Document:

SEC Exhibit

Exhibit 10.2

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

This First Amendment to Employment Agreement (this “Amendment”) is entered into effective as of May 18, 2015 (the “Effective Date”) by and between Armstrong Energy, Inc., a Delaware corporation with offices at 7733 Forsyth Boulevard, Suite 1625, Saint Louis, Missouri 63105 (the “Company”), and J. Hord Armstrong, III of 748 Cella Road, Saint Louis, Missouri 63124 (the “Executive”). Armstrong and the Executive are sometimes referred to collectively herein as the “Parties.”

WHEREAS, the Parties entered into that certain Employment Agreement, dated October 1, 2011 (the “Agreement”); and

WHEREAS, the Parties desire to amend the Agreement to reflect the current position, responsibilities and Salary of the Executive under the Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein set forth, the Parties hereto agree as follows:

		
	1.
	Section 1 of the Agreement is hereby amended and replaced in its entirety with the following:

1.     EMPLOYMENT; POSITION AND RESPONSIBILITIES.

The Company agrees to employ the Executive as its Executive Chairman, and the Executive agrees to continue to be employed by the Company in such capacity, subject to the terms and conditions set forth in this Agreement. The Executive shall during the continuance of his employment:

		
	(a)
	serve the Company to the best of his ability in the capacity of Executive Chairman or in such other capacity or capacities, consistent with the Executive’s level of experience and expertise as may be specified from time to time by the Board of Directors in its sole discretion;

		
	(b)
	faithfully and diligently perform such duties and exercise such powers consistent with such office, subject to the direction and supervision of the Board of Directors;

		
	(c)
	if and so long as the Board of Directors so directs, perform and exercise the said duties and powers on behalf of any Affiliated Company and act as a director or other officer of any Affiliated Company; and

(d) unless prevented by sickness, injury or otherwise agreed by the Board of Directors, devote the necessary time and attention and abilities during his hours of work (which shall be normal business hours and such reasonable additional hours as may be necessary for the proper performance of his duties) to the performance of his duties under this Agreement.

		
	2.
	Section 2.1 of the Agreement is hereby amended and replaced in its entirety with the following:

2.     COMPENSATION.

		
	2.1  
	Salary and Bonus. The Company shall pay to the Executive during his employment a salary at the rate of $380,000 per year (the “Salary”), prorated for any partial period of employment, and, at the Executive’s option, either the use of an automobile appropriate for his position or an automobile allowance in conformity with Employer’s existing policy at the time, either of which may be discontinued at any time at the sole discretion of the Board of Directors. The Salary shall be payable in equal semi-monthly installments in arrears or as otherwise determined by the Company on a company-wide basis. During the term of his employment as defined herein, the Executive shall also be entitled to be considered for an annual bonus based upon the achievement of performance criteria established by the Company and to be awarded such bonus as determined by the Company’s Board of Directors in its sole discretion, and the target amount will not be less than 100% of the Executive’s then annual Salary (the “Bonus”). The Salary and Bonus shall be reviewed from time to time and the rates thereof may be increased by the Company. Unless otherwise specifically provided for in this Agreement, the Executive must be employed by the Company or an affiliate on the date the Bonus or other discretionary payment is made to be entitled to receive the Bonus or other discretionary payment. Any Bonus or other discretionary payments due under this Agreement shall be paid to the Executive at the time specified by the Board of Directors at the time any such Bonus or other discretionary payment is awarded, but in no event later than two and a half months after the end of the taxable year in which any substantial risk of forfeiture with respect to such Bonus or other payment lapses.

		
	3.
	By executing this Amendment, the Executive waives his right to claim that any changes in his position, responsibilities and/or the Salary as described in this Amendment constitute Good Reason for purposes of the Agreement.

		
	4.
	Section 15.1(g) is hereby deleted in its entirety.

		
	5.
	All other terms and conditions of the Agreement that are not hereby amended are to remain in full force and effect.

IN WITNESS WHEREOF, this Amendment has been executed and delivered by an authorized representative of the Company and by the Executive as of the date first above written.

ARMSTRONG ENERGY, INC.            EXECUTIVE

/s/ Martin D. Wilson                                                    /s/ J. Hord Armstrong, III                     
Martin D. Wilson                    J. Hord Armstrong, III
President and Chief Executive OfficerSEC Exhibit

Exhibit 10.3

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

This Second Amendment to Employment Agreement (this “Amendment”) is entered into effective as of the 22nd day of April, 2016 (the “Effective Date”) by and between Armstrong Energy, Inc., a Delaware corporation with offices at 7733 Forsyth Boulevard, Suite 1625, Saint Louis, Missouri 63105 (the “Company”), and Martin D. Wilson of 12 Babler Lane, Saint Louis, Missouri 63124 (the “Executive”). Company and Executive are sometimes referred to collectively herein as the “Parties.”

WHEREAS, the Parties entered into that certain Employment Agreement, dated October 1, 2011, as amended by that certain First Amendment to Employment Agreement dated May 18, 2015 (the “Agreement”); and

WHEREAS, the Parties desire to further amend the Agreement to adjust Executive’s compensation in the event of Termination without Cause by Company, failure to renew the Agreement by the Company, for Good Reason by Executive, and in the event of a Change of Control, each as defined in the Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein set forth, the Parties hereto agree as follows:

		
	1.
	Section 9.3 of the Agreement is hereby amended and replaced in its entirety with the following:

9.3.     Effect of Termination without Cause by Company or for Good Reason by Executive. Except as provided in Paragraph 9.4, in the event of a termination by the Company without Cause, failure to renew this Agreement by the Company pursuant to Paragraph 9.1, or termination by the Executive for Good Reason, the Company shall have no further obligation to the Executive under this Agreement or otherwise, except the Executive shall be entitled to receive the Accrued Obligations and the following severance benefits:

(a)  the Company shall continue to pay the Executive’s Salary for a period of 24 months after the Executive’s Separation from Service; and

		
	(b) 
	the Company shall pay to the Executive, within 30 days following the Executive’s Separation from Service (as defined below), a Bonus at the target amount established for that year but in no event less than 100% of the Executive’s annual Salary then in effect, provided, however, that in the event of a termination for Good Reason pursuant to Paragraph 15.1(h)(ii) the annual salary used for computation under this Paragraph 9.3(b) shall be the one in effect prior to the reduction referred to in Paragraph 15.1(h)(ii); and

		
	(c) 
	during the portion, if any, of the 24-month period (unless otherwise limited by COBRA or similar state law) commencing on the date of the Executive’s Separation from Service (as defined below) that the Executive is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s or an affiliate’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA) or similar state law, the Company shall reimburse the Executive on a monthly basis for the difference between the amount the Executive pays to effect and continue such coverage and the employee contribution amount that active senior executive employees of the Company pay for the same or similar coverage.

		
	2.
	Section 9.4 of the Agreement is hereby amended and replaced in its entirety with the following:

9.4     Effect of Change of Control. Notwithstanding the other provisions of Paragraph 9.3, in the event that: (i) the Company terminates the Executive’s employment without Cause in anticipation of, or pursuant to a notice of termination delivered to the Executive within 24 months after, a Change in Control; (ii) the Executive terminates his employment for Good Reason pursuant to a notice of termination delivered to the Company in anticipation of, or within 24 months after, a Change in Control; or (iii) the Company fails to renew this Agreement in anticipation of, or within 24 months after, a Change of Control, the Company shall have no further obligation to the Executive under this Agreement or otherwise, except the Executive shall be entitled to receive the Accrued Obligations and the following benefits:

(a)  the Company shall pay to the Executive, within 30 days following the Executive’s Separation from Service (as defined below), a lump-sum cash amount equal to: (i) two times the sum of (A) his Salary then in effect and (B) 75% of his then current Salary; plus (ii) a Bonus at the target amount established for that year but in no event less than 100% of the Executive’s annual Salary then in effect (irrespective of whether performance objectives have been achieved); plus (iii) if such notice is given within the first 12 months after the date first set forth above, then, the Salary the Executive should have been paid from the date of termination through the end of such 12 month period, provided, however, that in the event of a termination for Good Reason pursuant to Clause Paragraph 15.1(h)(ii), the annual salary used for computation under this Paragraph 9.4(a) shall be the one in effect prior to the reduction referred to in Paragraph 15.1(h)(ii); and

(b) during the portion, if any, of the 24-month period (unless otherwise limited by COBRA or similar state law) commencing on the date of the Executive’s Separation from Service (as defined below) that the Executive is eligible to elect and elects to continue coverage for himself and his eligible dependents under the Company’s or an affiliate’s group health plan pursuant to COBRA or similar state law, the Company shall reimburse the Executive on a monthly basis for the difference between the amount the Executive pays to effect and continue such coverage and the employee contribution amount that active senior executive employees of the Company pay for the same or similar coverage.

For purposes of this Agreement, a Change of Control shall not be considered to be anticipated unless (a) the sale of the Company is being actively marketed, (b) a letter of intent outlining provisional sale terms and conditions are being negotiated and/or have been offered and/or exchanged, (c) nondisclosure/confidentiality agreements have been proposed to allow further due diligence for a prospective buyer(s) of the Company and/or its assets, and/or (d) a contract for the sale/purchase of the Company and/or its assets is being/has been negotiated or has been executed.

		
	3.
	All other terms and conditions of the Agreement that are not hereby amended are to remain in full force and effect.

IN WITNESS WHEREOF, this Amendment has been executed and delivered by an authorized representative of the Company and by the Executive as of the date first above written.

ARMSTRONG ENERGY, INC.            EXECUTIVE

/s/ J. Hord Armstrong, III                                /s/ Martin D. Wilson             
J. Hord Armstrong, III                    Martin D. Wilson
Executive Chairman

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