Document:

EX-10.51

 Exhibit 10.51 
 PROMISSORY NOTE 
 St. Louis, Missouri 

 

			
	$17,500,000	 	June 28, 2013

 1. Obligation. FOR VALUE RECEIVED, THOROUGHBRED RESOURCES, LLC, a Delaware limited
liability company (“Borrower”), hereby promises to pay to the order of ARMSTRONG ENERGY, INC., a Delaware corporation (the “Lender”), on or before July 15, 2013 (the “Maturity Date”), the
principal sum of SEVENTEEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($17,500,000) (the “Loan). All payments under this Note shall be made in lawful money of the United States of America and in immediately available funds at the
principal office of Lender or at such other place in the state of St. Louis as the holder hereof may from time to time designate in writing to the Borrower. 
 2. Use of Proceeds. The proceeds of the Loan made by the Lender to the Borrower under this Note shall be used solely to make a down payment to Peabody Energy, Inc., and/or its affiliates, in
connection with the purchase of certain coal reserves and other real property interests located in Muhlenberg and McLean Counties, Kentucky, generally referred to as the “Thoroughbred Reserves”. 

3. Events of Default. The Borrower will be deemed to be in default under this Note upon the occurrence of any of
the following events (each an “Event of Default”): (i) upon the Borrower’s failure to make any payment under this Note within fifteen (15) days of the date when due, whether at the Maturity Date or otherwise;
(ii) the failure of the Borrower to perform any obligation under this Note, or upon any other breach by the Borrower of this Note that is not cured within thirty (30) days after written notice thereof from the Lender to the Borrower,
unless such failure cannot reasonably be cured within such thirty (30) day period, in which event the Borrower shall not be in default hereunder if it commences to cure such failure within such thirty (30) day period and thereafter cures
the same with due diligence; (iii) upon the filing regarding the Borrower, or any of them, of any voluntary or involuntary petition for relief under the United States Bankruptcy Code or the initiation of any proceeding under any other
liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency or reorganization law or other law for the general relief of debtors, whether federal law of the United States of America or law of any other jurisdiction;
or (iv) upon the execution by the Borrower, or any of them, of an assignment for the benefit of creditors or the appointment of a receiver, custodian, trustee or similar party to take possession of the Borrower’s, or any of their, assets
or property. 
 4. Acceleration; Remedies On Default. Upon the occurrence of an Event of Default
described in Section 4(iii) or 4(iv) above, this Note shall thereupon be immediately due and payable, without demand, presentment, notice of demand or of dishonor and nonpayment, protest, notice of protest, notice of intention to accelerate,
declaration or notice of acceleration, or any other notice or declaration of any kind, all of which are hereby expressly waived by the Borrower. During the continuance of any other Event of Default, the Lender at any time and from time to time may
without notice to the Borrower declare any or all of this Note immediately 

  
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due and payable, and this Note shall thereupon be immediately due and payable, without demand, presentment, notice of demand or of dishonor and nonpayment, protest, notice of protest, notice of
intention to accelerate, declaration or notice of acceleration, or any other notice or declaration of any kind, all of which are hereby expressly waived by the Borrower. In addition, upon the occurrence of an Event of Default the Lender will have,
without limitation of its rights and remedies under this Note, and may pursue any legal or equitable remedies that are available to it. 
 5. Prepayment. The Borrower may voluntarily prepay any portion of the Loan prior to the Maturity Date. The Borrower shall make mandatory prepayments of amounts owed under this Note to the
extent of any cash proceeds the Borrower receives on account of (i) any sale of all or substantially all of the assets of the Borrower, or (ii) any merger, consolidation, reorganization or other transaction involving the Borrower after
giving effect to which the holders of a majority of the outstanding equity interests (on a fully diluted basis) of the Borrower immediately prior to such transaction will not own a majority of the outstanding equity interests immediately following
such transaction. 
 6. Governing Law. The validity, construction and performance of this Note will be
governed by the internal laws of the State of Missouri, excluding that body of law pertaining to conflicts of law. 
 7.
Attorneys’ Fees; Waivers. If this Note is placed in the hands of an attorney for collection after an Event of Default, or if all or any part of the indebtedness represented hereby is proved, established or collected in any court
or in any bankruptcy, receivership, debtor relief, probate or other court proceedings, the Borrower agrees to pay reasonable attorneys’ fees and collection costs to the holder hereof in addition to the amounts payable hereunder. The Borrower,
hereby waives demand, presentment for payment, protest, notice of protest, notice of intention to accelerate the maturity of this Note, notice of the acceleration of the maturity of this Note, notice of acceptance of this Note, diligence in
collecting, the bringing of any suit against any party and any notice of or defense on account of any extensions, renewals, partial payments or changes in any manner of or in this Note or in any of its terms, provisions and covenants, or any
releases or substitutions of any security, or any delay, indulgence or other act of any trustee or any holder hereof, whether before or after maturity, all setoffs and counterclaims and any and all other act event or condition which would otherwise
be a defense available to Borrower. 
 8. Due Authorization; No Conflicts. The Borrower represents and warrants to
the Lender that: (i) it is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, (ii) it has all power and authority to enter into this Note and that this
Note and the transactions contemplated herein have been approved by all requisite action by its directors, members or managers, as applicable, (iii) this Note constitutes a legal, valid and binding obligation of Borrower, enforceable against
Borrower in accordance with its terms, and (iv) neither the execution, the delivery or performance of this Note conflicts with any applicable law, any organizational document of Borrower, or any agreement, judgment, license, order or permit
applicable to or binding upon Borrower or any of its properties. 

  
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 IN WITNESS WHEREOF the undersigned, by its duly authorized person, has executed this Note as
of the date first set forth above. 
  

			
	THOROUGHBRED RESOURCES, LLC
		
	By:	 	 /s/ Martin D. Wilson

		 	Martin D. Wilson, President

  
 3EX-10.52

 Exhibit 10.52 
 SHARE EXCHANGE AGREEMENT 
 This Share Exchange Agreement, dated as
of December 12, 2012, is made by and among Armstrong Energy, Inc., a Delaware corporation (the “Company”), and Yorktown Energy Partners IX, L.P., a Delaware limited partnership (“Yorktown”). 

RECITALS: 

WHEREAS, Yorktown owns 300,000 shares of Series A Convertible Preferred Stock, par value $.01 per share, of the Company (the
“Exchange Shares”); 
 WHEREAS, Yorktown desires to transfer the Exchange Shares to the Company in
exchange for the Common Shares (as defined below), to be issued to Yorktown on the Closing Date, on the terms and conditions set forth in this Agreement; and 
 WHEREAS, for U.S. federal income tax purposes, the Exchange (as defined below) is intended to constitute a “reorganization” within the meaning of Section 368(a)(1)(E) of the Code and this
Agreement is intended to constitute a “plan of reorganization” within the meaning of Section 1.368-2(g) of the United States Treasury Regulations. 
 SECTION I. 
 DEFINITIONS 

Unless the context otherwise requires, the terms defined in this Section 1 will have the meanings herein specified for all
purposes of this Agreement, applicable to both the singular and plural forms of any of the terms herein defined. 
 1.1
“Accredited Investor” has the same definition as is provided for the term “Accredited Investor” in Regulation D, Rule 501, issued under the Securities Act. 

1.2 “Agreement” means this Share Exchange Agreement, including all schedules and exhibits attached hereto, as this Share
Exchange Agreement may be from time to time amended, modified or supplemented. 
 1.3 “Closing Date” has the
meaning set forth in Section 2.2. 
 1.4 “Code” means the Internal Revenue Code of 1986, as amended.

 1.5 “Commission” means the Securities and Exchange Commission or any other federal agency then administering
the Securities Act. 
 1.6 “Common Shares” means 2,775,000 shares of Common Stock issuable to Yorktown subject
to the terms and conditions of this Agreement. 
 1.7 “Common Stock” means the common stock, par value $.01 per
share, of the Company. 
 1.8 “Company” has the meaning set forth in the Preamble. 

 1.9 “Exchange” shall have the meaning set forth in Section 2.1.

 1.10 “Exchange Shares” shall have the meaning set forth in the Recitals. 

1.11 “Governmental Authority” means any federal or national, state or provincial, municipal or local government,
governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, political subdivision, commission, court, tribunal, official, arbitrator or arbitral body, in each case
whether U.S. or non-U.S. 
 1.12 “Laws” means, with respect to any Person, any U.S. or non-U.S. federal,
national, state, provincial, local, municipal, international, multinational or other law (including common law), constitution, statute, code, ordinance, rule, regulation or treaty applicable to such Person. 

1.13 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind, including, without
limitation, any conditional sale or other title retention agreement, any lease in the nature thereof and the filing of or agreement to give any financing statement under the Uniform Commercial Code of any jurisdiction and including any lien or
charge arising by Law. 
 1.14 “Order” means any award, decision, injunction, judgment, order, ruling,
subpoena, or verdict entered, issued, made, or rendered by any Governmental Authority. 
 1.15 “Organizational Documents
of the Company” means the certificate of incorporation and the by-laws the Company, including any and all amendments thereto. 
 1.16 “Person” means all natural persons, corporations, business trusts, associations, companies, partnerships, limited liability companies, joint ventures and other entities, governments,
agencies and political subdivisions. 
 1.17 “Proceeding” means any action, arbitration, audit, hearing,
investigation, litigation, or suit (whether civil, criminal, administrative or investigative) commenced, brought, conducted, or heard by or before, or otherwise involving, any Governmental Authority. 

1.18 “Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and
regulations of the Commission thereunder, all as the same will be in effect at the time. 
 1.19 “Transaction
Documents” means, collectively, all agreements, instruments and other documents to be executed and delivered in connection with the transactions contemplated by this Agreement. 

1.20 “Yorktown” has the meaning set forth in the Preamble. 

  
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 SECTION II. 
 EXCHANGE OF SHARES AND CONSIDERATION 
 2.1 Exchange of Shares;
Consideration. On the Closing Date, Yorktown shall transfer the Exchange Shares to the Company, and the Company shall issue the Common Shares to Yorktown (the “Exchange”). On the Closing Date, Yorktown agrees to deliver the
stock certificate(s) representing the Exchange Shares, accompanied by stock power(s) in the form attached hereto as Exhibit A duly executed in blank, to the Company’s address set forth on the signature page hereto. Upon receiving these
documents, the Company shall cancel the stock certificate(s) representing the Exchange Shares issued to Yorktown, reissue a new stock certificate representing the Common Shares in the name of Yorktown and otherwise reflect the Exchange on its books
and records. The Company shall deliver the original stock certificate issued to Yorktown representing the Common Shares to Yorktown at the address set forth on the signature page hereto. 

2.2 Closing Date. The closing date of the Exchange will occur upon execution of this Agreement or at such later date as any
conditions set forth herein shall have been satisfied or waived (the “Closing Date”). 
 SECTION III.

 REPRESENTATIONS AND WARRANTIES OF YORKTOWN 
 3.1 Representations and Warranties. Yorktown hereby represents and warrants to the Company as follows: 
 3.1.1 Authority. Yorktown has the right, power, authority and capacity to execute and deliver this Agreement and each of the Transaction Documents, to consummate the transactions contemplated by
this Agreement and each of the Transaction Documents, and to perform its obligations under this Agreement and each of the Transaction Documents. This Agreement and each of the Transaction Documents have been duly and validly executed and delivered
by Yorktown. Assuming this Agreement and the Transaction Documents have been duly and validly authorized, executed and delivered by the Company, this Agreement and each of the Transaction Documents are duly executed and delivered by Yorktown and
constitute the legal, valid and binding obligation of Yorktown, enforceable against Yorktown in accordance with their respective terms, except that such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, and similar laws affecting creditors’ rights generally, (ii) equitable principles which may limit the availability of certain equitable remedies (such as specific performance) in certain instances, and (iii) public policy
considerations with respect to the enforceability of rights of indemnification. 
 3.1.2 No Conflict.
Neither the execution or delivery by Yorktown of this Agreement or any Transaction Document, nor the consummation or performance by Yorktown of the transactions contemplated hereby or thereby will, directly or indirectly, (a) contravene,
conflict with, constitute a default (or an event or condition which, with notice or lapse of time or both, would constitute a default) under, or result in the termination or acceleration of, any agreement or instrument to which Yorktown is a party
or by which the properties or assets of Yorktown are bound; or (b) contravene, conflict with, or result in a violation of, any Law or Order to which Yorktown, or any of its properties or assets, may be subject. 

  
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 3.1.3 Litigation. There is no pending Proceeding against Yorktown
that challenges, or may have the effect of preventing, delaying or making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement and, to the knowledge of Yorktown, no such Proceeding has been threatened, and
no event or circumstance exists that is reasonably likely to give rise to or serve as a basis for the commencement of any such Proceeding. 
 3.1.4 No Brokers or Finders. No Person has, or as a result of the transactions contemplated herein will have, any right or valid claim against Yorktown for any commission, fee or other compensation
as a finder or broker, or in any similar capacity, and Yorktown will indemnify and hold the Company harmless against any liability or expense arising out of, or in connection with, any such claim. 

3.1.5 Ownership of Exchange Shares. Yorktown owns, of record and beneficially, and has good, valid and indefeasible
title to and the right to transfer to the Company pursuant to this Agreement, the Exchange Shares, free and clear of any and all Liens. Except for the Voting Agreement, there are no options, rights, voting trusts, stockholder agreements or any other
contracts or understandings to which Yorktown is a party or by which Yorktown or the Exchange Shares are bound with respect to the issuance, sale, transfer, voting or registration thereof. At the Closing Date, the Company will acquire good, valid
and marketable title to the Exchange Shares, free and clear of any and all Liens. 
 3.1.6 Acknowledgment.
Yorktown understands and agrees that the Common Shares to be issued pursuant to this Agreement have not been registered under the Securities Act or the securities laws of any state of the U.S. and that the issuance of the Common Shares is being
effected in reliance upon an exemption from registration afforded either under Section 4(2) of the Securities Act for transactions by an issuer not involving a public offering. 

3.1.7 Status. By execution of this Agreement, Yorktown represents and warrants to the Company that it is an
Accredited Investor. 
 3.1.8 Reliance. Yorktown understands that the Common Shares are being offered and
sold to Yorktown in reliance upon the truth and accuracy of its representations, warranties, agreements, acknowledgments and understandings set forth in this Agreement, in order that the Company may determine the applicability and availability of
the exemptions from registration of the Common Shares on which the Company is relying. 
 3.1.9 Legends.
Yorktown agrees with the Company that the certificate evidencing the Common Shares issued to Yorktown will bear the following legend: 

  
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 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD EXCEPT IN COMPLIANCE THEREWITH. 
 3.2 Survival. The representations
and warranties of Yorktown set forth in this Article III shall survive the Closing Date for a period of three (3) months. 

3.3 No Other Representations and Warranties. The representations and warranties of Yorktown contained in this Agreement are
exclusive and are in lieu of all other representations and warranties, express, implied, statutory or otherwise. Except as specifically provided in the representations and warranties set forth in this Agreement, Yorktown makes no warranty or
representation, express, implied, statutory or otherwise, as to the accuracy or completeness of any data, reports, records, projections, information or materials now, heretofore or hereafter furnished or made available to the Company. 

SECTION IV. 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company hereby represents and warrants to Yorktown as follows: 
 4.1
Corporate Organization. The Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to own, lease, and operate its properties
and to carry on its business as now being conducted. 
 4.2 Qualification. The Company is duly qualified or licensed to
do business and is in good standing in each jurisdiction in which the property owned, leased, or operated by it or the conduct of its business requires such qualification or licensing, except in jurisdictions in which the failure to be so qualified
or licensed would not, individually or in the aggregate, have a material adverse effect on the business, assets, results of operations, or financial condition of the Company. 
 4.3 Capitalization. The authorized capital stock of the Company consists of (i) 70,000,000 shares of Common Stock, par value $.01 per share, of which, as of the date hereof, 19,095,750 shares
are issued and outstanding, and (ii) 1,000,000 shares of Preferred Stock, par value $.01 per share, of which, as of the date hereof, 300,000 shares designated as Series A Convertible Preferred Stock and constituting the Exchange Shares, are
issued and outstanding. 
 4.4 Authority Relative to This Agreement. The Company has full corporate power and authority
to execute, deliver, and perform this Agreement and the Transaction Documents to consummate the transactions contemplated hereby and thereby. The execution, delivery, and performance by the Company of this Agreement and the Transaction Documents,
and the consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action of the Company. This Agreement and each Transaction Document have been or will be duly executed and delivered by the
Company and constitute or will constitute a valid and legally binding obligation of the Company, enforceable against the Company in accordance with their terms, except that such enforceability may be limited by (i) 

  
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 applicable bankruptcy, insolvency, reorganization, moratorium, and similar laws affecting creditors’
rights generally, (ii) equitable principles which may limit the availability of certain equitable remedies (such as specific performance) in certain instances, and (iii) public policy considerations with respect to the enforceability of
rights of indemnification. 
 4.5 Noncontravention. The execution, delivery, and performance by the Company of this
Agreement and the Transaction Documents and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or result in a violation of any provision of the Organizational Documents of the
Company, (ii) conflict with or result in a violation of any provision of, or constitute (with or without the giving of notice or the passage of time or both) a default under, or give rise (with or without the giving of notice or the passage of
time or both) to any right of termination, cancellation, or acceleration under, any bond, debenture, note, mortgage, indenture, lease, agreement, or other instrument or obligation to which the Company is a party or by which the Company or any of its
properties may be bound, (iii) result in the creation or imposition of any Lien upon the properties of the Company, or (iv) violate any applicable Law binding upon the Company, except, in the case of clauses (ii), (iii), and
(iv) above, for any such conflicts, violations, defaults, terminations, cancellations, accelerations, or Liens which would not, individually or in the aggregate, have a material adverse effect on the business, assets, results of operations, or
financial condition of the Company or on the ability of the Company to consummate the transactions contemplated hereby. 
 4.6
Governmental Approvals. No consent, approval, order, or authorization of, or declaration, filing, or registration with, any Governmental Entity is required to be obtained or made by the Company in connection with the execution, delivery, or
performance by the Company of this Agreement or any Transaction Document or the consummation by it of the transactions contemplated hereby or thereby, other than (i) compliance with any applicable state or federal securities laws and
(ii) such consents, approvals, Orders, or authorizations which, if not obtained, and such declarations, filings, or registrations which, if not made, would not, individually or in the aggregate, have a material adverse effect on the business,
assets, results of operations, or financial condition of the Company or on the ability of the Company to consummate the transactions contemplated hereby. The representations and warranties of the Company contained in this Section 4.6,
insofar as such representations and warranties pertain to compliance by the Company with the requirements of applicable state or federal securities laws, are based on the representations and warranties of Yorktown contained in Sections 3.1.5,
3.1.6 and 3.1.7. 
 4.7 Securities Laws. Assuming the accuracy of the representations and warranties of
Yorktown contained in Section 3, the issuance of the Common Shares pursuant to this Agreement is (a) exempt from the registration and prospectus delivery requirements of the Securities Act, (b) has been registered or qualified
(or are exempt from registration and qualification) under the registration or qualification requirements of all applicable state securities laws, and (c) accomplished in conformity with all other applicable federal and state securities laws.

 4.8 No Litigation. There are no Proceedings pending against the Company or, to the Company’s knowledge,
threatened, which are reasonably likely to call into question the validity of this Agreement, any Transaction Document, any of the Common Shares, or any action taken or to be taken pursuant hereto. There are no bankruptcy, reorganization or
arrangement proceedings pending, being contemplated by, or to the Company’s knowledge, threatened, against the Company. 

  
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 4.9 Authorization of Issuance. The Common Shares have been duly authorized for
issuance and, when issued and delivered by the Company in accordance with the provisions of this Agreement, will be validly issued, fully paid, and nonassessable. The issuance of the Common Shares is not subject to any preemptive or first refusal
rights of any Person. 
 4.10 No Brokers or Finders. No Person has, or as a result of the transactions contemplated
herein will have, any right or valid claim against the Company for any commission, fee or other compensation as a finder or broker, or in any similar capacity, and the Company will indemnify and hold Yorktown harmless against any liability or
expense arising out of, or in connection with, any such claim. 
 SECTION V. 

CONDITIONS OF YORKTOWN’S OBLIGATIONS AT THE CLOSING DATE 

The obligations of Yorktown under this Agreement are subject to the fulfillment on or before the Closing Date of each of the following
conditions, the waiver of which shall not be effective against Yorktown unless Yorktown consents in writing thereto: 
 5.1
Representations and Warranties. The representations and warranties of the Company contained in Section 4 shall be true on and as of the Closing Date with the same effect as though such representations and warranties had been made
on and as of the Closing Date. 
 5.2 Performance. The Company shall have performed and complied in all material respects
with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date. 
 SECTION VI. 
 CONDITIONS OF THE COMPANY’S OBLIGATIONS AT THE CLOSING
DATE 
 The obligations of the Company under this Agreement are subject to the fulfillment on or before the Closing Date of
each of the following conditions, the waiver of which shall not be effective against the Company unless the Company consents in writing thereto: 
 6.1 Representations and Warranties. The representations and warranties of Yorktown contained in Section 3 shall be true on and as of the Closing Date with the same effect as though such
representations and warranties had been made on and as of the Closing Date. 
 6.2 Performance. Yorktown shall have
performed and complied in all material respects with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date. 

  
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 SECTION VII. 
 TAX MATTERS COVENANTS 
 The parties to this Agreement acknowledge that the
sole consideration payable to Yorktown in connection with this transaction is the Common Shares. For U.S. federal income tax purposes, the parties intend for the Exchange to qualify as a “reorganization” within the meaning of
Section 368(a)(1)(E) of the Code. The parties further agree to file all Tax returns and related schedules and statements (including the information required under Section 1.368-3 of the United States Treasury Regulations) consistent with
the treatment of this transaction as such a “reorganization” and to take no position inconsistent with such treatment. The parties further agree to take no action which would prevent the Exchange from qualifying as such a
“reorganization.” 
 SECTION VIII. 
 GENERAL PROVISIONS 
 8.1 Expenses. The Company will bear its
respective expenses and the expenses of Yorktown incurred in connection with the preparation, execution, and performance of this Agreement and the transactions contemplated by this Agreement, including all fees and expenses of agents,
representatives, counsel, and accountants. 
 8.2 Notices. All notices, consents, waivers, and other communications under
this Agreement must be in writing and will be deemed to have been duly given when (a) delivered by hand (with written confirmation of receipt), (b) sent by telecopier (with written confirmation of receipt), or (c) when received by the
addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case to the following addresses and telecopier numbers (or to such other addresses and telecopier numbers as a party may designate by written
notice to the other party): 
 If to the Company, to: 
 Armstrong Energy, Inc. 
 7733 Forsyth Blvd., Suite 1625 

St. Louis, Missouri 63105 
 Attention: Martin D. Wilson 
 Facsimile: (314) 721-8211 

with copies to: 

Miller Wells PLLC 

300 East Main Street, Suite 360 
 Lexington, Kentucky 40507-1564 
 Attn: Mason Miller, Esq. 

Facsimile: (859) 957-1889 

  
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 If to Yorktown, to: 
 Yorktown Energy Partners IX, L.P. 
 410 Park Avenue, 19th Floor 

New York, NY 10022 
 Attention: Bryan H. Lawrence 
 Facsimile: (212) 515-2105 

with copies to: 

Thompson & Knight LLP 
 One Arts Plaza 
 1722 Routh Street, Suite 1500 

Dallas, Texas 75201 
 Attention: Ann Marie Cowdrey 
 Facsimile: (214) 969-1751 

8.3 Further Assurances. The parties agree (a) to furnish upon request to each other such further information, (b) to
execute and deliver to each other such other documents, and (c) to do such other acts and things, all as the other party may reasonably request for the purpose of carrying out the intent of this Agreement and the documents referred to in this
Agreement. 
 8.4 Waiver. The rights and remedies of the parties to this Agreement are cumulative and not alternative.
Neither the failure nor any delay by any party in exercising any right, power, or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right, power, or privilege, and no single or partial
exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable Laws, (a) no
claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party,
(b) no waiver that may be given by a party will be applicable except in the specific instance for which it is given, and (c) no notice to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right
of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement. 
 8.5 Entire Agreement and Modification. This Agreement supersedes all prior agreements between the parties with respect to its subject matter and constitutes (along with the documents referred to in
this Agreement) a complete and exclusive statement of the terms of the agreement between the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement executed by the party against whom the
enforcement of such amendment is sought. 
 8.6 Assignments, Successors, and No Third-Party Rights. No party may assign
any of its rights under this Agreement without the prior consent of the other parties. Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon, and inure to 

  
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 the benefit of and be enforceable by the respective successors and permitted assigns of the parties. Except
as otherwise provided for herein, nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement
or any provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their successors and assigns. 

8.7 Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the
other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 8.8 Section Headings, Construction. The headings of Sections in this Agreement are provided for convenience only and
will not affect its construction or interpretation. All references to “Section” or “Sections” refer to the corresponding Section or Sections of this Agreement. All words used in this Agreement will be construed to be of such
gender or number as the circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms. 
 8.9 Governing Law. This Agreement will be governed by the laws of the State of Delaware without regard to conflicts of laws principles. 

8.10 Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy
of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. 

[Signature pages follows.] 

  
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 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date
first written above. 
  

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

		 	Martin D. Wilson
		 	President
	
	 Address for Notices:

7733 Forsyth
 Suite 1625

St. Louis, MO 63105

	
	YORKTOWN:
	
	YORKTOWN ENERGY PARTNERS IX, L.P.
		
	By:	 	Yorktown IX Company LP,
		 	Its general partner
		
	By:	 	 Yorktown IX Associates LLC,

Its general partner

  

					
	By:	 	 /s/ Bryan H. Lawrence

		 	Name:	 	Bryan H. Lawrence
		 	Title:	 	Member
	
	 Address for Notices:

410 Park Avenue, 19th Floor
 New York, New York
10022
 Attn: Bryan H. Lawrence

  

SHARE EXCHANGE AGREEMENT 

SIGNATURE PAGE 

 Exhibit A 

IRREVOCABLE STOCK POWER OF ATTORNEY 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers under Armstrong Energy, Inc., a Delaware corporation (the “Company”), 300,000 shares of Series A Convertible
Preferred Stock, par value $.01 per share, of the Company, standing in the name of the undersigned on the books and records of the Company and represented by Certificate No. [p] and hereby
irrevocably constitutes and appoints the Secretary of the Company the attorney of the undersigned to transfer such common shares on the books of the Company with full power of substitution in the premises. 

DATED as of the     day of [•], 2012. 

 

					
	YORKTOWN ENERGY PARTNERS IX, L.P.
		
	By:	 	/s/ Bryan H. Lawrence
		 	Name:	 	Bryan H. Lawrence
		 	Title:	 	Member

  

SHARE EXCHANGE AGREEMENT 

EXHIBIT A

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