or any department, agency or political subdivision thereof or any other entity.
“Public Offering” means any sale or distribution to the public of Common Stock of the Company pursuant to an offering registered under the Securities Act, whether by the Company, by Holders and/or by any other holders of the Company’s Common Stock.
“Public Reporting Date” means the date, if any, that the Company becomes subject to filing information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act.
“Prospectus” means the prospectus used in connection with a Registration Statement.
“Registrable Securities” means at any time Common Stock of the Company held or beneficially owned by any Holder, including (i) any Common Stock issued pursuant to the Plan 

3

or upon the conversion, exercise or exchange, as applicable, of any other securities and/or interests issued pursuant to the Plan; (ii) any shares of Common Stock acquired in the open market or otherwise purchased or acquired by the Holder after the Effective Date and (iii) any shares of Common Stock issued by way of dividend, distribution, split or combination of securities or any recapitalization, merger, consolidation or other reorganization; provided, however, that as to any Registrable Securities, such securities shall irrevocably cease to constitute Registrable Securities upon the earliest to occur of: (A) the date on which such securities have been disposed of pursuant to an effective registration statement under the Securities Act; (B) the date on which such securities have been disposed of pursuant to Rule 144; (C) the date on which such securities have been transferred to any Person, other than a Holder or a Person pursuant to Section ‎‎12 hereof; and (D) the date on which such securities cease to be outstanding. In addition, after the consummation of two Follow-On Offerings, such securities shall irrevocably cease to constitute Registrable Securities on the date they are eligible for resale pursuant to Rule 144 or another exemption from the registration requirements of the Securities Act, in each case without restriction or limitation, and without the need for registration under the Securities Act (for the avoidance of doubt such shares shall not cease to be Registrable Securities while they are held by an affiliate (as defined in Rule 144) of the Company or constitute “control” securities).
“Registration Statement” means any registration statement filed hereunder or in connection with a Piggyback Registration.
“Required Holders” means Holders who collectively have beneficial ownership of at least (i) in the case of Section 2(a)(i) herein, 20% of the Common Stock outstanding, and (ii) in all other cases, 10% of the Common Stock outstanding.
“Rule 144” means Rule 144 promulgated under the Securities Act (or any successor rule then in effect).
“Rule 144A” means Rule 144A promulgated under the Securities Act (or any successor rule then in effect).
“Securities Act” means the Securities Act of 1933, as amended from time to time.
“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Counsel to the Holders borne and paid by the Company as provided in Section 8(b).
“Shelf Registration” means a registration of securities pursuant to a Registration Statement filed with the Commission in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).
“Shelf Takedown” means an Underwritten Shelf Takedown or another Public Offering pursuant to a Shelf Registration.

4

(b)Each of the following terms is defined in the Section set forth opposite such term:
	
		
	Term
	Section

	Company
	Recitals

	Company Demand Registration Notice
	2(b)

	Company Shelf Registration Notice
	3(a)

	Company Shelf Takedown Notice
	3(c)

	Demand Registration Notice
	2(b)

	Demand Shelf Takedown Notice
	3(c)

	Determination Date
	3(g)

	Due Diligence Information
	6(a)(x)

	End of Suspension Notice
	5(b)

	Form S-1 Shelf
	3(a)

	Form S-3 Shelf
	3(a)

	Lock-Up Agreement
	10(a)

	Long-Form Registration
	2(a)

	Losses
	11(a)

	Opt-In Election
	7(e)

	Opt-Out Election
	7(e)

	Permitted Free Writing Prospectus
	7(a)

	Piggyback Registration
	4(a)

	Plan
	Recitals

	Required Effective Period
	6(a)(iii)

	road show
	11(a)

	Shelf Registration Statement
	3(a)

	Short-Form Registration
	2(a)

	Suspension Event
	5(b)

	Suspension Notice
	5(b)

	Underwritten Shelf Takedown
	3(c)

	Withdrawal Request
	5(d)

2.Demand Registration.
(a)Requests for Registration. At any time after February 1, 2017,
(i) prior to the consummation of an IPO, the Required Holders may request one registration under the Securities Act of all or any portion of the Registrable Securities held by such Required Holder(s) (A) on Form S-1 (or any successor form then in effect) (a “Long-Form Registration”) or (B) on Form S-3 or any similar short-form registration (a “Short-Form Registration”), if available (any registration under this Section ‎2(a), a “Demand Registration”); provided that 

5

(i) the Registrable Securities to be covered by any such Demand Registration, will not be less than 10% of the outstanding Common Stock of the Company on the date of the request and (ii) the reasonably anticipated implied valuation of the Company after giving effect to the Demand Registration (determined in good faith by the Required Holders requesting the Demand Registration) shall be in excess of one hundred million dollars ($100,000,000); and
(ii) at least 180 days following consummation of an IPO, the Required Holders may request Demand Registrations at any time (but no more frequently than once every consecutive 180 calendar day period); provided, that (i) the Registrable Securities to be covered by any such Demand Registration will not be less than 5% of the outstanding Common Stock of the Company on the date of the request and (ii) the reasonably anticipated aggregate offering price to the public of all Registrable Securities for which the Demand Registration has been requested by Required Holders (determined in good faith by the Required Holders requesting the Demand Registration) shall be in excess of five million dollars ($5 million); provided, further, that the Company will not be required to take any action pursuant to this Section ‎‎2(a)(ii) of this Agreement if within the 180 calendar day period preceding the date of a Demand Registration Notice, the Company effected a Demand Registration, Underwritten Shelf Takedown or a Piggyback Registration, such Required Holders received notice of such Demand Registration, Underwritten Shelf Takedown or Piggyback Registration, and such Required Holders were able to register and sell pursuant to such registration at least 50% of the Registrable Securities requested to be included in such registration either at the time of the registration or within 90 calendar days thereafter.
(b)Demand Registration Notices. All requests for Demand Registrations shall be made by giving written notice to the Company (the “Demand Registration Notice”). Each Demand Registration Notice shall specify (i) whether such Demand Registration shall be an underwritten Public Offering and (i) the approximate number of Registrable Securities proposed to be sold in the Demand Registration. The Company shall promptly give written notice (a “Company Demand Registration Notice”) of the filing of a Registration Statement pursuant to this Section ‎2 to all of the Holders within five (5) Business Days after such filing, and, subject to the provisions of Section ‎‎2(d) below, shall include in such Demand Registration all Registrable Securities held by Holders on the date of the Company Demand Registration Notice with respect to which the Company has received written requests for inclusion therein within 10 Business Days after the date of the Company Demand Registration Notice.
(c)Short-Form Registrations. Demand Registrations shall be Short-Form Registrations whenever the Company is permitted to use any applicable short form registration statement under the rules and regulations of the Securities Act, unless the underwriters, in their reasonable discretion, determine that the use of a Long-Form Registration is necessary in order for the successful offering of such Registrable Securities. Promptly after the Company has become eligible to use Form S-3 under the Securities Act, the Company shall use commercially 

6

reasonable efforts to make Short-Form Registrations on Form S-3 (or any successor form) available for the resale of Registrable Securities on a continuous or delayed basis.
(d)Priority on Demand Registrations. The Company shall not include in any Demand Registration any securities which are not Registrable Securities without the prior written consent of the Holders of a majority of the Registrable Securities requested to be included in the Demand Registration. If the Demand Registration is an underwritten Public Offering and the managing underwriters for such Demand Registration advise the Company and applicable Holders in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such Demand Registration exceeds the number of Registrable Securities and other securities, if any, which can be sold without adversely affecting the marketability, proposed offering price range acceptable to the Holders of a majority of the Registrable Securities requested to be included in the Demand Registration, timing or method of distribution of the offering, the Company shall include in such Demand Registration the number of Registrable Securities which can be sold without such adverse effect in the following order of priority: (i) first, the Registrable Securities requested to be included in such Demand Registration, allocated pro rata among the respective Holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such Holder; and (i) second, other securities requested to be included in such Demand Registration to the extent permitted hereunder.
(e)Selection of Underwriters. The Holders of a majority of the Registrable Securities initially requesting a Demand Registration which is an underwritten Public Offering shall, after consultation with the Company, have the right to select the managing underwriters to administer the Public Offering (which shall consist of one or more reputable nationally recognized investment banks).
(f)Effective Demand Registration. A registration shall not constitute a Demand Registration unless:
(i)it has been declared effective by the Commission and remains continuously effective for the Required Effective Period; 
(ii)if after such Demand Registration has become effective and prior to all of the Registrable Securities registered in such Demand Registration being sold, such registration or the related offer, sale or distribution of Registrable Securities thereunder is interfered with by any stop order, injunction or other order or requirement of the Commission or other governmental agency or court for any reason not attributable to the Holder requesting the Demand Registration and such interference is not eliminated within forty-five (45) days thereafter; or 
(iii)the conditions specified in the underwriting agreement, if any, entered into in connection with such Demand Registration are not satisfied or waived, other than by reason of a failure on the part of the Holders.

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3.Shelf Registration.
(a)Requests for Shelf Registration. At any time after February 1, 2017, and at least 180 days following consummation of an IPO, the Required Holders may request that the Company file a Registration Statement for a Shelf Registration on Form S-1 covering the resale of the Registrable Securities on a delayed or continuous basis (the “Form S-1 Shelf”) or, if available, on Form S-3 (a “Form S-3 Shelf” and, together with the Form S-1 Shelf, a “Shelf Registration Statement”) and specify the approximate number of Registrable Securities to be included in such Shelf Registration Statement; provided, that (i) the Registrable Securities to be covered by any such Shelf Registration Statement will not be less than 5% of the outstanding Common Stock of the Company on the date of the request and (ii) the reasonably anticipated aggregate offering price to the public of all Registrable Securities to be included on such Shelf Registration Statement (determined in good faith by the Required Holders requesting the Shelf Registration Statement) shall be in excess of five million dollars ($5 million). The Company shall give written notice (a “Company Shelf Registration Notice”) of the filing of the Shelf Registration Statement within 5 Business Days of such filing to all Holders of Registrable Securities and shall include in such Shelf Registration Statement all Registrable Securities held by Holders on the date of the Company Shelf Registration Notice with respect to which the Company has received written requests for inclusion therein within 10 Business Days of the date of the Company Shelf Registration Notice. The Shelf Registration Statement shall be effective for a period ending on the earlier of (i) the date on which all Registrable Securities included in such registration have been sold; (ii) the date on which all such securities cease to be Registrable Securities or (iii) the maximum length permitted by the Commission. The Company shall maintain the Shelf Registration Statement in accordance with the terms hereof.
(b)Conversion to Form S-3. The Company shall use commercially reasonable efforts to convert any Form S-1 Shelf to a Shelf Registration Statement on Form S-3 as soon as reasonably practicable after the Company is eligible to use Form S-3. 
(c)Requests for Underwritten Shelf Takedowns. At any time and from time to time after the Shelf Registration Statement has been declared effective by the Commission (but no more frequently than once every consecutive 180 calendar day period), the Required Holders may request to sell all or any portion of their Registrable Securities in an underwritten Public Offering that is registered pursuant to the Shelf Registration Statement (each, an “Underwritten Shelf Takedown”); provided, that (i) the Registrable Securities to be covered by any such Underwritten Shelf Takedown will not be less than 5% of the outstanding Common Stock of the Company on the date of the request and (ii) the reasonably anticipated aggregate offering price to the public of all Registrable Securities to be sold pursuant to such Underwritten Shelf Takedown (determined in good faith by the Required Holders requesting the Underwritten Shelf Takedown) shall be in excess of five million dollars ($5 million); provided, further, that the Company will not be required to take any action pursuant to this Section ‎3(c) of this Agreement if within the 90 calendar day period preceding the date of a request for a Underwritten Shelf Takedown, the Company effected a Demand Registration, Underwritten Shelf Takedown or a Piggyback Registration, such Required Holders received notice of such Demand Registration, Underwritten Shelf Takedown or Piggyback Registration, and such Required Holders were able to register and 

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sell pursuant to such registration at least 50% of the Registrable Securities requested to be included in such registration either at the time of the registration or within 30 calendar days thereafter. All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company (a “Demand Shelf Takedown Notice”). Each Demand Shelf Takedown Notice shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. Within five Business Days after receipt of any Demand Shelf Takedown Notice, the Company shall give written notice of such requested Underwritten Shelf Takedown to all other Holders which have Registrable Securities included on such Shelf Registration (a “Company Shelf Takedown Notice”) and, subject to the provisions of Section ‎3(d)‎ below, shall include in such Underwritten Shelf Takedown all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) Business Days after sending the Company Shelf Takedown Notice.
(d)Priority on Underwritten Shelf Takedowns. The Company shall not include in any Underwritten Shelf Takedown that is not a Piggyback Registration any securities which are not Registrable Securities without the prior written consent of the Holders of a majority of the Registrable Securities requested to be included in such Underwritten Shelf Takedown. If the managing underwriters for such Underwritten Shelf Takedown advise the Company and the Holders of Registrable Securities included in the Shelf Takedown in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such Underwritten Shelf Takedown exceeds the number of Registrable Securities and other securities, if any, which can be sold without adversely affecting the marketability, proposed offering price range acceptable to the Holders of a majority of the Registrable Securities requested to be included in such Underwritten Shelf Takedown, timing or method of distribution of the offering, the Company shall include in such Underwritten Shelf Takedown the number of Registrable Securities which can be so sold in the following order of priority: (i) first, the Registrable Securities requested to be included in such Underwritten Shelf Takedown allocated pro rata among the respective Holders of such Registrable Securities on the basis of the number of Registrable Securities owned by each such Holder; and (i) second, other securities requested to be included in such Underwritten Shelf Takedown to the extent permitted hereunder.
(e)Selection of Underwriters. The Holders of a majority of the Registrable Securities initially requesting an Underwritten Shelf Takedown shall, after consultation with the Company, have the right to select the managing underwriters to administer the Public Offering (which shall consist of one or more reputable nationally recognized investment banks).

4.Piggyback Registration.
(a)Right to Piggyback. Whenever the Company proposes to file a Registration Statement under the Securities Act or conduct a Shelf Takedown with respect to a Public Offering of any class of the Company’s Capital Stock (other than a Demand Registration or an Excluded Registration, a “Piggyback Registration”), the Company shall give prompt written notice to all Holders of Registrable Securities of its intention to effect such Piggyback Registration and (i) in the case of a Piggyback Registration that is a Shelf Takedown, such notice 

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shall be given not less than five (5) Business Days prior to the expected date of commencement of marketing efforts for such Shelf Takedown and (ii) in the case of any other Piggyback Registration, such notice shall be given not less than five (5) Business Days after the public filing of such Registration Statement. The Company shall, subject to the provisions of Section ‎‎4(b) below, include in such Piggyback Registration, as applicable, all Registrable Securities held by Holders on the date of the notice of Piggyback Registration with respect to which the Company has received written requests for inclusion therein within (i) three (3) Business Days in the case of a Shelf Takedown or otherwise (ii) ten (10) Business Days, in each case after the date of the Company’s notice; provided that the Company may not commence marketing efforts for such Public Offering until after such periods and the inclusion of all such securities requested subject to Section ‎‎4(b).
(b)Priority on Piggyback Registrations. For any Piggyback Registration that includes an underwritten Public Offering and the managing underwriters advise the Company in writing that in their reasonable opinion the number of securities requested to be included in such Piggyback Registration exceeds the number of Registrable Securities and other securities, if any, which can be sold without adversely affecting the marketability, proposed offering price range acceptable to the Holders of a majority of the Registrable Securities requested to be included in such Piggyback Registration, timing or method of distribution of the offering, the Company shall include in such Demand Registration the number of Registrable Securities which can be sold without such adverse effect in the following order of priority: (i) first, if the Piggyback Registration includes a primary offering of Company securities for the Company’s own account, the securities offered by the Company thereby; (i) second, the Registrable Securities requested to be included in such Piggyback Registration by the Holders allocated pro rata among the Holders on the basis of the number of Registrable Securities owned by each Holder; and (i) third, other securities requested to be included in such Piggyback Registration, if any.
(c)Selection of Underwriters. For any Piggyback Registration that includes an underwritten Public Offering, the Company will have the sole right to select the underwriters for the Public Offering, each of which shall be a nationally recognized investment bank, reasonably acceptable to the Holders of a majority of Registrable Securities, if any, to be included in such Public Offering, which approval shall not be unreasonably withheld or delayed.

5.Suspensions; Withdrawals; Notices
(a)Suspensions. The Company may postpone, for up to 60 days from the date of the Demand Registration Notice, Underwritten Shelf Takedown Notice or request for a Shelf Registration Statement, the filing or the effectiveness of a Registration Statement for a Demand Registration or Shelf Registration Statement or suspend the use of a Prospectus that is part of a Shelf Registration for up to 60 days from the date of the Suspension Notice (as defined below) and therefore suspend sales of Registrable Securities included therein by providing written notice to the Holders included in such registration if the Company shall have furnished to the Holders a certificate signed by the Chief Executive Officer (or other authorized officer) of the Company stating that the Company’s Board of Directors has determined in its reasonable good faith judgment that the offer or sale of Registrable Securities should be suspended; provided that the 

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Company may not invoke a delay pursuant to this Section ‎5(a) more than twice or for more than sixty (60) days in the aggregate, in each case, in any twelve (12) month period. The Company may invoke this Section ‎5(a) only if the Company’s Board of Directors determines in good faith, after consultation with its external advisors or legal counsel, that the offer or sale of Registrable Securities would reasonably be expected to: (i) have a material adverse effect on any proposal or plan by the Company or any of its subsidiaries to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization or other transaction involving the Company or any of its subsidiaries; or (ii) require premature disclosure of material non-public information that the Company has a bona fide business purpose for preserving as confidential. Furthermore, the Company shall not be required to effect any registration pursuant to this Agreement while awaiting the Commission to declare the effectiveness of a registration statement of the Company.
(b)In the case of an event that causes the Company to suspend the use of a Registration Statement as set forth in Section ‎5(a) or ‎6(a)(vi)(A), (a “Suspension Event”), the Company shall give a notice to the Holders of Registrable Securities included in such Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities and such notice shall state that such suspension shall continue only for so long as the Suspension Event or its effect is continuing. The Company shall not include any material non-public information in the Suspension Notice and or otherwise provide such information to a Holder unless specifically requested by a Holder in writing. A Holder shall not effect any sales of the Registrable Securities pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice. Holders may recommence effecting sales of the Registrable Securities pursuant to the Registration Statement (or such filings) following further written notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders and Counsel to the Holders, if any, promptly following the conclusion of any Suspension Event.
(c)Time Extension. Notwithstanding any provision herein to the contrary, if the Company gives a Suspension Notice with respect to any Registration Statement pursuant to this Section ‎5, the Company agrees that it shall (i) extend the Required Effective Period which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice; and (ii) provide copies of any supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided that such period of time shall not be extended beyond the date that there are no longer Registrable Securities covered by such Registration Statement.
(d)Withdrawal Requests. At any time prior to the effective date of a Registration Statement, the Required Holders may withdraw such demand or request for registration (“Withdrawal Request”) by providing written notice of such withdrawal to the Company. A Withdrawal Request shall count as one of the permitted Demand Registrations or Underwritten Shelf Takedowns hereunder unless: (i) such withdrawal arose out of the fault of the 

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Company; (ii) in the reasonable judgment of the Required Holders, a Material Adverse Effect has occurred; (iii) a Suspension Notice was delivered to the Holders; or (iv) the managing underwriters advise that the amount of Registrable Securities to be sold in such offering be reduced by more than 25% of the Registrable Securities to be included in such Registration Statement. The Company shall pay all Registration Expenses in connection with any Registration Statement subject to a Withdrawal Request. Any Holder may withdraw its request for inclusion of Registrable Securities in a Registration Statement by giving written notice to the Company of its intention to remove its Registrable Securities from such Registration Statement within two Business Days before the earlier of (i) the expected date of the commencement of marketing efforts for the Public Offering in connection with such Registration Statement or (ii) the effectiveness of the Registration Statement.
(e)Limitation of Notices. Notwithstanding anything to the contrary contained in this Agreement, upon the consummation of two Follow-On Offerings, the Company shall only be required to give any notices under this Agreement to Holders of Registrable Securities that the Company has actual knowledge (it being acknowledged that the Company may rely on filings, if any, made by Holders with the Commission on Schedules 13D or 13G) beneficially own at least 10% of the Common Stock outstanding on the date such notice is to be given.

6.Company Undertakings.
(a)Whenever Registrable Securities are registered pursuant to this Agreement, the Company shall use commercially reasonable efforts to effect the registration and the sale of such Registrable Securities as soon as reasonably practicable in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as promptly as reasonably practicable:
(i)prepare and file with the Commission a Registration Statement with regard to such Registrable Securities as soon as reasonably practicable but not later than (i) in the case of a Demand Registration pursuant to Section 2(a)(i) of this Agreement, 120 days, and (ii) in all other cases, 60 days, of its receipt of an applicable notice from the Required Holders (unless the Registration Statement would be required pursuant to the rules and regulations of the Securities Act to include any audited or unaudited consolidated or pro forma financial statements that are not then currently available, in which case, promptly after such financial statements are available) and use commercially reasonable efforts to cause such Registration Statement to become effective as soon thereafter as is reasonably practicable;
(ii)before filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Holders whose Registrable Securities are requested to be included in the Registration Statement copies of all such documents, other than exhibits, documents that are incorporated by reference and such documents that are otherwise publicly available on EDGAR, proposed to be filed and such other documents reasonably requested by such Holders and provide Counsel to the Holders with a reasonable opportunity to review and comment on such documents of no less than three (3) Business Days;

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(iii)notify each Holder of the effectiveness of each Registration Statement and prepare and file with the Commission such amendments and supplements to such Registration Statement as may be necessary to keep such Registration Statement effective for a period of not less than (A) 90 days in the case of a Demand Registration that is not a Shelf Registration or (B) in the case of a Shelf Registration, until the date on which all Registrable Securities have been sold pursuant to the Shelf Registration or have otherwise ceased to be Registrable Securities, (or, in each case, if sooner, until all Registrable Securities have been sold under such Registration Statement), and comply with the provisions of the Securities Act (including by preparing and filing with the Commission any Prospectus or supplement to be used in connection therewith) with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the Holders as set forth in such Registration Statement (each such period as applicable, the “Required Effective Period”);
(iv)furnish to each seller of Registrable Securities, and the managing underwriters, without charge, such number of copies of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any Issuer Free Writing Prospectus)), all exhibits and other documents filed therewith and such other documents as such seller or such managing underwriters may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller, and upon request, a copy of any and all transmittal letters or other correspondence to or received from, the Commission or any other governmental authority relating to such offer;
(v)(A) to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests in writing, (A) keep such registration or qualification in effect for so long as such Registration Statement remains in effect, and (A) to do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company shall not be required to (x) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (y) subject itself to taxation in any such jurisdiction or (z) consent to general service of process in any such jurisdiction);
(vi)notify each seller of such Registrable Securities, the managing underwriters and Counsel to the Holders (A) at any time when a Prospectus relating to the applicable Registration Statement is required to be delivered under the Securities Act, (1) upon discovery that, or upon the happening of any event as a result of which, such Registration Statement, or the Prospectus or Issuer Free Writing Prospectus relating to such Registration Statement, or any document incorporated or deemed to be incorporated therein by reference contains an untrue statement of a material fact or omits any material fact necessary to make the statements in the Registration Statement or the Prospectus or Issuer Free Writing Prospectus relating thereto not misleading or otherwise requires the making of any changes in such Registration Statement, Prospectus, Issuer Free Writing Prospectus or document, and, at the 

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request of any such seller, the Company shall promptly prepare a supplement or amendment to such Prospectus or Issuer Free Writing Prospectus, furnish a reasonable number of copies of such supplement or amendment to each seller of such Registrable Securities, Counsel to the Holders and the managing underwriters and file such supplement or amendment with the Commission so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus or Issuer Free Writing Prospectus as so amended or supplemented shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading, (1) as soon as the Company becomes aware of any comments or inquiries by the Commission or any requests by the Commission or any Federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus or Issuer Free Writing Prospectus covering Registrable Securities or for additional information relating thereto, (1) as soon as the Company becomes aware of the issuance or threatened issuance by the Commission of any stop order suspending or threatening to suspend the effectiveness of a Registration Statement covering the Registrable Securities or (1) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable Security for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; and (A) when each Registration Statement or any amendment thereto has been filed with the Commission and when each Registration Statement or the related Prospectus or Issuer Free Writing Prospectus or any Prospectus supplement or any post-effective amendment thereto has become effective;
(vii)use commercially reasonable efforts to cause all such Registrable Securities (A) if the Common Stock is then listed on a National Securities Exchange or included for quotation in a recognized trading market, to continue to be so listed or included, (A) if the Registrable Securities are to be distributed in an underwritten Public Offering and the Common Stock is not then listed on a National Securities Exchange or included for quotation in a recognized trading market, to, as promptly as practicable (subject to the limitations set forth in the Plan), be listed on a National Securities Exchange, and (A) to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of the Registrable Securities;
(viii)provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the effective date of the applicable Registration Statement;
(ix)in connection with any underwritten Public Offering (including an Underwritten Shelf Takedown): 
(A)enter into and perform under such customary agreements (including underwriting agreements in customary form, including customary representations and warranties and provisions with respect to indemnification and contribution) and take all such other actions as the Holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including 

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effecting a stock split, a combination of shares, or other recapitalization) and provide reasonable cooperation, including causing appropriate officers to attend and participate in “road shows” and analyst or investor presentations and such other selling or other informational meetings organized by the underwriters, if any (taking into account the needs of the Company’s businesses and the responsibilities of such officers with respect thereto and the requirement of the marketing process);
(B)use commercially reasonable efforts to obtain and cause to be furnished to each such Holder included in such underwritten Public Offering and the managing underwriters a signed counterpart of (i) one or more comfort letters from the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters and (ii) a legal opinion (and negative assurance letter) of counsel to the Company addressed to the relevant underwriters and/or such Holders of Registrable Securities, in each case in customary form and covering such matters of the type customarily covered by such letters as the managing underwriters and/or Holders of a majority of the Registrable Securities included in such underwritten Public Offering reasonably request;
(x)upon reasonable notice and at reasonable times during normal business hours, make available for inspection by any Holder covered by the applicable Registration Statement, Counsel to the Holders, any underwriter participating in any disposition pursuant to such registration, as applicable, and any other attorney or accountant retained by such Holder or underwriter, all financial and other records and pertinent corporate documents of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement or Shelf Takedown, as applicable, and make themselves available at mutually convenient times to discuss the business of the Company and other matters reasonably requested by any such Holders, sellers, underwriter or agent thereof in connection with such Registration Statement as shall be necessary (subject to the Company’s compliance with Regulation FD) to enable them to exercise their due diligence responsibility, as applicable (any information provided under this Section ‎6(a)(x), “Due Diligence Information”); provided that the Company shall not provide any Due Diligence Information to a Holder unless such Holder explicitly requests such Due Diligence Information in writing.
(xi)permit any Holder which in its reasonable judgment might be deemed to be an Affiliate of the Company, Counsel to the Holders, any underwriter participating in any disposition pursuant to a Registration Statement, and any other attorney, accountant or other agent retained by such Holder or underwriter, to participate (including, but not limited to, reviewing, commenting on and attending all meetings) in the preparation of such Registration Statement and any Prospectus supplements relating to a Shelf Takedown, if applicable;

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(xii)in the event of the issuance or threatened issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any Common Stock included in such Registration Statement for sale in any jurisdiction, the Company shall use commercially reasonable efforts to (A) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order and (A) obtain the withdrawal of any order suspending or preventing the use of any related Prospectus or Issuer Free Writing Prospectus or suspending qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction at the earliest practicable date;
(xiii)provide a CUSIP number for the Registrable Securities prior to the effective date of the first Registration Statement including Registrable Securities;
(xiv)promptly notify in writing the participating Holders, the sales or placement agent, if any, therefor and the managing underwriters of the securities being sold: (A) when such Registration Statement or related Prospectus or Free Writing Prospectus or any Prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to any such Registration Statement or any post-effective amendment, when the same has become effective; and (A) of any written comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto;
(xv)(A) prepare and file with the Commission such amendments and supplements to each Registration Statement as may be necessary to comply with the provisions of the Securities Act, including post effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective for the applicable time period required hereunder and, if applicable, file any Registration Statements pursuant to Rule 462(b) promulgated under the Securities Act; (A) cause the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; (A) comply with the provisions of the Securities Act and the Exchange Act and any applicable securities exchange or other recognized trading market with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented; and (A) provide additional information related to each Registration Statement as requested by, and obtain any required approval necessary from, the Commission or any Federal or state governmental authority;
(xvi)cooperate with each Holder and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;
(xvii)within the deadlines specified by the Securities Act, make all required filing fee payments in respect of any Registration Statement or Prospectus used under this Agreement (and any Public Offering covered thereby);

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(xviii)if requested by any participating Holder or the managing underwriters, promptly include in a Prospectus supplement or amendment such information as the Holder or managing underwriters may reasonably request, including in order to permit the intended method of distribution of such securities, and make all required filings of such Prospectus supplement or such amendment as soon as reasonably practicable after the Company has received such request;
(xix)in the case of certificated Registrable Securities, cooperate with the participating Holders of Registrable Securities and the managing underwriters to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from each participating Holder that the Registrable Securities represented by the certificates so delivered by such Holder will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the Holders or managing underwriters may reasonably request at least two Business Days prior to any sale of Registrable Securities; and
(xx)use commercially reasonable efforts to take all other actions deemed necessary or advisable in the reasonable judgment of the Company to effect the registration and sale of the Registrable Securities contemplated hereby.
(b)The Company shall hold in confidence and not make any disclosure of information concerning a Holder provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning a Holder is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Holder and allow such Holder, at the Holder’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.
(c)As of the date hereof and except as provided pursuant to the Plan, the Company represents and warrants that it is not a party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Company, including securities convertible, exercisable or exchangeable into or for shares of any Capital Stock of the Company.

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(d)With a view to making available certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, after February 1, 2017 and until such date as no Holder owns any Registrable Securities, the Company agrees to:
(i)following the Public Reporting Date, use commercially reasonable efforts to continue to file in a timely manner all reports and other documents required, if any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder; 
(ii)make available information necessary to comply with Section 4(a)(7) under the Securities Act and Rule 144, Rule 144A and Regulation S promulgated under the Securities Act, if available, with respect to resales of the Registrable Securities under the Securities Act, at all times, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Section 4(a)(7), Rule 144, Rule 144A and Regulation S promulgated under the Securities Act, as may be amended from time to time, or any other similar rules or regulations now existing or hereafter adopted by the Commission; and 
(iii)upon the reasonable written request of any Holder, the Company will deliver to such Holder a written statement as to whether the Company has complied with such information requirements, and, if not, the specific reasons for non-compliance.
(e)The Company agrees that nothing in this Agreement shall prohibit the Holders, at any time and from time to time, from selling or otherwise transferring Registrable Securities pursuant to a private placement or other transaction which is not registered pursuant to the Securities Act. To the extent reasonably requested by a Holder and the total price of the Registrable Securities to be sold or transferred in such sale or transfer is reasonably expected to exceed $5 million, the Company shall assist and cooperate with such Holder to facilitate such sale or transfer by providing Due Diligence Information to potential purchasers consistent with Section ‎6(a)(x).

7.Holder Undertakings
(a)Free Writing Prospectuses. Each Holder represents that it has not prepared or had prepared on its behalf or used or referred to, and agrees that it will not prepare or have prepared on its behalf or used or refer to, any Free Writing Prospectus, and has not distributed and will not distribute any written materials in connection with the offer or sale of Common Stock without the prior written consent of the Company and, in connection with any underwritten Public Offering, the underwriters. Any such Free Writing Prospectus consented to by the Company and the underwriters, as the case may be, is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and agrees that it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.

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(b)Information for Inclusion. Each selling Holder that has requested inclusion of its Registrable Securities in any Registration Statement shall furnish to the Company such information regarding such Holder and its plan and method of distribution of such Registrable Securities as the Company may, from time to time, reasonably request in writing. The Company may refuse to proceed with the registration of such Holder’s Registrable Securities if such Holder unreasonably fails to furnish such information within a reasonable time after receiving such request.
(c)Underwritten Public Offering Participation. No Person may participate in any underwritten Public Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements in customary form entered into pursuant to this Agreement and (i) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements; provided that no Holder included in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters (other than (A) representations and warranties regarding (1) such Holder’s ownership of its Registrable Securities to be sold or transferred, (1) such Holder’s power and authority to effect such transfer, and (1) such matters pertaining to compliance with securities laws as may be reasonably requested by the Company or the underwriters, and (A) such other representations, warranties and other provisions relating to such Holder’s participation in such Public Offering as may be reasonably requested by the underwriters) or to undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided in Section ‎‎11(b) hereof, or to the underwriters with respect thereto, except to the extent of the indemnification being given to the underwriters and their controlling Persons in Section ‎‎11(b) hereof.
(d)Price and Underwriting Discounts. In the case of an underwritten Demand Registration or Underwritten Shelf Takedown requested by Holders pursuant to this Agreement, the price, underwriting discount and other financial terms of the related underwriting agreement for the Registrable Securities shall be determined by the Holders representing a majority of the Registrable Securities included in such underwritten Public Offering.
(e)Notice Opt-In and Opt-Out. Notwithstanding anything to the contrary in this Agreement, until a Holder makes an affirmative written election, the Company shall not be required to and shall not deliver any notice or any information to such Holder that would reasonably be expected to constitute material non-public information, including any applicable notices or other information under this Agreement. Upon receipt of written election to receive such notices or information (an “Opt-In Election”) the Company shall be required to and shall provide to the Holder all applicable notices or information pursuant to this Agreement from the date of such Opt-In Election. At any time following a Holder making an Opt-In Election, such Holder may also make a written election to no longer receive any such notices or information (an “Opt-Out Election”), which election shall cancel any previous Opt-In Election, and, following receipt of such Opt-Out Election, the Company shall not be required to, and shall not, deliver any such notice or information to such Holder from the date of such Opt-Out Election. An Opt-Out Election may state a date on which it expires or, if no such date is specified, shall remain in 

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effect indefinitely. A Holder who previously has given the Company an Opt-In Election or Opt-Out Election may revoke such election at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent Opt-In Elections and Opt-Out Elections. Should any Holder have made an Opt-In Election and have received a notice or any information that would reasonably be expected to constitute material non-public information (“MNPI”), such Holder agrees that it shall treat such MNPI as confidential and shall not disclose or use such MNPI, in each case, without the prior written consent of the Company until such time as such MNPI is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement; provided that a Holder may deliver or disclose MNPI (A) to its Representatives but solely to the extent such disclosure reasonably relates to its evaluation of exercise of its rights under this Agreement and the sale of any Registrable Securities in connection therewith, such Representatives are bound by confidentiality agreements adopted in good faith to protect confidential information of third parties delivered to such Holder and the Holder remains responsible under this Agreement for any breach of such confidentiality obligations by its Representatives; (B) when disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities; (C) when disclosure of such information is required by law (including any disclosure requirements pursuant to federal securities laws in connection with the filing of any Registration Statement or the use of any Prospectus referred to in this Agreement); (D) when such information becomes generally available to the public other than as a result of a breach of this Agreement or (E) when such information becomes available to any such person from a source other than the Company and such source is not bound by a confidentiality agreement. 

8.Registration Expenses.
(a)Expenses. All fees and expenses incurred by the Company in connection with this Agreement (“Registration Expenses”) will be borne by the Company. These fees and expenses will include without limitation (i) stock exchange, Commission, FINRA and other registration and filing fees, (i) all fees and expenses incurred in connection with complying with any securities or blue sky laws (including reasonable fees, charges and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (i) all printing, messenger and delivery expenses, (i) the fees, charges and disbursements of counsel to the Company and of its independent public accountants and any other accounting and legal fees, charges and expenses incurred by the Company (including any expenses arising from any special audits or “comfort letters” required in connection with or incident to any registration) and other Persons retained by the Company, (i) the fees and expenses incurred in connection with the listing of the Registrable Securities on a National Securities Exchange, and (vi) reasonable fees an expenses of any underwriter (for an underwritten offering permitted by the terms of this Agreement) excluding discounts and commissions. For the avoidance of doubt, Registration Expenses shall not include Selling Expenses.
(b)Reimbursement of Counsel. The Company will also reimburse or pay, as the case may be, the Holders of Registrable Securities included in such registration for the reasonable fees and out-of-pocket expenses of the Counsel to the Holders relating to or in connection with any action taken pursuant to this Agreement within 30 calendar days of 

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presentation of an invoice approved by such Holders and disbursements of each additional counsel retained by any Holder for the purpose of rendering a legal opinion on behalf of such Holder in connection with any underwritten Public Offering if the managing underwriters of such Public Offering or the Company reasonably request such legal opinion and Counsel to the Holders cannot reasonably provide such legal opinion due to legal jurisdiction or otherwise.

9.Lock-Up Agreements.
(a)Lock-Up Agreements and Market Stand-Off. If required by the Holders of a majority of the Registrable Securities participating in an underwritten Public Offering and requested by the managing underwriters of such Public Offering:
(i)In the absence of any Lock-Up Agreement entered by a Holder, each holder of Registrable Securities agrees, that in connection with the Company’s IPO, such Holder shall not (A) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144 or Section 1145 of the Bankruptcy Code), directly or indirectly, any Capital Stock of the Company (including Capital Stock of the Company that may be deemed to be owned beneficially by such holder in accordance with the rules and regulations of the Commission) (collectively, “Equity Securities”), (B) enter into a transaction which would have the same effect as described in clause (A) above, (C) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Equity Securities, whether such transaction is to be settled by delivery of such Equity Securities, in cash or otherwise (each of (A), (B) and (C) above, a “Sale Transaction”), or (D) publicly disclose the intention to enter into any Sale Transaction, from the date on which a preliminary prospectus has been circulated for such IPO to the date that is 180 days following the date of the final prospectus for such IPO, unless the underwriters managing the Public Offering otherwise agree in writing; provided that if the Lock-Up Agreement entered by participating Holders in any Public Offering pursuant to Section 9(a)(ii) of this Agreement is any less restrictive than the foregoing provisions, then such less restrictive provisions shall apply; provided further that the foregoing provisions shall only be applicable to the Holders if all stockholders, officers and directors are treated similarly with respect to any release prior to the termination of the restricted period such that if any such persons are released, then all Holders shall also be released to the same extent on a pro rata basis;
(ii)each of the Holders participating in an underwritten Public Offering shall enter into a lock-up agreement with the managing underwriters of such Public Offering to not make any sale or other disposition of any of the Company’s Capital Stock owned by such Holder (a “Lock-Up Agreement”), such agreement to be in customary form and substance with customary exceptions; provided that all executive officers and directors of the Company and the Holders requesting such Lock-Up Agreements are bound by and have entered into substantially similar Lock-Up Agreements; provided further the foregoing provisions shall only be applicable to the Holders if all stockholders, officers and directors are treated similarly with respect to any release prior to the termination of the lock-up period such that if any such persons are released, then all Holders shall also be released to the same extent on a pro rata basis. 

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(iii)The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the restrictions set forth in this Section ‎9(a) until the end of the applicable period of the Lock-Up Agreement. 
(b)Company Lock-Up. In connection with any underwritten Public Offering, and upon the reasonable request of the managing underwriters, the Company shall: (i) agree to a customary lock-up provision applicable to the Company in an underwriting agreement as reasonably requested by the managing underwriters; and (ii) cause each of its executive officers and directors to enter into Lock-Up Agreements, in each case, in customary form and substance, and with exceptions that are customary, for an underwritten Public Offering.

10.Information Rights.
(a)Financial Statements. Prior to the Public Reporting Date, the Company will make publicly available (either by publishing on its website or by other means reasonably intended to make effective, broad and non-exclusionary public disclosure):
(i)no later than the dates specified in the Commission’s rules and regulations (including any extensions provided therein) for a filer that is a “non-accelerated filer” (or any successor term that provides an entity with the greatest time period for filing periodic reports with the SEC) to file quarterly reports on Form 10-Q (or any successor or comparable forms) if the Company were required to file such reports, (i) a balance sheet of the Company as of the end of each of the first, second and third quarterly accounting periods in each fiscal year of the Company, as applicable, and a statement of income and a statement of cash flows of the Company for such period and for the current fiscal year to date, all prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein), subject to year-end audit adjustment, and (ii) a management discussion and analysis of financial condition and results of operations with respect to such financial statements; provided, however, that (i) no such financial statements or management discussion and analysis will be required for the fiscal quarter ended June 30, 2016, (ii) the Company shall have an additional 15 days to furnish such financial statements and management discussion and analysis for the fiscal quarter ended September 30, 2016 and (iii) the Company shall not be required to include comparable prior period financial statements and related information in any quarterly report prior to the quarterly report for the quarter ended September 30, 2017; and
(ii)no later than the dates specified in the Commission’s rules and regulations (including any extensions provided therein) for a filer that is a “non-accelerated filer” (or any successor term that provides an entity with the greatest time period for filing periodic reports with the SEC) to file an annual report on Form 10-K (or any successor or comparable forms) if the Company were required to file such reports, (i) a balance sheet of the Company as of the end of each such fiscal year, and a statement of income and a statement of cash flows of the Company for such year, all prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein) and setting forth in each case in comparative form the figures for the previous fiscal year, and (ii) a management discussion and analysis of financial condition and results of operations with respect to such financial statements; provided, however, that (i) the Company shall have an additional 30 days to furnish 

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such financial statements and management discussion and analysis for the fiscal quarter ended September 30, 2016 and (ii) the Company shall not be required to include comparable prior period financial statements and related information in any annual report prior to the quarterly report for the quarter ended September 30, 2017. Such financial statements shall be accompanied by a report and opinion thereon by independent public accountants selected by the Company’s Board of Directors.
(b)Conference Calls. The Company will arrange and participate in quarterly conference calls to discuss its results of operations no later than three business days following that date on which each of the quarterly and annual reports are made available as provided in Section 10(a) of this Agreement; provided that the Company may limit the information made available during such conference calls to the extent the Company determines, in its sole discretion, that such information (x) would not be material to Holders or to the business, assets, operations or financial positions of the Company and its subsidiaries, taken as a whole, or (y) would otherwise cause material competitive harm to the business, assets, operations, financial position or prospects of the Company and its subsidiaries, taken as a whole; and provided further that (i) no such conference call shall be required in connection with the financial statements and management discussion and analysis for the fiscal quarter ended June 30, 2016, and (ii) the Board of Directors of the Company, acting in good faith, may waive the requirement for such conference call in connection with the financial statements and management discussion and analysis for the fiscal quarter ended September 30, 2016. The Company will provide on its public website (or through a public announcement or such other medium as the Company may use at the time) dial-in conference call information and presentations or materials referred to on such calls, if any, substantially concurrently with the posting of such reports as provided for in Section 10(a) of this Agreement.

11.Indemnification; Contribution.
(a)Indemnification by the Company. The Company agrees to indemnify and hold harmless each Holder registered pursuant to this Agreement, such Holder’s Affiliates, directors, officers, employees, members, managers, agents and any Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and any underwriter that facilitates the sale of the Registrable Securities and any Person who controls such underwriter (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities and expenses (“Losses”) to which they or any of them may become subject insofar as such Losses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement pursuant to which Registrable Securities were registered, Prospectus, preliminary prospectus, any road show, as defined in Rule 433(h)(4) under the Securities Act a (“road show”), or Issuer Free Writing Prospectus included in any such Registration Statement, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in the case of any Prospectus, preliminary prospectus, road show or Issuer Free Writing Prospectus, in light of the circumstances under which they were made, to make the statements therein not misleading and 

23

the Company agrees to reimburse each such indemnified party for any reasonable legal or other reasonable out-of-pocket expenses incurred by them in connection with investigating or defending any such Losses (whether or not the indemnified party is a party to any proceeding); provided, however, that the Company will not be liable in any case to the extent that any such Loss arises out of or is based upon any such untrue or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any such Holder specifically for inclusion therein, including, without limitation, any notice and questionnaire. This indemnity agreement will be in addition to any liability which the Company may otherwise have.
(b)Indemnification by the Holders. Each Holder severally (and not jointly) agrees to indemnify and hold harmless the Company and each of its Affiliates, directors, employees, members, managers, agents and each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and any underwriter that facilitates the sale of Registrable Securities and any Person who controls such underwriter (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all Losses to which they or any of them may become subject insofar as such Losses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement pursuant to which Registrable Securities were registered, Prospectus, preliminary prospectus, road show, Issuer Free Writing Prospectus included in any such Registration Statement, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in the case of any Prospectus, preliminary prospectus, road show, Issuer Free Writing Prospectus, in light of the circumstances under which they were made, to make the statements therein not misleading, to the extent, but only to the extent, that any such untrue statement or alleged untrue statement or omission or alleged omission is contained in any written information furnished to the Company by or on behalf of such Holder specifically for inclusion therein; provided, however, that the maximum amount to be indemnified by such Holder pursuant to this Section ‎11(b) shall be limited to the net proceeds (after deducting underwriters’ discounts and commissions) received by such Holder in the Public Offering to which such Registration Statement, Prospectus, preliminary prospectus, road show or Issuer Free Writing Prospectus relates; provided, further, that a Holder shall not be liable in any case to the extent that prior to the filing of any such Registration Statement, Prospectus, preliminary prospectus, road show or Issuer Free Writing Prospectus or any amendment thereof or supplement thereto, each Holder has furnished in writing to the Company, information expressly for use in, and within a reasonable period of time prior to the effectiveness of such Registration Statement or the use of the Prospectus, preliminary prospectus, road show or Issuer Free Writing Prospectus, or any amendment thereof or supplement thereto which corrected or made not misleading information previously provided to the Company. This indemnity agreement will be in addition to any liability which any such Holder may otherwise have.
(c)Conduct of Indemnification Proceedings. Promptly after receipt by an indemnified party under this Section ‎‎11 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party 

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under this Section ‎‎11(c), notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under Section ‎‎11(a) or Section ‎‎11(b) above unless and to the extent such action and such failure results in material prejudice to the indemnifying party and forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in Section ‎‎11(a) or Section ‎‎11(b) above. The indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, except as provided in the next sentence, after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation. Notwithstanding the indemnifying party’s rights in the prior sentence, the indemnified party shall have the right to employ its own counsel (and one local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if:
(i)the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with an actual or potential conflict of interest;
(ii)the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party;
(iii)the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or
(iv)the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party.
No indemnifying party shall, in connection with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general circumstances or allegations, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all indemnified parties. An indemnifying party shall not be liable under this Section ‎‎11(c) to any indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to by such indemnifying party, which consent shall not be unreasonably withheld. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party (which consent 

25

shall not be unreasonably withheld), consent to entry of any judgment or enter into any settlement or compromise unless such settlement or compromise (x) includes as an unconditional term thereof the giving by the claimant or plaintiff therein, to such indemnified party, of a full and final release from all liability in respect to such claim or litigation and (y) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of such indemnified party.
(d)Contribution.
(i)In the event that the indemnity provided in Section ‎‎11(a) or Section ‎11(b)‎ above is unavailable to or insufficient to hold harmless an indemnified party for any reason, then each applicable indemnifying party agrees to contribute to the aggregate Losses (including reasonable legal or other reasonable out-of-pocket expenses incurred in connection with investigating or defending same) to which such indemnifying party may be subject in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party on the one hand and by the indemnified party on the other from the Public Offering of the Common Stock; provided, however, that the maximum amount of liability in respect of such contribution shall be limited in the case of any Holder to the net proceeds (after deducting underwriters’ discounts and commissions) received by such Holder in connection with such registration. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party on the one hand or the indemnified party on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
(ii)The parties agree that it would not be just and equitable if contribution pursuant to this Section ‎‎11(d) were determined by pro rata allocation (even if the Holders of Registrable Securities or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section ‎11(d)‎. The amount paid or payable by an indemnified party as a result of the Losses referred to above in this Section ‎‎11(d) shall be deemed to include any reasonable legal or other reasonable out-of-pocket expenses incurred by such indemnified party in connection with investigating or defending any such action or claim.
(iii)Notwithstanding the provisions of this Section ‎‎11(d), no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

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(iv)For purposes of this Section ‎‎11, each Person who controls any Holder, agent or underwriter (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and each director, officer, employee and agent of any such Holder, agent or underwriter shall have the same rights to contribution as such Holder, agent or underwriter, and each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and each officer and director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this Section ‎‎11(d).
(e)The provisions of this Section ‎‎11 will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of the officers, directors or controlling Persons referred to in this Section ‎‎11 hereof, and will survive the transfer of Registrable Securities.

12.Transfer of Registration Rights.
The rights of a Holder hereunder may be transferred, assigned, or otherwise conveyed on a pro rata basis in connection with any transfer, assignment, or other conveyance of Registrable Securities to any transferee or assignee; provided that all of the following additional conditions are satisfied with respect to any transfer, assignment or conveyance of rights hereunder: (a) such transfer, assignment or conveyance (other than any transfer, assignment or conveyance of rights of a Holder to an Affiliate of such Holder) is for not less than the lesser of (i) 2.5% of the outstanding Common Stock, and (ii) all of the Common Stock initially held by such Holder upon the Effective Date of the Plan; (b) such transfer or assignment is effected in accordance with applicable securities laws; (c) such transferee or assignee agrees in writing to become subject to the terms of this Agreement by executing and delivering to the Company a Joinder; and (d) the Company is given written notice by such Holder within 15 Business Days of such transfer or assignment, stating the name and address of the transferee or assignee, identifying the Registrable Securities with respect to which such rights are being transferred or assigned and the total number of Registrable Securities and other Capital Stock of the Company beneficially owned by such transferee or assignee.

13.Amendment, Modification and Waivers; Further Assurances.
(a)Amendment. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may be waived, only by a written instrument, (a) signed by (i) the Company, and (i) the Holders of at least 20% of the Registrable Securities; provided, that no provision of this Agreement shall be modified or amended in a manner that is disproportionately and materially adverse to any Holder, without the prior written consent of such Holder, as applicable, or (b) in the case of a waiver, by the party hereto waiving compliance. Furthermore, this Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may be waived without the consent of Holders in order to comply with any provision of the Plan.
(b)Changes in Common Stock. If, and as often as, there are any changes in the Common Stock by way of stock split, stock dividend, combination or reclassification, or 

27

through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions hereof as may be required so that the rights and privileges granted hereby shall continue with respect to the Registrable Securities as so changed and the Company shall make appropriate provision in connection with any merger, consolidation, reorganization or recapitalization that any successor to the Company (or resulting parent thereof) shall agree, as a condition to the consummation of any such transaction, to expressly assume the Company’s obligations hereunder.
(c)Effect of Waiver. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such terms and conditions or any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be construed to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such waiver is claimed in all other instances or for all other purposes to require full compliance with such provision. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of such provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms.
(d)Further Assurances. Each of the parties hereto shall execute all such further instruments and documents and take all such further action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement.

14.Miscellaneous.
(a)Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto (including any trustee in bankruptcy) whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of this Agreement which are for the benefit of purchasers or Holders of Registrable Securities are also for the benefit of, and enforceable by, any subsequent Holder. No assignment or delegation of this Agreement by the Company, or any of the Company’s rights, interests or obligations hereunder, shall be effective against any Holder without the prior written consent of such Holder.
(b)Remedies; Specific Performance. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically, to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor; provided that the liability of the Holders shall be several and not joint. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement and shall not be required to prove irreparable injury to such party or that such party does not have an adequate remedy at law 

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with respect to any breach of this Agreement (each of which elements the parties admit). The parties hereto further agree and acknowledge that each and every obligation applicable to it contained in this Agreement shall be specifically enforceable against it and hereby waives and agrees not to assert any defenses against an action for specific performance of their respective obligations hereunder. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies available under this Agreement or otherwise. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement.
(c)Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when (i) delivered personally to the recipient, (i) e-mailed or sent by facsimile to the recipient, or (i) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the Company at the address set forth below and to any Holder at the address set forth on the signature page hereto (with copies sent at the address set forth below), or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party.
The Company’s address is:
Contura Energy, Inc. 
PO BOX 848
Bristol, TN 37621-0848
Attn: Andy Eidson, Mark Manno
		
	Telephone: 
	(276) 285-2099 (until August 30, 2016)

(423) 573-0300 (after August 30, 2016)
		
	Facsimile: 
	(276) 628-3116 (until August 30, 2016)

(423) 573-0448 (after August 30, 2016)
		
	Email: 
	andy.eidson@conturaenergy.com

mark.manno@conturaenergy.com
Copies of notices to the Holders shall be sent to:
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York 
		
	Attention:
	William Taylor

Byron Rooney 
		
	E-mail: 
	william.taylor@davispolk.com; byron.rooney@davispolk.com

If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the State of New York or the jurisdiction in which the Company’s principal office is located, the time period shall automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday.

29

(d)No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to the Holders of Registrable Securities in this Agreement.
(e)Counterparts. This Agreement may be executed in one or more counterparts, and may be delivered by means of facsimile or electronic transmission in portable document format (“pdf”), each of which shall be deemed to be an original and shall be binding upon the party who executed the same, but all of such counterparts shall constitute the same agreement.
(f)Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The words “include,” “includes” or “including” in this Agreement shall be deemed to be followed by “without limitation.” The use of the words “or,” “either” or “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the time. All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references to the comparable successors thereto from time to time.
(g)Delivery by Facsimile and Electronic Means. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or other electronic means, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or other electronic means to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

30

(h)Arm’s Length Agreement. Each of the parties to this Agreement agrees and acknowledges that this Agreement has been negotiated in good faith, at arm’s length, and not by any means prohibited by law.
(i)Sophisticated Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges that (i) it is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set forth in this Agreement and (i) it has been fully advised and represented by legal counsel of its own independent selection and has relied wholly upon its independent judgment and the advice of such counsel in negotiating and entering into this Agreement.
(j)Governing Law. This Agreement and the exhibits, attachments and annexes hereto shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) to the extent such rules or provisions would cause the application of the laws of any jurisdiction other than the State of New York.
(k)Submission to Jurisdiction. Any action, suit or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby must be brought in the United States District Court for the in the Southern District of New York or any New York state court, in each case, located in the Borough of Manhattan, and each party consents to the exclusive jurisdiction and venue of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such, action, suit or proceeding in any such court or that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.
(l)Waiver of Jury Trial. Each of the parties to this Agreement hereby agrees to waive its respective rights to a jury trial of any claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement, including contract claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into this Agreement, that each has already relied on this waiver in entering into this Agreement and that each will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION ‎‎14(m) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court.

31

(m)Complete Agreement. This Agreement and any certificates, documents, instruments and writings that are delivered pursuant hereto, represent the complete agreement among the parties hereto as to all matters covered hereby, and supersedes any prior agreements or understandings among the parties.
(n)Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.
(o)Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable Securities outstanding; provided, that the provisions of Sections ‎6(b), ‎7(e), ‎8, ‎‎9(a)(i), 11 and ‎14 shall survive any such termination; provided further that any Holder may elect to terminate its obligations under this Agreement by giving the Company written notice thereof subject to the survival of the foregoing provisions; provided further that this Agreement shall automatically terminate with respect to a Holder that no longer holds any Registrable Securities.
(p)Independent Agreement by the Holders. The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder, and no provision of this Agreement is intended to confer any obligations on any Holder vis-à-vis any other Holder. Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated herein.
[Signature Pages Follow]

32

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above.
	
		
	CONTURA ENERGY, INC.

	By:
	/s/ John DeGroote

	 
	Name: John DeGroote

	 
	Title: Director, President and Secretary

	 
	 

	Address for Notice:
Contura Energy, Inc.
P.O. Box 848
Bristol, TN 37621-0848

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
			
	 	Highbridge Tactical Credit & Convertibles Master Fund, L.P.

	 
	 	By:
	Highbridge Capital Management, LLC, as Trading Manager

	 	 

	 	By:
	/s/ Jonathan Segal

	 	 
	Name: Jonathan Segal

	 	 
	Title: Managing Director

	
		
	Address:

	40 West 57th Street, 32nd Floor

	New York, NY 10019

	 

	 
	 

	Telephone:
	212-287-4700

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	jonathan.segal@highbridge.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[   ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
			
	 	Highbridge Tactical Credit & Convertibles Master Fund, L.P.

	 
	 	By:
	Highbridge Capital Management, LLC, as Trading Manager

	 	 

	 	By:
	 

	 	 
	Name: Jonathan Segal

	 	 
	Title: Managing Director

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	Highbridge International LLC

	By:
	Highbridge Capital Management, LLC, as Trading Manager

	 

	 
	 

	By:
	/s/ Jonathan Segal

	 
	Name: Jonathan Segal

	 
	Title: Managing Director

	
		
	Address:

	40 West 57th Street, 32nd Floor

	New York, NY 10019

	 

	 
	 

	Telephone:
	212-287-4700

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	jonathan.segal@highbridge.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[   ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	Highbridge International LLC

	By:
	Highbridge Capital Management, LLC, as Trading Manager

	 

	By:
	 

	 
	Name: Jonathan Segal

	 
	Title: Managing Director

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	BlueMountain Foinaven Master Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

	
		
	Address:

	C/O BlueMountain Capital Management, LLC

	280 Park Ave, 12th Floor

	New York, NY 10017

	 
	 

	Telephone:
	 

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	legalnotices@bmcm.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[ X ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	BlueMountain Foinaven Master Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	Blue Mountain Credit Alternatives Master Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

	
		
	Address:

	C/O BlueMountain Capital Management, LLC

	280 Park Ave, 12th Floor

	New York, NY 10017

	 
	 

	Telephone:
	 

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	legalnotices@bmcm.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[ X ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	Blue Mountain Credit Alternatives Master Fund L.P

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	BlueMountain Equity Alternatives Master Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

	
		
	Address:

	C/O BlueMountain Capital Management, LLC

	280 Park Ave, 12th Floor

	New York, NY 10017

	 
	 

	Telephone:
	 

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	legalnotices@bmcm.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[ X ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	BlueMountain Equity Alternatives Master Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	BlueMountain Guadalupe Peak Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

	
		
	Address:

	C/O BlueMountain Capital Management, LLC

	280 Park Ave, 12th Floor

	New York, NY 10017

	 
	 

	Telephone:
	 

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	legalnotices@bmcm.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[ X ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	BlueMountain Guadalupe Peak Fund L.P

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	BlueMountain Logan Opportunities Master Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

	
		
	Address:

	C/O BlueMountain Capital Management, LLC

	280 Park Ave, 12th Floor

	New York, NY 10017

	 
	 

	Telephone:
	 

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	legalnotices@bmcm.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[ X ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	BlueMountain Logan Opportunities Master Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	BlueMountain Montenvers Master SCA SICAV-SIF

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

	
		
	Address:

	C/O BlueMountain Capital Management, LLC

	280 Park Ave, 12th Floor

	New York, NY 10017

	 
	 

	Telephone:
	 

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	legalnotices@bmcm.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[ X ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	BlueMountain Montenvers Master SCA SICAV-SIF

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	BlueMountain Kicking Horse Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

	
		
	Address:

	C/O BlueMountain Capital Management, LLC

	280 Park Ave, 12th Floor

	New York, NY 10017

	 
	 

	Telephone:
	 

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	legalnotices@bmcm.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[ X ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	BlueMountain Kicking Horse Fund L.P.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	BlueMountain Timberline Ltd.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

	
		
	Address:

	C/O BlueMountain Capital Management, LLC

	280 Park Ave, 12th Floor

	New York, NY 10017

	 
	 

	Telephone:
	 

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	legalnotices@bmcm.com

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[ X ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	BlueMountain Timberline Ltd.

	By:
	BlueMountain Capital Management, LLC, its investment manager

	 

	 
	 

	By:
	/s/ David M. O'Mara

	 
	Name: David M. O'Mara

	 
	Title: Deputy General Counsel

[Signature Page to Registration Rights Agreement]

IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date first written above. 
	
		
	Bay Street Holdings, LLC Series 22 - Contura Energy

	 
	 

	By:
	/s/ John T. Rudy

	 
	Name: John T. Rudy

	 
	Title: President

	
		
	Address:

	111 West Monroe St.

	Chicago, Illinois 60603

	 

	 
	 

	Telephone:
	 

	 
	 

	Fax No.:
	 

	 
	 

	E-mail:
	 

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[   ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	[HOLDER]

	 
	 

	By:
	 

	 
	Name:

	 
	Title:

[Signature Page to Registration Rights Agreement]

ANNEX A 
Form of Joinder Agreement
THIS JOINDER AGREEMENT is made and entered into by the undersigned with reference to the following facts:
Reference is made to the Registration Rights Agreement, dated as of [•], 2016, as amended (the “Registration Rights Agreement”), by and among Contura Energy, Inc., a Delaware corporation (the “Company”), the other parties (the “Holders”) thereto. Capitalized terms used but not defined in this Joinder Agreement shall have the meanings ascribed thereto in the Registration Rights Agreement.
As a condition to the acquisition of rights under the Registration Rights Agreement in accordance with the terms thereof, the undersigned agrees as follows:
1.The undersigned hereby agrees to be bound by the provisions of the Registration Rights Agreement and undertakes to perform each obligation as if a Holder thereunder and an original signatory thereto in such capacity.
2.This Joinder Agreement shall bind, and inure to the benefit of, the undersigned hereto and its respective devisees, heirs, personal and legal representatives, executors, administrators, successors and assigns.
3.This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) to the extent such rules or provisions would cause the application of the laws of any jurisdiction other than the State of New York.
[Signature Page Follows]

B-1

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement.
	
		
	[HOLDER]

	By:
	 

	 
	Name:   

	 
	Title:

	Date:
	 

	
		
	Address:
	 

	 
	 

	 
	 

	 
	 

	Phone Number:
	 

	Facsimile Number:
	 

	E-mail for Notice:
	 

	I.R.S. I.D. Number:
	 

	Amount of Registrable Securities Acquired:
	 

To exercise the Opt-In Election pursuant to Section ‎7(e), please check the box below and countersign:
[   ] – The undersigned Holder hereby notifies the Company of its exercise of the Opt-In Election.
	
		
	[HOLDER]

	By:
	 

	 
	Name:   

	 
	Title:   

[Signature Page to Joinder Agreement]

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